Document:

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CLAYTON UTZ

Medallion Trust Series 2004-1G
Liquidity Facility Agreement

Commonwealth Bank of Australia
ABN 48 123 123 124

Perpetual Trustee Company Limited
ABN 42 000 001 007

Securitisation Advisory Services Pty. Limited
ABN 88 064 133 946

If you have any questions about the details of this document
please contact Ben Sandstad on + 61 2 9353 4000

Clayton Utz
Lawyers
Levels 22-35 No. 1 O'Connell Street Sydney NSW 2000 Australia
PO Box H3 Australia Square Sydney NSW 1215
T + 61 2 9353 4000 F + 61 2 8220 6700

www.claytonutz.com

Our reference 801/784/80003979

Liability limited by the Solicitors Scheme, approved under the Professional
Standards Act 1994 (NSW) and by our Terms of Engagement

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Table of Contents

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1.   Definitions and Interpretation....................................................    1

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

2.   The Facility......................................................................    6

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

3.   Conditions Precedent..............................................................    7

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

4.   Drawdown..........................................................................    7

     4.1     Preparation of Drawdown Notices...........................................    7
     4.2     Service of Drawdown Notices...............................................    8
     4.3     Requirements of Drawdown Notices..........................................    8
     4.4     Availability of Drawing...................................................    8
     4.5     Payment of Drawing........................................................    8

5.   Interest..........................................................................    9

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

6.   Repayment of Drawings and Advances................................................   10

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

7.   Cash Advance Deposit Period.......................................................   10

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

8.   Payments..........................................................................   12

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

9.   Illegality and increased cost.....................................................   12

     9.1     Illegality................................................................   12
     9.2     Increased Cost............................................................   12
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                                                                              i.

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10.  Fees..............................................................................   13

11.  Representations and warranties....................................................   13

     11.1    General Representations and Warranties....................................   13
     11.2    Corporate Representations and Warranties..................................   14
     11.3    Series Trust Representations and Warranties...............................   14
     11.4    Liquidity Facility Provider...............................................   14
     11.5    Representations and Warranties Repeated...................................   15

12.  Undertakings......................................................................   15

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

13.  Events of Default.................................................................   16

     13.1    Events of Default.........................................................   16
     13.2    Consequences of Event of Default..........................................   17

14.  Termination by Trustee............................................................   17

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

15.  Trustee provisions................................................................   17

     15.1    Limitation on Trustee's Liability.........................................   17
     15.2    Claims against Trustee....................................................   18
     15.3    Breach of Trust...........................................................   18
     15.4    Acts or omissions.........................................................   18
     15.5    No obligation.............................................................   18

16.  Assignment........................................................................   18

     16.1    Assignment by Trustee.....................................................   18
     16.2    Assignment by Liquidity Facility Provider.................................   18

17.  Notices...........................................................................   19

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

18.  Indemnity.........................................................................   19

     18.1    Indemnity on Demand.......................................................   19
     18.2    Losses on Liquidation or Re-employment of Deposits........................   20
     18.3    Payment on Distribution Date..............................................   20

19.  Miscellaneous.....................................................................   20

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

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Schedule...............................................................................   23
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                                                                            iii.

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Liquidity Facility Agreement made at Sydney on 10 March 2004

Parties   Commonwealth Bank of Australia ABN 48 123 123 124 of Level 1, 48
          Martin Place, Sydney, NSW 2000 Australia ("Liquidity Facility
          Provider")

          Perpetual Trustee Company Limited ABN 42 000 001 007 of Level 7, 9
          Castlereagh Street, Sydney NSW 2000 Australia in its capacity as
          trustee of the Series Trust ("Trustee")

          Securitisation Advisory Services Pty. Limited ABN 88 064 133 946 of
          Level 7, 48 Martin Place, Sydney NSW 2000 Australia ("SAS" and also
          hereinafter included within the expression the "Manager")

Background

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

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

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

Operative provisions

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1.   Definitions and Interpretation

1.1  Definitions

     In this Agreement, unless the contrary intention appears:

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

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

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

     "Availability Period" means the period commencing on the date of this
     Agreement and ending on the Termination Date.

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

     "Cash Advance Deposit" means at any time that amount of the Collections
     Account of the Series Trust that comprises at that time Advances by way of
     deposits by the Liquidity Facility Provider to the Collections Account of
     the Series Trust in accordance with clause 7.1 (after

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     taking into account any application of the Cash Advance Deposit in
     accordance with clause 7.3 or repayment of it in accordance with either of
     clauses 7.4 or 7.5).

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

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

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

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

     "Drawdown Notice" means a notice given under clause 4.

     "Drawing" means:

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

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

     "Effective Control" means:

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

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

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

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

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

     "Facility Limit" means at any given time the least of the following:

     (a)  A$35 million;

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

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

     "Interest Period" means each period determined in accordance with clause
     5.1.

     "Liquidity Amount" means, for a Drawdown Date, the lesser of:

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

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          Deposit; and

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

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

     "Manager Event" means:

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

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

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

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

     (a)  are liquidated;

     (b)  are present, prospective or contingent;

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

     (d)  sound in damages only; or

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

     "Performing Mortgage Loans Amount" means at any time the aggregate of the
     following:

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

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

     "Prescribed Rate" in relation to an Interest Period means the sum of:

     (a)  BBSW for that Interest Period; and

     (b)  0.20% per annum,

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

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

     "Series Supplement" means the Series Supplement dated on or about the date
     of this

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     Agreement between the Liquidity Facility Provider (as a Seller and the
     Servicer), Homepath Pty Limited ABN 35 081 986 530, SAS and the Trustee.

     "Series Trust" means the trust known as the Medallion Trust Series 2004-1G
     established pursuant to the Master Trust Deed and the Series Supplement.

     "Specified Rate" means, on any day, the sum of:

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

     (b)  0.30% per annum.

     "Termination Date" means the earliest of:

     (a)  the Scheduled Maturity Date;

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

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

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

1.2  Series Supplement and Master Trust Deed Definitions

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

1.3  Interpretation

     In this Agreement, unless the contrary intention appears:

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

     (b)  a reference to this "Agreement" includes the Background and the
          Schedule;

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

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

     (e)  subject to clause 1.6, a reference to any document or agreement is to
          such document

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          or agreement as amended, novated, supplemented, varied or replaced
          from time to time;

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

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

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

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

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

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

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

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

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

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

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

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

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

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

     (n)  a reference to the "close of business" on any day is a reference to
          5.00 pm on that day;

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

     (p)  subject to clause 17.2, each party will only be considered to have
          knowledge or

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

1.4  Trustee Capacity

     In this Agreement, except where provided to the contrary:

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

     (b)  (References to assets of Trustee): a reference to the undertaking,
          assets, business or money of the Trustee is a reference to the
          undertaking, assets, business or money of the Trustee in the capacity
          referred to in paragraph (a).

1.5  Master Trust Deed and Series Supplement

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

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

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

1.6  Incorporated Definitions and other Transaction Documents and provisions

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

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2.   The Facility

2.1  Amount

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

2.2  Method of Making Advances

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

2.3  Purpose

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

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2.4  Termination of the Facility

     The Facility will terminate on the Termination Date.

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3.   Conditions Precedent

3.1  Conditions Precedent to first Advance

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

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

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

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

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

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

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

3.2  Conditions Precedent to all Advances

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

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

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

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

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4.   Drawdown

4.1  Preparation of Drawdown Notices

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

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     Manager must:

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

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

4.2  Service of Drawdown Notices

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

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

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

4.3  Requirements of Drawdown Notices

     A Drawdown Notice must:

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

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

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

     (d)  (Irrevocable): be irrevocable;

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

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

4.4  Availability of Drawing

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

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

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

4.5  Payment of Drawing

     After receipt of a Drawdown Notice:

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

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

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5.   Interest

5.1  Interest Period

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

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

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

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

          (i)  follows the Termination Date; and

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

5.2  Calculation of Interest

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

5.3  Payment of Interest

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

5.4  Interest on Unpaid Interest

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

5.5  Interest on Overdue Sums

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

                                                                               9

<PAGE>

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6.   Repayment of Drawings and Advances

6.1  Repayment of Drawings during the Availability Period

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

6.2  Re-Drawing

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

6.3  Repayment on Termination

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

6.4  Payments Under Security Trust Deed

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

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7.   Cash Advance Deposit Period

7.1  Cash Advance Deposit Upon Ratings Downgrade

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

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

7.2  Withdrawal from the Collections Account

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

     (a)  (For a Drawing): for the purposes of a Drawing pursuant to clause
          4.5(b) of a

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<PAGE>

          Liquidity Amount for the Approved Purpose and otherwise upon and
          subject to the terms of this Agreement;

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

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

7.3  Drawings During the Cash Advance Deposit Period

     During a Cash Advance Deposit Period:

     (a)  (Drawing to be satisfied from Cash Advance Deposit): any Drawing
          pursuant to a Drawdown Notice must be satisfied from the Cash Advance
          Deposit deposited in the Collections Account;

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

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

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

7.4  Liquidity Facility Provider Upgrade

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

7.5  Reduction in Facility Limit During Cash Advance Deposit Period

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

7.6  Termination of Agreement

     If the Termination Date occurs during a Cash Advance Deposit Period the
     Manager will direct the Trustee to repay (and within 2 Business Days of
     receipt of such direction the Trustee will repay) from the Collections
     Account of the Series Trust the then Cash Advance Deposit (which has not
     previously been utilised in accordance with this Agreement) together with
     all

                                                                              11

<PAGE>

     accrued, but unpaid, interest on that amount determined in accordance with
     clause 7.7 and any other amounts then due under this Agreement.

7.7  Interest on Cash Advance Deposit

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

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8.   Payments

8.1  Time on Due Date and Free of Set-off & Taxes

     All payments to be made under this Agreement will:

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

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

8.2  Certificate

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

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9.   Illegality and increased cost

9.1  Illegality

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

9.2  Increased Cost

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

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

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

                                                                              12

<PAGE>

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

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

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

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

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

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10.  Fees

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

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11.  Representations and warranties

11.1 General Representations and Warranties

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

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

     (b)  (Corporate power and authorisation): the Trustee has the power to
          enter into,

                                                                              13

<PAGE>

          and to perform its obligations, and has taken all corporate and other
          action necessary to authorise the entry into of, and performance of
          its obligations under, this Agreement and each other Transaction
          Document in relation to the Series Trust and to which it is a party;

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

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

11.2 Corporate Representations and Warranties

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

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

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

11.3 Series Trust Representations and Warranties

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

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

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

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

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

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

11.4 Liquidity Facility Provider

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

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

                                                                              14

<PAGE>

          its assets;

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

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

11.5 Representations and Warranties Repeated

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

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12.  Undertakings

12.1 General

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

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

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

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

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

12.2 Manager's Undertakings after Manager Event

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

     (a)  (Notify Liquidity Facility Provider): immediately notify the Liquidity
          Facility Provider as soon as it becomes actually aware of the
          occurrence of:

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

          (ii) any litigation, arbitration, criminal or administrative
               proceedings relating

                                                                              15

<PAGE>

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

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

     (b)  (Deliver Materials): deliver to the Liquidity Facility Provider:

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

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

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

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

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

12.3 Liquidity Facility Provider Undertaking

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

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13.  Events of Default

13.1 Events of Default

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

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

     (b)  (Breach of undertaking): the Trustee breaches its undertaking in
          clause 12.1(d);

                                                                              16

<PAGE>

          and

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

13.2 Consequences of Event of Default

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

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

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

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14.  Termination by Trustee

14.1 Trustee may declare a Termination Date

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

     (a)  (Substitute Liquidity Facility Provider): the Liquidity Facility
          Provider hereunder will be replaced by a substitute Liquidity Facility
          Provider; and

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

14.2 Requirements for termination

     On or before the declaration of a Distribution Date by the Trustee in
     accordance with clause 14.1, the Trustee must obtain written confirmation
     from the Rating Agencies that the termination of the Facility and the
     appointment of the proposed substitute Liquidity Facility Provider on that
     Distribution Date will not result in a downgrade, qualification or
     withdrawal of the credit ratings then assigned by them to the Securities.

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15.  Trustee provisions

15.1 Limitation on Trustee's Liability

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

                                                                              17

<PAGE>

     related to this Agreement.

15.2 Claims against Trustee

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

15.3 Breach of Trust

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

15.4 Acts or omissions

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

15.5 No obligation

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

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16.  Assignment

16.1 Assignment by Trustee

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

16.2 Assignment by Liquidity Facility Provider

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

                                                                              18

<PAGE>

     assignment or transfer, as the case may be.

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17.  Notices

17.1 Method of Delivery

     Subject to this clause, any notice, request, certificate, approval, demand,
     consent or other communication to be given under this Agreement must:

     (a)  (In Writing and Signed by an Authorised Officer): except in the case
          of communication by email, be in writing and signed by 2 Authorised
          Officers of the party giving the same; and

     (b)  (Delivery): be:

          (i)  left at the address of the addressee;

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

          (iii) sent by facsimile to the facsimile number of the addressee; or

          (iv) sent by email by an Authorised Officer of the party giving the
               same in accordance with the addressee's email address,

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

17.2 Deemed Receipt

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

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

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

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

     (d)  (Email): where sent by email, on the date the email is received.

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

17.3 Email

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

--------------------------------------------------------------------------------
18.  Indemnity

18.1 Indemnity on Demand

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

                                                                              19

<PAGE>

     a consequence of:

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

     (b)  (Event of Default): the occurrence of any Event of Default;

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

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

18.2 Losses on Liquidation or Re-employment of Deposits

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

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

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

18.3 Payment on Distribution Date

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

--------------------------------------------------------------------------------
19.  Miscellaneous

19.1 Stamp Duties

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

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

                                                                              20

<PAGE>

19.2 Waiver

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

19.3 Written Waiver, Consent and Approval

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

19.4 Severability

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

19.5 Survival of Indemnities

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

19.6 Successors and Assigns

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

19.7 Moratorium Legislation

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

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

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

     are hereby expressly waived, negatived and excluded.

19.8 Amendments

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

19.9 Governing Law

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

                                                                              21

<PAGE>

19.10 Jurisdiction

     Each of the parties irrevocably and unconditionally:

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

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

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

19.11 Counterparts

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

19.12 Contra proferentem

     Each provision of this Agreement will be interpreted without disadvantage
     to the party who (or whose representative) drafted that provision.

                                                                              22

<PAGE>

Schedule

FORM OF DRAWDOWN NOTICE

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

Attention:     Head of Securitisation

From:          Perpetual Trustee Company Limited ABN 42 000 001 007

[Date]

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

(a)  Drawdown Date                                                 [___________]

(b)  Liquidity Amount                                              A$[_________]

(c)  Calculation of Liquidity Amount                               [___________]

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

SIGNED on behalf of Perpetual
Trustee Company Limited as
trustee of the Medallion Trust Series 2004-1G by:

--------------------------------
(Authorised Officer)

--------------------------------
(Name)

--------------------------------
(Title)

                                                                              23

<PAGE>

Executed as an agreement.

Signed for and on behalf of Commonwealth
Bank of Australia ABN 48 123 123 124
by Nigel Pickford                              /s/ Nigel Pickford
its Attorney under a Power of Attorney dated   ---------------------------------
17/11/97 and who declares that he or she has   Signature of Attorney
not received any notice of the revocation of
such Power of Attorney in the presence of:     Nigel Pickford
                                               ---------------------------------
                                               Name of Attorney in full

/s/ Sameer Vij
--------------------------------------------
Signature of Witness

Sameer Vij
--------------------------------------------
Name of Witness in full

Signed for and on behalf of Perpetual Trustee
Company Limited ABN 42 000 001 007
by Shelagh Gossain                             /s/ Shelagh Gossain
its Attorney under a Power of Attorney dated   ---------------------------------
10/3/04 and who declares that he or she has    Signature of Attorney
not received any notice of the revocation of
such Power of Attorney in the presence of:     Shelagh Gossain
                                               ---------------------------------
                                               Name of Attorney in full

/s/ Sameer Vij
--------------------------------------------
Signature of Witness

Sameer Vij
--------------------------------------------
Name of Witness in full

                                                                              24

<PAGE>

Signed for and on behalf of Securitisation
Advisory Services Pty. Limited ABN 88 064
133 946
by Nigel Pickford                              /s/ Nigel Pickford
its Attorney under a Power of Attorney dated   ---------------------------------
10/3/04 and who declares that he or she has    Signature of Attorney
not received any notice of the revocation of
such Power of Attorney in the presence of:     Nigel Pickford
                                               ---------------------------------
                                               Name of Attorney in full

/s/ Sameer Vij
--------------------------------------------
Signature of Witness

Sameer Vij
--------------------------------------------
Name of Witness in full

                                                                              25<PAGE>

CLAYTON UTZ

Medallion Trust Series 2004-1G
ISDA Master Agreement
(Interest Rate Swap Agreement)

Commonwealth Bank of Australia
ABN 48 123 123 124

Perpetual Trustee Company Limited
ABN 42 000 001 007

Securitisation Advisory Services Pty. Limited
ABN 88 064 133 946

If you have any questions about the details of this document
please contact Ben Sandstad on + 61 2 9353 4000

Clayton Utz
Lawyers
Levels 22-35 No. 1 O'Connell Street Sydney NSW 2000 Australia
PO Box H3 Australia Square Sydney NSW 1215
T + 61 2 9353 4000 F + 61 2 8220 6700

www.claytonutz.com

Our reference 801/784/80003979

Liability limited by the Solicitors Scheme, approved under the Professional
Standards Act 1994 (NSW) and by our Terms of Engagement

<PAGE>

                                    Schedule

                                     to the

                                MASTER AGREEMENT

                        dated as of 10 March 2004 between

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

                                       and

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

                                       and

                        Perpetual Trustee Company Limited
                               ABN 42 000 001 007
                as trustee of the Medallion Trust Series 2004-1G
                                   ("Party B")

Part 1. Termination provisions

(a)  "Specified Entity" in relation to

     (i)  Party A, is not applicable; and

     (ii) Party B, is not applicable.

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

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

<TABLE>
<S>                          <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>
         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

<PAGE>

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

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

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

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

(f)  "Termination Currency" means Australian dollars.

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

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

Part 2. Tax Representations

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

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

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

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

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

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

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

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

                                                                               2

<PAGE>

Part 3. Agreement to Deliver Documents

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

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

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

(b)  Other documents to be delivered are:

<TABLE>
<CAPTION>
Party required to                                                               Covered by Section
deliver document    Form/Document/Certificate   Date by which to be delivered   3(d) Representation
-----------------   -------------------------   -----------------------------   -------------------
<S>                 <C>                         <C>                             <C>
Party A             A certificate from Party    On execution and delivery                Yes
                    A (or, if available,        of any Confirmation unless
                    Party A's current           that certificate has
                    authorised signature        already been supplied for
                    book) specifying the        that purpose and remains
                    names, title and specimen   true and in effect and when
                    signatures of the           the list is updated or upon
                    Authorised Officers of      request.
                    Party A.

Party A, Party B    A legal opinion as to the   On or at any time prior to               No
and the Manager     validity and                the Closing Date.
                    enforceability of 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                 Yes
                    Manager) of the Credit      Days (or such lesser period
                    Support Document and        as Party A agrees to)
                    (without limiting any       before the Trade Date of
                    obligation Party B may      the first occurring
                    have under the terms of     Transaction and in the case
                    the Credit Support          of any amending documents
                    Document to notify Party    entered into subsequent to
                    A of amendments) a copy     that date, promptly after
                    (certified by the           each amending document (if
                    Manager) of any document    any) has been entered into.
                    that amends in any way
                    the terms of the Credit
                    Support Document.
</TABLE>

                                                                               3

<PAGE>

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

Part 4. Miscellaneous

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

     Address for notices or communications to Party A:

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

               Attention:     Manager, Securitisation

               Facsimile No.: 612 9378 2481

     Address for notices or communications to Party B:

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

               Attention:     Manager, Securitisation Services

               Facsimile No.: 612 9221 7870

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

               Address:       Securitisation Advisory Services Pty. Limited
                              Level 7
                              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.

                                                                               4

<PAGE>

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

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

     (i)  in relation to Party A: Nil;

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

(g)  Credit Support Provider.

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

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

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

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

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

     Group 1 - all Transactions being swaps

     Group 2 - all Transactions being interest rate options

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

Part 5. Other Provisions.

(1)  Payments: In Section 2:

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

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

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

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

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

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

                                                                               5

<PAGE>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

(2)  Representations: In Section 3:

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

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

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

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

                                                                               6

<PAGE>

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

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

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

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

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

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

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

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

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

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

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

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

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

                                                                               7

<PAGE>

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

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

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

(4)  Termination: In Section 6:

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

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

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

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

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

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

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

(5)  Facsimile Transmission: In Section 12:

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

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

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

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

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

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

                                                                               8

<PAGE>

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

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

     (b)  Trustee Capacity:

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

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

     (c)  Definitions: in Section 14:

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

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

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

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

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

          (ii) insert the following new definitions:

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

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

               "Basis Swap Administered Rate" means, in relation to a
               Distribution

                                                                               9

<PAGE>

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

                                    BSA
                      (SII * ------------------- ) + VIE
                             FRSA + OFRSA + BSA             365
               BSAR = ----------------------------------- * ---
                                      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 and A-1+ by
               Standard & Poor's and includes the Collections Account to the
               extent that the holder of the Collections Account is rated in
               this manner.

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

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

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

                                                                              10

<PAGE>

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

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

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

                                FRSA + OFRSA
                      (SII * ------------------) + FIE
                             FRSA + OFRSA + BSA          365
               FSAR = -------------------------------- * ---
                                    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), (e)(i) or (g)
               and which has not been utilised pursuant to Section 2(f)(i) or
               repaid to Party A pursuant to Sections 17(e)(ii) or (h).

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

                                                                              11

<PAGE>

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

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

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

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

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

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

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

               "Prescribed Ratings" means:

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

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

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

               "Series Trust" means the Medallion Trust Series 2004-1G
               constituted by the Master Trust Deed and the Series Supplement.

               "Short-Term Investment Income" in relation to a Distribution Date
               means interest and other income received by the Trustee during
               the Swap Collection Period immediately preceding that
               Distribution Date in respect of:

                                                                              12

<PAGE>

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

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

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

               "Swap Collection Period" means:

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

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

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

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

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

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

      CA1            CA2            CA3            CB         RB            SR
WM = (--- * CA1M) + (--- * CA2M) + (--- * CA3M) + (---CBM) + (--- * RBM) + (--- * SRM)
      TSA            TSA            TSA            TSA        TSA           TSA
</TABLE>

                                                                              13

<PAGE>

               where:

               WM   = the Weighted Margin;

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

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

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

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

               CA3  = the A$ Equivalent of the aggregate Stated Amounts of the
                      Class A-3 Notes on the Determination Date immediately
                      preceding that Distribution Date;

               CA3M = the Spread specified in paragraph 5.2 of the confirmations
                     for the Class A-3 Currency Swap on 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, CA3, CB, RB and SR.".

     (d)  Interpretation:

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

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

                                                                              14

<PAGE>

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

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

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

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

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

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

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

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

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

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

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

          (i)  any Confirmation;

          (ii) the Series Supplement;

          (iii) the Master Trust Deed;

          (iv) this Agreement; and

          (v)  the 2000 ISDA Definitions.

     (g)  Swap Transaction: Any reference to a:

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

          (ii) "Transaction" in this Agreement or any Confirmation is deemed to
               be a

                                                                              15

<PAGE>

               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
          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

                                                                              16

<PAGE>

          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:

     "16. Further Fixed Rate Swaps

          (a)  If, pursuant to clause 16.6(j) of the Series Supplement, in order
               for the

                                                                              17

<PAGE>

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

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

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

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

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

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

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

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

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

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

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

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

                                                                              18

<PAGE>

               alone and at its election:

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

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

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

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

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

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

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

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

                                                                              19

<PAGE>

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

                    A.   zero;

                    B.   CR;

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

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

                    Where:

                                   CR = MM + V

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

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

<TABLE>
<S>                              <C>                              <C>
------------------------------------------------------------------------------------------------
Where the period between the     Where the period between the     Where the period between the
date of recalculation and the    date of recalculation and the    date of recalculation and the
weighted average of the          weighted average of the          weighted average of the
maturity dates of the then       maturity dates of the then       maturity dates of the then
fixed rate periods in respect    fixed rate periods in respect    fixed rate periods in respect
of Mortgage Loans forming part   of Mortgage Loans forming part   of Mortgage Loans forming part
of the Assets of the Series      of the Assets of the Series      of the Assets of the Series
Trust which are charged a        Trust which are charged a        Trust which are charged a
fixed rate of interest is less   fixed rate of interest is        fixed rate of interest is
than or equal to 5 years         greater than 5 years and less    greater than 10 years
                                 than or equal to 10 years
------------------------------------------------------------------------------------------------
1.5                              3.15                             6
------------------------------------------------------------------------------------------------
</TABLE>

                                                                              20

<PAGE>

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

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

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

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

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

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

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

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

     18.  Downgrading of Party A - Basis Swap

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

                                                                              21

<PAGE>

          must:

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

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

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

          (c)  (Prepayment):

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

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

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

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

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

     19.  Securities Repaid

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

                                                                              22

<PAGE>

(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).".

                                                                              23

<PAGE>

(16) Knowledge or Awareness

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

(18) Interest Rate Basis Cap

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

(19) Amendment to this Agreement

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

                                                                              24

<PAGE>

Annexure 1

Form of confirmation for Basis Swap - Medallion Trust Series 2004-1G

                   [Commonwealth Bank of Australia Letterhead]

[DATE]

To: Perpetual Trustee Company Limited   Securitisation Advisory Services Pty.
    ABN 42 000 001 007                  Limited 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 - Basis Swap

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

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

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

Our Reference:                   [______]

Trade Date:                      [______]

Effective Date:                  [______]

Termination Date:                Means the earlier of:

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

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

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

                                                                              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
   Payer:                        Party B

   Floating Administered Rate
   Payer Payment Dates:          Each Distribution Date

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

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

Floating BBSW Weighted Rate
Amounts:

   Floating BBSW Rate Payer:     Party A

   Floating BBSW Rate Payer
   Payment Dates:                Each Distribution Date

   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 [____]% per annum

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

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 Medallion     ABN 48 123 123 124
Trust Series
2004-1G

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

Name:                                    Name:
       -------------------------------          -------------------------------

Title:                                   Title:
       -------------------------------          -------------------------------

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

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

Name:
       -------------------------------

Title:
       -------------------------------

                                                                              27

<PAGE>

Annexure 2

Form of Confirmation for Fixed Rate Swaps - Medallion Trust Series 2004-1G

                   [Commonwealth Bank of Australia Letterhead]

[DATE]

To: Perpetual Trustee Company Limited   Securitisation Advisory Services Pty.
    ABN 42 000 001 007                  Limited 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, novated or and supplemented
from time to time (the "Agreement"), between Commonwealth Bank of Australia ABN
48 123 123 124 ("Party A"), Perpetual Trustee Company Limited as trustee of the
Series Trust ("Party B") and Securitisation Advisory Services Pty. Limited (the
"Manager"). All provisions contained in the Agreement govern this Confirmation
except as expressly modified below.

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

Our Reference:                   [______]

Trade Date:                      [______]

Effective Date:                  [______]

Termination Date:                Means the earlier of:

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

                                 (b)  the Termination Date for the Series Trust,

                                 subject to the Following Business Day
                                 Convention

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

Fixed Amounts:

    Fixed Rate Payer:            Party B

    Fixed Rate Payer Payment
    Dates:                       Each Distribution Date

                                                                              28

<PAGE>

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

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

Floating Amounts:

    Floating Rate Payer:         Party A

    Floating Rate Payer
    Payment Dates:               Each Distribution Date

    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 [____]% per annum

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

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 Fixed Rate Swap

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

Executed documents will follow by mail.

Yours sincerely

SIGNED for and on behalf of PERPETUAL    SIGNED for and on behalf of
TRUSTEE COMPANY LIMITED ABN 42 000       COMMONWEALTH BANK OF AUSTRALIA
001 007, as trustee of the Medallion     ABN 48 123 123 124
Trust Series
2004-1G

By:    /s/ Shelagh Gossain               By:    /s/ Leanne Leong
       -------------------------------          -------------------------------
       (Authorised Officer)                     (Authorised Officer)

Name:  Shelagh Gossain                   Name:  Leanne Leong
       -------------------------------          -------------------------------

Title: Manager                           Title: General Manager,
       -------------------------------          Capital Management &
                                                Securitization
                                                -------------------------------

                                                                              29

<PAGE>

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

By:    /s/ Leanne Leong
       -------------------------------
       (Authorised Officer)

Name:  Leanne Leong
       -------------------------------

Title: General Manager, Capital Management Securitization
       --------------------------------------------------

                                                                              30

<PAGE>

Annexure 3

Quarterly Payment Notice - Medallion Trust Series 2004-1G

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

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

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

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

Determination Date:

The Manager has determined and gives notice of the following:

1.   Basis Swap

     (a)  Notional Amount for the current Calculation Period:

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

2.   Fixed Rate Swap

     (a)  Notional Amount for the current Calculation Period:

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

3.   Rate Set

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

     (b)  Weighted Margin for the current Calculation Period:

4.   Net Break Receipts and Payments

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

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

5.   Net Amount

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

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

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

                                                                              31

<PAGE>

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

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

Name:
       -------------------------------

Title:
       -------------------------------

                                                                              32

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