Document:

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                                                                AGENCY AGREEMENT

                                             PERPETUAL TRUSTEES VICTORIA LIMITED

                                 INTERSTAR SECURITISATION MANAGEMENT PTY LIMITED

                                    INTERSTAR SECURITIES (AUSTRALIA) PTY LIMITED

                                                            THE BANK OF NEW YORK

                                                     Interstar Millennium Trusts

                                       Interstar Millennium Series 2004-2G Trust

                                                          ALLENS ARTHUR ROBINSON
                                                               The Chifley Tower
                                                                2 Chifley Square
                                                                 Sydney NSW 2000
                                                                       Australia
                                                              Tel 61 2 9230 4000
                                                              Fax 61 2 9230 5333

                                       (C) Copyright Allens Arthur Robinson 2004

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TABLE OF CONTENTS

1.    DEFINITIONS AND INTERPRETATION                                           2
      1.1         Definitions                                                  2
      1.2         Definitions in Master Trust Deed, Series Notice,
                    Note Trust Deed and Conditions                             3
      1.3         Interpretation                                               3
      1.4         Document or agreement                                        3
      1.5         Transaction Document                                         3
      1.6         Trustee as trustee                                           4

2.    APPOINTMENT OF PAYING AGENTS                                             4

3.    PAYMENT                                                                  4
      3.1         Payment by Trustee                                           4
      3.2         Confirmation                                                 5
      3.3         Payments by Paying Agents                                    5
      3.4         Method of Payment - Global Notes                             5
      3.5         Method of payment - Definitive Notes                         5
      3.6         Late payment                                                 5
      3.7         Notice of non-receipt                                        6
      3.8         Reimbursement                                                6
      3.9         Method of payment                                            6
      3.10        Trust                                                        7

4.    REPAYMENT                                                                7

5.    APPOINTMENT OF THE CALCULATION AGENT                                     7

6.    DUTIES OF THE CALCULATION AGENT                                          7

7.    NOTE TRUSTEE                                                             9

8.    EARLY REDEMPTION OF US$ NOTES                                            9

9.    PRO RATA REDEMPTION, PURCHASES AND CANCELLATION OF NOTES                10

10.   NOTICES TO US$ NOTEHOLDERS                                              11

11.   DOCUMENTS AND FORMS                                                     11

12.   AUTHENTICATION                                                          12

13.   INDEMNITY                                                               12

14.   THE NOTE REGISTER                                                       13
      14.1        Appointment of Note Registrar                               13
      14.2        Details to be kept on the Note Register                     13
      14.3        Payments of Principal and Interest                          13
      14.4        Place of keeping Register, copies and access                14
      14.5        Details on Note Register conclusive                         14
      14.6        Alteration of details on Note Register                      14
      14.7        Rectification of Note Register                              14
      14.8        Correctness of Note Register                                15

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15.   CHANGES OF NOTE REGISTRAR                                               15
      15.1        Removal                                                     15
      15.2        Resignation                                                 15
      15.3        Limitation                                                  15
      15.4        Successor to Note Registrar                                 15

16.   GENERAL                                                                 16
      16.1        Meetings of US$ Noteholders                                 16
      16.2        Agency                                                      16
      16.3        Identity                                                    16
      16.4        No set-off                                                  17
      16.5        Reliance                                                    17
      16.6        Entitled to deal                                            17
      16.7        Consultation                                                18
      16.8        Duties                                                      18

17.   CHANGES IN PAYING AGENTS AND CALCULATION AGENT                          18
      17.1        Removal                                                     18
      17.2        Resignation                                                 19
      17.3        Limitation                                                  19
      17.4        Delivery of amounts                                         20
      17.5        Successor Paying Agents                                     20
      17.6        Successor to Calculation Agent                              20
      17.7        Notice to US$ Noteholders                                   21
      17.8        Change in Paying Office or Specified Office                 21

18.   FEES AND EXPENSES                                                       22

19.   WAIVERS, REMEDIES CUMULATIVE                                            23

20.   SEVERABILITY OF PROVISIONS                                              23

21.   ASSIGNMENTS                                                             23

22.   NOTICES                                                                 23
      22.1        General                                                     23
      22.2        Details                                                     24
      22.3        Communication through Principal Paying Agent                26

23.   LIMITED RECOURSE                                                        26
      23.1        General                                                     26
      23.2        Liability of Trustee limited to its right to indemnity      26
      23.3        Unrestricted remedies                                       27
      23.4        Restricted remedies                                         27

24.   COUNTERPARTS                                                            28

25.   GOVERNING LAW                                                           28

26.   SUCCESSOR TRUSTEE                                                       28

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DATE                                                                      200[*]
---------

PARTIES
---------

   1.    PERPETUAL TRUSTEES VICTORIA LIMITED (ABN 47 004 027 258) of Level 28,
         360 Collins Street, Melbourne, Victoria in its capacity as trustee of
         Interstar Millennium Series 2004-2G Trust (the TRUSTEE);

   2.    INTERSTAR SECURITISATION MANAGEMENT PTY LIMITED (ABN 56 100 346 898) of
         Level 28, 367 Collins Street, Melbourne, Victoria in its capacity as
         Trust Manager (the TRUST MANAGER);

   3.    INTERSTAR SECURITIES (AUSTRALIA) PTY LIMITED (ABN 72 087 271 109) of
         Level 28, 367 Collins Street, Melbourne, Victoria in its capacity as
         Servicer (the SERVICER); and

   4.    THE BANK OF NEW YORK as principal paying agent for the US$ Notes
         described below (the PRINCIPAL PAYING AGENT, which expression shall,
         wherever the context requires, include any successor principal paying
         agent from time to time under this agreement) and as trustee for the
         US$ Noteholders (the NOTE TRUSTEE, which expression shall, wherever the
         context requires, include any other trustee or trustees from time to
         time under the Note Trust Deed) and as calculation agent in relation to
         the US$ Notes described below (the CALCULATION AGENT, which expression
         shall, wherever the context requires, include any successor calculation
         agent from time to time) and as note registrar in relation to the US$
         Notes described below (the NOTE REGISTRAR, which expression shall,
         wherever the context requires, include any successor note registrar
         from time to time under this agreement).

RECITALS
---------

   A     The Trustee proposes to issue US$[*] of Class A Mortgage Backed
         Floating Rate Notes, US$[*] of Class AB Mortgage Backed Floating Notes
         and US$[*] of Class B Mortgage Backed Floating Rate Notes (the US$
         NOTES).

   B     The US$ Notes, upon original issue, will be issued in the form of two
         Class A Global Notes (in the case of the Class A Notes), a Class AB
         Global Note (in the case of the Class AB Notes) and a Class B Global
         Note (in the case of the Class B Notes). The Trustee shall, on the date
         of this deed, deliver or arrange the delivery on its behalf of each
         Global Note for US$ Notes to the Principal Paying Agent, as agent for
         the relevant Clearing Agency. Each Global Note for US$ Notes shall
         initially be registered on the Note Register in the name of Cede & Co,
         as nominee of DTC, and no Note Owner will receive a Definitive Note
         representing such Note Owner's interest in such US$ Note, except as
         provided in the Note Trust Deed.

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   C     The US$ Notes will be constituted by the Note Trust Deed, the Series
         Notice and the Master Trust Deed.

   D     The US$ Notes will be secured on the terms of the Security Trust Deed.

   E     The Trustee wishes to appoint the Principal Paying Agent as principal
         paying agent in respect of the US$ Notes and has entered into this
         agreement to provide for the terms and conditions of that appointment.

   F     The Trustee wishes to appoint the Calculation Agent as its reference
         agent in respect of the US$ Notes and has entered into this agreement
         to provide for the terms and conditions of that appointment.

   G     The Trustee wishes to appoint the Note Registrar as note registrar in
         respect of the US$ Notes and has entered into this agreement to provide
         for the terms and conditions of that appointment.

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IT IS AGREED as follows.

1.       DEFINITIONS AND INTERPRETATION
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1.1      DEFINITIONS

         The following definitions apply unless the context requires otherwise.

         DETERMINATION DATE means, in relation to a Payment Date, the date which
         is 4 Business Days before that Payment Date.

         MASTER TRUST DEED means the Master Trust Deed for the Interstar
         Millennium Trusts dated 2 December 1999 between the Trustee as trustee
         and Interstar Securities (Australia) Pty Limited.

         NOTICE OF CREATION OF TRUST means the Notice of Creation of Trust dated
         31 December 2003 issued under the Master Trust Deed in relation to the
         Trust.

         PAYING AGENT means any person for the time being appointed as a Paying
         Agent under this agreement and includes the Principal Paying Agent.

         PAYING OFFICE means, in relation to a Paying Agent and any US$ Notes,
         the office of the Paying Agent specified in those US$ Notes or
         otherwise under this agreement or the Note Trust Deed as the office at
         which payments in respect of those US$ Notes will be made as changed
         from time to time in accordance with this agreement.

         SERIES NOTICE means the Series Notice dated on or about the date of
         this agreement relating to the Trust.

         SPECIFIED OFFICE means, in relation to the Calculation Agent, the
         office of the Calculation Agent specified under this agreement as the
         office at which the Calculation Agent will carry out its duties under
         this agreement.

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         TRUST means the trust known as the Interstar Millennium Series 2004-2G
         Trust established under the Notice of Creation of Trust, the Master
         Trust Deed and the Series Notice.

1.2      DEFINITIONS IN MASTER TRUST DEED, SERIES NOTICE, NOTE TRUST DEED AND
         CONDITIONS

         (a)   Words and expressions which are defined in the Master Trust Deed
               (as amended by the Series Notice), the Series Notice, the Note
               Trust Deed and the relevant Conditions (including by reference to
               another agreement) have the same meanings when used in this
               agreement unless the context otherwise requires or unless
               otherwise defined in this agreement.

         (b)   If a definition in any of the documents in paragraph (a) above is
               inconsistent, the definitions will prevail in the following
               order:

               (i)       definition in this agreement;

               (ii)      definition in the Series Notice;

               (iii)     definition in the Master Trust Deed;

               (iv)      definition in the Note Trust Deed;

               (v)       definition in the relevant Conditions.

1.3      INTERPRETATION

         Clause 1.2 of the Master Trust Deed applies to this agreement as if set
         out in full and:

         (a)   a reference to an ASSET includes any real or personal, present or
               future, tangible or intangible property or asset and any right,
               interest, revenue or benefit in, under or derived from the
               property or asset;

         (b)   a reference to an amount for which a person is CONTINGENTLY
               LIABLE includes an amount which that person may become actually
               or contingently liable to pay if a contingency occurs, whether or
               not that liability will actually arise; and

         (c)   all references to costs or charges or expenses include GST, any
               value added tax or similar tax charged or chargeable in respect
               of the charge or expense.

1.4      DOCUMENT OR AGREEMENT

         A reference to:

         (a)   an AGREEMENT includes a Security Interest, guarantee,
               undertaking, deed, agreement or legally enforceable arrangement
               whether or not in writing; and

         (b)   a DOCUMENT includes an agreement (as so defined) in writing or a
               certificate, notice, instrument or document.

         A reference to a specific agreement or document includes it as amended,
         novated, supplemented or replaced from time to time, except to the
         extent prohibited by this agreement.

1.5      TRANSACTION DOCUMENT

         This agreement is a TRANSACTION DOCUMENT for the purposes of the Master
         Trust Deed.

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1.6      TRUSTEE AS TRUSTEE

         (a)   In this agreement, except where provided to the contrary:

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

               (ii)      a reference to the assets, business, property or
                         undertaking of the Trustee is a reference to the
                         assets, business, property or undertaking of the
                         Trustee only in the capacity described in sub-paragraph
                         (i) above.

         (b)   The rights and obligations of the parties under this agreement
               relate only to the Trust, and do not relate to any other Trust
               (as defined in the Master Trust Deed).

2.       APPOINTMENT OF PAYING AGENTS
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         (a)   Subject to the terms of this agreement, the Trustee (acting on
               the direction of the Trust Manager) appoints the Principal Paying
               Agent as its principal paying agent and each other Paying Agent
               as its paying agent, for making payments in respect of the US$
               Notes in accordance with the Transaction Documents and the
               relevant Conditions at their respective Paying Offices. The
               Principal Paying Agent and each other Paying Agent appointed
               under this agreement accepts such appointment.

         (b)   Except in clause 17 and as the context otherwise requires,
               references to the Principal Paying Agent are to it acting solely
               through its Paying Office.

         (c)   If at any time there is more than one Paying Agent, the
               obligations of the Paying Agents under this agreement shall be
               several and not joint.

         (d)   It is acknowledged and agreed that:

               (i)       subject to clause 7, each of the Principal Paying Agent
                         and each other Paying Agent is the agent of the Trustee
                         in its capacity as trustee of the Trust only; and

               (ii)      despite anything else in this agreement, any other
                         Transaction Document or at law, the Trustee in its
                         personal capacity is not responsible for any act or
                         omission of the Principal Paying Agent or any other
                         Paying Agent.

3.       PAYMENT
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3.1      PAYMENT BY TRUSTEE

         The Trustee shall, with the assistance of and at the direction of the
         Trust Manager, not later than 10.00 am (New York time) on each Payment
         Date, pay to or to the order of, or procure payment to or to the order
         of, the Principal Paying Agent the amount in US$ as may be required
         (after taking account of any cash then held by the Principal Paying
         Agent and available for the purpose) to be made on that Payment Date
         under the Series Notice in respect of US$ Notes and the relevant
         Conditions.

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3.2      CONFIRMATION

         Not later than 4.00 pm (Sydney time) on each Determination Date, the
         Trust Manager on behalf of the Trustee shall notify, or procure
         notification to, the Principal Paying Agent and the Note Trustee of the
         amount of interest or principal payable in respect of each Class of US$
         Notes on the Payment Date following that Determination Date. The
         Trustee or if required by the Trustee, the Trust Manager on its behalf
         shall also forward to the Principal Paying Agent at that time
         confirmation that the payments provided for in clause 3.1 will be made
         unconditionally.

3.3      PAYMENTS BY PAYING AGENTS

         Subject to payment being duly made as provided in clause 3.1 (or the
         Principal Paying Agent otherwise being satisfied that the payment will
         be duly made on the due date), and subject to clause 7, the Paying
         Agents shall pay or cause to be paid on behalf of the Trustee on each
         Payment Date the relevant amounts of principal and interest due in
         respect of the US$ Notes in accordance with the Series Notice and the
         relevant Conditions.

3.4      METHOD OF PAYMENT - GLOBAL NOTES

         The Principal Paying Agent shall cause all payments of principal or
         interest (as the case may be) due and received by it in respect of US$
         Notes represented by a Global Note to be made to the relevant Common
         Depository for credit to the account of the persons appearing from time
         to time in the records of the relevant Common Depository as account
         holders with respect to, and whilst any of the relevant US$ Notes are
         represented by, a Global Note.

3.5      METHOD OF PAYMENT - DEFINITIVE NOTES

         Payments of principal or interest on the Definitive Notes shall be made
         in accordance with the relevant Conditions and the Series Notice.

3.6      LATE PAYMENT

         (a)   If any payment under clause 3.1 is made late but otherwise in
               accordance with the provisions of this agreement, each Paying
               Agent shall:

               (i)       in the case of any payment in respect of the US$ Notes
                         made on or prior to 1.00pm (New York time) on a Payment
                         Date, make payments required to be made by it in
                         respect of the US$ Notes as provided in this clause 3
                         (other than clause 3.6(a)(ii)); and

               (ii)      in the case of any payment in respect of the US$ Notes
                         made after 1.00pm (New York time) on a Payment Date,
                         make payments required to be made by it in respect of
                         the US$ Notes on the next Business Day occurring after
                         that Payment Date and otherwise as provided in this
                         clause 3.

               However, unless and until the full amount of any payment in
               respect of the US$ Notes required to be made under the
               Transaction Documents has been made under clause 3.1 to or to the
               order of the Principal Paying Agent, no Paying Agents shall be
               bound to make a payment under clause 3.

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         (b)   If the Principal Paying Agent has not received on a Payment Date
               the full amount of principal and interest then payable on any US$
               Note in accordance with the Series Notice and the relevant
               Conditions, but receives the full amount later, it shall:

               (i)       forthwith upon full receipt notify the other Paying
                         Agents (if any), the Trustee, the Note Trustee, the
                         Security Trustee and the Trust Manager; and

               (ii)      as soon as practicable after such full receipt give due
                         notice, in accordance with the relevant Condition 12
                         (unless the Note Trustee agrees otherwise), to the US$
                         Noteholders that it has received the full amount.

3.7      NOTICE OF NON-RECEIPT

         The Principal Paying Agent shall immediately notify by telex or
         facsimile (if appropriate) the other Paying Agents (if any), the Note
         Trustee, the Trustee, the Security Trustee and the Trust Manager if the
         full amount of any payment of principal or interest required to be made
         by the Series Notice and the relevant Conditions in respect of the US$
         Note is not unconditionally received by it or to its order in
         accordance with this agreement.

3.8      REIMBURSEMENT

         The Principal Paying Agent shall (provided that it has been placed in
         funds by the Trustee) on demand promptly reimburse the other Paying
         Agents (if any) for payments of principal and interest properly made by
         that Paying Agent in accordance with the Series Notice and the relevant
         Conditions and this agreement. The Trustee shall not be concerned with
         the apportionment of any moneys between the Principal Paying Agent and
         the other Paying Agents (if any) and payment to the Principal Paying
         Agent of any moneys due to the Paying Agents shall operate as a good
         discharge to the Trustee in respect of such moneys.

3.9      METHOD OF PAYMENT

         (a)   All sums payable by the Trustee to the Principal Paying Agent
               under this agreement in respect of US$ Notes or US$ Noteholders
               shall, unless otherwise provided by and subject to a Currency
               Swap, be paid by the relevant Currency Swap Provider on behalf of
               the Trustee in US$ to the bank account as the Principal Paying
               Agent may from time to time notify to the Trustee and the Note
               Trustee. Those sums shall be held on account for payment to the
               US$ Noteholders and, failing that, payment within the designated
               periods of prescription specified in the relevant Condition 8, or
               upon the bankruptcy, insolvency, winding up or liquidation of the
               Principal Paying Agent or default being made by the Principal
               Paying Agent in the payment of any amounts in respect of
               principal or interest in accordance with this agreement, for
               repayment to the Trustee (subject to clause 4). On repayment in
               accordance with clause 4 to the Trustee all liabilities of the
               Principal Paying Agent with respect to those moneys shall cease.
               The Principal Paying Agent shall, promptly after each Payment
               Date, confirm to the Trustee, in accordance with clause 22, that
               the Principal Paying Agent has paid the relevant amount to the
               Common Depository. The Principal Paying Agent will countersign
               and promptly return any such confirmation requested by the
               Trustee.

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         (b)   Subject to the terms of this agreement, the Principal Paying
               Agent shall be entitled to deal with moneys paid to it under this
               agreement in the same manner as other moneys paid to it as a
               banker by its customers. The Principal Paying Agent shall be
               entitled to retain for its own account any interest earned on the
               sums from time to time credited to the accounts referred to in
               paragraph (a) and paragraph (b) and it need not segregate such
               sums from other amounts held by it, except as required by law.

3.10     TRUST

         The Principal Paying Agent shall hold on trust for the Note Trustee and
         the US$ Noteholders all sums held by it for the payment of principal
         and interest with respect to the US$ Notes until all relevant sums are
         paid to the Note Trustee or the US$ Noteholders or otherwise disposed
         of in accordance with the Note Trust Deed.

4.       REPAYMENT
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         (a)   Immediately on any entitlement to receive principal or interest
               under any US$ Note becoming void under the relevant Conditions,
               the Principal Paying Agent shall repay to the Trustee the amount
               which would have been due in respect of that principal or
               interest if it had been paid before the entitlement under any US$
               Note became void.

         (b)   Despite paragraph (a) the Principal Paying Agent shall not be
               obliged to make any repayment to the Trustee so long as any
               amounts which should have been paid to or to the order of the
               Principal Paying Agent or, if applicable, the Note Trustee by the
               Trustee remain unpaid.

5.       APPOINTMENT OF THE CALCULATION AGENT
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         (a)   The Trustee (acting on the direction of the Trust Manager)
               appoints the Calculation Agent as its reference agent in respect
               of the US$ Notes upon the terms and conditions set forth in this
               agreement and the Calculation Agent accepts that appointment.

         (b)   It is acknowledged and agreed that:

               (i)       the Calculation Agent is the agent of the Trustee in
                         its capacity as trustee of the Trust only, and

               (ii)      despite anything else in this agreement, any other
                         Transaction Document or at law, the Trustee in its
                         personal capacity is not responsible for any act or
                         omission of the Calculation Agent.

6.       DUTIES OF THE CALCULATION AGENT
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         (a)   The Calculation Agent shall, in relation to US$ Notes, until
               their final maturity or such earlier date on which the US$ Notes
               are due and payable in full and in either case until the Trustee
               has paid all amounts due in relation to the US$ Notes to the
               Principal Paying Agent or, if applicable, the Note Trustee:

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               (i)       perform such duties at its Specified Office as are set
                         forth in this agreement and in the relevant Conditions
                         and any other duties which are reasonably incidental at
                         the request of the Trustee, the Trust Manager, the Note
                         Trustee or the Principal Paying Agent;

               (ii)      determine LIBOR for each Interest Period for the US$
                         Notes, and calculate the relevant Interest and the
                         Interest Rate on the US$ Notes in each Class of US$
                         Notes, in the manner set out in the relevant Condition
                         4 and confirm with each Currency Swap Provider (using
                         the contact details notified by each Currency Swap
                         Provider to the Calculation Agent) that the LIBOR
                         determined under this agreement is the same as the
                         LIBOR determined by that Currency Swap Provider under
                         the relevant Currency Swap; and

               (iii)     notify the Trustee, the Trust Manager, the Note
                         Trustee, the Paying Agents and each Currency Swap
                         Provider by telex or facsimile transmission on or as
                         soon as possible after the first day of that Interest
                         Period, of the Interest Rate and the Interest so
                         determined by it in relation to that Interest Period
                         and each Class of US$ Notes, specifying to those
                         parties the rates upon which they are based and (where
                         relevant) the names of the banks quoting those rates.

         (b)   The Trust Manager on behalf of the Trustee shall cause the
               Interest and the Interest Rates applicable to each Class of US$
               Notes for each Interest Period together with the relevant Payment
               Date, to be published (subject to clause 23, on behalf of and at
               the expense of the Trustee) in accordance with the provisions of
               the relevant Conditions 4 and 12, on or as soon as possible after
               the commencement of the relevant Interest Period unless the Note
               Trustee otherwise agrees, provided that the Trustee, the
               Calculation Agent and the Note Trustee shall co-operate with the
               Trust Manager in order to effect that publication.

         (c)   The Interest and Interest Rate for each Class of US$ Notes and
               relevant Payment Date published under paragraph (b) may
               subsequently be amended (or appropriate alternative arrangements
               made by way of adjustment) without notice to US$ Noteholders in
               the event of an amendment of the Interest Period.

         (d)   If the Calculation Agent at any time for any reason does not
               determine the Interest Rate for or calculate the Interest payable
               on a US$ Note, the Trust Manager shall do so and each such
               determination or calculation shall be deemed to have been made by
               the Calculation Agent. In doing so, the Trust Manager shall apply
               the provisions of this clause 6, with any necessary consequential
               amendments, to the extent that, in its opinion, it can do so,
               and, in all other respects it shall do so in such a manner as it
               reasonably considers fair and reasonable in all the
               circumstances.

         (e)   If the Trust Manager does not at any time for any reason
               determine a Principal Payment or the Principal Amount applicable
               to a US$ Note in accordance with the Transaction Documents, the
               Principal Payment and the Principal Amount shall be determined by
               the Calculation Agent in accordance with the Transaction
               Documents (but based on the information in its possession) and
               each such determination or calculation shall be deemed

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               to have been made by the Trust Manager. The Calculation Agent may
               appoint any person as its agent for the purpose of making any
               such calculation or determination.

7.       NOTE TRUSTEE
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         At any time after an Event of Default has occurred in relation to a US$
         Note or at any time after Definitive Notes have not been issued when
         required in accordance with the provisions of the Transaction
         Documents, the Note Trustee may:

         (a)   by notice in writing to the Trustee, the Trust Manager, the
               Principal Paying Agent, the other Paying Agents (if any) and the
               Calculation Agent, require the Principal Paying Agent, the other
               Paying Agents and the Calculation Agent either:

               (i)       to act as Principal Paying Agent, Paying Agent and
                         Calculation Agent respectively of the Note Trustee on
                         the terms of this agreement in relation to payments to
                         be made by or on behalf of the Trustee under the terms
                         of the Note Trust Deed, except that the Note Trustee's
                         liability under any provisions for the indemnification
                         of the Calculation Agent and the Paying Agents shall be
                         limited to any amount for the time being held by the
                         Note Trustee on the trusts of the Note Trust Deed and
                         which is available to be applied by the Note Trustee
                         for that purpose; and

               (ii)      to hold all Definitive Notes, and all amounts,
                         documents and records held by them in respect of the
                         US$ Notes on behalf of the Note Trustee; or

               (iii)     to deliver up all Definitive Notes, and all amounts,
                         documents and records held by them in respect of the
                         US$ Notes to the Note Trustee or as the Note Trustee
                         directs in that notice, other than any documents or
                         records which such Paying Agent or Calculation Agent
                         (as the case may be) is obliged not to release by any
                         law or regulation; and

         (b)   by notice in writing to the Trustee require it to make all
               subsequent payments in respect of the US$ Notes to or to the
               order of the Note Trustee and not to the Principal Paying Agent
               and, with effect from the issue of that notice to the Trustee and
               until that notice is withdrawn, clause 2.3 of the Note Trust Deed
               shall not apply.

         A payment by the Trustee of its payment obligations on each Payment
         Date under the Series Notice and the relevant Conditions to the Note
         Trustee in accordance with paragraph (b) shall be a good discharge to
         the Trustee to the extent of such payment.

8.       EARLY REDEMPTION OF US$ NOTES
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         (a)   If the Trustee intends to redeem the US$ Notes prior to their
               Maturity Date pursuant to the relevant Condition 5(b)(ii),
               5(b)(iii), 5(f) or 5(g) (which it may only do at the direction of
               the Trust Manager), the Trust Manager shall give not less than 5
               days' prior notice to the Principal Paying Agent and the Note
               Trustee before giving the requisite period of notice to the US$
               Noteholders in accordance with the relevant Condition 5(b)(ii),
               5(b)(iii), 5(f) or

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               5(g) (as the case may be) and stating the Payment Date on which
               such US$ Notes are to be redeemed.

         (b)   The Principal Paying Agent shall, on receipt of a notice under
               paragraph (a):

               (i)       notify each Common Depository of the proposed
                         redemption, specifying:

                         (A)  the aggregate Principal Amount of US$ Notes to be
                              redeemed;

                         (B)  the amount of principal to be repaid in relation
                              to each US$ Note; and

                         (C)  the date on which the US$ Notes are to be
                              redeemed; and

               (ii)      promptly and in accordance with the relevant Conditions
                         on behalf of and, subject to clause 23, at the expense
                         of the Trustee publish the notices required in
                         connection with that redemption.

9.       PRO RATA REDEMPTION, PURCHASES AND CANCELLATION OF NOTES
--------------------------------------------------------------------------------

         (a)   If the Trustee is required to redeem the US$ Notes prior to their
               Maturity Date pursuant to the relevant Condition 5(a) the Trust
               Manager shall give 2 days prior notice to the Calculation Agent,
               the Principal Paying Agent and the Note Trustee, as provided in
               the relevant Condition 5.

         (b)   On receipt of a notice under paragraph (a), the Principal Paying
               Agent shall notify each Common Depository of the proposed
               redemption, specifying in each case the aggregate Principal
               Amount of the US$ Notes to be redeemed and the date on which such
               US$ Notes are to be redeemed.

         (c)   The Trust Manager shall, on (or as soon as practicable after)
               each Determination Date, calculate:

               (i)       the amount of principal to be repaid in respect of each
                         US$ Note due on the Payment Date next following that
                         Determination Date; and

               (ii)      the Principal Amount of each US$ Note on the first day
                         of the next following Interest Period for the US$ Notes
                         (after deducting any principal due to be made on the
                         next Payment Date),

               and shall forthwith notify or cause to be notified to the
               Trustee, the Calculation Agent, the Note Trustee, the Principal
               Paying Agent and each Currency Swap Provider of each of those
               determinations in accordance with the Series Notice. On receipt
               of that notice, the Principal Paying Agent shall give a copy of
               that notice to each Common Depository.

         (d)   The Trust Manager will immediately cause details of each
               determination under paragraph (c) to be published in accordance
               with the relevant Condition 12 at least one Business Day before
               the relevant Payment Date.

         (e)   If no principal is due to be repaid on the Class A Notes, the
               Class AB Notes or the Class B Notes on any Payment Date, the
               Trust Manager shall give notice or shall cause a notice to this
               effect to be given to the Class A Noteholders, the Class AB
               Noteholders or the Class B Noteholders (as the case may be) in
               accordance with the relevant Condition 12.

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         (f)   If any US$ Notes are redeemed in whole or in part in accordance
               with the relevant Conditions and the Transaction Documents, the
               Principal Paying Agent will if any Class A Global Note, Class AB
               Global Note or Class B Global Note is still outstanding, cause
               the Note Registrar to record all relevant details in the Note
               Register.

10.      NOTICES TO US$ NOTEHOLDERS
--------------------------------------------------------------------------------

         (a)   Subject to clause 23, at the request and expense of the Trustee,
               the Principal Paying Agent shall arrange for the publication of
               all notices to US$ Noteholders in accordance with the relevant
               Conditions.

         (b)   The Principal Paying Agent shall promptly send to the Note
               Trustee one copy of the form of every notice given to US$
               Noteholders in accordance with the relevant Condition 12.

11.      DOCUMENTS AND FORMS
--------------------------------------------------------------------------------

         (a)   The Trust Manager shall provide to the Principal Paying Agent for
               distribution to each Paying Agent:

               (i)       sufficient copies of all documents required by the
                         relevant Conditions or the Note Trust Deed to be
                         available to US$ Noteholders for issue or inspection
                         (including the Note Trust Deed, the Master Trust Deed
                         and the Series Notice);

               (ii)      in the event of a meeting of US$ Noteholders being
                         called, forms of voting certificates and block voting
                         instructions, together with instructions from the
                         Trustee (those instructions having previously been
                         approved by the Note Trustee) as to the manner of
                         completing, dealing with and recording the issue of
                         such forms; and

               (iii)     if Definitive Notes are issued, specimens of those
                         Definitive Notes.

         (b)   The Trust Manager and the Trustee shall provide to the
               Calculation Agent such documents as the Calculation Agent may
               reasonably require from the Trust Manager or the Trustee (and in
               the case of the Trustee only those documents that are in the
               Trustee's possession or power) in order for the Calculation Agent
               properly to fulfil its duties in respect of the US$ Notes.

12.      AUTHENTICATION
--------------------------------------------------------------------------------

         The Principal Paying Agent shall authenticate or cause to be
         authenticated the Global Notes and (if required) the Definitive Notes
         (whether on initial issue or on replacement).

13.      INDEMNITY
--------------------------------------------------------------------------------

         (a)   Subject to paragraph (b) and clause 23, the Trustee shall
               indemnify each Paying Agent, the Note Registrar and the
               Calculation Agent against any loss, damages, proceeding,
               liability, cost, claim, action, demand or expense (in this clause
               13, each, an EXPENSE) which a Paying

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               Agent, the Note Registrar or the Calculation Agent, as the case
               may be, may incur or which may be made against such Paying Agent,
               the Note Registrar or the Calculation Agent (as the case may be),
               as a result of or in connection with such Paying Agent's, the
               Note Registrar's or the Calculation Agent's, as the case may be,
               appointment or the exercise of such Paying Agent's, the Note
               Registrar's or the Calculation Agent's, as the case may be,
               powers and performance of such Paying Agent's, the Note Registrar
               or the Calculation Agent's, as the case may be, duties under this
               agreement, notwithstanding the resignation or removal of that
               Paying Agent, the Note Registrar or the Calculation Agent in
               accordance with clause 15 or clause 17 (including any liability
               in respect of payment of a cheque drawn by that Paying Agent
               where the cheque is collected or sued upon or an attempt at
               collection is made after the amount in respect of which it is
               paid has been returned to the Trustee under clause 4).

         (b)   The indemnity in paragraph (a) applies to any Expense of a Paying
               Agent, the Note Registrar or the Calculation Agent (as the case
               may be) only:

               (i)       to the extent the Expense does not result from the
                         breach by the Paying Agent, the Note Registrar or the
                         Calculation Agent (as the case may be) of the terms of
                         this agreement or from the Paying Agent's, the Note
                         Registrar's or the Calculation Agent's (as the case may
                         be) own fraud, wilful misconduct, gross negligence or
                         bad faith or that of its directors, officers or
                         employees or servants;

               (ii)      if and whenever the Trustee or the Trust Manager so
                         requires, the Paying Agent, the Note Registrar or the
                         Calculation Agent (as the case may be) takes any
                         actions or proceedings under the control and at the
                         expense of the Trustee as the Trustee may reasonably
                         require to avoid, resist or compromise that Expense.

         (c)   Each of the Calculation Agent, the Note Registrar and each Paying
               Agent severally indemnifies the Trustee and the Trust Manager
               against any Expense which the Trustee or the Trust Manager (as
               the case may be) may incur or which may be made against it as a
               result of a breach by the Calculation Agent, the Note Registrar
               or the Paying Agent (as the case may be) of the terms of this
               agreement or its own fraud, wilful misconduct, gross negligence
               or bad faith or that of its directors, officers or employees or
               servants, including any failure to obtain and maintain in
               existence any Authorisation required by it for the assumption,
               exercise and performance of its powers and duties under this
               agreement.

14.      THE NOTE REGISTER
--------------------------------------------------------------------------------

14.1     APPOINTMENT OF NOTE REGISTRAR

         The Trustee appoints The Bank of New York to be the initial Note
         Registrar. The Bank of New York accepts that appointment.

14.2     DETAILS TO BE KEPT ON THE NOTE REGISTER

         The Note Registrar shall keep the Note Register with respect to the
         Trust in accordance with the Note Trust Deed, on which shall be entered
         the following information relating to the Trust:

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         (a)   (NAME) the name of the Trust;

         (b)   (CREATION) the date of the creation of the Trust;

         (c)   (ISSUE DATES) the Issue Dates for US$ Notes issued in relation to
               the Trust;

         (d)   (INITIAL PRINCIPAL AMOUNT) the total Initial Principal Amount of
               each Class of US$ Notes issued on each such Issue Date;

         (e)   (PRINCIPAL AMOUNT) the Principal Amount of each US$ Note from
               time to time;

         (f)   (DETAILS OF NOTEHOLDERS) the name and address of each US$
               Noteholder;

         (g)   (NUMBER OF NOTES) the number of US$ Notes held by each US$
               Noteholder;

         (h   (DATE OF ENTRY) the date on which a person was entered as the
               holder of US$ Notes;

         (i)   (DATE OF CESSATION) the date on which a person ceased to be a US$
               Noteholder;

         (j)   (ACCOUNT) the account to which any payments due to a US$
               Noteholder are to be made (if applicable);

         (k)   (PAYMENTS) a record of each payment in respect of the US$ Notes;
               and

         (l)   (ADDITIONAL INFORMATION) such other information as:

               (i)       is required by the Series Notice;

               (ii)      the Note Registrar considers necessary or desirable; or

               (iii)     the Trust Manager or the Trustee reasonably requires in
                         writing with respect to US$ Notes.

14.3     PAYMENTS OF PRINCIPAL AND INTEREST

         (a)   Any payment of principal or interest on any US$ Note shall be
               endorsed by the Note Registrar on the Note Register. In the case
               of payments of principal, the Principal Amount of the US$ Notes
               shall be reduced for all purposes by the amount so paid and
               endorsed on the Note Register. Any such record shall be prima
               facie evidence that the payment in question has been made.

         (b)   If the amount of principal or interest (as the case may be) due
               for payment on any US$ Note is not paid in full (including by
               reason of a deduction or withholding) the Note Registrar shall
               endorse a record of that shortfall on the Note Register.

14.4     PLACE OF KEEPING REGISTER, COPIES AND ACCESS

         The Note Register shall be:

         (a)   (PLACE KEPT) kept at the principal office of the Note Registrar
               or at such place as the Trustee, the Trust Manager and the Note
               Registrar may agree;

         (b)   (ACCESS TO TRUST MANAGER AND AUDITOR) open to the Trustee, the
               Trust Manager and the Auditor of the Trust to inspect during
               normal business hours;

         (c)   (INSPECTION BY US$ NOTEHOLDERS) open for inspection by a US$
               Noteholder during normal business hours but only in respect of
               information relating to that US$ Noteholder; and

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         (d)   (NOT FOR COPYING) not available to be copied by any person (other
               than the Trustee or the Trust Manager) except in compliance with
               such terms and conditions (if any) as the Trust Manager, the
               Trustee and the Note Registrar in their absolute discretion
               nominate from time to time.

14.5     DETAILS ON NOTE REGISTER CONCLUSIVE

         (a)   (RELIANCE ON REGISTER) The Trustee shall be entitled to rely on
               the Note Register as being a correct, complete and conclusive
               record of the matters set out in it at any time and whether or
               not the information shown in the Note Register is inconsistent
               with any other document, matter or thing. The Trustee is not
               liable to any person in any circumstances whatsoever for any
               inaccuracy in, or omission from, the Note Register.

         (b)   (NO TRUSTS ETC) The Note Registrar shall not be obliged to enter
               on the Note Register notice of any trust, Security Interest or
               other interest whatsoever in respect of any US$ Notes and the
               Trustee shall be entitled to recognise a US$ Noteholder as the
               absolute owner of US$ Notes and the Trustee shall not be bound or
               affected by any trust affecting the ownership of any US$ Notes
               unless ordered by a court or required by statute.

14.6     ALTERATION OF DETAILS ON NOTE REGISTER

         On the Note Registrar being notified of any change of name or address
         or payment or other details of a US$ Noteholder by the US$ Noteholder,
         the Note Registrar shall alter the Note Register accordingly.

14.7     RECTIFICATION OF NOTE REGISTER

         If:

         (a)   an entry is omitted from the Note Register;

         (b)   an entry is made in the Note Register otherwise than in
               accordance with this agreement;

         (c)   an entry wrongly exists in the Note Register;

         (d)   there is an error or defect in any entry in the Note Register; or

         (e)   default is made or unnecessary delay takes place in entering in
               the Note Register that any person has ceased to be the holder of
               US$ Notes,

         the Note Registrar may rectify the same.

14.8     CORRECTNESS OF NOTE REGISTER

         The Note Registrar shall not be liable for any mistake, error or
         omission on the Note Register or in any purported copy except to the
         extent that the mistake, error or omission is attributable to its
         fraud, wilful misconduct, gross negligence or bad faith.

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15.      CHANGES OF NOTE REGISTRAR
--------------------------------------------------------------------------------

15.1     REMOVAL

         The Trustee (or the Trust Manager on its behalf after advising the
         Trustee) may terminate the appointment of the Note Registrar with
         effect not less than 60 days from that notice.

15.2     RESIGNATION

         Subject to this clause 15, the Note Registrar may resign its
         appointment at any time by giving to the Trustee, the Trust Manager and
         the Note Trustee not less than 60 days written notice to that effect.

15.3      LIMITATION

         Despite clauses 15.1 and 15.2:

         (a)   no resignation by or termination of the appointment of the Note
               Registrar shall take effect until a new Note Registrar has been
               appointed; and

         (b)   the appointment of a new Note Registrar shall be on the terms and
               subject to the conditions of this agreement and the outgoing Note
               Registrar shall co-operate fully to do all further acts and
               things and execute any further documents as may be necessary or
               desirable to give effect to the appointment of the new Note
               Registrar.

15.4     SUCCESSOR TO NOTE REGISTRAR

         (a)   On the execution by the Trustee, the Trust Manager and any
               successor Note Registrar of an instrument effecting the
               appointment of that successor Note Registrar, that successor Note
               Registrar shall, without any further act, deed or conveyance,
               become vested with all the authority, rights, powers, trusts,
               immunities, duties and obligations of its predecessor with effect
               as if originally named as Note Registrar in this agreement and
               that predecessor, on payment to it of the pro rata proportion of
               its administration fee and disbursements then unpaid (if any),
               shall have no further liabilities under this agreement, except
               for any accrued liabilities arising from or relating to any act
               or omission occurring prior to the date on which the successor
               Note Registrar is appointed.

         (b)   Any corporation:

               (i)       into which the Note Registrar is merged;

               (ii)      with which the Note Registrar is consolidated;

               (iii)     resulting from any merger or consolidation to which the
                         Note Registrar is a party;

               (iv)      to which the Note Registrar sells or otherwise
                         transfers all or substantially all the assets of its
                         corporate trust business,

               shall, on the date when that merger, conversion, consolidation,
               sale or transfer becomes effective and to the extent permitted by
               applicable law, become the successor Note Registrar under this
               agreement without the execution or filing of any agreement or
               document or any further act on the part of the parties to this
               agreement, unless otherwise required by the Trustee or the Trust
               Manager, and after that effective date all references in this
               agreement to the Note Registrar shall be references to that
               corporation.

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16.      GENERAL
--------------------------------------------------------------------------------

16.1     MEETINGS OF US$ NOTEHOLDERS

         In the event of a meeting of the US$ Noteholders (including an
         adjourned meeting), the Principal Paying Agent shall issue voting
         certificates and block voting instructions and otherwise act as
         provided in the Note Trust Deed. Each Paying Agent will:

         (a)   keep a full and complete record of all voting certificates and/or
               block voting instructions issued by it; and

         (b)   deliver to the Trustee, the Trust Manager and the Note Trustee
               not later than 48 hours before the time appointed for holding
               that meeting full particulars of all voting certificates and
               block voting instructions issued by it in respect of that
               meeting.

16.2     AGENCY

         Subject to any other provision of this agreement including, without
         limitation, clause 7, each Paying Agent, the Calculation Agent and the
         Note Registrar shall act solely for and as agent of the Trustee and
         shall not have any obligations towards or relationship of agency or
         trust with any person entitled to receive payments of principal and/or
         interest on the US$ Notes and shall be responsible only for performance
         of the duties and obligations expressly imposed upon it in this
         agreement.

16.3     IDENTITY

         Each Paying Agent shall (except as ordered by a court of competent
         jurisdiction or as required by law) be entitled to treat the person:

         (a)   who is, while a Class A Global Note, Class AB Global Note or
               Class B Global Note remains outstanding, the registered owner of
               that Global Note, as the person entitled to receive payments of
               principal or interest (as applicable) and each person shown in
               the records of a Common Depository as the holder of any US$ Note
               represented by a Global Note shall be entitled to receive from,
               while a Class A Global Note, a Class AB Global Note or a Class B
               Global Note remains outstanding, the registered owner of that
               Global Note; and

               any payment so made in accordance with the respective rules and
               procedures of that Clearing Agency and on the terms and subject
               to the conditions of that Global Note;

         (b)   who is the registered owner of any Definitive Note as the
               absolute owner or owners of that Definitive Note (whether or not
               that Definitive Note is overdue and despite any notice of
               ownership or writing on it or any notice of previous loss or
               theft or of any trust or other interest in it); or

         (c)   who, when a Global Note is no longer outstanding but Definitive
               Notes in respect of the US$ Notes have not been issued, is for
               the time being the Note Trustee, as the person entrusted with the
               receipt of principal or interest, as applicable, on behalf of the
               relevant US$ Noteholders,

         and in all cases and for all purposes despite any notice to the
         contrary and shall not be liable for so doing.

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16.4     NO SET-OFF

         No Paying Agent shall exercise any right of set-off, withholding,
         counterclaim or lien against, or make any deduction in any payment to,
         any person entitled to receive amounts of principal or interest on the
         US$ Notes in respect of moneys payable by it under this agreement.

16.5     RELIANCE

         Each of the Calculation Agent, the Note Registrar and the Paying Agents
         shall be protected and shall incur no liability for or in respect of
         any action taken, omitted or suffered by it in reliance upon any
         instruction, request or order from the Trustee or the Trust Manager or
         in reliance upon any US$ Note or upon any notice, resolution,
         direction, consent, certificate, affidavit, statement or other paper or
         document reasonably believed by it to be genuine and to have been
         delivered, signed or sent by the proper party or parties.

16.6     ENTITLED TO DEAL

         None of the Calculation Agent, the Note Registrar or the Paying Agents
         or any director or officer of the same shall be precluded from
         acquiring, holding or dealing in any US$ Note or from engaging or being
         interested in any contract or other financial or other transaction or
         arrangement with the Trustee, the Trust Manager or the Servicer as
         freely as if it were not an agent of the Trustee under this agreement
         and in no event whatsoever shall any Paying Agent, the Note Registrar
         or the Calculation Agent be liable to account to the Trustee or any
         person entitled to receive amounts of principal or interest on the US$
         Notes for any profit made or fees or commissions received in connection
         with this agreement or any US$ Notes.

16.7     CONSULTATION

         Each of the Calculation Agent, the Note Registrar and the Paying Agents
         may consult as to legal matters with lawyers selected by it, who may be
         employees of or lawyers to the Trustee, the Trust Manager, the relevant
         Paying Agent, the Note Registrar or the Calculation Agent.

16.8     DUTIES

         Each of the Calculation Agent, the Note Registrar and the Paying Agents
         shall perform the duties, and only the duties, contained in or
         reasonably incidental to this agreement and the Conditions and in the
         US$ Notes and no implied duties or obligations (other than general laws
         as to agency) shall be read into this agreement or the US$ Notes
         against any Paying Agents, the Note Registrar or the Calculation Agent.
         None of the Calculation Agent, the Note Registrar or the Paying Agents
         shall be required to take any action under this agreement which would
         require it to incur any expense or liability, for which (in its
         reasonable opinion) either it would not be reimbursed within a
         reasonable time or in respect of which it has not been indemnified to
         its satisfaction.

17.      CHANGES IN PAYING AGENTS AND CALCULATION AGENT
--------------------------------------------------------------------------------

17.1     REMOVAL

         The Trustee (or the Trust Manager with the consent of the Trustee (such
         consent not to be unreasonably withheld)) may at any time:

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         (a)   appoint:

               (i)       additional or alternative Paying Agents; or

               (ii)      an alternative Calculation Agent;

         (b)   subject to this clause 17, terminate the appointment of any
               Paying Agent or the Calculation Agent by giving written notice to
               that effect to each Designated Rating Agency, the Calculation
               Agent (if its appointment is to be terminated), the Principal
               Paying Agent and (if different) the Paying Agent whose
               appointment is to be terminated:

               (i)       with effect immediately on that notice, if any of the
                         following occurs in relation to the Paying Agent or
                         Calculation Agent (as the case may be):

                         (A)  an Insolvency Event has occurred in relation to
                              the Paying Agent or Calculation Agent;

                         (B)  the Paying Agent or Calculation Agent has ceased
                              its business;

                         (C)  the Paying Agent or Calculation Agent fails to
                              comply with any of its obligations under this
                              agreement and, if capable of remedy, such failure
                              is not remedied within five days after the earlier
                              of (1) the Paying Agent or the Calculation Agent,
                              as the case may be, having become aware or that
                              failure and (2) the receipt by the Paying Agent or
                              the Calculation Agent, as the case may be, of
                              written notice with respect thereto from the
                              Trustee or Trust Manager; or

               (ii)      otherwise, with effect not less than 60 days' from that
                         notice, which date shall be not less than 10 days
                         before nor 10 days after any due date for payment of
                         any US$ Notes.

17.2     RESIGNATION

         Subject to this clause 17, a Paying Agent or the Calculation Agent may
         resign its appointment under this agreement at any time by giving to
         the Trustee, the Trust Manager, each Designated Rating Agency and
         (where a Paying Agent is resigning and the Paying Agent is not the
         Principal Paying Agent) the Principal Paying Agent not less than 60
         days' written notice to that effect, which notice shall not be given
         less than 30 days before or 30 days after any due date for payment of
         any US$ Notes.

17.3     LIMITATION

         Despite clauses 17.1 and 17.2:

         (a)   no resignation by or termination of the appointment of the
               Principal Paying Agent shall take effect until a new Principal
               Paying Agent has been appointed;

         (b)   subject to clause 17.3(a), if any Paying Agent or the Calculation
               Agent resigns in accordance with clause 17.2, but by the day
               falling 15 days before the expiry of any notice under clause 17.2
               the Trustee or the Trust Manager has not appointed a new Paying
               Agent or Calculation Agent then the relevant Paying Agent or
               Calculation Agent (as the case may be) may appoint in its place
               any reputable bank or trust company of good standing;

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         (c)   no appointment or termination of the appointment of any Paying
               Agent or the Calculation Agent (as the case may be) shall take
               effect unless and until notice has been given to the US$
               Noteholders in accordance with the relevant Conditions; and

         (d)   the appointment of any additional Paying Agent shall be on the
               terms and subject to the conditions of this agreement and each of
               the parties to this agreement shall co-operate fully to do all
               further acts and things and execute any further documents as may
               be necessary or desirable to give effect to the appointment of
               the Paying Agent (which shall not, except in the case of an
               appointment under clause 17.1(a) or a termination under clause
               17.1(b)(ii) or a resignation under clause 17.2, be at the cost of
               the Trustee or Trust Manager).

         In addition, the Trustee at the direction of the Trust Manager shall
         forthwith appoint a Paying Agent in New York City and/or London (as the
         case may be) in the circumstances described in the relevant Condition
         6(b) (if there is no such Paying Agent at the time) and while such
         circumstances subsist maintain such a Paying Agent. Notice of any such
         termination or appointment and of any change in the office through
         which any Paying Agent will act will be given by the Trust Manager on
         behalf of the Trustee in accordance with the relevant Condition 12.

17.4     DELIVERY OF AMOUNTS

         If the appointment of the Principal Paying Agent terminates, the
         Principal Paying Agent shall, on the date on which that termination
         takes effect, pay to the successor Principal Paying Agent any amount
         held by it for payment of principal or interest in respect of any US$
         Note and shall deliver to the successor Principal Paying Agent all
         records maintained by it pursuant to this agreement and all documents
         (including any Definitive Notes) held by it pursuant to this agreement.

17.5     SUCCESSOR PAYING AGENTS

         (a)   On the execution by the Trustee, the Trust Manager and any
               successor Paying Agent of an instrument effecting the appointment
               of that successor Paying Agent, that successor Paying Agent
               shall, without any further act, deed or conveyance, become vested
               with all the authority, rights, powers, trusts, immunities,
               duties and obligations of its predecessor with effect as if
               originally named as Paying Agent (or in the case of a successor
               Principal Paying Agent, as if originally named as Principal
               Paying Agent) in this agreement and that predecessor, on payment
               to it of the pro rata proportion of its administration fee and
               disbursements then unpaid (if any), shall have no further
               liabilities under this agreement, except for any accrued
               liabilities arising from or relating to any act or omission
               occurring prior to the date on which the successor Paying Agent
               is appointed.

         (b)   Any corporation:

               (i)       into which a Paying Agent is merged;

               (ii)      with which a Paying Agent is consolidated;

               (iii)     resulting from any merger or consolidation to which a
                         Paying Agent is a party; or

               (iv)      to which a Paying Agent sells or otherwise transfers
                         all or substantially all the assets of its corporate
                         trust business,

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                        shall, on the date when that merger, conversion,
                        consolidation, sale or transfer becomes effective and to
                        the extent permitted by applicable law, become a
                        successor Paying Agent under this agreement without the
                        execution or filing of any agreement or document or any
                        further act on the part of the parties to this
                        agreement, unless otherwise required by the Trustee or
                        the Trust Manager, and after that effective date all
                        references in this agreement to a Paying Agent (or in
                        the case of a successor Principal Paying Agent, to the
                        Principal Paying Agent) shall be references to that
                        corporation.

17.6     SUCCESSOR TO CALCULATION AGENT

         (a)   On the execution by the Trustee, the Trust Manager and any
               successor Calculation Agent of an instrument effecting the
               appointment of that successor Calculation Agent, that successor
               Calculation Agent shall, without any further act, deed or
               conveyance, become vested with all the authority, rights, powers,
               trusts, immunities, duties and obligations of its predecessor
               with effect as if originally named as Calculation Agent in this
               agreement and that predecessor, on payment to it of the pro rata
               proportion of its administration fee and disbursements then
               unpaid (if any), shall have no further liabilities under this
               agreement, except for any accrued liabilities arising from or
               relating to any act or omission occurring prior to the date on
               which the successor Calculation Agent is appointed.

         (b)   Any corporation:

               (i)       into which the Calculation Agent is merged;

               (ii)      with which the Calculation Agent is consolidated;

               (iii)     resulting from any merger or consolidation to which the
                         Calculation Agent is a party; or

               (iv)      to which the Calculation Agent sells or otherwise
                         transfers all or substantially all the assets of its
                         corporate trust business,

               shall, on the date when that merger, conversion, consolidation,
               sale or transfer becomes effective and to the extent permitted by
               applicable law, become the successor Calculation Agent under this
               agreement without the execution or filing of any agreement or
               document or any further act on the part of the parties to this
               agreement, unless otherwise required by the Trustee or the Trust
               Manager, and after that effective date all references in this
               agreement to the Calculation Agent shall be references to that
               corporation.

17.7     NOTICE TO US$ NOTEHOLDERS

          The Trust Manager on behalf of the Trustee shall, within 14 days of:

         (a)   the termination of the appointment of any Paying Agent or the
               Calculation Agent;

         (b)   the appointment of a new Paying Agent or Calculation Agent; or

         (c)   the resignation of any Paying Agent or Calculation Agent,

         give to the US$ Noteholders notice of the termination, appointment or
         resignation in accordance with the relevant Condition 12 (in the case
         of a termination under clause 17.1(b)(i) at the cost of the outgoing
         Paying Agent or the Calculation Agent, as the case may be).

--------------------------------------------------------------------------------
                                                                         Page 20
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17.8     CHANGE IN PAYING OFFICE OR SPECIFIED OFFICE

         (a)   If any Paying Agent proposes to change its Paying Office or to
               nominate a further Paying Office (which must be within the same
               city as its previous Paying Office), it must give to the Trustee,
               the Trust Manager, the Note Trustee and, in the case of a change
               in the Paying Office of a Paying Agent other than the Principal
               Paying Agent, the Principal Paying Agent, not less than 30 days'
               prior written notice of that change, giving the address of the
               new Paying Office and stating the date on which the change is to
               take effect.

         (b)   If the Calculation Agent proposes to change its Specified Office
               (which must be in New York City, or such other jurisdiction as
               the Calculation Agent, the Trustee and the Trust Manager agree
               from time to time), or to nominate a further Specified Office, it
               must give to the Trustee, the Trust Manager and the Note Trustee,
               not less than 30 days' prior written notice of that change,
               giving the address of the new Specified Office and stating the
               date on which the change is to take effect.

         (c)   The Trust Manager, on behalf of the Trustee, must, within 14 days
               of receipt of a notice under paragraph (a) (unless the
               appointment is to terminate pursuant to clause 17.1 on or prior
               to the date of that change) give to the US$ Noteholders notice in
               accordance with the relevant Conditions of that change and of the
               address of the new Paying Office or Specified Office (as the case
               may be).

18.      FEES AND EXPENSES
--------------------------------------------------------------------------------

         (a)   The Trustee shall pay to the Principal Paying Agent during the
               period when any of the US$ Notes remain outstanding the
               administration fee separately agreed by the Principal Paying
               Agent and the Trust Manager (on behalf of the Trustee), together
               with any out-of-pocket expenses properly incurred (including any
               legal fees and expenses). If the appointment of the Principal
               Paying Agent is terminated under this agreement, the Principal
               Paying Agent must refund to the Trustee that proportion of the
               fee (if any) which relates to the period during which the
               Principal Paying Agent will not be the Principal Paying Agent.

         (b)   The Trustee shall pay to the Calculation Agent during the period
               when any of the US$ Notes remain outstanding the fee separately
               agreed by the Calculation Agent, the Trust Manager and the
               Trustee, together with any out-of-pocket expenses properly
               incurred (including any legal fees and expenses). If the
               appointment of the Calculation Agent is terminated under this
               agreement, the Calculation Agent must refund to the Trustee that
               proportion of the fee (if any) which relates to the period during
               which the Calculation Agent will not be the Calculation Agent.

         (c)   The Trustee shall pay to the Note Registrar during the period
               when any of the US$ Notes remain outstanding the fee separately
               agreed by the Note Registrar, the Trust Manager and the Trustee,
               together with any out-of-pocket expenses reasonably incurred
               (including any legal fees and expenses). If the appointment of
               the Note Registrar is terminated under this agreement, the Note
               Registrar must refund to the Trustee that proportion of the fee
               (if any) which relates to the period during which the Note
               Registrar will not be the Note Registrar.

--------------------------------------------------------------------------------
                                                                         Page 21
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         (d)   Save as provided in paragraphs (a), (b) and (c), or as expressly
               provided elsewhere in this agreement, neither the Trustee nor the
               Trust Manager shall have any liability in respect of any fees or
               expenses of the Calculation Agent, Note Registrar, Principal
               Paying Agent or any other Paying Agent in connection with this
               agreement.

         (e)   The above fees, payments and expenses shall be paid in US dollars
               and the Trustee shall in addition pay any GST which may be
               applicable. The Principal Paying Agent shall arrange for payment
               of commissions to the other Paying Agents and arrange for the
               reimbursement of their expenses promptly upon demand, supported
               by evidence of that expenditure, and provided that payment is
               made as required by paragraph (a) the Trustee shall not be
               concerned with or liable in respect of that payment.

19.      WAIVERS, REMEDIES CUMULATIVE
--------------------------------------------------------------------------------

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

         (b)   The rights, powers and remedies provided to a party in this
               agreement are in addition to, and do not exclude or limit, any
               right, power or remedy provided by law.

20.      SEVERABILITY OF PROVISIONS
--------------------------------------------------------------------------------

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

21.      ASSIGNMENTS
--------------------------------------------------------------------------------

         Subject to clauses 15.4(b), 17.5(b) and 17.6(b), no party may assign or
         transfer any of its rights or obligations under this agreement without
         the prior written consent of the other parties, or if the rating of any
         US$ Notes would be withdrawn or reduced as a result of the assignment,
         except for the creation of a charge by the Trustee under the Security
         Trust Deed.

22.      NOTICES
--------------------------------------------------------------------------------

22.1     GENERAL

         All notices, requests, demands, consents, approvals, agreements or
         other communications to or by a party to this agreement:

         (a)   must be in writing;

         (b)   must be signed by an Authorised Signatory of the sender; and

         (c)   will be taken to be duly given or made:

--------------------------------------------------------------------------------
                                                                         Page 22
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               (i)       (in the case of delivery in person or by post) when
                         delivered, received or left at the address of the
                         recipient shown in clause 22.2 or to any other address
                         which it may have notified by the recipient to the
                         sender under this clause 22;

               (ii)      (in the case of facsimile transmission) on receipt of a
                         transmission report confirming successful transmission
                         to the number shown in clause 22.2 or any other number
                         notified by the recipient to the sender under this
                         clause 22; and

               (iii)     (in the case of a telex) on receipt by the sender of
                         the answerback code of the recipient at the end of
                         transmission to the number shown in clause 22.2 or any
                         other number notified by the recipient to the sender
                         under this clause 22 (with the exception of the
                         Trustee, which cannot receive any notices by telex),

               but if delivery or receipt is on a day on which business is not
               generally carried on in the place to which the communication is
               sent or is later than 4.00 pm (local time), it will be taken to
               have been duly given or made at the commencement of business on
               the next day on which business is generally carried on in that
               place.

         Any party may by notice to each party change its address, facsimile,
         telex or telephone number under this clause 22.1.

22.2     DETAILS

         The address, facsimile and telex of each party at the date of this
         agreement are as follows:

         THE TRUSTEE

         PERPETUAL TRUSTEES VICTORIA LIMITED

         Level 7
         9 Castlereagh Street
         Sydney  NSW  2000
         Australia

         Tel:        61 2 9229 9000
         Fax:        61 2 9221 7870

         Attention:  Manager - Securitisation

         THE TRUST MANAGER

         INTERSTAR SECURITISATION MANAGEMENT PTY LIMITED

         Level 28
         367 Collins Street
         Melbourne  VIC  3000
         Australia

         Tel:        61 3 9612 1111
         Fax:        61 3 9621 2368

         Attention:  Chief Executive Officer

--------------------------------------------------------------------------------
                                                                         Page 23
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         THE SERVICER

         INTERSTAR SECURITIES (AUSTRALIA) PTY LIMITED

         Level 28
         367 Collins Street
         Melbourne  VIC  3000
         Australia

         Tel:        61 3 9612 1111
         Fax:        61 3 9621 2368

         Attention:  Chief Executive Officer

         THE NOTE TRUSTEE

         THE BANK OF NEW YORK

         101 Barclay Street
         21W New York, New York 10286
         United States

         Tel:        +1 212 815 5881
         Telex:      N/A
         Fax:        +1 212 815 5915/5917

         Attention:  Corporate Trust - Global Structured Finance

         THE PRINCIPAL PAYING AGENT

         THE BANK OF NEW YORK

         101 Barclay Street
         21W New York, New York 10286
         United States

         Tel:        +1 212 815 5881
         Telex:      N/A
         Fax:        +1 212 815 5915/5917

         Attention:  Corporate Trust - Global Structured Finance

--------------------------------------------------------------------------------
                                                                         Page 24
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         THE NOTE REGISTRAR

         THE BANK OF NEW YORK

         101 Barclay Street
         21W New York, New York 10286
         United States

         Tel:        +1 212 815 5881
         Telex:      N/A
         Fax:        +1 212 815 5915/5917

         Attention:  Corporate Trust - Global Structured Finance

22.3     COMMUNICATION THROUGH PRINCIPAL PAYING AGENT

         All communications relating to this agreement between the Trustee or
         the Trust Manager, the Note Registrar and the Calculation Agent and any
         of the Paying Agents or between the Paying Agents themselves shall,
         save as otherwise provided in this agreement, be made through the
         Principal Paying Agent.

23.      LIMITED RECOURSE
--------------------------------------------------------------------------------

23.1     GENERAL

         Clause 32 of the Master Trust Deed (as amended by the Series Notice)
         applies to the obligations and liabilities of the Trustee and the Trust
         Manager under this agreement, except that any reference to TRUST refers
         to THE TRUST.

23.2     LIABILITY OF TRUSTEE LIMITED TO ITS RIGHT TO INDEMNITY

         (a)   The Trustee enters into the Transaction Documents and issues the
               Notes only in its capacity as trustee of the Trust and in no
               other capacity. A liability incurred by the Trustee acting in its
               capacity as trustee of the Trust arising under or in connection
               with the Transaction Documents or the Trust or in respect of the
               Notes 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 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 the Transaction Documents and
               extends to all liabilities and obligations of the Trustee in any
               way connected with any representation, warranty, conduct,
               omission, agreement or transaction related to the Transaction
               Documents or the Trust.

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

         (c)   The provisions of this clause 23.2 do not apply to any obligation
               or liability of the Trustee to the extent that it is not
               satisfied because under a Transaction Document or by operation of

--------------------------------------------------------------------------------
                                                                         Page 25
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               law there is a reduction in the extent of the Trustee's
               indemnification out of the Assets of the Trust as a result of the
               Trustee's fraud, negligence, or wilful default.

         (d)   It is acknowledged that the Relevant Parties are responsible
               under the Transaction Documents for performing a variety of
               obligations relating to the Trust. No act or omission of the
               Trustee (including any related failure to satisfy its obligations
               or breach of representation or warranty under the Transaction
               Documents) will be considered fraud, negligence or wilful default
               of the Trustee for the purpose of paragraph (c) of this clause
               23.2 to the extent to which the act or omission was caused or
               contributed to by any failure by the Relevant Parties (other than
               a person whose acts or omissions the Trustee is liable for in
               accordance with the Transaction Documents) to fulfil its
               obligations relating to the Trust or by any other act or omission
               of the Relevant Parties (other than a person whose acts or
               omissions the Trustee is liable for in accordance with the
               Transaction Documents) regardless of whether or not that act or
               omission is purported to be done on behalf of the Trustee.

         (e)   No attorney, agent, receiver or receiver and manager appointed in
               accordance with a Transaction Document has authority to act on
               behalf of the Trustee in a way which exposes the Trustee to any
               personal liability and no act or omission of any such person will
               be considered fraud, negligence or wilful default of the Trustee
               for the purpose of paragraph (c) of this clause 23.2, provided
               (in the case of any person selected and appointed by the Trustee)
               that the Trustee has exercised reasonable care in the selection
               of such persons.

         (f)   In this clause 23.2, "RELEVANT PARTY" means each of the Trust
               Manager, the Servicer, the Calculation Agent, each Paying Agent,
               the Note Trustee and any Support Facility Provider.

23.3     UNRESTRICTED REMEDIES

         Nothing in clause 23.2 limits a Paying Agent or the Calculation Agent
         in:

         (a)   obtaining an injunction or other order to restrain any breach of
               this agreement by any party;

         (b)   obtaining declaratory relief; or

         (c)   relation to its rights under the Security Trust Deed.

23.4     RESTRICTED REMEDIES

         Except as provided in clauses 23.3 and 23.2(c) neither any Paying Agent
         nor the Calculation Agent shall:

         (a)   (JUDGMENT) obtain a judgment for the payment of money or damages
               by the Trustee;

         (b)   (STATUTORY DEMAND) issue any demand under s459E(1) of the
               Corporations Act (or any analogous provision under any other law)
               against the Trustee;

         (c)   (WINDING UP) apply for the winding up or dissolution of the
               Trustee;

         (d)   (EXECUTION) levy or enforce any distress or other execution to,
               on, or against any assets of the Trustee;

         (e)   (COURT APPOINTED RECEIVER) apply for the appointment by a court
               of a receiver to any of the assets of the Trustee;

--------------------------------------------------------------------------------
                                                                         Page 26
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Agency Agreement                                   [ALLENS ARTHUR ROBINSON LOGO]
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         (f)   (SET-OFF OR COUNTERCLAIM) exercise or seek to exercise any
               set-off or counterclaim against the Trustee; or

         (g)   (ADMINISTRATOR) appoint, or agree to the appointment, of any
               administrator to the Trustee,

         or take proceedings for any of the above and each Paying Agent and the
         Calculation Agent waives its rights to make those applications and take
         those proceedings.

24.      COUNTERPARTS
--------------------------------------------------------------------------------

         This agreement may be executed in any number of counterparts. All
         counterparts together will be taken to constitute one instrument.

25.       GOVERNING LAW
--------------------------------------------------------------------------------

         This agreement is governed by the laws of New South Wales. Each party
         submits to the non-exclusive jurisdiction of the courts exercising
         jurisdiction there.

26.      SUCCESSOR TRUSTEE
--------------------------------------------------------------------------------

         Each Paying Agent, the Calculation Agent and the Note Registrar shall
         do all things reasonably necessary to enable any successor Trustee
         appointed under clause 23 of the Master Trust Deed to become the
         Trustee under this agreement.

EXECUTED as an agreement.

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

--------------------------------------------------------------------------------
                                                                         Page 27
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Agency Agreement                                   [ALLENS ARTHUR ROBINSON LOGO]
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TRUSTEE

SIGNED on behalf of                      )
PERPETUAL TRUSTEES VICTORIA LIMITED      )
                                         )
in the presence of:                      )
                                             -----------------------------------
                                             Signature

-----------------------------------          -----------------------------------
Signature                                    Print name

-----------------------------------          -----------------------------------
Print name                                   Office held

TRUST MANAGER

SIGNED on behalf of                      )
INTERSTAR SECURITISATION                 )
MANAGEMENT PTY LIMITED                   )
                                         )
in the presence of:                      )
                                             -----------------------------------
                                             Signature

-----------------------------------          -----------------------------------
Signature                                    Print name

-----------------------------------          -----------------------------------
Print name                                   Office held

--------------------------------------------------------------------------------
                                                                         Page 28
<PAGE>

Agency Agreement                                   [ALLENS ARTHUR ROBINSON LOGO]
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SERVICER

SIGNED on behalf of                      )
INTERSTAR SECURITIES (AUSTRALIA)         )
PTY LIMITED                              )
                                         )
in the presence of:                      )
                                             -----------------------------------
                                             Signature

-----------------------------------          -----------------------------------
Signature                                    Print name

-----------------------------------          -----------------------------------
Print name                                   Office held

NOTE TRUSTEE

SIGNED on behalf of                      )
THE BANK OF NEW YORK                     )
in the presence of:                      )
                                             -----------------------------------
                                             Signature

-----------------------------------          -----------------------------------
Signature                                    Print name

-----------------------------------          -----------------------------------
Print name                                   Office held

PRINCIPAL PAYING AGENT

SIGNED on behalf of                      )
THE BANK OF NEW YORK                     )
in the presence of:                      )
                                             -----------------------------------
                                             Signature

-----------------------------------          -----------------------------------
Signature                                    Print name

-----------------------------------          -----------------------------------
Print name                                   Office held

--------------------------------------------------------------------------------
                                                                         Page 29
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Agency Agreement                                   [ALLENS ARTHUR ROBINSON LOGO]
--------------------------------------------------------------------------------

CALCULATION AGENT

SIGNED on behalf of                      )
THE BANK OF NEW YORK                     )
in the presence of:                      )
                                             -----------------------------------
                                             Signature

-----------------------------------          -----------------------------------
Signature                                    Print name

-----------------------------------          -----------------------------------
Print name                                   Office held

NOTE REGISTRAR

SIGNED on behalf of                      )
THE BANK OF NEW YORK                     )
in the presence of:                      )
                                             -----------------------------------
                                             Signature

-----------------------------------          -----------------------------------
Signature                                    Print name

-----------------------------------          -----------------------------------
Print name                                   Office held

--------------------------------------------------------------------------------
                                                                         Page 30<PAGE>

(MULTICURRENCY--CROSS BORDER)

                                     ISDA(R)
                  International Swap Dealers Association, Inc.

                                MASTER AGREEMENT

                                dated as of                  2004

<TABLE>
<CAPTION>

<S>                                 <C>         <C>
NATIONAL AUSTRALIA BANK                          PERPETUAL TRUSTEES VICTORIA
LIMITED (ABN 12 004 044 937)                     LIMITED (ABN 47 004 027 258) IN ITS
("PARTY A")                                      CAPACITY AS TRUSTEE OF THE INTERSTAR
                                                 MILLENNIUM SERIES 2004-2G TRUST (IN THAT
                                                 CAPACITY, "PARTY B")

                                        AND

INTERSTAR SECURITISATION
MANAGEMENT PTY LTD (ABN 56
100 346 898) (THE "TRUST MANAGER")
-------------------------------------           ---------------------------------------------
</TABLE>

have entered and/or anticipate entering into one or more transactions (each a
"Transaction") that are or will be governed by this Master Agreement, which
includes the schedule (the "Schedule"), and the documents and other confirming
evidence (each a "Confirmation") exchanged between the parties confirming those
Transactions.

Accordingly, the parties agree as follows:--

1.       INTERPRETATION

(a)      DEFINITIONS. The terms defined in Section 14 and in the Schedule will
have the meanings therein specified for the purpose of this Master
Agreement.

(b)      INCONSISTENCY. In the event of any inconsistency between the provisions
of the Schedule and the other provisions of this Master Agreement, the
Schedule will prevail. In the event of any inconsistency between the provisions
of any Confirmation and this Master Agreement (including the Schedule), such
Confirmation will prevail for the purpose of the relevant Transaction.

(c)      SINGLE AGREEMENT. All Transactions are entered into in reliance on the
fact that this Master Agreement and all Confirmations form a single agreement
between the parties (collectively referred to as this "Agreement"), and the
parties would not otherwise enter into any Transactions.

2.       OBLIGATIONS

(a)      GENERAL CONDITIONS.

         (i) Each party will make each payment or delivery specified in each
         Confirmation to be made by it, subject to the other provisions of this
         Agreement.
<PAGE>

         (ii) Payments under this Agreement will be made 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 and in the manner customary for payments in
         the required currency. Where settlement is by delivery (that is, other
         than by payment), such delivery will be made for receipt on the due
         date in the manner customary for the relevant obligation unless
         otherwise specified in the relevant Confirmation or elsewhere in this
         Agreement.

         (iii) Each obligation of each party under Section 2(a)(i) is subject to
         (1) the condition precedent that no Event of Default or Potential Event
         of Default with respect to the other party has occurred and is
         continuing, (2) the condition precedent that no Early Termination Date
         in respect of the relevant Transaction has occurred or been effectively
         designated and (3) each other applicable condition precedent specified
         in this Agreement.

(b)      CHANGE OF ACCOUNT. Either party may change its account for receiving a
payment or delivery by giving notice to the other party at least five Local
Business Days prior to the scheduled date for the payment or delivery to which
such change applies unless such other party gives timely notice of a reasonable
objection to such change.

(c)      NETTING.  If on any date amounts would otherwise be payable:--

         (i)  in the same currency; and

         (ii) in respect of the same Transaction,

by each party to the other, then, on such date, each party's obligation to make
payment of any such amount will be automatically satisfied and discharged and,
if the aggregate amount that would otherwise have been payable by one party
exceeds the aggregate amount that would otherwise have been payable by the other
party, replaced by an obligation upon the party by whom the larger aggregate
amount would have been payable to pay to the other party the excess of the
larger aggregate amount over the smaller aggregate amount.

The parties may elect in respect of two or more Transactions that a net amount
will be determined in respect of all amounts payable on the same date in the
same currency in respect of such Transactions, regardless of whether such
amounts are payable in respect of the same Transaction. The election may be made
in the Schedule or a Confirmation by specifying that subparagraph (ii) above
will not apply to the Transactions identified as being subject to the election,
together with the starting date (in which case subparagraph (ii) above will not,
or will cease to, apply to such Transactions from such date). This election may
be made separately for different groups of Transactions and will apply
separately to each pairing of Offices through which the parties make and receive
payments or deliveries.

(d)     DEDUCTION OR WITHHOLDING FOR TAX.

        (i) GROSS-UP. All payments under this Agreement will be made without any
        deduction or withholding for or on account of any Tax unless such
        deduction or withholding is required by any applicable law, as modified
        by the practice of any relevant governmental revenue authority, then in
        effect. If a party is so required to deduct or withhold, then that party
        ("X") will:--

               (1)  promptly notify the other party ("Y") of such requirement;

               (2) pay to the relevant authorities the full amount required to
               be deducted or withheld (including the full amount required to be
               deducted or withheld from any additional amount paid by X to Y
               under this Section 2(d)) promptly upon the earlier of determining
               that such deduction or withholding is required or receiving
               notice that such amount has been assessed against Y;

               (3) promptly forward to Y an official receipt (or a certified
               copy), or other documentation reasonably acceptable to Y,
               evidencing such payment to such authorities; and

2    ISDA(R) 1992
<PAGE>

               (4) if such Tax is an Indemnifiable Tax, pay to Y, in addition to
               the payment to which Y is otherwise entitled under this
               Agreement, such additional amount as is necessary to ensure that
               the net amount actually received by Y (free and clear of
               Indemnifiable Taxes, whether assessed against X or Y) will equal
               the full amount Y would have received had no such deduction or
               withholding been required. However, X will not be required to pay
               any additional amount to Y to the extent that it would not be
               required to be paid but for:--

                  (A) the failure by Y to comply with or perform any agreement
                  contained in Section 4(a)(i), 4(a)(iii) or 4(d); or

                  (B) the failure of a representation made by Y pursuant to
                  Section 3(f) to be accurate and true unless such failure would
                  not have occurred but for (I) any action taken by a taxing
                  authority, or brought in a court of competent jurisdiction, on
                  or after the date on which a Transaction is entered into
                  (regardless of whether such action is taken or brought with
                  respect to a party to this Agreement) or (II) a Change in Tax
                  Law.

         (ii) LIABILITY.  If:--

              (1) X is required by any applicable law, as modified by the
              practice of any relevant governmental revenue authority, to make
              any deduction or withholding in respect of which X would not be
              required to pay an additional amount to Y under Section
              2(d)(i)(4);

              (2) X does not so deduct or withhold; and

              (3) a liability resulting from such Tax is assessed directly
              against X,

         then, except to the extent Y has satisfied or then satisfies the
         liability resulting from such Tax, Y will promptly pay to X the amount
         of such liability (including any related liability for interest, but
         including any related liability for penalties only if Y has failed to
         comply with or perform any agreement contained in Section 4(a)(i),
         4(a)(iii) or 4(d)).

(e)      DEFAULT INTEREST; OTHER AMOUNTS. Prior to the occurrence or effective
designation of an Early Termination Date in respect of the relevant
Transaction, a party that defaults in the performance of any payment obligation
will, to the extent permitted by law and subject to Section 6(c), be required
to pay interest (before as well as after judgment) on the overdue amount to the
other party on demand in the same currency as such overdue amount, for the
period from (and including) the original due date for payment to (but excluding)
the date of actual payment, at the Default Rate. Such interest will be
calculated on the basis of daily compounding and the actual number of days
elapsed. If, prior to the occurrence or effective designation of an Early
Termination Date in respect of the relevant Transaction, a party defaults in
the performance of any obligation required to be settled by delivery, it will
compensate the other party on demand if and to the extent provided for in the
relevant Confirmation or elsewhere in this Agreement.

3.       REPRESENTATIONS

Each party represents to the other party (which representations will be deemed
to be repeated by each party on each date on which a Transaction is entered into
and, in the case of the representations in Section 3(f), at all times until the
termination of this Agreement) that:--

(a)      BASIC REPRESENTATIONS.

         (i) STATUS. It is duly organized and validly existing under the laws of
         the jurisdiction of its organization or incorporation and, if relevant
         under such laws, in good standing;

         (ii) POWERS. It has the power to execute this Agreement and any other
         documentation relating to this Agreement to which it is a party, to
         deliver this Agreement and any other documentation relating to this
         Agreement that it is required by this Agreement to deliver and to
         perform its obligations under this Agreement and any obligations it has
         under any Credit Support Document to which it is a party and has taken
         all necessary action to authorize such execution, delivery and
         performance;

3    ISDA(R) 1992
<PAGE>

         (iii) NO VIOLATION OR CONFLICT. Such execution, delivery and
         performance do not violate or conflict with any law applicable to it,
         any provision of its constitutional documents, any order or judgment of
         any court or other agency of government applicable to it or any of its
         assets or any contractual restriction binding on or affecting it or any
         of its assets;

         (iv) CONSENTS. All governmental and other consents that are required to
         have been obtained by it with respect to this Agreement or any Credit
         Support Document to which it is a party have been obtained and are in
         full force and effect and all conditions of any such consents have been
         complied with; and

         (v) OBLIGATIONS BINDING. Its obligations under this Agreement and any
         Credit Support Document to which it is a party constitute its legal,
         valid and binding obligations, enforceable in accordance with their
         respective terms (subject to applicable bankruptcy, reorganization,
         insolvency, moratorium or similar laws affecting creditors' rights
         generally and subject, as to enforceability, to equitable principles of
         general application (regardless of whether enforcement is sought in a
         proceeding in equity or at law)).

(b)      ABSENCE OF CERTAIN EVENTS. No Event of Default or Potential Event of
Default or, to its knowledge, Termination Event with respect to it has
occurred and is continuing and no such event or circumstance would occur as a
result of its entering into or performing its obligations under this Agreement
or any Credit Support Document to which it is a party.

(c)      ABSENCE OF LITIGATION. There is not pending or, to its knowledge,
threatened against it or any of its Affiliates any action, suit or proceeding
at law or in equity or before any court, tribunal, governmental body, agency or
official or any arbitrator that is likely to affect the legality, validity or
enforceability against it of this Agreement or any Credit Support Document to
which it is a party or its ability to perform its obligations under this
Agreement or such Credit Support Document.

(d)      ACCURACY OF SPECIFIED INFORMATION. All applicable information that is
furnished in writing by or on behalf of it to the other party and is identified
for the purpose of this Section 3(d) in the Schedule is, as of the date of the
information, true, accurate and complete in every material aspect.

(e)      PAYER TAX REPRESENTATION. Each representation specified in the Schedule
as being made by it for the purpose of this Section 3(e) is accurate and true.

(f)      PAYEE TAX REPRESENTATIONS. Each representation specified in the
Schedule as being made by it for the purpose of this Section 3(f) is accurate
and true.

4.       AGREEMENTS

Each party agrees with the other that, so long as either party has or may have
any obligation under this Agreement or under any Credit Support Document to
which it is a party:--

(a)      FURNISH SPECIFIED INFORMATION. It will deliver to the other party or,
in certain cases under subparagraph (iii) below, to such government or taxing
authority as the other party reasonably directs:--

         (i) any forms, documents or certificates relating to taxation specified
         in the Schedule or any Confirmation;

         (ii) any other documents specified in the Schedule or any Confirmation;
         and

         (iii) upon reasonable demand by such other party, any form or document
         that may be required or reasonably requested in writing in order to
         allow such other party or its Credit Support Provider to make a payment
         under this Agreement or any applicable Credit Support Document without
         any deduction or withholding for or on account of any Tax or with such
         deduction or withholding at a reduced rate (so long as the completion,
         execution or submission of such form or document would not materially
         prejudice the legal or commercial position of the party in receipt of
         such demand), with any such form or document to be accurate and
         completed in a manner reasonably satisfactory to such other party and
         to be executed and to be delivered with any reasonably required
         certification,

in each case by the date specified in the Schedule or such Confirmation or, if
none is specified, as soon as reasonably practicable.

4    ISDA(R) 1992
<PAGE>

(b)      MAINTAIN AUTHORIZATIONS. It will use all reasonable efforts to maintain
in full force and effect all consents of any governmental or other authority
that are required to be obtained by it with respect to this Agreement or any
Credit Support Document to which it is a party and will use all reasonable
efforts to obtain any that may become necessary in the future.

(c)      COMPLY WITH LAWS. It will comply in all material respects with all
applicable laws and orders to which it may be subject if failure so to comply
would materially impair its ability to perform its obligations under this
Agreement or any Credit Support Document to which it is a party.

(d)      TAX AGREEMENT. It will give notice of any failure of a representation
made by it under Section 3(f) to be accurate and true promptly upon learning of
such failure.

(e)      PAYMENT OF STAMP TAX. Subject to Section 11, it will pay any Stamp Tax
levied or imposed upon it or in respect of its execution or performance of this
Agreement by a jurisdiction in which it is incorporated, organized, managed
and controlled, or considered to have its seat, or in which a branch or office
through which it is acting for the purpose of this Agreement is located ("Stamp
Tax Jurisdiction") and will indemnify the other party against any Stamp Tax
levied or imposed upon the other party or in respect of the other party's
execution or performance of this Agreement by any such Stamp Tax Jurisdiction
which is not also a Stamp Tax Jurisdiction with respect to the other party.

5.       EVENTS OF DEFAULT AND TERMINATION EVENTS

(a)      EVENTS OF DEFAULT. The occurrence at any time with respect to a party
or, if applicable, any Credit Support Provider of such party or any Specified
Entity of such party of any of the following events constitutes an event of
default (an "Event of Default") with respect to such party:--

         (i) FAILURE TO PAY OR DELIVER. Failure by the party to make, when due,
         any payment under this Agreement or delivery under Section 2(a)(i) or
         2(e) required to be made by it if such failure is not remedied on or
         before the third Local Business Day after notice of such failure is
         given to the party;

         (ii) BREACH OF AGREEMENT. Failure by the party to comply with or
         perform any agreement or obligation (other than an obligation to make
         any payment under this Agreement or delivery under Section 2(a)(i) or
         2(e) or to give notice of a Termination Event or any agreement or
         obligation under Section 4(a)(i), 4(a)(iii) or 4(d)) to be complied
         with or performed by the party in accordance with this Agreement if
         such failure is not remedied on or before the thirtieth day after
         notice of such failure is given to the party;

         (iii) CREDIT SUPPORT DEFAULT.

                (1) Failure by the party or any Credit Support Provider of such
                party to comply with or perform any agreement or obligation to
                be complied with or performed by it in accordance with any
                Credit Support Document if such failure is continuing after any
                applicable grace period has elapsed;

                (2) the expiration or termination of such Credit Support
                Document or the failing or ceasing of such Credit Support
                Document to be in full force and effect for the purpose of this
                Agreement (in either case other than in accordance with its
                terms) prior to the satisfaction of all obligations of such
                party under each Transaction to which such Credit Support
                Document relates without the written consent of the other party;
                or

                (3) the party or such Credit Support Provider disaffirms,
                disclaims, repudiates or rejects, in whole or in part, or
                challenges the validity of, such Credit Support Document;

         (iv) MISREPRESENTATION. A representation (other than a representation
         under Section 3(e) or (f)) made or repeated or deemed to have been made
         or repeated by the party or any Credit Support Provider of such party
         in this Agreement or any Credit Support Document proves to have been
         incorrect or misleading in any material respect when made or repeated
         or deemed to have been made or repeated;

5    ISDA(R) 1992
<PAGE>

         (v) DEFAULT UNDER SPECIFIED TRANSACTION. The party, any Credit Support
         Provider of such party or any applicable Specified Entity of such party
         (1) defaults under a Specified Transaction and, after giving effect to
         any applicable notice requirement or grace period, there occurs a
         liquidation of, an acceleration of obligations under, or an early
         termination of, that Specified Transaction, (2) defaults, after giving
         effect to any applicable notice requirement or grace period, in making
         any payment or delivery due on the last payment, delivery or exchange
         date of, or any payment on early termination of, a Specified
         Transaction (or such default continues for at least three Local
         Business Days if there is no applicable notice requirement or grace
         period) or (3) disaffirms, disclaims, repudiates or rejects, in whole
         or in part, a Specified Transaction (or such action is taken by any
         person or entity appointed or empowered to operate it or act on its
         behalf);

         (vi) CROSS DEFAULT. If "Cross Default" is specified in the Schedule as
         applying to the party, the occurrence or existence of (1) a default,
         event of default or other similar condition or event (however
         described) in respect of such party, any Credit Support Provider of
         such party or any applicable Specified Entity of such party under one
         or more agreements or instruments relating to Specified Indebtedness of
         any of them (individually or collectively) in an aggregate amount of
         not less than the applicable Threshold Amount (as specified in the
         Schedule) which has resulted in such Specified Indebtedness becoming,
         or becoming capable at such time of being declared, due and payable
         under such agreements or instruments, before it would otherwise have
         been due and payable or (2) a default by such party, such Credit
         Support Provider or such Specified Entity (individually or
         collectively) in making one or more payments on the due date thereof in
         an aggregate amount of not less than the applicable Threshold Amount
         under such agreements or instruments (after giving effect to any
         applicable notice requirement or grace period);

         (vii) BANKRUPTCY. The party, any Credit Support Provider of such party
         or any applicable Specified Entity of such party:--

                (1) is dissolved (other than pursuant to a consolidation,
                amalgamation or merger); (2) becomes insolvent or is unable to
                pay its debts or fails or admits in writing its inability
                generally to pay its debts as they become due; (3) makes a
                general assignment, arrangement or composition with or for the
                benefit of its creditors; (4) institutes or has instituted
                against it a proceeding seeking a judgment of insolvency or
                bankruptcy or any other relief under any bankruptcy or
                insolvency law or other similar law affecting creditors' rights,
                or a petition is presented for its winding-up or liquidation,
                and, in the case of any such proceeding or petition instituted
                or presented against it, such proceeding or petition (A) results
                in a judgment of insolvency or bankruptcy or the entry of an
                order for relief or the making of an order for its winding-up or
                liquidation or (B) is not dismissed, discharged, stayed or
                restrained in each case within 30 days of the institution or
                presentation thereof; (5) has a resolution passed for its
                winding-up, official management or liquidation (other than
                pursuant to a consolidation, amalgamation or merger); (6) seeks
                or becomes subject to the appointment of an administrator,
                provisional liquidator, conservator, receiver, trustee,
                custodian or other similar official for it or for all or
                substantially all its assets; (7) has a secured party take
                possession of all or substantially all its assets or has a
                distress, execution, attachment, sequestration or other legal
                process levied, enforced or sued on or against all or
                substantially all its assets and such secured party maintains
                possession, or any such process is not dismissed, discharged,
                stayed or restrained, in each case within 30 days thereafter;
                (8) causes or is subject to any event with respect to it which,
                under the applicable laws of any jurisdiction, has an analogous
                effect to any of the events specified in clauses (1) to (7)
                (inclusive); or (9) takes any action in furtherance of, or
                indicating its consent to, approval of, or acquiescence in, any
                of the foregoing acts; or

         (viii) MERGER WITHOUT ASSUMPTION. The party or any Credit Support
         Provider of such party consolidates or amalgamates with, or merges with
         or into, or transfers all or substantially all its assets to, another
         entity and, at the time of such consolidation, amalgamation, merger or
         transfer:--

                  (1) the resulting, surviving or transferee entity fails to
                  assume all the obligations of such party or such Credit
                  Support Provider under this Agreement or any Credit Support
                  Document to which it or its predecessor was a party by
                  operation of law or pursuant to an agreement reasonably
                  satisfactory to the other party to this Agreement; or

6    ISDA(R) 1992
<PAGE>

                  (2) the benefits of any Credit Support Document fail to extend
                  (without the consent of the other party) to the performance by
                  such resulting, surviving or transferee entity of its
                  obligations under this Agreement.

(b)      TERMINATION EVENTS. The occurrence at any time with respect to a party
or, if applicable, any Credit Support Provider of such party or any Specified
Entity of such party of any event specified below constitutes an Illegality if
the event is specified in (i) below, a Tax Event if the event is specified in
(ii) below or a Tax Event Upon Merger if the event is specified in (iii) below,
and, if specified to be applicable, a Credit Event Upon Merger if the event is
specified pursuant to (iv) below or an Additional Termination Event if the
event is specified pursuant to (v) below:--

         (i) ILLEGALITY. Due to the adoption of, or any change in, any
         applicable law after the date on which a Transaction is entered into,
         or due to the promulgation of, or any change in, the interpretation by
         any court, tribunal or regulatory authority with competent jurisdiction
         of any applicable law after such date, it becomes unlawful (other than
         as a result of a breach by the party of Section 4(b)) for such party
         (which will be the Affected Party):--

                  (1) to perform any absolute or contingent obligation to make a
                  payment or delivery or to receive a payment or delivery in
                  respect of such Transaction or to comply with any other
                  material provision of this Agreement relating to such
                  Transaction; or

                  (2) to perform, or for any Credit Support Provider of such
                  party to perform, any contingent or other obligation which the
                  party (or such Credit Support Provider) has under any Credit
                  Support Document relating to such Transaction;

         (ii) TAX EVENT. Due to (x) any action taken by a taxing authority, or
         brought in a court of competent jurisdiction, on or after the date on
         which a Transaction is entered into (regardless of whether such action
         is taken or brought with respect to a party to this Agreement) or (y) a
         Change in Tax Law, the party (which will be the Affected Party) will,
         or there is a substantial likelihood that it will, on the next
         succeeding Scheduled Payment Date (1) be required to pay to the other
         party an additional amount in respect of an Indemnifiable Tax under
         Section 2(d)(i)(4) (except in respect of interest under Section 2(e),
         6(d)(ii) or 6(e)) or (2) receive a payment from which an amount is
         required to be deducted or withheld for or on account of a Tax (except
         in respect of interest under Section 2(e), 6(d)(ii) or 6(e)) and no
         additional amount is required to be paid in respect of such Tax under
         Section 2(d)(i)(4) (other than by reason of Section 2(d)(i)(4)(A) or
         (B));

         (iii) TAX EVENT UPON MERGER. The party (the "Burdened Party") on the
         next succeeding Scheduled Payment Date will either (1) be required to
         pay an additional amount in respect of an Indemnifiable Tax under
         Section 2(d)(i)(4) (except in respect of interest under Section 2(e),
         6(d)(ii) or 6(e)) or (2) receive a payment from which an amount has
         been deducted or withheld for or on account of any Indemnifiable Tax in
         respect of which the other party is not required to pay an additional
         amount (other than by reason of Section 2(d)(i)(4)(A) or (B)), in
         either case as a result of a party consolidating or amalgamating with,
         or merging with or into, or transferring all or substantially all its
         assets to, another entity (which will be the Affected Party) where such
         action does not constitute an event described in Section 5(a)(viii);

         (iv) CREDIT EVENT UPON MERGER. If "Credit Event Upon Merger" is
         specified in the Schedule as applying to the party, such party ("X"),
         any Credit Support Provider of X or any applicable Specified Entity of
         X consolidates or amalgamates with, or merges with or into, or
         transfers all or substantially all its assets to, another entity and
         such action does not constitute an event described in Section
         5(a)(viii) but the creditworthiness of the resulting, surviving or
         transferee entity is materially weaker than that of X, such Credit
         Support Provider or such Specified Entity, as the case may be,
         immediately prior to such action (and, in such event, X or its
         successor or transferee, as appropriate, will be the Affected Party);
         or

         (v) ADDITIONAL TERMINATION EVENT. If any "Additional Termination Event"
         is specified in the Schedule or any Confirmation as applying, the
         occurrence of such event (and, in such event, the Affected Party or
         Affected Parties shall be as specified for such Additional Termination
         Event in the Schedule or such Confirmation).

(c)      EVENT OF DEFAULT AND ILLEGALITY. If an event or circumstance which
would otherwise constitute or give rise to an Event of Default also constitutes
an Illegality, it will be treated as an Illegality and will not constitute an

7    ISDA(R) 1992
<PAGE>

Event of Default.

6.       EARLY TERMINATION

(a)      RIGHT TO TERMINATE FOLLOWING EVENT OF DEFAULT. If at any time an Event
of Default with respect to a party (the "Defaulting Party") has occurred and is
then continuing, the other party (the "Non-defaulting Party") may, by not more
than 20 days notice to the Defaulting Party specifying the relevant Event of
Default, designate a day not earlier than the day such notice is effective as
an Early Termination Date in respect of all outstanding Transactions. If,
however, "Automatic Early Termination" is specified in the Schedule as applying
to a party, then an Early Termination Date in respect of all outstanding
Transactions will occur immediately upon the occurrence with respect to such
party of an Event of Default specified in Section 5(a)(vii)(1), (3), (5), (6)
or, to the extent analogous thereto, (8), and as of the time immediately
preceding the institution of the relevant proceeding or the presentation of the
relevant petition upon the occurrence with respect to such party of an Event
of Default specified in Section 5(a)(vii)(4) or, to the extent analogous
thereto, (8).

(b)      RIGHT TO TERMINATE FOLLOWING TERMINATION EVENT.

         (i) NOTICE. If a Termination Event occurs, an Affected Party will,
         promptly upon becoming aware of it, notify the other party, specifying
         the nature of that Termination Event and each Affected Transaction and
         will also give such other information about that Termination Event as
         the other party may reasonably require.

         (ii) TRANSFER TO AVOID TERMINATION EVENT. If either an Illegality under
         Section 5(b)(i)(1) or a Tax Event occurs and there is only one Affected
         Party, or if a Tax Event Upon Merger occurs and the Burdened Party is
         the Affected Party, the Affected Party will, as a condition to its
         right to designate an Early Termination Date under Section 6(b)(iv),
         use all reasonable efforts (which will not require such party to incur
         a loss, excluding immaterial, incidental expenses) to transfer within
         20 days after it gives notice under Section 6(b)(i) all its rights and
         obligations under this Agreement in respect of the Affected
         Transactions to another of its Offices or Affiliates so that such
         Termination Event ceases to exist.

         If the Affected Party is not able to make such a transfer it will give
         notice to the other party to that effect within such 20 day period,
         whereupon the other party may effect such a transfer within 30 days
         after the notice is given under Section 6(b)(i).

         Any such transfer by a party under this Section 6(b)(ii) will be
         subject to and conditional upon the prior written consent of the other
         party, which consent will not be withheld if such other party's
         policies in effect at such time would permit it to enter into
         transactions with the transferee on the terms proposed.

         (iii) TWO AFFECTED PARTIES. If an Illegality under Section 5(b)(i)(1)
         or a Tax Event occurs and there are two Affected Parties, each party
         will use all reasonable efforts to reach agreement within 30 days after
         notice thereof is given under Section 6(b)(i) on action to avoid that
         Termination Event.

         (iv)     RIGHT TO TERMINATE. If:--

                  (1) a transfer under Section 6(b)(ii) or an agreement under
                  Section 6(b)(iii), as the case may be, has not been effected
                  with respect to all Affected Transactions within 30 days after
                  an Affected Party gives notice under Section 6(b)(i); or

                  (2) an Illegality under Section 5(b)(i)(2), a Credit Event
                  Upon Merger or an Additional Termination Event occurs, or a
                  Tax Event Upon Merger occurs and the Burdened Party is not the
                  Affected Party,

         either party in the case of an Illegality, the Burdened Party in the
         case of a Tax Event Upon Merger, any Affected Party in the case of a
         Tax Event or an Additional Termination Event if there is more than one
         Affected Party, or the party which is not the Affected Party in the
         case of a Credit Event Upon Merger or an Additional Termination Event
         if there is only one Affected Party may, by not more than 20 days
         notice to the other party and provided that the relevant Termination
         Event is then continuing, designate a day not earlier than the day such
         notice is effective as an Early Termination Date in respect of all
         Affected Transactions.

(c)      EFFECT OF DESIGNATION.

8    ISDA(R) 1992
<PAGE>

         (i) If notice designating an Early Termination Date is given under
         Section 6(a) or (b), the Early Termination Date will occur on the date
         so designated, whether or not the relevant Event of Default or
         Termination Event is then continuing.

         (ii) Upon the occurrence or effective designation of an Early
         Termination Date, no further payments or deliveries under Section
         2(a)(i) or 2(e) in respect of the Terminated Transactions will be
         required to be made, but without prejudice to the other provisions of
         this Agreement. The amount, if any, payable in respect of an Early
         Termination Date shall be determined pursuant to Section 6(e).

  (d)    CALCULATIONS.

         (i) STATEMENT. On or as soon as reasonably practicable following the
         occurrence of an Early Termination Date, each party will make the
         calculations on its part, if any, contemplated by Section 6(e) and will
         provide to the other party a statement (1) showing, in reasonable
         detail, such calculations (including all relevant quotations and
         specifying any amount payable under Section 6(e)) and (2) giving
         details of the relevant account to which any amount payable to it is to
         be paid. In the absence of written confirmation from the source of a
         quotation obtained in determining a Market Quotation, the records of
         the party obtaining such quotation will be conclusive evidence of the
         existence and accuracy of such quotation.

         (ii) PAYMENT DATE. An amount calculated as being due in respect of any
         Early Termination Date under Section 6(e) will be payable on the day
         that notice of the amount payable is effective (in the case of an Early
         Termination Date which is designated or occurs as a result of an Event
         of Default) and on the day which is two Local Business Days after the
         day on which notice of the amount payable is effective (in the case of
         an Early Termination Date which is designated as a result of a
         Termination Event). Such amount will be paid together with (to the
         extent permitted under applicable law) interest thereon (before as well
         as after judgment) in the Termination Currency, from (and including)
         the relevant Early Termination Date to (but excluding) the date such
         amount is paid, at the Applicable Rate. Such interest will be
         calculated on the basis of daily compounding and the actual number of
         days elapsed.

(e)      PAYMENTS ON EARLY TERMINATION. If an Early Termination Date occurs, the
following provisions shall apply based on the parties' election in the Schedule
of a payment measure, either "Market Quotation" or "Loss", and a payment
method, either the "First Method" or the "Second Method". If the parties fail
to designate a payment measure or payment method in the Schedule, it will be
deemed that "Market Quotation" or the "Second Method", as the case may be,
shall apply. The amount, if any, payable in respect of an Early Termination
Date and determined pursuant to this Section will be subject to any Set-off.

         (i) EVENTS OF DEFAULT. If the Early Termination Date results from an
         Event of Default:--

               (1) First Method and Market Quotation. If the First Method and
               Market Quotation apply, the Defaulting Party will pay to the
               Non-defaulting Party the excess, if a positive number, of (A) the
               sum of the Settlement Amount (determined by the Non-defaulting
               Party) in respect of the Terminated Transactions and the
               Termination Currency Equivalent of the Unpaid Amounts owing to
               the Non-defaulting Party over (B) the Termination Currency
               Equivalent of the Unpaid Amounts owing to the Defaulting Party.

               (2) First Method and Loss. If the First Method and Loss apply,
               the Defaulting Party will pay to the Non-defaulting Party, if a
               positive number, the Non-defaulting Party's Loss in respect of
               this Agreement.

               (3) Second Method and Market Quotation. If the Second Method and
               Market Quotation apply, an amount will be payable equal to (A)
               the sum of the Settlement Amount (determined by the
               Non-defaulting Party) in respect of the Terminated Transactions
               and the Termination Currency Equivalent of the Unpaid Amounts
               owing to the Non-defaulting Party less (B) the Termination
               Currency Equivalent of the Unpaid Amounts owing to the Defaulting
               Party. If that amount is a positive number, the Defaulting Party
               will pay it to the Non-defaulting Party; if it is a negative
               number, the Non-defaulting Party will pay the absolute value of
               that amount to the Defaulting Party.

9    ISDA(R) 1992
<PAGE>

               (4) Second Method and Loss. If the Second Method and Loss apply,
               an amount will be payable equal to the Non-defaulting Party's
               Loss in respect of this Agreement. If that amount is a positive
               number, the Defaulting Party will pay it to the Non-defaulting
               Party; if it is a negative number, the Non-defaulting Party will
               pay the absolute value of that amount to the Defaulting Party.

         (ii) TERMINATION EVENTS. If the Early Termination Date results from a
         Termination Event:--

               (1) One Affected Party. If there is one Affected Party, the
               amount payable will be determined in accordance with Section
               6(e)(i)(3), if Market Quotation applies, or Section 6(e)(i)(4),
               if Loss applies, except that, in either case, references to the
               Defaulting Party and to the Non-defaulting Party will be deemed
               to be references to the Affected Party and the party which is not
               the Affected Party, respectively, and, if Loss applies and fewer
               than all the Transactions are being terminated, Loss shall be
               calculated in respect of all Terminated Transactions.

               (2)  Two Affected Parties.  If there are two Affected Parties:--

                     (A) if Market Quotation applies, each party will determine
                     a Settlement Amount in respect of the Terminated
                     Transactions, and an amount will be payable equal to (I)
                     the sum of (a) one-half of the difference between the
                     Settlement Amount of the party with the higher Settlement
                     Amount ("X") and the Settlement Amount of the party with
                     the lower Settlement Amount ("Y") and (b) the Termination
                     Currency Equivalent of the Unpaid Amounts owing to X less
                     (II) the Termination Currency Equivalent of the Unpaid
                     Amounts owing to Y; and

                     (B) if Loss applies, each party will determine its Loss in
                     respect of this Agreement (or, if fewer than all the
                     Transactions are being terminated, in respect of all
                     Terminated Transactions) and an amount will be payable
                     equal to one-half of the difference between the Loss of the
                     party with the higher Loss ("X") and the Loss of the party
                     with the lower Loss ("Y").

             If the amount payable is a positive number, Y will pay it to X; if
             it is a negative number, X will pay the absolute value of that
             amount to Y.

         (iii) ADJUSTMENT FOR BANKRUPTCY. In circumstances where an Early
         Termination Date occurs because "Automatic Early Termination" applies
         in respect of a party, the amount determined under this Section 6(e)
         will be subject to such adjustments as are appropriate and permitted by
         law to reflect any payments or deliveries made by one party to the
         other under this Agreement (and retained by such other party) during
         the period from the relevant Early Termination Date to the date for
         payment determined under Section 6(d)(ii).

         (iv) PRE-ESTIMATE. The parties agree that if Market Quotation applies
         an amount recoverable under this Section 6(e) is a reasonable
         pre-estimate of loss and not a penalty. Such amount is payable for the
         loss of bargain and the loss of protection against future risks and
         except as otherwise provided in this Agreement neither party will be
         entitled to recover any additional damages as a consequence of such
         losses.

7.       TRANSFER

Subject to Section 6(b)(ii), neither this Agreement nor any interest or
obligation in or under this Agreement may be transferred (whether by way of
security or otherwise) by either party without the prior written consent of the
other party, except that:--

(a) a party may make such a transfer of this Agreement pursuant to a
consolidation or amalgamation with, or merger with or into, or transfer of all
or substantially all its assets to, another entity (but without prejudice to any
other right or remedy under this Agreement); and

(b) a party may make such a transfer of all or any part of its interest in any
amount payable to it from a Defaulting Party under Section 6(e).

Any purported transfer that is not in compliance with this Section will be void.

8.       CONTRACTUAL CURRENCY

10    ISDA(R) 1992
<PAGE>

(a)      PAYMENT IN THE CONTRACTUAL CURRENCY. Each payment under this Agreement
will be made in the relevant currency specified in this Agreement for that
payment (the "Contractual Currency"). To the extent permitted by applicable
law, any obligation to make payments under this Agreement in the Contractual
Currency will not be discharged or satisfied by any tender in any currency
other than the Contractual Currency, except to the extent such tender results
in the actual receipt by the party to which payment is owed, acting in a
reasonable manner and in good faith in converting the currency so tendered into
the Contractual Currency, of the full amount in the Contractual Currency of
all amounts payable in respect of this Agreement. If for any reason the amount
in the Contractual Currency so received falls short of the amount in the
contractual Currency payable in respect of this Agreement, the party required
to make the payment will, to the extent permitted by applicable law,
immediately pay such additional amount in the Contractual Currency as may be
necessary to compensate for the shortfall. If for any reason the amount in the
Contractual Currency so received exceeds the amount in the Contractual Currency
payable in respect of this Agreement, the party receiving the payment will
refund promptly the amount of such excess.

(b)      JUDGMENTS. To the extent permitted by applicable law, if any judgment
or order expressed in a currency other than the Contractual Currency is
rendered (i) for the payment of any amount owing in respect of this Agreement,
(ii) for the payment of any amount relating to any early termination in respect
of this Agreement or (iii) in respect of a judgment or order of another court
for the payment of any amount described in (i) or (ii) above, the party seeking
recovery, after recovery in full of the aggregate amount to which such party is
entitled pursuant to the judgment or order, will be entitled to receive
immediately from the other party the amount of any shortfall of the Contractual
Currency received by such party as a consequence of sums paid in such other
currency and will refund promptly to the other party any excess of the
Contractual Currency received by such party as a consequence of sums paid in
such other currency if such shortfall or such excess arises or results from any
variation between the rate of exchange at which the Contractual Currency is
converted into the currency of the judgment or order for the purposes of such
judgment or order and the rate of exchange at which such party is able, acting
in a reasonable manner and in good faith in converting the currency received
Contractual Currency, to purchase the Contractual Currency with the amount of
the currency of the judgment or order actually received by such party. The term
"rate of exchange" includes, without limitation, any premiums and costs of
exchange payable in connection with the purchase of or conversion into the
Contractual Currency.

(c)      SEPARATE INDEMNITIES. To the extent permitted by applicable law, these
indemnities constitute separate and independent obligations from the other
obligations in this Agreement, will be enforceable as separate and independent
causes of action, will apply notwithstanding any indulgence granted by the
party to which any payment is owed and will not be affected by judgment being
obtained or claim or proof being made for any other sums payable in respect of
this Agreement.

(d)      EVIDENCE OF LOSS. For the purpose of this Section 8, it will be
sufficient for a party to demonstrate that it would have suffered a loss had
an actual exchange or purchase been made.

9.       MISCELLANEOUS

(a)      ENTIRE AGREEMENT. This Agreement constitutes the entire agreement and
understanding of the parties with respect to its subject matter and supersedes
all oral communication and prior writings with respect thereto.

(b)      AMENDMENTS. No amendment, modification or waiver in respect of this
Agreement will be effective unless in writing (including a writing evidenced by
a facsimile transmission) and executed by each of the parties or confirmed by
an exchange of telexes or electronic messages on an electronic messaging system.

(c)      SURVIVAL OF OBLIGATIONS. Without prejudice to Sections 2(a)(iii) and
6(c)(ii), the obligations of the parties under this Agreement will survive the
termination of any Transaction.

(d)      REMEDIES CUMULATIVE. Except as provided in this Agreement, the rights,
remedies and privileges provided in this Agreement are cumulative and not
exclusive of any rights, powers, remedies and privileges provided by law.

(e)      COUNTERPARTS AND CONFIRMATIONS.

         (i) This Agreement (and each amendment, modification and waiver in
         respect of it) may be executed and delivered in counterparts (including
         by facsimile transmission), each of which will be deemed an original.

11    ISDA(R) 1992
<PAGE>

         (ii) The parties intend that they are legally bound by the terms of
         each Transaction from the moment they agree to those terms (whether
         orally or otherwise). A Confirmation shall be entered into as soon as
         practicable and may be executed and delivered in counterparts
         (including by facsimile transmission) or be created by an exchange of
         telexes or by an exchange of electronic messages on an electronic
         messaging system, which in each case will be sufficient for all
         purposes to evidence a binding supplement to this Agreement. The
         parties will specify therein or through another effective means that
         any such counterpart, telex or electronic message constitutes a
         Confirmation.

(f)      NO WAIVER OF RIGHTS. A failure or delay in exercising any right, power
or privilege in respect of this Agreement will not be presumed to operate as a
waiver, and a single or partial exercise of any right, power or privilege will
not be presumed to preclude any subsequent or further exercise, of that right,
power or privilege or the exercise of any other right, power or privilege.

(g)      HEADINGS. The headings used in this Agreement are for convenience of
reference only and are not to affect the construction of or to be taken into
consideration in interpreting this Agreement.

10.      OFFICES; MULTIBRANCH PARTIES

(a)      If Section 10(a) is specified in the Schedule as applying, each party
that enters into a Transaction through an Office other than its head or home
office represents to the other party that, notwithstanding the place of booking
office or jurisdiction of incorporation or organization of such party, the
obligations of such party are the same as if it had entered into the
Transaction through its head or home office. This representation will be
deemed to be repeated by such party on each date on which a Transaction is
entered into.

(b)      Neither party may change the Office through which it makes and receives
payments or deliveries for the purpose of a Transaction without the prior
written consent of the other party.

(c)      If a party is specified as a Multibranch Party in the Schedule, such
Multibranch Party may make and receive payments or deliveries under any
Transaction through any Office listed in the Schedule, and the Office through
which it makes and receives payments or deliveries with respect to a
Transaction will be specified in the relevant Confirmation.

11.      EXPENSES

A Defaulting Party will, on demand, indemnify and hold harmless the other party
for and against all reasonable out-of-pocket expenses, including legal fees and
Stamp Tax, incurred by such other party by reason of the enforcement and
protection of its rights under this Agreement or any Credit Support Document to
which the Defaulting Party is a party or by reason of the early termination of
any Transaction, including, but not limited to, costs of collection.

12.      NOTICES

(a)      EFFECTIVENESS. Any notice or other communication in respect of this
Agreement may be given in any manner set forth below (except that a notice or
other communication under Section 5 or 6 may not be given by facsimile
transmission or electronic messaging system) to the address or number or in
accordance with the electronic messaging system details provided (see the
Schedule) and will be deemed effective as indicated:--

         (i) if in writing and delivered in person or by courier, on the date it
         is delivered;

         (ii) if sent by telex, on the date the recipient's answerback is
         received;

         (iii) if sent by facsimile transmission, on the date that transmission
         is received by a responsible employee of the recipient in legible form
         (it being agreed that the burden of proving receipt will be on the
         sender and will not be met by a transmission report generated by the
         sender's facsimile machine);

         (iv) if sent by certified or registered mail (airmail, if overseas) or
         the equivalent (return receipt requested), on the date that mail is
         delivered or its delivery is attempted; or

         (v) if sent by electronic messaging system, on the date that electronic
         message is received,

12    ISDA(R) 1992
<PAGE>

unless the date of delivery (or attempted delivery) or that receipt, as
applicable, is not a Local Business Day or that communication is delivered (or
attempted) or received, as applicable, after the close of business on a Local
Business Day, in which case that communication shall be deemed given and
effective on the first following day that is a Local Business Day.

(b)      CHANGE OF ADDRESSES. Either party may by notice to the other change the
address, telex or facsimile number or electronic messaging system details at
which notices or other communications are to be given to it.

13.      GOVERNING LAW AND JURISDICTION

(a)      GOVERNING LAW. This Agreement will be governed by and construed in
accordance with the law specified in the Schedule.

(b)      JURISDICTION. With respect to any suit, action or proceedings relating
to this Agreement ("Proceedings"), each party irrevocably:--

         (i) submits to the jurisdiction of the English courts, if this
         Agreement is expressed to be governed by English law, or to the
         non-exclusive jurisdiction of the courts of the State of New York and
         the United States District Court located in the Borough of Manhattan in
         New York City, if this Agreement is expressed to be governed by the
         laws of the State of New York; and

         (ii) waives any objection which it may have at any time to the laying
         of venue of any Proceedings brought in any such court, waives any claim
         that such Proceedings have been brought in an inconvenient forum and
         further waives the right to object, with respect to such Proceedings,
         that such court does not have any jurisdiction over such party.

Nothing in this Agreement precludes either party from bringing Proceedings in
any other jurisdiction (outside, if this Agreement is expressed to be governed
by English law, the Contracting States, as defined in Section 1(3) of the Civil
Jurisdiction and Judgments Act 1982 or any modification, extension or
re-enactment thereof for the time being in force) nor will the bringing of
Proceedings in any one or more jurisdictions preclude the bringing of
Proceedings in any other jurisdiction.

(c)      SERVICE OF PROCESS. Each party irrevocably appoints the Process Agent
(if any) specified opposite its name in the Schedule to receive, for it and on
its behalf, service of process in any Proceedings. If for any reason any
party's Process Agent is unable to act as such, such party will promptly notify
the other party and within 30 days appoint a substitute process agent
acceptable to the other party. The parties irrevocably consent to service of
process given in the manner provided for notices in Section 12. Nothing in this
Agreement will affect the right of either party to serve process in any other
manner permitted by law.

(d)      WAIVER OF IMMUNITIES. Each party irrevocably waives, to the fullest
extent permitted by applicable law, with respect to itself and its revenues and
assets (irrespective of their use or intended use), all immunity on the grounds
of sovereignty or other similar grounds from (i) suit, (ii) jurisdiction of
any court, (iii) relief by way of injunction, order for specific performance or
for recovery of property, (iv) attachment of its assets (whether before or
after judgment) and (v) execution or enforcement of any judgment to which it
or its revenues or assets might otherwise be entitled in any Proceedings in
the courts of any jurisdiction and irrevocably agrees, to the extent permitted
by applicable law, that it will not claim any such immunity in any Proceedings.

14.      DEFINITIONS

As used in this Agreement:--

"ADDITIONAL TERMINATION EVENT" has the meaning specified in Section 5(b).

"AFFECTED PARTY" has the meaning specified in Section 5(b).

"AFFECTED TRANSACTIONS" means (a) with respect to any Termination Event
consisting of an Illegality, Tax Event or Tax Event Upon Merger, all
Transactions affected by the occurrence of such Termination Event and (b) with
respect to any other Termination Event, all Transactions.

13    ISDA(R) 1992
<PAGE>

"AFFILIATE" means, subject to the Schedule, in relation to any person, any
entity controlled, directly or indirectly, by the person, any entity that
controls, directly or indirectly, the person or any entity directly or
indirectly under common control with the person. For this purpose, "control" of
any entity or person means ownership of a majority of the voting power of the
entity or person.

"APPLICABLE RATE" means:--

(a) in respect of obligations payable or deliverable (or which would have been
but for Section 2(a)(iii)) by a Defaulting Party, the Default Rate;

(b) in respect of an obligation to pay an amount under Section 6(e) of either
party from and after the date (determined in accordance with Section 6(d)(ii))
on which that amount is payable, the Default Rate;

(c) in respect of all other obligations payable or deliverable (or which would
have been but for Section 2(a)(iii)) by a Non-defaulting Party, the Non-default
Rate; and

(d) in all other cases, the Termination Rate.

"BURDENED PARTY" has the meaning specified in Section 5(b).

"CHANGE IN TAX LAW" means the enactment, promulgation, execution or ratification
of, or any change in or amendment to, any law (or in the application or official
interpretation of any law) that occurs on or after the date on which the
relevant Transaction is entered into.

"CONSENT" includes a consent, approval, action, authorization, exemption,
notice, filing, registration or exchange control consent.

"CREDIT EVENT UPON MERGER" has the meaning specified in Section 5(b).

"CREDIT SUPPORT DOCUMENT" means any agreement or instrument that is specified as
such in this Agreement.

"CREDIT SUPPORT PROVIDER" has the meaning specified in the Schedule.

"DEFAULT RATE" means a rate per annum equal to the cost (without proof or
evidence of any actual cost) to the relevant payee (as certified by it) if it
were to fund or of funding the relevant amount plus 1% per annum.

"DEFAULTING PARTY" has the meaning specified in Section 6(a).

"EARLY TERMINATION DATE" means the date determined in accordance with Section
6(a) or 6(b)(iv).

"EVENT OF DEFAULT" has the meaning specified in Section 5(a) and, if applicable,
in the Schedule.

"ILLEGALITY" has the meaning specified in Section 5(b).

"INDEMNIFIABLE TAX" means any Tax other than a Tax that would not be imposed in
respect of a payment under this Agreement but for a present or former connection
between the jurisdiction of the government or taxation authority imposing such
Tax and the recipient of such payment or a person related to such recipient
(including, without limitation, a connection arising from such recipient or
related person being or having been a citizen or resident of such jurisdiction,
or being or having been organised, present or engaged in a trade or business in
such jurisdiction, or having or having had a permanent establishment or fixed
place of business in such jurisdiction, but excluding a connection arising
solely from such recipient or related person having executed, delivered,
performed its obligations or received a payment under, or enforced, this
Agreement or a Credit Support Document).

"LAW" includes any treaty, law, rule or regulation (as modified, in the case of
tax matters, by the practice of any relevant governmental revenue authority) and
"LAWFUL" and "UNLAWFUL" will be construed accordingly.

14    ISDA(R) 1992
<PAGE>

"LOCAL BUSINESS DAY" means, subject to the Schedule, a day on which commercial
banks are open for business (including dealings in foreign exchange and foreign
currency deposits) (a) in relation to any obligation under Section 2(a)(i), in
the place(s) specified in the relevant Confirmation or, if not so specified, as
otherwise agreed by the parties in writing or determined pursuant to provisions
contained, or incorporated by reference, in this Agreement, (b) in relation to
any other payment, in the place where the relevant account is located and, if
different, in the principal financial centre, if any, of the currency of such
payment, (c) in relation to any notice or other communication, including notice
contemplated under Section 5(a)(i), in the city specified in the address for
notice provided by the recipient and, in the case of a notice contemplated by
Section 2(b), in the place where the relevant new account is to be located and
(d) in relation to Section 5(a)(v)(2), in the relevant locations for performance
with respect to such Specified Transaction.

"LOSS" means, with respect to this Agreement or one or more Terminated
Transactions, as the case may be, and a party, the Termination Currency
Equivalent of an amount that party reasonably determines in good faith to be its
total losses and costs (or gain, in which case expressed as a negative number)
in connection with this Agreement or that Terminated Transaction or group of
Terminated Transactions, as the case may be, including any loss of bargain, cost
of funding or, at the election of such party but without duplication, loss or
cost incurred as a result of its terminating, liquidating, obtaining or
reestablishing any hedge or related trading position (or any gain resulting from
any of them). Loss includes losses and costs (or gains) in respect of any
payment or delivery required to have been made (assuming satisfaction of each
applicable condition precedent) on or before the relevant Early Termination Date
and not made, except, so as to avoid duplication, if Section 6(e)(i)(1) or (3)
or 6(e)(ii)(2)(A) applies. Loss does not include a party's legal fees and
out-of-pocket expenses referred to under Section 11. A party will determine its
Loss as of the relevant Early Termination Date, or, if that is not reasonably
practicable, as of the earliest date thereafter as is reasonably practicable. A
party may (but need not) determine its Loss by reference to quotations of
relevant rates or prices from one or more leading dealers in the relevant
markets.

"MARKET QUOTATION" means, with respect to one or more Terminated Transactions
and a party making the determination, an amount determined on the basis of
quotations from Reference Market-makers. Each quotation will be for an amount,
if any, that would be paid to such party (expressed as a negative number) or by
such party (expressed as a positive number) in consideration of an agreement
between such party (taking into account any existing Credit Support Document
with respect to the obligations of such party) and the quoting Reference
Market-maker to enter into a transaction (the "Replacement Transaction") that
would have the effect of preserving for such party the economic equivalent of
any payment or delivery (whether the underlying obligation was absolute or
contingent and assuming the satisfaction of each applicable condition precedent)
by the parties under Section 2(a)(i) in respect of such Terminated Transaction
or group of Terminated Transactions that would, but for the occurrence of the
relevant Early Termination Date, have been required after that date. For this
purpose, Unpaid Amounts in respect of the Terminated Transaction or group of
Terminated Transactions are to be excluded but, without limitation, any payment
or delivery that would, but for the relevant Early Termination Date, have been
required (assuming satisfaction of each applicable condition precedent) after
that Early Termination Date is to be included. The Replacement Transaction would
be subject to such documentation as such party and the Reference Market-maker
may, in good faith, agree. The party making the determination (or its agent)
will request each Reference Market-maker to provide its quotation to the extent
reasonably practicable as of the same day and time (without regard to different
time zones) on or as soon as reasonably practicable after the relevant Early
Termination Date. The day and time as of which those quotations are to be
obtained will be selected in good faith by the party obligated to make a
determination under Section 6(e), and, if each party is so obliged, after
consultation with the other. If more than three quotations are provided, the
Market Quotation will be the arithmetic mean of the quotations, without regard
to the quotations having the highest and lowest values. If exactly three such
quotations are provided, the Market Quotation will be the quotation remaining
after disregarding the highest and lowest quotations. For this purpose, if more
than one quotation has the same highest value or lowest value, then one of such
quotations shall be disregarded. If fewer than three quotations are provided, it
will be deemed that the Market Quotation in respect of such Terminated
Transaction or group of Terminated Transactions cannot be determined.

"NON-DEFAULT RATE" means a rate per annum equal to the cost (without proof or
evidence of any actual cost) to the Non-defaulting party (as certified by it) if
it were to fund the relevant amount.

"NON-DEFAULTING PARTY" has the meaning specified in Section 6(a).

"OFFICE" means a branch or office of a party, which may be such party's head or
home office.

15    ISDA(R) 1992
<PAGE>

"POTENTIAL EVENT OF DEFAULT" means any event which, with the giving of notice or
the lapse of time or both, would constitute an Event of Default.

"REFERENCE MARKET-MAKERS" means four leading dealers in the relevant market
selected by the party determining a Market Quotation in good faith (a) from
among dealers of the highest credit standing which satisfy all the criteria that
such party applies generally at the time in deciding whether to offer or to make
an extension of credit and (b) to the extent practicable, from among such
dealers having an office in the same city.

"RELEVANT JURISDICTION" means, with respect to a party, the jurisdictions (a) in
which the party is incorporated, organized, managed and controlled or considered
to have its seat, (b) where an Office through which the party is acting for
purposes of this Agreement is located, (c) in which the party executes this
Agreement and (d) in relation to any payment, from or through which such payment
is made.

"SCHEDULED PAYMENT DATE" means a date on which a payment or delivery is to be
made under Section 2(a)(i) with respect to a Transaction.

"SET-OFF" means set-off, offset, combination of accounts, right of retention or
withholding or similar right or requirement to which the payer of an amount
under Section 6 is entitled or subject (whether arising under this Agreement,
another contract, applicable law or otherwise) that is exercised by, or imposed
on, such payer.

"SETTLEMENT AMOUNT" means, with respect to a party and any Early Termination
Date, the sum of:--

(a) the Termination Currency Equivalent of the Market Quotations (whether
positive or negative) for each Terminated Transaction or group of Terminated
Transactions for which a Market Quotation is determined; and

(b) such party's Loss (whether positive or negative and without reference to any
Unpaid Amounts) for each Terminated Transaction or group of Terminated
Transactions for which a Market Quotation cannot be determined or would not (in
the reasonable belief of the party making the determination) produce a
commercially reasonable result.

"SPECIFIED ENTITY" has the meaning specified in the Schedule.

"SPECIFIED INDEBTEDNESS" means, subject to the Schedule, any obligation (whether
present or future, contingent or otherwise, as principal or surety or otherwise)
in respect of borrowed money.

"SPECIFIED TRANSACTION" means, subject to the Schedule, (a) any transaction
(including an agreement with respect thereto) now existing or hereafter entered
into between one party to this Agreement (or any Credit Support Provider of such
party or any applicable Specified Entity of such party) and the other party to
this Agreement (or any Credit Support Provider of such other party or any
applicable Specified Entity of such other party) which is a rate swap
transaction, basis swap, forward rate transaction, commodity swap, commodity
option, equity or equity index swap, equity or equity index option, bond option,
interest rate option, foreign exchange transaction, cap transaction, floor
transaction, collar transaction, currency swap transaction, cross-currency rate
swap transaction, currency option or any other similar transaction (including
any option with respect to any of these transactions), (b) any combination of
these transactions and (c) any other transaction identified as a Specified
Transaction in this Agreement or the relevant confirmation.

"STAMP TAX" means any stamp, registration, documentation or similar tax.

"TAX" means any present or future tax, levy, impost, duty, charge, assessment or
fee of any nature (including interest, penalties and additions thereto) that is
imposed by any government or other taxing authority in respect of any payment
under this Agreement other than a stamp, registration, documentation or similar
tax.

"TAX EVENT" has the meaning specified in Section 5(b).

"TAX EVENT UPON MERGER" has the meaning specified in Section 5(b).

16    ISDA(R) 1992
<PAGE>

"TERMINATED TRANSACTIONS" means with respect to any Early Termination Date (a)
if resulting from a Termination Event, all Affected Transactions and (b) if
resulting from an Event of Default, all Transactions (in either case) in effect
immediately before the effectiveness of the notice designating that Early
Termination Date (or, if "Automatic Early Termination" applies, immediately
before that Early Termination Date).

"TERMINATION CURRENCY" has the meaning specified in the Schedule.

"TERMINATION CURRENCY EQUIVALENT" means, in respect of any amount denominated in
the Termination Currency, such Termination Currency amount and, in respect of
any amount denominated in a currency other than the Termination Currency (the
"Other Currency"), the amount in the Termination Currency determined by the
party making the relevant determination as being required to purchase such
amount of such Other Currency as at the relevant Early Termination Date, or, if
the relevant Market Quotation or Loss (as the case may be), is determined as of
a later date, that later date, with the Termination Currency at the rate equal
to the spot exchange rate of the foreign exchange agent (selected as provided
below) for the purchase of such Other Currency with the Termination Currency at
or about 11:00 a.m. (in the city in which such foreign exchange agent is
located) on such date as would be customary for the determination of such a rate
for the purchase of such Other Currency for value on the relevant Early
Termination Date or that later date. The foreign exchange agent will, if only
one party is obliged to make a determination under Section 6(e), be selected in
good faith by that party and otherwise will be agreed by the parties.

"TERMINATION EVENT" means an Illegality, a Tax Event or a Tax Event Upon Merger
or, if specified to be applicable, a Credit Event Upon Merger or an Additional
Termination Event.

"TERMINATION RATE" means a rate per annum equal to the arithmetic mean of the
cost (without proof or evidence of any actual cost) to each party (as certified
by such party) if it were to fund or of funding such amounts.

"UNPAID AMOUNTS" owing to any party means, with respect to an Early Termination
Date, the aggregate of (a) in respect of all Terminated Transactions, the
amounts that became payable (or that would have become payable but for Section
2(a)(iii)) to such party under Section 2(a)(i) on or prior to such Early
Termination Date and which remain unpaid as at such Early Termination Date and
(b) in respect of each Terminated Transaction, for each obligation under Section
2(a)(i) which was (or would have been but for Section 2(a)(iii)) required to be
settled by delivery to such party on or prior to such Early Termination Date and
which has not been so settled as at such Early Termination Date, an amount equal
to the fair market value of that which was (or would have been) required to be
delivered as of the originally scheduled date for delivery, in each case
together with (to the extent permitted under applicable law) interest, in the
currency of such amounts, from (and including) the date such amounts or
obligations were or would have been required to have been paid or performed to
(but excluding) such Early Termination Date, at the Applicable Rate. Such
amounts of interest will be calculated on the basis of daily compounding and the
actual number of days elapsed. The fair market value of any obligation referred
to in clause (b) above shall be reasonably determined by the party obliged to
make the determination under Section 6(e) or, if each party is so obliged, it
shall be the average of the Termination Currency Equivalents of the fair market
values reasonably determined by both parties.

IN WITNESS WHEREOF the parties have executed this document on the respective
dates specified below with effect from the date specified on the first page of
this document.

17    ISDA(R) 1992
<PAGE>

<TABLE>
<CAPTION>

<S>                                                  <C>
PARTY A

SIGNED on behalf of                                   )
NATIONAL AUSTRALIA BANK LIMITED                       )   -------------------------------------------
by its attorneys under power of attorney              )   Signature
in the presence of:                                   )

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

-------------------------------------------------------
Witness

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

PARTY B

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

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

-------------------------------------------------------
Witness

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

TRUST MANAGER

SIGNED on behalf of                                   )
INTERSTAR SECURITISATION MANAGEMENT PTY LIMITED       )   -------------------------------------------
by its attorney under power of attorney               )   Signature
in the presence of:                                   )

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

-------------------------------------------------------
Witness

-------------------------------------------------------
Print name
</TABLE>

18    ISDA(R) 1992
<PAGE>

INTEREST RATE SWAP SCHEDULE
--------------------------------------------------------------------------------

                                    SCHEDULE

                                     TO THE

                              ISDA MASTER AGREEMENT

                          DATED AS OF               2004

BETWEEN

NATIONAL AUSTRALIA BANK LIMITED (ABN 12 004 044 937)  ("PARTY A")

PERPETUAL TRUSTEES VICTORIA LIMITED (ABN 47 004 027 258) IN ITS CAPACITY AS
TRUSTEE OF THE INTERSTAR MILLENNIUM SERIES 2004-2G TRUST (IN THAT CAPACITY,
"PARTY B")

AND

INTERSTAR SECURITISATION MANAGEMENT PTY LTD (ABN 56 100 346 898) (THE "TRUST
MANAGER")

PART 1: TERMINATION PROVISIONS

In this Agreement:

(a)      "SPECIFIED ENTITY" does not apply in relation to Party A or Party B.

(b)      "SPECIFIED TRANSACTION" is not applicable.

(c)      The provisions of:

         Section 5(a)(ii)

         Section 5(a)(iii)

         Section 5(a)(iv)

         Section 5(a)(v)

         Section 5(a)(vi)

         Section 5(a)(viii)

         will not apply to Party A or Party B.

         For the purposes of Section 5(a)(i), it shall not be a failure to make
         a payment under that Section to the extent that Break Costs are payable
         under clause 6.5(a) of the Series Notice but there are insufficient
         funds to pay those Break Costs.

(d)      "TERMINATION CURRENCY" means Australian dollars.

(e)      The "BANKRUPTCY" provisions of Section 5(a)(vii) are replaced by "An
         Insolvency Event has occurred in respect of the party". The occurrence
         of an Insolvency Event in respect of Party B in its personal capacity
         will not constitute an Event of Default provided that, within 30 days
         of that occurrence, Party B and the Trust Manager are able to procure
         the novation
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         of this Agreement and all Transactions to a third party in respect of
         which each Designated Rating Agency confirms that the novation will not
         result in the downgrading of any Notes.

(f)      The provisions of:

         Section 5(b)(ii)

         Section 5(b)(iii)

         Section 5(b)(iv)

         will not apply to Party A or Party B.

(g)      The "AUTOMATIC EARLY TERMINATION" provision of Section 6(a) will not
         apply to Party A or Party B.

(h)      In the "TRANSFER TO AVOID TERMINATION EVENT" provision of Section
         6(b)(ii), after the words "another of its Offices or Affiliates" on the
         seventh line add "(in respect of which each Designated Rating Agency
         confirms that the transfer will not result in the downgrading of any
         Notes)".

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

         (i)      Market Quotation will apply.

         (ii)     The Second Method will apply.

(j)      ADDITIONAL TERMINATION EVENT. For the purposes of Section 5(b)(v), each
         Default Event will be an Additional Termination Event and Party B will
         be the Affected Party for such Additional Termination Event.

(k)      Add the following new paragraph to the end of Section 7:

         "Notwithstanding the other provisions of this Section 7, in the event
         that a trustee is appointed as a successor to Party B under the Master
         Trust Deed and the Series Notice ("SUCCESSOR TRUSTEE"), Party A
         undertakes that it shall (unless, at the time the Successor Trustee is
         so appointed, Party A is entitled to terminate the Transaction under
         Section 6, in which case it may) execute a novation agreement novating
         to the Successor Trustee the Transaction on the same terms or on other
         terms to be agreed between Party A, Party B and the Successor Trustee,
         and give written notice to each Designated Rating Agency of such
         novation.".

(l)      Replace Section 5(a)(i) with:

         "(i) FAILURE TO PAY OR DELIVER. Failure by the party to make when due
         any payment under this Agreement or delivery under Section 2(a)(i) or
         2(e) required to be made by it if such failure is not remedied at or
         before 10:00am on the tenth Local Business Day after the due date,
         except that:

                  (A) no Event of Default shall result from Party B's failure to
                  pay an amount due under this Agreement where Party B has
                  sufficient funds with its bankers with which the bank accounts
                  of the Trust are held and has given instructions to those
                  bankers to make that payment, and that payment would have been
                  made but for temporary technical or administrative
                  difficulties outside the control of Party B (as certified by
                  the Trust Manager on behalf of Party B in a written
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                                                                         PAGE 20
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INTEREST RATE SWAP SCHEDULE
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                  notice to Party A within 10 Local Business Days after the due
                  date or immediately thereafter); and

                  (B) in the event that sub-paragraph (A) applies, Party A has
                  no obligation to make a corresponding payment under this
                  Agreement until such time as it actually receives funds from
                  Party B;".

PART 2: TAX REPRESENTATIONS

(a)      PAYER TAX REPRESENTATION. For the purpose of Section 3(e), Party A and
         Party B make the following representation:

         It is not required by any applicable law (other than pursuant to any
         notice served under section 218 of the Income Tax Assessment Act
         (Commonwealth) or any equivalent State or Territory provision), 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 the 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);

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

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

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

(b)      PAYEE TAX REPRESENTATION.

         For the purpose of Section 3(f), Party A makes the following
         representation and Party B will make the following representation:

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

PART 3: DOCUMENTS TO BE DELIVERED

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

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

         Any document or certificate reasonably required or reasonably requested
         by a party in connection with its obligations to make a payment under
         this
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INTEREST RATE SWAP SCHEDULE
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         Agreement which would enable that party to make the payment free from
         any deduction or withholding for or on account of Tax or as would
         reduce the rate at which deduction or withholding for or on account of
         Tax is applied to that payment.

         PARTY REQUIRED TO DELIVER:         Party A and Party B

         DATE BY WHICH TO BE DELIVERED:     On the earlier of:

                                            (a)   learning that such document or
                                                  certificate is required; and

                                            (b)   as soon as reasonably
                                                  practicable following a
                                                  request by the other party.

(b)      Other documents to be delivered are:

         (i)      A copy of a power of attorney authorising execution by the
                  attorney of this Agreement.

                  PARTY REQUIRED TO DELIVER:      Party A, Party B and the
                                                  Trust Manager

                  DATE BY WHICH TO BE DELIVERED:  On execution of this
                                                  Agreement;

         (ii)     A list of authorised signatories for the party and evidence
                  satisfactory in form and substance to the other party of the
                  authority of the authorised signatories of the party to
                  execute any Confirmation on behalf of the party.

                  PARTY REQUIRED TO DELIVER:     Party A, Party B and the Trust
                                                 Manager

                  DATE BY WHICH TO BE DELIVERED: On execution of any relevant
                                                 Confirmation (as the case
                                                 may be).

         (iii)    Party A's annual report containing consolidated financial
                  statements certified by independent certified public
                  accountants and prepared in accordance with accounting
                  principles that are generally accepted in the Commonwealth of
                  Australia, and such other public information in respect of its
                  condition or operations, financial or otherwise, as the other
                  parties may reasonably request from time to time.

                  PARTY REQUIRED TO DELIVER:     Party A

                  DATE BY WHICH TO BE DELIVERED: as soon as reasonably
                                                 practicable following a
                                                 request by Party B or the
                                                 Trust Manager.

         (iv)     A copy of the Master Trust Deed, the Series Notice and the
                  Security Trust Deed and any Information Memorandum relating to
                  the Trust.

                  PARTY REQUIRED TO DELIVER:     Trust Manager
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                  DATE BY WHICH TO BE DELIVERED: On execution of this Agreement.

         (v)      A copy of any document amending or varying any of the terms of
                  any of the documents referred to in sub paragraph (iv).

                  PARTY REQUIRED TO DELIVER:     Trust Manager

                  DATE BY WHICH TO BE DELIVERED: promptly upon any such
                                                 document becoming effective in
                                                 accordance with its terms.

         Each of the foregoing documents is covered by the representation
         contained in Section 3(d) of this Agreement.

PART 4: MISCELLANEOUS

(a)      ADDRESS FOR NOTICES. For the purpose of Section 12(a):

         Address for notices or communications to Party A:

         Address:         Level 11
                          120 Spencer Street
                          Melbourne VIC 3000

         Attention:       Manager, Documentation

         Fax No:          (03) 8614 0073

         For all purposes

         Address for notices or communications to Party B:

         Address:          Level 7
                           9 Castlereagh Street
                           Sydney NSW 2000

         Attention:        Manager Securitisation

         Fax No:           02 9221 7870

         Address for notices or communications to the Trust Manager:

         Address:          Level 28
                           367 Collins Street
                           Melbourne VIC 3000

         Attention:        Managing Director

         Fax No:           03 9621 2368

(b)      PROCESS AGENT.  For the purposes of Section 13(c):

         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 purposes of Section 10(c) of this Agreement:

         Party A is not a Multibranch Party.

         Party B is not a Multibranch Party.
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(e)      CALCULATION AGENT. The Calculation Agent is Party A, unless otherwise
         specified in a Confirmation in relation to the relevant Transaction.

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

         in relation to Party A - Nil

         in relation to Party B - Security Trust Deed.

(g)      CREDIT SUPPORT PROVIDER.  Credit Support Provider means:

         in relation to Party A - Nil

         in relation to Party B - Nil

(h)      GOVERNING LAW. This Agreement is governed by and construed in
         accordance with the laws of New South Wales, and Section 13(b)(i) is
         deleted and replaced with the following: "submits to the non-exclusive
         jurisdiction of the courts of New South Wales and courts of appeal from
         them."

(i)      NETTING OF PAYMENTS. Sub-paragraph (ii) of Section 2(c) of this
         Agreement will not apply to the following Transactions (in each case
         starting from the date of this Agreement): All Transactions being
         Australian dollar interest rate swaps or derivatives, unless otherwise
         agreed.

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

PART 5:  OTHER PROVISIONS

(a)      This Agreement, each Confirmation and each Transaction are subject to
         the 2000 ISDA Definitions (as published by the International Swaps &
         Derivatives Association, Inc.) as amended from time to time (the "ISDA
         DEFINITIONS"), and will be governed in all respects by any provisions
         set forth in the ISDA Definitions. The provisions of the ISDA
         Definitions are incorporated by reference in, and shall be deemed to be
         a part of, this Agreement and each Confirmation.

(b)      In the event of any inconsistency between any two or more of the
         following documents, they shall take precedence over each other in the
         following descending order:

         (i)      any Confirmation;

         (ii)     the Schedule to the Master Agreement;

         (iii)    the other provisions of the Master Agreement;

         (iv)     the ISDA Definitions.

(c)      The parties acknowledge that telephone conversations between them may
         be recorded and each party consents to such recordings being used as
         evidence in court proceedings.

(d)      (i)      With respect to each Transaction entered into pursuant to this
                  Agreement and for the purposes of Section 9(e)(ii), Party A
                  will, on or promptly after the relevant Trade Date, send
                  Party B (with a copy to
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                                                                         PAGE 24
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                  the Trust Manager) a confirmation confirming that Transaction
                  and both Party B and the Trust Manager must promptly then
                  confirm the accuracy of or request the correction of such
                  Confirmation.

         (ii)     Party B enters into each Transaction in its capacity as
                  trustee of the Trust.

(e)      Replace Section 1(c) with the following:

         "All Transactions are entered into in reliance on the fact that this
         Master Agreement and all Transactions (as evidenced by their
         Confirmations) form a single contract (collectively referred to as this
         "AGREEMENT") and the parties would not otherwise enter into any
         Transactions. The entering into of each Transaction takes effect as an
         amendment to this Agreement (but no such amendment is effective to
         defeat or prejudice the operation of Section 16)."

(f)      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".

(g)      In Section 2(a)(ii) insert immediately after the words "freely
         transferable funds" the following words:

         ", free of any set-off, counterclaim, deduction or withholding (except
         as expressly provided in this Agreement)."

(h)      New Sections 2(a)(iv) and 2(a)(v) are inserted 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 and delivery obligations under Section 2(a)(i) and
                  has no future payment or delivery obligations, whether
                  absolute or contingent under Section 2(a)(i).

         (v)      Where:

                  (1)     payments are due pursuant to Section 2(a)(i) by Party
                          A to Party B (the "PARTY A PAYMENT") and by Party B to
                          Party A (the "PARTY B PAYMENT") on the same day; and

                  (2)     the Security Trust Deed applicable to Party B's
                          obligations and entitlement referred to in Section
                          2(a)(v)(1) has become, and remains at that time,
                          enforceable,

                  then Party A's obligation to make the Party A payment to Party
                  B shall be subject to the condition precedent (which shall be
                  an "applicable condition precedent" for the purpose of Section
                  2(a)(iii)(3)) that Party A first receives either:

                  (3)     the Party B payment; or

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

(i)      Section 3(a)(v) of this Agreement is modified by adding in the fourth
         line thereof the words "including without limitation in the case of
         Party A being an authorised deposit taking institution authorised to
         carry on banking
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INTEREST RATE SWAP SCHEDULE
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         business in the Commonwealth of Australia, Subsection 13A(3) of the
         Banking Act 1959 (Cth) and Section 86 of the Reserve Bank Act 1959
         (Cth) or any amending or replacement legislation as may be in effect"
         after the word "generally".

(j)      The parties agree that, for the purpose of Section 2(b) of the
         Agreement, "Change of Account", any new account so designated shall be
         in the same tax jurisdiction as the original account.

(k)      In Section 3 add the following new paragraphs immediately after
         paragraph (f):

         "(g)     NON ASSIGNMENT. It has not assigned (whether absolutely, in
                  equity or otherwise) or declared any trust over any of its
                  rights under this Agreement or any Transaction (other than, in
                  respect of Party B, the trusts created pursuant to the Master
                  Trust Deed) and has not given any floating charge over its
                  rights under this Agreement or any Transaction in the case of
                  Party A, or the assets of the Trust (other than under the
                  Security Trust Deed), in the case of Party B.

         (h)      CONTRACTING AS PRINCIPAL. Subject to Section 16, it enters
                  into all Transactions as principal (in the case of Party A)
                  and as trustee (in the case of Party B), and not otherwise."

(l)      In Section 4 add three new paragraphs as follows:

         "(f)     CONTRACTING AS PRINCIPAL. Subject to Section 16, Party A will
                  enter into all Transactions as principal and not otherwise and
                  Party B will enter into each Transaction in its capacity as
                  trustee of the Trust and not otherwise.

         (g)      NON-RELIANCE. It is acting for its own account (in the case of
                  Party B, as trustee of the Trust), and it has made its own
                  independent decisions to enter into each Transaction and as to
                  whether each Transaction is appropriate or proper for it based
                  upon its own judgment (and, in the case of Party B, also on
                  the judgment of the Trust Manager) and upon advice from such
                  advisors as it has deemed necessary. It is not relying on any
                  communication (written or oral) of the other party as
                  investment advice or as a recommendation to enter into a
                  Transaction; it being understood that information and
                  explanations related to the terms and conditions of a
                  Transaction shall not be considered investment advice or a
                  recommendation to enter into that Transaction. It has not
                  received from the other party any assurance or guarantee as to
                  the expected results of a Transaction.

         (h)      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 each Transaction. It is also capable
                  of assuming, and assumes, the financial and other risks of
                  each Transaction."

(m)      Insert a new Section 4(i) as follows:
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         "Each party agrees and consents to the communication and disclosure of
         all information in respect of this Agreement and any Transaction and
         all matters incidental hereto and thereto by the other party, provided
         such communication and disclosure is:

         (i)      for risk management and administrative purposes; or

         (ii)     required by any applicable law or regulation or any court or
                  regulatory or any other authority of competent jurisdiction;
                  or

         (iii)    for the purposes of or contemplated by the Transaction
                  Documents."

(n)      In Section 6:

         (i)      Add the following sentences at the end of the first paragraph
                  of Sections 6(b)(ii):

                  "However, if Party A is the Affected Party, then Party A, if
                  so requested by the Trust Manager, will 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). If Party B is the Affected Party, then Party
                  B shall 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 Trust being
                  funds available for such application in accordance with the
                  provisions of the Master Trust Deed, the Notice of Creation of
                  Trust and the Series Notice."

         (ii)     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 transferor would be adversely
                  affected by the transfer."

         (iii)    Delete the last sentence of the first paragraph in Section
                  6(e).

(o)      Section 7 (other than the new paragraph inserted under Part 1(k)) is
         deleted and replaced with the following:

         "7.      TRANSFER

                  (a)      Neither the interests nor obligations of any party in
                           or under this Agreement (including any Transaction)
                           are capable of being assigned or transferred (whether
                           at law, in equity or otherwise), charged or the
                           subject of any trust or other fiduciary obligation
                           (other than, in respect of Party B, the trusts and
                           fiduciary obligations created under the Master Trust
                           Deed and the security given under the Security Trust
                           Deed). 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 under
                                    Section 6(b)(ii);

                          (ii)      restricts a transfer by a party of its
                                    interests and obligations in or under this
                                    Agreement (including any
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                                    Transaction) pursuant to a consolidation or
                                    amalgamation with or merger into, or
                                    transfer of all or substantially all its
                                    assets to, another entity (but without
                                    prejudice to any other right or remedy under
                                    this Agreement);

                           (iii)    restricts a novation of the interests and
                                    obligations of a party in or under this
                                    Agreement (including any Transaction); or

                           (iv)     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).

                  (c)      Unless otherwise agreed by the parties and each
                           Designated Rating Agency, any transfer or assignment
                           pursuant to this Section 7 must be made to an entity
                           in respect of which each Designated Rating Agency
                           confirms that such transfer or assignment will not
                           result in a reduction or withdrawal of the then
                           rating of any outstanding Notes.

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

(p)      In Section 9(b) the first word "No" is replaced with:

           "Except to the extent that the entering into of each Transaction
           takes effect as an amendment to this Agreement (in the manner and
           subject to the qualification referred to in Section 1(c), as varied
           by Part 5(e) of the Schedule), no amendment may be made unless notice
           of it is given to each Designated Rating Agency and each Designated
           Rating Agency confirms that the amendment will not result in the
           downgrading of any Notes and no".

(q)      CONFIRMATION. Notwithstanding the provisions of Section 9(e)(ii), where
         a Transaction is confirmed by means of facsimile, an electronic
         messaging system or telex, such message will constitute a Confirmation
         even where not so specified in that Confirmation.

(r)      Section 12 is amended as follows:

         (i)      In Section 12(a), delete the words "(except that a notice or
                  other communication under Section 5 or 6 may not be given by
                  facsimile transmission or electronic messaging system)" in
                  lines 2 and 3.

         (ii)     Section 12(a)(iii) is replaced 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
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                           sent that the facsimile was not received in its
                           entirety and in legible form."

         (iii)    Insert an additional Section 12(a)(vi):

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

(s)      Any reference to a:

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

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

(t)      In Section 14:

         (i)      replace the definition of "AFFECTED TRANSACTIONS" with the
                  following:

                  "AFFECTED TRANSACTIONS" means, with respect to a Termination
                  Event, all Transactions; and

         (ii)     insert the following definitions in alphabetical order.

                  "DEFAULT EVENT" means an "Event of Default" (as defined in the
                  Security Trust Deed) occurs which has not been remedied or
                  waived by the Security Trustee in accordance with the Security
                  Trust Deed and the Security Trustee has exercised its rights
                  under clause 8.2 of the Security Trust Deed.

                  "MASTER TRUST DEED" means the Master Trust Deed dated 2
                  December 1999 between Interstar Securities (Australia) Pty
                  Limited as trust manager and Party B as trustee (as amended in
                  relation to the Trust).

                  "SERIES NOTICE" means the Series Notice issued pursuant to the
                  Master Trust Deed in relation to the Trust.

                  "TRUST" means the Interstar Millennium Series 2004-2G Trust.

         (iii)    insert the following additional paragraph at the end of
                  Section 14:

                  "Words and expressions which are defined or incorporated by
                  reference in the Series Notice have the same meanings when
                  used in this Agreement.".

(u)      TRUSTEE PROVISIONS. Insert the following new Section 15 after
         Section 14:

         "15(a)   TRUSTEE UNDERTAKINGS. Party B undertakes that it will:

                  (i)      exercise its right of indemnity out of the assets of
                           the Trust;

                  (ii)     observe its obligations under the Master Trust Deed
                           and otherwise as trustee of the Trust;

                  (iii)    not do anything which could impair its right of
                           indemnity out of the assets of the Trust; and
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                  (iv)     be in possession or control of sufficient assets of
                           the Trust to enable it to meet its obligations under
                           this Agreement.

         (b)      TRUSTEE REPRESENTATIONS. In addition to the representations in
                  Section 3, Party B represents to Party A (which
                  representations will be deemed to be repeated at all times
                  until termination of this Agreement) that:

                  (i)      its execution and delivery of this Agreement, and of
                           any document required or contemplated by this
                           Agreement, and the performance of its obligations
                           under this Agreement are authorised under the Master
                           Trust Deed;

                  (ii)     it is the present and only trustee of the Trust;

                  (iii)    there is no restriction on its right of recourse or
                           indemnity to or out of the assets for the time being
                           of the Trust and nothing has happened which could
                           impair its right of indemnity out of the assets of
                           the Trust;

                  (iv)     its entry into this Agreement is for the benefit of
                           and in the interests of the beneficiaries of the
                           Trust; and

                  (v)      it is not in breach of any provision of the Master
                           Trust Deed nor has it committed any breach of duty or
                           trust in respect of the Trust.

         (c)      ROLE OF THE TRUST MANAGER.  Subject to Section 16:

                  (i)     Party A is not required to inquire into the authority
                          of the Trust Manager or as to the validity of any
                          communication purporting to be made by the Trust
                          Manager and may act in reliance on it.

                  (ii)    The Trust Manager may, on behalf of Party B, arrange
                          and monitor Transactions. Party B shall, at the
                          direction of the Trust Manager, enter into such
                          Transactions and novations of Transactions and execute
                          Confirmations. Without limiting the generality of the
                          foregoing, the Trust Manager shall provide copies of
                          all communications to or by Party A under this
                          Agreement to Party B. In the absence of manifest
                          error, Party B shall be entitled to rely on a
                          direction as set out in this clause as conclusive
                          evidence of the matters set out in it.

                  (iii)   Party B agrees that, so long as any party has or may
                          have an obligation under this Agreement, it will be
                          bound by any undertakings and representations made to
                          Party A by the Trust Manager or in respect of Party B
                          or this Agreement.

                  (iv)    Party A need not seek any confirmation from Party B
                          personally (as opposed to the Trust Manager on behalf
                          of Party B) that Party B is agreeable to entering into
                          a Transaction before Party B enters into a
                          Transaction.

                  (v)     Party A may send Confirmations to the Trust Manager.
                          Party B is taken to have received a Confirmation when
                          the
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                          Confirmation is received by the Trust Manager and
                          Party B is bound by any Confirmation given by the
                          Trust Manager.

                  (vi)    Party B waives any rights it might have to claim that:

                           (1)      The Trust Manager does not have authority to
                                    enter into Transactions, unless Party A is
                                    aware that the Trust Manager does not have
                                    authority; or

                           (2)      Party A is liable for loss or liability
                                    Party B sustains from Transactions as a
                                    result of the Trust Manager entering those
                                    Transactions in circumstances (whether or
                                    not on behalf of Party B) in which it should
                                    not have done so, unless Party A is aware
                                    that the Trust Manager should not have done
                                    so.

(v)      LIMITED LIABILITY. Insert the following new Section 16 after
         Section 15:

         "16.     LIMITATION OF PARTY B'S LIABILITY

         (a)      Party B enters into this Agreement only in its capacity as
                  trustee of the Trust and in no other capacity. A liability
                  incurred by Party B acting in its capacity as trustee of the
                  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 property of the
                  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 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)      The parties other than Party B may not sue Party B in any
                  capacity other than as trustee of the Trust or seek the
                  appointment of a receiver (except in relation to the assets of
                  the Trust), liquidator, administrator or similar person to
                  Party B or prove in any liquidation, administration or
                  arrangement of or affecting Party B (except in relation to the
                  assets of the Trust).

         (c)      The provisions of this Section 16 shall not apply to any
                  obligation or liability of Party B to the extent that it is
                  not satisfied because under this Agreement or any other
                  Transaction Document in relation to the Trust or by operation
                  of law there is a reduction in the extent of Party B's
                  indemnification out of the assets of the Trust, as a result of
                  Party B's fraud, negligence or wilful default.

         (d)      It is acknowledged that the Trust Manager and the Servicer are
                  responsible under the Transaction Documents for performing a
                  variety of obligations relating to the Trust. No act or
                  omission of Party B (including any related failure to satisfy
                  its obligations or breach of representation or warranty under
                  this Agreement) will be considered fraud, negligence or wilful
                  default of Party B for the purpose of paragraph (c) of this
                  Section 16 to the extent to which the act or omission was
                  caused or contributed to by any failure by the Trust Manager,
                  the Servicer or any other person who provides
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                  services in respect of the Trust (other than a person whose
                  acts or omissions Party B is liable for in accordance with the
                  Transaction Documents) to fulfil its obligations relating to
                  the Trust or by any other act or omission of the Trust Manager
                  or any other person who provides services in respect of the
                  Trust (other than a person whose acts or omissions Party B is
                  liable for in accordance with the Transaction Documents)
                  regardless of whether or not that act or omission is purported
                  to be done on behalf of Party B.

         (e)      No attorney, agent, receiver or receiver and manager appointed
                  in accordance with this Agreement has authority to act on
                  behalf of Party B in a way which exposes Party B to any
                  personal liability and no act or omission of any such person
                  will be considered fraud, negligence or wilful default of
                  Party B for the purpose of paragraph (c) of this Section 16,
                  provided (in the case of any person selected and appointed by
                  Party B) that Party B has exercised reasonable care in the
                  selection of such persons."

(w)      CREDIT SUPPORT.  Insert the following new Section 17:

         "17.     CREDIT SUPPORT

         (a)      If Party A is downgraded to less than a short term credit
                  rating of A-1 by S&P or a long term credit rating of A2 or a
                  short term credit rating of P-1 by Moody's, Party A must:

                  (i)      immediately, and at the cost of Party A, novate its
                           obligations to a counterparty with a short term
                           credit rating of at least A-1 by S&P and a short term
                           credit rating of P-1 and a long term credit rating of
                           at least A2 by Moody's; and

                  (ii)     if Party A's obligations have not been novated to
                           another counterparty under subparagraph (i) within:

                           (A)      where Party A is downgraded to less than a
                                    short term credit rating of A-1 by S&P, less
                                    than a short term credit rating of P-1 by
                                    Moody's or not less than a long term credit
                                    rating of A3 by Moody's, 30 days; or

                           (B)      where Party A is downgraded to less than a
                                    long term credit rating of A3 by Moody's, 5
                                    Business Days,

                           then it must cash collateralise (while the relevant
                           downgrade subsists) its obligations under this
                           Agreement as set out in Section 17(b).

         (b)      Where Party A must or elects to comply with Section 17(a)(ii),
                  it shall, at its cost, deposit into the Standby Collateral
                  Account (defined in (d) below) and maintain in the Standby
                  Collateral Account (whilst the relevant downgrade subsists)
                  sufficient funds to ensure that the amount standing to the
                  credit of the Standby Collateral Account is equal to the
                  greater of the following (the "CASH COLLATERAL AMOUNT"):

                  (i)      zero;
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                  (ii)     an amount sufficient to maintain the credit rating of
                           the Notes at the rating that was applicable to those
                           Notes immediately prior to the review of Party A's
                           credit rating;

                  (iii)    the amount of the next swap payment; and

                  (iv)     1% of the aggregate Principal Amount of all Notes
                           then outstanding.

         (c)      All interest on the Standby Collateral Account will accrue and
                  be payable monthly to the party which provides the relevant
                  amount standing to the credit of the Standby Collateral
                  Account.

         (d)      Where Party B has not established a collateral account and
                  Party A is required to deposit monies into a collateral
                  account, the Trust Manager must direct Party B to establish,
                  as soon as is practicable, and maintain, in the name of Party
                  B an account with an Approved Bank which account shall be, for
                  the purposes of Section 17(b) the "STANDBY COLLATERAL
                  ACCOUNT".

         (e)      Party B may only make withdrawals from the Standby Collateral
                  Account if directed to do so by the Trust Manager and then
                  only for the purpose of:

                  (i)      refunding to either Party A or Party B (whichever
                           provided the relevant amount standing to the credit
                           of the Standby Collateral Account) the amount of any
                           reduction in the Cash Collateral Amount from time to
                           time provided that each Designated Rating Agency has
                           confirmed in writing that such refund will not result
                           in the downgrading of any Note by it;

                  (ii)     withdrawing any amount which has been incorrectly
                           deposited into the Standby Collateral Account;

                  (iii)    bank accounts debit tax or other equivalent Taxes
                           payable in respect of the Standby Collateral Account;
                           or

                  (iv)     funding the amount of any payment due to be made by
                           Party A under this Agreement following the failure by
                           Party A to make that payment.

         (f)      The Trust Manager must direct Party B to, and Party B must,
                  refund or pay to Party A the amount of any payment which may
                  be made to Party A under (e)(i) or (e)(ii) above as soon as
                  such refund or payment is possible.

(x)      PAYMENTS UNDER THIS AGREEMENT.  Insert the following new Section 18:

         "18.     PAYMENTS UNDER THIS AGREEMENT

         Any payment under this Agreement by Party B to Party A is subject to
         clause 29 of the Master Trust Deed, clause 6 of the Series Notice and
         clause 16 of the Security Trust Deed."

(y)      CODE OF BANKING PRACTICE.  Insert the following new Section 19:

         "19.     CODE OF BANKING PRACTICE (2003)
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         The parties to this Agreement agree that the Code of Banking Practice
         2003 does not apply to this Agreement or any transaction or service
         under this Agreement."

Signed as an AGREEMENT.

PARTY A

<TABLE>
<CAPTION>

<S>                                                  <C>
SIGNED on behalf of                                   )
NATIONAL AUSTRALIA BANK LIMITED                       )   -------------------------------------------
by its attorney under power of attorney               )   Signature
in the presence of:                                   )

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

-------------------------------------------------------
Witness

-------------------------------------------------------
Print name
</TABLE>

<TABLE>
<CAPTION>

<S>                                                  <C>
PARTY B

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

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

-------------------------------------------------------
Witness

-------------------------------------------------------
Print name
</TABLE>

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INTEREST RATE SWAP SCHEDULE
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<TABLE>
<CAPTION>

<S>                                                  <C>
TRUST MANAGER

SIGNED on behalf of                                   )
INTERSTAR SECURITISATION MANAGEMENT PTY LIMITED       )
by its attorney under power of attorney               )   Signature
in the presence of:                                   )

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

-------------------------------------------------------
Witness

-------------------------------------------------------
Print name
</TABLE>

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                                                                         PAGE 35

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