Document:

Series Notice

                                             Perpetual Trustees Victoria Limited

                                 Interstar Securitisation Management Pty Limited

                                         Interstar Wholesale Finance Pty Limited

                                               Perpetual Trustee Company Limited

                                                            The Bank of New York

                                                     INTERSTAR MILLENNIUM TRUSTS

                                       INTERSTAR MILLENNIUM SERIES 2005-1G TRUST

                                                               The Chifley Tower
                                                                2 Chifley Square
                                                                 Sydney NSW 2000
                                                                       Australia
                                                              Tel 61 2 9230 4000
                                                              Fax 61 2 9230 5333
                                                                  www.aar.com.au

                                       (C) Copyright Allens Arthur Robinson 2005

Series Notice                                             Allens Arthur Robinson
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TABLE OF CONTENTS

1.    INTRODUCTION                                                             1

2.    TRUST                                                                    1

3.    DEFINITIONS AND INTERPRETATION                                           2
      3.1    Definitions                                                       2
      3.2    Interpretation                                                   19
      3.3    Liability                                                        19
      3.4    Business Day                                                     20
      3.5    Code of Banking Practice (2003)                                  20
      3.6    Trustee as trustee                                               21
      3.7    Knowledge of Trustee                                             21
      3.8    Australian Financial Services Licence                            21
      3.9    GST                                                              21

4.    NOTES                                                                   21
      4.1    Conditions of Notes                                              21
      4.2    Summary of conditions of Notes                                   22
      4.3    Issue of Notes                                                   23
      4.4    Trustee's Covenant to Noteholders                                23
      4.5    Repayment of Notes on Principal Repayment Dates                  24
      4.6    Final Redemption                                                 24
      4.7    Period during which interest accrues                             24
      4.8    Calculation of Interest                                          25
      4.9    Aggregate receipts                                               25
      4.10   Ownership of Notes                                               25
      4.11   Taxation                                                         25

5.    REDRAW NOTES                                                            26
      5.1    Note Issue Direction for Redraw Notes                            26
      5.2    Conditions to Note Issue Direction                               26
      5.3    Terms of Note Issue Direction                                    26

6.    CASHFLOW ALLOCATION METHODOLOGY                                         26
      6.1    General                                                          26
      6.2    Calculations                                                     26
      6.3    Redraws                                                          28
      6.4    Liquid Authorised Investments                                    28
      6.5    Interest and other payments                                      28
      6.6    Repayments of Principal Amount and Redemption of Notes           32
      6.7    Charge-offs                                                      37
      6.8    Payments into US$ Account                                        37
      6.9    Payments out of US$ Account                                      38
      6.10   Rounding of amounts                                              38
      6.11   Prescription                                                     38
      6.12   Replacement of Class A Currency Swap                             39
      6.13   Payment Priorities Following enforcement of the Security
                Trust Deed                                                    40

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7.    MASTER TRUST DEED, INVESTMENT MANAGEMENT AGREEMENT AND
      REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS                            41
      7.1    Completion of details in relation to Master Trust Deed           41
      7.2    Amendments to Master Trust Deed                                  42
      7.3    Amendments to Investment Management Agreement                    53
      7.4    Additional Representations and Warranties - Approved
                Seller and Trustee                                            55
      7.5    Additional Representations and Warranties - Trust Manager        57
      7.6    Additional Undertakings - Trustee                                57
      7.7    Additional Undertakings - Trust Manager and Servicer             58
      7.8    Additional Representations and Warranties (Loans) - Servicer     61
      7.9    Repetition of Representations, Warranties and Undertakings       62

8.    TRANSFERS TO OTHER TRUST                                                62

9.    PREFUNDING                                                              63

10.   BENEFICIARY                                                             64
      10.1   Issue of Units                                                   64
      10.2   Residual Capital Unit                                            64
      10.3   Residual Income Unit                                             64
      10.4   Register                                                         65
      10.5   Transfer of Units                                                65
      10.6   Limit on rights                                                  66

11.   NOTE TRUSTEE                                                            66
      11.1   Capacity                                                         66
      11.2   Exercise of Rights                                               66
      11.3   Representation and warranty                                      66
      11.4   Payments                                                         66

12.   TAX REFORM                                                              66
      12.1   Taxation of trusts and consolidated groups                       66
      12.2   Amending Bill - taxation of trusts                               67
      12.3   Group tax liabilities                                            67
      12.4   Evidence of tax sharing agreement                                68
      12.5   Objective                                                        68
      12.6   Beneficiaries                                                    69

13.   ATTORNEYS                                                               69

14.   GOVERNING LAW                                                           69

15.   ANCILLIARY FACILITIES                                                   69
      15.1   Ancillary Facilities                                             69
      15.2   Record keeping obligations of Trust Manager                      71

SCHEDULE 1                                                                    72

SCHEDULE 2                                                                    76

      Loan Types                                                              76

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Series Notice                                             Allens Arthur Robinson
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INTERSTAR MILLENNIUM SERIES 2005-1G TRUST

1.   INTRODUCTION
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     This Series Notice is issued on __________ April 2005 pursuant to and
     subject to the Master Trust Deed dated 2 December 1999 (the MASTER TRUST
     DEED) between:

     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 2005-1G Trust (the TRUSTEE);

     INTERSTAR SECURITISATION MANAGEMENT PTY LIMITED (ABN 56 100 346 898) of
     Level 10, 101 Collins Street, Melbourne, Victoria in its capacity as Trust
     Manager (the TRUST MANAGER);

     INTERSTAR WHOLESALE FINANCE PTY LIMITED (ABN 72 087 271 109) of Level 10,
     101 Collins Street, Melbourne, Victoria in its capacity as Servicer (the
     SERVICER);

     INTERSTAR WHOLESALE FINANCE PTY LIMITED (ABN 72 087 271 109) of Level 10,
     101 Collins Street, Melbourne, Victoria (the APPROVED SELLER);

     PERPETUAL TRUSTEE COMPANY LIMITED (ABN 42 000 001 007) of Level 7, 9
     Castlereagh Street, Sydney, New South Wales in its capacity as trustee of
     the trust established under the Security Trust Deed (the SECURITY Trustee);
     and

     THE BANK OF NEW YORK of 101 Barclay Street, 21W, New York, New York 10286
     (the CALCULATION AGENT, the PRINCIPAL PAYING AGENT, the NOTE REGISTRAR and,
     in its capacity as trustee for the Class A Noteholders, the NOTE TRUSTEE).

     This Series Notice is issued by the Trust Manager and applies in respect of
     the Interstar Millennium Series 2005-1G Trust.

     Each party to this Series Notice agrees to be bound by the Transaction
     Documents as amended by this Series Notice in the capacity set out with
     respect to them in this Series Notice or the Master Trust Deed.

     The parties agree that the Approved Seller is to be an Approved Seller for
     the purposes of the Master Trust Deed, this Series Notice and the other
     Transaction Documents for the Trust.

     The parties agree that the Servicer is to be a Servicer for the purposes of
     the Master Trust Deed, this Series Notice and the other Transaction
     Documents for the Trust.

     The parties agree that the Security Trustee is to be a Security Trustee for
     the purposes of the Master Trust Deed, this Series Notice and other
     Transaction Documents for the Trust.

2.   TRUST
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     The parties agree that the Trust will be a TRUST for the purposes of the
     Transaction Documents.

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3.   DEFINITIONS AND INTERPRETATION
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3.1  DEFINITIONS

     Unless otherwise defined in this Series Notice, words and phrases defined
     in the Master Trust Deed have the same meaning where used in this Series
     Notice.

     In this Series Notice, and for the purposes of the definitions in the
     Master Trust Deed, the following terms have the following meanings unless
     the contrary intention appears. These definitions apply only in relation to
     the Trust, and do not apply to any other Trust (as defined in the Master
     Trust Deed).

     A$ EXCHANGE RATE means, on any date in relation to the Class A Notes, the
     rate of exchange (set as at the commencement of the Class A Currency Swap)
     applicable under the Class A Currency Swap for the exchange of US dollars
     for Australian dollars.

     ACCEPTABLE INSURANCE POLICY means a policy of insurance effected by the
     Servicer:

     (a)  with an insurance company whose claims paying ability has an assigned
          rating of not less than BBB by S & P; and

     (b)  which provides insurance cover (for an amount of not less than
          A$500,000) to the Servicer in relation to the payment of any Penalty
          Payment (as defined in clause 32.18 of the Master Trust Deed) by the
          Servicer.

     ADDITIONAL REPAYMENT means any repayment of principal made by an Obligor
     under a Loan held by the Trustee which is in addition to the scheduled
     repayments or instalments which the Obligor is legally obliged to make in
     accordance with the terms of the Obligor's Loan Agreement.

     ADVERSE EFFECT means an event which will materially and adversely affect
     the amount of any payment to be made to any Noteholder, or will materially
     and adversely affect the timing of such payment, (including the withdrawal,
     qualification or downgrade of the rating of a Note by any Designated Rating
     Agency).

     AGENCY AGREEMENT means the Agency Agreement dated on or about the date of
     this Series Notice between the Principal Paying Agent, the Note Registrar,
     the Calculation Agent, the Trustee, the Note Trustee and the Trust Manager.

     AGGREGATE PRINCIPAL LOSS AMOUNT means, in relation to a Collection Period,
     an amount equal to the aggregate of all Principal Losses for that
     Collection Period.

     ANCILLARY FACILITY means any of the following facilities provided to the
     Obligors in relation to the Loans of the Trust:

     (a)  cheque book facility;

     (b)  paperless direct debit facility;

     (c)  paperless direct credit facility;

     (d)  credit card facility;

     (e)  debit card facility;

     (f)  deposit facility;

     (g)  payment facility known as "BPAY"; or

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     (h)  any other credit or financial facility or form of financial
          accommodation to those Obligors.

     ANCILLARY FACILITY DOCUMENT means any document from time to time in
     relation to an Ancillary Facility and includes:

     (a)  the Cheque Deposit and Direct Paperless Entry Facilities Agreement
          between NAB, the Servicer and Perpetual Trustees Victoria Limited (the
          FACILITIES AGREEMENT);

     (b)  the Collateral Agreement between NAB, the Servicer and Perpetual
          Trustees Victoria Limited; and

     (c)  the Consent Deed between NAB, Interstar Nominees (B) Pty Limited,
          Interstar Nominees (N) Pty Limited; Interstar Nominees (R) Pty
          Limited, the Servicer, Interstar Home Loan Corporation Pty Ltd,
          Perpetual Trustees Victoria Limited, Perpetual Trustee Company Limited
          and the Warehouse Financiers listed in that document (as amended from
          time to time),

     in relation to the provision of Ancillary Facilities.

     APPROVED BANK means a Bank which has a short term rating of at least A-1+
     from S&P and P-1 from Moody's and which is approved by the Trust Manager in
     writing.

     APPROVED SELLER'S FEE has the meaning given in clause 7.1(c).

     ARREARS subsist in relation to a Loan held by the Trustee if the Obligor
     under that Loan fails to pay any amount due under that Loan on the day it
     was due.

     ASSET means any asset of the Trust from time to time including any Loan,
     Mortgage or Related Security specified in a Sale Notice which are to be
     acquired in favour of the Trust, or any Authorised Investment acquired by
     the Trust or the Trustee's rights under any Support Facility.

     ATTORNEY has the meaning given in the Security Trust Deed.

     AUTHORISED INVESTMENTS has the meaning given to it in the Master Trust Deed
     (as amended by this Series Notice) and includes deposits by the Trustee
     with an Approved Bank as contemplated under any Ancillary Facility Document
     and Liquid Authorised Investments.

     AUTHORISED SIGNATORY means:

     (a)  in relation to the Trustee or the Security Trustee, a director,
          secretary or duly appointed attorney of the Trustee or Security
          Trustee (as the case may be) or an officer of the Trustee or Security
          Trustee (as the case may be) whose title contains the word 'director',
          'manager' or 'counsel' or a person performing the functions of any of
          them;

     (b)  in relation to the Trust Manager, the Servicer or the Approved Seller,
          a director, secretary or duly appointed attorney of the Trust Manager,
          the Servicer or the Approved Seller (as the case may be) or any other
          person from time to time whose name, title or position and specimen
          signature are set out in a certificate signed by two directors or one
          director and one secretary of the Trust Manager, the Servicer or the
          Approved Seller (as the case may be) confirming that person's
          appointment as an Authorised Signatory for the purposes of the Trust;
          and

     (c)  in relation to the Note Trustee, any officer within the corporate
          trust department of the Note Trustee, including any vice president,
          assistant vice president, treasurer, assistant treasurer, trust
          officer or any other officer of the Note Trustee who customarily
          performs functions

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          similar to those performed by the persons who at the time shall be
          such officers, respectively, or to whom any corporate trust matter is
          referred because of such person's knowledge of and familiarity with
          the particular subject and who shall have direct responsibility for
          the administration of the trust constituted by the Note Trust Deed.

     AUTHORISED SWAP PROVIDER means a counterparty rated at least A-1 (short
     term) by S&P and A2 (long term) and P-1 (short term) by Moody's.

     BANK means:

     (a)  a corporation authorised under the Banking Act 1959 (Cth) to carry on
          general banking business in Australia or a corporation formed or
          incorporated under an Act of the Parliament of an Australian
          jurisdiction to carry on the general business of banking;

     (b)  a person authorised under the Financial Services and Markets Act 2000
          (UK) to carry on a business of accepting deposits; or

     (c)  a banking institution or trust company organised or doing business
          under the laws of the United States of America or any state of it.

     BANK BILL RATE means as at any date the rate per cent per annum being the
     average of the buying and selling rates for a three month bill quoted on
     the page designated "BBSW" of the Reuters Monitor System at or about 10.30
     am (Melbourne time) on that date by each person so quoting (but not less
     than five) and rounding the resultant figure upwards to four decimal
     places, provided that if in respect of any date the BANK BILL RATE cannot
     be determined because fewer than five persons have quoted rates or a rate
     is not displayed for a term equivalent to that period, then the BANK BILL
     RATE for that date shall mean such rate as determined by the Trust Manager
     or a Financial Advisor nominated by the Trust Manager having regard to
     comparable indices then available. In the event that any such date is not a
     Business Day, then the BANK BILL RATE applicable on that date shall be
     deemed to be the BANK BILL RATE which is applicable on the Business Day
     next succeeding that date. A certificate signed by the Trust Manager or a
     Financial Advisor nominated by the Trust Manager certifying as to the BANK
     BILL RATE on any date shall be final and conclusive evidence thereof in the
     absence of manifest error.

     BENEFICIARY means, in relation to the Trust, each holder of a Unit (as
     defined in clause 10).

     BENEFICIARY DISTRIBUTION means a distribution to a Residual Income
     Beneficiary under clause 6.5(a)(xiii), clause 6.6(a)(i)(E).

     BREAK COSTS means any break costs, early termination payments or payments
     in the nature of compensation which are payable by the Trustee to a Swap
     Provider consequent upon the early termination of a Hedge Agreement and
     where such break costs or compensation are not recoverable by the Trustee
     from any other person. Without limiting the foregoing, Break Costs do not
     include any costs or payments payable to a Swap Provider by the Trustee to
     the extent such costs or payments are recovered by the Trustee from Break
     Payments.

     BREAK PAYMENT means any amount owed by an Obligor under a Loan which is
     subject to a fixed rate of interest and which amount is owed following
     payment by that Obligor of any principal before the due date for that
     principal, in accordance with the terms of the relevant Loan Agreement (and
     includes any amount owed by the relevant Mortgage Insurer with respect to
     the obligation of that Obligor to pay any such amount).

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     BUSINESS DAY means any day, other than a Saturday, Sunday or public
     holiday, on which Banks are open for business in London, New York City,
     Melbourne and Sydney.

     CALCULATION AGENT means initially The Bank of New York or such other person
     appointed as calculation agent under the Agency Agreement.

     CARRYOVER CHARGE-OFF means, in relation to a Payment Date, the aggregate
     amount of all Charge-offs made prior to that Payment Date and which have
     not been reduced under clause 6.5(a)(ix) prior to that Payment Date.

     CHARGE-OFF means, in relation to a Payment Date, the amount (if any) by
     which the Aggregate Principal Loss Amount for the corresponding Collection
     Period exceeds the amount allocated or available for allocation on that
     Payment Date under clause 6.5(a)(viii).

     CLASS A A$ EQUIVALENT means, in relation to an amount denominated or to be
     denominated in US$:

     (a)  prior to the termination of the Class A Currency Swap, the amount
          converted to (and denominated in) A$ at the A$ Exchange Rate in
          relation to the Class A Notes; and

     (b)  after the termination of the Class A Currency Swap, the amount that,
          when converted into US dollars at the then-prevailing spot exchange
          rate in New York City for Australian dollar purchases of US dollars,
          will equal the US dollar amount owing in respect of principal or
          interest, as applicable, on the Class A Notes to be paid from or by
          reference to such amount.

     CLASS A A$ INTEREST AMOUNT means, in relation to a Payment Date, the amount
     in Australian dollars calculated as follows:

     (a)  on a daily basis at a rate equal to the aggregate of the Bank Bill
          Rate and the Spread (as defined in the Class A Currency Swap) for the
          relevant Interest Period;

     (b)  on the Class A A$ Equivalent of the Principal Amount of the Class A
          Notes as at the first day of the Interest Period ending on that
          Payment Date; and

     (c)  on the basis of the actual number of days in the relevant Interest
          Period and a year of 365 days,

     together with any unpaid Class A A$ Interest Amount in respect of previous
     Payment Dates.

     CLASS A CURRENCY SWAP means, in relation to the Class A Notes, the currency
     swap agreement entered into between the Class A Currency Swap Provider, the
     Trust Manager and the Trustee dated on or about the date of this Series
     Notice, together with the schedules and confirmations with respect thereto
     and any replacement Class A Currency Swap entered into in accordance with
     the Transaction Documents.

     CLASS A CURRENCY SWAP PROVIDER means initially Barclays Bank PLC and
     subsequently any replacement currency swap provider appointed in accordance
     with the Transaction Documents.

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     CLASS A MORTGAGEES means the Note Trustee on behalf of the Class A
     Noteholders, and, if the Note Trustee has become bound to take steps and/or
     to proceed under the Security Trust Deed and fails to do so within a
     reasonable time and such failure is continuing, the Class A Noteholders,
     and then only if and to the extent the Class A Noteholders are able to do
     so under the Transaction Documents and Australian law.

     CLASS A NOTE means a Note issued as a Class A Note by the Trustee with the
     characteristics of a Class A Note under this Series Notice.

     CLASS A NOTEHOLDER means a Noteholder of a Class A Note.

     CLASS A NOTE OWNER means, with respect to a Global Note, the person who is
     the beneficial owner of such Global Note, as reflected on the books of the
     relevant Clearing Agency, or on the books of the person maintaining an
     account with such Clearing Agency (directly as Clearing Agency Participant
     or as an indirect participant) in each case in accordance with the rules of
     such Clearing Agency.

     CLASS AB NOTE means a Note issued as a Class AB Note by the Trustee with
     the characteristics of a Class AB Note under this Series Notice.

     CLASS AB NOTEHOLDER means a Noteholder of a Class AB Note.

     CLASS B NOTE means a Note issued as a Class B Note by the Trustee with the
     characteristics of a Class B Note under this Series Notice.

     CLASS B NOTEHOLDER means a Noteholder of a Class B Note.

     CLEARING AGENCY means, in relation to the Class A Notes, an organisation
     registered as a CLEARING AGENCY pursuant to section 17A of the Exchange Act
     appointed by the Trust Manager and the Trustee to hold Notes (directly or
     through a Common Depository), and initially means DTC.

     CLEARING AGENCY PARTICIPANT means a broker, dealer, bank, other financial
     institution or other person for whom from time to time a Clearing Agency
     effects book-entry transfers and pledges of securities deposited with the
     Clearing Agency.

     CLEARSTREAM, LUXEMBOURG means Clearstream Banking, societe anonyme.

     CLOSING DATE means, in relation to the Trust and any Purchased Loan, 4 May
     2005.

     COLLECTION ACCOUNT means, in relation to the Trust, an account with NAB for
     so long as it is an Approved Bank or any other account, opened and
     maintained by the Trustee with an Approved Bank under clause 26 of the
     Master Trust Deed.

     COLLECTION PERIOD means, in relation to a Payment Date other than the first
     and final Payment Dates, the period from (and including) the date which is
     6 Business Days before the Payment Date preceding that Payment Date to (but
     excluding) the date which is 6 Business Days before that Payment Date. The
     first Collection Period is the period from (but excluding) the first
     Cut-Off Date to (and including) [*] 2005. The Collection Period in relation
     to the final Payment Date is the period from (and including) the date which
     is 6 Business Days before the Payment Date immediately prior to that final
     Payment Date to (but excluding) the date which is 6 Business Days before
     that final Payment Date.

     COLLECTIONS means, in relation to the Trust for a period, Income and
     Mortgage Principal Repayments for that period.

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     COMMON DEPOSITORY means, in relation to Class A Notes, Cede & Co, as
     nominee for DTC or any Clearing Agency appointed from time to time to be
     (or to have its nominee be) the registered owner of a Global Note.

     CONDITIONS means, in relation to a Class A Note, the terms and conditions
     of that Class A Note, as annexed to the Note Trust Deed.

     CORPORATIONS ACT means the Corporations Act 2001 (Cth).

     CUT-OFF DATE means close of business on [10 March] 2005.

     DEALER AGREEMENT means the Dealer Agreement dated on or about the date of
     this Series Notice between the Trustee, the Trust Manager, the Servicer and
     J.P.Morgan Australia Limited.

     DEFAULTING PARTY has:

     (a)  in relation to the Interest Rate Swap, the meaning given in the
          Interest Rate Swap; and

     (b)  in relation to the Class A Currency Swap, the meaning given in that
          Class A Currency Swap.

     DEFINITIVE NOTE means a Class A Note in definitive form issued or to be
     issued in respect of any Class A Note under, and in the limited
     circumstances specified in, the Note Trust Deed and includes any
     replacement for a Definitive Note issued under the relevant Conditions.

     DESIGNATED RATING AGENCY means:

     (a)  in relation to the Redraw Notes, any rating agency so specified prior
          to the issue of the Redraw Notes;

     (b)  in relation to the Class A Notes, S&P and Moody's;

     (c)  in relation to the Class AB Notes, S&P and Moody's;

     (d)  in relation to the Class B Notes, S&P and Moody's; and

     (e)  otherwise, S&P and Moody's.

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

     DTC means The Depository Trust Company.

     EASYDOC LOAN means a Loan, designated as such, in respect of which:

     (a)  the relevant Obligor, at the time of settlement of the Loan, is
          self-employed or a full-time investor; and

     (b)  there are no income verification requirements.

     ELIGIBILITY CRITERIA means the criteria set out in schedule 1.

     ENFORCEMENT EXPENSES means the costs and expenses incurred by the Approved
     Seller or the Servicer in connection with the enforcement of any Purchased
     Loans or the related Loan Rights.

     EUROCLEAR means Euroclear Bank S.A./N.V. as operator of the Euroclear
     System.

     EXCESS SPREAD means, in relation to the Trust and each Other Trust, all
     amounts available to be distributed to Interstar Wholesale Finance Pty
     Limited in its capacity as a beneficiary of the Trust or

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     that Other Trust (as the case may be) under or in respect of the Trust or
     that Other Trust (as the case may be).

     EXCHANGE ACT means the United States Securities Exchange Act of 1934, as
     amended.

     EXPENSES has the meaning in the Master Trust Deed and includes any
     Trustee's Fee, any Trust Manager's Fee, any Servicer's Fee, any fees and
     other amounts payable by the Trustee to the Note Trustee, the Calculation
     Agent, a Paying Agent or the Note Registrar under the Transaction Documents
     and any amounts payable or incurred by the Trustee, the Trust Manager or
     the Servicer in relation to the Trust under any Ancillary Facility but
     excluding:

     (a)  any Redraw; and

     (b)  any amounts required to be applied under clause 6 of the Facilities
          Agreement to maintain the minimum balance required to be standing in
          credit in the Trust Drawings Account (as defined in the Facilities
          Agreement).

     EXPENSES MARGIN means the percentage as determined by the Servicer
     representing a margin to assist with the payment of Expenses and sufficient
     to allow each Designated Rating Agency to affirm the ratings on the Notes.

     FINANCIAL ADVISOR means a financial institution which is, in the reasonable
     opinion of the Trust Manager, experienced and competent in the assessment
     of investment cash flows and the provision of financial advice in relation
     thereto.

     GLOBAL NOTE means any global note issued or to be issued by the Trustee
     under the Note Trust Deed representing Class A Notes..

     GST means any goods and services tax, broad based consumption tax or value
     added tax imposed by any Australian Government Agency and includes any
     goods and services tax payable under the A New Tax System (Goods and
     Services Tax) Act 1999.

     HEDGE AGREEMENT has the meaning in the Master Trust Deed and, in relation
     to the Trust, includes an Interest Rate Swap and the Class A Currency Swap.

     INCOME means, in relation to a Collection Period, all moneys, rights and
     property which is received by the Trustee during that Collection Period by
     way of interest or otherwise in the nature of income in respect of the
     Authorised Investments and, without limiting the generality of the
     foregoing, includes:

     (a)  amounts attributable to interest received under Hedge Agreements;

     (b)  interest on Income and any other moneys received;

     (c)  amounts in the nature of, or attributable to, interest derived under a
          Support Facility (other than a Hedge Agreement);

     (d)  any Break Payments received from Obligors or Mortgage Insurers; and

     (e)  interest and fees received from Obligors.

     INCOME PERCENTAGE means, in relation to a Residual Income Beneficiary at
     any time, the subscription price paid by that Residual Income Beneficiary
     for all Residual Income Units held by that Residual Income Beneficiary
     divided by the total subscription prices of all Residual Income Units
     recorded in the Register maintained under clause 10.4 at that time,
     expressed as a percentage.

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     INFORMATION MEMORANDUM means:

     (a)  in relation to the Class A Notes, the prospectus relating to those
          Class A Notes dated [[*] April] 2005;

     (b)  in relation to the Class AB Notes and the Class B Notes, the
          information memorandum relating to those Class AB Notes and Class B
          Notes dated [[*] April] 2005;

     (c)  in relation to Redraw Notes, any information memorandum, prospectus or
          other selling or distribution information relating to those Redraw
          Notes,

     and includes any supplement to or amendment of that prospectus, offering
     circular or information memorandum (as the case may be).

     INITIAL PRINCIPAL AMOUNT means, in respect of a Note, the amount specified
     in clause 4.2(b) as the Initial Principal Amount for that Note.

     INTEREST means, in respect of a Note and an Interest Period for that Note,
     all interest accrued on the Note in respect of that Interest Period in
     accordance with clause 4.8.

     INTEREST ADJUSTMENT means, in relation to the Approved Seller, all interest
     and fees accrued on the Purchased Loans, purchased from the Approved
     Seller, up to (but excluding) the Closing Date for those Purchased Loans
     which are unpaid as at the close of business on that Closing Date.

     INTEREST PAYMENT DATE means, for the purposes of the Master Trust Deed, and
     each Note, each Payment Date.

     INTEREST PERIOD means in relation to a Note and:

     (a)  the first Interest Period for that Note, the period commencing on (and
          including) the issue date of that Note and ending on (but excluding)
          the first Payment Date after that issue date;

     (b)  the final Interest Period for that Note, the period commencing on (and
          including) the Payment Date prior to the earlier of the Maturity Date
          and the date on which that Note is redeemed in accordance with its
          terms and ending on (but excluding) the Maturity Date and the date on
          which that Note is so redeemed (as the case may be); and

     (c)  each other Interest Period for that Note, each period commencing on
          (and including) a Payment Date and ending on (but excluding) the next
          Payment Date.

     INTEREST RATE means:

     (a)  in relation to a Class A Note and an Interest Period for that Class A
          Note:

          (i)  LIBOR on the relevant Rate Reset Date for that Interest Period;
               plus

          (ii) the MBS Margin for that Class A Note; plus

          (iii) from (and including) the Step-Up Margin Date, the Step-Up Margin
               for that Class A Note;

     (b)  in relation to a Class AB Note or a Class B Note and an Interest
          Period for that Class AB Note or Class B Note:

          (i)  the Bank Bill Rate on the relevant Rate Reset Date for that
               Interest Period; plus

          (ii) the MBS Margin for that Class AB Note or Class B Note; plus

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          (iii) from (and including) the Step-Up Margin Date, the Step-Up Margin
               for that Class AB Note or Class B Note; and

     (c)  in relation to a Redraw Note and an Interest Period for that Redraw
          Note, the interest rate specified in respect of that Redraw Note at
          its issue.

     INTEREST RATE SWAP means any interest rate swap agreement between a party
     which is an Authorised Swap Provider on the date the swap agreement is
     entered into, the Trust Manager and the Trustee, together with the
     schedules and confirmations with respect thereto, in relation to the
     interest rate risk arising from a Loan which at any time bears a fixed rate
     of interest as at that time.

     INTEREST RATE SWAP PROVIDER means a counterparty who enters into an
     Interest Rate Swap with the Trustee.

     INVESTMENT RATE means the rate determined as the Investment Rate from time
     to time under this Series Notice and the Servicing Agreement.

     IRISH PAYING AGENT means AIB/BNY Fund Management (Ireland) Limited.

     ISDA means the International Swaps and Derivatives Association, Inc.

     ISDA DEFINITIONS means the 2000 ISDA definitions, as amended and updated as
     at the Note Issue Date.

     LIBOR means, in relation to any Interest Period for a Class A Note (other
     than the first Interest Period), the rate applicable for deposits in US
     dollars for a period of 3 months which appears on the Telerate Page 3750 as
     of 11.00 am, London time, on the relevant Rate Reset Date and, in relation
     to the first Interest Period for a Class A Note, the linear interpolation
     of the rates applicable for deposits in US dollars for 3 and 4 months which
     appear on the Telerate Page 3750 as of 11.00 am, London time, on the
     relevant Rate Reset Date. If such rate does not appear on the Telerate Page
     3750, the rate for that Interest Period will be determined as if the
     Trustee and the Calculation Agent had specified USD-LIBOR-REFERENCE BANKS
     as the applicable Floating Rate Option under the ISDA Definitions.
     USD-LIBOR-REFERENCE BANKS means that the rate for an Interest Period for a
     Class A Note will be determined on the basis of the rates at which deposits
     in US dollars are offered by four major banks in the London interbank
     market agreed to by the Calculation Agent and the Class A Currency Swap
     Provider (the REFERENCE BANKS) at approximately 11.00 am, London time, on
     the relevant Rate Reset Date to prime banks in the London interbank market
     for a period of 3 months (or 3 and 4 months, as the case may be) commencing
     on the first day of the Interest Period and in a Representative Amount (as
     defined in the ISDA Definitions). The Calculation Agent will request the
     principal London office of each of the Reference Banks to provide a
     quotation of its rate. If at least two such quotations are provided by
     Reference Banks to the Calculation Agent, the rate for that Interest Period
     will be the arithmetic mean of the quotations. If fewer than two quotations
     are provided by Reference Banks to the Calculation Agent following the
     Calculation Agent's request, the rate for that Interest Period will be the
     arithmetic mean of the rates quoted by four major banks in New York City,
     selected by the Calculation Agent and the Class A Currency Swap Provider,
     at approximately 11.00 am, New York City time, on that Rate Reset Date for
     loans in US dollars to leading European banks for a period of 3 months (or
     3 and 4 months, as the case may be) commencing on the first day of the
     Interest Period and in a Representative Amount. If no such rates are
     available in New York City, then the rate for such Interest Period will be
     the most recently determined rate in accordance with this definition.

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     LINE OF CREDIT COMMITMENT means as at any date the then amortised facility
     limit under an Interstar "Non Capitalising Line of Credit" Account Loan or
     an Interstar "Capitalising Line of Credit" Account Loan (as referred to in
     schedule 2) (or under an Interstar "Split" Account Loan (as referred to in
     schedule 2) which has the general characteristics of an Interstar "Non
     Capitalising Line of Credit" Account Loan or an Interstar "Capitalising
     Line of Credit" Account Loan (as referred to in schedule 2)) which forms
     part of the Assets of the Trust.

     LIQUID AUTHORISED INVESTMENTS as at any date means any of the following
     Authorised Investments:

     (a)  Bills, promissory notes or other negotiable instruments accepted drawn
          or endorsed by a Bank which has a short term rating of at least A-1+
          from S&P and P-1 from Moody's which is approved by the Trust Manager
          in writing;

     (b)  cash and/or deposits with an Approved Bank, or the acquisition of
          certificates of deposit or any other debt security issued by a Bank
          which has a short term rating of at least A-1+ from S&P and P-1 from
          Moody's which is approved by the Trust Manager in writing;

     (c)  loan securities issued, secured or guaranteed by the Government of
          Australia or any State or Territory within the Commonwealth of
          Australia;

     (d)  any other Authorised Investments of a type approved by each Designated
          Rating Agency.

     LIQUIDATED LOAN means a Purchased Loan with respect to which a default has
     occurred and the Trust Manager has determined that all Liquidation Proceeds
     likely to be recoverable have been recovered, having regard to:

     (a)  the enforcement of the Mortgage and any Loan Security in relation to
          that Purchased Loan;

     (b)  any sale of the Land subject to the Mortgage in relation to that
          Purchased Loan;

     (c)  any proceeds paid on the compulsory acquisition of that Land by any
          Government Agency;

     (d)  any payments received from any relevant Obligor on account of any
          amount outstanding under that Purchased Loan;

     (e)  such other matters as the Trust Manager reasonably determines to be
          relevant.

     LIQUIDATION LOSS means, in relation to a Purchased Loan which becomes a
     Liquidated Loan during a Collection Period, the Unpaid Balance of that
     Purchased Loan after the application of all Liquidation Proceeds relating
     to that Purchased Loan, including any Enforcement Expenses in respect of
     that Purchased Loan.

     LIQUIDATION PROCEEDS means, in relation to a Purchased Loan, the amount
     received by or on behalf of the Trustee in connection with the liquidation
     of such Purchased Loan including, without limitation:

     (a)  proceeds arising from the enforcement of the Mortgage in relation to
          that Purchased Loan and sale of the Land subject to that Mortgage;

     (b)  proceeds arising from the enforcement of any Loan Security in relation
          to that Purchased Loan;

     (c)  the proceeds of any claim under the relevant Mortgage Insurance Policy
          or Title Insurance Policy; and

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     (d)  proceeds arising from any resumption or compulsory acquisition of the
          relevant Land by any Government Agency.

     LIQUIDITY PURPOSES includes:

     (a)  replenishing Liquid Authorised Investments to maintain the Prescribed
          Minimum Level;

     (b)  funding Redraws under clause 6.3; and

     (c)  funding advances to Obligors under any Loan Agreement which provides
          for a line of credit facility or revolving credit facility.

     LOAN means, in relation to the Trust, the rights of the Approved Seller or
     the Trustee (as the case may require) under or in respect of Loans (as
     defined in the Master Trust Deed) which are acceptable to the Trustee (in
     all cases in the form certified by the Approved Seller before the Sale
     Notice, where those rights are to be acquired from the Approved Seller,
     other than Perpetual Trustees Victoria Limited as trustee of any trust, is
     or was given, and as certified thereafter from time to time).

     LOAN AMOUNT means, in relation to a Loan held by the Trustee, the principal
     amount of that Loan from time to time.

     LOAN TO VALUE RATIO means, in relation to a Loan, the ratio (expressed as a
     percentage) which the outstanding amount of the Loan secured or to be
     secured by the related Mortgage bears to the value of the Land mortgaged or
     to be mortgaged both at the time the Obligor entered into the relevant Loan
     Agreement.

     LODOC LOAN means a Loan, designated as such, in respect of which:

     (a)  the relevant Obligor, at the time of settlement of the Loan, has been
          self-employed or a full time investor for not less than 2 years; and

     (b)  the relevant Obligor, immediately after the settlement of the Loan,
          has net assets of not less than A$50,000; and

     (c)  the income verification requirements are less extensive than for other
          Loans (other than EasyDoc Loans).

     LOW DOCUMENTATION LOAN means a LoDoc Loan or an EasyDoc Loan.

     MATURITY DATE means, for all Notes, the maturity date specified in clause
     4.2.

     MBS MARGIN means, in relation to a Note, the margin specified in clause 4.2
     as the MBS Margin for that Note.

     MORTGAGE INSURANCE POLICY means, in relation to a Loan, an insurance
     contract issued by a Mortgage Insurer which:

     (a)  insures, during the whole of the proposed term of the Loan, against
          the risk of default by an Obligor covering:

          (i)  the whole of the Loan Amount due under the Loan;

          (ii) any reasonable expenses incurred in enforcing the Loan and
               relevant Loan Securities;

          (iii) any unpaid interest calculated at the interest rate applicable
               if interest is paid on the due date; and

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          (iv) the timely payment for a period of at least 12 months after the
               date upon which a claim is made under that contract of interest
               payments under the Loan which remain outstanding for a period of
               14 days;

     (b)  provides that if the Loan is subject to the Consumer Credit
          Legislation then the obligation of the Mortgage Insurer to pay the
          amounts above cannot be reduced or denied consequent upon a court or
          tribunal making an order under the Consumer Credit Legislation for a
          change to the terms of the Loan or the relevant credit contract
          relating to that Loan; and

     (c)  provides for the Trustee as the insured party.

     MORTGAGE INSURER means PMI Indemnity Limited (ABN 49 000 781 171), GE
     Capital Mortgage Insurance Corporation (Australia) Pty Ltd (ABN 52 081 488
     440), PMI Mortgage Insurance Ltd (formerly MGICA Ltd) (ABN 70 000 511 071),
     GE Mortgage Insurance Pty Ltd (ABN 61 071 466 334) or such other
     corporation or corporations as approved from time to time by the Trust
     Manager and each Designated Rating Agency.

     MORTGAGE PRINCIPAL REPAYMENTS means, in relation to a Collection Period,
     all amounts received by the Trustee during that Collection Period in
     connection with a Loan or Loan Security being:

     (a)  in respect of the repayment of any part of the Loan Amount under the
          Loan;

     (b)  any net receipts of a principal or capital nature received in respect
          of any enforcement or recovery proceedings in respect of the Loan or
          Loan Security;

     (c)  any net receipts of a principal or capital nature under a Support
          Facility in respect of the Loan or Loan Security;

     (d)  any other amount which, under clause 6.5(a)(viii) or 9(c), is to be
          treated as a Mortgage Principal Repayment received by the Trustee
          during that Collection Period; and

     (e)  any other amount received on, under or in relation to the Loan or Loan
          Security and which is not Income.

     MORTGAGEE means:

     (a)  the Security Trustee in relation to its rights (held in its own right
          or for the benefit of other Mortgagees) under this deed;

     (b)  any Noteholder, in relation to its rights under the Notes held by it;

     (c)  the Approved Seller in relation to any relevant Interest Adjustment
          and any Approved Seller's Fees under the Transaction Documents for the
          Trust;

     (d)  the Trust Manager in relation to its rights as Trust Manager under the
          Transaction Documents for the Trust;

     (e)  the Servicer in relation to its rights as Servicer under the
          Transaction Documents for the Trust and in respect of the Originator's
          Fee;

     (f)  any Support Facility Provider (other than any Mortgage Insurer) in
          relation to its rights under each Support Facility for the Trust to
          which it is a party;

     (g)  the Note Trustee in relation to its rights (held in its own right or
          for the benefit of any Class A Noteholders) under the Transaction
          Documents for the Trust;

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     (h)  the Mortgage Insurers in relation to payments by way of reimbursement
          of Timely Payment Cover (as defined in the Mortgage Insurance
          Policies);

     (i)  each Paying Agent in relation to its rights under the Transaction
          Documents;

     (j)  the Calculation Agent in relation to its rights under the Transaction
          Documents;

     (k)  each Note Manager in relation to its rights under the Transaction
          Documents; and

     (l)  the Trustee in relation to its rights under the Transaction Documents.

     NAB means National Australia Bank Limited.

     NON-LIQUID AUTHORISED INVESTMENTS means Authorised Investments other than
     Liquid Authorised Investments.

     NOTE means a note referred to in clause 4.

     NOTEHOLDER means the person who:

     (a)  in relation to a Definitive Note or a Global Note for a Class A Note
          at any time, is registered in the Note Register as the holder of that
          Definitive Note or Global Note (as the case may be) at that time; and

     (b)  in relation to a Registered Note at any time, is registered in the
          Register as the holder of that Note at that time.

     NOTEHOLDER MORTGAGEE means:

     (a)  the Redraw Noteholders;

     (b)  each Class A Mortgagee;

     (c)  each Class AB Mortgagee; and

     (d)  each Class B Mortgagee.

     NOTE ISSUE DATE means 4 May 2005, or, in the case of any Redraw Notes, the
     date on which those Redraw Notes are issued.

     NOTE MANAGER means each of J.P. Morgan Securities Inc., Deutsche Bank
     Securities Inc. and Greenwich Capital Markets, Inc..

     NOTE OWNER means a Class A Note Owner.

     NOTE REGISTER means the register kept by the Note Registrar to provide for
     the registration and transfer of Class A Notes under the Note Trust Deed
     and the Agency Agreement.

     NOTE REGISTRAR means initially The Bank of New York or any successor note
     registrar appointed under the Agency Agreement.

     NOTE TRUST DEED means the Note Trust Deed dated on or about the date of
     this Series Notice between the Note Trustee, Principal Paying Agent,
     Calculation Agent, Note Registrar, the Trustee, the Trust Manager and the
     Security Trustee.

     NOTE TRUSTEE means initially The Bank of New York or such other person
     appointed as note trustee under the Note Trust Deed.

     NOTICE OF CREATION OF TRUST means the Notice of Creation of Trust dated
     [[27] April] 2005 issued under the Master Trust Deed in relation to the
     Trust.

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     OBLIGOR means an Obligor as defined in the Master Trust Deed and may be a
     resident of any country.

     ORIGINATOR'S FEE has the meaning given in clause 7.1(f).

     OTHER TRUST means any Trust (as defined in an Ancillary Facility Document
     from time to time) other than the Trust.

     PAYING AGENT means any person for the time being appointed as a Paying
     Agent under the Agency Agreement and includes the Principal Paying Agent
     and the Irish Paying Agent.

     PAYMENT DATE means, subject to clause 3.4, the 8th day of each March, June,
     September and December, the first such date being 8 June 2005.

     PORTFOLIO OF LOANS means all Loans specified in a Note Issue Direction or
     Sale Notice.

     PREFUNDING ACCOUNT means the account held by the Trustee in its capacity as
     trustee of the Trust with an Approved Bank into which will be or is
     deposited the Prefunding Amount.

     PREFUNDING AMOUNT has the meaning given in clause 9.

     PREFUNDING END DATE means the first Payment Date.

     PRESCRIBED MINIMUM LEVEL means, at any time, 1% of the aggregate of:

     (a)  the Class A A$ Equivalent of the Principal Amount of all Class A Notes
          then outstanding; and

     (b)  the Principal Amount of all Registered Notes then outstanding,

     or such other percentage as determined by the Trust Manager and confirmed
     by each Designated Rating Agency that such percentage is not detrimental to
     the rating (including a qualification or a withdrawal of a rating) of any
     Notes outstanding at that time.

     PRINCIPAL AMOUNT means, on a date in relation to a Note, the Initial
     Principal Amount of that Note minus the aggregate of Principal Payments
     made in respect of that Note on or before that date.

     PRINCIPAL ENTITLEMENT means, in relation to a Note for the purposes of the
     Master Trust Deed, the Principal Amount of the Note at the Maturity Date.

     PRINCIPAL LOSS means, in relation to a Collection Period, the amount of any
     Liquidation Loss for that Collection Period referred to in clause
     6.2(a)(xiii)(B).

     PRINCIPAL PAYING AGENT means initially The Bank of New York or such other
     person appointed as principal paying agent under the Agency Agreement.

     PRINCIPAL PAYMENT means a payment in relation to a Note under clause 6.6.

     PRINCIPAL REPAYMENT DATE means, for the purposes of the Master Trust Deed,
     and each Note, each Payment Date.

     PROPERTY RESTORATION EXPENSES means costs and expenses incurred at the
     direction of the Trust Manager or the Servicer by or on behalf of the
     Trustee in repairing, maintaining or restoring to an appropriate state of
     repair and condition any Mortgaged Property, in exercise of a power
     conferred on the relevant mortgagee under the relevant Purchased Loan and
     Relevant Documents.

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     PURCHASED LOAN means each Loan and the related Loan Rights specified in a
     Sale Notice (or, where relevant, in accordance with the procedures agreed
     under the Master Trust Deed) which is accepted by the Trustee, unless the
     Trustee has ceased to have an interest in that Loan.

     RATE RESET DATE means:

     (a)  in relation to an Interest Period and a Class A Note, the date which
          is 2 Business Days before the beginning of the Interest Period for
          that Class A Note. In this paragraph (a) of the definition of Rate
          Reset Date, BUSINESS DAY means any day on which banks are open for
          business (including dealings in foreign exchange and foreign currency
          deposits) in London and New York City; and

     (b)  in relation to an Interest Period and a Registered Note, the first day
          of the Interest Period for that Note.

     RECEIVER has the meaning given in the Security Trust Deed.

     RECORD DATE means for the purposes of the Master Trust Deed in relation to
     a date for payment of any amount in relation to a Note, 4.00 pm (Melbourne
     time) on the date which is 4 Business Days before that date for payment.

     RECOVERY AMOUNT means, in relation to a Payment Date, the aggregate of all
     amounts applied on that Payment Date under clauses 6.5(a)(ix) and
     6.5(a)(x).

     REDRAW means, in relation to any Collection Period, an amount re-advanced
     to an Obligor by the Trustee under a Loan held by the Trustee in respect of
     any previous Additional Repayments of the Obligor.

     REDRAW NOTE means a Note issued as a Redraw Note by the Trustee with the
     characteristics of a Redraw Note under this Series Notice.

     REDRAW NOTEHOLDER means a Noteholder of a Redraw Note.

     REGISTERED NOTE means a Redraw Note, a Class AB Note or a Class B Note.

     REGISTERED NOTEHOLDER means a Noteholder of a Registered Note.

     RESIDUAL CAPITAL UNIT has the meaning given in clause 10.1.

     RESIDUAL INCOME UNIT has the meaning given in clause 10.1.

     REUTERS MONITOR SYSTEM means the monitor system used by AAP Reuters
     Economic Services (and its successors and assigns) or any similar monitor
     system as agreed upon from time to time by the Trust Manager and the
     Trustee.

     SALE NOTICE means any Sale Notice (as defined in the Master Trust Deed)
     which may be given by the Approved Seller to the Trustee as trustee of the
     Trust on or after the date of execution of this Series Notice and which is
     subsequently accepted by the Trustee.

     SECURED MONEYS has the meaning given in the Security Trust Deed.

     SECURITIES ACT means the United States Securities Act of 1933, as amended.

     SECURITY TRUST DEED means the security trust deed dated on or about the
     date of this Series Notice between the Trustee, the Trust Manager, the
     Security Trustee and the Note Trustee.

     SERVICER'S FEE has the meaning given in clause 7.1(d).

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     SHORTFALL has the meaning given in clause 6.5(d).

     STEP-UP MARGIN means:

     (a)  in relation to a Class A Note, [*]% per annum;

     (b)  in relation to a Class AB Note, [*]% per annum; and

     (c)  in relation to a Class B Note, [*]% per annum.

     STEP-UP MARGIN DATE means:

     (a)  in relation to any Class A Notes, the Payment Date in March 2010;

     (b)  in relation to any Class AB Notes, the Payment Date in March 2010;

     (c)  in relation to any Class B Notes, the Payment Date in March 2010.

     SUBJECT PROPERTY means the freehold land or leasehold land to be mortgaged
     pursuant to a proposed Loan.

     SUPPORT FACILITY has the meaning given to it in the Master Trust Deed (as
     amended by this Series Notice) and includes any Title Insurance Policy.

     SUPPORT FACILITY PROVIDER has the meaning given to it in the Master Trust
     Deed (as amended by this Series Notice) but does not include any person who
     has provided or agreed to provide any Mortgage Insurance Policy or Title
     Insurance Policy.

     SWAP PROVIDER means, in relation to a Hedge Agreement, the counterparty
     which enters into that arrangement with the Trustee.

     TELERATE means, when used in relation to any designated page and any
     interest rate, the display page so designated on Bridge's Telerate Service
     or such other page as may replace that page on that service, or such other
     service as may be nominated as the information vendor for the purpose of
     displaying rates or prices comparable to that interest rate.

     THRESHOLD REQUIREMENTS means, at any time, the existence of each of the
     following conditions:

     (a)  there are no Carryover Charge-offs at that time;

     (b)  no more than 5% (by unpaid principal balance) of the Purchased Loans
          are in Arrears by an amount equal to two or more monthly payments at
          that time;

     (c)  for so long as any Class A Notes remain outstanding, an amount equal
          to the aggregate of:

          (i)  the Principal Amount of all Class AB Notes outstanding at that
               time; plus

          (ii) the Principal Amount of all Class B Notes outstanding at that
               time,

          is not less than 0.25% of the amount equal to the aggregate of:

          (iii) the Class A A$ Equivalent of the Initial Principal Amount of all
               Class A Notes on the Note Issue Date; plus

          (iv) the Initial Principal Amount of all Class AB Notes on the Note
               Issue Date; plus

          (iv) the Initial Principal Amount of all Class B Notes on the Note
               Issue Date.

     (d)  an amount equal to the aggregate of:

          (i)  the Principal Amount of all Class AB Notes outstanding at that
               time; plus

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          (ii) the Principal Amount of all Class B Notes outstanding at that
               time,

          is not less than [7.2]% of the amount equal to the aggregate of:

          (iii) the Class A A$ Equivalent of the Principal Amount of all Class A
               Notes at that time; plus

          (iv) the Principal Amount of all Class AB Notes at that time; plus

          (v)  the Principal Amount of all Class B Notes at that time.

     TITLE INSURANCE POLICY means, in relation to a Mortgage, an insurance
     policy issued by a Title Insurer in a form reasonably acceptable to the
     Trustee which insures against losses arising from that Mortgage providing
     insufficient security for the relevant Loan, including, as a result of the
     Mortgage:

     (a)  being subject to any prior encumbrance;

     (b)  not being validly registered; or

     (c)  being invalid or unenforceable.

     TITLE INSURER means First American Title Insurance Company of Australia Pty
     Limited (ABN 64 075 279 908) or any other entity approved from time to time
     by the Trust Manager and which each Designated Rating Agency has confirmed
     will not cause the downgrade or withdrawal of the rating of any Note.

     TOTAL INITIAL PRINCIPAL AMOUNT means, at any time in respect of a Class,
     the sum of all Initial Principal Amounts for all Notes in that Class.

     TOTAL PRINCIPAL AMOUNT means, at any time in respect of a Class, the sum of
     all Principal Amounts at that time for all Notes in that Class.

     TRANSACTION DOCUMENT means each of the following documents:

     (a)  this Series Notice;

     (b)  the Master Trust Deed;

     (c)  the Notice of Creation of Trust;

     (d)  the Class A Currency Swap;

     (e)  each Interest Rate Swap;

     (f)  the Investment Management Agreement;

     (g)  the Agency Agreement;

     (h)  the Note Trust Deed;

     (i)  each Note;

     (j)  the Security Trust Deed;

     (k)  the Underwriting Agreement;

     (l)  the Dealer Agreement;

     (m)  the Seller Accession Certificate dated 3 February 2003 between
          Interstar Wholesale Finance Pty Limited, Perpetual Trustees Victoria
          Limited and the Servicer;

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     (n)  any other document which is expressed to be, or which is agreed by the
          Trust Manager, the Note Trustee and the Trustee to be, a TRANSACTION
          DOCUMENT for the purposes of this Series Notice; and

     (o)  any other document that is executed under or which is or is expressed
          to be incidental or collateral to, any other Transaction Document.

     TRUST means the Interstar Millennium Series 2005-1G Trust constituted under
     the Master Trust Deed and the Notice of Creation of Trust.

     TRUST MANAGER'S FEE has the meaning given in clause 7.1(a).

     TRUSTEE'S FEE has the meaning given in clause 7.1(b).

     UNDERWRITING AGREEMENT means the underwriting agreement dated on or about
     the date of this Series Notice between each Note Manager, the Trustee, the
     Trust Manager, the Servicer and the Approved Seller.

     US$ ACCOUNT means the US$ account opened and maintained for the purposes of
     the Trust with the Principal Paying Agent (so long as the Principal Paying
     Agent is an Approved Bank) or with such other person who is an Approved
     Bank.

     VOTING MORTGAGEE means:

     (a)  with respect only to the enforcement of the charge under the Security
          Trust Deed, for so long as the Secured Moneys of the Redraw
          Noteholders, the Class A Noteholders and the Class AB Noteholders are
          75% or more of total Secured Moneys (based on the A$ Equivalent of the
          Secured Moneys), the Redraw Noteholders, the Class A Mortgagees and
          the Class AB Mortgagees alone; and

     (b)  at any other time (subject to clause 40.17 of the Security Trust
          Deed):

          (i)  the Note Trustee, acting on behalf of the Class A Noteholders,
               the Class AB Noteholders and the Class B Noteholders under the
               Note Trust Deed and clause 7 of the Security Trust Deed; and

          (ii) each other Mortgagee (other than a Class A Noteholder, a Class AB
               Noteholder or a Class B Noteholder).

3.2  INTERPRETATION

     (a)  Clause 1.2 of the Master Trust Deed (as amended by this Series Notice)
          is incorporated into this Series Notice as if set out in full, except
          that any reference to DEED is replaced by a reference to SERIES
          Notice, any reference to A TRUST is replaced by a reference to THE
          TRUST and any reference to the CORPORATIONS LAW is replaced by a
          reference to the CORPORATIONS ACT.

     (b)  A reference to US DOLLARS or US$ is to the currency of the United
          States of America.

     (c)  A reference to AUSTRALIAN DOLLARS or A$ is to the currency of
          Australia.

3.3  LIABILITY

     (a)  (GENERAl) Clause 32 of the Master Trust Deed, as amended by this
          Series Notice, applies to the obligations and liabilities of the
          Trustee and the Trust Manager under this Series Notice.

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     (b)  (LIABILITY OF TRUSTEE LIMITED TO ITS RIGHT OF INDEMNITY)

          Without limiting the generality of paragraph (a), clause 32.16 of the
          Master Trust Deed as amended by this Series Notice is incorporated
          into this Series Notice as if set out in full, except that any
          reference to DEED is replaced by a reference to SERIES NOTICE and any
          reference to TRUST refers to THE TRUST.

     (c)  (UNRESTRICTED REMEDIES) Nothing in this clause 3.3 limits a person in:

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

          (ii) obtaining declaratory relief; or

          (iii) in relation to that person's rights under the Security Trust
               Deed.

     (d)  (RESTRICTED REMEDIES) Except as provided in paragraph (a) and subject
          to paragraph (c), no person shall:

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

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

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

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

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

          (vi) (SET-OFF OR COUNTERCLAIM) exercise or seek to exercise any
               set-off or counterclaim against the Trustee; or

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

          or take proceedings for any of the above and each party (including
          each Noteholder) waives its rights to make those applications and take
          those proceedings.

3.4  BUSINESS DAY

     If any payment is due under a Transaction Document on, or a Payment Date or
     Determination Date falls on, a day which is not a Business Day, the due
     date, Payment Date or Determination Date (as the case may be) will be the
     next Business Day unless that day falls in the next calendar month, in
     which case the due date, Payment Date or Determination Date (as the case
     may be) will be the preceding Business Day.

3.5  CODE OF BANKING PRACTICE (2003)

     (a)  The parties to this Series Notice (other than The Bank of New York)
          agree that, subject to paragraph (b), the Code of Banking Practice
          2003 (the CODE) does not apply to any Transaction Document, or any
          transaction or service under any Transaction Document.

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     (b)  Nothing in paragraph (a) applies to transactions between NAB and an
          Obligor (or any other person who is not a party to this Series Notice
          or any Transaction Document), or any service provided by NAB to any
          such person, in either case under an Ancillary Facility Agreement,
          provided that nothing in this paragraph (b) is to be taken as implying
          that the Code would or would not otherwise apply to those transactions
          or services.

3.6  TRUSTEE AS TRUSTEE

     In this deed, except where provided to the contrary:

     (a)  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

     (b)  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 paragraph
          (a) above.

3.7  KNOWLEDGE OF TRUSTEE

     In relation to the Trust, the Trustee will be considered to have knowledge
     or notice of or be aware of any matter or thing if the Trustee has
     knowledge, notice or awareness of that matter or thing by virtue of the
     actual notice or awareness of the officers or employees of the Trustee who
     have day to day responsibility for the administration of the Trust.

3.8  AUSTRALIAN FINANCIAL SERVICES LICENCE

     Perpetual Trustee Company Limited, the Security Trustee and a related body
     corporate of the Trustee, has obtained an Australian Financial Services
     Licence under Part 7.6 of the Corporations Act 2001 (Cth) (Australian
     Financial Services Licence No. 236643). Perpetual Trustee Company Limited
     has appointed Perpetual Trustees Victoria Limited (Authorised
     Representative Number 264781) as its authorised representative under that
     licence.

3.9  GST

     If a payment to a party (the SUPPLIER) by another party (the RECIPIENT)
     under this agreement is calculated by reference to a loss, cost, expense or
     outgoing incurred by the Supplier, then the calculation of that payment is
     to be reduced by the amount of any input tax credit to which the Supplier
     is entitled for that loss, cost, expense or outgoing. The Recipient must
     pay to the Supplier an additional amount on account of GST (equal to the
     GST payable by the Supplier to the Australian Taxation Office) where the
     reimbursement is consideration for a taxable supply made by the Supplier.

4.   NOTES
--------------------------------------------------------------------------------

4.1  CONDITIONS OF NOTES

     (a)  The conditions of the Registered Notes will be as set out in the
          Master Trust Deed, as supplemented and amended by the provisions set
          out in this Series Notice.

     (b)  The conditions of the Class A Notes will be as set out in the Master
          Trust Deed (as supplemented and amended by this Series Notice) and the
          relevant Conditions.

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4.2  SUMMARY OF CONDITIONS OF NOTES

     Under clause 9.3 of the Master Trust Deed, the Trust Manager provides the
     following information in respect of the Notes.

     (a)  Class of Note:         there will be the following Classes of Notes:

                                 (i)  Redraw Notes

                                 (ii) Class A Notes

                                 (iii) Class AB Notes

                                 (iv) Class B Notes

     (b)  Total Initial          (i)  the Redraw Notes - the aggregate of the
          Principal Amount of         Initial Principal Amounts of those Redraw
          each Class of Notes:        Notes on the relevant Note Issue Date

                                 (ii) Class A Notes - US$[1,000,000,000]

                                 (iii) Class AB Notes - A$[*]

                                 (iv) Class B Notes - A$[*]

     (c)  Manner and order in    as set out in clause 6
          which principal and
          interest is to be
          paid on Notes:

     (d)  MBS Margin:            (i)  any Redraw Note, the percentage per annum
                                      as determined by the Trust Manager and
                                      notified to the Trustee on the relevant
                                      Note Issue Date

                                 (ii) any Class A Note, [*]% per annum

                                 (iii) any Class AB Note, [*]% per annum

                                 (iv) any Class B Note, [*]% per annum

     (e)  Initial Principal      (i)  any Redraw Note - the amount as determined
          Amount:                     by the Trust Manager and notified to the
                                      Trustee on the date which is 4 Business
                                      Days before the relevant Note Issue Date

                                 (ii) any Class A Note - subject to clause
                                      4.3(b), each denominated with an Initial
                                      Principal Amount of US$100,000 per Note
                                      and, thereafter, with minimum increments
                                      of US$1,000

                                 (iii) any Class AB Note - subject to clause
                                      4.3(a), each denominated with an Initial
                                      Principal Amount of A$10,000 per Note and,
                                      thereafter, with minimum increments of
                                      A$1,000

                                 (iv) any Class B Note - subject to clause
                                      4.3(a), each denominated with an Initial
                                      Principal Amount of A$10,000 per Note and,
                                      thereafter, with minimum

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                                      increments of A$1,000.

     (f)  Rating:                (i)  Redraw Notes - such rating (if any)
                                      notified by the Trust Manager to the
                                      Trustee as approved by each Designated
                                      Rating Agency for those Redraw Notes at
                                      the relevant Note Issue Date

                                 (ii) Class A Notes - AAA long term rating from
                                      S&P and Aaa long term rating from Moody's

                                 (iii) Class AB Notes - AAA long term rating
                                      from S&P and Aa1 long term rating from
                                      Moody's

                                 (iv) Class B Notes - AA- long term rating from
                                      S&P and Aa2 long term rating from Moody's

     (g)  Issue Price:           (i)  any Redraw Note - issued at par value

                                 (ii) any Class A Note - issued at par value

                                 (iii) any Class AB Note - issued at par value

                                 (iv) any Class B Note - issued at par value

     (i)  Maturity Date:         Payment Date falling in December 2036.

4.3  ISSUE OF NOTES

     (a)  The Registered Notes must be issued in minimum parcels or
          subscriptions which have an aggregate Initial Principal Amount of
          A$500,000, (disregarding any amount payable to the extent to which it
          is to be paid out of money lent by the person offering the Notes or an
          associate (as defined in Division 2 of Part 1.2 of the Corporations
          Act)) or must otherwise constitute an issue that is not required to be
          disclosed under Part 6D.2 of the Corporations Act.

     (b)  The Class A Notes must be issued in minimum parcels or subscriptions
          which have an aggregate Initial Principal Amount of US$100,000 and in
          amounts, or on terms, such that their offer for subscription and their
          issue will comply with:

          (i)  the Financial Services and Markets Act 2000 (UK) and all
               regulations made under or in relation to that Act and the Public
               Offers of Securities Regulations 1995; and

          (ii) the Securities Act, the Exchange Act, all regulations made under
               or in relation to them, and all other laws or regulations of any
               jurisdiction of the United States of America regulating the offer
               or issue of, or subscription for, Notes.

     (c)  No Registered Note has been or will be registered under the Securities
          Act and the Registered Notes must not be offered or sold within the
          United States or to, or for the account or benefit of, US persons
          except in accordance with Regulation S under the Securities Act or
          pursuant to an exemption from the registration requirements of the
          Securities Act. Terms used in this paragraph have the meanings given
          to them by Regulation S under the Securities Act.

4.4  TRUSTEE'S COVENANT TO NOTEHOLDERS

     Subject to the terms of the Master Trust Deed and this Series Notice, the
     Trustee:

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     (a)  acknowledges its indebtedness in respect of the Principal Amount of
          each Note; and

     (b)  covenants for the benefit of the Security Trustee, each Registered
          Noteholder and the Note Trustee on behalf of the Class A Noteholders
          (subject to receiving any directions required under and given in
          accordance with the Transaction Documents):

          (i)  to make all payments on or in respect of the Notes held by that
               Noteholder on the due date for payment;

          (ii) to comply with the terms of this Series Notice and the
               Transaction Documents to which it is a party; and

          (iii) to pay the Principal Amount in relation to the Notes held by
               that Noteholder on the Maturity Date together with accrued and
               unpaid interest thereon.

4.5  REPAYMENT OF NOTES ON PRINCIPAL REPAYMENT DATES

     (a)  On each Principal Repayment Date for a Note, the Principal Amount of
          that Note shall be reduced by, and the obligations of the Trustee with
          respect to that Note shall be discharged to the extent of, the amount
          of the Principal Payment made on that Principal Repayment Date in
          respect of that Note.

     (b)  All Principal Payments on the Class A Notes will be made in US
          dollars.

     (c)  All Principal Payments on the Registered Notes will be made in
          Australian dollars.

4.6  FINAL REDEMPTION

     Each Note shall be finally redeemed, and the obligations of the Trustee
     with respect to the payment of the Principal Amount of that Note shall be
     finally discharged, on the first to occur of:

     (a)  the date on which the Principal Amount of that Note is reduced to
          zero;

     (b)  the date on which the relevant Noteholder renounces in writing all of
          its rights to all amounts payable under or in respect of that Note;

     (c)  in relation to:

          (i)  the Class A Notes, the date on which all amounts received by the
               Note Trustee with respect to the enforcement of the Security
               Trust Deed and payable to the Class A Noteholders are paid to the
               Class A Noteholders; and

          (ii) the Registered Notes, the date on which all amounts received with
               respect to the enforcement of the Security Trust Deed and payable
               to the Registered Noteholders are paid to the Registered
               Noteholders;

     (d)  the Payment Date immediately following the date on which the Trustee
          completes a sale and realisation of all Assets of the Trust in
          accordance with the Master Trust Deed, Security Trust Deed and this
          Series Notice; and

     (e)  the date on which the Note is cancelled or redeemed under clause 6.6.

4.7  PERIOD DURING WHICH INTEREST ACCRUES

     Each Note bears interest calculated and payable in arrears in accordance
     with this Series Notice from the relevant issue date to the date upon which
     that Note is finally redeemed in accordance with clause 4.6.

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4.8  CALCULATION OF INTEREST

     (a)  Interest payable on each Note in respect of each Interest Period for
          that Note is calculated:

          (i)  on a daily basis at the applicable Interest Rate;

          (ii) on the Principal Amount of that Note as at the first day of that
               Interest Period; and

          (iii) on the basis of the actual number of days in that Interest
               Period and:

               (A)  in the case of the Class A Notes, a year of 360 days; and

               (B)  in the case of the Registered Notes, a year of 365 days,

               and shall accrue due from day to day.

     (b)  The Step-Up Margin for the Class A Notes:

          (i)  applies following the relevant Step-Up Margin Date for that
               Class; and

          (ii) is added to:

               (A)  LIBOR; and

               (B)  the relevant MBS Margin,

               to form the Interest Rate following the relevant Step-Up Margin
               Date for that Class.

     (c)  The Step-Up Margin for the Class AB Notes and the Class B Notes:

          (i)  applies following the Step-Up Margin for the Class AB Notes or
               Class B Notes (as applicable); and

          (ii) is added to:

               (A)  the Bank Bill Rate; and

               (B)  the relevant MBS Margin,

               to form the Interest Rate following the Step-Up Margin Date for
               the Class AB Notes or Class B Notes (as applicable).

4.9  AGGREGATE RECEIPTS

     Notwithstanding anything in clause 6, no Noteholder will be entitled to
     receive aggregate principal under any of the provisions in that clause on
     any Note at any time in excess of the Principal Amount for that Note at
     that time.

4.10 OWNERSHIP OF NOTES

     The Trustee, the Trust Manager and the Security Trustee may treat a
     Noteholder as the absolute owner of any Registered Note or Class A Note
     which the Noteholder is registered as holding (whether or not that Note is
     overdue and despite any notation or notice to the contrary or writing on it
     or any notice of previous loss or theft of it or of trust or other interest
     in it) for the purpose of making payment and for all other purposes.

4.11 TAXATION

     All payments in respect of the Notes will be made without withholding or
     deduction for, or on account of, any present or future Taxes (including,
     without limitation, interest withholding tax)

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     unless the Trustee or other payer is required by any applicable law to make
     any such payment in respect of the Notes subject to any withholding or
     deduction for, or on account of, any present or future Taxes. In that
     event, the Trustee or other payer must make such payment after such
     withholding or deduction has been made and must account to the relevant
     authorities for the amount so required to be withheld or deducted. The
     Trustee or other payer will not be obliged to make any additional payments
     to Noteholders in respect of that withholding or deduction.

5.   REDRAW NOTES
--------------------------------------------------------------------------------

5.1  NOTE ISSUE DIRECTION FOR REDRAW NOTES

     If, on a Payment Date, Mortgage Principal Repayments for the Collection
     Period preceding that Payment Date are insufficient to fund Redraws for
     that Collection Period in accordance with this Series Notice, then the
     Trust Manager may give the Trustee a Note Issue Direction to issue a series
     of Redraw Notes in accordance with clause 12 of the Master Trust Deed and
     this clause 5.

5.2  CONDITIONS TO NOTE ISSUE DIRECTION

     The Trust Manager must not give a Note Issue Direction under clause 5.1
     unless it has received written confirmation from each Designated Rating
     Agency that the issue of the Redraw Notes would not result in a downgrading
     or withdrawal of a rating of any Note then outstanding.

5.3  TERMS OF NOTE ISSUE DIRECTION

     A Note Issue Direction given under clause 5.1:

     (a)  must be given no later than the date which is 3 Business Days before
          the proposed issue date of the relevant Redraw Notes, or any other
          date agreed by the Trustee and the Trust Manager; and

     (b)  must specify the MBS Margin, the Total Initial Principal Amount,
          Initial Principal Amount, rating, issue price and Maturity Date of the
          relevant Redraw Notes (in each case containing the relevant
          information specified in clause 4.2).

6.   CASHFLOW ALLOCATION METHODOLOGY
--------------------------------------------------------------------------------

6.1  GENERAL

     Collections and other amounts credited to the Collection Account will be
     allocated by the Trust Manager, and paid by the Trustee as directed by the
     Trust Manager, as set out in this clause 6.

6.2  CALCULATIONS

     (a)  On or before each date which is 4 Business Days before each Payment
          Date, the Trust Manager will, in respect of the Collection Period
          immediately before that Payment Date, calculate or otherwise
          ascertain:

          (i)  all Income for that Collection Period;

          (ii) all Mortgage Principal Repayments for that Collection Period;

          (iii) the aggregate of all Redraws made during that Collection Period;

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          (iv) the Bank Bill Rate for the relevant period (which shall be
               calculated and notified on that Payment Date);

          (v)  the amount of Interest payable on each Note on that Payment Date
               (if any);

          (vi) the amount of the Principal Payment to be made on each Note on
               that Payment Date;

          (vii) Expenses for that Collection Period;

          (viii) the Principal Amount of each Note as at the first day of the
               next Interest Period for that Note (after deducting any Principal
               Payment due to be made in respect of each Note on that Payment
               Date);

          (ix) the amount of the Approved Seller's Fee for that Collection
               Period;

          (x)  in the case of the first Payment Date, the Interest Adjustment
               payable to the Approved Seller;

          (xi) the Class A A$ Interest Amount for that Payment Date;

          (xii) each Class A A$ Equivalent amount required to be calculated
               under this Series Notice;

          (xiii) in relation to the aggregate of all Liquidation Losses arising
               during that Collection Period:

               (A)  the amount of those Liquidation Losses which is attributable
                    to interest, fees and expenses in relation to the relevant
                    Purchased Loans; and

               (B)  the amount of those Liquidation Losses which is attributable
                    to principal in relation to the relevant Purchased Loans
                    (PRINCIPAL LOSS),

               on the basis that all Liquidation Proceeds actually received by
               or on behalf of the Trustee in relation to a Purchased Loan are
               applied first against interest, fees and other Enforcement
               Expenses (other than Property Restoration Expenses) relating to
               that Purchased Loan, and then against the principal and Property
               Restoration Expenses relating to that Purchased Loan;

          (xiv) the Charge-offs and Carryover Charge-offs (if any) on that
               Payment Date;

          (xv) the Recovery Amount (if any) for that Payment Date; and

          (xvi) all other calculations necessary to make allocations and
               distributions under this clause 6.

     (b)  The Trust Manager must:

          (i)  notify the Trustee of each of the amounts calculated by it in
               paragraph (a); and

          (ii) notify the Trustee, the Note Trustee, each Paying Agent, the
               Calculation Agent and the Class A Currency Swap Provider by not
               later than (or as soon as practicable after) the date which is 4
               Business Days before the relevant Payment Date of each
               determination with respect to the Class A Notes of the Principal
               Payment and Principal Amount in respect of that Payment Date and
               cause details of each of those determinations to be published in
               accordance with the relevant Condition 12. If no Principal
               Payment is due to be made on the Class A Notes on any Payment

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               Date a notice to this effect will be given to the Class A
               Noteholders in accordance with the relevant Condition 12.

     (c)  The Trust Manager must instruct the Trustee in writing on or before
          the date which is 4 Business Days before the relevant Payment Date as
          to the payments to be made by the Trustee on the Payment Date.

6.3  REDRAWS

     If an Obligor makes Additional Repayments in relation to a Loan held by the
     Trustee then the Trustee must provide a Redraw to the Obligor upon being so
     directed by the Trust Manager in its absolute discretion and subject to the
     Trust Manager certifying to the Trustee that:

     (a)  the Redraw to be provided to the Obligor together with any previous
          Redraws (if any) provided to the Obligor will not exceed the amount of
          any Additional Repayments previously made by the Obligor;

     (b)  after allowing for all payments which the Trustee is then required to
          make or which the Trust Manager reasonably expects that the Trustee
          will be required to make, there is or will be sufficient cash in the
          Assets of the Trust (whether as a result of the issue of Redraw Notes
          or otherwise) for the Trustee to provide that Redraw; and

     (c)  the Loan is not in Arrears at the time of the request for the Redraw
          by the Obligor.

6.4  LIQUID AUTHORISED INVESTMENTS

     (a)  The Trust Manager shall make such directions to the Trustee, and the
          Trustee must comply with those directions, required to ensure that,
          subject to paragraph (b), the value of the Liquid Authorised
          Investments shall not at any time be less than the Prescribed Minimum
          Level at that time.

     (b)  The Trust Manager must direct the Trustee, and the Trustee must, at
          the direction of the Trust Manager, apply all or part of the Liquid
          Authorised Investments towards payment of the Shortfall in the amounts
          referred to in clauses 6.5(a)(i) to 6.5(a)(vii) (inclusive) as
          provided in clause 6.5(d).

6.5  INTEREST AND OTHER PAYMENTS

     (a)  On each Payment Date, the Trustee shall, prior to the enforcement of
          the Security Trust Deed (in accordance with the written direction
          provided to it by the Trust Manager on or before the date which is 4
          Business Days before the Payment Date), out of the Income for the
          Collection Period immediately before that Payment Date (and out of the
          proceeds of disposal of any Liquid Authorised Investments and/or out
          of Mortgage Principal Repayments as provided for in paragraph (d))
          make the following payments or retain moneys in the following order of
          priority.

          (i)  FIRST - an amount equal to any Interest Adjustment required to be
               paid to the Approved Seller and then outstanding (the Trustee
               acknowledges and agrees that it has no entitlement to the moneys
               comprising the Interest Adjustment).

          (ii) SECOND - payment of any Taxes payable in relation to the Trust
               (not including any GST covered in paragraph (f) or paragraph
               (g)).

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          (iii) THIRD - subject to sub-paragraph (a)(ii) and paragraph (c),
               payment (in the following order of priority) of:

               (A)  pari passu and rateably, as between themselves, payments of:

                    (1)  the Trustee's Fee for the Collection Period (as
                         adjusted in accordance with paragraph (g)); and

                    (2)  any fees payable to the Note Trustee under the
                         Transaction Documents for the Collection Period;

               (B)  pari passu and rateably, as between themselves, payments of:

                    (1)  any fees payable, pari passu and rateably, to the
                         Paying Agents under the Transaction Documents for the
                         Collection Period;

                    (2)  any fees payable to the Calculation Agent under the
                         Transaction Documents for the Collection Period; and

                    (3)  any fees payable to the Note Registrar under the
                         Transaction Documents for the Collection Period;

               (C)  the Expenses (other than the Trustee's Fee, any fees payable
                    to the Note Trustee, the Paying Agents, the Calculation
                    Agent or the Note Registrar, the Trust Manager's Fee and the
                    Servicer's Fee) in relation to the Collection Period;

               (D)  the Expenses (other than the Trustee's Fee, any fees payable
                    to the Note Trustee, the Paying Agents, the Calculation
                    Agent or the Note Registrar, the Trust Manager's Fee and the
                    Servicer's Fee) which the Trust Manager or the Trustee
                    reasonably anticipates will be incurred prior to the next
                    Payment Date; and

               (E)  the Expenses (other than the Trustee's Fee, any fees payable
                    to the Note Trustee, the Paying Agents, the Calculation
                    Agent or the Note Registrar, the Trust Manager's Fee and the
                    Servicer's Fee) not covered by sub-paragraphs (C) or (D)
                    which have already been incurred prior to the Payment Date
                    but which have not previously been paid or reimbursed.

          (iv) FOURTH - payment, pari passu and rateably, to:

               (A)  the Trust Manager of the Trust Manager's Fee for the
                    Collection Period; and

               (B)  the Servicer of the Servicer's Fee for the Collection
                    Period.

          (v)  FIFTH - pari passu and rateably based on the amount owing as
               between themselves:

               (A)  payment to the Interest Rate Swap Provider of any amounts
                    payable under the Interest Rate Swap other than any Break
                    Costs in respect of the termination of the Interest Rate
                    Swap;

               (B)  payment of any Interest for the Interest Period for the
                    Redraw Notes ending on that Payment Date to the Redraw
                    Noteholders;

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               (C)  (1)  prior to the termination of the Class A Currency Swap,
                         payment to the Class A Currency Swap Provider of the
                         Class A A$ Interest Amount for that Payment Date (and
                         the reciprocal payment by the Class A Currency Swap
                         Provider is thereafter to be applied in accordance with
                         clause 6.9(a)(i) towards payment of Interest on the
                         Class A Notes); and

                    (2)  after the termination of the Class A Currency Swap, to
                         the Note Trustee for application in accordance with
                         clause 6.8(a) of the A$ amount that the Trust Manager
                         determines in good faith needs to be applied on that
                         Payment Date in order to enable the Trustee to meet its
                         obligations to pay Interest on the Class A Notes on
                         that Payment Date and any unpaid Interest on the Class
                         A Notes in respect of previous Payment Dates; and

               (D)  payment to the Class A Currency Swap Provider of any Break
                    Costs payable by the Trustee under the Class A Currency Swap
                    other than in respect of the termination of the Class A
                    Currency Swap where the Class A Currency Swap Provider is
                    the Defaulting Party.

          (vi) SIXTH - payment of all Interest on the Class AB Notes for the
               Interest Period ending on that Payment Date and all unpaid
               Interest for previous Interest Periods, to the Class AB
               Noteholders;

          (vii) SEVENTH - payment of all Interest on the Class B Notes for the
               Interest Period ending on that Payment Date and all unpaid
               Interest for previous Interest Periods, to the Class B
               Noteholders;

          (viii) EIGHTH - to be applied by the Trustee as Mortgage Principal
               Repayments received by the Trustee during the corresponding
               Collection Period, of an amount equal to the aggregate of all
               amounts previously applied under clause 6.6(a)(i)(A), to the
               extent not previously so replenished under this clause
               6.5(a)(viii).

          (ix) NINTH - in reducing the Aggregate Principal Loss Amount for the
               corresponding Collection Period until the Aggregate Principal
               Loss Amount is reduced to zero.

          (x)  TENTH - in reducing any Carryover Charge-offs that have not been
               reduced prior to that Payment Date until the Carryover
               Charge-offs are reduced to zero.

          (xi) ELEVENTH - in payment, pari passu and rateably, of any Break
               Costs payable to:

               (A)  the Interest Rate Swap Provider in respect of the
                    termination of the Interest Rate Swap; and

               (B)  the Class A Currency Swap Provider in respect of the
                    termination of the Class A Currency Swap where the Class A
                    Currency Swap Provider is the Defaulting Party.

          (xii) TWELFTH - in payment of the Approved Seller's Fee.

          (xiii) THIRTEENTH - in payment of the Originator's Fee.

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          (xiv) FOURTEENTH - subject to clause 15.1(d), in payment of the
               balance, by way of a distribution of the income of the Trust, to
               the Residual Income Beneficiaries in proportion to their
               respective Income Percentages.

          The obligation of the Trustee to make any payment under each of the
          above paragraphs of this clause 6.5(a) is limited in each case to the
          Income, Liquid Authorised Investments and Mortgage Principal
          Repayments or (as the case may be) to the balance of the Income,
          Liquid Authorised Investments and Mortgage Principal Repayments
          available after payment in accordance with the preceding paragraph or
          paragraphs (if any).

     (b)  In the event that for any reason whatsoever the Trustee does not have
          sufficient cash to make all of the payments as provided in paragraphs
          (a) and (d) then the amount available to be paid shall be distributed
          in the order of priority of distribution as referred to in paragraph
          (a), and:

          (i)  in the case of the payment of Interest to Redraw Noteholders or
               Class A Noteholders under paragraph (a)(v), the proportion of any
               amount available to be paid to each Noteholder of such Class
               shall be the proportion which the Principal Amount of the Notes
               of that Class held by that Noteholder bears to the Total
               Principal Amount of all Notes of that Class; and

          (ii) in the case of the payment of Interest to Class AB Noteholders
               and Class B Noteholders under paragraphs (a)(vi) and (a)(vii),
               the proportion of any amount available to be paid to each
               Noteholder of such Class shall be the proportion which the
               Principal Amount of that Class held by that Noteholder bears to
               the Total Principal Amount of all Notes of that Class.

     (c)  In the event that:

          (i)  the Trustee receives a payment under clause 6.5(a)(iii) or 6.5(d)
               for Expenses which the Trustee reasonably anticipates will be
               incurred prior to the next Payment Date; and

          (ii) all or any part of such Expenses are not actually incurred prior
               to that next Payment Date,

          then the following provisions shall apply:

          (iii) the Trustee shall repay into the Assets of the Trust on that
               next Payment Date such excess amount which was not actually
               incurred; or

          (iv) if the Trustee fails to repay the amount in accordance with
               sub-paragraph (c)(iii), then such amount shall be set-off against
               the amount which would otherwise be payable under clause
               6.5(a)(iii) to the Trustee with respect to such Expenses on that
               next Payment Date.

     (d)  If, during any Financial Year, the Income accrued for a Collection
          Period to be applied on the corresponding Payment Date is less than
          the aggregate of the amounts payable by the Trustee under clauses
          6.5(a)(i) to 6.5(a)(vii) (inclusive) on that Payment Date (the
          SHORTFALL), then the Trustee shall (at the direction of the Trust
          Manager) apply:

          (i)  first, Liquid Authorised Investments; and

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          (ii) second, to the extent the Liquid Authorised Investments are
               insufficient to cover the Shortfall in full, Mortgage Principal
               Repayments,

          in payment of those amounts in the order of priority set out in clause
          6.5(a), to the extent available to do so.

     (e)  If the Approved Seller's Fee is not paid in full on a relevant Payment
          Date, then the unpaid balance shall bear interest at a rate determined
          by the Trust Manager and advised to the Trustee from time to time,
          such interest to be calculated on a daily balance from the due date up
          to and including the date of actual payment.

     (f)  Any GST which applies or may apply in respect of any services provided
          pursuant to this Series Notice or the other Transaction Documents by
          the Trust Manager in relation to the Trust will be paid by the Trust
          Manager from the Trust Manager's Fee or from the Trust Manager's own
          resources.

     (g)  In relation to any supply by the Trustee under the Transaction
          Documents of goods or services in relation to the Trust, the fee
          payable will be adjusted to take into account any change after 1 July
          2000 in the rate of GST payable pursuant to the A New Tax System
          (Goods and Services Tax Imposition - General) Act 1999.

     (h)  Interest to which any Noteholder may be entitled in respect of a Note
          for an Interest Period shall only fall due for payment by the Trustee
          to the Noteholder upon the applicable Payment Date.

6.6  REPAYMENTS OF PRINCIPAL AMOUNT AND REDEMPTION OF NOTES

     (a)  (i)  All Mortgage Principal Repayments which are received by the
               Trustee in each Collection Period, except to the extent the Trust
               Manager directs the Trustee in writing that such moneys be
               applied or retained for Liquidity Purposes in accordance with the
               provisions of this Series Notice and (subject to clause
               6.6(a)(ii)) any Liquid Authorised Investments and the Recovery
               Amount for the corresponding Payment Date must, prior to the
               enforcement of the Security Trust Deed, be deposited or paid by
               the Trustee (at the direction of the Trust Manager, such
               direction to be given on or before the date which is 4 Business
               Days before the relevant Payment Date) on the corresponding
               Payment Date in the following order of priority.

               (A)  FIRST - in accordance with clause 6.5(d).

               (B)  SECOND - to replenish Liquid Authorised Investments until
                    the value of the Liquid Authorised Investments equals the
                    Prescribed Minimum Level.

               (C)  THIRD - to Redraw Noteholders (in the proportion as
                    specified in sub-paragraph (iii)) in payment of the
                    Principal Amount of the Redraw Notes until such time as all
                    Redraw Notes have been redeemed in full.

               (D)  FOURTH -

                    (1)  to the extent that, and for so long as, the Threshold
                         Requirements are satisfied, in accordance with clause
                         6.6(h); or

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                    (2)  to the extent that, and for so long as, the Threshold
                         Requirements are not satisfied, until the Threshold
                         Requirements are satisfied, in accordance with clause
                         6.6(i).

               (E)  FIFTH - subject to clauses 10.2(c) and 15.1(d), in payment
                    of the balance, by way of a distribution of the capital of
                    the Trust, to the Residual Income Beneficiaries in
                    proportion to their respective Income Percentages.

               The obligation of the Trustee to make any deposit or payment
               under each of the above paragraphs of clause 6.6(a)(i) is limited
               in each case to the Mortgage Principal Repayments, (subject to
               clause 6.6(a)(ii)) Liquid Authorised Investments and the Recovery
               Amount or (as the case may be) to the balance of the Mortgage
               Principal Repayments, (subject to clause 6.6(a)(ii)) Liquid
               Authorised Investments and the Recovery Amount available after
               deposit or payment in accordance with the preceding paragraph or
               paragraphs (if any).

          (ii) The Trust Manager must not direct the Trustee to, and the Trustee
               must not, deposit or pay any Liquid Authorised Investments under
               clause 6.6(a)(i)(C), 6.6(a)(i)(D) or 6.6(a)(i)(E) where such
               deposit or payment would result in the value of the Liquid
               Authorised Investments being less than the Prescribed Minimum
               Level.

          (iii) The proportion of any amount available to be paid to any
               Noteholder as contemplated in clause 6.6 in respect of any Class
               of Notes will be the proportion which the Principal Amount of the
               Note in respect of that Class of Notes held by that Noteholder
               bears to the Total Principal Amount of all Notes in respect of
               that Class of Notes based on the A$ Equivalent of the relevant
               Class of Notes.

     (b)  On any Payment Date when the Total Principal Amount of all Notes does
          not exceed 10% of the Initial Principal Amount of all Notes the
          Trustee must, if so directed in writing by the Trust Manager on or
          before the date which is 4 Business Days before that Payment Date,
          repay the whole of the Principal Amount of all Notes together with any
          outstanding Interest in relation to those Notes subject to the
          following conditions:

          (i)  the Trust Manager having provided to:

               (A)  each relevant Noteholder, the Note Trustee and the Trustee,
                    30 days prior notice; and

               (B)  each Designated Rating Agency, 30 days prior written notice,

               of the Trust Manager's intention to direct the Trustee to redeem
               the relevant Notes under this paragraph;

          (ii) the Trustee having sufficient cash to make such repayment (upon
               which the Trustee may rely conclusively on a certification from
               the Trust Manager);

          (iii) the Trustee retaining such amount as the Trust Manager or the
               Trustee reasonably determines will be necessary to satisfy any
               outstanding or anticipated Expenses or payment to any Swap
               Provider under a Hedge Agreement; and

          (iv) the repayment being made in the order of priority set out in
               clause 6.6(a) and, for the purposes of clause 6.6(a)(i)(D)(2),
               clause 6.6(i).

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     (c)  On any Payment Date on or after a Step-Up Margin Date the Trustee
          must, if so directed by the Trust Manager on or before the date which
          is 4 Business Days before that Payment Date, repay the whole of the
          Principal Amount of any Class of Notes together with any outstanding
          Interest in relation to those Notes subject to the following
          conditions:

          (i)  the Trust Manager having provided to:

               (A)  each relevant Noteholder, the Note Trustee and the Trustee,
                    30 days prior notice; and

               (B)  each Designated Rating Agency, 30 days prior written notice,

               of the Trust Manager's intention to direct the Trustee to redeem
               the relevant Notes under this paragraph;

          (ii) the Trust Manager receiving from each Designated Rating Agency
               written confirmation that the repayment will not result in a
               downgrade or withdrawal of the rating of any other Notes;

          (iii) the Trustee having sufficient cash to make such repayment (upon
               which the Trustee may rely conclusively on a certification from
               the Trust Manager);

          (iv) the Trustee retaining such amount as the Trust Manager or the
               Trustee reasonably determines will be necessary to satisfy any
               outstanding or anticipated Expenses, payment to any Noteholder in
               respect of a Note (other than a Note in respect of which the
               Principal Amount and Interest are to be so repaid) or payment to
               any Swap Provider under a Hedge Agreement; and

          (v)  the repayment being made in the order of priority set out in
               clause 6.6(a) and, for the purposes of clause 6.6(a)(i)(D)(2),
               clause 6.6(i).

          The Trust Manager may give a direction described in paragraph (c) in
          respect of any one Class of Notes, with a particular Step-Up Margin
          Date notwithstanding that it has not given a similar direction in
          relation to any other Class with the same Step-Up Margin Date,
          provided that in no circumstance may the Trust Manager give a
          direction described in paragraph (c):

               (A)  in relation to Class AB Noteholders or Class B Noteholders
                    unless:

                    (1)  there are at that time no Redraw Notes and Class A
                         Notes outstanding; or

                    (2)  the Trust Manager at the same time gives or has given a
                         direction described in paragraph (c) in relation to all
                         Redraw Notes and Class A Notes then outstanding; and

               (B)  in relation to Class B Noteholders unless:

                    (1)  there are at that time no Class AB Notes outstanding;
                         or

                    (2)  the Trust Manager at the same time gives or has given a
                         direction described in paragraph (c) in relation to all
                         Class AB Notes then outstanding.

     (d)  If the Trust Manager satisfies the Trustee and the Note Trustee
          immediately prior to giving the notice referred to below that:

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          (i)  on the next Payment Date the Trustee or a Paying Agent would be
               required to deduct or withhold from any payment:

               (A)  of principal or interest in respect of the Notes; or

               (B)  to the Class A Currency Swap Provider under the Class A
                    Currency Swap,

               any amount for or on account of any present or future taxes,
               duties, assessments or governmental charges of whatever nature
               imposed, levied, collected, withheld or assessed by any
               Government Agency; or

          (ii) a Government Agency requires the deduction or withholding from
               any payment by an Obligor in respect of a Purchased Loan of any
               amount for or on account of any taxes, duties, assessments or
               governmental charges of whatever nature imposed, levied,
               collected, withheld or assessed by that Government Agency,

          the Trustee must, when so directed by the Trust Manager at the Trust
          Manager's option and provided that the Trustee will be in a position
          on the next Payment Date to discharge (and the Trust Manager will so
          certify to the Trustee and the Note Trustee) all its liabilities in
          respect of the Notes (at their relevant Principal Amount) and any
          amounts which would be required under the Security Trust Deed to be
          paid in priority or pari passu with the Notes if the security for the
          Notes were being enforced, having given not more than 60 nor less than
          45 days notice to the Noteholders, redeem all, but not some only, of
          the Notes at their relevant Principal Amount together with accrued
          interest to (but excluding) the date of redemption on the next Payment
          Date, provided that the redemption is made in the order of priority
          set out in paragraph 6.6(a) and for the purposes of clause
          6.6(a)(i)(D)(2), clause 6.6(i).

     (e)  If the Trust Manager satisfies the Trustee and the Note Trustee
          immediately prior to giving the notice referred to below that on the
          next Payment Date the Class A Currency Swap Provider would be required
          to deduct or withhold from any payment under the Class A Currency Swap
          any amount for or on account of any present or future taxes, duties,
          assessments or governmental charges of whatever nature imposed,
          levied, collected, withheld or assessed by any Government Agency, the
          Trustee must, when so directed by the Trust Manager (in its sole
          discretion) (provided that the Trustee will be in a position on such
          Payment Date to discharge (and the Trust Manager will so certify to
          the Trustee and the Note Trustee) all its liabilities in respect of
          the Notes (at their relevant Principal Amount) and any amounts which
          would be required under the Security Trust Deed to be paid in priority
          or pari passu with the Notes if the security for the Notes were being
          enforced), having given not more than 60 nor less than 45 days notice
          to the Noteholders, redeem all, but not some only, of the Notes at
          their relevant Principal Amount together with accrued interest to (but
          excluding) the date of redemption on the next Payment Date, provided
          that the redemption is made in the order of priority set out in
          paragraph 6.6(a) and, for the purposes of clause 6.6(a)(i)(D)(2),
          clause 6.6(i).

     (f)  Notwithstanding any other provision in the Transaction Documents, a
          Noteholder shall not be entitled to receive any amounts other than:

          (i)  the Interest payable on; and

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          (ii) the Principal Amount of,

          Notes held by that Noteholder.

     (g)  The Trustee may not recover any Beneficiary Distribution from a
          Beneficiary once it is paid to that Beneficiary except where there has
          been an error in the relevant calculation of the Beneficiary
          Distribution.

     (h)  If, on any Payment Date, the Trust Manager directs the Trustee that
          the Threshold Requirements are satisfied (including after giving
          effect to any payments in clause 6.6(i)), amounts applied under clause
          6.6(a)(i)(D)(1) must be deposited or paid, pari passu and rateably:

          (i)  (A)  prior to the termination of the Class A Currency Swap, to
                    the Class A Currency Swap Provider of the Class A A$
                    Equivalent of the Principal Amount of the Class A Notes on
                    that Payment Date (and the reciprocal payment by the Class A
                    Currency Swap Provider is thereafter to be applied in
                    accordance with clause 6.9(a)(ii) towards payment of the
                    Principal Amount of the Class A Notes (in the proportion as
                    specified in clause 6.6(a)(iii)) until such time as all
                    Class A Notes have been redeemed in full; and

               (B)  after the termination of the Class A Currency Swap, to the
                    Note Trustee for application in accordance with clause
                    6.8(a) of the Class A A$ Equivalent of the Principal Amount
                    of the Class A Notes on that Payment Date until such time as
                    all Class A Notes have been redeemed in full;

          (ii) to the Class AB Noteholders (in the proportion as specified in
               clause 6.6(a)(iii)) in payment of the Principal Amount of the
               Class AB Notes until such time as all Class AB Notes have been
               redeemed in full;

          (iii) to the Class B Noteholders (in the proportion as specified in
               clause 6.6(a)(iii)) in payment of the Principal Amount of the
               Class B Notes until such time as all Class B Notes have been
               redeemed in full;

          provided that:

          (iv) if the Threshold Requirements are satisfied on any Payment Date
               prior to the third anniversary of the Note Issue Date, the
               Trustee must pay on that Payment Date under each of
               sub-paragraphs (h)(ii) and (h)(iii), 50% of the amount that would
               otherwise have been payable if not for this sub-paragraph (h)(iv)
               and must pay the balance of the amount otherwise so payable in
               accordance with subparagraph (h)(i). On or after the third
               anniversary of the Note Issue Date, if the Threshold Requirements
               are satisfied, the Class AB Notes and the Class B Notes will be
               entitled to 100% of the amount payable under each of
               sub-paragraphs (h)(ii) and (h)(iii); and

          (v)  each such amount specified in this clause 6.6(h) shall only be
               paid or deposited to the extent that such payment or deposit will
               not result in a breach of the Threshold Requirements.

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     (i)  If, on any Payment Date, the Trust Manager directs the Trustee that
          the Threshold Requirements are not satisfied (including after giving
          effect to any payments set out in clause 6.6(h)), amounts applied
          under clause 6.6(a)(i)(D)(2) must be deposited or paid in the
          following order of priority:

          (i)  first:

               (A)  prior to the termination of the Class A Currency Swap, to
                    the Class A Currency Swap Provider of the Class A A$
                    Equivalent of the Principal Amount of the Class A Notes on
                    that Payment Date (and the reciprocal payment by the Class A
                    Currency Swap Provider is thereafter to be applied in
                    accordance with clause 6.9(a)(ii) towards payment of the
                    Principal Amount of the Class A Notes (in the proportion as
                    specified in clause 6.6(a)(iii)); and

               (B)  after the termination of the Class A Currency Swap, to the
                    Note Trustee for application in accordance with clause
                    6.8(a) of the Class A A$ Equivalent of the Principal Amount
                    of the Class A Notes on that Payment Date,

               and, in each case, until such time as the Class A Notes have been
               redeemed in full;

          (ii) to the Class AB Noteholders (in the proportion as specified in
               clause 6.6(a)(iii)) in payment of the Principal Amount of the
               Class AB notes.

               and, in each case, until such time as the Class AB Notes have
               been redeemed in full;

          (iii) to the Class B Noteholders (in the proportion as specified in
               clause 6.6(a)(iii)) in payment of the Principal Amount of the
               Class B notes.

               and, in each case, until such time as the Class B Notes have been
               redeemed in full,

          provided that each amount specified in this clause 6.6(i) shall only
          be paid or deposited to the extent that, after making the relevant
          payment or deposit, the Threshold Requirements remain unsatisfied.

6.7  CHARGE-OFFS

     If, on any Payment Date, the Aggregate Principal Loss Amount for the
     corresponding Collection Period exceeds the amount allocated or available
     for allocation on that Payment Date under clause 6.5(a)(ix), the amount of
     such excess will be the CHARGE-OFF for that Payment Date.

6.8  PAYMENTS INTO US$ ACCOUNT

     (a)  The Note Trustee must, on each Payment Date on which the Trustee pays
          an amount under clause 6.5(a)(v)(C)(2), 6.6(i)(i)(B) (the AUD US$
          AMOUNT), pay into the US$ Account or to the Principal Paying Agent
          under the Agency Agreement, an amount in US$ equal to the AUD US$
          Amount at the spot exchange rate in New York City for US$ purchases of
          Australian dollars on that Payment Date.

     (b)  The Trustee must direct the Class A Currency Swap Provider to pay all
          amounts denominated in US$ payable to the Trustee by that Class A
          Currency Swap Provider under

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          the Class A Currency Swap into the US$ Account or to the Principal
          Paying Agent under the Agency Agreement.

     (c)  If the Trustee, the Trust Manager or the Servicer receives any amount
          denominated in US$ from the Class A Currency Swap Provider under the
          Class A Currency Swap or from the Note Trustee under clause 6.8(a) it
          will promptly pay that amount to the credit of the US$ Account.

6.9  PAYMENTS OUT OF US$ ACCOUNT

     (a)  The Trustee must, or must require that the Paying Agents on its
          behalf, at the direction of the Trust Manager, pay all amounts
          credited to the US$ Account by the Class A Currency Swap Provider, by
          the Note Trustee under clause 6.8(a) or under clause 6.8(c) as follows
          (and in accordance with the Note Trust Deed and the Agency Agreement)
          (in no order of priority):

          (i)  as contemplated in clauses 6.5(a)(v)(C)(1) and 6.5(a)(v)(C)(2),
               pari passu in relation to Class A Notes as payments of Interest
               on those Class A Notes;

          (ii) as contemplated in clauses 6.6(h)(i)(A), 6.6(h)(i)(B),
               6.6(i)(i)(A) and 6.6(i)(i)(B), pari passu to Class A Noteholders
               in payment of the Principal Amount of the Class A Notes until
               such time as all Class A Notes have been redeemed in full;

          (iii) as contemplated in clauses 6.6(b), (c), (d) or (e):

               (A)  pari passu to Class A Noteholders in relation to Class A
                    Notes;

               (B)  pari passu to Class AB Noteholders in relation to Class AB
                    Notes; and

               (C)  pari passu to Class B Noteholders in relation to Class B
                    Notes,

               as payment of redemption amounts; and

          (iv) as contemplated in clause 4.4(b)(iii):

               (A)  pari passu to Class A Noteholders in relation to Class A
                    Notes;

               (B)  pari passu to Class AB Noteholders in relation to Class AB
                    Notes; and

               (C)  pari passu to Class B Noteholders in relation to Class B
                    Notes,

               as payment of redemption amounts.

6.10 ROUNDING OF AMOUNTS

     In making the calculations required or contemplated by this clause 6, the
     Servicer or the Trust Manager (as the case may be) shall round calculations
     to four decimal places, except that all monetary amounts shall be rounded
     down to the nearest cent or as otherwise required in this Series Notice.

6.11 PRESCRIPTION

     Despite any other provision of this Series Notice and the Master Trust
     Deed, Condition 8 of the Class A Notes applies to all amounts payable in
     relation to any Class A Note.

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6.12 REPLACEMENT OF CLASS A CURRENCY SWAP

     (a)  If the Class A Currency Swap is terminated, the Trustee must, at the
          direction of the Trust Manager, enter into one or more currency swaps
          which replaces that Class A Currency Swap (in a form reasonably
          satisfactory to the Trustee) (collectively a REPLACEMENT CLASS A
          CURRENCY SWAP) but only on the following conditions:

          (i)  the Settlement Amount (as defined in the Class A Currency Swap)
               payable (if any) by the Trustee to the Class A Currency Swap
               Provider will be paid in full when due in accordance with this
               Series Notice and the Class A Currency Swap;

          (ii) the Designated Rating Agencies confirm that the Replacement Class
               A Currency Swap will not cause a reduction or withdrawal of the
               rating of the Class A Notes (in the case of a replacement of the
               Class A Currency Swap); and

          (iii) the liability of the Trustee under the Replacement Class A
               Currency Swap is limited to at least the same extent that its
               liability is limited under the replaced Class A Currency Swap.

     (b)  If the conditions in (a) are satisfied, the Trustee must, at the
          direction of the Trust Manager, enter into the Replacement Class A
          Currency Swap and if it does so it must direct the Replacement Class A
          Currency Swap Provider to pay any upfront premium to enter into the
          Replacement Class A Currency Swap due to the Trustee directly to the
          outgoing Class A Currency Swap Provider in satisfaction of and only to
          the extent of the Trustee's obligation to pay the Settlement Amount
          (as defined in the Class A Currency Swap) as referred to in (a) and:

          (i)  to the extent that such premium is not greater than or equal to
               the Settlement Amount (as defined in the Class A Currency Swap),
               the balance must be satisfied by the Trustee as a Break Cost
               payable under clause 6.5(a)(v)(D); or

          (ii) to the extent that such premium is greater than the Settlement
               Amount (as defined in the relevant Class A Currency Swap), the
               excess will form part of the Assets of the Trust.

     (c)  If the conditions in (a) are satisfied and the Trustee has entered
          into the Replacement Class A Currency Swap, the Trustee must direct
          the outgoing Class A Currency Swap Provider to pay any Settlement
          Amount (as defined in the relevant Class A Currency Swap) payable by
          the outgoing Class A Currency Swap Provider to the Trustee on
          termination of the Class A Currency Swap directly to the Replacement
          Class A Currency Swap Provider in satisfaction of and only to the
          extent of any premium payable by the Trustee to enter into the Class A
          Replacement Currency Swap, in satisfaction of and to the extent of the
          outgoing Class A Currency Swap Provider's obligation to pay that part
          of the Settlement Amount (as defined in the Class A Currency Swap) to
          the Trustee, and:

          (i)  to the extent that such premium is greater than or equal to the
               Settlement Amount (as defined in the Class A Currency Swap), the
               balance must be satisfied by the Trustee as an Expense of the
               Trust; or

          (ii) to the extent that such premium is not greater than the
               Settlement Amount (as defined in the Class A Currency Swap), the
               excess will form part of the Assets of the Trust.

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6.13 PAYMENT PRIORITIES FOLLOWING ENFORCEMENT OF THE SECURITY TRUST DEED

     Notwithstanding any other provision of this clause 6, following the
     enforcement of the Security Trust Deed pursuant to clause 9.1 of the
     Security Trust Deed, the proceeds from the enforcement of the Charge (as
     defined in the Security Trust Deed) are to be applied in the following
     order of priority, subject to any other priority which may be required by
     statute or law:

     (a)  FIRST, to the extent required by law, to pay the holder of any prior
          ranking security interest of which the Security Trustee has notice;

     (b)  SECOND, to pay all costs, charges, expenses and disbursements properly
          incurred in the exercise of any power by the Security Trustee, the
          Note Trustee, a receiver or an attorney or other amounts (other than
          those referred to in paragraph (d)) payable to the Security Trustee or
          the Note Trustee under the Security Trust Deed or the Note Trust Deed
          (as the case may be);

     (c)  THIRD, to the extent that the moneys received by the Security Trustee
          represent the proceeds of any cash collateral lodged by a Support
          Facility Provider under a Support Facility, to pay that Support
          Facility Provider (this paragraph (c) will not apply to the extent
          that the relevant moneys received are applied in accordance with the
          relevant document to satisfy any obligation owed to the Trustee by the
          Support Facility Provider);

     (d)  FOURTH, to pay (pari passu and rateably):

          (i)  any fees due to the Security Trustee, the Note Trustee, each
               Paying Agent and the Calculation Agent (pari passu and rateably);

          (ii) any fees and unpaid Expenses due to the Trustee; and

          (iii) the Receiver's remuneration;

     (e)  FIFTH, to pay any unpaid Interest Adjustment due to the Approved
          Seller;

     (f)  SIXTH, to pay (pari passu and rateably):

          (i)  all Secured Moneys owing to the Support Facility Providers (pari
               passu and rateably);

          (ii) all Secured Moneys owing to the Redraw Noteholders and the Class
               A Noteholders (pari passu and rateably); and

          (iii) all Secured Moneys owing in relation to any Redraws made by the
               Trustee for which it has not been reimbursed under the
               Transaction Documents;

     (g)  SEVENTH, to pay (pari passu and rateably) all Secured Moneys owing to
          the Class AB Noteholders (pari passu and rateably);

     (h)  EIGHTH, to pay (pari passu and rateably) all Secured Moneys owing to
          the Class B Noteholders (pari passu and rateably);

     (i)  NINTH, to pay (pari passu and rateably) any amounts not covered above
          owing to a Mortgagee under a Transaction Document;

     (j)  TENTH, to pay any subsequent security interest of which the Security
          Trustee has notice; and

     (k)  ELEVENTH, to pay any surplus to the Trustee to be distributed in
          accordance with the Master Trust Deed.

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     The surplus will not carry interest. If the Security Trustee, or a
     Receiver, Mortgagee or Attorney pays the surplus to the credit of an
     account in the name of the Trustee with any bank carrying on business in
     Australia, the Security Trustee, Receiver, Mortgagee or Attorney (as the
     case may be) will be under no further liability in respect of it.

7.   MASTER TRUST DEED, INVESTMENT MANAGEMENT AGREEMENT AND REPRESENTATIONS,
     WARRANTIES AND UNDERTAKINGS

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7.1  COMPLETION OF DETAILS IN RELATION TO MASTER TRUST DEED

     (a)  (TRUST MANAGER'S FEE) For the purpose of clause 18 of the Master Trust
          Deed, the fee payable to the Trust Manager in respect of the Trust for
          each Collection Period (the TRUST MANAGER'S FEE) will be an amount
          calculated:

          (i)  on the aggregate of:

               (A)  the Principal Amount of all Registered Notes;

               (B)  the Class A A$ Equivalent of the Principal Amount of all
                    Class A Notes,

               on the first day of that Collection Period;

          (ii) at the rate of 0.055% per annum or as otherwise agreed by the
               Trust Manager and the Trustee from time to time; and

          (iii) on the actual number of days in the Collection Period divided by
               365 days,

          and shall accrue from day to day.

     (b)  (TRUSTEE'S FEE) For the purpose of clause 22.1 of the Master Trust
          Deed, the fee payable to the Trustee in respect of the Trust for each
          Collection Period (the TRUSTEE'S FEE) will be an amount as agreed
          between the Trustee and the Trust Manager from time to time, subject
          to clause 6.5(g), which fee shall not include the Trust Manager's Fee
          or the Approved Seller's Fee.

     (c)  (APPROVED SELLER'S FEE)

          For the purpose of clause 8.12 of the Master Trust Deed, the fee
          payable to the Approved Seller in respect of the Trust for each
          Collection Period (the APPROVED SELLER'S FEE) will be an amount as
          agreed between the Approved Seller and the Trust Manager from time to
          time, which fee may include an entitlement to interest in the event of
          late payment but which fee shall not include any amount attributable
          to:

          (i)  any Taxes;

          (ii) any Trustee's Fee;

          (iii) any other Expenses (other than the Trust Manager's Fee);

          (iv) any payment to the Trust Manager of the Trust Manager's Fee;

          (v)  any net amounts payable to any Swap Provider as required under
               any Hedge Agreement;

          (vi) any payment of Interest to Noteholders; and

          (vii) any amount by way of replenishment of the Assets of the Trust.

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     (d)  (SERVICER'S FEE) For the purpose of clause 6.1 of the Investment
          Management Agreement, the fee payable to the Servicer in respect of
          the Trust for each Collection Period (the SERVICER'S FEE) will be an
          amount calculated:

          (i)  on the aggregate of:

               (A)  the Principal Amount of all Registered Notes; and

               (B)  the Class A A$ Equivalent of the Principal Amount of all
                    Class A Notes,

               on the first day of that Collection Period;

          (ii) at the rate of 0.22% per annum or as otherwise agreed by the
               Servicer and the Trustee from time to time; and

          (iii) on the actual number of days in the Collection Period divided by
               365 days,

          and shall accrue from day to day.

     (e)  (FEE CHANGES TO TAKE ACCOUNT OF GST) Subject to clause 6.5(f), none of
          the above fees in this clause 7.1 are to be increased by reference to
          any applicable GST unless:

          (i)  the Trustee, the Trust Manager and the recipient of the relevant
               fee agree (that agreement not to be unreasonably withheld); and

          (ii) the increase will not result in the downgrading or withdrawal of
               the rating assigned to any Notes by any Designated Rating Agency.

     (f)  (ORIGINATOR'S FEE) The fee payable to the Originator in respect of the
          origination of Purchased Loans for each Collection Period (the
          ORIGINATOR'S FEE) will be an amount as agreed between the Servicer and
          the Trust Manager from time to time.

7.2  AMENDMENTS TO MASTER TRUST DEED

     The Master Trust Deed is amended for the purpose of the Trust as follows:

     (a)  CLAUSE 1 - DEFINITIONS AND INTERPRETATION

          (i)  For the purposes of the definition of AUTHORISED INVESTMENTS in
               clause 1.1 of the Master Trust Deed:

               (A)  delete the words "an Approved Bank" in paragraph (b) and
                    replace it with the words "a bank rated A-1+ by S&P and P-1
                    by Moody's (an AUTHORISED BANK)";

               (B)  delete the words "Approved Bank" in paragraph (c) and
                    replace them with the words "Authorised Bank";

               (C)  replace the wording in sub-paragraph (i) before
                    sub-paragraph (i)(A) with "unless otherwise advised in
                    writing by each Designated Rating Agency";

               (D)  replace sub-paragraph (i)(A) and (i)(B) with a sub-paragraph
                    (i)(A) as follows:

                    "(A) each proposed investment falling within categories (b),
                         (c) and (d) must have a credit rating issued by S&P of
                         A-1+ and by Moody's of P-1 or by S&P of AAA and by
                         Moody's of Aaa;

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               (E)  re-label sub-paragraph (i)(C) to be (i)(B) and insert at the
                    end of the sub-paragraph the words " and by Moody's of Aaa";
                    and

               (F)  delete the words in sub-paragraph (ii)(A) after "it was
                    acquired".

          (ii) For the purposes of the definition of EXPENSES in clause 1.1 of
               the Master Trust Deed:

               (A)  insert ", DTC" in paragraph (t) after "Stock Exchange" ;

               (B)  in paragraph (t), delete the word "and' after the
                    semi-colon;

               (C)  replace the comma at the end of paragraph (u) with "; and";
                    and

               (D)  add a new paragraph (v) at the end as follows:

                    "(v) any fees or expenses payable to a Paying Agent or
                         Calculation Agent,".

          (iii) The definition of FINANCIAL YEAR in clause 1.1 of the Master
               Trust Deed is deleted and replaced with the following:

               "FINANCIAL YEAR means, in relation to the Trust, the period of 12
               months ending on the 31st day of December in any year or such
               other period that is treated as a year of income of the Trust for
               the purpose of calculating the net income of the Trust in
               accordance with the Tax Act provided that:

               (A)  the first Financial Year of the Trust is the period
                    commencing on the date of the constitution of the Trust and
                    ending on the next succeeding 31st day of December or the
                    last day of the then current period which is the year of
                    income of the Trust for the purposes of the Tax Act; and

               (B)  the last Financial Year of the Trust is the period tot he
                    Vesting Date from the immediately preceding 1st day of
                    January or the commencement of the then year of income of
                    the Trust for the purposes of the Tax Act."

          (iv) For the purposes of the definition of INSOLVENCY EVENT in clause
               1.1 of the Master Trust Deed, replace "or a Mortgage Insurer"
               with ", a Mortgage Insurer, a Title Insurer or any other
               corporation" before "(each a RELEVANT CORPORATION)".

          (v)  For the purposes of the definition of RELATED SECURITY in clause
               1.1 of the Master Trust Deed:

               (A)  re-letter the existing subparagraph (d) as subparagraph (e);
                    and

               (B)  insert as a new subparagraph (d) "any Title Insurance Policy
                    in relation to a Mortgage securing the loan and any amounts
                    received by the Trustee (or a Servicer on its behalf) under
                    any Title Insurance Policy.".

          (vi) Insert the following new definitions in clause 1.1 of the Master
               Trust Deed:

               RESIDUAL INCOME BENEFICIARY means, in relation to a Trust at any
               time, any person who holds a Residual Income Unit in that Trust
               at that time.

               RESIDUAL INCOME UNIT in relation to a Trust, has the meaning
               given in the Series Notice for that Trust.

          (vii) Insert the following definition in clause 1.1 of the Master
               Trust Deed:

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               TITLE INSURANCE POLICY means any title insurance policy specified
               as a TITLE INSURANCE POLICY in the Series Notice for that Trust.

          (viii) Insert the following definition in clause 1.1 of the Master
               Trust Deed:

               TITLE INSURER means any title insurer specified as a TITLE
               INSURER in the Series Notice for that Trust.

     (b)  CLAUSE 6 - ORIGINATION

          For the purposes of clause 6(a) of the Master Trust Deed, insert the
          words "or a direction by the Trust Manager" after "Note Issue
          Direction".

     (c)  CLAUSE 8 - ACQUISITION FROM APPROVED SELLER

          (i)  The following provisions replace clause 8.1 of the Master Trust
               Deed.

               "Where:

               (a)  a Note Issue Direction directs that the Trustee issues Notes
                    to fund; or

               (b)  there is an investment proposal or direction by the Trust
                    Manager (in accordance with the Transaction Documents) for,

               the acquisition of Authorised Investments from an Approved Seller
               under a Sale Notice under clause 8.3 of the Master Trust Deed and
               the Trustee implements the direction or proposal, the Trustee
               shall use the proceeds of the relevant issue of Notes for the
               purpose of the acquisition in accordance with clause 8 of the
               Master Trust Deed."

          (ii) For the purposes of clause 8.4(a) of the Master Trust Deed:

               (A)  delete clause 8.4(a)(i);

               (B)  insert in clause 8.4(a)(ii) before "the Trust Manager", the
                    words "(where clause 8.1(a) applies)"; and

               (C)  each of the following is a condition precedent to the giving
                    of the Sale Notice:

                    (CERTIFIED COPIES) The Trustee has received certified copies
                    of the forms of each Mortgage Insurance Policy and Title
                    Insurance Policy, and the forms of the Loan Agreements,
                    relating to the Purchased Loans.

                    (RELEASE) The Trustee has received evidence that the
                    Purchased Loans and related Loan Rights will be released
                    from any Security Interest as of the Closing Date.

          (iii) For the purposes of clause 8.7(b) of the Master Trust Deed and
               clauses 6.6(b) to (e) (inclusive), the following provisions
               apply:

               (A)  On the date on which a redemption of Notes under clause
                    6.6(b), (c), (d) or (e) is to occur, the Trust Manager may
                    direct the Trustee to offer to sell the Loans held by the
                    Trustee to an Other Trust or any other person in accordance
                    with the Master Trust Deed and any relevant Series Notice.

               (B)  The Trustee as trustee of the Trust will do all things
                    reasonably necessary to give effect to the disposal of the
                    Loans held by the Trustee to that

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                    Other Trust or other person (as the case may be) in
                    accordance with the Master Trust Deed and any relevant
                    Series Notice.

               (C)  In the case of a disposal to an Other Trust, the Trust
                    Manager may only give the direction referred to in
                    sub-paragraph (iii)(A) to the extent that funds are
                    available to the Other Trust to acquire those assets.

          (iv) For the purposes of clause 8.8 of the Master Trust Deed:

               (A)  in relation to sub-paragraph (a)(i):

                    (1)  delete the words "after a Note Issue Date"; and

                    (2)  replace the words "corresponding Note Issue Direction"
                         with "relevant Sale Notice";

               (B)  in relation to sub-paragraph (a)(ii):

                    (1)  delete the words "after the Note Issue Date" and the
                         words "as soon as possible";

                    (2)  insert the words "or Sale Notice" after "in that Series
                         Notice";

                    (3)  insert the words "Series Notice or" before "Sale Notice
                         in respect of"; and

                    (4)  replace the words "corresponding Note Issue Direction"
                         with "relevant Sale Notice"; and

               (C)  in relation to paragraph (b):

                    (1)  delete the words "on or" and "after a Note Issue Date";

                    (2)  replace the words "corresponding Note Issue Direction"
                         with "relevant Sale Notice"; and

                    (3)  replace the words "the Note Issue Date" with "the
                         relevant Closing Date" (where it appears twice).

     (d)  CLAUSE 11 - LIMITS ON RIGHTS OF NOTEHOLDERS AND BENEFICIARY

          For the purposes of clause 11.1 of the Master Trust Deed:

          (i)  in relation to paragraph (h), insert ", Security Trustee" after
               "Trustee";

          (ii) in relation to paragraph (k), insert "or an Approved Seller"
               after "Trust Manager";

          (iii) replace paragraph (l) with the following:

               "(l) (TAKE PROCEEDINGS) take any proceedings of any nature
                    whatsoever in any court or otherwise or to obtain any remedy
                    of any nature (including against the Trustee, the Trust
                    Manager, the Security Trustee or the Servicer or any former
                    Trustee, Trust Manager, Security Trustee or Servicer or in
                    respect of any Trust or any Asset of any Trust) provided
                    that it shall be entitled to compel the Trustee, the Trust
                    Manager, the Security Trustee and the Servicer to comply
                    with their respective duties and obligations under the
                    Transaction Documents"; and

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          (iv) replace paragraph (m) with the following:

               "(m) (RECOURSE TO PERSONAL ASSETS) any recourse whatsoever to the
                    Trustee, the Security Trustee or the Trust Manager in their
                    personal capacity, except to the extent of any fraud,
                    negligence or wilful default on the part of the Trustee or
                    the Trust Manager or as provided in the relevant Transaction
                    Documents in relation to the Security Trustee."

     (e)  CLAUSE 12 - PROCEDURE FOR ISSUE OF NOTES

          (i)  For the purposes of clause 12.1 of the Master Trust Deed, the
               Note Issue Direction for the Notes may be issued by the Trust
               Manager on or at any time prior to the Note Issue Date for the
               Notes.

          (ii) For the purposes of clause 12.6(a) of the Master Trust Deed, the
               certification by the Trust Manager may occur on or at any time
               prior to the Note Issue Date for the Notes.

     (f)  CLAUSE 13 - TRANSFERS OF NOTES

          The following provisions replace clause 13.3 of the Master Trust Deed:

          "(a) Notes can only be transferred if:

               (i)  the amount payable on acceptance of the offer by the
                    transferee is a minimum amount of A$500,000 (disregarding
                    any amount payable to the extent to which it is to be paid
                    out of money lent by the person offering the Notes or an
                    associate (as defined in Division 2 of Part 1.2 of the
                    Corporations Act)); or

               (ii) the offer or invitation to the transferee by the Noteholder
                    in relation to such Notes does not otherwise require
                    disclosure under Part 6D.2 of the Corporations Act and the
                    Corporations Regulations made under the Corporations Act.

          (b)  Prior to purchasing any Notes, purchasers should consult counsel
               with respect to the availability and conditions of exemption from
               the restriction on resale or transfer.".

     (g)  CLAUSE 15 - THE REGISTER

          (i)  For the purposes of clause 15.3(a) of the Master Trust Deed, the
               Trustee and the Trust Manager agree that the Register with
               respect to the Trust may be kept at the Trustee's principal
               office in Sydney.

          (ii) For the purposes of clause 15.5 of the Master Trust Deed, the
               Trustee may:

               (A)  without prior notice to the Noteholders close the Register:

                    (1)  in relation to any Note, each period from the close of
                         business (Sydney time) on the date which is 5 Business
                         Days before each Payment Date for that Note to close of
                         business on that Payment Date; or

                    (2)  when required for the Auditor to conduct any audit in
                         relation to the Trust; or

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               (B)  with prior notice to the Registered Noteholders, close the
                    Register for other periods not exceeding 30 days (or such
                    other period of time as agreed between the Trustee and the
                    Trust Manager, with the approval of an Extraordinary
                    Resolution of Registered Noteholders) in aggregate in any
                    calendar year.

     (h)  CLAUSE 17 - THE TRUST MANAGER

          Reference in clause 17.20(e) of the Master Trust Deed to "the
          Designated Rating Agency' is amended to be reference to "each
          Designated Rating Agency".

     (i)  CLAUSE 19 - RETIREMENT, REMOVAL AND REPLACEMENT OF TRUST MANAGER

          (i)  Each reference in clause 19 of the Master Trust Deed to "the
               Designated Rating Agency", "the Trusts" and "Series Notices" is
               amended to be a reference to "each Designated Rating Agency",
               "the Trust" and "Series Notice" respectively.

          (ii) Clause 19.3 of the Master Trust Deed is amended by adding as a
               final sentence: "In this clause 'materially prejudice' includes
               withdrawal, qualification or downgrade of the rating assigned to
               a Note by any Designated Rating Agency".

     (j)  CLAUSE 20 - TRUSTEE'S POWERS

          For the purposes of clause 20.4 of the Master Trust Deed:

          (i)  insert "in relation to the Registered Notes," at the beginning of
               sub-paragraph (b)(iii);

          (ii) insert a new sub-paragraph (b)(iv) as follows:

               "(iv) in relation to Class A Notes, to a Paying Agent (in respect
                    of which the Trustee is not liable for its acts or
                    omissions)"; and

          (iii) replace "or Austraclear" in sub-paragraph (d)(i) with ",
               Austraclear or a Paying Agent".

     (k)  CLAUSE 23 - REMOVAL, RETIREMENT AND REPLACEMENT OF TRUSTEE

          Each reference in clause 23 of the Master Trust Deed to "the
          Designated Rating Agency" is amended to be reference to "each
          Designated Rating Agency".

     (l)  CLAUSE 26 - BANK ACCOUNTS

          Clause 26.1(d)(i) of the Master Trust Deed is amended by adding "or
          P-2 or below by Moody's" after the words "A-1 (S&P) or below".

     (m)  CLAUSE 27 - AUDITOR

          Each reference in clause 27 of the Master Trust Deed to "the
          Designated Rating Agency" is amended to be reference to "each
          Designated Rating Agency".

     (n)  CLAUSE 29 - INCOME ENTITLEMENTS AND PAYMENTS

          For the purposes of the Trust, clause 29 of the Master Trust Deed is
          deleted and a new clause 29 inserted as follows:

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               "29. INCOME ENTITLEMENTS AND PAYMENTS

               29.1 CASHFLOW ALLOCATION METHODOLOGY

                    Collections in relation to a Trust and other amounts
                    credited to the Collection Account for that Trust will be
                    allocated by the Trust Manager on behalf of the Trustee, and
                    paid by the Trustee, as directed by the Trust Manager, in
                    accordance with the Series Notice for that Trust.

               29.2 INCOME OF THE TRUST

                    For each Financial Year in respect of a Trust the Trust
                    Manager will ascertain the following on behalf of the
                    Trustee:

                    (a)  the net income of that Trust in accordance with section
                         95(1) of the Tax Act (the TAX INCOME); and

                    (b)  the net income of that Trust in accordance with
                         conventional accounting principles applicable to the
                         administration of trusts (the ACCOUNTING INCOME).

               29.3 INCOME ENTITLEMENT

                    Notwithstanding anything to the contrary contained in this
                    deed:

                    (a)  (PRESENT ENTITLEMENT) the Residual Income Beneficiaries
                         shall, as at the end of each Financial Year for that
                         Trust, have an absolute vested interest in, and be
                         presently entitled to, the income of that Trust; and

                    (b)  (APPLICATION OF INCOME) unless the Trust Manager
                         otherwise determines, having regard to any relevant
                         taxation or other implications for the Trustee
                         (disregarding for these purposes any possible operation
                         of clause 29.4) or both for any Financial Year for that
                         Trust, for the purposes of paying, applying,
                         distributing, setting aside or allocating any income
                         for the benefit of those Residual Income Beneficiaries
                         in accordance with the terms of this deed in respect of
                         that Financial Year, the income that is to be so paid,
                         applied, distributed, set aside or allocated shall be
                         whichever is the greater of the Tax Income or the
                         Accounting Income for that Financial Year.

               29.4 DISTRIBUTION OF EXCESS TAX INCOME

                    For the avoidance of doubt, in the event that the Tax Income
                    exceeds the Accounting Income for a Trust in any Financial
                    Year for that Trust then, notwithstanding anything to the
                    contrary in this deed, the Trust Manager must direct the
                    Trustee to, and the Trustee must, so far as possible, ensure
                    that such excess is allocated to the Residual Income
                    Beneficiaries of that Trust in proportion to their
                    respective Income Percentages for that Financial Year and
                    shall take such action as is necessary to give effect to
                    this clause.

               29.5 PAYMENTS TO BENEFICIARIES

                    (a)  (DISTRIBUTABLE INCOME DUE AS AT CLOSE OF FINANCIAL
                         YEAR) The income of a Trust for a Financial Year (to
                         the extent not previously distributed)

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                         shall, subject to clause 29.7, constitute a debt due
                         as at the end of that Financial Year by the Trustee as
                         trustee of the Trust to each Residual Income
                         Beneficiary of that Trust who is entitled to the income
                         under clause 29.3(a) and shall, subject to clause 29.7,
                         be payable under clause 29.5(b).

                    (b)  (PAYMENT) Subject to clause 29.7, the Trustee may make
                         interim distributions of the income of a Trust to the
                         relevant Residual Income Beneficiaries in accordance
                         with the terms of the Series Notice for that Trust and
                         shall as soon as practicable after the end of a
                         Financial Year transfer an amount representing the
                         income of that Trust (to the extent not previously
                         distributed) from the central bank account of that
                         Trust to the bank accounts of each Residual Income
                         Beneficiary of that Trust as directed by the relevant
                         Beneficiary.

                    (c)  (RESIDUAL CAPITAL) On the termination of a Trust, the
                         surplus capital of that Trust remaining after
                         satisfaction by the Trustee of all its obligations in
                         respect of that Trust shall be paid to the Residual
                         Income Beneficiaries of that Trust in accordance with
                         the terms of the Series Notice for that Trust.

               29.6 APPLICATION OF TRUST INCOME

                    (a)  If by the last day of any Financial Year for a Trust
                         (the LAST DAY) the Trustee has not effectively dealt
                         with the whole of the income of that Trust for that
                         Financial Year by paying, applying or distributing it,
                         or by setting it aside, then the income not so paid,
                         applied, distributed or set aside shall be deemed to
                         have been irrevocably applied and set aside on the Last
                         Day by the Trustee on behalf of, and shall be held by
                         the Trustee on and from the Last Day upon trust
                         absolutely for, the Residual Income Beneficiaries of
                         that Trust in accordance with their entitlement to
                         income under this deed (including, for these purposes,
                         the allocation of excess Tax Income (if any) pursuant
                         to clause 29.4).

                    (b)  If the Trustee fails to effectively allocate any excess
                         to a Residual Income Beneficiary in accordance with
                         clause 29.4, then such excess shall vest or be deemed
                         to be vested in that Residual Income Beneficiary.

                    (c)  Unless the Trust Manager otherwise determines, having
                         regard to any relevant taxation or other implications
                         for the Trustee or both for any Financial Year for that
                         Trust, for the purposes of this clause 29.6 references
                         to income of that Trust for any Financial Year shall be
                         to the greater of the Tax Income or the Accounting
                         Income for that Financial Year.

               29.7 SUBORDINATION OF RESIDUAL INCOME BENEFICIARIES' ENTITLEMENTS

               (a)  No moneys may be paid out of a Trust during a Financial Year
                    to a Residual Income Beneficiary under clause 29.5, whilst
                    there is any amount due, but unpaid, which is in accordance
                    with clause 29.1 to be

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                    paid in priority to those amounts and before the Trustee is
                    satisfied, after consulting with the Trust Manager, that
                    sufficient allowance has been made for those priority
                    amounts in relation to that Trust, accruing during that
                    Financial Year. To the extent that there is an amount
                    payable under clause 29.1 which is to be paid in priority to
                    the amounts payable to a Residual Income Beneficiary, that
                    Residual Income Beneficiary directs the Trustee to meet the
                    amount payable under clause 29.1 as an application of that
                    Residual Income Beneficiary's entitlement to the income of
                    that Trust.

               (b)  Notwithstanding paragraph (a) of this clause, once an amount
                    is paid out of a Trust to a Residual Income Beneficiary
                    during a Financial Year, that amount may not be recovered
                    from that Residual Income Beneficiary for any reason or by
                    any person except to the extent that the amount was paid in
                    error.

          29.8 INSUFFICIENT MONEYS

               If after the application of the provisions of clauses 29.1 and
               29.3 there is insufficient money available to the Trustee in
               respect of a Trust to pay the full amount due to Noteholders for
               that Trust, the deficiency shall, subject to the Series Notice
               for the Notes or any Class of the Notes issued in relation to
               that Trust, be borne by the Noteholders in the manner set out in
               the relevant Series Notice.

          29.9 TRUST MANAGER TO ENSURE COMPLIANCE BY TRUSTEE

               Without limiting its other obligations under this deed, the Trust
               Manager, in exercising its powers and carrying out its duties in
               accordance with this deed, must, to the extent possible, ensure
               that the Trustee complies with its obligations under clauses
               29.3(b) and 29.4."

     (o)  CLAUSE 32 - TRUSTEE'S AND TRUST MANAGER'S POWERS, LIABILITY AND
          INDEMNITY GENERALLY

          (i)  The following provisions replace clause 32.16 of the Master Trust
               Deed.

               "(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 (other than
                    clause 32.16(c)) 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

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                    (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 32.16 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 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 32.16 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 32.16, 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)  The Trustee will not be regarded as negligent or in breach
                    of trust to the extent to which it accepts and relies on an
                    opinion, advice or letter from a professional adviser
                    (legal, financial, audit or otherwise) which contains a
                    dollar amount limitation on that professional adviser's
                    liability.

               (g)  In this clause 32.16, RELEVANT PARTY means each of the Trust
                    Manager, the Servicer, the Calculation Agent, each Paying
                    Agent, the Note Registrar, the Approved Seller, the Note
                    Trustee and any Support Facility Provider."

          (ii) (A)  Subject to sub-paragraph (B), the following provisions
                    replace clause 32.18 of the Master Trust Deed.

                    "(a) (INDEMNITY FROM THE TRUST) Without prejudice to the
                         right of indemnity given by law to trustees, and
                         without limiting any other provision of a Transaction
                         Document, the Trustee will be

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                         indemnified out of the Assets of the Trust, free of any
                         set off or counterclaim, against all Penalty Payments
                         which the Trustee is required to pay personally or in
                         its capacity as trustee of the Trust and arising in
                         connection with the performance of its duties or
                         exercise of its powers under this deed or a Transaction
                         Document in relation to the Trust.

                    (b)  (PRESERVATION OF RIGHT AND INDEMNITY) The Trustee's
                         right to be indemnified in accordance with paragraph
                         (a), applies notwithstanding any allegation that the
                         Trustee has incurred such Penalty Payment as a result
                         of its negligence, fraud or wilful default or any other
                         act or omission which may otherwise disentitle the
                         Trustee to be so indemnified. However, the Trustee is
                         not entitled to that right of indemnity to the extent
                         that there is a determination by a relevant court of
                         negligence, fraud or wilful default by the Trustee
                         (provided that, until such determination, the Trustee
                         is entitled to that right of indemnity or reimbursement
                         but must, upon such determination, repay to the Trust
                         any amount paid to it under this clause). The Trustee
                         may in accordance with the Transaction Documents rely
                         on others in relation to compliance with the Consumer
                         Credit Legislation.

                    (c)  (OVERRIDING) This clause 32.18 overrides any other
                         provision of the Master Trust Deed or any Series
                         Notice.

                    (d)  (INDEMNITY FROM SERVICER) The Servicer indemnifies the
                         Trustee in relation to the Trust, free of any set off
                         or counterclaim, against all Penalty Payments which the
                         Trustee is required to pay personally or in its
                         capacity as trustee of the Trust and arising in
                         connection with the performance of its duties or
                         exercise of its powers under this deed in relation to
                         the Trust, except to the extent that such Penalty
                         Payments arose as a result of the fraud, negligence or
                         wilful default of the Trustee.

                    (e)  (ACCEPTABLE INSURANCE POLICY)

                         (i) To further and better secure the obligations of the
                             Servicer under this clause 32.18, the Servicer
                             shall effect an Acceptable Insurance Policy.

                         (ii) If the Servicer is obliged to indemnify the
                             Trustee under this clause 32.18, the Servicer will
                             promptly make a claim under the Acceptable
                             Insurance Policy and do all things reasonably
                             required to obtain payment of that claim.

                         (iii) The Servicer shall provide the Trustee with
                             evidence of the renewal of the Acceptable Insurance
                             Policy within seven days of the date of renewal of
                             the Acceptable Insurance Policy.

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                         (iv) Upon the Acceptable Insurance Policy lapsing or
                             becoming void for any reason whatsoever, the
                             Servicer shall immediately:

                             (A) notify the Trustee that the Acceptable
                                 Insurance Policy has lapsed or become void; and

                             (B) effect alternative arrangements acceptable to
                                 the Trustee and obtain confirmation from each
                                 Designated Rating Agency that the rating of the
                                 Notes rated by it will not be adversely
                                 affected.

                    (f)  (CALLING UPON INDEMNITY) The Trustee will call upon the
                         indemnity under paragraph (d) before it calls on the
                         indemnity in paragraph (a). If any such claim is not
                         satisfied within 3 Business Days of the claim being
                         made, the Trustee may (without prejudice to its rights
                         under any indemnity under paragraph (d)) exercise its
                         right of indemnity referred to in paragraph (a).

                    (g)  (GRANTING INDEMNITY) The Trustee agrees that it will
                         not grant an indemnity to any other person within the
                         terms of paragraph (iv) of the definition of Penalty
                         Payment without the prior written consent of the
                         Servicer."

               (B)  The definition of Penalty Payment in clause 32.18 of the
                    Master Trust Deed shall apply and clause 32.18(d) of the
                    Master Trust Deed (before any amendment to the Master Trust
                    Deed as set out in this Series Notice) shall apply except
                    that references to the "Trust Manager" in that clause shall
                    be continued as references to the "Servicer".

7.3  AMENDMENTS TO INVESTMENT MANAGEMENT AGREEMENT

     The Investment Management Agreement is amended for the purposes of the
     Trust as follows.

     (a)  Interstar Securitisation Management Pty Limited accedes to the
          Investment Management Agreement and each of the Servicer, the Trustee
          and Interstar Securitisation Management Pty Limited agree, acknowledge
          and confirm that:

          (i)  as trust manager of the Interstar Millennium Series 2005-1G
               Trust, Interstar Securitisation Management Pty Limited will be
               bound by the duties and obligations imposed on the "Trust
               Manager" (as that term is defined in the Investment Management
               Agreement) by the Investment Management Agreement in all respects
               as if it had originally been named as a party to the Investment
               Management Agreement as the trust manager; and

          (ii) as trust manager of the Interstar Millennium Series 2005-1G
               Trust, Interstar Securitisation Management Pty Limited shall be
               entitled to the benefit of any rights or powers conferred on the
               "Trust Manager" (as that term is defined in the

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               Investment Management Agreement) under the Investment Management
               Agreement as if it had originally been named a party to the
               Investment Management Agreement as the trust manager.

     (b)  CLAUSE 1.3 - LIABILITY OF TRUSTEE LIMITED TO ITS RIGHT OF INDEMNITY

          Clause 1.3 of the Investment Management Agreement is deleted and
          replaced with the following.

          "(a) Clause 32 of the Master Trust Deed (as amended by the Notice of
               Creation of Trust and the Series Notice) applies to the
               obligations and liabilities of the Trustee and the Trust Manager
               under this agreement.

          (b)  Without limiting the generality of clause 1.3(a), clause 32.16 of
               the Master Trust Deed (as amended by the Notice of Creation of
               Trust and the Series Notice) is incorporated into this agreement
               as if set out in full, except that any reference to DEED is
               replaced by a reference to AGREEMENT and any reference to TRUST
               refers to each Relevant Trust.

          (c)  Nothing in this clause 1.3 limits a party in:

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

               (ii) obtaining declaratory relief; or

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

          (d)  Except as provided in paragraphs (a) and (b) and subject to
               paragraph (c), no party shall:

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

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

               (iii) (EXECUTION) levy or enforce any distress or other execution
                    to, on, or against any assets of the Trustee (other than the
                    Trust Assets);

               (iv) (COURT APPOINTED RECEIVER) apply for the appointment by a
                    court or a receiver to any of the assets of the Trustee
                    (other than the Trust Assets);

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

               (v)  (SET-OFF OR COUNTERCLAIM) exercise or seek to exercise any
                    set-off or counterclaim against the Trustee (other than in
                    respect of the Trust Assets); or

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

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

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     (c)  CLAUSE 2 - APPOINTMENT OF SERVICER

          In clause 2.3(d) of the Investment Management Agreement, add "or Title
          Insurer in relation to a Title Insurance Policy" after "any law firm".

     (d)  CLAUSE 4 - UNDERTAKINGS

          (i)  In clause 4.1(c)(ii) of the Investment Management Agreement, add
               "or Title Insurer (as the case may be)" after "the Mortgage
               Insurer".

          (ii) In clause 4.1(c)(iii) of the Investment Management Agreement, add
               "or Title Insurer (as the case may be)" after "the Mortgage
               Insurer".

          (iii) Add the following clause 4.1(c)(iv) in the Investment Management
               Agreement: "promptly notify the Title Insurer (if any) of that
               default in accordance with the provisions of the relevant Title
               Insurance Policy, if required".

          (iv) Relabel clause 4.1(d)(i)(B) of the Investment Management
               Agreement as clause 4.1(d)(i)(C).

          (v)  Add the following clause 4.1(d)(i)(B) in the Investment
               Management Agreement: "Title Insurance Policies; and".

          (vi) In clause 4.1(d)(ii) of the Investment Management Agreement, add
               ", Title Insurance Policy" after "Mortgage Insurance Policy".

          (vii) In clause 4.1(d)(iii) of the Investment Management Agreement,
               add ", Title Insurance Policy" after "Mortgage Insurance Policy".

          (viii) Clause 4.1(f) of the Investment Management Agreement is amended
               by inserting the words " and provided that the variation,
               amendment or modification does not result in the downgrade or
               withdrawal of rating of the Notes".

          (ix) Replace 4.1(h) of the Investment Management Agreement to read as
               follows:

               "set the Investment Rate as 0.25% higher than the percentage rate
               of return which it determines in its absolute discretion would be
               required to be set on the Authorised Investments held by the
               Trustee, in order to ensure that the Trustee has sufficient cash
               available at all times to enable the Trustee to pay all payments
               of Interest in respect of the Trust and otherwise comply with all
               of the Trustee's duties and obligations under the Transaction
               Documents as and when they fall due, including payment of the
               Approved Seller's Fee as and when it falls due".

     (e)  CLAUSE 6 - SERVICER FEES

          In clause 6.2(a) of the Investment Management Agreement, add "or Title
          Insurance Policy" after "Mortgage Insurance Policy".

7.4  ADDITIONAL REPRESENTATIONS AND WARRANTIES - APPROVED SELLER AND TRUSTEE

     Each of the Approved Seller and the Trustee makes the following additional
     representations and warranties in respect of itself only to the Trust
     Manager, to each Noteholder and to the Security Trustee (who holds the
     benefit of the representations and warranties for the Mortgagees (as
     defined in the Security Trust Deed):

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     (a)  it is not in default under any Transaction Document (to which it is a
          party) in a manner which has or may have an Adverse Effect;

     (b)  it has no immunity from the jurisdiction of a court or from legal
          process;

     (c)  (in relation to Interstar Wholesale Finance Pty Limited only, in its
          capacity as the Approved Seller) it holds sole beneficial ownership as
          at the relevant Closing Date of the Loans referred to in the Sale
          Notice given by it;

     (d)  (in relation to Interstar Wholesale Finance Pty Limited only, in its
          capacity as the Approved Seller) it holds such beneficial interest in
          the Authorised Investments (other than the Loans referred to in
          paragraph (c)) which form part of the Assets of the Trust as is
          validly transferred to it unless it has disposed of that interest in
          accordance with the provisions of the Transaction Documents;

     (e)  (in relation to the Trustee only) the Trustee has not resettled, set
          aside or transferred any property of the Trust other than in
          accordance with the Transaction Documents;

     (f)  (in relation to the Trustee only) the Trustee has not terminated the
          Trust nor has any event of which it is aware for the vesting of the
          assets of the Trust occurred;

     (g)  (in relation to the Trustee only) the Trustee is not aware that an
          Event of Default as defined in the Security Trust Deed is subsisting;

     (h)  (in relation only to the Approved Seller) as at the relevant Closing
          Date, beneficial title in the Authorised Investments referred to in
          the Sale Notice given by it, or otherwise to be transferred by it, are
          entitled to be and will be transferred to the Trustee.

     (i)  (in relation to the Approved Seller only) the sale, transfer and
          assignment of the Approved Seller's interest in the Purchased Loans,
          will not constitute a breach of any Relevant Document or the Approved
          Seller's obligations or a default by the Approved Seller under any
          Security Interest;

     (j)  (in relation to the Approved Seller only) the Approved Seller holds in
          its possession or control all Relevant Documents that relate to the
          Purchased Loans and the related Loan Securities necessary to register
          and enforce the provisions of and the security created by the relevant
          Loan Securities;

     (k)  (in relation to the Approved Seller only) the Approved Seller is
          solvent, is able to pay its debts as and when they become due and
          payable and has no notice of, nor taken any steps in relation to, any
          application or order for its winding up or the appointment of a
          receiver or liquidator to it or any of its assets;

     (l)  (in relation to the Approved Seller only) at the time each Purchased
          Loan and each Related Security was entered into it complied in all
          material respects with the Approved Seller's underwriting and
          operations procedures, as agreed with the Servicer;

     (m)  (in relation to the Approved Seller only) each Purchased Loan and Loan
          Security and each Related Security was entered into by the Approved
          Seller in good faith;

     (n)  (in relation to the Approved Seller only) at the time each Purchased
          Loan and each Loan Security and each Related Security was entered into
          at any time prior to the Closing Date, the Approved Seller had not
          received any notice of any insolvency, bankruptcy or liquidation of
          the Obligor(s) or any guarantors or security providers (except that if
          a Loan is

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          in Arrears but complies with the Eligibility Criteria, the fact that
          it is in Arrears is not in and of itself notice of insolvency) or any
          notice that any such person did not have the legal capacity to enter
          into the relevant Mortgage;

     (o)  (in relation to the Approved Seller only) as at the Cut-Off Date, none
          of the Purchased Loans and none of the Loan Securities and no Related
          Security had been waived or altered, except in writing and as part of
          the Relevant Documents;

     (p)  (in relation to the Approved Seller only) all information provided by
          the Approved Seller to the Trustee in connection with the Loans, the
          Loan Securities and the Related Securities was, when given, true and
          accurate in all material respects and not misleading or deceptive and
          did not omit to state a material fact necessary in order to make the
          statements therein in light of the circumstances in which they were
          made not misleading or deceptive; and

     (q)  (in relation to the Approved Seller only) as at the Cut-Off Date, the
          Approved Seller was not aware of any circumstance or event that may
          materially and adversely affect:

          (i)  the value or enforceability of any Loan, Loan Security or Related
               Security; or

          (ii) the ability of the Approved Seller to perform its obligations
               under the Transaction Documents.

7.5  ADDITIONAL REPRESENTATIONS AND WARRANTIES - TRUST MANAGER

     Each of the Servicer and the Trust Manager makes the following
     representations and warranties to the Trustee, to each Noteholder and to
     the Security Trustee (who holds the benefit of the representations and
     warranties for the Mortgagees (as defined in the Security Trust Deed):

     (a)  to its knowledge, no litigation, arbitration or administrative
          proceedings are taking place, pending or threatened against it which,
          if adversely determined, has or may have an Adverse Effect;

     (b)  it is not in default under any Transaction Document to which it is a
          party in a manner which has or may have an Adverse Effect;

     (c)  the Loans which are subject to the provisions of the Consumer Credit
          Legislation comply with the Consumer Credit Legislation; and

     (d)  it is not aware of any act or circumstance that would permit a
          Mortgage Insurer or a Title Insurer to reduce or avoid any claim under
          its Mortgage Insurance Policy or Title Insurance Policy (as the case
          may be).

7.6  ADDITIONAL UNDERTAKINGS - TRUSTEE

     The Trustee undertakes to the Servicer, the Trust Manager, to each
     Noteholder and to the Security Trustee (who holds the benefit of the
     undertakings for the Mortgagees (as defined in the Security Trust Deed)
     that:

     (a)  it will treat the Noteholders of the same Class equally and will treat
          Noteholders of different Classes fairly;

     (b)  it will not deal in any way with any person except at arm's length in
          the ordinary course of business for valuable commercial consideration;

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     (c)  it will not advance money or make available financial accommodation to
          or for the benefit of any person or give a guarantee or security
          interest in connection with an obligation or liability of any person
          except as permitted under the Transaction Documents;

     (d)  it will not take any action in respect of a Mortgage which action is
          contrary to the terms of the Mortgage Insurance Policy covering that
          Mortgage unless it is approved by the relevant Mortgage Insurer (the
          Trustee is entitled to rely without enquiry on a certificate from the
          Servicer to the effect that the relevant Mortgage Insurer has given
          its consent);

     (e)  provided that the Trustee has been provided with a copy of the form of
          the relevant Title Insurance Policy and has agreed in writing with the
          Servicer that this paragraph (e) will apply to all Title Insurance
          Policies issued in that agreed form, it will not take any action in
          respect of a Mortgage which action is contrary to the terms of any
          Title Insurance Policy covering that Mortgage unless it is approved by
          the relevant Title Insurer (the Trustee is entitled to rely without
          enquiry on a certificate from the Servicer to the effect that the
          relevant Title Insurer has given its consent);

     (f)  it shall not:

          (i)  amend or vary, or consent to any amendment or variation of,

          (ii) avoid, release, surrender, terminate, rescind, discharge (other
               than by performance) or accept the repudiation of, or

          (iii) expressly or impliedly waive, or extend or grant time or
               indulgence of, any provision of or obligation under,

          any Transaction Document where to do so would have an Adverse Effect
          (the Trustee is entitled to rely without enquiry on a certificate from
          the Trust Manager to the effect that any such action will not have an
          Adverse Effect);

     (g)  it shall not amend or vary the form which will be used for any
          Mortgage which it acquires or settles in any manner which would have
          an Adverse Effect (the Trustee is entitled to rely without enquiry on
          a certificate from the Servicer to the effect that any amendment or
          variation of the form used for any Mortgage will not have an Adverse
          Effect);

     (h)  it will not resettle, set aside or transfer any asset held under the
          Trust other than a transfer which complies with the Transaction
          Documents (the Trustee is entitled to rely without enquiry on a
          certificate from the Trust Manager to the effect that any such
          transfer complies with this deed);

     (i)  except as contemplated by clause 23 of the Master Trust Deed, the
          Trustee will not do anything which would cause or enable its removal,
          nor will it retire, as trustee of the Trust; and

     (j)  the Trustee will not permit any person to act or be appointed as
          trustee of the Trust jointly with the Trustee.

7.7  ADDITIONAL UNDERTAKINGS - TRUST MANAGER AND SERVICER

     Each of the Trust Manager and the Servicer undertakes to the Trustee, to
     each Noteholder and to the Security Trustee (who holds the benefit of the
     undertakings for the Mortgagees (as defined in the Security Trust Deed) to:

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     (a)  upon being so directed by the Trustee, rectify any books of account
          which the Trustee reasonably believes to be incorrect or inadequate in
          any respect;

     (b)  ensure that the Authorised Investments yield an amount (expressed as a
          percentage per annum) equal to or greater than the then current
          Investment Rate;

     (c)  deliver to the Trustee all documents necessary to enable the Trustee
          to have each and every Authorised Investment registered in the name of
          the Trustee or in the name of such other person or persons as approved
          by the Trustee;

     (d)  not deal in any way with any person except at arm's length in the
          ordinary course of business for valuable commercial consideration;

     (e)  not cease or materially change its business,

     (f)  not take any action in respect of a Loan which action is contrary to
          the terms of the Mortgage Insurance Policy covering that Loan unless
          it is approved by the relevant Mortgage Insurer;

     (g)  not take any action in respect of a Loan which action is contrary to
          the terms of any Title Insurance Policy covering that Loan unless it
          is approved by the relevant Title Insurer;

     (h)  not:

          (i)  amend or vary, or consent to any amendment or variation of,

          (ii) avoid, release, surrender, terminate, rescind, discharge (other
               than by performance) or accept the repudiation of, or

          (iii) expressly or impliedly waive, or extend or grant time or
               indulgence of, any provision of or obligation under,

          any Transaction Document, where to do so would have an Adverse Effect;

     (i)  take such steps as are reasonably available to it to ensure that a
          Mortgage Insurer is not relieved from its liability under its Mortgage
          Insurance Policy;

     (j)  take such steps as are reasonably available to it to ensure that a
          Title Insurer is not relieved from its liability under any of its
          Title Insurance Policies;

     (k)  where it is required to make any calculation, give any notice or do
          any thing in order to enable the Trustee to perform its obligations
          under any Transaction Document - make that calculation, give that
          notice or do that thing;

     (l)  co-operate with the Trustee in respect of the establishment and
          maintenance by the Trustee of a compliance system relating to the
          Assets of the Trust and any Mortgage made by it which is reasonable in
          scope having regard to industry standards and criteria for the
          purposes of establishing a system for ensuring that the Trustee's
          obligations and liabilities under or in connection with the Assets of
          the Trust and those Mortgages are fully discharged and that the
          Trustee is informed of significant issues relating to any of them;

     (m)  take such actions as are necessary to enforce or enable the Trustee to
          enforce the rights of the Trustee under any Transaction Document;

     (n)  ensure that:

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          (i)  the aggregate amount of all Line of Credit Commitments at any
               time does not comprise more than 20% of the value of the Assets
               of the Trust;

          (ii) the aggregate of the amounts outstanding under the following
               Loans (as referred to in schedule 2):

                    (1)  Interstar "P&I Fixed" Account Loans; and

                    (2)  Interstar "IO Fixed" Account Loans,

               which form part of the Assets of the Trust does not comprise more
               than 25% of the value of the Assets of the Trust and must
               promptly:

                    (3)  notify each Designated Rating Agency; and

                    (4)  enter into such arrangements as each Designated Rating
                         Agency confirms will not result in the withdrawal,
                         qualification or downgrade of the rating of any Note,

               if, at any time, such aggregate exceeds 25% of the value of the
               Assets of the Trust;

          (iii) subject to any other provisions, there will be no restriction on
               the percentage of the Assets of the Trust which may comprise:

               (A)  Interstar "Premium" Account Loans; and

               (B)  Interstar "IO Float" Account Loans,

               as referred to in schedule 2;

          (iv) during any period when a fixed lower or acceptable rate of
               interest (as opposed to the higher or default rate of interest)
               is applicable under any Interstar "P&I Fixed" Account Loan or any
               Interstar "IO Fixed" Account Loan (as referred to in schedule 2)
               such rate of interest will not be less than the aggregate of:

               (A)  the rate equal to the Bank Bill Rate and the Spread (as
                    defined in the Class A Currency Swap);

               (B)  the Expenses Margin; and

               (C)  0.25%;

          (v)  if, at any time after the Step-Up Margin Date, a fixed rate of
               interest is applicable under any Interstar "P&I Fixed" Account
               Loan or any Interstar "IO Fixed" Account Loan (as referred to in
               schedule 2), enter into such arrangements as each Designated
               Rating Agency confirms will not result in the withdrawal,
               qualification or downgrade of the rating of any Note;

     (o)  procure payment of any stamp duty payable in respect of transfers to
          the Trustee of Authorised Investments by Perpetual Trustees Victoria
          Limited as trustee of any trust (other than a Trust as defined in the
          Master Trust Deed); and

     (p)  in the event that it becomes aware of the Trustee failing to pay any
          Interest in relation to Class B Notes within 10 Business Days of the
          Payment Date on which the Interest was due to be paid, promptly notify
          each Designated Rating Agency.

     (q)  (i)  give the Trustee such directions; and

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          (ii) take such actions as may be taken by a third party on behalf of
               the Trustee,

          as are necessary to ensure that the Trustee complies with the Irish
          Stock Exchange listing rules.

7.8  ADDITIONAL REPRESENTATIONS AND WARRANTIES (LOANS) - SERVICER

     The Servicer makes the following representations and warranties to the
     Trust Manager, the Trustee, to each Noteholder and to the Security Trustee
     (who holds the benefit of the representations and warranties for the
     Mortgagees (as defined in the Security Trust Deed) in relation to a Sale
     Notice containing an offer in relation to which the Trust Manager has
     directed the Trustee to accept and the Loans, Loan Rights and Related
     Securities referred to in that Sale Notice (or the Loans originated in
     accordance with clause 9(b)(ii) or otherwise transferred to the Trustee by
     Perpetual Trustees Victoria Limited as trustee of a trust in accordance
     with the Master Trust Deed).

     (a)  (ELIGIBLE LOAN) As at the Cut-Off Date, each Loan which is specified
          in that Sale Notice (or so originated or transferred) is an Eligible
          Loan. In relation to any related Loan Security that is required to be
          registered with any Government Agency and which is not registered at
          the Cut-Off Date, it will be registered.

     (b)  (LOAN SECURITIES) It has not done, or omitted to do, anything which
          would prevent each Loan, Loan Security and Related Security which is
          specified in that Sale Notice (or so originated or transferred) from
          being valid, binding and enforceable against the relevant Obligor(s)
          in all material respects except to the extent that it is affected by
          laws relating to creditors rights generally, or doctrines of equity.

     (c)  (OWNERSHIP) In relation to each Loan Security which is specified in
          that Sale Notice (or the relevant Trust Manager's direction or
          transfer procedure), it has not done, or omitted to do anything which
          would prevent the relevant Obligor from being the sole legal owner of
          the relevant Mortgaged Property and registered as the sole proprietor
          of the relevant Mortgaged Property.

     (d)  (INSURANCE) As at the relevant Closing Date (or the date specified in
          the relevant Trust Manager's direction), each Loan which is specified
          in the Sale Notice (or the relevant Trust Manager's direction or
          transfer procedure) is the subject of a valid, binding and enforceable
          Mortgage Insurance Policy from a Mortgage Insurer for the scheduled
          term of that Loan. In the case of the assignment of Loans, the
          assignment of each such Loan to the Trustee is not contrary to the
          relevant Mortgage Insurance Policy. The Servicer has not done or
          omitted to do anything which might prejudicially affect or limit the
          rights of the Trustee under or in respect of a Mortgage Insurance
          Policy to the extent that those rights relate to that Loan or the
          related Loan Security. On transfer to the Trustee of legal title to a
          Purchased Loan (or on origination of a Loan), the Trustee will have
          the benefit of the relevant Mortgage Insurance Policy for that Loan.

     (e)  (SOLVENCY OF MORTGAGE INSURERS AND TITLE INSURERS) The officers of the
          Servicer who have responsibility for the transactions contemplated by
          the Transaction Documents do not have actual notice that any Mortgage
          Insurer under any Mortgage Insurance Policy or any Title Insurer under
          any Title Insurance Policy in relation to a Loan is insolvent or will
          be unable to pay a valid claim.

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     (f)  (SELECTION PROCESS) There is no fraud, dishonesty, material
          misrepresentation or negligence on the part of the Servicer in
          connection with the selection and offer to the Trustee of any Loans or
          related Loan Securities which are specified in that Sale Notice (or
          the relevant Trust Manager's direction or the transfer procedure).

     (g)  (NO RESCISSION, ETC) As at the Cut-Off Date, none of the Loans or Loan
          Securities which are specified in that Sale Notice (or the relevant
          Trust Manager's direction or the transfer procedure) were satisfied,
          cancelled, discharged or rescinded and the Mortgaged Property relating
          to each relevant Loan and Loan Security had not been released from the
          security of the relevant Loan Securities.

     (h)  (INTEREST RATE) Except as may be provided in a Loan Agreement or Loan
          Security which is specified in the Sale Notice (or the relevant Trust
          Manager's direction or the transfer procedure), and subject to
          applicable laws, the Servicer has not done, or omitted to do anything
          which would render the interest rate for each such Loan subject to any
          limitation, or to any consent, additional memoranda or other writing
          required from the relevant Obligor to give effect to a change in that
          rate and any change in that rate will be effective on notice being
          given to that Obligor in accordance with the terms of the relevant
          Loan or Loan Security.

     (i)  (ASSIGNABILITY) In the case of the assignment of Loans, all consents
          required in relation to the assignment of the Loans and the related
          Loan Rights specified in that Sale Notice (or the relevant Trust
          Manager's direction or the transfer procedure) have been obtained.
          Those Loans and Loan Rights are assignable.

     (j)  (ORDINARY COURSE OF BUSINESS) Between the relevant Cut-Off Date and
          the relevant Closing Date (or the date specified in the relevant Trust
          Manager's direction), the Servicer dealt with the Loans and the Loan
          Securities specified in the Sale Notice (or the relevant Trust
          Manager's direction or the transfer procedure) in the ordinary course
          of its business.

7.9  REPETITION OF REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS

     The representations, warranties and undertakings set out in clauses 7.4,
     7.5, 7.6, 7.7 and 7.8 will be deemed to be repeated on each date upon which
     Notes are issued.

8.   TRANSFERS TO OTHER TRUST
--------------------------------------------------------------------------------

     The Trust Manager may, from time to time, direct the Trustee to transfer a
     Loan held by the Trustee to any Other Trust. That transfer:

     (a)  must be in accordance with clause 7 of the Master Trust Deed and the
          Series Notice for that Other Trust (as the case may be);

     (b)  must be for a consideration equal to the Unpaid Balance of that Loan;

     (c)  must not involve the transfer of a Loan which is in Arrears; and

     (d)  may only be made if there are funds available to that Other Trust to
          enable that Other Trust to pay the necessary consideration for the
          transfer.

     The Trustee must comply with that direction.

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9.   PREFUNDING
--------------------------------------------------------------------------------

     (a)  If on a Note Issue Date, the Purchase Price for the Purchased Loans is
          less than the amount received in Australian dollars by the Trustee
          from the proceeds of the issue of the Notes, the Trustee shall (at the
          direction of the Trust Manager) retain the difference between the two
          amounts to the extent it is not invested in Liquid Authorised
          Investments in accordance with this Series Notice (the PREFUNDING
          AMOUNT) in the Prefunding Account. The Prefunding Amount must not, at
          any time, exceed 25% of the sum of the Class A A$ Equivalent of
          US$[1,000,000,000], the Initial Principal Amount of the Class AB Notes
          and the Initial Principal Amount of the Class B Notes.

     (b)  The Trustee must, at the direction of the Trust Manager (at the Trust
          Manager's option), apply any or all of the Prefunding Amount to:

          (i)  acquire Loans:

               (A)  from the Approved Seller by the Approved Seller delivering
                    to the Trustee (on or before the Prefunding End Date) a Sale
                    Notice in relation to those Loans in accordance with clause
                    8 of the Master Trust Deed (as amended by this Series
                    Notice); or

               (B)  from Perpetual Trustees Victoria Limited as trustee of a
                    trust (on or before the Prefunding End Date) in accordance
                    with the Master Trust Deed; or

          (ii) originate Loans in accordance with the procedures in the ordinary
               course of the Servicer's business (before the Prefunding End
               Date),

          provided that each Loan so acquired or originated:

          (iii) complies with the Eligibility Criteria; and

          (iv) would not result in the downgrade or withdrawal of rating of any
               Note by a Designated Rating Agency.

     (c)  On the Prefunding End Date, the balance of the Prefunding Amount that
          has not been applied under paragraph (b) shall be treated as Mortgage
          Principal Repayments received by the Trustee during the immediately
          preceding Collection Period and applied in accordance with clause 6.6
          of this Series Notice.

     (d)  The Trustee shall maintain the Prefunding Account as an interest
          bearing account in accordance with the Transaction Documents
          (including clause 26 of the Master Trust Deed). The Trust Manager
          shall not direct the Trustee to, and the Trustee shall not make any
          withdrawal from, the Prefunding Account except for the following
          purposes:

          (i)  to apply the Prefunding Account in accordance with paragraphs (b)
               and (c) above;

          (ii) to transfer the credit balance of the Prefunding Account in
               accordance with clause 26.1(d) of the Master Trust Deed; and

          (iii) to pay Taxes payable in respect of the Prefunding Account.

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10.  BENEFICIARY
--------------------------------------------------------------------------------

10.1 ISSUE OF UNITS

     (a)  The beneficial interest in the Trust will be constituted by the issue
          of:

          (i)  a single residual capital unit (the RESIDUAL CAPITAL UNIT); and

          (ii) such numbers of residual income units (each, a RESIDUAL INCOME
               UNIT) as the Trustee may issue from time to time in accordance
               with this clause 10.1 and clause 10.3.

          The holders of the Residual Capital Unit and the Residual Income Units
          (each, a UNIT) hold the beneficial interest in the Trust in accordance
          with the Master Trust Deed and this Series Notice.

     (b)  The Trustee must, on payment by the relevant Beneficiary of the issue
          price of the Unit specified below, issue a Unit by registering that
          Beneficiary's name in the register kept under this clause 10. A
          failure by the Trust Manager to issue a Unit does not affect the
          Beneficiary's rights as beneficiary of the Trust under the Master
          Trust Deed and this Series Notice.

10.2 RESIDUAL CAPITAL UNIT

     (a)  The holder of the Residual Capital Unit is Allens Arthur Robinson
          Corporate Advisory Pty Ltd.

     (b)  The issue price of the Residual Capital Unit is the amount of A$10,
          paid on establishment of the Trust.

     (c)  The holder of the Residual Capital Unit has no right to receive
          distributions in respect of the Trust other than the right to receive
          the amount of A$10 on the termination of the Trust. The Residual
          Capital Unit may not be redeemed at any other time or in any other
          way.

     (d)  The Residual Capital Unit is not transferable.

     (e)  No other Residual Capital Units may be issued.

10.3 RESIDUAL INCOME UNIT

     (a)  A person may, with the consent of the Trust Manager and (where there
          is at that time any existing holder of a Residual Income Unit) that
          holder (each of whose consent may be given or withheld in their
          absolute discretion), become the holder of a Residual Income Unit by
          paying the issue price for the Residual Income Unit.

     (b)  The issue price of a Residual Income Unit will be the amount agreed
          between the Trust Manager and the person applying for the Residual
          Income Unit.

     (c)  The beneficial interest held by the Residual Income Beneficiaries is
          limited to the Trust and each Asset of the Trust (other than any Asset
          of the Trust held on trust for the holder of the Residual Capital Unit
          under clause 10.2) subject to and in accordance with the Master Trust
          Deed and this Series Notice.

     (d)  Subject to clause 29 of the Master Trust Deed, no Residual Income
          Beneficiary has a right to receive distributions in respect of the
          Trust other than:

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          (i)  the right to receive, pari passu, distributions in respect of the
               Trust under the Master Trust Deed and this Series Notice to the
               extent that Beneficiary Distributions are available for
               distribution under the Master Trust Deed and this Series Notice;
               and

          (ii) the right to receive, pari passu, on the termination of the Trust
               the entire beneficial interest of the Trust, subject to the
               rights of the holder of the Residual Capital Unit.

     (e)  Residual Income Units may not be redeemed at any other time or in any
          other way.

     (f)  Each Residual Income Unit is transferable in accordance with clause
          10.5.

10.4 REGISTER

     (a)  The entitlement of any person to a Unit will be evidenced by
          registration in the register maintained under this clause 10.4 (the
          REGISTER).

     (b)  The Trustee will keep the Register at its registered office in a form
          that it considers appropriate and will enter the following
          particulars.

          (i)  The name and address of the holder of each Unit.

          (ii) The date on which the name of the holder of each Unit is entered
               in the Register.

          (iii) The date on which the holder of a Unit ceases to be registered
               as the holder of that Unit.

          (iv) The subscription moneys initially paid for each Unit, and the
               aggregate subscription moneys of all Units from time to time.

          (v)  Any other details which the Trustee may consider necessary or
               desirable.

     (c)  The holder of a Unit shall promptly notify the Trustee of any change
          of name or address and the Trustee will alter the Register
          accordingly.

     (d)  Without limiting clause 10.1, the interest of any holder in a Unit
          will be constituted by registration in the register.

10.5 TRANSFER OF UNITS

     (a)  (i)  Subject to clause 10.2(d), the holder of a Unit may transfer the
               Unit by instrument in writing in any form approved by the
               Trustee. No fee will be charged on the transfer of a Unit.

          (ii) An instrument of transfer shall be executed by or on behalf both
               of the transferor and the transferee.

          (iii) A transferor of a Unit remains the holder of the Unit
               transferred until the transfer is registered and the name of the
               transferee is entered in the register in respect of the Unit.

     (b)  The instrument of transfer of a Unit must be left for registration at
          the address where the Register is kept on which the Unit to which the
          transfer relates are registered. It must be left together with any
          information that the Trustee properly requires to show the right of
          the transferor to make the transfer.

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     (c)  The Trustee must notify each Designated Rating Agency and the Trust
          Manager of any transfer of Units under this clause 10.5.

10.6 LIMIT ON RIGHTS

     Each Beneficiary is subject to, and bound by, the provisions of the Master
     Trust Deed (including clause 9.1 and 11.1).

11.  NOTE TRUSTEE
--------------------------------------------------------------------------------

11.1 CAPACITY

     The Note Trustee is a party to this Series Notice in its capacity as
     trustee for the Class A Noteholders from time to time under the Note Trust
     Deed.

11.2 EXERCISE OF RIGHTS

     (a)  The rights, remedies and discretions of the Class A Noteholders under
          the Transaction Documents including all rights to vote or give
          instructions to the Security Trustee and to enforce undertakings or
          warranties under the Transaction Documents, except as otherwise
          provided in the Note Trust Deed or the Security Trust Deed, may only
          be exercised by the Note Trustee on behalf of the Class A Noteholders
          in accordance with the Note Trust Deed and the Security Trust Deed.

     (b)  The Class A Noteholders, except as otherwise provided in the Note
          Trust Deed or the Security Trust Deed, may only exercise enforcement
          rights in respect of the Mortgaged Property in accordance with the
          Transaction Documents.

11.3 REPRESENTATION AND WARRANTY

     The Note Trustee represents and warrants to each other party to this Series
     Notice that it has the power under the Note Trust Deed to enter into the
     Transaction Documents to which it is a party and to exercise the rights,
     remedies and discretions of, and to vote on behalf of, the Class A
     Noteholders.

11.4 PAYMENTS

     Any payment to be made to the Class A Noteholders under the Transaction
     Documents may be made to the Principal Paying Agent or the Note Trustee (as
     the case may be) in accordance with the Agency Agreement and the Note Trust
     Deed.

12.  TAX REFORM
--------------------------------------------------------------------------------

12.1 TAXATION OF TRUSTS AND CONSOLIDATED GROUPS

     The parties acknowledge that:

     (a)  the Commonwealth Government has withdrawn draft legislation under
          which non-fixed trusts would have been taxed as companies from 1 July
          2001 but has indicated its intention to take steps to avoid tax
          abusive use of trusts which may include taxing some trusts as
          companies;

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     (b)  the Commonwealth Government has released legislation in relation to
          the tax consolidation regime. Whilst the Trust will not, as
          structured, form part of a consolidated group of companies and trusts
          for tax purposes (a CONSOLIDATED TAX GROUP), if the Trust becomes a
          member of a consolidated tax group, under the Act, the Trustee could
          be liable for all, or a share, of a tax-related liability of the head
          company of that consolidated tax group (a GROUP TAX LIABILITY) if:

          (i)  the head company of the consolidated tax group does not pay that
               group tax liability by the time it becomes due and payable; and

          (ii) that group tax liability is not covered by a valid and effective
               tax sharing agreement for the purposes of section 721-25 of the
               Income Tax Assessment Act 1997 (A VALID TAX SHARING AGREEMENT);
               and

     (c)  it is in the interest of all parties, including the Trustee, the
          Noteholders and the Beneficiaries, that:

          (i)  the Trustee always be in a position to pay any tax liability when
               due;

          (ii) the payment of tax by the Trustee must not affect the amount of
               principal or interest payable on the Notes or the timing of such
               payments; and

          (iii) the rating of the Notes be maintained.

12.2 AMENDING BILL - TAXATION OF TRUSTS

     If and when an amending Bill is introduced into the Federal Parliament (the
     AMENDING BILL), and the result of that amending Bill if it becomes law will
     be that the Trustee will become liable to pay tax on the net income of the
     Trust (as described in clause 12.1(a)), then:

     (a)  the Trust Manager shall promptly consult with the Trustee and each
          Designated Rating Agency to determine what changes, if any, are
          necessary to the cashflow methodology in clause 6 to achieve the
          objective referred to in clause 12.1(c) (the OBJECTIVE); and

     (b)  within one month of the amending Bill being introduced into the
          Federal Parliament (or such longer time as the Trustee and each
          Designated Rating Agency permit) the Trust Manager shall provide a
          written recommendation to the Trustee and use its best endeavours to
          provide a draft deed amending this Series Notice that, if executed,
          will achieve the Objective.

     If and when the amending Bill becomes law and upon the Trustee being
     notified that the draft deed amending this Series Notice will achieve the
     Objective (and in this regard the Trustee may rely (amongst others) upon
     advice of tax lawyers) and each of the other parties to this Series Notice
     being reasonably satisfied that it will not be adversely affected by the
     proposed amendments to this Series Notice, each party to this Series Notice
     shall execute that amendment deed.

     If the Trust Manager and the Trustee cannot agree to amend the Series
     Notice, they will proceed with unwinding the transaction.

12.3 GROUP TAX LIABILITIES

     If the Trust becomes a member of a consolidated tax group and the head
     company of that consolidated tax group does not at that time, or at any
     subsequent time, provide evidence to the satisfaction of the Trustee (which
     may rely upon the advice of tax lawyers, amongst others) that the

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     tax liabilities of the consolidated group are covered by a valid tax
     sharing agreement that apportions those tax liabilities to the Trustee on a
     basis acceptable to the Trustee (and the Trustee acknowledges that a nil
     allocation of the group tax liabilities will be acceptable to it) then:

     (a)  the Trustee shall, as soon as is practicable, take steps to ensure
          that the Trust ceases to be a member of that consolidated group;

     (b)  the Trust Manager shall promptly consult with the Trustee and each
          Designated Rating Agency to determine what changes, if any, are
          necessary to the cashflow methodology in clause 6 to achieve the
          Objective; and

     (c)  within one month of such consultations commencing (or such longer time
          as the Trustee and each Designated Rating Agency may permit) the Trust
          Manager shall provide a written recommendation to the Trustee and use
          its best endeavours to provide a draft deed amending this Series
          Notice that, if executed, will achieve the Objective.

     Upon the Trustee being notified that the draft deed amending this Series
     Notice will achieve the Objective (and in this regard the Trustee may rely
     upon advice of tax lawyers, amongst others) and each of the other parties
     to this Series Notice being reasonably satisfied that it will not be
     adversely affected by the proposed amendments to this Series Notice, each
     party to this Series Notice shall execute that amendment deed.

     If the Trust Manager and the Trustee cannot agree to amend this Series
     Notice, or that amendments to this Series Notice are not necessary, they
     will proceed with unwinding the transaction.

12.4 EVIDENCE OF TAX SHARING AGREEMENT

     The Trust Manager shall procure that the head company of a consolidated tax
     group of which the Trust becomes a member will:

     (a)  ensure that the group tax liabilities of that consolidated tax group
          are covered by a valid tax sharing agreement; and

     (b)  provide evidence of such a tax sharing agreement being in place for
          the purposes of clause 12.3:

          (i)  at the time the Trust becomes a member of the consolidated tax
               group; and

          (ii) on each occasion that there is any alteration, amendment or
               replacement of a tax sharing agreement covering the tax
               liabilities of the consolidated tax group.

12.5 OBJECTIVE

     Provided that the Trustee and the Designated Rating Agencies receive
     written advice from an experienced and reputable tax lawyer or tax
     accountant to the effect that if the cashflow methodology, as amended under
     clause 12.2 or 12.3, is followed the Objective will be met, and each
     Designated Rating Agency confirms in writing that the change in Tax law or
     the amendment under clause 12.2 or 12.3 (as the case may be) will not give
     rise to the downgrade or withdrawal of the rating of any Note rated by it:

     (a)  the Trustee shall not be obliged to obtain the consent of any
          Noteholder, Creditor or Beneficiary to the amendment; and

     (b)  subject to its terms, the amendment shall be effective when executed,
          and may:

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          (i)  permit the Trustee to accumulate a reserve out of moneys that
               would otherwise be payable to any Beneficiary; and/or

          (ii) provide for Tax to be paid out of moneys that would otherwise
               have been payable to any Beneficiary.

12.6 BENEFICIARIES

     Without limiting clause 12.5, in formulating a proposal to meet the
     Objective, the Trust Manager shall have regard to the impact of any change
     to the cashflow methodology to the Beneficiaries, and shall consider
     proposals made by the Beneficiaries that will enable the Trustee to meet
     the Objective.

13.  ATTORNEYS
--------------------------------------------------------------------------------

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

14.  GOVERNING LAW
--------------------------------------------------------------------------------

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

15.  ANCILLIARY FACILITIES
--------------------------------------------------------------------------------

15.1 ANCILLARY FACILITIES

     (a)  Notwithstanding any other provision of the Transaction Documents in
          relation to the Trust (including the Master Trust Deed, the Security
          Trust Deed and the Servicing Agreement), the Trust Manager, the
          Servicer and the Trustee may:

          (i)  enter into and perform;

          (ii) carry out any transaction contemplated by; and

          (iii) pay any amount payable or incurred under,

          any Ancillary Facility Document.

     (b)  Without limiting the generality of paragraph (a):

          (i)  the Trustee may mix, join or co-mingle all or any part of the
               Assets of the Trust with any other assets, investments or other
               property held or owned by the Trustee (in its capacity as trustee
               or custodian of any Other Trust, or custodial program which
               relates to the Interstar Millennium Trusts) in:

               (A)  entering into and performing;

               (B)  carrying out any transaction contemplated by; and

               (C)  paying any amount payable or incurred under,

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               any Ancillary Facility Document provided that, except in the case
               of the powers in paragraphs (vii) and (viii), Moody's has first
               confirmed in writing that nothing in this paragraph (i) will
               adversely affect Moody's rating of any Notes;

          (ii) the Trustee has the power to pay or to contribute towards payment
               of any amount payable or liability incurred by the Trustee
               arising out of, or in connection with, any Ancillary Facility
               even though the amount payable or liability incurred:

               (A)  does not relate specifically to the Trust; and/or

               (B)  relates to a number of trusts or custodial arrangements
                    which includes the Trust,

               provided that, except in the case of the powers in paragraphs
               (vii) and (viii), Moody's has first confirmed in writing that
               nothing in this paragraph (ii) will adversely affect Moody's
               rating of any Notes;

          (iii) the Trustee has the power to pay any fees, charges, commissions,
               disbursements or any other outgoings to any person arising out
               of, or in connection with, the Authorised Investments or any
               Ancillary Facility;

          (iv) an Obligor under a Purchased Loan shall be entitled to make any
               repayment under the relevant Loan Agreement or Mortgage
               (including any Additional Repayment) utilising any payment method
               as approved by the Trust Manager from time to time including any
               payment by way of cheque, paperless direct credit entry or the
               payment method known as "BPAY";

          (v)  the Trust Manager, the Servicer and the Trustee may give any
               indemnity in respect of any debt or other obligation owing to any
               person arising out of, or in connection with, the Authorised
               Investments or any Ancillary Facility, including the power to
               make any payment pursuant to any such obligation, in accordance
               with the Ancillary Facility Documents; and

          (vi) the Security Trustee confirms that the entry into and performance
               of any Ancillary Facility Document, the carrying out of any
               transaction contemplated by any Ancillary Facility Document, and
               the payment of any amount payable or incurred under any Ancillary
               Facility Document, by the Trust Manager, the Servicer or the
               Trustee does not constitute any Event of Default under the
               Security Trust Deed,

          and the Trustee has power to:

          (vii) deposit moneys into a joint account in which the money of Other
               Trusts are or may be deposited; and

          (viii) permit the drawing by an Obligor of any moneys from that joint
               account, notwithstanding that an Obligor is an Obligor in respect
               of one trust only, and the moneys are commingled with moneys of
               Other Trusts.

     (c)  The Trustee and the Trust Manager agree that the Ancillary Facility
          Documents will apply in respect of the Trust.

     (d)  For the avoidance of doubt, notwithstanding any other provision of
          this Series Notice, the Trustee (at the direction of the Trust
          Manager) must apply Excess Spread from the Trust or any Other Trust to
          meet any fees, costs and expenses and to pay any amounts described in

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          clauses 15.1(b)(iii) and 15.1(b)(v) and any other amounts due to NAB
          under any Ancillary Facility (including, without limitation, any
          amounts required to be applied under clause 6 of the Facilities
          Agreement) and Interstar Securities (Australia) Pty Limited
          acknowledges that such Excess Spread must be so applied.

15.2 RECORD KEEPING OBLIGATIONS OF TRUST MANAGER

     In addition to and without limiting any obligations under any Finance
     Document, the Trust Manager:

     (a)  must keep proper records and accounts in relation to funds in any
          Drawings Account, drawings by the relevant Borrower or Mortgagor (as
          defined in the Ancillary Facility Documents) made using any of the
          facilities or functionality provided by NAB under the Ancillary
          Facility Documents and fees charged to any Drawings Account, and shall
          make those records and accounts available to any party on request; and

     (b)  undertakes for the benefit of the Trustee to:

          (i)  comply with all its obligations under the Ancillary Facility
               Documents and undertakes to use its best endeavours to ensure
               that each of the matters referred to in clauses 4.20 and 5.8 of
               the Ancillary Facility Document which is the Cheque Deposit and
               Direct Paperless Entry Facilities Agreement is complied with
               irrespective of whether it has an obligation to NAB to do so; and

          (ii) ensure that no Facilities Cheque or Direct Paperless Entry (as
               defined in the Ancillary Facility Documents) which it instructs
               or allows NAB to accept, honour or pay will:

               (A)  result in a Borrower or Mortgagor (as defined in the
                    Ancillary Facility Documents) redrawing more than can
                    properly be redrawn in accordance with the terms of that
                    Borrowers' or Mortgagor's Loan Agreement; or

               (B)  result in a debit to the Drawings Account in an amount
                    which, taking into account all other transactions on the
                    Drawings Account, exceeds the amount in the Drawings Account
                    which is referrable to the Trust which holds the Loan under
                    which the Facilities Cheque or Direct Paperless Entry was
                    drawn or authorised.

     (c)  In this clause 15.2, DRAWINGS ACCOUNT means:

          (i)  any account referred to in the Ancillary Facility Documents as a
               Trust Drawings Account or a Nominated Account; or

          (ii) any other account which the parties agree is to be a Drawings
               Account.

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SCHEDULE 1

     An Eligible Loan means a Loan which, as at the Cut-Off Date for that Loan
     has the following characteristics:

     (a)  is denominated and payable only in Australian dollars in Australia;

     (b)  the interest rate applicable to the Loan must be either:

          (i)  a variable rate based upon any determinant as may be considered
               appropriate by the Servicer in its absolute discretion;

          (ii) a fixed rate provided that a Loan shall only incorporate a fixed
               rate of interest where:

               (A)  the fixed rate does not apply for a continuous period
                    exceeding five years from:

                    (1)  the settlement date of the Loan where the Loan bears a
                         fixed rate of interest from the date it is settled; or

                    (2)  the date on which the Loan starts to bear a fixed rate
                         of interest, where that Loan either:

                         (a)  bears a floating rate of interest and is
                              converting to a fixed rate of interest; or

                         (b)  bears a fixed rate of interest which is scheduled
                              to convert to a floating rate of interest but
                              (with the approval of the relevant Mortgage
                              Insurer) the relevant Obligor has elected to pay a
                              new fixed rate of interest; and

               (B)  the fixed rate cash flows are swapped to a floating rate
                    pursuant to an Interest Rate Swap and the floating rate
                    payable by the Swap Provider is set on the same dates as the
                    Interest Rate is set on Notes; or

          (iii) a combination of a variable rate (as described in sub-paragraph
               (b)(i)) as to part of the Loan Amount and a fixed rate (as
               described in sub-paragraph (b)(ii)) as to the balance of the Loan
               Amount;

     (c)  is secured by a Mortgage that constitutes a first ranking mortgage
          over freehold land or Crown leasehold land in Australia which is or
          will be registered under Real Property Legislation and satisfies the
          following criteria:

          (i)  in the case of a Loan other than a Low Documentation Loan, the
               amount secured or to be secured by the Mortgage must not exceed
               A$1,500,000;

          (ii) in the case of a LoDoc Loan, the amount secured or to be secured
               by the Mortgage must not exceed A$800,000;

          (iii) in the case of an EasyDoc Loan, the amount secured or to be
               secured by the Mortgage must not exceed:

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               (A)  where the Subject Property is property within the
                    metropolitan areas of Australia other than Tasmania, the
                    Northern Territory, South Australia, Western Australia and
                    the Australian Capital Territory, A$800,000; or

               (B)  where the Subject Property is property within the
                    metropolitan areas of Tasmania, the Northern Territory,
                    South Australia, Western Australia and the Australian
                    Capital Territory or within the regional centres of
                    Australia, A$500,000;

          (iv) in respect of a Mortgage:

               (A)  to secure a Loan (other than a Low Documentation Loan) for a
                    principal amount:

                    (1)  not exceeding A$500,000 - the Loan to Value Ratio in
                         respect of that Loan must not exceed 95%;

                    (2)  exceeding A$500,000 but not exceeding A$1,000,000 - the
                         Subject Property must constitute a single property
                         within the metropolitan areas of Sydney, Melbourne,
                         Brisbane, Adelaide or Perth and the Loan to Value Ratio
                         in respect of that Loan must not exceed 80%;

                    (3)  exceeding A$1,000,000 but not exceeding A$1,250,000 -
                         the Subject Property must constitute a single property
                         within the metropolitan areas of Melbourne or Sydney
                         and the Loan to Value Ratio in respect of that Loan
                         must not exceed 75%; and

                    (4)  exceeding A$1,250,000 - the Subject Property must
                         constitute a single property within the metropolitan
                         areas of Melbourne or Sydney and the Loan to Value
                         Ratio in respect of that Loan must not exceed 65%.

               (B)  to secure a LoDoc Loan for a principal amount of:

                    (1)  not exceeding A$600,000 - the Subject Property must
                         constitute a single property within the metropolitan
                         areas or regional centres of Australia and the Loan to
                         Value Ratio in respect of that Loan must not exceed
                         80%; or

                    (2)  exceeding A$600,000 but not exceeding A$800,000 - the
                         Subject Property must constitute property within the
                         metropolitan areas of New South Wales, Victoria or
                         Queensland and the Loan to Value Ratio in respect of
                         that Loan must not exceed 80%;

               (C)  to secure an EasyDoc Loan, the Loan to Value Ratio in
                    respect of that Loan must not exceed 65%;

          (v)  the Subject Property has a completed residential dwelling erected
               thereon;

          (vi) the Subject Property has a residential dwelling erected on it,
               which dwelling is covered by fire and general insurance and the
               insurance policy in respect of such cover must be endorsed with
               the name of the Trustee as mortgagee;

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          (vii) the Subject Property is valued by a valuer approved of by the
               Servicer unless:

               (A)  the Loan to Value Ratio does not exceed 80%;

               (B)  the Loan Amount does not exceed:

                    (1)  A$250,000 when secured over a single property within
                         the metropolitan area of Sydney;

                    (2)  A$200,000 when secured over a single property within
                         any other city and metropolitan areas of Australia; or

                    (3)  A$150,000 when secured over a single property within
                         any other areas of Australia; and

               (C)  the predominant purpose of the Loan is the purchase of the
                    Subject Property; and

          (viii) all security documents have been:

               (A)  prepared by law firms or Title Insurers appointed by and
                    acting for the Approved Seller and the Servicer or, where
                    Loans are originated by the Trustee, acting for the Trustee
                    and the Servicer; and

               (B)  prepared in accordance with applicable Consumer Credit
                    Legislation;

     (d)  which, together with all other Loans held by the Trustee, has the
          following characteristics:

          (i)  at least 90% of the aggregate Subject Property of all Loans must
               be located in metropolitan areas of the capital cities and major
               regional centres of Australia; and

          (ii) not more than 15% of the aggregate Loan Amount of the Loans shall
               comprise individual Loans each with a Loan Amount exceeding
               A$500,000 and secured by a Mortgage over a single property;

     (e)  (i)  the Approved Seller is the beneficial owner of each Loan and
               Mortgage at the time of the equitable assignment;

          (ii) the Trustee will be the legal owner of each Loan and Mortgage
               after that assignment (free of any encumbrances);

          (iii) the Loan and Mortgage are valid and enforceable;

          (iv) all applicable stamp duties have been paid on the Mortgage;

          (v)  the Loan and Mortgage will form part of the Assets of the Trust;

          (vi) the whole of the right, title and interest of the mortgagee under
               the Mortgage will be acquired by the Trustee;

          (vii) the Loan has been serviced and managed in accordance with the
               requirements of the Servicer's policy and procedures manual;

          (viii) the Mortgage Insurance Policy and any Title Insurance Policy in
               relation to the Loan and the related Mortgage does not restrict
               the assignment to the Trustee;

          (ix) the Loan is not in Arrears over 30 days at the Cut-Off Date;

          (x)  the Loan is subject to monthly, half-monthly, fortnightly or
               weekly payments which fully amortise the Loan over its term
               provided that;

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Series Notice                                             Allens Arthur Robinson
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               (A)  in the case of an Interstar "Capitalising Line of Credit"
                    Account no payments of interest or repayments of principal
                    are required (and interest under the Loan may capitalise)
                    for the relevant no payment period (which period cannot
                    exceed 10 years), unless and until the principal outstanding
                    balance of the Loan equals or exceeds its scheduled maximum
                    principal balance, at which time the relevant Obligor must
                    make monthly, twice-monthly, fortnightly or weekly payments
                    of interest; and

               (B)  in the case of an Interstar "Non-Capitalising Line of
                    Credit" Account, an Interstar "IO Float" Account or an
                    Interstar "IO Fixed" Account, no repayments of principal are
                    required for the relevant interest only period (which period
                    cannot exceed 10 years);

          (xi) the Loan Agreement and the Mortgage comply in all material
               respects with all applicable laws (including any Consumer Credit
               Legislation);

          (xii) the Loan Agreement and the Mortgage are assignable by the
               Approved Seller in equity without prior consent being required
               from, or notice of the assignment needing to be given to, the
               mortgagor, the Obligor or any other person; and

          (xiii) the Loan Agreement and the Mortgage have been duly authorised
               and are in full force and effect and constitute legal, valid and
               binding obligations of the relevant Obligor and mortgagor
               enforceable against that Obligor and mortgagor in accordance with
               its terms and is not subject to any dispute, offset or
               counterclaim;

     (f)  is covered by a valid, binding and enforceable Mortgage Insurance
          Policy;

     (g)  has an Obligor (and where the Servicer so requires, a guarantor) that
          is a natural person or a corporation;

     (h)  was approved and (if relevant) originated by the Servicer in the
          ordinary course of its business;

     (i)  the relevant Obligor in respect of which is required to repay the Loan
          by no later than one year prior to the Maturity Date; and

     (j)  does not require (nor does the relevant Loan Agreement require) the
          Trustee to provide any Redraws or other advances once the initial
          funding has been provided under the relevant Loan Agreement.

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SCHEDULE 2

LOAN TYPES
--------------------------------------------------------------------------------

The Loans may consist of one or more of the following types:

--------------------------------------------------------------------------------
NAME OF LOAN                          GENERAL CHARACTERISTICS OF LOAN
--------------------------------------------------------------------------------
Interstar "Premium" Account           Amortising principal and interest
                                      repayment ("P&I") loans with an interest
                                      rate variable at the discretion of the
                                      Servicer and incorporating limited
                                      "redraw" facilities that will be available
                                      to borrowers only at the sole discretion
                                      of the Servicer.

--------------------------------------------------------------------------------
Interstar "P&I Fixed" Account         Amortising "P&I" loans with an interest
                                      rate fixed for a specific period of up to
                                      five years after which the interest rate
                                      converts to a variable rate at the
                                      direction of the Servicer.

--------------------------------------------------------------------------------
Interstar "IO Float" Account          Non-amortising loans requiring interest
                                      only repayments by the borrowers for a
                                      specific initial period of up to ten years
                                      with an interest rate variable at the
                                      discretion of the Servicer. At the
                                      expiration of the period the loans convert
                                      to the standard amortising "P&I" loans
                                      with an interest rate variable at the
                                      discretion of the Servicer.

--------------------------------------------------------------------------------
Interstar "IO Fixed" Account          Non-amortising loans requiring interest
                                      only repayments by the borrowers for a
                                      specific period of up to five years with
                                      an interest rate fixed for this period. At
                                      the expiration of the initial period the
                                      loans convert to the standard amortising
                                      "P&I" loans with an interest rate variable
                                      at the discretion of the Servicer.

--------------------------------------------------------------------------------
Interstar "Non Capitalising Line of   Non-amortising line of credit "I&O" loans
Credit" Account                       requiring interest only payments for a
                                      period of up to 10 years with an interest
                                      rate variable at the discretion of the
                                      Servicer, and incorporating facilities
                                      that allow borrowers to:

                                      (a)  draw funds up to a predetermined
                                           amortising limit;

                                      (b)  repay some or all of those funds; and

                                      (c)  redraw those funds again up to the
                                           then-current amortised limit subject
                                           always to such right to redraw funds
                                           being at the absolute discretion of
                                           the Servicer, during the life of the
                                           loan facility.

                                      At the end of the interest only period the
                                      loans convert to standard

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--------------------------------------------------------------------------------
NAME OF LOAN                          GENERAL CHARACTERISTICS OF LOAN
--------------------------------------------------------------------------------
                                      amortising "P&I" loans with an interest
                                      rate variable at the discretion of the
                                      Servicer.
--------------------------------------------------------------------------------
Interstar "Split" Account             A combined facility which:

                                      (a)  as to a specified dollar proportion
                                           of the facility has the general
                                           characteristics of one type of Loan
                                           as referred to above; and

                                      (b)  as to the remaining dollar proportion
                                           of the facility has the general
                                           characteristics of another type of
                                           Loan as referred to above.
--------------------------------------------------------------------------------
Interstar "Capitalising Line of       Non-amortising, interest only line of
Credit" Account                       credit allowing capitalisation of interest
                                      up to the facility level for a period of
                                      up to 10 years with an interest rate
                                      variable at the discretion of the
                                      Servicer, and incorporating facilities
                                      that allow borrowers to:

                                      (b)  draw funds up to a predetermined
                                           amortising limit;

                                      (c)  repay some or all of those funds; and

                                      (d)  Redraw those funds again up to the
                                           then-current amortised limit subject
                                           always to such right to redraw funds
                                           being at the absolute discretion of
                                           the Servicer.

                                      during the life of the loan facility.

                                      At the end of the interest only period the
                                      loans convert to standard amortising non
                                      interest capitalising "P&I" loans with an
                                      interest rate variable at the discretion
                                      of the Servicer.

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EXECUTED as a deed.

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

TRUSTEE

SIGNED SEALED AND DELIVERED for
PERPETUAL TRUSTEES VICTORIA LIMITED
by its attorney in the presence of:

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

-----------------------------------          -----------------------------------
Print Name                                   Print Name

TRUST MANAGER

SIGNED SEALED AND DELIVERED for
INTERSTAR SECURITISATION MANAGEMENT
PTY LIMITED by its attorney in the
presence of:

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

-----------------------------------          -----------------------------------
Print Name                                   Print Name

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SERVICER

SIGNED SEALED AND DELIVERED for
INTERSTAR WHOLESALE FINANCE PTY
LIMITED by its attorney in the
presence of:

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

-----------------------------------          -----------------------------------
Print Name                                   Print Name

SECURITY TRUSTEE

SIGNED SEALED AND DELIVERED for
PERPETUAL TRUSTEE COMPANY LIMITED
by its attorney in the presence of:

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

-----------------------------------          -----------------------------------
Print Name                                   Print Name

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APPROVED SELLER

SIGNED SEALED AND DELIVERED for
INTERSTAR WHOLESALE FINANCE PTY
LIMITED by its attorney in the
presence of:

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

-----------------------------------          -----------------------------------
Print Name                                   Print Name

NOTE TRUSTEE, CALCULATION AGENT, PRINCIPAL PAYING AGENT AND NOTE REGISTRAR

EXECUTED AS A DEED by THE BANK OF
NEW YORK in the presence of:

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

-----------------------------------          -----------------------------------
Print Name                                   Print Name

--------------------------------------------------------------------------------
                                                                         Page 80Security Trust Deed

                                             PERPETUAL TRUSTEES VICTORIA LIMITED

                                               PERPETUAL TRUSTEE COMPANY LIMITED

                                 INTERSTAR SECURITISATION MANAGEMENT PTY LIMITED

                                                            THE BANK OF NEW YORK

                                                     Interstar Millennium Trusts

                                       Interstar Millennium Series 2005-1G 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 2005

Security Trust Deed                                       Allens Arthur Robinson
--------------------------------------------------------------------------------

TABLE OF CONTENTS

1.   DEFINITIONS AND INTERPRETATION                                           1
     1.1    Definitions                                                       1
     1.2    Definitions in Master Trust Deed and Series Notice
            and Transaction Document amendments                               4
     1.3    Interpretation                                                    4
     1.4    Determination, statement and certificate sufficient evidence      4
     1.5    Document or agreement                                             5
     1.6    Rights and obligations of Mortgagees                              5
     1.7    Transaction Document                                              5
     1.8    Chargor as trustee                                                5
     1.9    Knowledge of the Chargor                                          5
     1.10   Knowledge of Security Trustee                                     6
     1.11   Knowledge of Note Trustee                                         6
     1.12   GST                                                               6

2.   APPOINTMENT OF SECURITY TRUSTEE                                          6
     2.1    The Security Trustee                                              6
     2.2    Resolution of Conflicts                                           6
     2.3    Duration of Trust                                                 7

3.   CHARGE                                                                   7
     3.1    Charge                                                            7
     3.2    Security                                                          8
     3.3    Prospective liability                                             8

4.   NATURE OF CHARGE                                                         8
     4.1    Priority                                                          8
     4.2    Nature of Charge                                                  8
     4.3    Dealing with Mortgaged Property                                   8
     4.4    Crystallisation                                                   9
     4.5    De-crystallisation                                                9

5.   COVENANTS AND WARRANTIES                                                10
     5.1    Covenant                                                         10
     5.2    Negative Covenants                                               10
     5.3    Warranty                                                         11
     5.4    Trust Manager's Undertakings                                     11

6.   FURTHER ASSURANCES                                                      12
     6.1    Further assurances                                               12

7.   NOTE TRUSTEE                                                            12
     7.1    Capacity                                                         12
     7.2    Exercise of rights                                               12
     7.3    Instructions or directions                                       12
     7.4    Payments                                                         12
     7.5    Notices                                                          13

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8.   EVENTS OF DEFAULT                                                       13
     8.1    Events of Default                                                13
     8.2    Rights of the Security Trustee upon Event of Default             15
     8.3    Notify Events of Default                                         15

9.   ENFORCEMENT                                                             15
     9.1    Power to enforce                                                 15
     9.2    No obligation to enforce                                         15
     9.3    Obligation to convene meeting                                    15
     9.4    Security Trustee to act in Accordance with Directions            16
     9.5    Security Trustee must receive Indemnity                          16
     9.6    Limitation on rights of Mortgagees                               17
     9.7    Immaterial waivers                                               17
     9.8    Acts pursuant to Resolutions                                     17
     9.9    Overriding Provision                                             18

10.  APPOINTMENT OF RECEIVER                                                 18
     10.1   Appointment                                                      18
     10.2   Agent of Chargor                                                 18
     10.3   Receiver's powers                                                18
     10.4   Receiver appointed after commencement of winding up              21
     10.5   Powers exercisable by the Security Trustee                       21
     10.6   Withdrawal                                                       21

11.  REMUNERATION OF SECURITY TRUSTEE                                        21
     11.1   Costs                                                            21
     11.2   Fee                                                              21
     11.3   Cessation of Fee                                                 22

12.  POWER OF ATTORNEY                                                       22

13.  COMPLETION OF BLANK SECURITIES                                          22

14.  PERFORMANCE OF CHARGOR'S OBLIGATIONS                                    22

15.  STATUTORY POWERS                                                        23
     15.1   Powers in augmentation                                           23
     15.2   Notice not required                                              23

16.  APPLICATION OF MONEYS RECEIVED                                          23
     16.1   Priorities                                                       23
     16.2   Moneys actually received                                         23
     16.3   Amounts contingently due                                         23
     16.4   Notice of subsequent Security Interests                          24
     16.5   Satisfaction of debts                                            24
     16.6   Proportionate Sharing                                            24

17.  OTHER SECURITY INTERESTS OVER MORTGAGED PROPERTY                        25

18.  PROTECTION OF MORTGAGEES, RECEIVER AND ATTORNEY                         25

19.  PROTECTION OF THIRD PARTIES                                             25
     19.1   No enquiry                                                       25

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     19.2   Receipt                                                          26

20.  EXPENSES, INDEMNITY                                                     26
     20.1   Expenses                                                         26
     20.2   Indemnity                                                        27

21.  CURRENCY INDEMNITY                                                      27

22.  STAMP DUTIES                                                            27

23.  INTEREST ON OVERDUE AMOUNTS                                             27
     23.1   Accrual                                                          27
     23.2   Payment                                                          28
     23.3   Rate                                                             28

24.  CERTIFICATE AS TO AMOUNT OF SECURED MONEYS, ETC.                        28

25.  SURVIVAL OF REPRESENTATIONS                                             28

26.  INDEMNITY AND REIMBURSEMENT OBLIGATIONS                                 28

27.  CONTINUING SECURITY                                                     29

28.  OTHER SECURITIES                                                        29

29.  DISCHARGE OF THE CHARGE                                                 29
     29.1   Release                                                          29
     29.2   Contingent Liabilities                                           29
     29.3   Charge reinstated                                                29

30.  AMENDMENT                                                               30
     30.1   Approval of Trust Manager                                        30
     30.2   Extraordinary Resolution of Voting Mortgagees                    30
     30.3   Distribution of Amendments                                       30

31.  LIABILITY                                                               31
     31.1   Liability of Chargor limited to its right of indemnity           31
     31.2   Unrestricted remedies                                            31
     31.3   Restricted remedies                                              31
     31.4   Liability of Security Trustee limited to its right of
            indemnity                                                        31
     31.5   Advice from Professional Advisers                                32

32.  WAIVERS, REMEDIES CUMULATIVE                                            32

33.  CONSENTS AND OPINION                                                    32

34.  SEVERABILITY OF PROVISIONS                                              32

35.  MORATORIUM LEGISLATION                                                  33

36.  ASSIGNMENTS                                                             33

37.  NOTICES                                                                 33

38.  RELATIONSHIP OF MORTGAGEES TO SECURITY TRUSTEE                          34
     38.1   Instructions; extent of discretion                               34
     38.2   No obligation to investigate authority                           34
     38.3   Delegation                                                       34

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     38.4   Reliance on documents and experts                                35
     38.5   Notice of transfer                                               35
     38.6   Notice of default                                                35
     38.7   Security Trustee as Mortgagee                                    35
     38.8   Indemnity to Security Trustee                                    36
     38.9   Independent investigation                                        36
     38.10  No monitoring                                                    36
     38.11  Information                                                      36
     38.12  Conflicts                                                        36
     38.13  No Liability                                                     37

39.  RETIREMENT AND REMOVAL OF SECURITY TRUSTEE                              37
     39.1   Retirement                                                       37
     39.2   Removal                                                          38
     39.3   Replacement                                                      38

40.  MEETINGS OF MORTGAGEES                                                  39
     40.1   Limitation on Security Trustee's Powers                          39
     40.2   Convening of Meetings                                            39
     40.3   Notice of Meetings                                               40
     40.4   Chairman                                                         40
     40.5   Quorum                                                           40
     40.6   Adjournment                                                      40
     40.7   Voting Procedure                                                 41
     40.8   Right to attend and speak                                        42
     40.9   Appointment of Proxies                                           42
     40.10  Corporate Representatives                                        43
     40.11  Rights of Representatives                                        43
     40.12  Extraordinary Resolutions                                        43
     40.13  Extraordinary Resolution binding on Mortgagees                   44
     40.14  Minutes and Records                                              44
     40.15  Written Resolutions                                              45
     40.16  Further Procedures for Meetings                                  45
     40.17  Noteholder Mortgagees' rights                                    45

41.  AUTHORISED SIGNATORIES                                                  46

42.  GOVERNING LAW AND JURISDICTION                                          46

43.  COUNTERPARTS                                                            46

44.  SET-OFF                                                                 46

45.  ACKNOWLEDGEMENT BY CHARGOR                                              46

46.  INFORMATION MEMORANDUM                                                  47

47.  SECURITY TRUSTEE'S LIMITED LIABILITY                                    47
     47.1   Reliance on certificates                                         47
     47.2   Security Trustee may assume signed documents to be genuine       47
     47.3   Security Trustee's reliance on Trust Manager, Approved
            Seller, Note Trustee or Servicer                                 48

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     47.4   Compliance with laws                                             48
     47.5   Taxes                                                            48
     47.6   Reliance on experts                                              48
     47.7   Oversights of others                                             49
     47.8   Powers, authorities and discretions                              49
     47.9   Impossibility or impracticability                                49
     47.10  No liability except for negligence etc.                          49
     47.11  Legal and other proceedings                                      49
     47.12  No liability except for negligence etc.                          50
     47.13  Further limitations on Security Trustee's liability              50
     47.14  Conflicts                                                        51
     47.15  Information                                                      52
     47.16  Investigation by Security Trustee                                52

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                                                                        Page (v)

Security Trust Deed                                       Allens Arthur Robinson
--------------------------------------------------------------------------------

DATE
--------

PARTIES
--------

   1.      PERPETUAL TRUSTEES VICTORIA LIMITED (ABN 47 004 027 258) of Level 4,
           333 Collins Street, Melbourne, Victoria in its capacity as trustee of
           the Interstar Millennium Series 2005-1G Trust (the CHARGOR);

   2.      PERPETUAL TRUSTEE COMPANY LIMITED (ABN 42 000 001 007) of Level 7, 9
           Castlereagh Street, Sydney, New South Wales (the SECURITY TRUSTEE);

   3.      INTERSTAR SECURITISATION MANAGEMENT PTY LIMITED (ABN 56 100 346 898)
           of Level 10, 101 Collins Street, Melbourne, Victoria (the TRUST
           MANAGER); and

   4.      THE BANK OF NEW YORK of 101 Barclay Street, 21W, New York, New York
           10286 (the NOTE TRUSTEE).

RECITALS
--------
    A      The Chargor is the trustee, and the Trust Manager is the manager, of
           the Trust.

    B      Under the terms of the Master Trust Deed, the Chargor is authorised
           to enter into this deed to charge the Trust Assets to secure the due
           and punctual performance of the obligations of the Chargor under the
           Transaction Documents and the payment in full of the Secured Moneys
           to the Mortgagees.

    C      The Security Trustee enters into this deed as Mortgagee and as
           trustee for each other Mortgagee.

    D      The Note Trustee enters into this deed in its capacity as trustee for
           the Class A Noteholders from time to time under the Note Trust Deed.

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

IT IS AGREED as follows.

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

1.1  DEFINITIONS

     The following definitions apply unless the context requires otherwise.

     ATTORNEY means any attorney appointed under this deed or any Collateral
     Security.

     CHARGE means the charge created by this deed.

     CHARGE RELEASE DATE means, subject to clause 29.3, the date the Security
     Trustee discharges the Charge and this deed under clause 29.1.

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                                                                          Page 1

Security Trust Deed                                       Allens Arthur Robinson
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     CHARGOR'S INDEMNITY means:

     (a)  the Chargor's right of indemnity under the Master Trust Deed from the
          Trust Assets in respect of liabilities incurred by the Chargor acting
          in its capacity as trustee of the Trust; and

     (b)  all equitable liens and other Security Interests which the Chargor has
          over the Trust Assets.

     CLASS A MORTGAGEES has the meaning given in the Series Notice.

     COLLATERAL SECURITY means any Security Interest, Guarantee or other
     document or agreement at any time created or entered into in favour of the
     Security Trustee as security for any Secured Moneys.

     EVENT OF DEFAULT means any of the events specified in clause 8.

     EXTRAORDINARY RESOLUTION in relation to the Voting Mortgagees means:

     (a)  a resolution passed at a meeting of the Voting Mortgagees duly
          convened and held in accordance with the provisions contained in this
          deed by a majority consisting of not less than 75% of the votes
          capable of being cast at that meeting by Voting Mortgagees present in
          person or by proxy; or

     (b)  a resolution in writing pursuant to clause 40.15 signed by all the
          Voting Mortgagees.

     GUARANTEE means any guarantee, indemnity, letter of credit, legally binding
     letter of comfort or suretyship, or any other obligation or irrevocable
     offer (whatever called and of whatever nature):

     (a)  to pay or to purchase;

     (b)  to provide funds (whether by the advance of money, the purchase of or
          subscription for shares or other securities, the purchase of assets,
          rights or services, or otherwise) for the payment or discharge of;

     (c)  to indemnify against the consequences of default in the payment of; or

     (d)  to be responsible otherwise for,

     an obligation or indebtedness of another person, a dividend, distribution,
     capital or premium on shares, stock or other interests, or the insolvency
     or financial condition of another person.

     LIQUIDATION includes receivership, compromise, arrangement, amalgamation,
     administration, reconstruction, winding up, dissolution, assignment for the
     benefit of creditors, bankruptcy or death.

     MASTER TRUST DEED means the Master Trust Deed for the Interstar Millennium
     Trusts dated 2 December 1999 between the Chargor as Trustee and Interstar
     Wholesale Finance Pty Limited (formerly Interstar Securities (Australia)
     Pty Limited) (ABN 72 087 271 109).

     MORTGAGED PROPERTY means the property and rights mortgaged or charged by
     this deed or any Collateral Security.

     MORTGAGEE has the meaning given in the Series Notice and includes the Trust
     Manager in relation to its rights as Trust Manager under the Transaction
     Documents for the Trust.

     NOTEHOLDER MORTGAGEE has the meaning given in the Series Notice.

     NOTICE OF CREATION OF TRUST means the Notice of Creation of Trust dated on
     or about the date of this deed issued under the Master Trust Deed in
     relation to the Trust.

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     POWER means a power, right, authority, discretion or remedy which is
     conferred on the Security Trustee, a Mortgagee or a Receiver or Attorney:

     (a)  by this deed or any Collateral Security; or

     (b)  by law in relation to this deed or any Collateral Security.

     RECEIVER means a receiver or receiver and manager appointed under this deed
     or any Collateral Security.

     REPRESENTATIVE means:

     (a)  in the case of a Class A Noteholder, the Note Trustee (as its
          representative or any other person appointed as a proxy for the Class
          A Noteholders in accordance with this deed);

     (b)  in the case of any other Mortgagee, a person who is appointed as a
          proxy for that Mortgagee pursuant to clause 40.9; and

     (c)  without limiting the generality of paragraph (a), in the case of a
          Voting Mortgagee which is a body corporate, a person who is appointed
          pursuant to clause 40.10 by the Mortgagee.

     SECURED MONEYS means all money which the Chargor (whether alone or with
     another person) is or at any time may become actually or contingently
     liable to pay to or for the account of any Mortgagee (whether alone or with
     another person) for any reason whatever under or in connection with a
     Transaction Document.

     It includes money by way of principal, interest, fees, costs, indemnities,
     Guarantee, charges, duties or expenses, or payment of liquidated or
     unliquidated damages under or in connection with a Transaction Document, or
     as a result of any breach of or default under or in connection with, a
     Transaction Document.

     Where the Chargor would have been liable but for its Liquidation, it will
     be taken still to be liable.

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

     SETTLOR means Andrew Jinks.

     TRUST means the trust known, initially, as the Interstar Millennium Series
     2005-1G Trust (as it may be renamed from time to time) established under
     the Notice of Creation of Trust, the Master Trust Deed and the Series
     Notice.

     TRUST ASSETS means the Assets of the Trust from time to time as defined in
     the Master Trust Deed, and includes the rights of the Chargor under the
     Transaction Documents in respect of the Trust and under the Collection
     Account and the US$ Account.

     TRUST FUND means each amount held by the Security Trustee under clause 2.1
     of this deed together with any other property and benefits which the
     Security Trustee receives, has vested in it or otherwise acquires to hold
     on the trust established under this deed including, without limitation, all
     the right, title and interest of the Security Trustee in connection with
     the Charge and any property which represents the proceeds of sale of any
     such property or proceeds of enforcement of the Charge.

     VESTING DATE means the day preceding the earliest of:

     (a)  the 80th anniversary of the date of this deed;

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     (b)  the 21st anniversary of the date of the death of the last survivor of
          the lineal descendants of King George V living on the date of this
          deed; and

     (c)  the day after the Charge Release Date.

     VOTING MORTGAGEE has the meaning given in the Series Notice.

1.2  DEFINITIONS IN MASTER TRUST DEED AND SERIES NOTICE AND TRANSACTION DOCUMENT
     AMENDMENTS

     (a)  Words and expressions which are defined in the Master Trust Deed (as
          amended by the Series Notice) and the Series Notice (including in each
          case by reference to another agreement), despite their respective
          times of execution, have the same meanings when used in this deed
          unless the context otherwise requires or unless otherwise defined in
          this deed.

     (b)  Subject to clause 30, no change to the Master Trust Deed or any other
          document (including the order of payment set out in the Series Notice)
          after the date of this deed will change the meaning of terms used in
          this deed or adversely affect the rights of the Security Trustee under
          this deed unless the Security Trustee (subject to clause 40.17(b),
          with the prior written consent of the Noteholder Mortgagees) has
          agreed in writing to the changes.

1.3  INTERPRETATION

     Clause 1.2 of the Master Trust Deed applies to this deed as if set out in
     full, except that any reference to A TRUST is replaced by a reference to
     THE TRUST:

     (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)  an Event of Default SUBSISTS until it has been waived in writing by
          the Security Trustee provided that no such waiver will be capable of
          taking effect unless the Security Trustee has first consulted with the
          Note Trustee;

     (c)  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

     (D)  WILFUL DEFAULT means, in respect of the Security Trustee, any wilful
          failure to comply with or wilful breach of any of its obligations
          under this deed, other than a wilful failure or wilful breach which:

          (i)  is caused by the failure by another person to act where that act
               is a precondition to the act of the Security Trustee;

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

          (iii) is in accordance with an instruction or direction from the Note
               Trustee or the Voting Mortgagees.

1.4  DETERMINATION, STATEMENT AND CERTIFICATE SUFFICIENT EVIDENCE

     Except where otherwise provided in this deed any determination, statement
     or certificate by the Security Trustee or an Authorised Signatory of the
     Security Trustee provided for in this deed is

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     sufficient evidence of each thing determined, stated or certified in the
     absence of manifest error or proof to the contrary.

1.5  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 deed.

1.6  RIGHTS AND OBLIGATIONS OF MORTGAGEES

     (a)  Each Mortgagee is entitled to the benefit of the obligations
          (including warranties) of each of the Security Trustee, the Chargor
          and any other person under this deed and any Collateral Security.

     (b)  No Mortgagee is entitled to enforce this deed or any Collateral
          Security other than through the Security Trustee.

     (c)  Each Mortgagee is bound by this deed and each Collateral Security.

     (d)  No Mortgagee is responsible for the obligations of the Security
          Trustee or any other Mortgagee.

     The provisions of this deed are binding on the Security Trustee, the
     Chargor and the Mortgagees and all persons claiming through them,
     respectively.

1.7  TRANSACTION DOCUMENT

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

1.8  CHARGOR AS TRUSTEE

     In this deed, except where provided to the contrary:

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

     (b)  a reference to the assets, business, property or undertaking of the
          Chargor is a reference to the assets, business, property or
          undertaking of the Chargor only in the capacity described in paragraph
          (a) above.

1.9  KNOWLEDGE OF THE CHARGOR

     In relation to the Trust, the Chargor will be considered to have knowledge
     or notice of or be aware of any matter or thing if the Chargor has
     knowledge, notice or awareness of that matter or thing by virtue of the
     actual notice or awareness of the officers or employees of the Chargor who
     have day to day responsibility for the administration of the Trust.

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1.10 KNOWLEDGE OF SECURITY TRUSTEE

     For the purposes of this deed, the Security Trustee will only be considered
     to have knowledge, notice of or to be aware of any thing if the Security
     Trustee has knowledge, notice or awareness of that thing by virtue of the
     actual knowledge, notice or awareness of the officers or employees of the
     Security Trustee who have day to day responsibility for the administration
     of the security trust established by this deed.

1.11 KNOWLEDGE OF NOTE TRUSTEE

     For the purposes of this deed, the Note Trustee will only be considered to
     have knowledge, notice of or to be aware of any thing if the Note Trustee
     has knowledge, notice or awareness of that thing by virtue of the actual
     knowledge, notice or awareness of the officers or employees of the Note
     Trustee who have day to day responsibility for the administration of the
     trust established by the Note Trust Deed.

1.12 GST

     If a payment to a party (the SUPPLIER) by another party (the RECIPIENT)
     under this agreement is calculated by reference to a loss, cost, expense or
     outgoing incurred by the Supplier, then the calculation of that payment is
     to be reduced by the amount of any input tax credit to which the Supplier
     is entitled for that loss, cost, expense or outgoing. The Recipient must
     pay to the Supplier an additional amount on account of GST (equal to the
     GST payable by the Supplier to the Australian Taxation Office) where the
     reimbursement is consideration for a taxable supply made by the Supplier.

2.   APPOINTMENT OF SECURITY TRUSTEE
--------------------------------------------------------------------------------

2.1  THE SECURITY TRUSTEE

     The Security Trustee:

     (a)  is appointed to act as trustee on behalf of the Mortgagees on the
          terms and conditions of this deed; and

     (b)  acknowledges and declares that it:

          (i)  holds the sum of A$10.00 received on the date of this deed from
               the Settlor; and

          (ii) will hold the benefit of the Charge, the Mortgaged Property and
               the benefit of each of the Transaction Documents to which the
               Security Trustee is a party,

     in each case, on trust for each Mortgagee, in accordance with the terms and
     conditions of this deed.

2.2  RESOLUTION OF CONFLICTS

     (a)  The Security Trustee shall, as regards the exercise of all discretion
          vested in it by this deed and all other Transaction Documents, except
          where expressly provided otherwise, have regard to the interest of the
          Mortgagees.

     (b)  Subject to this deed , if there is at any time, with respect to
          enforcement, a conflict between a duty owed by the Security Trustee to
          any Mortgagee or class of Mortgagee, and a duty owed by it to another
          Mortgagee, the Security Trustee must give priority to the interests of

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          the Noteholders (which in the case of the Class A Noteholders shall be
          determined by the Note Trustee acting on their behalf as provided in
          this deed and in the Note Trust Deed and, in determining the interests
          of the Redraw Noteholders, the Security Trustee must rely on the
          instruction given to it by an Extraordinary Resolution of Redraw
          Noteholders).

     (c)  Subject to this deed (other than paragraph (b)), the Security Trustee
          must give priority to the interests only of the Redraw Noteholders and
          the Class A Noteholders if, in the Security Trustee's opinion (in
          relation to which in determining the interests of the Redraw
          Noteholders, the Security Trustee must rely on the instructions given
          by an Extraordinary Resolution of Redraw Noteholders and, in relation
          to which in determining the interests of Class A Noteholders, the
          Security Trustee may rely on a determination of the Note Trustee),
          there is a conflict between the interests of the Redraw Noteholders,
          the interests of the Class A Noteholders, the interests of the Class
          AB Noteholders and the interests of the Class B Noteholders or the
          interests of the other Mortgagees.

     (d)  Subject to this deed (other than paragraphs (b) and (c), the Security
          Trustee must give priority to the interests only of the Class AB
          Noteholders if, in the Security Trustee's opinion (in relation to
          which in determining the interests of Class AB Noteholders, the
          Security Trustee may rely on a determination of the Note Trustee),
          there is a conflict between the interests of the Class AB Noteholders
          and the interests of the Class B Noteholders or the interests of the
          other Mortgagees (other than the Redraw Noteholders and the Class A
          Noteholders).

     (e)  Subject to this deed, if, in the Security Trustee's opinion, there is
          a conflict between the interests of the Redraw Noteholders and the
          Class A Noteholders, the Security Trustee must convene a meeting held
          in accordance with clause 40 of the Redraw Noteholders and the Class A
          Noteholders.

     (f)  Provided that the Security Trustee acts in accordance with a
          determination of the Note Trustee (where it receives a determination
          from the Note Trustee) or in good faith (in each other case), it shall
          not incur any liability to any Mortgagee for giving effect to clause
          2.2(b), (c), (d) or (e).

2.3  DURATION OF TRUST

     The trust established under this deed commences on the date of this deed
     and ends on the Vesting Date unless determined earlier.

3.   CHARGE
--------------------------------------------------------------------------------

3.1  CHARGE

     (a)  Subject to paragraph (b), the Chargor charges to the Security Trustee,
          for the Security Trustee and as trustee for the Mortgagees all of the
          present and future Trust Assets and undertaking of the Trust.

     (b)  The Charge does not charge any Trust Assets as at the date of this
          deed which on the date of this deed are, or are taken, under the
          applicable stamp duties legislation of the relevant jurisdiction, to
          be situated in any State or Territory of Australia other than
          Victoria, the

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          Australian Capital Territory or the Northern Territory and other than
          the $20 located in New South Wales and constituting the initial assets
          of the Trust.

3.2  SECURITY

     (a)  The security created by this deed secures the due and punctual payment
          of the Secured Moneys.

     (b)  This deed is given in consideration of the Security Trustee and the
          Mortgagees entering the Transaction Documents and for other valuable
          consideration received.

3.3  PROSPECTIVE LIABILITY

     For the purpose of the Corporations Act the maximum prospective liability
     (as defined in the Corporations Act) secured by this deed at any time is
     A$10,000,000,000 or its equivalent and the total amount recoverable under
     this deed is limited to A$10,000,000,000.

4.   NATURE OF CHARGE
--------------------------------------------------------------------------------

4.1  PRIORITY

     The Charge is a first charge and takes priority over all Security Interests
     that have been granted over the Mortgaged Property.

4.2  NATURE OF CHARGE

     The Charge operates, subject to clause 4.4, as a floating charge only, over
     all Mortgaged Property.

4.3  DEALING WITH MORTGAGED PROPERTY

     (a)  Except with the prior written consent of the Security Trustee and
          (subject to clause 40.17(b)) the Noteholder Mortgagees, or as
          expressly permitted in any Transaction Document, the Chargor shall
          not, and the Trust Manager shall not direct the Chargor to:

          (i)  create or allow to exist any Security Interest over any Mortgaged
               Property; or

          (ii) in any other way:

               (A)  dispose of;

               (B)  create or allow any interest in; or

               (C)  part with possession of,

               any Mortgaged Property, except, subject to the Transaction
               Documents, any disposal of or dealing with any asset for the time
               being subject to the floating charge in the ordinary course of
               its ordinary business.

     (b)  Where by law a Mortgagee may not restrict the creation of any Security
          Interest over an asset ranking after the Charge, paragraph (a) will
          not restrict that creation. However, the Chargor shall ensure that
          before that Security Interest is created the holder of that Security
          Interest enters into a deed of priority in form and substance
          specified by the Security Trustee.

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4.4  CRYSTALLISATION

     The floating charge referred to in clause 4.2 will automatically and
     immediately crystallise and operate as a fixed charge:

     (a)  in respect of any asset:

          (i)  upon notice to the Chargor from the Security Trustee (which it
               may only give following an Event of Default);

          (ii) if without the prior written consent of the Security Trustee
               (and, subject to clause 40.17(b), the Noteholder Mortgagees), the
               Chargor:

               (A)  creates or allows any Security Interest over;

               (B)  sells, leases or otherwise disposes of;

               (C)  creates or allows any interest in; or

               (D)  parts with possession of,

               that asset in breach of a Transaction Document, or agrees or
               attempts to do so or takes any step towards doing so;

          (iii) on the Commissioner of Taxation or his delegate or successor
               signing a notice under:

               (A)  s218 or s255 of the Income Tax Assessment Act 1936 (Cth) and
                    the Income Tax Assessment Act 1997 (Cth);

               (B)  s260-5 of the Taxation Administration Act 1953 (Cth); or

               (C)  any similar legislation,

               which will affect that asset; or

          (iv) on a Government Agency taking any step which may result in an
               amount of Tax or an amount owing to a Government Agency ranking
               ahead of the floating charge with respect to that asset; or

     (b)  in respect of all the Mortgaged Property:

          (i)  if an Insolvency Event occurs with respect to the Chargor; or

          (ii) on the security constituted by this deed being enforced in any
               way.

     Except where expressly stated, no notice or action by any Mortgagee is
     necessary for the charge to crystallise.

4.5  DE-CRYSTALLISATION

     The Security Trustee may, at the direction of the Trust Manager at any time
     release any asset which has become subject to a fixed charge under clause
     4.4 from the fixed charge by notice to the Chargor. That asset will then
     again be subject to the floating charge and to the further operation of
     that clause. The Security Trustee must notify each Designated Rating Agency
     of any such release.

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5.   COVENANTS AND WARRANTIES
--------------------------------------------------------------------------------

5.1  COVENANT

     (a)  The Chargor acknowledges its indebtedness to each Mortgagee in respect
          of the relevant Secured Moneys. The Chargor shall duly and punctually
          pay the Secured Moneys. After an Event of Default (whether or not it
          subsists) it will pay the Secured Moneys when due in accordance with
          the Transaction Documents, including in accordance with clause 8.2.

     (b)  Subject to the limitations on the obligations and liability of the
          Chargor under the Master Trust Deed and the other Transaction
          Documents, the Chargor shall use its reasonable endeavours to ensure
          that no Event of Default occurs.

     (c)  The Chargor will ensure that it complies with its material obligations
          under the Transaction Documents.

     (d)  The Chargor will give to the Security Trustee any information relating
          to the Trust in the power or possession of the Chargor that the
          Security Trustee reasonably requests in connection with the exercise
          and performance of its powers and obligations under this deed,
          including without limitation:

          (i)  the identity, and notice details of, each Mortgagee and
               Beneficiary; and

          (ii) the amount and details of any Secured Moneys owing to each
               Mortgagee.

     (e)  The Trust Manager shall cause this deed to be lodged for registration
          with the Australian Securities and Investments Commission before the
          Chargor issues a Note.

5.2  NEGATIVE COVENANTS

     The Chargor shall not do, nor shall the Trust Manager direct the Chargor to
     do, any of the following without the prior written consent of the Security
     Trustee (and, subject to clause 40.17(b), the Noteholder Mortgagees) and
     without prior written confirmation from each Designated Rating Agency of
     the rating (if any) assigned by it to any Class of Notes in relation to the
     Trust except as permitted by this deed or the Master Trust Deed or the
     Series Notice for the Trust:

     (a)  (NO FINANCIAL INDEBTEDNESS) create, incur, assume, permit or suffer to
          exist any Financial Indebtedness except for:

          (i)  the Notes;

          (ii) Financial Indebtedness arising under the Transaction Documents in
               relation to the Trust (including under a Support Facility); or

          (iii) Financial Indebtedness which is fully subordinated to the
               Secured Moneys or is non-recourse other than with respect to
               proceeds in excess of those needed to pay the Secured Moneys, and
               which does not constitute a claim against the Chargor in the
               event that those excess proceeds are insufficient to pay that
               subordinated Financial Indebtedness; or

          (iv) Financial Indebtedness when the Chargor has received written
               confirmation from each Designated Rating Agency that it will not
               result in any reduction or withdrawal of the rating assigned to
               any Class of Notes rated by that Designated Rating Agency;

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     (b)  (NO RELEASE UNDER TRANSACTION DOCUMENTS) give any release or discharge
          (whether full, partial or conditional) to any person in respect of
          their obligations under any of the Transaction Documents relating to
          the Trust, except as permitted by the Transaction Documents;

     (c)  (OTHER ACTIVITIES) engage in any business or activity in relation to
          the Trust other than as contemplated in the Transaction Documents;

     (d)  (BANK ACCOUNTS) open any bank account not specified in the Transaction
          Documents; and

     (e)  (SECURITY INTEREST) create or permit or suffer to exist any other
          Security Interest over the Mortgaged Property other than the Chargor's
          Indemnity.

5.3  WARRANTY

     The Chargor makes the following representations and warranties:

     (a)  (TRANSACTION DOCUMENTS REPRESENTATIONS AND WARRANTIES) All
          representations and warranties of the Chargor in the Transaction
          Documents are true or, if not yet made, will be true when made.

     (b)  (GOOD TITLE) The Chargor is the legal owner of the Mortgaged Property
          and has the power under the Master Trust Deed and the Series Notice to
          enter into this deed and to charge in the manner provided in this deed
          the Mortgaged Property. Subject only to the Master Trust Deed
          (including, without limitation, the Chargor's Indemnity) and this
          deed, the Mortgaged Property is free of all other Security Interests.

     (c)  (TRUST VALIDLY CREATED) The Trust has been validly created and is in
          existence at the date of this deed.

     (d)  (SOLE TRUSTEE) The Chargor has been validly appointed as trustee of
          the Trust and is presently the sole trustee of the Trust.

     (e)  (MASTER TRUST DEED) The Trust is constituted pursuant to the Master
          Trust Deed, the Notice of Creation of Trust and the Series Notice.

     (f)  (RIGHT OF INDEMNITY) Except as expressly provided in the Master Trust
          Deed or the Series Notice or statute it has not limited in any way,
          and it has no liability which may be set off against, the Chargor's
          Indemnity.

     (g)  (NO PROCEEDINGS TO REMOVE) No notice has been given to the Chargor
          and, to the Chargor's knowledge, no resolution has been passed or
          direction has been given, removing the Chargor as trustee of the
          Trust.

5.4  TRUST MANAGER'S UNDERTAKINGS

     The Trust Manager undertakes to the Security Trustee promptly to give to
     the Security Trustee, each Designated Rating Agency and the Note Trustee:

     (a)  a copy of each Trust Manager's Report given in relation to the Trust
          (if any);

     (b)  each audit report issued by the Auditor in relation to the Trust; and

     (c)  upon request from the Security Trustee or the Note Trustee (as the
          case may be), a copy of each Transaction Document and details and
          information relating to:

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          (i)  the identity, and notice details of, each Support Facility
               Provider; and

          (ii) the Secured Moneys owing to each Support Facility Provider.

6.   FURTHER ASSURANCES
--------------------------------------------------------------------------------

6.1  FURTHER ASSURANCES

     Whenever the Security Trustee reasonably requests the Chargor to do
     anything in order:

     (a)  more satisfactorily to mortgage, assure or secure the Mortgaged
          Property to the Mortgagees or the Security Trustee's nominee in a
          manner not inconsistent with this deed or any Transaction Document; or

     (b)  to aid in the execution or exercise of any Power,

     the Chargor shall do it immediately, subject to any liability it incurs
     (other than from its own negligence, fraud or wilful default) being covered
     by the Chargor's Indemnity. It may include registering this deed, executing
     or registering any other document or agreement, delivering Transaction
     Documents or evidence of title and executing and delivering blank
     transfers.

7.   NOTE TRUSTEE
--------------------------------------------------------------------------------

7.1  CAPACITY

     The Note Trustee enters into this deed in its capacity as trustee for the
     Class A Noteholders from time to time under the Note Trust Deed.

7.2  EXERCISE OF RIGHTS

     Except as otherwise provided in this deed and in the Note Trust Deed:

     (a)  the rights, remedies and discretions of the Class A Noteholders under
          this deed including all rights to vote or give instructions or consent
          to the Security Trustee and to enforce any undertaking or warranty
          under this deed, may only be exercised by the Note Trustee on behalf
          of the Class A Noteholders in accordance with the Note Trust Deed; and

     (b)  the Class A Noteholders may only exercise enforcement rights in
          respect of the Mortgaged Property through the Note Trustee and only in
          accordance with this deed and the Note Trust Deed.

7.3  INSTRUCTIONS OR DIRECTIONS

     The Security Trustee may rely on any instructions or directions given to it
     by the Note Trustee as being given on behalf of the Class A Noteholders
     from time to time and need not inquire whether the Note Trustee or the
     Class A Noteholders from time to time have complied with any requirements
     under the Note Trust Deed or as to the reasonableness or otherwise of the
     Note Trustee.

7.4  PAYMENTS

     Any payment by the Chargor or the Security Trustee to be made to a Class A
     Noteholder under this deed may be made to the Note Trustee or a Paying
     Agent on behalf of that Class A Noteholder and any such payment is a good
     discharge to the Chargor or the Security Trustee (as appropriate).

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7.5  NOTICES

     Any notice to be given to a Class A Noteholder under this deed may be given
     to the Note Trustee on behalf of that Class A Noteholder. The Chargor will
     indemnify the Note Trustee for any costs of providing such notice to the
     Class A Noteholders.

8.   EVENTS OF DEFAULT
--------------------------------------------------------------------------------

8.1  EVENTS OF DEFAULT

     Each of the following is an Event of Default (whether or not it is within
     the control of the Chargor).

     (a)  (FAILURE TO PAY) The Chargor fails to pay:

          (i)  any Interest within 10 Business Days of the Payment Date on which
               the Interest was due to be paid, together with all Interest
               accrued and payable on that Interest; and

          (ii) any other Secured Moneys, within 10 Business Days of the due date
               for payment (or within any applicable grace period agreed with
               the Mortgagee to whom the Secured Moneys relate or, where the
               Mortgagee is a Class A Noteholder, the Note Trustee on behalf of
               that Class A Noteholder);

          (iii) sub-clauses (i) and (ii) above will not constitute Events of
               Default:

               (A)  if the Secured Moneys which the Chargor failed to pay are
                    subordinated to payment of amounts due to Class A
                    Noteholders while any Secured Moneys remain owing to:

                    (1)  Class A Noteholders; or

                    (2)  any other person, which rank in priority to amounts due
                         to Class A Noteholders; or

               (B)  if the Secured Moneys which the Chargor failed to pay are
                    subordinated to payment of amounts due to class AB
                    Noteholders while any Secured Moneys remain owing to:

                    (1)  Class AB Noteholders; or

                    (2)  any other person, which rank in priority to amounts due
                         to Class AB Noteholders; or

               (C)  where the Chargor had sufficient available funds with its
                    bankers with which the bank accounts of the Trust are held
                    and had given instructions to those bankers to make that
                    payment, and that the payment would have been made but for
                    temporary technical or administrative difficulties outside
                    the control of the Chargor.

     (b)  (BREACH OF OBLIGATION) The Chargor fails to perform or observe any
          other provisions (other than an obligation referred to in paragraph
          (a)) of a Transaction Document (including any representation, warranty
          or undertaking) and that default (if in the opinion of the Security
          Trustee is capable of remedy, that opinion, subject to clause
          40.17(b), having been approved in writing by the Noteholder
          Mortgagees) is not remedied for 30 days after

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          written notice (or such longer period as may be specified in the
          notice, that longer period subject to clause 40.17(b), having been
          approved in writing by the Noteholder Mortgagees) from the Security
          Trustee requiring the failure to be remedied.

     (c)  (INSOLVENCY) An Insolvency Event occurs in relation to the Chargor (in
          its capacity as trustee of the Trust).

     (d)  (PRIORITY OF CHARGE) The Charge is not or ceases to be a first ranking
          charge over the Trust Assets, or any other obligation of the Chargor
          (other than as mandatorily preferred by law) ranks ahead of or pari
          passu with any of the Secured Moneys.

     (e)  (ENFORCEMENT OF SECURITY) Any Security Interest over the Assets of the
          Trust is enforced.

     (f)  (INTEREST RATE SWAP OR CLASS A CURRENCY SWAP)

          (i)  For so long as any Secured Moneys are owing to the Redraw
               Noteholders and the Class A Noteholders, an Interest Rate Swap or
               Class A Currency Swap is terminated and replacement Interest Rate
               Swap or Class A Currency Swap (as the case may be) on terms that
               will not lead to a withdrawal or downgrade of the rating assigned
               to any Notes, is not put in place; or

          (ii) for so long as no Secured Moneys are owning to the Redraw
               Noteholders and the Class A Noteholders, an Interest Rate Swap or
               Class A Currency Swap is terminated and a replacement Interest
               Rate Swap or Class A Currency Rate Swap (as the case may be) on
               terms that will not lead to a withdrawal or downgrade of the
               rating assigned to any Notes, is not put in place; or

          (iii) for so long as no Secured Moneys are owing to the Redraw
               Noteholders, the Class A Noteholders or the Class AB Noteholders,
               and Interest Rate Swap is terminated and replacement Interest
               Rate Swap on terms that will not lead to a withdrawal or
               downgrade of the rating assigned to any Notes, is not put in
               place.

     (g)  (VITIATION OF TRANSACTION DOCUMENTS)

          (i)  All or any part of any Transaction Document (other than an
               Interest Rate Swap or the Class A Currency Swap) is terminated or
               is or becomes void, illegal, invalid, unenforceable or of limited
               force and effect; or

          (ii) a party becomes entitled to terminate, rescind or avoid all or
               part of any Transaction Document (other than an Interest Rate
               Swap or the Class A Currency Swap).

     (h)  (TRUST) Without the prior consent of the Security Trustee (that
          consent, subject to clause 40.17(b), having been approved in writing
          by the Noteholder Mortgagees):

          (i)  the Trust is wound up, or the Chargor is required to wind up the
               Trust under the Master Trust Deed or applicable law, or the
               winding up of the Trust commences;

          (ii) the Trust is held or is conceded by the Chargor not to have been
               constituted or to have been imperfectly constituted;

          (iii) unless another trustee is appointed to the Trust under the
               Transaction Documents, the Chargor ceases to be authorised under
               the Trust to hold the property of the Trust in its name and to
               perform its obligations under the Transaction Documents.

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8.2  RIGHTS OF THE SECURITY TRUSTEE UPON EVENT OF DEFAULT

     At any time after an Event of Default occurs, the Security Trustee may, and
     shall (subject to clauses 9.2, 9.3, 9.4 and 9.5) if so directed by an
     Extraordinary Resolution of the Voting Mortgagees:

     (a)  declare the Charge immediately enforceable; and/or

     (b)  declare the Secured Moneys immediately due and payable; and/or

     (c)  give a notice crystallising the charge in relation to any or all of
          the Mortgaged Property under clause 4.4; and/or

     (d)  appoint a Receiver over the Trust Assets, or exercise the powers that
          a Receiver would otherwise have if appointed under this deed.

     The Security Trustee may exercise its rights under this clause
     notwithstanding any delay or previous waiver.

8.3  NOTIFY EVENTS OF DEFAULT

     Each of the Chargor and the Trust Manager must promptly notify the Security
     Trustee, the Note Trustee and each Designated Rating Agency if, to the
     knowledge of its officers who are responsible for the administration of the
     Trust, it becomes aware of the occurrence of an Event of Default, Trustee's
     Default, Servicer Transfer Event or Trust Manager's Default including full
     details of that Event of Default, Trustee's Default, Servicer Transfer
     Event or Trust Manager's Default (as the case may be).

9.   ENFORCEMENT
--------------------------------------------------------------------------------

9.1  POWER TO ENFORCE

     At any time after the Charge becomes enforceable, the Security Trustee may,
     at its discretion and without further notice (subject to the terms of this
     deed including, without limitation, clause 8.2) take such proceedings as it
     may think fit to enforce any of the provisions of this deed.

9.2  NO OBLIGATION TO ENFORCE

     Subject to clause 9.3, pending the receipt of directions from the Voting
     Mortgagees as contemplated by clauses 9.3 and 9.4, the Security Trustee
     shall not be bound to take any action or give any consent or waiver or make
     any determination under this deed (including, to appoint any Receiver, to
     declare the Charge enforceable or the Secured Moneys immediately due and
     payable pursuant to clause 8.2 or to take any other proceedings referred to
     in clause 9.1). Nothing in this clause shall affect the operation of clause
     4.4 or the Charge becoming enforceable prior to the Security Trustee
     receiving directions from the Voting Mortgagees.

9.3  OBLIGATION TO CONVENE MEETING

     Following the Security Trustee becoming actually aware of the occurrence of
     an Event of Default in accordance with clause 38.6, it shall, subject to
     clause 9.7, promptly convene a meeting of the Voting Mortgagees in
     accordance with this deed, at which it shall seek directions from the
     Voting Mortgagees by way of an Extraordinary Resolution of the Voting
     Mortgagees (or a written resolution signed by all Voting Mortgagees)
     regarding the action it should take as a result of that

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     Event of Default including whether to do any of the things referred to in
     clauses 8.2(a) to 8.2(d) inclusive.

9.4  SECURITY TRUSTEE TO ACT IN ACCORDANCE WITH DIRECTIONS

     (a)  Subject to sub-clause (b), the Security Trustee shall take all action
          necessary to give effect to any Extraordinary Resolution of the Voting
          Mortgagees or to any direction of the Note Trustee (where it is the
          only Voting Mortgagee) and shall comply with all directions contained
          in or given pursuant to any Extraordinary Resolution of the Voting
          Mortgagees or to any direction given by the Note Trustee (where it is
          the only Voting Mortgagee).

     (b)  The obligation of the Security Trustee pursuant to sub-clause (a) is
          subject to:

          (i)  this deed; and

          (ii) the Security Trustee being adequately indemnified from the Trust
               Assets or the Security Trustee receiving from the Voting
               Mortgagees (other than the Note Trustee) an indemnity in a form
               reasonably satisfactory to the Security Trustee (which may be by
               way of an Extraordinary Resolution of the Voting Mortgagees)
               against all actions, proceedings, claims and demands to which it
               may render itself liable, and all costs, charges, damages and
               expenses which it may incur, in giving effect to an Extraordinary
               Resolution of the Voting Mortgagees.

          The Security Trustee shall first claim on its indemnity from the Trust
          Assets before it claims on any indemnity from the Voting Mortgagees
          (other than the Note Trustee), including any indemnity provided under
          clause 9.5. The Note Trustee is in no circumstance required to give an
          indemnity to the Security Trustee.

     (c)  If an Event of Default is a payment default in respect of a
          subordinated Class of Notes, as long as there are Notes outstanding
          that rank prior to those subordinated Notes, the Security Trustee
          shall not take any action without the consent of each Class of
          Noteholders in respect of each Class of prior ranking Notes (or, in
          the case of Class A Noteholders, the Note Trustee) by Extraordinary
          Resolution.

     (d)  If the Security Trustee becomes bound to take steps and/or proceed
          under this deed and it fails to do so within a reasonable time and
          such failure is continuing the Voting Mortgagees may exercise such
          powers as they determine in accordance with this deed, the Series
          Notice and (where relevant) the Note Trust Deed and then only if and
          to the extent they are able to do so under Australian law.

9.5  SECURITY TRUSTEE MUST RECEIVE INDEMNITY

     If:

     (a)  the Security Trustee convenes a meeting of the Voting Mortgagees, or
          is required by an Extraordinary Resolution to take any action under
          this deed, and advises the Voting Mortgagees that the Security Trustee
          will not act in relation to the enforcement of this deed unless it is
          personally indemnified by the Voting Mortgagees (other than the Note
          Trustee) to its reasonable satisfaction against all actions,
          proceedings, claims and demands to which it may render itself liable,
          and all costs, charges, damages and expenses which it may incur,

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          in relation to the enforcement of this deed and put in funds to the
          extent to which it may become liable (including costs and expenses);
          and

     (b)  the Voting Mortgagees refuse to grant the requested indemnity, and put
          it in funds, then the Security Trustee will not be obliged to act in
          relation to that enforcement. In those circumstances, the Voting
          Mortgagees may exercise such Powers as they determine by Extraordinary
          Resolution and the Security Trustee is not liable in any manner
          whatsoever in relation to, or in connection with, such an exercise of
          those powers. The Note Trustee is in no circumstance required to give
          any indemnity to the Security Trustee.

9.6  LIMITATION ON RIGHTS OF MORTGAGEES

     Subject to this deed, the powers, rights and remedies conferred on the
     Security Trustee by this deed are exercisable by the Security Trustee only,
     and no Mortgagee is entitled without the written consent of the Security
     Trustee to exercise some or any of them. Without limiting the generality of
     the foregoing, but subject to clause 9.5, no Mortgagee is entitled to
     enforce the Charge or the provisions of this deed or to appoint or cause to
     be appointed a Receiver to any of the Mortgaged Property or otherwise to
     exercise any power conferred by the terms of any applicable law on charges
     except as provided in this deed.

9.7  IMMATERIAL WAIVERS

     (a)  The Security Trustee may agree, on any terms and conditions as it may
          deem expedient, having first consulted with the Class A Mortgagees and
          given notice to each Designated Rating Agency, but without the consent
          of the Mortgagees and without prejudice to its rights in respect of
          any subsequent breach, to any waiver or authorisation of any breach or
          proposed breach of any of the terms and conditions of the Transaction
          Documents or any of the provisions of this deed which is not, in the
          reasonable opinion of the Security Trustee, materially prejudicial to
          the interests of the Mortgagees and may determine that any event that
          would otherwise be an Event of Default shall not be treated as an
          Event of Default for the purpose of this deed.

     (b)  No such waiver, authorisation or determination shall be made in
          contravention of any directions contained in an Extraordinary
          Resolution of Voting Mortgagees.

     (c)  No waiver, authorisation or determination may, once given, be
          overridden or withdrawn by an Extraordinary Resolution of Voting
          Mortgagees but the Security Trustee may (subject to clause 40.17(b),
          with the prior written consent of the Noteholder Mortgagees) give a
          waiver, authorisation or determination on terms that allow it to be
          overridden or withdrawn.

     (d)  Any waiver, authorisation or determination shall, if the Security
          Trustee so requires, be notified to the Voting Mortgagees by the Trust
          Manager as soon as practicable thereafter in accordance with this
          deed.

9.8  ACTS PURSUANT TO RESOLUTIONS

     The Security Trustee shall not be responsible for having acted in good
     faith upon any resolution purporting to have been passed at any meeting of
     the Voting Mortgagees in respect of which minutes have been made and
     signed, even though it may subsequently be found that there was some

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     defect in the constitution of that meeting or the passing of that
     resolution or that for any reasons that resolution was not valid or binding
     upon the Voting Mortgagees.

9.9  OVERRIDING PROVISION

     Notwithstanding any other provision of this deed:

     (a)  the Security Trustee is not obliged to do or omit to do anything
          including entering into any transaction or incurring any liability
          unless the Security Trustee's liability is limited in a manner
          satisfactory to the Security Trustee in its absolute discretion; and

     (b)  the Security Trustee will not be under any obligation to advance or
          use its own funds for the payment of any costs, expenses or
          liabilities, except in respect of its own fraud, negligence or wilful
          default.

10.  APPOINTMENT OF RECEIVER
--------------------------------------------------------------------------------

10.1 APPOINTMENT

     To the extent permitted by law and subject to clause 9, at any time after
     the Charge becomes enforceable under this deed the Security Trustee or any
     Authorised Signatory of the Security Trustee may:

     (a)  appoint any person or any 2 or more persons jointly or severally or
          both to be a receiver or receiver and manager of all or any of the
          Mortgaged Property;

     (b)  remove any Receiver;

     (c)  appoint another Receiver in addition to or in place of a Receiver; and

     (d)  fix or vary the remuneration of a Receiver.

10.2 AGENT OF CHARGOR

     (a)  Subject to clauses 10.2(b) and 10.4, every Receiver is the agent of
          the Chargor. The Chargor alone is responsible for the Receiver's acts
          and defaults.

     (b)  (i)  Any Receiver will be the agent of the Chargor in its capacity as
               trustee of the Trust only; and

          (ii) notwithstanding anything else in this deed or at law, the Chargor
               in its personal capacity is not responsible for any negligent act
               or negligent omission of the Receiver.

10.3 RECEIVER'S POWERS

     In addition to any powers granted by law, and except to the extent
     specifically excluded by the terms of his appointment and in accordance
     with the interests of the Mortgagees in accordance with this deed, every
     Receiver has power to do anything in respect of the Mortgaged Property that
     the Chargor could do (including, without limitation, having regard to its
     powers and the extent of its liability under the Master Trust Deed).
     However, every Receiver acknowledges that the Chargor's liability in
     relation to the Receiver's exercise of those powers is limited to the
     assets of the Trust. His powers include the following.

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     (a)  (TAKE POSSESSION AND MANAGE) He may take possession of, get in and
          manage the Mortgaged Property.

     (b)  (LEASE) He may lease any of the Mortgaged Property for any term
          (whether or not the Receiver has taken possession).

     (c)  (CARRY ON BUSINESS) He may carry on or concur in carrying on any
          business.

     (d)  (ACQUIRE ANY ASSET) He may acquire in any manner any asset (including
          to take it on lease). After that acquisition it will be included in
          the Mortgaged Property.

     (e)  (MAINTAIN AND IMPROVE THE MORTGAGED PROPERTY) He may do anything to
          maintain, protect or improve any of the Mortgaged Property or to
          obtain income or returns from any of the Mortgaged Property (including
          by development, sub-division, construction, alteration, or repair, of
          any property or by pulling down, dismantling or scrapping, any
          property).

     (f)  (RAISE MONEY) He may:

          (i)  borrow or raise any money from any Mortgagee or any other person
               approved by the Security Trustee;

          (ii) give Guarantees; and

          (iii) grant any Security Interest over any of the Mortgaged Property
               to secure that money or Guarantee. That Security Interest may
               rank in priority to or equally with or after, the security
               created by this deed. It may be given in the name of the Chargor
               or otherwise.

     (g)  (LEND) He may lend money or provide financial accommodation.

     (h)  (SELL)

          (i)  He may sell any of the Mortgaged Property (whether or not the
               Receiver has taken possession).

          (ii) Without limitation, any sale may be made:

               (A)  by public auction, private treaty or tender;

               (B)  for cash or on credit;

               (C)  in one lot or in parcels;

               (D)  either with or without special conditions or stipulations as
                    to title or time or mode of payment of purchase money or
                    otherwise;

               (E)  with power to allow the whole or any part of the purchase
                    money to be deferred (whether with or without any security);
                    and

               (F)  whether or not in conjunction with the sale of any property
                    by any person.

     (i)  (OPTIONS) He may grant or take put or call options.

     (j)  (SEVER FIXTURES) He may sever fixtures.

     (k)  (EMPLOY) He may employ or discharge any person as employee,
          contractor, agent, professional adviser, consultant or auctioneer for
          any purpose.

     (l)  (COMPROMISE) He may make or accept any arrangement or compromise.

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     (m)  (GIVE RECEIPTS) He may give receipts for money and other assets.

     (n)  (PERFORM AND ENFORCE AGREEMENTS) He may:

          (i)  perform or enforce;

          (ii) exercise or refrain from exercising the Chargor's rights and
               powers under; or

          (iii) obtain the benefit in other ways of, any documents or agreements
               or rights which form part of the Mortgaged Property and any
               documents or agreements entered into in exercise of any Power.

     (o)  (VARY AND TERMINATE AGREEMENTS) He may vary, rescind or terminate any
          document or agreement (including surrender or accept the surrender of
          leases).

     (p)  (AUTHORISATIONS) He may apply for, take up, transfer or surrender any
          Authorisation or any variation of any Authorisation.

     (q)  (TAKE INSOLVENCY PROCEEDINGS) He may make, commence and pursue
          insolvency proceedings against any person and do any thing in relation
          to any actual or contemplated Liquidation (including attend and vote
          at meetings of creditors and appoint proxies).

     (r)  (TAKE PROCEEDINGS) He may commence, defend, conduct, settle,
          discontinue or compromise proceedings in the name of the Chargor or
          otherwise.

     (s)  (EXECUTE DOCUMENTS) He may enter into and execute documents or
          agreements on behalf of himself or the Chargor.

     (t)  (OPERATE BANK ACCOUNTS) He may operate any bank account comprising
          part of the Mortgaged Property and open and operate any further bank
          account.

     (u)  (SURRENDER MORTGAGED PROPERTY) He may surrender, release or transfer
          any of the Mortgaged Property.

     (v)  (EXCHANGE MORTGAGED PROPERTY) He may exchange with any person any of
          the Mortgaged Property for other property.

     (w)  (PROMOTE COMPANIES) He may promote the formation of companies with a
          view to purchasing any of the Mortgaged Property or assuming the
          obligations of the Chargor or otherwise.

     (x)  (DELEGATE) He may delegate to any person approved by the Security
          Trustee any of his Powers (including delegation).

     (y)  (HAVE ACCESS) He may exercise all the rights of the Chargor under the
          Transaction Documents with respect to the Trust Assets.

     (z)  (VOTE) He may exercise any voting or other rights or powers in respect
          of any of the Mortgaged Property and do anything in relation to shares
          or marketable securities.

     (aa) (OTHER OUTGOINGS) He may pay any outgoing or indebtedness of the
          Chargor or any other person.

     (bb) (SECURITY INTERESTS) He may redeem any Security Interest or acquire it
          and any debt secured by it.

     (cc) (INSURE) He may take out insurance.

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     (dd) (INSURANCE CLAIMS) He may make, enforce, compromise and settle all
          claims in respect of insurance.

     (ee) (INCIDENTAL POWER) He may do anything incidental to the exercise of
          any other Power.

     All of the above paragraphs are to be construed independently. None limits
     the generality of any other.

10.4 RECEIVER APPOINTED AFTER COMMENCEMENT OF WINDING UP

     The power to appoint a Receiver may be exercised even though:

     (a)  an order may have been made or a resolution may have been passed for
          the Liquidation of the Chargor; and

     (b)  a receiver appointed in those circumstances may not, or may not in
          some respects specified by the Receiver, act as the agent of the
          Chargor.

10.5 POWERS EXERCISABLE BY THE SECURITY TRUSTEE

     Whether or not a Receiver has been appointed, the Security Trustee may
     exercise any Power of a Receiver at any time after the Charge becomes
     enforceable under this deed in addition to any Power of the Mortgagees and
     without giving notice. It may exercise those Powers and its Powers without
     taking possession or being liable as mortgagee in possession. Without
     limitation, it may exercise those Powers and its Powers directly or through
     one or more agents. In the latter event, anything done or incurred by such
     an agent will be taken to be done or incurred by the Security Trustee
     provided that the Security Trustee will have no liability in respect of the
     negligence or default of any agent appointed by the Security Trustee with
     reasonable care for the purpose of performing functions of a type which are
     not reasonably capable of supervision by the Security Trustee.

10.6 WITHDRAWAL

     The Security Trustee may at any time (provided it does not have an Adverse
     Effect) give up possession of any Mortgaged Property and may at any time
     withdraw any receivership.

11.  REMUNERATION OF SECURITY TRUSTEE
--------------------------------------------------------------------------------

11.1 COSTS

     In accordance with the Series Notice, the Chargor shall reimburse the
     Security Trustee for all costs and expenses of the Security Trustee
     properly incurred in acting as Security Trustee.

11.2 FEE

     (a)  The Security Trustee shall be entitled to a fee from the proceeds of
          the Mortgaged Property at the rate agreed from time to time by the
          Chargor, the Security Trustee and the Trust Manager. This fee shall
          accrue from day to day.

     (b)  The Security Trustee's fee under sub-clause (a) shall be payable
          quarterly in arrears for the relevant period on the same dates as the
          Chargor's fee under the Master Trust Deed for the Trust or as agreed
          from time to time by the Chargor, the Security Trustee and the Trust
          Manager.

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11.3 CESSATION OF FEE

     The Security Trustee shall not be entitled to remuneration under clause
     11.2 in respect of any period after the Charge Release Date or after it has
     resigned or been removed as Security Trustee.

12.  POWER OF ATTORNEY
--------------------------------------------------------------------------------

     (a)  For valuable consideration and by way of security the Chargor
          irrevocably appoints each Authorised Signatory of the Security Trustee
          severally its attorney to do anything, following the occurrence of an
          Event of Default, which:

          (i)  the Chargor is obliged to do under or in relation to any
               Transaction Document; or

          (ii) any Mortgagee or any Receiver is authorised or empowered to do
               under any Transaction Document or any law but only at the times
               that the Mortgagee or Receiver (if a Receiver had been appointed)
               would have been able to do it.

     (b)  Without limitation, the Attorney may, following the occurrence of an
          Event of Default, at any time:

          (i)  do anything which in the opinion of the Security Trustee or
               Attorney is necessary or expedient to secure, preserve, perfect,
               or give effect to the security contained in this deed (including
               anything under clauses 13 or 14). For this purpose, without
               limitation, he may execute any legal mortgage, transfer,
               assignment and other assurance of any of the Mortgaged Property
               in favour of any Mortgagee, any purchaser or any nominee; and

          (ii) delegate his powers (including delegation).

     (c)  No Attorney appointed under this deed may act inconsistently with this
          deed or any other Transaction Document.

13.  COMPLETION OF BLANK SECURITIES
--------------------------------------------------------------------------------

     The Security Trustee, any Authorised Signatory of the Security Trustee, any
     Receiver or any Attorney may complete any document which at any time is
     executed by or on behalf of the Chargor and deposited with the Security
     Trustee. It may complete it in favour of any Mortgagee, any purchaser or
     any nominee. It may not do so inconsistently with this deed or any other
     Transaction Document.

14.  PERFORMANCE OF CHARGOR'S OBLIGATIONS
--------------------------------------------------------------------------------

     If at any time the Chargor fails duly to perform any obligation in any
     Transaction Document the Security Trustee or any person it authorises may
     do anything which in its opinion is necessary or expedient to make good or
     to attempt to make good that failure to its satisfaction.

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15.  STATUTORY POWERS
--------------------------------------------------------------------------------

15.1 POWERS IN AUGMENTATION

     The powers conferred on a mortgagee by law:

     (a)  are in addition to the Powers conferred by this deed;

     (b)  (to the extent permitted by law and after prior consultation with the
          Class A Mortgagees) may be exercised by the Security Trustee
          immediately after the Charge becomes enforceable under this deed and
          at any time subsequently; and

     (c)  are excluded or varied only so far as they are inconsistent with the
          express terms of this deed or any Collateral Security.

15.2 NOTICE NOT REQUIRED

     To the extent permitted by law:

     (a)  the Chargor dispenses with any notice or lapse of time required by any
          law before enforcing this deed or any Collateral Security or
          exercising any Power; and

     (b)  subject to this deed, no Mortgagee is required to give notice to any
          person before enforcement or exercise; and

     (c)  any law requiring the giving of notice or the compliance with a
          procedure or the lapse of time before enforcement or exercise is
          excluded.

16.  APPLICATION OF MONEYS RECEIVED
--------------------------------------------------------------------------------

16.1 PRIORITIES

     The proceeds from the enforcement of the Charge are to be applied in the
     order of priority set out in the Series Notice for that purpose, subject to
     any other priority which may be required by statute or law.

16.2 MONEYS ACTUALLY RECEIVED

     In applying any moneys towards satisfaction of the Secured Moneys, the
     Chargor will be credited only with the money available for that purpose
     which is actually received by the relevant Mortgagee or, where the
     Mortgagee is a Class A Noteholder, the Note Trustee. The credit will date
     from the time of receipt.

16.3 AMOUNTS CONTINGENTLY DUE

     If any of the Secured Moneys is contingently owing to any Mortgagee at the
     time of a distribution of an amount under clause 16.1, the Security Trustee
     may retain any of that amount. If it does, it shall place the amount
     retained on short term interest bearing deposit until the relevant Secured
     Moneys become actually due or cease to be contingently owing, or it becomes
     reasonably apparent that the relevant contingency will not occur and the
     Security Trustee shall then:

     (a)  pay to that Mortgagee, or (where the Mortgagee is a Class A
          Noteholder) to the Note Trustee, the amount which becomes actually due
          to it; and

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     (b)  apply the balance of the amount retained (together with interest
          earned on the deposit) in accordance with clause 16.1.

16.4 NOTICE OF SUBSEQUENT SECURITY INTERESTS

     (a)  If any Mortgagee receives actual or constructive notice of a
          subsequent Security Interest affecting any of the Mortgaged Property
          it may open a separate account in the name of the Chargor in the books
          of that Mortgagee.

     (b)  If that Mortgagee does not open a new account it will be treated as if
          it had done so at the time it received actual or constructive notice
          of the Security Interest.

     (c)  From the time the new account is opened or is taken to be opened:

          (i)  all advances and accommodation made available by that Mortgagee
               to the Chargor;

          (ii) all payments and repayments made by the Chargor to that
               Mortgagee; and

          (iii) moneys to be applied towards the Secured Moneys under clause
               16.1, will be or will be taken to be debited or credited, as
               appropriate, to the new account. Payments, repayments and other
               moneys will only be applied in reduction of other Secured Moneys
               owing to that Mortgagee to the extent that there is no debit
               balance in that account.

16.5 SATISFACTION OF DEBTS

     Without limiting clause 31, each Mortgagee shall accept the distribution of
     moneys under this clause in full and final satisfaction of all Secured
     Moneys owing to it, and any debt represented by any shortfall that exists
     after any final distribution under this clause is extinguished.

16.6 PROPORTIONATE SHARING

     (A)  SHARING

          Whenever any Mortgagee receives or recovers any money in respect of
          any sum due from the Chargor under a Transaction Document in any way
          (including without limitation by set-off) or through distribution by
          the Security Trustee under this deed (the RECEIVED MONEYS).

          (i)  the Mortgagee shall immediately notify the Security Trustee;

          (ii) the Mortgagee shall immediately pay that money to the Security
               Trustee (unless the Security Trustee directs otherwise);

          (iii) the Security Trustee shall treat the payment as if it were a
               payment by the Chargor on account of all sums then payable to the
               Mortgagees; and

          (iv) (A)  the payment or recovery will be taken to have been a payment
                    for the account of the Security Trustee and not to the
                    Mortgagee for its own account, and to that extent the
                    liability of the Chargor to the Mortgagee will not be
                    reduced by the recovery or payment, other than to the extent
                    of any distribution received by the Mortgagee under
                    paragraph (iii); and

               (B)  (without limiting sub-paragraph (A)) immediately on the
                    Mortgagee making or becoming liable to make a payment under
                    paragraph (ii), the Chargor shall indemnify the Mortgagee
                    against the payment to the extent

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                    that (despite sub-paragraph (A)) its liability has been
                    discharged by the recovery or payment.

     (B)  NETTING

          If a Mortgagee receives or recovers any Received Moneys, and does not
          pay that amount to the Security Trustee under paragraph (a) above, the
          Security Trustee may retain out of amounts which would otherwise be
          payable to the Mortgagee under this deed any amounts which the
          Security Trustee considers necessary to put all Mortgagees in the same
          position as if that Mortgagee had complied with, or been required to
          comply with, paragraph (a) above and the Security Trustee's obligation
          to apply monies to such Mortgagee shall be discharged to the extent of
          such retention.

17.  OTHER SECURITY INTERESTS OVER MORTGAGED PROPERTY
--------------------------------------------------------------------------------

     (a)  Any Mortgagee and any Receiver or Attorney may rely on the certificate
          of a holder of another Security Interest affecting or purporting to
          affect the Mortgaged Property as to the amount and property secured by
          the Security Interest.

     (b)  The Security Trustee or any Receiver may at any time pay or agree to
          pay the amount certified by the holder of a Security Interest or
          purported Security Interest to be necessary to discharge it or some
          indebtedness secured by it, or to acquire it. From the date of payment
          that amount will be part of the Secured Moneys and the Chargor shall
          indemnify the Security Trustee (and if other Mortgagees indemnify the
          Security Trustee, those other Mortgagees) and the Receiver against
          that amount. This applies whether or not that Security Interest or
          purported Security Interest was valid or prior, equal or subsequent
          ranking, or the property or moneys stated in the certificate were
          secured by it.

18.  PROTECTION OF MORTGAGEES, RECEIVER AND ATTORNEY
--------------------------------------------------------------------------------

     To the extent permitted by law, no Mortgagee, Receiver or Attorney will be
     liable:

     (a)  in respect of any conduct, delay, negligence or breach of duty in the
          exercise or non-exercise of any Power; nor

     (b)  for any loss (including consequential loss) which results, except
          where it arises from fraud, negligence or wilful default on the part
          of any Mortgagee, Receiver or Attorney.

19.  PROTECTION OF THIRD PARTIES
--------------------------------------------------------------------------------

19.1 NO ENQUIRY

     No party to any Dealing (as defined below) and no person asked to register
     a Dealing:

     (a)  is bound to enquire:

          (i)  whether an Event of Default has occurred or whether this deed has
               become enforceable;

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          (ii) whether a person who is, or purports or is purported to be, a
               Receiver or Attorney is duly appointed;

          (iii) as to the amount of Secured Moneys or whether Secured Moneys are
               due and payable; or

          (iv) in any other way as to the propriety or regularity of the
               Dealing; or

     (b)  is affected by express notice that the Dealing is unnecessary or
          improper.

     For the protection of any party to a Dealing or a person registering a
     Dealing, the Dealing will be taken to be authorised by this deed and will
     be valid accordingly, even if there is any irregularity or impropriety in
     the Dealing.

     In this clause a DEALING is:

     (a)  any payment or any delivery or handing over of an asset to; or

     (b)  any acquisition, incurring of Financial Indebtedness, receipt, sale,
          lease, disposal or other dealing, by, any Mortgagee or any Receiver or
          Attorney, or any person who purports or is purported to be a Receiver
          or Attorney.

19.2 RECEIPT

     The receipt of any Authorised Signatory of any Mortgagee or any Receiver or
     Attorney (or person who purports, or is purported, to be a Receiver or
     Attorney) for any moneys or assets payable to, or receivable or received
     by, it exonerates the person paying those moneys or handing over that asset
     from being concerned as to their application, or from being liable or
     accountable for their loss or misapplication.

20.  EXPENSES, INDEMNITY
--------------------------------------------------------------------------------

20.1 EXPENSES

     In accordance with the Series Notice, the Chargor, shall reimburse each
     Mortgagee or (where the Mortgagee is a Class A Noteholder) the Note
     Trustee, Receiver and Attorney for its expenses in relation to:

     (a)  any consent, agreement, approval, waiver or amendment under or in
          relation to the Transaction Documents; and

          (i)  any actual or contemplated enforcement of the Transaction
               Documents or the actual or contemplated exercise, preservation or
               consideration of any Powers under the Transaction Documents or in
               relation to the Mortgaged Property; and

          (ii) any enquiry by a Government Agency concerning the Chargor or the
               Mortgaged Property or a transaction or activity the subject of
               the Transaction Documents, or in connection with which, financial
               accommodation or funds raised under a Transaction Document are
               used or provided.

     This includes legal costs and expenses (charged at the usual commercial
     rates of the legal services provider) expenses incurred in any review or
     environmental audit, in reimbursing or indemnifying

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     any Receiver or Attorney or in retaining consultants to evaluate matters of
     material concern to that Mortgagee and administrative costs including time
     of its executives (whose time and costs are to be charged at reasonable
     rates). This does not limit the generality of clause 20.2.

20.2 INDEMNITY

     On demand the Chargor shall indemnify each Mortgagee and each Receiver and
     Attorney against any loss, cost, charge, liability or expense that
     Mortgagee (or any officer or employee of that Mortgagee) or any Receiver or
     Attorney may sustain or incur as a direct or indirect consequence of:

     (a)  the occurrence of any Event of Default; or

     (b)  any exercise or attempted exercise of any Power or any failure to
          exercise any Power.

21.  CURRENCY INDEMNITY
--------------------------------------------------------------------------------

     The Chargor shall indemnify each Mortgagee against any deficiency which
     arises whenever, for any reason (including as a result of a judgment, order
     or Liquidation):

     (a)  that Mortgagee receives or recovers an amount in one currency (the
          PAYMENT CURRENCY) in respect of an amount denominated under a
          Transaction Document in another currency (the DUE CURRENCY); and

     (b)  the amount actually received or recovered by that Mortgagee in
          accordance with its normal practice when it converts the Payment
          Currency into the Due Currency is less than the relevant amount of the
          Due Currency.

22.  STAMP DUTIES
--------------------------------------------------------------------------------

     (a)  The Chargor shall pay (and reimburse each Mortgagee (other than any
          Noteholder)) all stamp, transaction, registration and similar Taxes
          (including fines and penalties) in relation to the execution,
          delivery, performance or enforcement of any Transaction Document or
          any payment or receipt or any other transaction contemplated by any
          Transaction Document.

     (b)  Those Taxes include financial institutions duty, debits tax or other
          Taxes payable by return and Taxes passed on to any Mortgagee (other
          than any Noteholder) by a bank or financial institution other than
          interest withholding tax.

     (c)  The Chargor shall indemnify each Mortgagee against any liability
          resulting from delay or omission to pay those Taxes except to the
          extent the liability results from failure by the Mortgagee to pay any
          Tax after having been put in funds to do so by the Chargor.

23.  INTEREST ON OVERDUE AMOUNTS
--------------------------------------------------------------------------------

23.1 ACCRUAL

     Interest accrues on each unpaid amount which is due and payable by the
     Chargor under or in respect of this deed or any Transaction Document
     (including interest payable under this clause):

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     (a)  on a daily basis up to the date of actual payment from (and including)
          the due date or, in the case of an amount payable by way of
          reimbursement or indemnity, the date of disbursement or loss, if
          earlier;

     (b)  both before and after judgment (as a separate and independent
          obligation); and

     (c)  at the rate provided in clause 23.3, except where the Transaction
          Document provides otherwise.

23.2 PAYMENT

     The Chargor shall pay interest accrued under this clause on demand by the
     Security Trustee and on each Payment Date. That interest is payable in the
     currency of the unpaid amount on which it accrues.

23.3 RATE

     The rate applicable under this clause is the sum of 2% per annum plus the
     higher of the following, each as determined by the Security Trustee:

     (a)  the rate (if any) applicable to the amount immediately before the due
          date; and

     (b)  the sum of 2% and the Bank Bill Rate.

24.  CERTIFICATE AS TO AMOUNT OF SECURED MONEYS, ETC.
--------------------------------------------------------------------------------

     Without limiting clause 1.4, a certificate signed by an Authorised
     Signatory of the Security Trustee will be sufficient evidence against the
     Chargor and the Mortgagees, in the absence of manifest error or proof to
     the contrary:

     (a)  as to the amount of Secured Moneys stated in the certificate;

     (b)  that a person specified in that certificate is a Mortgagee;

     (c)  that a document specified in that certificate is a Transaction
          Document; and

     (d)  that the Security Trustee is of the opinion stated in the certificate.

25.  SURVIVAL OF REPRESENTATIONS
--------------------------------------------------------------------------------

     All representations and warranties in a Transaction Document survive the
     execution and delivery of the Transaction Documents and the provision of
     advances and accommodation.

26.  INDEMNITY AND REIMBURSEMENT OBLIGATIONS
--------------------------------------------------------------------------------

     Each indemnity, reimbursement and similar obligation in a Transaction
     Document:

     (a)  is a continuing obligation;

     (b)  is a separate and independent obligation;

     (c)  is payable on demand;

     (d)  survives termination or discharge of the Transaction Document; and

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     (e)  is subject to the order of payment contained in the Series Notice and
          clause 16 of this deed and the restriction on remedies contained in
          clause 31.

27.  CONTINUING SECURITY
--------------------------------------------------------------------------------

     Each of this deed and each Collateral Security is a continuing security
     despite any settlement of account, intervening payment or anything else
     until a final discharge of this deed and each Collateral Security has been
     given to the Chargor.

28.  OTHER SECURITIES
--------------------------------------------------------------------------------

     No Power and nothing in this deed or any Collateral Security merges in, or
     in any other way prejudicially affects or is prejudicially affected by:

     (a)  any other Security Interest; or

     (b)  any judgment, right or remedy against any person, which any Mortgagee
          or any person claiming through any Mortgagee may have at any time.

29.  DISCHARGE OF THE CHARGE
--------------------------------------------------------------------------------

29.1 RELEASE

     Upon the Trust Manager providing a certificate to the Security Trustee
     (upon which certificate the Security Trustee may rely conclusively and with
     a copy of that certificate to the Note Trustee) stating that:

     (a)  all Secured Moneys (actually or contingently owing) have been paid in
          full; and

     (b)  all the obligations of the Chargor under the Transaction Documents
          have been performed, observed and fulfilled, then the Security Trustee
          shall, subject to clause 29.2, at the request of the Trust Manager or
          the Chargor, and at the cost of the Trust Manager, release the
          Mortgaged Property from the Charge and this deed.

29.2 CONTINGENT LIABILITIES

     The Security Trustee shall be under no obligation to grant a release of the
     Charge or this deed in respect of the Trust unless at the time such release
     is sought the Security Trustee has no contingent or prospective liabilities
     in respect of the Trust or otherwise in connection with this deed whether
     or not there is any reasonable likelihood of such liabilities, becoming
     actual liabilities, including without limitation, in respect of any bills,
     notes drafts, cheques, guarantees, letters of credit or other notes or
     documents issued, drawn, endorsed or accepted by the Security Trustee for
     the account or at the request of the Chargor for the Trust.

29.3 CHARGE REINSTATED

     If any claim is made by any person that any moneys applied in payment or
     satisfaction of the Secured Moneys must be repaid or refunded under any law
     (including, any law relating to

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     preferences, bankruptcy, insolvency or the winding up of bodies corporate)
     and the Charge has already been discharged, the Chargor shall, at the
     expense of the Trust promptly do, execute and deliver, and cause any
     relevant person to do, execute and deliver, all such acts and notes as the
     Security Trustee may require to reinstate this Charge unless the Security
     Trustee agrees otherwise in writing.

30.  AMENDMENT
--------------------------------------------------------------------------------

30.1 APPROVAL OF TRUST MANAGER

     The Security Trustee and the Chargor may, following the giving of notice to
     each Designated Rating Agency, and with the written approval of the Trust
     Manager and the Note Trustee, by way of supplemental deed alter, add to or
     modify this deed (including this clause 30) so long as such alteration,
     addition or modification is:

     (a)  to correct a manifest error or ambiguity or is of a formal, technical
          or administrative nature only;

     (b)  in the opinion of the Security Trustee necessary to comply with the
          provisions of any law or regulation or with the requirements of any
          Government Authority;

     (c)  in the opinion of the Security Trustee appropriate or expedient as a
          consequence of an amendment to any law or regulation or altered
          requirements of any Government Agency (including, an alteration,
          addition or modification which is in the opinion of the Security
          Trustee appropriate or expedient as a consequence of the enactment of
          a law or regulation or an amendment to any law or regulation or ruling
          by the Commissioner or Deputy Commissioner of Taxation or any
          governmental announcement or statement, in any case which has or may
          have the effect of altering the manner or basis of taxation of trusts
          generally or of trusts similar to the Trust); or

     (d)  in the opinion of the Security Trustee and in accordance with this
          deed neither prejudicial nor likely to be prejudicial to the interest
          of the Mortgagees as a whole or any class of Mortgagees.

30.2 EXTRAORDINARY RESOLUTION OF VOTING MORTGAGEES

     Where in the opinion of the Security Trustee and in accordance with this
     deed, a proposed alteration, addition or modification to this deed, other
     than an alteration, addition or modification referred to in clause 30.1 or
     clause 1.2, is prejudicial or likely to be prejudicial to the interest of
     the Mortgagees as a whole or any class of Mortgagees, the Security Trustee
     and the Chargor may make such alteration, addition or modification if
     sanctioned by an Extraordinary Resolution of the Voting Mortgagees or that
     class of Mortgagees (as the case may be).

30.3 DISTRIBUTION OF AMENDMENTS

     The Trust Manager shall distribute to all Mortgagees, a copy of any
     amendments made pursuant to clause 30.1 or 30.2 as soon as reasonably
     practicable after the amendment has been made.

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31.  LIABILITY
--------------------------------------------------------------------------------

31.1 LIABILITY OF CHARGOR LIMITED TO ITS RIGHT OF INDEMNITY

     Clause 32.16 of the Master Trust Deed (as amended by the Series Notice) is
     incorporated into this deed as if set out in full, except that any
     reference to TRUST refers to the Trust and any reference to TRUSTEE refers
     to the Chargor.

31.2 UNRESTRICTED REMEDIES

     Nothing in clause 31.3 limits a Mortgagee 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 this deed.

31.3 RESTRICTED REMEDIES

     Except as provided in clauses 31.1 and 31.2, a Mortgagee shall not:

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

     (b)  (WINDING UP) apply for the winding up or dissolution of the Chargor;

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

     (d)  (COURT APPOINTED RECEIVER) apply for the appointment by a court or a
          receiver to any of the assets of the Chargor;

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

     (f)  (SET-OFF OR COUNTERCLAIM) exercise or seek to exercise any set-off or
          counterclaim against the Chargor; or

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

     or take proceedings for any of the above and the Mortgagee waives its
     rights to make those applications and take those proceedings.

31.4 LIABILITY OF SECURITY TRUSTEE LIMITED TO ITS RIGHT OF INDEMNITY

     Notwithstanding any other provision of this deed, the Security Trustee will
     have no liability under or in connection with this deed or any other
     Transaction Document (whether to the Mortgagees, the Chargor, the Trust
     Manager or any other person) or the Trust or in respect of the Notes other
     than to the extent to which the liability is able to be satisfied out of
     the property of the trust established under this deed out of which the
     Security Trustee is actually indemnified or is entitled to be reimbursed
     for the liability. This limitation will not apply to a liability of the
     Security Trustee to the extent that it is not satisfied because, under this
     deed, any other Transaction Document or by operation of law, there is a
     reduction in the extent of the Security Trustee's indemnification out of
     the Assets of the Trust as a result of the Security Trustee's fraud,
     negligence or wilful default. Nothing in this clause 31.4 or any similar
     provision in any other Transaction Document limits or

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     adversely affects the powers of the Security Trustee, any receiver or
     attorney in respect of the Charge or the Mortgaged Property.

31.5 ADVICE FROM PROFESSIONAL ADVISERS

     Neither the Security Trustee nor the Chargor will be regarded as negligent
     or in breach of trust to the extent to which the Security Trustee or the
     Chargor (as the case may be) accepts and relies on an opinion, advice or
     letter from a professional adviser (legal, financial, audit or otherwise)
     which contains a dollar amount limitation on that professional adviser's
     liability.

32.  WAIVERS, REMEDIES CUMULATIVE
--------------------------------------------------------------------------------

     (a)  No failure to exercise and no delay in exercising any Power operates
          as a waiver. No single or partial exercise of any Power precludes any
          other or further exercise of that Power or any other Power.

     (b)  The Powers in this deed and each Collateral Security are in addition
          to, and do not exclude or limit, any right, power or remedy provided
          by law.

33.  CONSENTS AND OPINION
--------------------------------------------------------------------------------

     Except where expressly stated any Mortgagee may give or withhold, or give
     conditionally, approvals and consents, may be satisfied or unsatisfied, may
     form opinions, and may exercise its Powers, at its absolute discretion.

34.  SEVERABILITY OF PROVISIONS
--------------------------------------------------------------------------------

     (a)  Any provision of this deed or any Collateral Security 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 deed or any Collateral Security nor affect the validity or
          enforceability of that provision in any other jurisdiction.

     (b)  Without limiting the generality of paragraph (a):

          (i)  the definition of Secured Moneys does not include any liability
               so long as and to the extent that the inclusion of that liability
               would avoid, invalidate or render ineffective clause 3 or 4 or
               the security constituted by this deed; and

          (ii) the definition of the Mortgaged Property does not include any
               asset so long as and to the extent that the inclusion of that
               asset would invalidate, avoid or render ineffective clause 3 or 4
               or the security constituted by this deed.

          The Chargor shall use its reasonable endeavours to satisfy any
          condition or obtain any Authorisation which relates to it as trustee
          of the Trust, but not in respect of the Trust generally which may be
          necessary to include that liability or asset validly under the Charge
          or this deed.

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35.  MORATORIUM LEGISLATION
--------------------------------------------------------------------------------

     To the full extent permitted by law all legislation which at any time
     directly or indirectly:

     (a)  lessens, varies or affects in favour of the Chargor any obligation
          under this deed or any Collateral Security; or

     (b)  delays, prevents or prejudicially affects the exercise by any
          Mortgagee, any Receiver or Attorney, of any Power,

     is excluded from this deed and any Collateral Security.

36.  ASSIGNMENTS
--------------------------------------------------------------------------------

     (a)  Subject to the other Transaction Documents, a Mortgagee may assign its
          rights under this deed and each Collateral Security. If this deed or
          any Mortgagee's interest in it is assigned, the Secured Moneys will
          include all actual and contingent liability of the Chargor to the
          assignee, whether or not it was incurred before the assignment or in
          contemplation of it.

     (b)  The Chargor may only assign or transfer any of its rights or
          obligations under this deed or any Collateral Security in accordance
          with the Transaction Documents and if prior notice has been given to
          each Designated Rating Agency and such assignment or transfer has no
          Adverse Effect on the ratings of the Notes.

37.  NOTICES
--------------------------------------------------------------------------------

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

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

          (ii) be:

               (A)  left at the address of the addressee;

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

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

               (D)  sent by email by an Authorised Signatory of the party giving
                    the same to the addressee's specified email address and,
                    where the Note Trustee is the addressee, with a copy by
                    facsimile.

     (b)  (ADDRESS FOR NOTICES) The address and facsimile number of a party is
          the address and facsimile number notified by that party to the other
          parties from time to time. However, the Security Trustee may give
          notice to a Mortgagee at the address or facsimile number notified to
          the Security Trustee by the Chargor or the Trust Manager as that
          Mortgagee's address or facsimile number for notice.

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

          (i)  where delivered in person, upon receipt;

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

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

          (iv) where sent by email:

               (A)  where the Note Trustee is the addressee, on the date that
                    the copy of the email sent by facsimile is received; and

               (B)  otherwise, on the date that the email is received.

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

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

38.  RELATIONSHIP OF MORTGAGEES TO SECURITY TRUSTEE
--------------------------------------------------------------------------------

38.1 INSTRUCTIONS; EXTENT OF DISCRETION

     (a)  The Security Trustee will have no duties or responsibilities except
          those expressly set out in this deed or any Collateral Security.

     (b)  Subject to this deed, in the exercise of all its Powers the Security
          Trustee shall act in accordance with any Extraordinary Resolution of
          the Voting Mortgagees.

     (c)  In the absence of an Extraordinary Resolution of the Voting
          Mortgagees, the Security Trustee need not act but may act (with prior
          written notice to the Noteholder Mortgagees (in the case of the Class
          A Noteholders such notice being given in accordance with the Note
          Trust Deed) and to the Class A Currency Swap Provider) in the best
          interests of the Mortgagees.

     (d)  Any action taken by the Security Trustee under this deed or any
          Collateral Security binds all the Mortgagees.

38.2 NO OBLIGATION TO INVESTIGATE AUTHORITY

     (a)  The Chargor need not enquire whether any Extraordinary Resolution has
          been passed or as to the terms of any Extraordinary Resolution.

     (b)  As between the Chargor on the one hand and the Security Trustee and
          the Mortgagees on the other, all action taken by the Security Trustee
          under this deed or any Collateral Security will be taken to be
          authorised.

38.3 DELEGATION

     (a)  The Security Trustee may employ agents and attorneys, and provided
          that the Security Trustee exercises reasonable care in selecting them
          and subject to paragraph (b), the Security Trustee will not be liable
          for the acts or omissions of any such agent or attorney.

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          The Security Trustee may at the expense of the Chargor obtain such
          advice and information from lawyers, accountants, bankers and other
          consultants and experts as it considers desirable to allow it to be
          properly advised and informed in relation to its powers and
          obligations. Before obtaining such advice or information (unless the
          advice or information relates to the Trust Manager) before the
          occurrence of an Event of Default, the Security Trustee shall first
          inform the Trust Manager of the need for the advice or information and
          obtain the approval of the Trust Manager, which approval shall not be
          unreasonably withheld or delayed.

     (b)  Notwithstanding paragraph (a), where the Security Trustee employs a
          Related Corporation as agent or attorney, the Security Trustee shall
          be liable for all acts or omissions of the agent or attorney done or
          omitted whilst acting in its capacity as such.

38.4 RELIANCE ON DOCUMENTS AND EXPERTS

     The Security Trustee may rely on:

     (a)  any document (including any facsimile transmission, telegram or telex)
          it reasonably believes to be genuine and correct including any
          document given by the Chargor under clause 5.1(d) or by the Trust
          Manager under clause 5.4; and

     (b)  advice and statements of lawyers, accountants, bankers and other
          consultants and experts, whether or not retained by it.

38.5 NOTICE OF TRANSFER

     The Security Trustee may treat each Mortgagee as the holder of the
     Mortgagee's rights under the Transaction Documents until the Security
     Trustee has received a substitution certificate or an instrument of
     transfer in a form approved by the Security Trustee.

38.6 NOTICE OF DEFAULT

     (a)  The Security Trustee will be taken not to have knowledge of the
          occurrence of an Event of Default unless the Security Trustee has
          received notice from a Voting Mortgagee, the Class A Currency Swap
          Provider, the Trust Manager or the Chargor stating that an Event of
          Default has occurred and describing it.

     (b)  If the Security Trustee receives notice of, or becomes aware of, the
          occurrence of events or circumstances constituting an Event of Default
          and that those events or circumstances do constitute an Event of
          Default, the Security Trustee shall notify the Voting Mortgagees,
          subject to clause 38.11(b). For the purposes of this clause and the
          other provisions of this deed, the Security Trustee will only be
          considered to have notice of or to be aware of any thing if the
          Security Trustee has notice or awareness of that thing by virtue of
          the actual notice or awareness of the officers of the Security Trustee
          who have day to day responsibility for the administration of the
          security trust established by this deed.

38.7 SECURITY TRUSTEE AS MORTGAGEE

     (a)  The Security Trustee in its capacity as a Mortgagee has the same
          rights and powers under the Transaction Documents as any other
          Mortgagee. It may exercise them as if it were not acting as the
          Security Trustee.

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     (b)  The Security Trustee and its Associates may engage in any kind of
          business with the Chargor, Trust Manager and any Mortgagee or other
          person as if it were not the Security Trustee. It may receive
          consideration for services in connection with any Transaction Document
          and otherwise without having to account to the Mortgagees.

38.8 INDEMNITY TO SECURITY TRUSTEE

     (a)  Subject to the order of payment contained in the Series Notice and
          clause 16 of this deed, the Chargor shall indemnify the Security
          Trustee (to the extent not reimbursed by the Chargor) against any
          loss, cost, liability, expense or damage the Security Trustee may
          sustain or incur directly or indirectly under or in relation to the
          Transaction Documents. This does not limit the Chargor's liability
          under any other provision.

     (b)  The Chargor is not liable under this sub-clause for any of the above
          to the extent that they arise from the Security Trustee's fraud,
          negligence or wilful default.

38.9 INDEPENDENT INVESTIGATION

     Each Mortgagee confirms that it has made and will continue to make,
     independently and without reliance on the Security Trustee or any other
     Mortgagee (including the Trust Manager) and based on the Transaction
     Documents, agreements and information which it regards appropriate:

     (a)  its own investigations into the affairs of the Chargor; and

     (b)  its own analyses and decisions whether to take or not take action
          under any Transaction Document.

38.10 NO MONITORING

     The Security Trustee is not required to keep itself informed as to the
     compliance by the Chargor or the Trust Manager with any Transaction
     Document or any other document or agreement or to inspect any property or
     book of the Chargor or the Trust Manager.

38.11 INFORMATION

     (a)  The Chargor authorises:

          (i)  the Security Trustee to provide any Voting Mortgagee (and the
               Class A Currency Swap Provider where the Class A Currency Swap
               Provider is not a Voting Mortgagee); and

          (ii) the Note Trustee to provide any Class A Noteholder,

          with any information concerning the affairs, financial condition or
          business of the Chargor which may come into the possession of the
          Security Trustee or the Note Trustee (as the case may be). The
          Security Trustee need not do so.

     (b)  The Security Trustee is not obliged to disclose any information
          relating to the Chargor if in the opinion of the Security Trustee (on
          the basis of the advice of its legal advisers) disclosure would or
          might breach a law or a duty of secrecy or confidence.

38.12 CONFLICTS

     (a)  Subject to clause 2.2, in the event of any dispute, ambiguity or doubt
          as to the construction or enforceability of this deed or of any other
          document or the Security Trustee's powers or

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          obligations under or in connection with this deed or the determination
          or calculation or any amount or thing for the purpose of this deed or
          the construction or validity of any direction from the Mortgagees, the
          Security Trustee may:

          (i)  obtain and rely on advice from any person referred to in clause
               38.4(b); and/or

          (ii) apply to a court or similar body for any direction or order the
               Security Trustee considers appropriate,

          and provided the Security Trustee is using reasonable endeavours to
          resolve such ambiguity, dispute or doubt, the Security Trustee, in its
          absolute discretion, may refuse to act or refrain from acting in
          relation to matters affected by such dispute, ambiguity or doubt.

     (b)  The Security Trustee has no responsibility for the form or contents of
          this deed or any other Transaction Document and will have no liability
          arising as a result of or in connection with any inadequacy,
          invalidity or unenforceability of any provision of this deed or the
          other Transaction Documents.

38.13 NO LIABILITY

     Without limitation the Security Trustee shall not be liable for:

     (a)  any decline in the value or loss realised upon any sale or other
          dispositions made under this deed of any Mortgaged Property or any
          other property charged to the Security Trustee by any other person in
          respect of or relating to the obligations of any person in respect of
          the Chargor or the Secured Moneys or relating in any way to the
          Mortgaged Property;

     (b)  any decline in value directly or indirectly arising from the Security
          Trustee acting or failing to act as a consequence of an opinion
          reached by it; and

     (c)  any loss, expense or liability which may be suffered as a result of
          any assets secured by the Security Trust Deed, Mortgaged Property or
          any deeds or documents of title thereto being uninsured or
          inadequately insured or being held by or to the order of the Servicer
          or any of its affiliates or by clearing organisations or their
          operator or by any person on behalf of the Note Trustee.

39.  RETIREMENT AND REMOVAL OF SECURITY TRUSTEE
--------------------------------------------------------------------------------

39.1 RETIREMENT

     Subject to any Transaction Document to which the Security Trustee is a
     party, and subject also to the appointment of a successor Security Trustee
     as provided in this clause, the Security Trustee may retire at any time
     upon giving not less than three months' notice (or such shorter period as
     the parties may agree) in writing to the Chargor, the Trust Manager and
     each Designated Rating Agency without assigning any reason and without
     being responsible for any costs occasioned by such retirement.

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39.2 REMOVAL

     Subject to any Transaction Document to which the Security Trustee is a
     party, the appointment of a successor Security Trustee as provided in this
     clause, and prior notice being given to each Designated Rating Agency, the
     Security Trustee may be removed:

     (a)  by the Trust Manager if any of the following occurs in relation to the
          Security Trustee in its personal capacity:

          (i)  an Insolvency Event occurring in relation to the Security Trustee
               in its personal capacity;

          (ii) the cessation by the Security Trustee of its business;

          (iii) failure of the Security Trustee to remedy within fourteen days
               after written notice by the Trust Manager any material breach of
               duty on the part of the Security Trustee; or

          (iv) if without the prior written consent of the Trust Manager there
               occurs:

               (A)  a change in 51% (or such other percentage the Trust Manager
                    may in its absolute discretion determine shall constitute a
                    change in the effective control of the Security Trustee) of
                    the shareholding of the Security Trustee existing at the
                    date of this deed (whether occurring at one time or through
                    a series of succession of transfers or issues of shares);

               (B)  a change in the effective management of the Security Trustee
                    as existing at the date of this deed such that the Security
                    Trustee is no longer able to fulfil its duties and
                    obligations in relation to the Mortgaged Property; or

               (C)  the establishment by any means of any trust under which any
                    third party becomes a beneficial owner of any of the
                    Security Trustee's rights under this deed; or

     (b)  at any time by an Extraordinary Resolution of the Voting Mortgagees.

39.3 REPLACEMENT

     (a)  Upon notice of resignation or removal the Trust Manager shall have the
          right to appoint a successor Security Trustee who has been previously
          approved by an Extraordinary Resolution of the Voting Mortgagees and
          who accepts the appointment.

     (b)  If no successor Security Trustee is appointed within 30 days after
          notice, the retiring Security Trustee may on behalf of the Mortgagees
          appoint a successor Security Trustee (other than the Trust Manager or
          a Related Corporation of the Trust Manager) who accepts the
          appointment.

     (c)  On its appointment the successor Security Trustee will have all the
          rights, powers and obligations of the retiring Security Trustee. The
          retiring Security Trustee will be discharged from its rights, powers
          and obligations.

     (d)  The retiring Security Trustee shall execute and deliver all documents
          or agreements which are necessary or desirable in its opinion to
          transfer to the successor Security Trustee this deed and each
          Collateral Security or to effect the appointment of the successor
          Security Trustee.

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     (e)  After any retiring Security Trustee's resignation or removal, this
          deed will continue in effect in respect of anything done or omitted to
          be done by it while it was acting as Security Trustee.

40.  MEETINGS OF MORTGAGEES
--------------------------------------------------------------------------------

40.1 LIMITATION ON SECURITY TRUSTEE'S POWERS

     Except as provided for in this deed, the Security Trustee shall not assent
     or give effect to any matter which a meeting of Voting Mortgagees is
     empowered by Extraordinary Resolution to do, unless the Security Trustee
     has previously been authorised to do so by an Extraordinary Resolution of
     Voting Mortgagees.

40.2 CONVENING OF MEETINGS

     (a)  (GENERALLY)

          (i)  Subject to clause 40.17, the Security Trustee or the Trust
               Manager at any time may convene a meeting of the Voting
               Mortgagees.

          (ii) Subject to clause 40.17, and subject to the Security Trustee
               being adequately indemnified out of the property held on trust
               under clause 2.1(b) against all costs and expenses occasioned as
               a result, the Security Trustee shall convene a meeting of the
               Voting Mortgagees if requested to do so:

               (A)  by the Chargor; or

               (B)  by Voting Mortgagees being holders of not less than 30% of
                    the then Secured Moneys.

     (b)  (TIME AND PLACE)

          (i)  Every meeting of Voting Mortgagees shall be held at such time and
               place as the Security Trustee approves provided (subject to
               sub-paragraph (ii) and clause 40.3(b)) that any such meeting
               shall not be held until the Class A Noteholders have, in
               accordance with the Note Trust Deed, determined how to vote or
               how to direct the Note Trustee to vote (as the case may be) in
               the meeting of Voting Mortgagees.

          (ii) Upon receiving notice of a meeting of the Voting Mortgagees, the
               Note Trustee shall as soon as practicable notify the Class A
               Noteholders in accordance with the terms of the Note Trust Deed.

          (iii) The proviso in sub-paragraph (i) shall not apply if the Class A
               Noteholders' determination under sub-paragraph (i) is not made in
               accordance with, and within the time specified in, the Note Trust
               Deed.

     (c)  (CLASS OF MORTGAGEES) The provisions of this clause 40 regarding a
          meeting of the Voting Mortgagees shall apply, mutatis mutandis, to a
          meeting of any class of Voting Mortgagees.

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40.3 NOTICE OF MEETINGS

     (a)  (PERIOD OF NOTICE) Subject to clause 40.3(b), at least 7 days' notice
          of a meeting of Voting Mortgagees (inclusive of the day on which the
          notice is given and of the day on which the meeting is held) shall be
          given to the Voting Mortgagees, the Beneficiaries and each Designated
          Rating Agency.

     (b)  (SHORT NOTICE) Notwithstanding that a meeting of Voting Mortgagees is
          convened upon shorter notice than as specified in clause 40.3(a), or a
          meeting or details of that meeting are not notified, advised or
          approved in accordance with this clause 40, it shall be deemed to be
          duly convened if it is so agreed by the Voting Mortgagees representing
          a quorum (which quorum must include the Note Trustee or the Class A
          Noteholders, as the case may be).

     (c)  (COPIES) A copy of the notice shall in all cases be given by the party
          to this deed convening the meeting to the other parties to this deed.

     (d)  (METHOD OF GIVING NOTICE) Notice of a meeting shall be given in the
          manner provided in this deed.

     (e)  (CONTENTS OF A NOTICE) Notice of a meeting of Voting Mortgagees shall
          specify, unless in any particular case the Security Trustee otherwise
          agrees:

          (i)  the day, time and place of the proposed meeting; and

          (ii) the nature of the resolutions to be proposed.

     (f)  (FAILURE TO GIVE NOTICE) The accidental omission to give notice to or
          (where such notice was in fact sent) the non-receipt of notice by any
          person entitled to receive it shall not invalidate the proceedings at
          any meeting.

40.4 CHAIRMAN

     A person (who need not be a Voting Mortgagee and who may be a
     Representative of the Security Trustee) nominated in writing by the
     Security Trustee shall be entitled to take the chair at every such meeting
     but if no such nomination is made or if at any meeting the person nominated
     is not present within 15 minutes after the time appointed for the holding
     of that meeting the Voting Mortgagees present shall choose one of their
     number to be chairman.

40.5 QUORUM

     At any such meeting any two or more persons present in person holding, or
     being Representatives holding or representing, in aggregate not less than
     51% of the then Secured Moneys shall form a quorum for the transaction of
     business (other than passing an Extraordinary Resolution in which case the
     quorum shall be any two or more persons present in person holding, or being
     Representatives holding or representing, in aggregate not less than 67.5%
     of the then Secured Moneys) and no business (other than the choosing of a
     chairman) shall be transacted at any meeting unless the requisite quorum is
     present at the commencement of business.

40.6 ADJOURNMENT

     (a)  (QUORUM NOT PRESENT) If within 15 minutes from the time appointed for
          any such meeting a quorum is not present the meeting shall, if
          convened on the requisition of the Voting Mortgagees be dissolved. In
          any other case it shall stand adjourned (unless the Security

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          Trustee agrees that it be dissolved) for such period, not being less
          than 7 days nor more than 42 days, as may be appointed by the
          chairman. At the adjourned meeting two or more persons present in
          person holding, or being Representatives holding or representing in
          aggregate not less than 15% of the then Secured Moneys shall (except
          for the purpose of passing an Extraordinary Resolution) form a quorum
          and shall have the power to pass any resolution and to decide upon all
          matters which could properly have been dealt with at the meeting from
          which the adjournment took place had a quorum been present at that
          meeting. The quorum at any such adjourned meeting for passing a
          Extraordinary Resolution shall be any two or more persons present in
          person holding, or being Representatives holding or representing, in
          aggregate not less than 20% of the then Secured Moneys.

     (b)  (ADJOURNMENT OF MEETING) The chairman may with the consent of (and
          shall if directed by) any meeting adjourn the same from time to time
          and from place to place but no business shall be transacted at any
          adjourned meeting except business which might lawfully have been
          transacted at the meeting from which the adjournment took place.

     (c)  (NOTICE OF ADJOURNED MEETING) At least 5 days' notice of any meeting
          adjourned through want of a quorum shall be given in the same manner
          as of an original meeting and such notice shall state the quorum
          required at such adjourned meeting. It shall not, however, otherwise
          be necessary to give any notice of an adjourned meeting.

40.7 VOTING PROCEDURE

     (a)  (SHOW OF HANDS) Every question submitted to a meeting shall be decided
          in the first instance by a show of hands and in case of equality of
          votes the chairman shall both on a show of hands and on a poll have a
          casting vote in addition to the vote or votes (if any) to which he may
          be entitled as a Voting Mortgagee or as a Representative.

     (b)  (DECLARATION) At any meeting, unless a poll is (before or on the
          declaration of the result of the show of hands) demanded by the
          chairman, the Chargor, the Trust Manager, the Note Trustee or the
          Security Trustee or by one or more persons holding, or being a
          Representative or Representatives holding or representing, in
          aggregate not less than 15% of the then Secured Moneys, a declaration
          by the chairman that a resolution has been carried by a particular
          majority or lost or not carried by any particular majority shall be
          conclusive evidence of the fact without proof of the number or
          proportion of the votes recorded in favour of or against that
          resolution.

     (c)  (POLL) If at any meeting a poll is so demanded, it shall be taken in
          such manner and (subject as provided below) either at once or after
          such an adjournment as the chairman directs and the result of such
          poll shall be deemed to be the resolution of the meeting at which the
          poll was demanded as at the date of the taking of the poll. The demand
          for a poll shall not prevent the continuance of the meeting for the
          transaction of any business other than the question on which the poll
          has been demanded.

     (d)  (NO ADJOURNMENT) Any poll demanded at any meeting on the election of a
          chairman or on any question of adjournment shall be taken at the
          meeting without adjournment.

     (e)  (VOTES) Subject to clause 40.7(a), at any meeting:

          (i)  on a show of hands, every person holding, or being a
               Representative holding or representing other persons who hold,
               Secured Moneys shall have one vote except

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               that the Note Trustee shall represent each Class A Noteholder who
               has directed the Note Trustee to vote on its behalf under the
               Note Trust Deed; and

          (ii) on a poll, every person who is present shall have one vote for
               each US$10,000 or, in the case of the Registered Notes, the A$
               equivalent of US$10,000 calculated as the spot exchange rate on
               that day in New York City for Australian dollar purchases of US
               dollars, of the Secured Moneys that he holds or in respect of
               which he is a Representative. Any person entitled to more than
               one vote need not use or cast all of the votes to which he is
               entitled in the same way.

     (f)  (EVIDENCE) A certificate from the Note Trustee to the Security Trustee
          that the Note Trustee is entitled to vote on behalf of a Class A
          Noteholder will be satisfactory evidence to the Security Trustee that
          the Note Trustee is so entitled to vote.

     For the purpose of determining the amount of Secured Moneys at any time,
     the Security Trustee may rely on the Accounts of the Chargor and any
     information provided by the Auditor of the Chargor. Clause 24 will apply to
     any determination of Secured Moneys for the definition of VOTING MORTGAGEE
     and this clause 40.

40.8 RIGHT TO ATTEND AND SPEAK

     The Chargor, the Trust Manager, the Security Trustee and each Beneficiary
     (through their respective Representatives) and their respective financial
     and legal advisers shall be entitled to attend and speak at any meeting of
     Voting Mortgagees (and, to the extent that they are also a Voting
     Mortgagee, to vote at that meeting). No person shall otherwise be entitled
     to attend or vote at any meeting of the Voting Mortgagees or to join with
     others in requesting the convening of such a meeting unless he is a Voting
     Mortgagee or a Representative.

40.9 APPOINTMENT OF PROXIES

     (a)  (REQUIREMENTS) Each appointment of a proxy shall be in writing and
          shall be deposited at the registered office of the Security Trustee or
          in such other place as the Security Trustee shall designate or
          approve, together with proof satisfactory to the Security Trustee of
          its due execution (if so required by the Security Trustee), not less
          than 24 hours before the time appointed for holding the meeting or
          adjourned meeting at which the named proxy proposes to vote, and in
          default, the appointment of proxy shall not be treated as valid unless
          the chairman of the meeting decides otherwise before that meeting or
          adjourned meeting proceeds to business. A notarially certified copy
          proof of due execution as specified above (if applicable) shall, if
          required by the Security Trustee, be produced by the proxy at the
          meeting or adjourned meeting, but the Security Trustee shall not
          thereby be obliged to investigate or be concerned with the validity or
          the authority of the proxy named in any such appointment. The proxy
          named in any appointment of proxy need not be a Voting Mortgagee.

     (b)  (PROXY REMAINS VALID) Any vote given in accordance with the terms of
          an appointment of proxy set out in clause 40.9(a) shall be valid
          notwithstanding the previous revocation or amendment of the
          appointment of proxy or of any of the Voting Mortgagee's instructions
          pursuant to which it was executed, provided that no intimation in
          writing of such revocation or amendment has been received by the
          Security Trustee at its registered office, or by the

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          chairman of the meeting, in each case within the 24 hours before the
          commencement of the meeting or adjourned meeting at which the
          appointment of proxy is used.

40.10 CORPORATE REPRESENTATIVES

     A person authorised pursuant to section 250D of the Corporations Act by a
     Voting Mortgagee being a body corporate to act for that Voting Mortgagee at
     any meeting shall, in accordance with his authority until his authority is
     revoked by the body corporate concerned, be entitled to exercise the same
     powers on behalf of that body corporate as that body corporate could
     exercise if it were an individual Voting Mortgagee and shall be entitled to
     produce evidence of his authority (together with, if required by the
     Security Trustee, evidence satisfactory to the Security Trustee of the due
     execution of the authority) to act at any time before the time appointed
     for the holding of or at the meeting or adjourned meeting or for the taking
     of a poll at which he proposes to vote.

40.11 RIGHTS OF REPRESENTATIVES

     A Representative shall have the right to demand or join in demanding a poll
     and shall (except and to the extent to which the Representative is
     specifically directed to vote for or against any proposal) have power
     generally to act at a meeting for the Voting Mortgagee concerned. The
     Security Trustee and any officer of the Security Trustee may be appointed a
     Representative.

40.12 EXTRAORDINARY RESOLUTIONS

     (a)  (POWERS) A meeting of Voting Mortgagees shall, without prejudice to
          any rights or powers conferred on other persons by this deed, have
          power exercisable by Extraordinary Resolution:

          (i)  to direct the Security Trustee in the action that should be taken
               by it following the occurrence of an Event of Default or the
               Charge or this deed becoming enforceable;

          (ii) to sanction any action that the Security Trustee or a Receiver
               proposes to take to enforce the provisions of this deed;

          (iii) to sanction any proposal by the Trust Manager, the Chargor or
               the Security Trustee for any modification, abrogation, variation
               or compromise of, or arrangement in respect of, the rights of the
               Mortgagees against the Chargor or the Trust Manager whether such
               rights shall arise under this deed, the Transaction Documents or
               otherwise;

          (iv) to sanction the exchange or substitution of the Secured Moneys
               for, or the conversion of the Secured Moneys into, bonds or other
               obligations or securities of the Chargor or any body corporate
               formed or to be formed;

          (v)  to assent to any modification of the provisions contained in this
               deed which may be proposed by the Chargor, the Trust Manager, the
               Note Trustee or the Security Trustee;

          (vi) to give any authority, direction, guidance or sanction sought by
               the Security Trustee from the Voting Mortgagees;

          (vii) to appoint any persons (whether Voting Mortgagees or not) as a
               committee or committees to represent the interests of the Voting
               Mortgagees and to confer on

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               such committee or committees any powers or discretions which the
               Voting Mortgagees could themselves exercise by Extraordinary
               Resolution;

          (viii) to approve a person proposed to be appointed as a new Security
               Trustee for the time being;

          (ix) to discharge or exonerate the Security Trustee from any liability
               in respect of any act or omission for which it may become
               responsible under this deed;

          (x)  to do any other thing which under this deed is required to be
               given by an Extraordinary Resolution of the Mortgagees;

          (xi) to authorise the Security Trustee or any other person to concur
               in and execute and do all such documents, acts and things as may
               be necessary to carry out and give effect to any Extraordinary
               Resolution; or

          (xii) to determine whether the Security Trustee should or should not
               perform an act and any such Extraordinary Resolution will (where
               relevant and in accordance with clause 40.17) override any
               determination by the Note Trustee.

     (b)  (NO POWER) A meeting of Voting Mortgagees shall not have power in
          relation to any Mortgagee to:

          (i)  release any obligation to pay any of the Secured Moneys to that
               Mortgagee;

          (ii) alter any date upon which any of the Secured Moneys is payable;

          (iii) alter the amount of any payment of any part of the Secured
               Moneys; or

          (iv) alter clause 16.1 in relation to that Mortgagee,

          without the consent of that Mortgagee.

40.13 EXTRAORDINARY RESOLUTION BINDING ON MORTGAGEES

          Subject to clause 40.12(b), an Extraordinary Resolution passed at a
          meeting of the Voting Mortgagees duly convened and held in accordance
          with this clause 40 shall be binding upon all Mortgagees whether or
          not present at such meeting and each of the Mortgagees and the
          Chargor, the Trust Manager and the Security Trustee shall be bound to
          give effect to it accordingly.

40.14 MINUTES AND RECORDS

          Minutes of all resolutions and proceedings at every meeting of the
          Voting Mortgagees under this clause 40 shall be made and duly entered
          in the books to be from time to time provided for that purpose by the
          Security Trustee and any such minutes purporting to be signed by the
          chairman of the meeting at which those resolutions were passed or
          proceedings transacted or by the chairman of the next succeeding
          meeting of the Voting Mortgagees shall be conclusive evidence of the
          matters contained in those minutes and until the contrary is proved,
          provided every meeting in respect of the proceedings of which minutes
          have been made and signed as provided in this clause 40.14 shall be
          deemed to have been duly convened and held and all resolutions passed
          or proceedings transacted in that meeting to have been duly passed and
          transacted.

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40.15 WRITTEN RESOLUTIONS

     Notwithstanding the preceding provisions of this clause 40, a resolution of
     all the Voting Mortgagees (including an Extraordinary Resolution) may be
     passed, without any meeting or previous notice being required, by an
     instrument or notes in writing which have:

     (a)  in the case of a resolution (including an Extraordinary Resolution) of
          all the Voting Mortgagees, been signed by all the Voting Mortgagees;
          and

     (b)  any such instrument shall be effective upon presentation to the
          Security Trustee for entry in the records referred to in clause 40.14.

40.16 FURTHER PROCEDURES FOR MEETINGS

     Subject to all other provisions contained in this deed, the Security
     Trustee may without the consent of the Mortgagees prescribe such further
     regulations regarding the holding of meetings of the Voting Mortgagees and
     attendance and voting at those meetings as the Security Trustee may in its
     sole discretion determine including particularly (but without prejudice to
     the generality of the above) such regulations and requirements as the
     Security Trustee thinks reasonable:

     (a)  (PERSONS ARE VOTING MORTGAGEES) so as to satisfy itself that persons
          are in fact Voting Mortgagees who purport to requisition a meeting or
          who purport to make any requisition to the Security Trustee in
          accordance with this deed;

     (b)  (ENTITLEMENT TO VOTE) so as to satisfy itself that persons who purport
          to attend or vote at any meeting of Voting Mortgagees are entitled to
          do so in accordance with this clause 40 and this deed; and

     (c)  (FORMS OF REPRESENTATIVE) as to the form of appointment of a
          Representative.

40.17 NOTEHOLDER MORTGAGEES' RIGHTS

     (a)  Despite any other provision of this deed, at any time while an Event
          of Default subsists:

          (i)  if the Class A Mortgagees are not the only Voting Mortgagee; and

          (ii) if the Class A Mortgagees direct the Security Trustee to enforce
               the Charge,

          the Security Trustee shall enforce the Charge under clause 8.2 as if
          directed to do so by an Extraordinary Resolution of Voting Mortgagees
          and paragraph (a) shall apply as if the Class A Mortgagees were the
          only Voting Mortgagee.

     (b)  Except if the Noteholder Mortgagees are the only Voting Mortgagees,
          where the consent of the Noteholder Mortgagees is required under
          clause 1.2(b), 4.3, 4.4(a)(ii), 5.2, 8.1(b), 8.1(h), 8.2 or 9.7(c) in
          relation to a discretion or act of the Security Trustee (an ACT):

          (i)  the Noteholder Mortgagees must:

               (A)  not unreasonably withhold that consent; and

               (B)  respond promptly (and in any event within 5 Business Days of
                    a relevant resolution being passed by the Class A
                    Noteholders) to the Security Trustee indicating whether the
                    consent is granted or not (and if it does not reply within
                    that time its consent shall be taken to have been given);
                    and

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          (ii) subject to paragraph (c), if an Extraordinary Resolution of
               Voting Mortgagees determines that the Act should or should not
               occur, the Extraordinary Resolution will override any
               determination by the Noteholder Mortgagees in relation to any
               such clause.

     (c)  Except where in so doing the Security Trustee engages in any fraud,
          negligence or wilful default, the Security Trustee shall not be liable
          to any Mortgagee for acting, or not acting, on the directions of the
          Noteholder Mortgagees, even if the Security Trustee is actually aware
          that the Noteholder Mortgagees have unreasonably withheld their
          consent in breach of sub-paragraph (b)(i)(A).

41.  AUTHORISED SIGNATORIES
--------------------------------------------------------------------------------

     The Chargor irrevocably authorises each Mortgagee to rely on a certificate
     by a person purporting to be its director or secretary as to the identity
     and signatures of its Authorised Signatories. The Chargor warrants that
     those persons have been authorised to give notices and communications under
     or in connection with the Transaction Documents.

42.  GOVERNING LAW AND JURISDICTION
--------------------------------------------------------------------------------

     This deed is governed by the laws of New South Wales. The Chargor submits
     to the non-exclusive jurisdiction of courts exercising jurisdiction there.

43.  COUNTERPARTS
--------------------------------------------------------------------------------

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

44.  SET-OFF
--------------------------------------------------------------------------------

     No Mortgagee may apply any credit balance in any currency (whether or not
     matured) in any account comprised in the Mortgaged Property towards
     satisfaction of any sum then due and payable to that Mortgagee under or in
     relation to any Transaction Document.

45.  ACKNOWLEDGEMENT BY CHARGOR
--------------------------------------------------------------------------------

     The Chargor confirms that:

     (a)  it has not entered into any Transaction Document in reliance on, or as
          a result of, any conduct of any kind of or on behalf of any Mortgagee
          or any Related Corporation of any Mortgagee (including any advice,
          warranty, representation or undertaking); and

     (b)  no Mortgagee nor any Related Corporation of any Mortgagee is obliged
          to do anything (including disclose anything or give advice),

     except as expressly set out in the Transaction Documents or in writing duly
     signed by or on behalf of the Mortgagee or Related Corporation.

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Security Trust Deed                                       Allens Arthur Robinson
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46.  INFORMATION MEMORANDUM
--------------------------------------------------------------------------------

     The Security Trustee has no responsibility for any statement or information
     in or omission from any information memorandum, advertisement, circular or
     other document issued by or on behalf of the Chargor or Trust Manager,
     including in connection with the issue of Notes. Neither the Chargor nor
     the Trust Manager may publish or permit to be published any such document
     in connection with the offer of Notes or an invitation for subscriptions
     for Notes containing any statement which makes reference to the Security
     Trustee without the prior written consent of the Security Trustee, which
     consent must not be unreasonably withheld. In considering whether to give
     its consent, the Security Trustee is not required to take into account the
     interests of the other Mortgagees.

47.  SECURITY TRUSTEE'S LIMITED LIABILITY
--------------------------------------------------------------------------------

     Without prejudice to any indemnity allowed by law or elsewhere in this deed
     given to the Security Trustee, it is expressly declared as follows.

47.1 RELIANCE ON CERTIFICATES

     The Security Trustee shall not incur any liability in respect of any action
     taken or thing suffered by it in reliance on any notice, resolution,
     direction, consent, certificate, receipt, affidavit, statement, valuation
     report or other document (including any of the above submitted or provided
     by the Trust Manager, a Mortgagee, the Note Trustee, an Approved Seller or
     a Servicer) which it has no reason to believe is not genuine, signed by the
     proper parties and with appropriate authority.

     In preparing any notice, certificate, advice or proposal the Security
     Trustee shall be entitled to assume that each person under any Authorised
     Investment, Support Facility, Loan, Loan Security, Related Securities,
     other Transaction Document or any other deed, agreement or arrangement
     incidental to any of the above or to any Trust, will perform their
     obligations under those documents in full by the due date and otherwise in
     accordance with their terms.

47.2 SECURITY TRUSTEE MAY ASSUME SIGNED DOCUMENTS TO BE GENUINE

     (a)  (RELIANCE ON DOCUMENTS) Subject to sub-clause (b):

          (i)  (SECURITY TRUSTEE MAY ASSUME AUTHENTICITY) the Security Trustee
               shall be entitled to assume the authenticity and validity of any
               signature on any application, request or other instrument or
               document delivered to the Security Trustee (other than a document
               executed or purporting to be executed by or on behalf of the Note
               Trustee, a Servicer, an Approved Seller or the Trust Manager, as
               to which clause 47.3 shall apply);

          (ii) (SECURITY TRUSTEE NOT LIABLE FOR LOSS ON FORGERIES) the Security
               Trustee shall not be in any way liable to make good out of its
               own resources any loss incurred by any person in the event of any
               signature on any document being forged or otherwise failing to
               bind the person whose signature it purports to be or the person
               on whose behalf it purports to be executed.

     (b)  (LIMITATIONS ON ASSUMPTIONS WHERE ACTUAL KNOWLEDGE) The Security
          Trustee shall not be entitled to the benefit of paragraph (a) in
          relation to an application, request or other instrument or document if
          it was actually aware that the signature was not genuine.

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Security Trust Deed                                       Allens Arthur Robinson
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47.3 SECURITY TRUSTEE'S RELIANCE ON TRUST MANAGER, APPROVED SELLER, NOTE TRUSTEE
     OR SERVICER

     (a)  (AUTHORISED SIGNATORIES ARE SUFFICIENT EVIDENCE) Whenever any
          certificate, notice, proposal, direction, instruction or other
          communication is to be given by the Trust Manager, an Approved Seller,
          the Note Trustee or a Servicer to the Security Trustee, the Security
          Trustee may accept as sufficient evidence as to the form and content
          of a document unless it has reason to believe that the relevant
          document was not signed on behalf of the Trust Manager, the Approved
          Seller, the Note Trustee or the Servicer (as the case may be) or by
          any Authorised Signatory of the Trust Manager, the Approved Seller,
          the Note Trustee or the Servicer (as the case may be).

     (b)  (SECURITY TRUSTEE NOT LIABLE FOR LOSS) The Security Trustee shall not
          be responsible for any loss arising from any act, neglect, mistake or
          discrepancy of the Trust Manager, an Approved Seller, the Note Trustee
          or a Servicer or any officer, employee, agent or delegate of the Trust
          Manager, the Approved Seller, the Note Trustee or the Servicer in
          preparing any such document or in compiling, verifying or calculating
          any matter or information contained in any such document, if the
          officers of the Security Trustee responsible for the administration of
          the Trust are not actually aware, or should not reasonably have been
          aware, that such document is not genuine and correct, whether or not
          an error in any such information, document, form or list is reproduced
          by the Security Trustee in any step taken by it.

47.4 COMPLIANCE WITH LAWS

     The Security Trustee shall not incur any liability to anyone in respect of
     any failure to perform or to do any act or thing which by reason of any
     provision of any relevant present or future law of any place or any
     ordinance, rule, regulation or by law or of any decree, order or judgment
     of any competent court or other tribunal, the Security Trustee shall be
     hindered, prevented or forbidden from doing or performing.

47.5 TAXES

     The Security Trustee shall not be liable to account to any person for any
     payments made in good faith to any duly empowered Government Agency of any
     Australian Jurisdiction or any other place for Taxes or other charges on
     the Trust or on any Notes or with respect to any transaction under or
     arising from this deed or any other Transaction Document notwithstanding
     that any such payment ought or need not have been made.

47.6 RELIANCE ON EXPERTS

     The Security Trustee may act on the opinion or statement or certificate or
     advice of or information obtained from the Note Trustee or a Servicer,
     barristers or solicitors (whether instructed by the Security Trustee or
     not), bankers, accountants, brokers, valuers and other persons believed by
     it in good faith to be expert or properly informed in relation to the
     matters on which they are consulted and the Security Trustee shall not be
     liable for anything done or suffered by it in good faith in reliance on
     such opinion, statement, certificate, advice or information.

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47.7 OVERSIGHTS OF OTHERS

     Subject to this deed, the Security Trustee shall not be responsible for any
     act, omission, misconduct, mistake, oversight, error of judgment,
     forgetfulness or want of prudence on the part of any person or agent
     appointed by the Security Trustee and on whom the Security Trustee is
     entitled to rely under this deed (other than a Related Corporation),
     attorney, banker, receiver, barrister, solicitor, agent or other person
     acting as agent or advisor to the Security Trustee.

47.8 POWERS, AUTHORITIES AND DISCRETIONS

     Except as otherwise provided in this deed and in the absence of fraud,
     negligence or wilful default, the Security Trustee shall not be in any way
     responsible for any loss (whether consequential or otherwise), costs,
     damages or inconvenience that may result from the exercise or non-exercise
     of any powers, authorities and discretions vested in it.

47.9 IMPOSSIBILITY OR IMPRACTICABILITY

     If for any reason whatsoever it becomes impossible or impracticable to
     carry out any or all of the provisions of this deed or any other
     Transaction Document the Security Trustee shall not be under any liability
     and, except to the extent of their own fraud, negligence or wilful default,
     nor shall either of them incur any liability by reason of any error of law
     or any matter or thing done or suffered or omitted to be done in good faith
     by either of them or their respective officers, employees, agents or
     delegates.

47.10 NO LIABILITY EXCEPT FOR NEGLIGENCE ETC.

     In the absence of fraud, negligence or wilful default on its part or on the
     part of any of its officers, employees, agents or delegates for whom it is
     liable under this deed, the Security Trustee shall not be liable personally
     in the event of failure to pay moneys on the due date for payment to any
     Noteholder, any Beneficiary, the Trust Manager, the Chargor or any other
     person or for any loss howsoever caused in respect of the Trust or to any
     Noteholder, any Beneficiary, the Trust Manager, the Chargor or other
     person.

47.11 LEGAL AND OTHER PROCEEDINGS

     (a)  (INDEMNITY FOR LEGAL COSTS) The Security Trustee shall be indemnified
          out of the Trust for all legal costs and disbursements and all other
          costs, disbursements, outgoings and expenses incurred by the Security
          Trustee in connection with:

          (i)  the enforcement or contemplated enforcement of, or preservation
               of rights under; and

          (ii) without limiting the generality of paragraph (i) above, the
               initiation, defence, carriage and settlement of any action, suit,
               proceeding or dispute in respect of;

          this deed or any other Transaction Document or otherwise under or in
          respect of the Trust provided that the enforcement, contemplated
          enforcement or preservation by the Security Trustee of the rights
          referred to in sub-paragraph (i) or the court proceedings referred to
          in paragraph (ii) (other than in each case the defence of any action,
          suit, proceeding or dispute brought against the Security Trustee), and
          the basis of incurring any of those costs, disbursements, outgoings
          and expenses by the Security Trustee:

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Security Trust Deed                                       Allens Arthur Robinson
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          (iii) has been approved in advance by an Extraordinary Resolution of
               the Voting Mortgagees; or

          (iv) the Security Trustee reasonably considers the incurring of those
               costs, disbursements, outgoings and expenses to be necessary to
               protect the Security Trustee against potential personal
               liability.

     (b)  (DEFENCE OF PROCEEDINGS ALLEGING NEGLIGENCE ETC) The Security Trustee
          shall be entitled to claim in respect of the above indemnity from the
          Trust for its expenses and liabilities incurred in defending any
          action, suit, proceeding or dispute in which fraud, negligence or
          wilful default is alleged or claimed against it, but on the same being
          proved, accepted or admitted by it, it shall from its personal assets
          immediately repay to the Trust the amount previously paid by the Trust
          to it in respect of that indemnity.

47.12 NO LIABILITY EXCEPT FOR NEGLIGENCE ETC.

     In the absence of fraud, negligence or wilful default on the Security
     Trustee's part or on the part of any of its officers or employees, or any
     agents or delegate, sub-agent, sub-delegate employed by the Security
     Trustee in accordance with this deed (except where this deed provides that
     the Security Trustee is liable for the acts or omissions of any such
     person) to carry out any transactions contemplated by this deed, the
     Security Trustee shall not be liable personally for any losses, costs,
     liabilities or claims arising from the failure to pay moneys on the due
     date for payment to any Mortgagee or any other person or for any loss
     howsoever caused in respect of any of the Trust or to any Mortgagee or
     other person.

47.13 FURTHER LIMITATIONS ON SECURITY TRUSTEE'S LIABILITY

     Subject to clause 47.3, the Security Trustee shall not be liable:

     (a)  (FOR LOSS ON ITS DISCRETION) for any losses, costs, liabilities or
          expenses arising out of the exercise or non-exercise of its discretion
          or for any other act or omission on its part under this deed, any
          other Transaction Document or any other document except where the
          exercise or non-exercise of any discretion, or any act or omission, by
          the Security Trustee, or any of its officers or employees, or any
          agent, delegate, sub-agent, sub-delegate employed by the Security
          Trustee in accordance with this deed (and where this deed provides
          that the Security Trustee is liable for the acts or omissions of any
          such person) to carry out any transactions contemplated by this deed,
          constitutes fraud, negligence or wilful default;

     (b)  (FOR LOSS ON DIRECTION) for any losses, costs, damages or expenses
          caused by its acting (in circumstances where this deed requires it to
          act or contemplates that it may so act) on any instruction or
          direction given to it by:

          (i)  any Mortgagee under this deed, any other Transaction Document or
               any other document;

          (ii) by any person under a Support Facility, Loan or Loan Security; or

          (iii) an Obligor,

          except to the extent that it is caused by the fraud, negligence or
          wilful default of the Security Trustee, or any of its officers or
          employees, or an agent or delegate employed by

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Security Trust Deed                                       Allens Arthur Robinson
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          the Security Trustee in accordance with this deed to carry out any
          transactions contemplated by this deed;

     (c)  (FOR CERTAIN DEFAULTS) for any Trust Manager's Default or Servicer
          Transfer Event;

     (d)  (FAILURE BY PAYING AGENT) without limiting the Security Trustee's
          obligations or powers under the Transaction Documents, for any act,
          omission or default of a Paying Agent in relation to its obligations
          under the Transaction Documents;

     (e)  (FAILURE BY NOTE TRUSTEE) without limiting the Security Trustee's
          obligations or powers under the Transaction Documents, for any act,
          omission or default of the Note Trustee in relation to its obligations
          under the Transaction Documents;

     (f)  (FAILURE BY CALCULATION AGENT) without limiting the Security Trustee's
          obligations or powers under the Transaction Documents, for any act,
          omission or default of the Calculation Agent in relation to its
          obligations under the Transaction Documents;

     (g)  (FAILURE BY SERVICER) without limiting the Security Trustee's
          obligations or powers under the Transaction Documents, for any act,
          omission or default of the Servicer in relation to its obligations
          under the Transactions Documents;

     (h)  (FOR FAILURE TO CARRY OUT AN AGREEMENT) for the failure of a person to
          carry out an agreement with the Security Trustee in connection with
          the Trust;

     (i)  (FOR FAILURE TO CHECK CALCULATIONS, ETC) for any losses, costs,
          liabilities or expenses caused by the Security Trustee's failure to
          check any calculation, information, document, form or list supplied or
          purported to be supplied to it by the Trust Manager, Note Trustee or
          the Servicer,

     except, in the case of paragraphs (c) to (i) (inclusive), to the extent
     that it is caused by the fraud, negligence or wilful default of the
     Security Trustee.

     Nothing in this clause 47.13 alone (but without limiting the operation of
     any other clause of this deed) shall imply a duty on the Security Trustee
     to supervise the Trust Manager or the Note Trustee in the performance of
     the Trust Manager's or the Note Trustee's functions and duties, and the
     exercise by the Trust Manager or the Note Trustee of its discretions.

47.14 CONFLICTS

     (a)  (NO CONFLICT) Nothing in this deed shall prevent the Security Trustee,
          the Chargor, any Note Manager, the Trust Manager, the Note Trustee or
          any Related Corporation or Associate of any of them or their directors
          or other officers (each a RELEVANT PERSON) from:

          (i)  subscribing for purchase, holding, dealing in or disposing of any
               Notes;

          (ii) entering into any financial, banking, development, insurance,
               agency, broking or other transaction with, or providing any
               advice or services for the Trust; or

          (iii) being interested in any such contract or transaction or
               otherwise at any time contracting or acting in any capacity as
               representative or agent.

     (b)  (NOT LIABLE TO ACCOUNT) A Relevant Person shall not be in any way
          liable to account to any Mortgagee or any other person for any profits
          or benefits (including any profit, bank charges, commission, exchange,
          brokerage and fees) made or derived under or in connection with any
          transaction or contract specified in paragraph (a) above.

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                                                                         Page 51

Security Trust Deed                                       Allens Arthur Robinson
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     (c)  (FIDUCIARY RELATIONSHIP) A Relevant Person shall not by reason of any
          fiduciary relationship be in any way precluded from making any
          contracts or entering into any transactions or arrangements with the
          Chargor or any other party to any of the Transaction Documents in the
          ordinary course of the business or from undertaking any banking,
          financial, development, agency or other services including any
          contract or transaction in relation to the placing of or dealing with
          any investment and the acceptance of any office or profit or any
          contract of loan or deposits or other contract or transaction which
          any person or company not being a party to this deed could or might
          have lawfully entered into if not a party to this deed. A Relevant
          Person shall not be accountable to any Mortgagee or any other person
          for any profits arising from any such contracts, transactions or
          offices.

47.15 INFORMATION

     Except for notices and other documents and information (if any) expressed
     to be required to be furnished to any person by the Security Trustee under
     this deed or any other Transaction Document, the Security Trustee shall not
     have any duty or responsibility to provide any person (including any
     Mortgagee) with any credit or other information concerning the affairs,
     financial condition or business of the Trust.

47.16 INVESTIGATION BY SECURITY TRUSTEE

     Each Mortgagee acknowledges that:

     (a)  the Security Trustee has no duty, and is under no obligation, to
          investigate whether a Trust Manager's Default or Servicer Transfer
          Event has occurred in relation to the Trust other than where it has
          actual notice;

     (b)  the Security Trustee is required to provide the notices referred to in
          this deed in respect of a determination of Adverse Effect only if it
          is actually aware of the facts giving rise to the Adverse Effect; and

     (c)  in making any such determination, the Security Trustee will seek and
          rely on advice given to it by its advisors in a manner contemplated by
          this deed.

EXECUTED as a deed.

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

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                                                                         Page 52

Security Trust Deed                                       Allens Arthur Robinson
--------------------------------------------------------------------------------

CHARGOR

SIGNED SEALED AND DELIVERED for
PERPETUAL TRUSTEES VICTORIA LIMITED by
its attorney in the presence of:

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

---------------------------------------   --------------------------------------
Print Name                                Print Name

SECURITY TRUSTEE

SIGNED SEALED AND DELIVERED for
PERPETUAL TRUSTEE COMPANY LIMITED by its
attorney in the presence of:

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

---------------------------------------   --------------------------------------
Print Name                                Print Name

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                                                                         Page 53

Security Trust Deed                                       Allens Arthur Robinson
--------------------------------------------------------------------------------

TRUST MANAGER

SIGNED SEALED AND DELIVERED for
INTERSTAR SECURITISATION MANAGEMENT PTY
LIMITED by its attorney in the presence
of:

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

---------------------------------------   --------------------------------------
Print Name                                Print Name

NOTE TRUSTEE

SIGNED SEALED AND DELIVERED for THE BANK
OF NEW YORK by its attorney in the
presence of:

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

---------------------------------------   --------------------------------------
Print Name                                Print Name

--------------------------------------------------------------------------------
                                                                         Page 54

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