Document:

Exhibit 10.3

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                    National RMBS Trust 2004-1
                    Redraw Facility Agreement

Date:               28 September 2004

Parties:            PERPETUAL TRUSTEE COMPANY LIMITED (ABN 42 000 001 007) in
                    its capacity as trustee of the Trust and having an office
                    at Level 7, 9 Castlereagh Street, Sydney, NSW 2000
                    ("Issuer Trustee")
                    NATIONAL GLOBAL MBS MANAGER PTY LTD (ABN 36 102 668 226)
                    having an office at Level 24, 500 Bourke Street, Melbourne
                    VIC 3000 ("Global Trust Manager")
                    NATIONAL AUSTRALIA BANK LIMITED (ABN 12 004 444 937)
                    having its registered office at Level 24, 500 Bourke
                    Street, Melbourne, Victoria, 3000 ("Redraw Facility
                    Provider").

1    Interpretation
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              1.1   The following words have these meanings in this agreement
                    unless the contrary intention appears.

                    Available Redraw Amount means, on a Determination Date, an
                    amount equal to:

                    (a)  the Redraw Limit on that Determination Date; less

                    (b)  the Redraw Principal Outstanding on the previous
                         Determination Date.

                    Availability Period means the period commencing on the
                    Closing Date and ending on the Redraw Facility Termination
                    Date.

                    Changed Costs Event means:

                    (a)  the introduction or commencement after the date of
                         this agreement of, or any change in, or in the
                         interpretation, application or administration of the
                         compliance by, or a change in the method of
                         compliance by, the Redraw Facility Provider with any
                         law or regulation;

                    (b)  the incurrence of any new Taxes (other than a Tax on
                         the overall net income of the Redraw Facility
                         Provider); or

                    (c)  the imposition by any regulatory authority in respect
                         of the Redraw Facility Provider of any new, or change
                         in the imposition of any (as at the date of this
                         agreement), reserve requirement, statutory reserve
                         deposit, special deposit, capital adequacy ratio,
                         equity ratio, liquidity ratio, liabilities ratio or
                         other similar requirement,

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                    whether such event results in an increase or a decrease in
                    the relevant amount or cost referred to in clause 10.1.

                    Definitions Schedule means the deed entitled "National
                    RMBS Trusts Definitions Schedule" dated 3 January 2001
                    between the parties named in schedule 1 to that deed.

                    Drawdown Date means the date on which a drawing is or is
                    to be made under the Redraw Facility, which date must be a
                    Payment Date in respect of the Trust.

                    Drawdown Notice means a notice given in accordance with
                    clause 4.1.

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

                    (a)  the Outstanding Principal Balance of all Housing
                         Loans which comprise part of the Purchased Mortgage
                         Loans in respect of which no payment due from the
                         Debtor has been in arrears for a period of more than
                         90 consecutive days; and

                    (b)  the Outstanding Principal Balance of all Housing
                         Loans which comprise part of the Purchased Mortgage
                         Loans in respect of which a payment from the Debtor
                         has been in arrears for a period of more than 90
                         consecutive days and in respect of which a valid
                         claim is available under a Mortgage Insurance Policy.

                    Redraw Drawing means a drawing made under the Redraw
                    Facility.

                    Redraw Event of Default has the meaning given to it in
                    clause 15.1.

                    Redraw Facility means the facility granted pursuant to
                    this agreement.

                    Redraw Facility Termination Date means the earliest of:

                    (a)  the Scheduled Termination Date;

                    (b)  the date upon which the Redraw Facility Provider
                         makes a determination under clause 11.1;

                    (c)  the date upon which the Redraw Limit is cancelled or
                         reduced to zero under clause 9; and

                    (d)  the date upon which the Redraw Facility Provider
                         terminates the Redraw Facility under clause 15.2.

                    Redraw Facility Provider Termination Date means the date
                    determined under clause 23.3.

                    Redraw Interest Period means each period determined in
                    accordance with clause 5.

                    Redraw Interest Rate means, in respect of a Redraw
                    Drawing, the interest rate calculated in accordance with
                    clause 6.2.

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                    Redraw Limit means, at any time, the lesser of:

                    (a)  A$15 million;

                    (b)  the Performing Mortgage Loans Amount on the last day
                         of the previous Collection Period; and

                    (c)  the amount (if any) to which the Redraw Limit has
                         been reduced to at that time in accordance with
                         clause 9.2.

                    Scheduled Termination Date means the date which is 364
                    days after the date of this agreement or such later date
                    as is specified by the Redraw Facility Provider under
                    clause 2.7.

                    Supplemental Deed means the deed entitled "National RMBS
                    Trust 2004-1 Supplemental Deed" dated on or about the date
                    of this agreement between, amongst others, the Issuer
                    Trustee, the Global Trust Manager and the Security
                    Trustee.

                    Trust means the National RMBS Trust 2004-1.

Other definitions
              1.2   Unless otherwise defined in this agreement, words and
                    phrases defined in the Definitions Schedule or the
                    Supplemental Deed have the same meaning in this agreement
                    with each reference to "this deed" being construed as a
                    reference to "this agreement". In the event of an
                    inconsistency between a definition in the Definitions
                    Schedule or the Supplemental Deed and this agreement, the
                    definition in this agreement prevails. In the event of an
                    inconsistency between a definition in the Definitions
                    Schedule and the Supplemental Deed, the definition in the
                    Supplemental Deed prevails.

Interpretation
              1.3   Clauses 1.2 to 1.5 (inclusive) of the Definitions Schedule
                    are deemed to be incorporated in this agreement as if they
                    were set out in full in it.

Limitation
              1.4   The rights and obligations of the parties under this
                    agreement relate only to the Trust. The Redraw Facility
                    Provider has no obligation under this agreement to provide
                    financial accommodation to the Issuer Trustee in respect
                    of any other trust established under the Master Trust
                    Deed.

2   The Redraw Facility
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Redraw Facility
              2.1   The Redraw Facility Provider grants to the Issuer Trustee
                    a loan facility in Australian dollars in respect of the
                    Trust in an amount equal to the Redraw Limit. If the
                    Issuer Trustee wants to use the Redraw Facility, then it
                    may do so by one or more requests made in accordance with
                    clause 4. Subject to this agreement, the Redraw Facility
                    Provider agrees to provide financial accommodation
                    requested by the Issuer Trustee under this agreement.

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Purpose
              2.2   The Redraw Facility is only available to be drawn to meet
                    any Redraw Shortfall in relation to the Trust.

Redraw Shortfall
              2.3   The Redraw Limit will be available only if and to the
                    extent that there is a Redraw Shortfall on any
                    Determination Date.

Global Trust Manager to make drawing
              2.4   If, on any Determination Date during the Availability
                    Period, the Global Trust Manager determines that there is
                    a Redraw Shortfall on that Determination Date, the Global
                    Trust Manager must arrange, by giving a direction to the
                    Issuer Trustee, for a Redraw Drawing to be made under the
                    Redraw Facility on the immediately following Payment Date
                    in accordance with this agreement and equal to the lesser
                    of:

                    (a)  the Redraw Shortfall on that Determination Date; and

                    (b)  the Available Redraw Amount on that Determination
                         Date.

Limit
              2.5   Despite anything in this agreement, the Redraw Facility
                    Provider need not provide financial accommodation under
                    this agreement if to do so would result in the Redraw
                    Principal Outstanding exceeding the Redraw Limit.

Termination
              2.6   The Redraw Facility will terminate on the earlier of the
                    Redraw Facility Termination Date and the Redraw Facility
                    Provider Termination Date.

Extension
              2.7
                    (a)  Not less than 90 days before the then Scheduled
                         Termination Date, the Global Trust Manager must
                         deliver a notice in writing to the Redraw Facility
                         Provider (with a copy to the Issuer Trustee)
                         requesting the Redraw Facility Provider to extend the
                         Scheduled Termination Date.

                    (b)  Following the receipt by the Redraw Facility Provider
                         of the notice referred to in (a) above, or failing
                         receipt of that notice, the Redraw Facility Provider
                         may, in its absolute discretion, send the Issuer
                         Trustee a notice in writing (copied to the Global
                         Trust Manager) extending the then Scheduled
                         Termination Date to a later date, such date not to be
                         more than 364 days after the date of the notice.

3    Conditions precedent
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First Drawdown Notice
              3.1   The Issuer Trustee must not deliver and the Global Trust
                    Manage must not direct the Issuer Trustee to deliver the
                    first Drawdown Notice until the Issuer Trustee has
                    received written notice from the Redraw Facility

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                    Provider that the Redraw Facility Provider has received
                    the following in form and substance satisfactory to it:

                    (a)  (power of attorney) a certified copy of the power of
                         attorney under which a person signs and delivers this
                         agreement for the Issuer Trustee and the Global Trust
                         Manager and, if required by the Redraw Facility
                         Provider, evidence of its stamping and registration;

                    (b)  (Transaction Documents) a certified copy of each
                         Transaction Document executed by each of the parties
                         to the respective document;

                    (c)  (registration of charge) evidence of registration of,
                         or intention to register, the Deed of Charge with the
                         relevant Governmental Agencies; and

                    (d)  (opinions) a legal opinion addressed to the Redraw
                         Facility Provider from the Global Trust Manager's
                         solicitors in a form and substance satisfactory to
                         the Redraw Facility Provider.

Drawings in respect of a Trust
              3.2   The  Redraw Facility Provider need not make any proposed
                    drawing available unless:

                    (a)  (statements true) it is reasonably satisfied that the
                         statements contained in the Drawdown Notice are true
                         at the date of the Drawdown Notice and at the
                         Drawdown Date;

                    (b)  (no Redraw Event of Default) no Redraw Event of
                         Default continues unremedied or would result from the
                         provision of the proposed drawing;

                    (c)  (representations and warranties) the representations
                         and warranties made or deemed to be made by the
                         Global Trust Manager in any Transaction Document are
                         true and correct as of the date of the Drawdown
                         Notice and the Drawdown Date;

                    (d)  (other security interests) other than in respect of
                         priorities granted by statute, the Redraw Facility
                         Provider has not received notice from any person that
                         it claims to have a Security Interest ranking in
                         priority to or equal with the Security Interest held
                         for the benefit of the Redraw Facility Provider in
                         accordance with the Master Security Trust Deed, the
                         Deed of Charge and the Supplemental Deed (other than
                         the Security Interests set out specifically in the
                         Master Security Trust Deed, the Deed of Charge and
                         the Supplemental Deed and ranking in priority to or
                         equal with the Security Interest held for the benefit
                         of the Redraw Facility Provider);

                    (e)  (Notes) the Notes are still in existence and have not
                         been redeemed or repaid in full; and

                    (f)  (Availability Period) the Availability Period has not
                         expired.

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Certification
              3.3   Anything required to be certified under clause 3 must be
                    certified by an Authorised Person of the Issuer Trustee or
                    the Global Trust Manager (as applicable) as being true and
                    complete as at a date no earlier than the date of this
                    agreement.

Benefit of the Redraw Facility Provider
              3.4   The conditions precedent set out in this clause 3 are for
                    the benefit of the Redraw Facility Provider and any of
                    them may be waived by the Redraw Facility Provider in its
                    absolute discretion.

4    Redraw Drawings
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Use of Redraw Facility
              4.1   If the Issuer Trustee on the direction of the Global Trust
                    Manager wants to use the Redraw Facility to make a Redraw
                    Drawing, it must do so only in accordance with clause 2.4
                    and it must give a notice to the Redraw Facility Provider
                    meeting the requirements of clause 4.3 ("Drawdown
                    Notice").

Timing
              4.2   Each Redraw Drawing must be drawn down on a Payment Date
                    in respect of the Trust. Each Redraw Drawing must be
                    credited to the Collections Account and applied only in
                    accordance with clause 14 of the Supplemental Deed.

Form of notice
              4.3   A Drawdown Notice given under clause 4.1 must:

                    (a)  be in or substantially in the form of Schedule 1;

                    (b)  be signed by an Authorised Person of the Issuer
                         Trustee and the Global Trust Manager;

                    (c)  specify the Drawdown Date, which must be a day which
                         complies with clause 4.2;

                    (d)  specify the amount of the proposed Redraw Drawing and
                         its method of calculation; and

                    (e)  be given no later than 4.00pm on the day which is 2
                         Business Days prior to the relevant Payment Date (or
                         such other period as may be agreed between the Issuer
                         Trustee, the Global Trust Manager and the Redraw
                         Facility Provider).

Effective
              4.4   A Drawdown Notice is effective on actual receipt in
                    legible form by the Redraw Facility Provider and is
                    irrevocable.

Agreement to make Redraw Drawing
              4.5   Subject to this agreement, the Redraw Facility Provider
                    agrees to deposit in the Collections Account the amount of
                    any Redraw Drawing

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                    in immediately available funds by 11.30am Melbourne time
                    on the relevant Payment Date.

5    Interest Periods
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Initial interest periods
              5.1   The first Redraw Interest Period in respect of a Redraw
                    Drawing commences on (and includes) its Drawdown Date and
                    ends on (but excludes) the next Payment Date. Each
                    subsequent Redraw Interest Period will commence on (and
                    include) a Payment Date and end on (but exclude) the next
                    Payment Date.

Final interest period
              5.2   A Redraw Interest Period in respect of a Redraw Drawing
                    which would otherwise end after the Final Termination Date
                    of the Trust ends on (but excludes) that Final Termination
                    Date.

6    Interest
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Payment of Interest
              6.1   The Issuer Trustee agrees to pay to the Redraw Facility
                    Provider interest on the daily balance of each Redraw
                    Drawing from and including its Drawdown Date until the
                    Redraw Drawing is repaid in full. On each Payment Date,
                    the Issuer Trustee will pay to the Redraw Facility
                    Provider accrued interest on each Redraw Drawing. If, on
                    any Payment Date, all amounts due in accordance with this
                    clause 6.1 are not paid in full, on each following Payment
                    Date the Issuer Trustee must pay so much of the amounts as
                    are available for that purpose in accordance with the
                    Supplemental Deed until such amounts are paid in full.

Calculation of Interest
              6.2   Interest is to be calculated for each Redraw Interest
                    Period. Interest accrues from day to day and is to be
                    calculated on actual days elapsed and a 365 day year.
                    Interest is payable quarterly in arrears on each Payment
                    Date in the manner contemplated by clause 6.1. The rate of
                    interest paid to the Redraw Facility Provider in respect
                    of a Redraw Interest Period is the sum of the Bank Bill
                    Rate on the first day of that Redraw Interest Period
                    (rounded to 3 decimal places) and 0.20% per annum ("Redraw
                    Interest Rate").

Interest on overdue amounts
              6.3

                    (a)  If any payment by the Issuer Trustee on a Payment
                         Date under clause 6.1 is insufficient to pay the full
                         amount of accrued interest on each Redraw Drawing and
                         any other interest due and payable under clause
                         6.3(b) up to the close of the Redraw Interest Period
                         just ended, such unpaid interest will itself
                         capitalise and bear interest in accordance with
                         clauses 6.1 and 6.2 of this agreement.

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                    (b)  The Issuer Trustee agrees to pay interest on any
                         amount payable by it under this agreement (including
                         without limitation on any unpaid interest) from when
                         it becomes due for payment during the period that it
                         remains unpaid. Interest is payable at the rate set
                         out in clause 6.2, as if the amount is a Redraw
                         Drawing having successive Redraw Interest Periods
                         calculated in accordance with clause 5. The first
                         Redraw Interest Period commences on the day when the
                         outstanding amount becomes due for payment and each
                         subsequent Redraw Interest Period commences on the
                         day when the preceding Redraw Interest Period
                         expires.

Obligation unaffected
              6.4   The Issuer Trustee's obligation to pay the outstanding
                    amount on the date it becomes due for payment is not
                    affected by clause 6.3.

Interest following judgment or order
              6.5   If a liability under this agreement becomes merged in a
                    judgment or order, then the Issuer Trustee agrees to pay
                    interest to the Redraw Facility Provider on the amount of
                    that liability as an independent obligation. This interest
                    accrues from the date the liability becomes due for
                    payment both before and after the judgment or order until
                    it is paid, at a rate that is the higher of the rate
                    payable under the judgment or order and the rate referred
                    to in clause 6.3(b).

7    Repayment of Redraw Drawings
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Repayment of Redraw Drawings
              7.1   Subject to clause 7.3, on each Payment Date, the Issuer
                    Trustee will repay to the Redraw Facility Provider so much
                    of the Redraw Principal Outstanding as there are funds
                    available for this purpose for that Payment Date in
                    accordance with clause 14 of the Supplemental Deed.

Re-Drawing
              7.2   Amounts repaid pursuant to clause 7.1 may be redrawn by
                    the Issuer Trustee in accordance with the terms of this
                    agreement.

Repayment on Termination Date
              7.3   Notwithstanding clause 7.1, on or before the Redraw
                    Facility Termination Date, the Issuer Trustee must repay:

                    (a)  the Redraw Principal Outstanding;

                    (b)  interest accrued thereon; and

                    (c)  all other money due under this agreement,

                    in each case to the extent that amounts are available for
                    that purpose in accordance with the Master Trust Deed and
                    the Supplemental Deed.

              7.4   If all amounts due in accordance with clause 7.3 are not
                    paid or repaid in full on the Payment Date immediately
                    following the Redraw Facility Termination Date, the Issuer
                    Trustee will repay so much of such

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                    amounts on succeeding Payment Dates as is available for
                    that purpose in accordance with the Master Trust Deed and
                    the Supplemental Deed until all such amounts are paid or
                    repaid in full.

              7.5   A Redraw Charge-Off made under clause 14.15 of the
                    Supplemental Deed reduces the amount of the Redraw
                    Principal Outstanding from the date on which the Redraw
                    Charge-Off is made by the amount of the Redraw Charge-Off.

8    Availability Fee
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              8.1   The Issuer Trustee will pay to the Redraw Facility
                    Provider an availability fee of 0.15% per annum on the
                    then un-utilised portion of the Redraw Limit. The fee will
                    be:

                    (a)  calculated and accrue daily from the Closing Date on
                         the basis of a 365 day year; and

                    (b)  paid quarterly in arrears on each Payment Date in
                         accordance with clause 14 of the Supplemental Deed.

              8.2   The availability fee payable under clause 8.1 may be
                    varied from time to time by the Global Trust Manager and
                    the Redraw Facility Provider (and notified to the Issuer
                    Trustee) provided that the Global Trust Manager notifies
                    each Current Rating Agency of the variation and receives
                    confirmation from each Current Rating Agency that the
                    variation will not have an Adverse Rating Effect.

9    Cancellation or reduction of the Redraw Facility
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Cancellation
              9.1
                    (a)  Subject to paragraph (b), the Issuer Trustee may on
                         the direction of the Global Trust Manager cancel the
                         Redraw Facility by written notice to the Redraw
                         Facility Provider.

                    (b)  The cancellation referred to in paragraph (a) will
                         only be effective if each Current Rating Agency has
                         confirmed that the cancellation of the Redraw
                         Facility will not have an Adverse Rating Effect,
                         unless all of the Notes have been or will be redeemed
                         on or before the date such cancellation is to take
                         effect in which case no such confirmation is
                         necessary.

Reduction of Redraw Limit
              9.3   The Issuer Trustee may on the direction of the Global
                    Trust Manager reduce the Redraw Limit in whole or in part
                    by written notice to the Redraw Facility Provider and must
                    notify each Current Rating Agency of the reduction.

When notices effective
              9.3   A notice given by the Issuer Trustee pursuant to either
                    clause 9.1 or 9.2 will be effective on the day which is 3
                    Business Days after receipt by the

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                    Redraw Facility Provider (or such other period agreed
                    between the Issuer Trustee, the Global Trust Manager and
                    the Redraw Facility Provider).

10   Changed costs event
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Determination
              10.1  Subject to clause 19, if, as a result of a Changed Costs
                    Event, the Redraw Facility Provider determines that:

                    (a)  there is any direct or indirect change in the cost to
                         the Redraw Facility Provider of providing, agreeing
                         to provide, maintaining its commitment to provide,
                         funding or maintaining financial accommodation under
                         this agreement;

                    (b)  there is any direct or indirect change in any amount
                         received or receivable by the Redraw Facility
                         Provider in the effective return to the Redraw
                         Facility Provider in connection with financial
                         accommodation provided or to be provided under this
                         agreement (including, without limitation, the return
                         on the Redraw Facility Provider's overall capital
                         which could have been achieved but for the occurrence
                         of the Changed Costs Event); or

                    (c)  the Redraw Facility Provider is required to make a
                         payment or to forgo interest or other return on or
                         calculated by reference to an amount received or
                         receivable under this agreement,

                    then the Issuer Trustee must on the direction of the
                    Global Trust Manager pay (if applicable) to the Redraw
                    Facility Provider on the next Payment Date and to the
                    extent available under clause 14 of the Supplemental Deed,
                    the additional amount which the Redraw Facility Provider
                    certifies is necessary to compensate the Redraw Facility
                    Provider for the changed cost, reduction, payment or
                    forgone interest or other return.

Indirect cost
              10.2  If the changed cost, reduction, payment or forgone
                    interest or other return is indirect, the Issuer Trustee
                    (if applicable) agrees to pay the Redraw Facility Provider
                    the proportion of it which the Redraw Facility Provider
                    determines to be fairly attributable to the financial
                    accommodation made available under this agreement.

Certificate
              10.3  The Redraw Facility Provider must provide a certificate to
                    the Global Trust Manager setting out details of the
                    relevant Changed Costs Event and the calculations made by
                    the Redraw Facility Provider to determine the new amount
                    payable under clause 10.1. Any such certificate signed by
                    the Redraw Facility Provider as to an amount payable by
                    the Issuer Trustee under this clause 10 is conclusive
                    evidence of the amount stated in it in the absence of
                    manifest error. In determining additional amounts payable
                    under this clause 10, the Redraw Facility Provider may use

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                    averaging and attribution methods commonly used by
                    financiers or any other reasonable averaging or
                    attribution method.

Minimisation
              10.4  If the Redraw Facility Provider is to receive any
                    additional payment under clause 10.1, the Redraw Facility
                    Provider must use its best endeavours to make the relevant
                    advances or financial accommodation available by some
                    alternative means (including, without limitation, changing
                    its lending office or making the advances or financial
                    accommodation available through a Related Entity of the
                    Redraw Facility Provider) which would avoid the necessity
                    for the additional payment or reduce the amount of it.
                    Nothing in this clause 10.4 affects the obligations of the
                    Issuer Trustee under clauses 10.1 and 10.2.

11   Illegality
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              11.1  If as a result of any change in a law, regulation, code of
                    practice or an official directive which has the force of
                    law or compliance with which is in accordance with the
                    practice of responsible bankers in the jurisdiction
                    concerned, or in their interpretation or administration
                    after the date of this agreement, the Redraw Facility
                    Provider determines that it is or has become apparent that
                    it will become contrary to that official directive,
                    impossible or illegal for the Redraw Facility Provider to
                    fund, provide or maintain financial accommodation or
                    otherwise observe its obligations under this agreement
                    then the Issuer Trustee, on the immediately following
                    Payment Date, must, to the extent that there are Principal
                    Collections available on that Payment Date, prepay so much
                    of the Redraw Principal Outstanding as the Redraw Facility
                    Provider specifies to the Issuer Trustee in writing
                    together with accrued interest and other amounts payable
                    by the Issuer Trustee under this agreement. The Redraw
                    Facility Provider's obligations to the Issuer Trustee
                    under this agreement terminate on the giving of the
                    notice.

              11.2  If, on any Payment Date, all amounts due in accordance
                    with clause 11.1 are not paid or repaid in full, on each
                    following Payment Date the Issuer Trustee will pay or
                    repay so much of the amounts as there are funds available
                    for that purpose on that Payment Date in accordance with
                    the Supplemental Deed until such amounts are paid or
                    repaid in full.

12   Payments and taxes
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Manner of payment
              12.1  The Issuer Trustee agrees to make payments to the Redraw
                    Facility Provider under this agreement not later than
                    5.00pm local time in the place of payment on the due date
                    in immediately available funds to the account of the
                    Redraw Facility Provider at the bank which the Redraw
                    Facility Provider designates by prior written notice to
                    the Issuer Trustee. All payments must be made in
                    accordance with the Master Trust Deed and the Supplemental
                    Deed.

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No set off, etc
              12.2  The Issuer Trustee agrees to make payments under this
                    agreement without set-off or counterclaim and free and
                    clear of any withholding or deduction for Taxes unless
                    prohibited by law.

13   Representations and warranties
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General representations and warranties
              13.1  The Issuer Trustee represents and warrants to the Global
                    Trust Manager and the Redraw Facility Provider as follows:

                    (a)  (incorporation) it is validly incorporated and
                         existing under the laws pursuant to which it purports
                         to have been incorporated;

                    (b)  (corporate power) it has the corporate power to own
                         its assets and to carry on its business as it is now
                         being conducted and as proposed to be conducted under
                         this agreement and under each of the Transaction
                         Documents to which it is a party;

                    (c)  (power) it has full power and authority to enter into
                         and perform its obligations under this agreement and
                         each of the Transaction Documents to which it is a
                         party;

                    (d)  (all action taken) it has taken all necessary
                         internal corporate action to authorise the execution,
                         delivery and performance of this agreement and each
                         of the Transaction Documents to which it is a party
                         in accordance with their respective terms and no
                         additional approval or consent of any person is
                         required;

                    (e)  (validity of obligations) this agreement and each of
                         the Transaction Documents to which it is a party
                         constitute legal, valid and binding obligations of it
                         and, subject to any necessary stamping and
                         registration and to doctrines of equity and laws and
                         defences generally affecting creditors' rights, are
                         enforceable in accordance with their respective
                         terms;

                    (f)  (no violation) the execution, delivery and
                         performance by it of this agreement and each of the
                         Transaction Documents to which it is a party does not
                         and will not violate in any respect any material
                         provision of:

                         (i)    any law, regulation, authorisation, ruling,
                                consent, judgement, order or decree of any
                                Governmental Agency; or

                         (ii)   its constitution; or

                         (iii)  any Encumbrance or document which is binding
                                upon it or any of its assets,

                         and (except in respect of the Deed of
                         Charge) does not and will not result in:

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                         (iv)  the creation or imposition of any Encumbrance
                               or restriction of any nature on any of its
                               assets under the provision of; or

                         (v)   the acceleration of the date of payment of any
                               obligation existing under,

                         any Encumbrance or document which is
                         binding upon it or its assets;

                    (g)  (Authorisations) it has obtained all Authorisations
                         necessary for it to enter into, and perform its
                         obligations under, the Transaction Documents and such
                         Authorisations remain in full force and effect;

                    (h)  (no Redraw Event of Default) to the best of its
                         knowledge no Redraw Event of Default or event which
                         with the giving of notice, lapse of time or other
                         applicable condition would become a Redraw Event of
                         Default has occurred which has not been waived or
                         remedied in accordance with this agreement;

                    (i)  (creation of Trust) the Trust has been validly
                         created;

                    (j)  (appointment of Issuer Trustee) it has been validly
                         appointed as the trustee of the Trust;

                    (k)  (sole trustee) it is the sole trustee of the Trust;

                    (l)  (trust power) it has power under the Transaction
                         Documents to enter into, perform and comply with its
                         obligations, and to carry out the transactions
                         contemplated by, this agreement;

                    (m)  (no removal) as far as it is aware, there are no
                         proceedings to remove it as trustee of the Trust; and

                    (n)  (vesting date) the vesting date has not occurred in
                         respect of the Trust.

              13.2  The Global Trust Manager represents and warrants to the
                    Issuer Trustee and the Redraw Facility Provider as
                    follows:

                    (a)  (incorporation) it is validly incorporated and
                         existing under the laws pursuant to which it purports
                         to have been incorporated;

                    (b)  (corporate power) it has the corporate power to own
                         its assets and to carry on its business as it is now
                         being conducted and as proposed to be conducted under
                         this agreement and under each of the Transaction
                         Documents to which it is a party;

                    (c)  (power) it has full power and authority to enter into
                         and perform its obligations under this agreement and
                         each of the Transaction Documents to which it is a
                         party;

<PAGE>
                                                                            14
------------------------------------------------------------------------------
                    (d)  (all action taken) it has taken all necessary
                         internal corporate action to authorise the execution,
                         delivery and performance of this agreement and each
                         of the Transaction Documents to which it is a party
                         in accordance with their respective terms and no
                         additional approval or consent of any person is
                         required;

                    (e)  (validity of obligations) this agreement and each of
                         the Transaction Documents to which it is a party
                         constitute legal, valid and binding obligations of it
                         and, subject to any necessary stamping and
                         registration and to doctrines of equity and laws and
                         defences generally affecting creditors' rights, are
                         enforceable in accordance with their respective
                         terms;

                    (f)  (no violation) the execution, delivery and
                         performance by it of this agreement and each of the
                         Transaction Documents to which it is a party does not
                         and will not violate in any respect any material
                         provision of:

                         (i)    any law, regulation, authorisation, ruling,
                                consent, judgement, order or decree of any
                                Governmental Agency; or

                         (ii)   its constitution;

                    (g)  (Authorisations) it has obtained all Authorisations
                         necessary for it to enter into, and perform its
                         obligations under, the Transaction Documents and such
                         Authorisations remain in full force and effect; and

                    (h)  (no Redraw Event of Default) to the best of its
                         knowledge no Redraw Event of Default or event which
                         with the giving of notice, lapse of time or other
                         applicable condition would become a Redraw Event of
                         Default has occurred which has not been waived or
                         remedied in accordance with this agreement.

Repetition
              13.3  These representations and warranties are taken to be also
                    made on each date upon which a Drawdown Notice is provided
                    and each Payment Date with reference to the facts and
                    circumstances then subsisting, as if made on such day.

14   General undertakings by Issuer Trustee
------------------------------------------------------------------------------
              14.1  The Issuer Trustee undertakes to:

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

                    (b)  (take actions) do everything and take all such actions
                         which are necessary (including, without limitation,
                         obtaining all such Authorisations and approvals as
                         are appropriate) to ensure that

<PAGE>
                                                                            15
------------------------------------------------------------------------------
                         it is able to exercise all its powers and remedies
                         and perform all its obligations under this agreement
                         and any other arrangements entered by it pursuant to
                         the Transaction Documents to which it is party;

                    (c)  (Authorisations) ensure that each Authorisation
                         required for it to act as trustee of the Trust and
                         for the business of the Trust to be conducted as now
                         conducted or as contemplated by the Transaction
                         Documents, is obtained and promptly renewed and
                         maintained in full force and effect;

                    (d)  (not amend) not consent to amend or revoke the
                         provisions of the Master Trust Deed (insofar as it
                         affects the Trust) or the Supplemental Deed without
                         the prior written consent of the Redraw Facility
                         Provider (such consent not to be unreasonably
                         withheld or delayed); and

                    (e)  (Event of Default) notify the Redraw Facility
                         Provider as soon as practicable after becoming aware
                         of an Event of Default or a Redraw Event of Default.

              14.2  The Global Trust Manager undertakes to:

                    (a)  (take actions) do everything and take all such actions
                         which are necessary (including, without limitation,
                         obtaining all such Authorisations and approvals as
                         are appropriate) to ensure that it is able to
                         exercise all its powers and remedies and perform all
                         its obligations under this agreement and any other
                         arrangements entered by it pursuant to the
                         Transaction Documents to which it is party;

                    (b)  (Authorisations) ensure that each Authorisation
                         required for it to act as manager of the Trust and
                         for the business of the Trust to be conducted as now
                         conducted or as contemplated by the Transaction
                         Documents, is obtained and promptly renewed and
                         maintained in full force and effect;

                    (c)  (Event of Default) notify the Redraw Facility
                         Provider as soon as practicable after becoming aware
                         of an Event of Default or a Redraw Event of Default;

                    (d)  (act as manager) act continuously as manager of the
                         Trust in accordance with the Master Trust Deed and
                         the Supplemental Deed until the Trust is terminated
                         or until it has retired or been removed in accordance
                         with the Master Trust Deed;

                    (e)  (not amend) not consent to amend or revoke the
                         provisions of the Master Trust Deed (insofar as it
                         affects the Trust) or the Supplemental Deed without
                         the prior written consent of the Redraw Facility
                         Provider (such consent not to be unreasonably
                         withheld or delayed); and

<PAGE>
                                                                            16
------------------------------------------------------------------------------
                    (f)  (provide directions) direct the Issuer Trustee to
                         make all payments required to be made by the Issuer
                         Trustee in accordance with this agreement.

15   Redraw Events of Default
------------------------------------------------------------------------------
Redraw Events of Default
              15.1  A Redraw Event of Default occurs if:

                    (a)  (failure to pay) the Issuer Trustee fails to pay:

                         (i)   any amount owing under this agreement where
                               funds available for that purpose under the
                               Supplemental Deed; or

                         (ii)  any amount due in respect of interest pursuant
                               to clause 6 where funds are available for that
                               purpose under the Supplemental Deed,

(                        in the manner contemplated by this agreement, in each
                         case within 10 Business Days of the due date for
                         payment of such amount;

                    (b)  (breach of undertaking) the Issuer Trustee alters, or
                         the Global Trust Manager directs it to alter, the
                         priority of payments under the Transaction Documents
                         without the consent of the Redraw Facility Provider
                         or breaches any of its undertakings under the
                         Transaction Documents which affect its ability to
                         perform its obligations thereunder and that breach
                         has a Material Adverse Effect in respect of the
                         Redraw Facility Provider;

                    (c)  (Event of Default) an Event of Default occurs in
                         respect of the Trust and the Security Trustee (acting
                         on the instructions of the Secured Creditors)
                         appoints a Receiver to the Assets of the Trust or is
                         directed to sell or otherwise realise the Assets of
                         the Trust in accordance with the Master Security
                         Trust Deed and the Deed of Charge; or

                    (d)  (Insolvency Event) an Insolvency Event occurs in
                         respect of the Issuer Trustee in its capacity as
                         trustee of the Trust and the Issuer Trustee is not
                         replaced (by either the Global Trust Manager or a
                         replacement trustee) in accordance with the Master
                         Trust Deed within 30 days of such Insolvency Event.

Consequences
              15.2  If a Redraw Event of Default occurs, then the Redraw
                    Facility Provider may:

                    (a)  declare at any time that the Redraw Principal
                         Outstanding, interest on the Redraw Principal
                         Outstanding, and all other amounts actually or
                         contingently payable under this agreement are
                         immediately due and payable; and/or

<PAGE>
                                                                            17
------------------------------------------------------------------------------
                    (b)  terminate the Redraw Facility Provider's obligations
                         in respect of the Redraw Facility.

                    The Redraw Facility Provider may do either or both of
                    these things with immediate effect.

16   Notices
------------------------------------------------------------------------------

Notice
              16.1  A notice, approval, consent or other communication in
                    connection with this agreement:

                    (a)  may be given by an Authorised Person of the relevant
                         party;

                    (b)  must be in writing; and

                    (c)  must be left at the address of the addressee or sent
                         by prepaid ordinary post to the address of the
                         addressee or sent by facsimile to the facsimile
                         number of the addressee, or sent by e-mail to the
                         e-mail address of the addressee specified below (or
                         to such other details as are notified by a party to
                         each other party on or after the date of execution of
                         this agreement):

                         Issuer Trustee:

                         Address:         Level 7
                                          9 Castlereagh Street
                                          Sydney  NSW  2000
                         Facsimile:       (61 2) 8256 1422
                         Attention:       Manager, Securitisation
                         E-mail:          as notified from time to
                         time

                         Global Trust Manager:

                         Address:         Level 24
                                          500 Bourke Street
                                          Melbourne  VIC  3000
                         Facsimile:       (61 3) 8641 0906
                         Attention:       Manager, Group Funding
                         E-mail:          as notified from time to time

                         Redraw Facility Provider:

                         Address:         Level 32
                                          500 Bourke Street
                                          Melbourne VIC 3000
                         Facsimile:       (61 3) 8641 0591
                         Attention:       Director Securitisation
                         E-mail:          as notified from time to time

<PAGE>
                                                                            18
------------------------------------------------------------------------------
When effective
              16.2  Unless a later time is specified in it, a notice,
                    approval, consent or other communication takes effect from
                    the time it is received.

Secured receipt
              16.3  A notice, request, certificate, demand, consent or other
                    communication under this agreement is deemed to have been
                    received:

                    (a)  where delivered in person, upon receipt;

                    (b)  where sent by post, on the third (or seventh, if
                         outside Australia) day after posting;

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

                    (d)  in the case of an e-mail, on receipt by the sender of
                         an e-mail from the recipient stating that the e-mail
                         was delivered in its entirety and the contents and
                         attachments of the e-mail have been received.

                    However, if the time of deemed receipt of any notice is
                    not before 4.00pm 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.

17   Security Interests and assignment
------------------------------------------------------------------------------
                    Other than as contemplated by the Transaction Documents,
                    the Issuer Trustee may not, without the consent of the
                    Redraw Facility Provider, create or allow to exist a
                    Security Interest over, or an interest in, this agreement
                    or assign or otherwise dispose of or deal with its rights
                    under this agreement. The Redraw Facility Provider at any
                    time may do any of those things.

18   Miscellaneous
------------------------------------------------------------------------------
Certificate
              18.1  A certificate signed by the Redraw Facility Provider about
                    a matter (including, without limitation, the Interest Rate
                    in respect of a Redraw Drawing) or about a sum payable to
                    the Redraw Facility Provider in connection with this
                    agreement is sufficient evidence of the matter or sum
                    stated in the certificate unless the matter or sum is
                    proved to be false.

Exercise of rights
              18.2  A party may exercise a right, power or remedy at its
                    discretion, and separately or concurrently with another
                    right, power or remedy. A single or partial exercise of a
                    right, power or remedy by the party does not prevent a
                    further exercise of that or an exercise of any other
                    right,

<PAGE>
                                                                            19
------------------------------------------------------------------------------
                    power or remedy. Failure by the party to exercise or delay
                    in exercising a right, power or remedy does not prevent
                    its exercise. The party is not liable for any loss caused
                    by the exercise or attempted exercise of, failure to
                    exercise, or delay in exercising, the right, power or
                    remedy.

Waiver and variation
              18.3  A provision of, or a right created under, this agreement
                    may not be waived or varied except in writing signed by
                    the party or parties to be bound.

Supervening legislation
              18.4  Any present or future legislation which operates to vary
                    the obligations of the Issuer Trustee in connection with
                    this agreement with the result that the Redraw Facility
                    Provider's rights, powers or remedies are adversely
                    affected (including, without limitation, by way of delay
                    or postponement) is excluded except to the extent that its
                    exclusion is prohibited or rendered ineffective by law.

Approvals and consent
              18.5  The Redraw Facility Provider may give (conditionally or
                    unconditionally) or withhold its approval or consent in
                    its absolute discretion unless this agreement expressly
                    provides otherwise.

Remedies cumulative
              18.6  The rights, powers and remedies provided in this agreement
                    are cumulative with, and not exclusive of, the rights,
                    powers or remedies provided by law independently of this
                    agreement.

Indemnities
              18.7  Each indemnity in this agreement is a continuing
                    obligation, separate and independent from the other
                    obligations of the Issuer Trustee and survives termination
                    of this agreement. It is not necessary for the Redraw
                    Facility Provider to incur expense or make payment before
                    enforcing a right of indemnity conferred by this
                    agreement.

Time of the essence
              18.8  Time is of the essence of this agreement in respect of an
                    obligation of the Issuer Trustee to pay money.

Further assurances
              18.9  At the Redraw Facility Provider's request the Issuer
                    Trustee must, at the expense of the Trust:

                    (a)  execute and use its best endeavours to cause its
                         successors to execute documents and do everything
                         else necessary or appropriate to bind the Issuer
                         Trustee and its successors under this agreement; and

                    (b)  use its best endeavours to cause relevant third
                         parties to do likewise to bind every person intended
                         to be bound under this agreement.

<PAGE>
                                                                            20
------------------------------------------------------------------------------
19   Liability of Issuer Trustee and limited recourse
------------------------------------------------------------------------------
                    Clause 2 of the Definitions Schedule applies to this
                    agreement as if set out in full in it (with any
                    consequential changes as are necessary to give effect to
                    that clause in this agreement).

20  Governing law, jurisdiction and service of process
------------------------------------------------------------------------------
Governing law
              20.1  This agreement is governed by the law in force in the
                    Australian Capital Territory.

Submission to jurisdiction
              20.2  Each party irrevocably and unconditionally submits to the
                    non-exclusive jurisdiction of the courts of the Australian
                    Capital Territory and courts of appeal from them. Each
                    party waives any right it has to object to an action being
                    brought in those courts including, without limitation, by
                    claiming that the action has been brought in an
                    inconvenient forum or that those courts do not have
                    jurisdiction.

Address for service
              20.3  Without preventing any other mode of service, any document
                    in an action (including, without limitation, any writ of
                    summons or other originating process or any third or other
                    party notice) may be served on any party by being
                    delivered to or left for that party at its address for
                    service of notices under clause 16.

21   Counterparts
------------------------------------------------------------------------------
                     This agreement may consist of a number of counterparts
                     and the counterparts taken together constitute one and
                     the same instrument.

22   Costs, Charges, Expenses and Indemnities
------------------------------------------------------------------------------
              22.1  The Issuer Trustee will indemnify the Redraw Facility
                    Provider on each Payment Date following a demand from the
                    Redraw Facility Provider for:

                    (a)  the costs, charges and expenses of the Redraw
                         Facility Provider in connection with any consent,
                         approval, exercise or non-exercise of rights
                         (including, without limitation, in connection with
                         the contemplated or actual enforcement or
                         preservation of any rights under any Transaction
                         Document), waiver, variation, release or discharge in
                         relation to any Transaction Document;

                    (b)  Taxes (excluding any Taxes on the overall net income
                         of the Redraw Facility Provider) and fees (including,
                         without limitation, registration fees) and fines and
                         penalties in respect of these (except where any such
                         amount is incurred as a result of an act or omission
                         of the Redraw Facility Provider), which may be
                         payable or determined to be payable in connection
                         with any

<PAGE>
                                                                            21
------------------------------------------------------------------------------
                         Transaction Document or a payment or receipt or any
                         other transaction contemplated by any Transaction
                         Document; and

                    (c)  costs, charges and expenses of the Redraw Facility
                         Provider in connection with any enquiry by any
                         authority involving the Issuer Trustee, any Secured
                         Creditor or any of their Related Entities.

              22.2  The Issuer Trustee will indemnify the Redraw Facility
                    Provider against any liability or loss arising from, and
                    any costs, charges and expenses incurred in connection
                    with:

                    (a)  an Event of Default in respect of the Trust or any
                         Redraw Event of Default;

                    (b)  a proposed Redraw Drawing not being made available in
                         accordance with the relevant Drawdown Notice for any
                         reason;

                    (c)  any payment required to be made under any Transaction
                         Document not being made on its due date in accordance
                         with that document;

                    (d)  the Redraw Facility Provider acting in connection
                         with a Transaction Document in good faith on
                         facsimile or telephone instructions purporting to
                         originate from the offices of the Issuer Trustee
                         including, without limitation, liability, loss,
                         costs, charges or expenses on account of funds
                         borrowed, contracted for or used to fund any amount
                         payable under the Transaction Document and including,
                         in each case (but without limitation), legal costs
                         and expenses on a full indemnity basis or solicitor
                         and own client basis, whichever is the higher; or

                    (e)  a breach by the Issuer Trustee of any representation
                         and warranty contained in clause 13.1 of this
                         agreement or of any of its obligations under this
                         agreement.

              22.3  The Issuer Trustee agrees to pay to the Redraw Facility
                    Provider an amount equal to any liability, loss, cost,
                    charge or expense of the kind referred to in clause 22.2
                    suffered or incurred by any employee, officer, agent or
                    contractor of the Redraw Facility Provider.

              22.4  The obligation of the Issuer Trustee under this clause
                    shall:

                    (a)  be payable solely to the extent that funds are
                         available for that purpose under the Supplemental
                         Deed; and

                    (b)  survive any termination of this agreement.

              22.5  The indemnities in clauses 22.1, 22.2 and 22.3 do not
                    extend to any liability, loss, cost, charge or expense
                    that is finally and judicially determined to result from
                    any negligence, wilful default or breach of law by the
                    Redraw Facility Provider.

<PAGE>
                                                                            22
------------------------------------------------------------------------------
              22.6  If the Redraw Facility Provider receives written notice of
                    any act, matter or thing which may give rise to a
                    liability, loss, cost, charge or expense in relation to
                    which the Issuer Trustee would be required to indemnify it
                    under clauses 22.1, 22.2 or 22.3, the Redraw Facility
                    Provider will notify the Issuer Trustee of that act,
                    matter or thing giving such details as it is practicable
                    to give as soon as it is reasonably practicable and in any
                    event within 5 Business Days of it coming to its
                    attention, provided that failure to do so will not result
                    in any loss or reduction in the indemnity contained in
                    clauses 22.1, 22.2 or 22.3 unless the Issuer Trustee has
                    been prejudiced in any material respect by such failure.

23   Redraw Facility Provider Termination Date
------------------------------------------------------------------------------
              23.1  Subject to clause 23.2, the Global Trust Manager may by
                    giving not less than 5 Business Days notice to the Redraw
                    Facility Provider and the Issuer Trustee, declare a
                    Payment Date as the date upon which:

                    (a)  the Redraw Facility Provider will be replaced by a
                         substitute Redraw Facility Provider; and

                    (b)  the Redraw Facility will terminate.

              23.2  On or before the declaration of the Payment Date by the
                    Global Trust Manager in accordance with clause 23.1, the
                    Global Trust Manager must obtain written confirmation from
                    the Current Rating Agencies that the termination of the
                    Redraw Facility and the appointment of the proposed
                    substitute Redraw Facility Provider on that Payment Date
                    will not result in an Adverse Rating Effect.

              23.3  The Redraw Facility Provider Termination Date will be the
                    later of:

                    (a)  the Payment Date declared in accordance with clause
                         23.1; and

                    (b)  the date upon which the Issuer Trustee has paid or
                         repaid to the Redraw Facility Provider all Redraw
                         Drawings outstanding on the Payment Date declared in
                         accordance with clause 23.1 together with all accrued
                         but unpaid interest and all other money outstanding
                         under this agreement.

EXECUTED as an agreement.

<PAGE>
                                                                            23
------------------------------------------------------------------------------
Schedule 1          Drawdown Notice (clause 4)
------------------------------------------------------------------------------
                    To:     National Australia Bank Limited

                    [Date]

                    Dear Sirs/Madams

                    Redraw Facility Agreement between Perpetual Trustee
                    Company Limited, National Global MBS Manager Pty Ltd and
                    National Australia Bank Limited dated [#] ("Redraw
                    Facility Agreement")

                    The Issuer Trustee gives notice under clause 4.1 of the
                    Redraw Facility Agreement that it wants to use the Redraw
                    Facility granted in respect of the National RMBS Trust
                    2004-1 ("Trust").

                    The particulars of the Redraw Drawing required to be given
                    under clause 4.3 of the Redraw Facility Agreement are as
                    follows:

                    (a)  the proposed Drawdown Date is [           ];

                    (b)  the Redraw Drawing is to be made in respect of the
                         Trust;

                    (c)  the amount of the proposed Redraw Drawing is
                         $[       ] and its method of calculation is as follows:

                         [           ]; and

                    (d)  the proposed Redraw Drawing is to be paid into the
                         Collections Account.

                    A term which has a defined meaning in (or is incorporated
                    in) the Redraw Facility Agreement has the same meaning as
                    in the Redraw Facility Agreement when used in this
                    Drawdown Notice.

                    Yours faithfully

                    ....................................
                    [name of person]
                    being an Authorised Person of
                    Perpetual Trustee Company Limited

                    [name of person]
                    being an Authorised Person of
                    National Global MBS Manager Pty Limited

<PAGE>
                                                                            24
------------------------------------------------------------------------------
Execution page
------------------------------------------------------------------------------

SIGNED by Kate Hamblin         )
............................... )
as attorney for PERPETUAL      )
TRUSTEE COMPANY LIMITED under  )
power of attorney dated        )
28 September 2004..............)
                               )
in the presence of:            )
                               )
/s/ Ian Edmonds-Wilson         )     /s/ Kate Hamblin
............................... )     ..............................
Signature of witness           )     By executing this agreement
                               )     the attorney states that
Ian Edmonds-Wilson             )     the attorney has received
............................... )     no notice of revocation of
Name of witness (block         )     the power of attorney
letters)

SIGNED by                      )4
                               )
Michael White                  )
............................... )
as attorney for NATIONAL       )
GLOBAL MBS MANAGER PTY LTD     )
under power of attorney dated  )
21 September 2004 in the       )
presence of:                   )
                               )     /s/ Michael White
                               )     ................................
                               )     By executing this agreement
/s/ Jason Elphick              )     the attorney states that
............................... )     the attorney has received
Signature of witness           )     no notice of revocation of
                               )     the power of attorney
Jason Elphick                  )
............................... )
Name of witness (block
letters)

SIGNED by Michael White        )
............................... )
as attorney for NATIONAL       )
AUSTRALIA BANK LIMITED under   )
power of attorney dated 13     )
September 2004 in the          )
presence of:                   )
                               )     /s/ Michael White
                               )     ....................................
/s/ Jason Elphick              )     By executing this agreement
............................... )     the attorney states that
Signature of witness           )     the attorney has received
                               )     no notice of revocation of
Jason Elphick                  )     the power of attorney
............................... )
Name of witness (block
letters)

<PAGE>

<TABLE>
<CAPTION>
                                                                                    1
--------------------------------------------------------------------------------------
Contents            National RMBS Trust 2004-1
                    Redraw Facility Agreement
--------------------------------------------------------------------------------------

<S>                 <C>                                                            <C>
                    1   Interpretation                                               1

                    2   The Redraw Facility                                          3

                    3   Conditions precedent                                         5

                    4   Redraw Drawings                                              6

                    5   Interest Periods                                             7

                    6   Interest                                                     7

                    7   Repayment of Redraw Drawings                                 8

                    8   Availability Fee                                             9

                    9   Cancellation or reduction of the Redraw Facility             9

                    10  Changed costs event                                         10

                    11  Illegality                                                  11

                    12  Payments and taxes                                          12

                    13  Representations and warranties                              12

                    14  General undertakings by Issuer Trustee                      15

                    15  Redraw Events of Default                                    16

                    16  Notices                                                     17

                    17  Security Interests and assignment                           18

                    18  Miscellaneous                                               18

                    19  Liability of Issuer Trustee and limited recourse            20

                    20  Governing law, jurisdiction and service of process          20

                    21  Counterparts                                                20

<PAGE>
                                                                                     2
--------------------------------------------------------------------------------------
                    22  Costs, Charges, Expenses and Indemnities                    20

                    23  Redraw Facility Provider Termination Date                   22

                    Schedule 1  Drawdown Notice (clause 4)                          23
</TABLE>

<PAGE>

                       -------------------------------
                       Dated        28 September 2004

                          National RMBS Trust 2004-1
                           Redraw Facility Agreement

                       Perpetual Trustee Company Limited
                              ("Issuer Trustee")
                      National Global MBS Manager Pty Ltd
                           ("Global Trust Manager")
                        National Australia Bank Limited
                         ("Redraw Facility Provider")

                           Mallesons Stephen Jaques
                                  Solicitors

                            Governor Phillip Tower
                                1 Farrer Place
                                Sydney NSW 2000
                          Telephone (61 2) 9296 2000
                          Facsimile (61 2) 9296 3999
                                 DX 113 Sydney
                                  Ref: EN/SRFExhibit 10.4.1

(Multicurrency--Cross Border)

                                    ISDA(R)
                 International Swap Dealers Association, Inc.
                               MASTER AGREEMENT

                        dated as of 28 September, 2004

<TABLE>
<CAPTION>
<S>                           <C>                              <C>
National Australia Bank       Perpetual Trustee Company        National Global MBS
Limited (ABN 12 004           Limited (ABN 42 000 001          Manager Ptd Ltd
044 337) ("Party A")     and  007) as trustee for the    and   (ABN 36 102 668 226)
                              National RMBS Trust              ("Global Trust
                              2004-1 ("Party B")               Manager")
</TABLE>

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

1. Interpretation

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

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

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

2.   Obligations

(a)  General Conditions.

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

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

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

<PAGE>

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

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

     (i) in the same currency; and

     (ii) in respect of the same Transaction,

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

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

(d) Deduction or Withholding for Tax.

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

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

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

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

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

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

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

                                      2
<PAGE>

     (ii) Liability. If: --

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

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

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

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

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

3.    Representations

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

(a)  Basic Representations.

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

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

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

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

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

                                      3

<PAGE>

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

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

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

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

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

4. Agreements

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

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

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

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

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

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

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

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

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

(e)  Payment of Stamp Tax. Subject to Section 11, it will pay any Stamp Tax
levied or imposed upon it or in respect of its execution or performance of
this Agreement by a jurisdiction in which it is incorporated,

                                      4

<PAGE>

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

5. Events of Default and Termination Events

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

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

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

     (iii) Credit Support Default.

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

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

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

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

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

     (vi) Cross Default. If "Cross Default" is specified in the Schedule as
     applying to the party, the occurrence or existence of (1) a default,
     event of default or other similar condition or event (however

                                      5

<PAGE>

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

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

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

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

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

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

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

                                      6

<PAGE>

Upon Merger if the event is specified pursuant to (iv) below or an Additional
Termination Event if the event is specified pursuant to (v) below: --

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

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

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

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

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

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

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

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

                                      7

<PAGE>

6. Early Termination

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

(b)  Right to Terminate Following Termination Event.

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

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

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

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

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

     (iv) Right to Terminate If: --

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

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

     either party in the case of an Illegality, the Burdened Party in the case
     of a Tax Event Upon Merger, any Affected Party in the case of a Tax Event
     or an Additional Termination Event if there is more than one Affected
     Party, or the party which is not the Affected Party in the case of a
     Credit Event Upon Merger or an Additional Termination Event if there is
     only one Affected Party may, by not more than 20 days notice to the other
     party and provided that the relevant Termination Event is then

                                      8

<PAGE>

     continuing, designate a day not earlier than the day such notice is
     effective as an Early Termination Date in respect of all Affected
     Transactions.

(c)  Effect of Designation.

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

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

(d)  Calculations.

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

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

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

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

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

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

          (3) Second Method and Market Quotation. If the Second Method and
          Market Quotation apply, an amount will be payable equal to (A) the
          sum of the Settlement Amount (determined by the

                                      9

<PAGE>

          Non-defaulting Party) in respect of the Terminated Transactions and
          the Termination Currency Equivalent of the Unpaid Amounts owing to
          the Non-defaulting Party less (B) the Termination Currency
          Equivalent of the Unpaid Amounts owing to the Defaulting Party. If
          that amount is a positive number, the Defaulting Party will pay it
          to the Non-defaulting Party; if it is a negative number, the
          Non-defaulting Party will pay the absolute value of that amount to
          the Defaulting Party.

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

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

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

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

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

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

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

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

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

                                      10

<PAGE>

7.   Transfer

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

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

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

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

8. Contractual Currency

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

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

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

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

                                      11

<PAGE>

9. Miscellaneous

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

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

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

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

(e)  Counterparts and Confirmations.

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

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

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

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

10. Offices; Multibranch Parties

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

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

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

11. Expenses

A Defaulting Party will, on demand, indemnify and hold harmless the other
party for and against all reasonable out-of-pocket expenses, including legal
fees and Stamp Tax, incurred by such other party by reason of the enforcement
and protection of its rights under this Agreement or any Credit Support
Document

                                      12
<PAGE>

to which the Defaulting Party is a party or by reason of the early termination
of any Transaction, including, but not limited to, costs of collection.

12.   Notices

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

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

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

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

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

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

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

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

13.  Governing Law and Jurisdiction

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

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

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

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

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

(c)  Service of Process. Each party irrevocably appoints the Process Agent (if
any) specified opposite its name in the Schedule to receive, for it and on its
behalf, service of process in any Proceedings. If for any

                                      13

<PAGE>

reason any party's Process Agent is unable to act as such, such party will
promptly notify the other party and within 30 days appoint a substitute
process agent acceptable to the other party. The parties irrevocably consent
to service of process given in the manner provided for notices in Section 12.
Nothing in this Agreement will affect the right of either party to serve
process in any other manner permitted by law.

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

14.  Definitions

As used in this Agreement: --

"Additional Termination Event" has the meaning specified in Section 5(b).

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

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

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

"Applicable Rate" means: --

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

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

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

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

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

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

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

"Credit Event Upon Merger" has the meaning specified in Section 5(b).

"Credit Support Document" means any agreement or instrument that is specified
as such in this Agreement.

"Credit Support Provider" has the meaning specified in the Schedule.

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

                                      14

<PAGE>

"Defaulting Party" has the meaning specified in Section 6(a).

"Early Termination Date" means the date determined in accordance with Section
6(a) or 6(b)(iv).

"Event of Default" has the meaning specified in Section 5(a) and, if
applicable, in the Schedule.

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

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

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

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

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

"Market Quotation" means, with respect to one or more Terminated Transactions
and a party making the determination, an amount determined on the basis of
quotations from Reference Market-makers. Each quotation will be for an amount,
if any, that would be paid to such party (expressed as a negative number) or
by such party (expressed as a positive number) in consideration of an
agreement between such party (taking into account any existing Credit Support
Document with respect to the obligations of such party) and the quoting
Reference Market-maker to enter into a transaction (the "Replacement
Transaction") that would have the effect of preserving for such party the
economic equivalent of any payment or delivery (whether the underlying
obligation was absolute or contingent and assuming the satisfaction of each
applicable condition precedent) by the parties under Section 2(a)(i) in
respect of such Terminated Transaction or group of Terminated Transactions
that would, but for the occurrence of the relevant Early Termination Date,
have

                                      15

<PAGE>

been required after that date. For this purpose, Unpaid Amounts in respect of
the Terminated Transaction or group of Terminated Transactions are to be
excluded but, without limitation, any payment or delivery that would, but for
the relevant Early Termination Date, have been required (assuming satisfaction
of each applicable condition precedent) after that Early Termination Date is
to be included. The Replacement Transaction would be subject to such
documentation as such party and the Reference Market-maker may, in good faith,
agree. The party making the determination (or its agent) will request each
Reference Market-maker to provide its quotation to the extent reasonably
practicable as of the same day and time (without regard to different time
zones) on or as soon as reasonably practicable after the relevant Early
Termination Date. The day and time as of which those quotations are to be
obtained will be selected in good Faith by the party obliged to make a
determination under Section 6(e), and, if each party is so obliged, after
consultation with the other. If more than three quotations are provided, the
Market Quotation will be the arithmetic mean of the quotations, without regard
to the quotations having the highest and lowest values. If exactly three such
quotations are provided, the Market Quotation will be the quotation remaining
after disregarding the highest and lowest quotations. For this purpose, if
more than one quotation has the same highest value or lowest value, then one
of such quotations shall be disregarded. If fewer than three quotations are
provided, it will be deemed that the Market Quotation in respect of such
Terminated Transaction or group of Terminated Transactions cannot be
determined.

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

"Non-defaulting Party" has the meaning specified in Section 6(a).

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

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

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

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

"Scheduled Payment Date" means a date on which a payment or delivery is to be
made under Section 2(a)(i) with respect to a Transaction.

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

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

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

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

"Specified Entity" has the meanings specified in the Schedule.

                                      16

<PAGE>

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

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

"Stamp Tax" means any stamp, registration, documentation or similar tax.

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

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

"Tax Event Upon Merger" has the meaning specified in Section 5(b).

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

"Termination Currency" has the meaning specified in the Schedule.

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

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

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

"Unpaid Amounts" owing to any party means, with respect to an Early
Termination Date, the aggregate of (a) in respect of all Terminated
Transactions, the amounts that became payable (or that would have become
payable but for Section 2(a)(iii)) to such party under Section 2(a)(i) on or
prior to such Early Termination Date and which remain unpaid as at such Early
Termination Date and (b) in respect of each Terminated Transaction, for each
obligation under Section 2(a)(i) which was (or would have been but for Section
2(a)(iii)) required to be settled by delivery to such party on or prior to
such Early Termination Date and which has not been so settled as at such Early
Termination Date, an amount equal to the fair market

                                      17

<PAGE>

value of that which was (or would have been) required to be delivered as of
the originally scheduled date for delivery, in each case together with (to the
extent permitted under applicable law) interest, in the currency of such
amounts, from (and including) the date such amounts or obligations were or
would have been required to have been paid or performed to (but excluding)
such Early Termination Date, at the Applicable Rate. Such amounts of interest
will be calculated on the basis of daily compounding and the actual number of
days elapsed. The fair market value of any obligation referred to in clause
(b) above shall be reasonably determined by the party obliged to make the
determination under Section 6(e) or, if each party is so obliged, it shall be
the average of the Termination Currency Equivalents of the fair market values
reasonably determined by both parties.

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

National Australia Bank Limited         Perpetual Trustee Company Limited
         ("Party A")                    as trustee of the National RMBS
                                        Trust 2004-1 ("Party B")
-------------------------------         ---------------------------------
      (Name of Party)                     (Name of Party)

By: /s/ Michael White                     By: /s/ Kate Hamblin
    ---------------------                     --------------------
Name: Michael White                       Name: Kate Hamblin
Title: Manager Group Funding              Title: Manager
Date:  28 September 2004                  Date:  28 September 2004

National Global MBS Manager Ptd Ltd
     ("Global Trust Manager")

-------------------------------
      (Name of Party)

By: /s/ Michael White
-------------------------------
Name: Michael White
Title: Manager Group Funding
Date:  28 September 2004

                                      18
<PAGE>

                                    ISDA(R)
             International Swaps and Derivatives Association, Inc.

                                   SCHEDULE
                                    to the
                               Master Agreement
                         dated as of 28 September 2004

                                    between
                        National Australia Bank Limited
                             (ABN 12 004 044 937)
                                  ("Party A")
                                      and
                       Perpetual Trustee Company Limited
      (ABN 42 000 001 007) as trustee for the National RMBS Trust 2004-1
                                  ("Party B")
                                      and
                National Global MBS Manager Pty Ltd
                             (ABN 36 102 668 226)
                           ("Global Trust Manager")

Part 1.  Termination Provisions(1)

In this Agreement:

(a)   "Specified Entity" in relation to:

      (i)   Party A, is not applicable; and

      (ii)  Party B, is not applicable.

(b)   "Specified Transaction" will have the meaning specified in Section 14 of
      this Agreement.

(c)   The "Automatic Early Termination" provision of Section 6(a) will not
      apply to Party A and will not apply to Party B.

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

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

             B.  in respect of the Fixed Swap, Market Quotation will apply;

      (ii)   The Second Method will apply;

--------
1   Parts 1-5 are subject to Part 6:  Securitisation Provisions.

<PAGE>

                                      2

      (iii)  the definition of "Loss" in Section 14 of this Agreement is
      amended by adding the following sentence at the end of that definition:

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

(e)   "Termination Currency" will be Australian dollars.

(f)   Additional Termination Event. Not Applicable.

Part 2.  Tax Representations

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

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

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

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

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

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

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

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

Part 3.  Agreement to Deliver Documents

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

<PAGE>

                                      3

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

<TABLE>
<CAPTION>
Party required        Form/Document/Certificate          Date by which to          Covered by
to deliver document                                      be delivered              Section 3(d)
                                                                                   Representations
<S>                   <C>                               <C>                        <C>
Party A and           Any document or certificate       On the earlier of (a) as   No
Party B               reasonably required or            soon as reasonably
                      reasonably requested by Party     practical following
                      A or Party B in connection        learning that such
                      with its obligations to make      document or certificate
                      a payment under this              is required and (b) as
                      Agreement which would enable      soon as reasonably
                      that party to make the            practicable following a
                      payment free from any             request by the other
                      deduction or withholding for      party
                      or on account of Tax or as
                      would reduce the rate at
                      which deduction or
                      withholding for or on account
                      of Tax is applied to that
                      payment.

(b)   Other documents to be delivered are:

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

Party A and           A list of authorised               On execution of this      Yes
Party B               signatories for the party          Agreement or as soon as
                      and, if so requested by the        reasonably practicable
                      other party, evidence              following a request by
                      satisfactory in form and           the other party.
                      substance to the other party
                      of the authority of the
                      authorised signatories of the
                      party to execute this
                      Agreement and any
                      Confirmation on behalf of the
                      party.

Party A and           A legal opinion as to the          At any time prior to      Yes
Party B               validity and enforceability        the first Issue Date.
                      of that party's obligations
                      under this Agreement in form
                      and substance (and issued by
                      legal counsel) reasonably
                      acceptable to each other
                      party.

Global Trust          A copy (certified by an            In the case of each        Yes
Manager (to be        Authorised Person of the           Credit Support
delivered to          Global Trust Manager to be a       Document, within 5
Party A)              true and complete copy) of         Business Days (or such
                      each Credit Support Document       period as Party A
                      in respect of Party B and          agrees to) of execution
                      (without limiting                  of this Agreement
                                                         (provided that

<PAGE>
                                       4

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

                      any obligation Party B may         it must be received by
                      have under the terms of the        the first Issue Date)
                      Credit Support Documents to        and, in the case of an
                      notify Party A of amendments)      amending document,
                      a copy (certified by an            within 5 Business Days
                      Authorised Person of the           (or such other period
                      Global Trust Manager to be a       as Party A agrees to)
                      true and complete copy) of any     of execution of the
                      document that amends in any        amending document.
                      way the terms of any Credit
                      Support Document.

Global Trust          Certified (by an Authorised        Within 5 Business Days     Yes
Manager (to be        Person of the Global Trust         of execution of this
delivered to          Manager) copy of the Master        Agreement, provided
Party A)              Trust Deed, Supplemental           that they must be
                      Deed, Class A Note                 delivered by the first
                      Conditions, Definitions            Issue Date.
                      Schedule and Note Trust Deed.
</TABLE>

Part 4.  Miscellaneous

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

      Address for notices or communications to Party A:

      Address:  10th Floor, 120 Spencer Street, Melbourne   VIC  3000

      Attention:  Supervisor, Swaps Administration

      Telex No:  Not applicable                Answerback:    Not applicable

      Facsimile No:  (613) 8614 0907           Telephone No:  (613) 8614 0224

      Electronic Messaging System Details:     Not applicable

      Address for notices or communications to Party B:

      Address:  Level 7, 9 Castlereagh Street, Sydney   NSW   2000

      Attention:  Manager, Securitisation

      Telex No:  Not applicable                Answerback:    Not applicable

      Facsimile No:  612 8256 1422             Telephone No:  612 9229 9000

      Electronic Messaging System Details:     Not applicable

<PAGE>
                                       5

      All notices or communications to Party B to be copied to the Global
      Trust Manager at the address below

      Address for notices or communications to Global Trust Manager:

      Address:  Level 24, 500 Bourke Street, Melbourne   VIC  3000

      Attention:  Manager, Group Funding

      Telex No:  Not applicable                Answerback:    Not Applicable

      Facsimile No:  613 8641 0906             Telephone No:

      Electronic Messaging System Details:     to be advised from time to time]

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

      (i) Party A appoints as its Process Agent: Nil.

      (ii) Party B appoints as its Process Agent: Nil.

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

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

      Neither Party A nor Party B is a Multibranch Party.

(e)   Calculation Agent. The Calculation Agent is Party A, unless otherwise
      specified in a Confirmation in relation to the relevant Transaction.

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

      (i)   in relation to Party A: nil

      (ii)  in relation to Party B: the Master Security Trust Deed and the Deed
            of Charge.

(g)   Credit Support Provider. Credit Support Provider means in relation to
      Party A and Party B: nil.

(h)   Governing Law. This Agreement will be governed by and construed in
      accordance with the laws in force in the Australian Capital Territory
      and each party submits to the non-exclusive jurisdiction of the courts
      of the Australian Capital Territory. Section 13(b)(i) is deleted and
      replaced by the following:

           "(ii)   submits to the non-exclusive jurisdiction of the courts of
                   the Australian Capital Territory; and".

(i)   Netting of Payments. Subparagraph (ii) of Section 2(c) of this Agreement
      will not apply to any Transactions.

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

<PAGE>
                                       6

Part 5.  Other Provisions

(1)   Payments: In Section 2:

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

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

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

           "Unless specified otherwise in this Agreement, payments under this
            Agreement will be made by 4.00pm (Melbourne time) on the due date
            for value on that date in the place of the account specified in
            the relevant Confirmation or otherwise pursuant to this Agreement,
            in freely transferable funds, free of any set-off, counterclaim,
            deduction or withholding (except as expressly provided in this
            Agreement) and in the manner customary for payment in the required
            currency."

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

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

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

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

      (e)  Insert the following new Section 2(f):

           "(f)  If on a Payment Date an amount would otherwise be payable by
                 Party A pursuant to Section 2(c) in respect of the Basis Swap,
                 then such amount will be satisfied in part or in whole, as the
                 case may be, to the extent of the then Prepayment Adjusted
                 Amount (if any) by Party B deducting that amount from the
                 Collateral Account."

(2) Representations: In Section 3:

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

           "(including in the case of a party being an authorised
            deposit-taking institution under the Banking Act 1959 (Cwlth)),
            section 13A(3) of the Banking Act 1959 (Cwlth) and section 86 of
            the Reserve Bank Act 1959 (Cwlth) or any analogous provision under
            any other law applicable to a party),"

<PAGE>
                                       7

      (b)  Insert new paragraphs (g) and (h) in Section 3 immediately after
           Section 3(f):

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

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

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

                (iii)  Status of Parties. No other party is acting as a
                       fiduciary or an adviser to it in respect of that
                       Transaction (other than, in the case of Party B, the
                       Global Trust Manager).

           (h)  Trust. By Party B, in respect of Party B only:

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

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

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

                (iv)  Power. It has power under the Master Trust Deed to enter
                      into this Agreement and the Credit Support Documents in
                      its capacity as trustee of the Trust.

                (v)    Good Title. It is the legal owner of, or has equitable
                       title to (as applicable), the Assets of the Trust and
                       has power under the

<PAGE>
                                      8

                       Master Trust Deed to mortgage or charge them in the
                       manner provided in the Credit Support Documents and,
                       subject only to the Credit Support Documents and any
                       Security Interest permitted under the Credit Support
                       Documents, those Assets are free of all other Security
                       Interests (except for Party B's right of indemnity out
                       of the Assets of the Trust)."

(3A)  Collateralisation of Party A's Obligations under the Fixed Swap (S&P):
      If at any time Party A in respect of the Fixed Swap does not have a
      short-term credit rating from S&P equal to or higher than S&P's
      Prescribed Rating, it must, at its cost alone:

      (a)  immediately seek to enter into, and enter into by no later than 30
           days after Party A ceases to have S&P's Prescribed Rating, an
           agreement to novate all of its rights and obligations under this
           Agreement as Party A to a replacement swap counterparty which has a
           short-term credit rating from S&P equal to or higher than S&P's
           Prescribed Rating; and

      (b)  until the novation to the replacement swap counterparty referred to
           in (a) above is effective:

           (i)    continue to fulfill its obligations as Party A under this
                  Agreement in accordance with the terms of this Agreement;

           (ii)   upon the expiration of 30 days after becoming aware that it
                  does not have a short-term credit rating from S&P equal to or
                  higher than S&P's Prescribed Rating deposit in the Collateral
                  Account an amount equal to the CCA; and

           (iii)  on each day which is 30 days after a previous payment of the
                  CCA, ensure that an amount has been deposited into the
                  Collateral Account by Party A equal to the CCA (without
                  duplication of any amount previously paid).

      If Party A is unable to effect a transfer in accordance with paragraph
      (a) above within 30 days, or if Party A so elects, it must enter into
      such other arrangements in respect of the Fixed Rate Swap which are
      satisfactory to the Global Trust Manager and which each Current Rating
      Agency confirms will not result in an Adverse Rating Effect.

      Party A may satisfy its obligations following a withdrawal or downgrade
      of a credit rating in any of the above manners as it elects from time to
      time.

      Where Party A transfers its rights and obligations to a replacement swap
      counterparty in accordance with paragraph (a) above, Party B, at the
      direction of the Global Trust Manager, and each other party to this
      Agreement shall do all things necessary at the cost of Party A to novate
      the relevant rights and obligations to the replacement swap
      counterparty.

(3B)  Collateralisation of Party A's Obligations under the Fixed
      Swap (Moody's)

      (a)  If at any time Party A in respect of the Fixed Swap does not have a
           credit rating equal to or higher than the Prescribed Ratings from
           Moody's then on the earlier of:

           (i)    30 days after such downgrade, if and while Party A has a long
                  term credit rating of at least A-2 by Moody's; and

<PAGE>
                                      9

           (ii)   otherwise, 5 days after such downgrade,

           Party A must at its cost alone either:

           (A)  put in place an appropriate mark-to-market collateral
                agreement (consisting of either cash or securities) or which
                may be based on any agreement reached between the parties, in
                support of its obligations under the Agreement, PROVIDED that
                Party A and Party B receive prior written confirmation from
                each Current Rating Agency mentioned above that the rating
                assigned to the Notes then outstanding by each Current Rating
                Agency mentioned above is not adversely affected by the
                downgrade following such collateral arrangements being put in
                place;

           (B)  novate all its rights and obligations with respect to this
                Agreement to a replacement counterparty acceptable to the
                Global Trust Manager, Party B and each Current Rating Agency
                on substantially the same terms as this Agreement; or

           (C)  enter into other arrangements satisfactory to Party B and the
                Global Trust Manager which each Current Rating Agency confirms
                will not result in an Adverse Rating Effect.

      (b)  Party A may satisfy its obligations following a withdrawal or
           downgrade of a credit rating in any of the above manners as it
           elects from time to time.

      (c)  Where Party A transfers its rights and obligations to a replacement
           swap counterparty in accordance with paragraph (a)(B) above, Party
           B, at the direction of the Global Trust Manager, and each other
           party to this Agreement shall do all things necessary at the cost
           of Party A to novate the relevant rights and obligations to the
           replacement swap counterparty.

(3C)  General Collateralisation Provisions

      (a)  If, at any time, Party A's obligations under this Agreement are
           transferred in accordance with any of Parts 5(3A), (3B), (4), (5)
           or (6), Party A shall be, provided that all costs of the transfer
           have been satisfied by Party A, immediately entitled to any
           collateral which it has provided under any of Parts 5(3A), (3B),
           (4), (5) or (6) (less any amount withdrawn in accordance with
           sub-paragraph (b) below).

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

           (i)    transferring obligations under this Agreement in accordance
                  with any of Parts 5(3A), (3B), (4), (5) or (6) (including the
                  costs of obtaining a replacement counterparty);

           (ii)   refunding to Party A any excess in the amount of any
                  collateral deposited to the Collateral Account over the amount
                  Party A is required to maintain under any of Parts 5(3A),
                  (3B), (4), (5) or (6);

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

<PAGE>
                                      10

           (iv)   paying any relevant bank charges, financial institutions duty,
                  bank accounts debit tax or other equivalent Taxes payable in
                  respect of the Collateral Account; or

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

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

      (c)  All interest on the Collateral Account will accrue and be payable
           monthly to Party A providing the amount deposited to the Collateral
           Account is not less than the amount Party A is required to maintain
           under the collateral agreement contemplated by any of Parts 5(3A),
           (3B), (4), (5) or (6).

(4)   Prepayment of Obligations under Basis Swap: If on any Determination
      Date, Party A (in respect of the Basis Swap) does not have a short-term
      credit rating equal to or higher than the Prescribed Rating from any
      Current Rating Agency then Party A (in respect of the Basis Swap) must
      do one of the following:

      (a)  (Prepayment): subject to Part 5(5) and Part 5(6) of this Schedule,
           on the relevant Payment Date next following that Determination Date
           (each a "Prepayment Date") pay to Party B the Net Prepayment Amount
           (if any) for the Interest Period commencing on that Prepayment Date
           by depositing such Net Prepayment Amount into the Collateral
           Account in cleared funds; or

      (b)  (Other arrangements): enter into some other arrangement in respect
           of the Basis Swap which is satisfactory to the Global Trust Manager
           and Party B and which each Current Rating Agency confirms will not
           result in an Adverse Rating Effect.

      Party A may satisfy its obligations following a withdrawal or downgrade
      of a credit rating in any of the above manners as it elects from time to
      time.

(5)   Conditions for Maintaining cash collateral and Net Prepayment Amount in
      Collateral Account:

      (a)  (Conditions for depositing): No amount may be deposited into the
           Collateral Account unless:

           (i)  the Collateral Account is held with an Eligible Bank; or

           (ii) either:

                (A)   the Collateral Account is not held with an Eligible
                      Bank; or

                (B)   the Collateral Account is held with an Eligible Bank
                      which has a short term credit rating by each Current
                      Rating Agency of lower than the Prescribed Ratings from
                      each Current Rating Agency,

                and, in each case, a standby guarantee with an entity rated
                sufficiently by each Current Rating Agency has been entered
                into to support the

<PAGE>
                                      11

                obligations of the entity with whom the Collateral Account is
                held, to repay from, in accordance with normal banking
                practice, moneys deposited and to be deposited into the
                Collateral Account.

      (b) (Transfer of Net Prepayment Amount):

           (i)  (Cannot be deposited): If on any Prepayment Date an amount
                cannot be deposited into the Collateral Account pursuant to
                Part 5(5)(a) of this Schedule, Party B must, at the direction
                of the Global Trust Manager, immediately establish a new
                interest bearing account with an Eligible Bank and deposit the
                amount of each Net Prepayment Amount into the new account
                (and, pending the opening of such new account, deposit such
                amount into the Collections Account).

           (ii) (Cannot continue to be deposited): If any amount has been
                deposited into the Collateral Account, but Party B becomes
                aware that such amount cannot continue to be deposited in the
                Collateral Account pursuant to Part 5(5)(a) of this Schedule,
                Party B must, at the direction of the Global Trust Manager:

                (A)   immediately establish a new interest bearing account
                      with an Eligible Bank and transfer each such amount
                      standing to the credit of the Collateral Account to the
                      new account; and

                (B)   deposit each such amount it receives pursuant to Part
                      5(4)(a) of this Schedule into such new account.

(6) Adjustments to Prepayments under the Basis Swap:

      (a)  (Adjustments when the Variable Rate is less than the Threshold
           Rate): If Party A elects to pay to Party B the Net Prepayment
           Amount on a Prepayment Date pursuant to Part 5(4)(a) and that Net
           Prepayment Amount:

           (i)  exceeds the amount remaining after deducting from the
                Prepayment Adjusted Amount (if any) for that Prepayment Date,
                the amount to be satisfied from it on that Prepayment Date
                pursuant to Section 2(f), then the aggregate amount which
                Party A is liable to pay to Party B into the Collateral
                Account under Part 5(4)(a) is the amount of the excess and
                such amount will be paid as a prepayment of Party A's
                obligations under the Basis Swap; or

           (ii) is less than the amount remaining after deducting from the
                Prepayment Adjusted Amount (if any) for that Prepayment Date,
                the amount to be satisfied from it on that Prepayment Date
                pursuant to Section 2(f), then Party B must pay to Party A the
                amount of the difference from the Collateral Account.

      (b)  (Adjustments where the Variable Rate equals or exceeds the
           Threshold Rate): If, on any Determination Date, Party A has the
           Prescribed Rating from each Current Rating Agency, Party B must pay
           from the Collateral Account to Party A on the next Payment Date the
           amount remaining after deducting from the then Prepayment

<PAGE>
                                      12

           Adjusted Amount (if any) the amount to be satisfied from it on that
           Payment Date pursuant to Section 2(f).

      (c)  (Prepayment): A prepayment by Party A under Part 5(4)(a) or Part
           5(6)(a) will constitute a prepayment of Party A's payment
           obligations (to the extent thereof) in respect of the Basis Swap.

      (d)  (Party A): All references to Party A in this Part 5(6) are to Party
           A in respect of the Basis Swap.

(7)   Reduced Payment

      If, on any Payment Date, the application of an amount from the Total
      Available Income (excluding any net amounts due to be received by Party
      B on that Payment Date under clause 14.4(d) of the Supplemental Deed)
      towards Party B's obligations under the Basis Swap and the Fixed Swap
      for the Collection Period ending immediately prior to that Payment Date
      is insufficient to pay in full the amount due by Party B under the Basis
      Swap and the Fixed Swap (prior to any payment netting under Section 2(c)
      taking effect), then Party B's obligation to make payment on that
      Payment Date is limited to the extent that it has funds available for
      that purpose. Party A's obligations to make any payment under the Basis
      Swap and the Fixed Swap on that Payment Date will be reduced (prior to
      any payment netting under Section 2(c) taking effect) by the same
      proportion as the reduction in Party B's payment obligations in respect
      of the Basis Swap and the Fixed Swap on that Payment Date (prior to any
      payment netting under Section 2(c) taking effect).

(8)   Segregation: Where Party A in respect of the Basis Swap is a different
      entity to Party A in respect of the Fixed Swap, the provisions of this
      Agreement shall have effect separately and severally in respect of the
      Basis Swap and the Fixed Swap and shall be enforceable by Party B as
      though a separate agreement applied between Party A and Party B in
      respect of the Basis Swap and the Fixed Swap, so that (among other
      things):

      (a)  representations made and agreements entered into by the parties
           under this Agreement are made and entered into separately and
           severally by Party A and Party B in respect of each of the Fixed
           Swap and the Basis Swap and may be enforced by Party B against
           Party A separately and severally in respect of each of the Fixed
           Swap and the Basis Swap;

      (b)  rights of termination, and obligations and entitlements consequent
           upon termination, only accrue to Party A against Party B separately
           and severally in respect of each of the Fixed Swap and the Basis
           Swap, and only accrue to Party B against Party A separately and
           severally in respect of each of the Fixed Swap and the Basis Swap;

      (c)  the occurrence of an Event of Default or Termination Event in
           respect of the Fixed Swap does not in itself constitute an Event of
           Default or Termination Event in respect of the Basis Swap; and

      (d)  the occurrence of an Event of Default or Termination Event in
           respect of the Basis Swap does not in itself constitute an Event of
           Default or Termination Event in respect of the Fixed Swap.

(9)   Payment Default: In Section 5, delete Section 5(a)(i) and replace it
      with the following:

<PAGE>
                                      13

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

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

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

                 provided that a failure by Party B to pay Party A any amount
                 due in accordance with clause 2 of the Fixed Swap is not an
                 Event of Default (unless Party B has sufficient funds to pay
                 such amount in accordance with clause 14 of the Supplemental
                 Deed and Party B fails to pay such amount).

(10)  Termination: In Section 6:

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

            "However, if Party A is that other party it must, if so requested
            by the Global Trust Manager, use reasonable efforts (which will not
            require Party A to incur a loss, excluding material incidental
            expenses) to make such a transfer to an Affiliate (as that
            expression is defined in Section 14) provided each Current Rating
            Agency has given prior confirmation to Party A that such a transfer
            will not result in an Adverse Rating Effect.";

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

(11)  Unpaid Amounts: After Section 6(e)(ii), a new Section 6(e)(iii) is
      inserted as follows, Section 6(e)(iii) and 6(e)(iv) are renumbered
      accordingly, and all cross references in the Agreement to Sections
      6(e)(iii) and (iv) are renumbered to the extent necessary:

           "(iii)  Unpaid Amounts. If the Second Method and Loss apply in
                   respect of a Terminated Transaction, in addition to the
                   amounts (if any) payable under Section 6(e)(i)(4) or Section
                   6(e)(ii), an amount will be payable equal to the Termination
                   Currency Equivalent of the Unpaid Amounts owing to Party A
                   less the Termination Currency Equivalent of the Unpaid
                   Amounts owing to Party B. If the amount payable is a
                   positive number, Party B will pay that amount to Party A;
                   if it is a negative number, Party A will pay that amount to
                   Party B. For the purposes of this Section 6(e)(iii), the
                   definition of "Unpaid Amounts" in Section 14 will be
                   construed so that references in that definition to "all
                   Terminated Transactions" and "each Terminated Transaction"
                   are references only to Terminated Transactions in respect
                   of which the Second Method and Loss apply."

(12)  Facsimile Transmission: In Section 12:

      (a)  Replace Section 12(a)(iii) with:

                "(iii)  if sent by facsimile transmission, on the date a
                        transmission report is produced by the machine from
                        which the facsimile was sent which indicates that the
                        facsimile was sent in its entirety to the

<PAGE>
                                      14

                        facsimile number of the recipient notified for the
                        purpose of this Section unless the recipient notifies
                        the sender within one Business Day of the facsimile
                        being sent that the facsimile was not received in its
                        entirety in legible form;"

      (b)  Insert a new paragraph (vi) in Section 12(a) immediately after
           Section 12(a)(v) as follows:

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

(13)  Definitions

      In this Agreement, unless the contrary intention appears:

      (a)  Definitions Schedule and Supplemental Deed: unless defined in this
           Agreement, words and phrases defined in the Definitions Schedule
           and the Supplemental Deed (each in the form as at the date of this
           Agreement) have the same meaning in this Agreement. Where there is
           any inconsistency in a definition between this Agreement (on the
           one hand) and the Definitions Schedule or the Supplemental Deed (on
           the other hand), this Agreement prevails. Where there is any
           inconsistency in a definition between the Definitions Schedule and
           the Supplemental Deed, the Supplemental Deed prevails over the
           Definitions Schedule in respect of the Trust. Where words or
           phrases used but not defined in this Agreement are defined in the
           Definitions Schedule in relation to a Trust (as defined in the
           Definitions Schedule) such words or phrases are to be construed in
           this Agreement, where necessary, as being used only in relation to
           the Trust (as defined in the Supplemental Deed);

      (b)  Interpretation: references to time are references to Melbourne
           time, unless stated otherwise;

      (c)  Trustee Capacity:

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

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

      (d) Definitions: in Section 14:

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

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

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

<PAGE>
                                      15

           (ii)  insert the following new definitions:

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

                 "Basis Swap Amount" means, in relation to a Determination
                 Date and the Collection Period and the Interest Period which
                 relate to that Determination Date, the aggregate Outstanding
                 Principal Balance in relation to all Housing Loans forming
                 part of the Purchased Mortgage Loans being charged a variable
                 rate of interest at the opening of business on the first day
                 of that Collection Period.

                 "Collateral Account" means any account into which collateral
                 is provided by Party A in accordance with this Agreement.

                "CCA" means, in respect of an entity where the entity does not
                have a short term credit rating from S&P equal to or higher
                than S&P's Prescribed Rating in respect of the Fixed Swap, an
                amount at least equal to the greater of:

                (i)    zero;

                (ii)   CR;

                (iii)  1% of the Fixed Swap Amount; or

                (iv)   the net amount (if any) as determined by the Global
                       Trust Manager that is expected to be due by Party A to
                       Party B in respect of the Fixed Swap on the immediately
                       following Payment Date.

                 Where:

                 CR = MTM + VB

                 MTM = the aggregate mark-to-market value (whether positive or
                 negative) of each Transaction in respect of the Fixed Rate
                 Swap determined in accordance with the following paragraph no
                 earlier than 3 Business Days prior to the date that the CCA is
                 deposited in the Collateral Account.

                 Party A must calculate the mark-to-market value of each
                 Transaction in respect of the Fixed Rate Swap by obtaining 2
                 bids from counterparties willing to provide each Transaction
                 in the absence of Party A with ratings acceptable to S&P. The
                 mark-to-market value may be a positive or a negative amount. A
                 bid has a negative value if the payment to be made is from the
                 counterparty to Party A and has a positive value if the
                 payment to be made is from Party A to the counterparty. The
                 mark-to-market value is the higher of the bids (on the basis
                 that any bid of a positive value is higher than any bid of a
                 negative value).

<PAGE>
                                      16

                 VB = the relevant percentage obtained from S&P in accordance
                 with S&P's then current interest rate swap criteria.

                 "Definitions Schedule" means the document entitled "National
                 RMBS Trusts Definitions Schedule" dated 3 January 2001
                 between the parties listed in schedule 1 to that document (as
                 amended from time to time).

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

                 "Fixed Swap Amount" means, in relation to a Determination
                 Date and the Collection Period and the Interest Period which
                 relate to that Determination Date, the aggregate Outstanding
                 Principal Balance in relation to all Housing Loans forming
                 part of the Purchased Mortgage Loans (excluding Housing Loans
                 being charged a variable rate of interest) at the opening of
                 business on the first day of that Collection Period.

                 "Net Prepayment Amount" in relation to the Basis Swap and a
                 Determination Date and the Interest Period commencing on the
                 next Prepayment Date, means the amount determined in
                 accordance with the following formula:

                       NPA = Y x BSA x   n
                                        ---
                                        365

                where:

                NPA  =  the Net Prepayment Amount for that Interest Period;

                Y    =  TR-VR (expressed as a percentage per annum);

                TR   =  the Threshold Rate on that Determination Date;

                VR   =  the Variable Rate on that Determination Date;

                BSA  =  the Basis Swap Amount for that Interest Period; and

                n    =  the actual number of days in that Interest Period,

                such that if the calculation of this amount is less than zero,
                then the Net Prepayment Amount is taken to be equal to zero.

                 "Prepayment Adjusted Amount" means:

                (a)   for the first Prepayment Date, the Net Prepayment Amount
                      paid by Party A in respect of the Basis Swap pursuant to
                      Part 5(4)(a) of this Schedule in relation to the
                      Interest Period commencing on that Prepayment Date; and

<PAGE>
                                      17

                (b)   for each subsequent Prepayment Date, the
                      aggregate balance of the Net Prepayment
                      Amount paid by Party A in respect of the
                      Basis Swap pursuant to Part 5(4)(a) of this
                      Schedule after taking into account any
                      applications and any additional prepayments
                      by, or repayments to, Party A in respect of
                      the Basis Swap pursuant to Part 5(6)(b) of
                      this Schedule.

                "Prescribed Rating" means:

                 (a)  a short term credit rating of A-1 in the case of S&P; or

                 (b)  in the case of the Fixed Swap, a short term credit
                      rating of P-1 or a long term rating of A2 in the case of
                      Moody's and, in relation to the Basis Swap, a short term
                      rating of P-1 in the case of Moody's.

                 "Supplemental Deed" means the deed entitled "National RMBS
                 Trust 2004-1 Supplemental Deed" dated on or about the date of
                 this Agreement between Party A, Party B, the Global Trust
                 Manager and others.

                 "Trust" means the National RMBS Trust 2004-1 constituted by
                 the Master Trust Deed and a notice of creation of trust.

                "Variable Rate" in relation to a Determination Date means the
                 rate then equal to the weighted average of the variable rates
                 charged in respect of the Housing Loans forming part of the
                 Purchased Mortgage Loans at the close of business on the last
                 day of the Collection Period just ended.

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

      (g)  Inconsistency: Unless specified otherwise, in the event of any
           inconsistency between any two or more of the following documents in
           respect of a Transaction they will take precedence over each other
           in the following order in respect of that Transaction:

           (i)    any Confirmation;

           (ii)   this Agreement;

           (iii)  the Supplemental Deed;

           (iv)   the Definitions Schedule; and

           (v)    the 2000 ISDA Definitions.

      (h) Swap Transaction: Any reference to a:

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

<PAGE>
                                      18

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

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

      (j)  Clause 14 of the Supplemental Deed: Party B agrees that it will not
           consent to an amendment to clause 14 of the Supplemental Deed
           without the prior consent if Party A.

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

      "15. Party B's Limitation of Liability

           Clause 2 of the Definitions Schedule (as at the date of this
           Agreement) applies to this Agreement as if set out in full in it
           (with any consequential changes as are necessary to give effect to
           that clause in this Agreement).

(15)  Send Information: Insert the following new Section 16 after Section 15:

      "16  Send Information

           On each Determination Date the Global Trust Manager will send to
           each Current Rating Agency such information in the possession of
           the Global Trust Manager as each Current Rating Agency reasonably
           requires in relation to the Basis Swap, the Fixed Swap and any
           other matters in connection with this Agreement."

(1)   Notes Repaid:  Insert the following new Section 17 after
      Section 16:

      "17  Notes Repaid

           If the Invested Amount in respect of all Notes has been repaid, or
           all Notes are deemed under the Transaction Documents to have been
           redeemed in full, then the obligations (if any) of Party A in
           respect of the Basis Swap under Part 5(4)(a) and Part 5(7) of the
           Schedule cease and Party B must repay to Party A in respect of the
           Basis Swap any remaining prepayments made pursuant to those
           provisions, together with any collateral provided by Party A to
           Party B."

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

<PAGE>
                                      19

(18)  Derivative Contract: The parties acknowledge and agree that for the
      purposes of the Transaction Documents this Agreement is a Derivative
      Contract.

(19)  Procedures for Entering into Transactions

      (a)  With respect to each Transaction entered into pursuant to this
           Agreement and for the purposes of Section 9(e)(ii), Party A will,
           by or promptly after the relevant Trade Date, send:

      (i)  Party B and the Global Trust Manager a Confirmation substantially
           in the form set out in Annexure 1 (or in such other form as may be
           agreed between Party A, Party B and the Global Trust Manager), and
           Party B and the Global Trust Manager must promptly then confirm the
           accuracy of and sign and return, or request the correction of, such
           Confirmation; and

           (ii)  Party B and the Global Trust Manager a Confirmation
                 substantially in the form set out in Annexure 2 (or in such
                 other form as may be agreed between Party A, Party B and the
                 Global Trust Manager), and Party B and the Global Trust
                 Manager must promptly then confirm the accuracy of and sign
                 and return, or request the correction of, such Confirmation;
                 and

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

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

(2)   Recorded Conversations: Each party:

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

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

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

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

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

<PAGE>
                                      20

(23)  Amendments to this Agreement: The Global Trust Manager must give 10
      Business Days' notice in writing to each Current Rating Agency of any
      amendments to this Agreement.

(24)  Global Trust Manager's Undertaking: The Global Trust Manager, Party A
      and Party B undertake to comply with their respective obligations under
      the Supplemental Deed and the other Transaction Documents for the Trust.
      For the avoidance of doubt, the parties acknowledge and agree that the
      failure by Party B, the Global Trust Manager or Party A to comply with
      this undertaking will not give rise to an Event of Default under this
      Agreement.

(25)  Appointment of Global Trust Manager: Party A acknowledges that, under
      the Master Trust Deed, Party B has appointed the Global Trust Manager as
      Global Trust Manager of the Trust, with the powers set out in, and upon
      and subject to the terms of the Master Trust Deed.

Part 6 - Securitisation Provisions

(a)   Inconsistency. In the event of any inconsistency between the provisions
      of this Part 6 and any other provision of this Agreement, the provisions
      of this Part 6 will prevail.

(b)   Deduction or withholding for tax. Section 2 of the agreement is amended
      as follows:

      (i)   In Section 2(d)(ii)(1) the following words are deleted where they
            appear:

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

      (ii)  Section 2(d)(i)(4) is deleted in its entirety.

(c)   Events of Default and Termination Events.

      The  following provisions of Section 5 will not apply to either Party A
           or Party B:

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

(d)   Transfer.

      (i)  A new paragraph (c) is added to Section 7 as follows:

           "a party may make such a transfer under, or in accordance with, the
           Master Security Trust Deed."

      and replace the "." at the end of Section 7(b) with "; and".

<PAGE>
                                      21

      (ii) The following sentence is added to Section 7 immediately before the
           last sentence in Section 7:

           "Any transfer in accordance with this Section 7 must be to a party
           with a rating acceptable to each Current Rating Agency and be
           notified to each Current Rating Agency by the party making the
           transfer."

(e) Role and liability of Global Trust Manager.

      Party A acknowledges that the Global Trust Manager will perform the day
      to day management of the Trust on the terms and conditions of the Master
      Trust Deed.

      Notwithstanding any other provision of this Agreement, the Global Trust
      Manager is not liable:

      (i)    in connection with anything done by it in good faith and without
             negligence in reliance upon any document, form or list except where
             it is actually aware that the document, form or list is not
             genuine;

      (ii)   if it fails to do anything because it is prevented or hindered from
             doing it by law or order;

      (iii)  to anyone for payments made by it in good faith to a fiscal
             authority in connection with Taxes (including Taxes assessed on the
             income of the Trust) or other charges in respect of a Trust even if
             the payment need not have been made;

      (iv)   if a person fails to carry out an agreement with the Global Trust
             Manager in connection with the Trust; or

      (v)    to anyone because of any error of law or any matter done or omitted
             to be done by it in good faith in the event of the liquidation or
             dissolution of a company (other than a company under its control),

      except to the extent that any of the foregoing is caused by the Global
      Trust Manager's own gross negligence, fraud or wilful default.

      The Global Trust Manager personally is not a "party" (as that term is
      used in Section 2(a)(i) of the Master Agreement) under the Agreement for
      the purposes of determining the obligations, representations and
      undertakings of each "party" to it.

(f)   Appointment of attorney by Party B. Party B hereby exclusively appoints
      the Global Trust Manager as its attorney to act on Party B's behalf and
      exercise all rights and powers of Party B with respect to this
      Agreement. Without limiting the generality of the foregoing, the Global
      Trust Manager may issue and receive on behalf of Party B all notices,
      certificates and other communications to or by Party A, under this
      Agreement until such time as Party B serves written notice on Party A of
      the revocation of the Global Trust Manager's authority to act on behalf
      of Party B in accordance with this Part 6(f) of the Schedule.

<PAGE>
                                      22

                                  ANNEXURE 1

                FORM OF CONFIRMATION FOR BASIS SWAP
                 - National RMBS Trust 2004-1 ("Trust")

28 September 2004

<TABLE>
<CAPTION>
<S>     <C>                                   <C>
To:     Perpetual Trustee Company Limited     National Global MBS Manager, Pty Ltd.
        Level 8                               Level 24
        9 Castlereagh Street                  500 Bourke Street
        Sydney  NSW  2000                     Melbourne   VIC   3000

        Attention: Manager, Securitisation    Attention: Manager, Group Funding
</TABLE>

SWAP CONFIRMATION - BASIS SWAP

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

This Confirmation supplements, forms part of, and is subject to, the 1992 ISDA
Master Agreement dated as of 28 September 2004, as amended, novated or
supplemented from time to time ("Agreement"), between National Australia Bank
Limited (ABN 12 004 044 937) ("Party A"), Perpetual Trustee Company Limited,
(ABN 42 000 001 007) as trustee of the Trust ("Party B") and National Global
MBS Manager Pty Ltd (ABN 36 102 668 226) ("Global Trust Manager"). All
provisions contained in the Agreement govern this Confirmation except as
expressly modified below.

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

Trade Date:                  28 September 2004

Effective Date:              28 September 2004

Termination Date:            Means the earlier of:

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

                             (b)   the Final Termination Date; and

                             (c)   the Payment Date falling in March 2034,

                             subject to the Following Business Day Convention.

Notional Amount:             With respect to each Interest Period just ended,
                             means the Basis Swap Amount for that Interest
                             Period.

Floating Administered        Party B
Rate Payer:

<PAGE>
                                      23

Floating Administered        Each Payment Date
Rate Payer Payment
Dates:

Floating Rate Option:        The weighted average of the weighted average
                             interest rates for all Housing Loans comprising
                             part of the Purchased Mortgage Loans being
                             charged a variable rate of interest during the
                             Collection Period which relates to the relevant
                             Interest Period, as calculated by the Global
                             Trust Manager on the first and the last day of
                             that Collection Period.

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

Floating BBSW Amounts:

Floating BBSW Rate Payer:    Party A

Floating BBSW Rate Payer     Each Payment Date
Payment Dates:

Payment Dates:

Floating Rate Option:        Bank Bill Rate

Spread:                      1.35% per annum..

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

Reset Dates:                 The first day of each Interest Period.

Business Day:                Melbourne, Sydney, New York and London provided
                             that day is also a TARGET Settlement Date

Business Day Convention:     Following

Calculation Agent:           The Global Trust Manager

Account Details
Instruction:

Account for payments to      As advised
Party A:

Account for payments to      As advised
Party B:

Other Provisions:            The Transaction to which this Confirmation
                             relates is a Basis Swap for the purposes of the
                             Agreement.

<PAGE>
                                      24

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

Executed documents will follow by mail.

Yours sincerely

SIGNED for and on behalf of           SIGNED for and on behalf of
PERPETUAL TRUSTEE COMPANY             NATIONAL AUSTRALIA BANK
LIMITED (ABN 42 000 001 007) as       LIMITED (ABN 12 004 044 937)
trustee of the National RMBS
Trust 2004-1

By:                                   By:
      /s/ Kate Hamblin                       /s/ Michael White
      ----------------------------           -----------------------------
      (Authorised Person)                    (Authorised Person)

Name: Kate Hamblin                    Name:  Michael White
      -----------------------------          -----------------------------

Title: Manager                        Title: Manager Group Funding
      -----------------------------          -----------------------------

SIGNED for and on behalf of
NATIONAL GLOBAL MBS MANAGER PTY LTD

By:   /s/ Michael White
      -------------------------------
      (Authorised Person)

Name: Michael White
      -----------------------------

Title: Manager Group Funding
      -----------------------------

<PAGE>
                                      25

                                  ANNEXURE 2

                      FORM OF CONFIRMATION FOR FIXED SWAP
                     National RMBS Trust 2004-1 ("Trust")

28 September 2004

<TABLE>
<CAPTION>
<S>     <C>                                   <C>
To:     Perpetual Trustee Company Limited     National Global MBS Manager, Pty Ltd.
        Level 8                               Level 24
        9 Castlereagh Street                  500 Bourke Street
        Sydney  NSW  2000                     Melbourne   VIC   3000

        Attention: Manager, Securitisation    Attention: Manager, Group Funding
</TABLE>

SWAP CONFIRMATION - FIXED SWAP

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

This Confirmation supplements, forms part of, and is subject to, the 1992 ISDA
Master Agreement dated as of 28 September 2004, as amended, novated or
supplemented from time to time ("Agreement"), between National Australia Bank
Limited, (ABN 12 004 044 937) ("Party A"), Perpetual Trustee Company Limited
(ABN 42 000 001 007) as trustee of the Trust ("Party B") and National Global
MBS Manager Pty Ltd (ABN 36 102 668 226) ("Global Trust Manager"). All
provisions contained in the Agreement govern this Confirmation except as
expressly modified below.

1     The Transaction

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

Trade Date:                  28 September 2004

Effective Date:              28 September 2004

Termination Date:            Means the earlier of:

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

                             (b)   the Final Termination Date; and

<PAGE>
                                      26

                             (c)   the Payment Date falling in March 2034,

                             subject to the Following Business Day Convention.

Notional Amount:             With respect to each Interest Period just ended,
                             means the Fixed Swap Amount for that Interest
                             Period.

Fixed Amounts:

Fixed Rate Payer:            Party B

Fixed Rate Payer Payment     Each Payment Date
Dates:

Fixed Rate:                  The weighted average of the weighted average
                             interest rates for all Housing Loans comprising
                             part of the Purchased Mortgage Loans being
                             charged a fixed rate of interest during the
                             Collection Period that relates to the relevant
                             Interest Period, as calculated by the Global
                             Trust Manager on the first day and the last day
                             of that Collection Period.

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

Floating Amounts:

Floating Rate Payer:         Party A

Floating Rate Payer          Each Payment Date
Payment Dates:

Floating Rate Option:        Bank Bill Rate

Spread:                      1.39% per annum.

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

Reset Dates:                 The first day of each Interest Period.

Business Day:                Melbourne, Sydney, New York and London provided
                             that day is also a TARGET Settlement Date

Business Day Convention:     Following

Calculation Agent:           The Global Trust Manager

Account Details
Instruction:

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                                      27

Account for payments to      As advised
Party A

Account for payments to      As advised
Party B

Other Provisions:            The Transaction to which this Confirmation
                             relates is a Fixed Swap for the purposes of the
                             Agreement.

2     Break Amounts

(a)   On each Payment Date Party B agrees to pay to Party A the Total Break
      Amount but only if it is positive.

(b)   Any amount payable under paragraph (a) is not to be netted in accordance
      with Section 2(c).

(c)   Nothing in this clause 2 is to be taken to result in this Transaction
      actually being terminated at any time as a result of calculations
      required under this clause.

(d)   Party A is to be the sole Calculation Agent for the purpose of
      calculations required under the definition of Break Amount but must make
      these calculations on the assumption that there are two Affected
      Parties.

(e)   In this clause:

      "Break Amount" means, in respect of a Fixed Interest Rate Loan that is
      subject to a Prepayment Date, the amount, if any, that would be payable
      by one party to the other under Section 6(e)(ii)(2) on the following
      assumptions:

      (i)    the event giving rise to the Prepayment Date is an Additional
             Termination Event in respect of this Transaction and that both
             parties are Affected Parties;

      (ii)   the Prepayment Date is an Early Termination Date of this
             Transaction;

      (iii)  the Notional Amount of this Transaction the subject of the Early
             Termination Date equals the Prepayment Amount applicable to the
             Prepayment Date;

      (iv)   Loss is the applicable payment measure.

      A Break Amount payable by Party B is to be expressed as a positive number.

      "Prepayment Amount" means, in respect of a Fixed Interest Rate Loan and
      a Prepayment Date, the amount of that loan prepaid or required to be
      repaid on that Prepayment Date.

      "Prepayment Date" means, in respect of a Fixed Interest Rate Loan, the
      date on which it is terminated or prepaid for any reason before its
      scheduled maturity date.

      "Total Break Amount" in respect of a Payment Date means the sum of each
      Break Amount calculated in respect of the Prepayment Dates occurring
      during the Collection Period ending immediately before that Payment
      Date.

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

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                                      28

Executed documents will follow by mail.

Yours sincerely

SIGNED for and on behalf of            SIGNED for and on behalf of
PERPETUAL TRUSTEE COMPANY              NATIONAL AUSTRALIA BANK
LIMITED (ABN 42 000 001 007) as        LIMITED (ABN 12 004 044 937)
trustee of the National RMBS
Trust 2004-1

By:   /s/ Kate Hamblin                By:   /s/ Michael White
      -----------------------------         -----------------------------
      (Authorised Person)                   (Authorised Person)

Name: Kate Hamblin                    Name: Michael White
      -----------------------------         -----------------------------

Title: Manager                        Title: Manager Group Funding
      -----------------------------         -----------------------------

SIGNED for and on behalf of
NATIONAL GLOBAL MBS MANAGER PTY
LTD

By:   /s/ Michael White
      -------------------------------
(Authorised Person)

Name: Michael White
      -----------------------------

Title: Manager Group Funding
      -----------------------------

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                                      29
EXECUTION PAGES FOR ISDA MASTER AGREEMENT AND SCHEDULE

SIGNED by Michael White        )
as attorney for NATIONAL       )
AUSTRALIA BANK LIMITED under   )
power of attorney dated 13     )
September 2004                 )
                               )
in the presence of:            )
                               )
/s/ Jason Elphick              )
-------------------------------)
Signature of witness           )
                               )
Jason Elphick                  )
-------------------------------)
Name of witness (block         )
      letters)                 )     /s/ Michael White
                               )     ----------------------------
                                     By executing this agreement
-------------------------------)     the attorney states that
Address of witness             )     the attorney has received
                               )     no notice of revocation of
-------------------------------)     the power of attorney
Occupation of witness

SIGNED by Kate Hamblin         )
as attorney for PERPETUAL      )
TRUSTEE COMPANY LIMITED under  )
power of attorney dated        )
                               )
                               )
in the presence of:            )
                               )
/s/ Ian Edmonds-Wilson         )
-------------------------------)
Signature of witness           )
                               )
Ian Edmonds-Wilson             )
-------------------------------)
Name of witness (block         )
      letters)                 )     /s/ Kate Hamblin
                                     --------------------------------------
                               )     By executing this agreement
-------------------------------)     the attorney states that
Address of witness             )     the attorney has received
                               )     no notice of revocation of
-------------------------------)     the power of attorney
Occupation of witness

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                                      30

SIGNED by Michael White as     )
attorney for NATIONAL GLOBAL   )
MBS MANAGER PTY LTD under      )
power of attorney dated 21     )
September 2004                 )
                               )
-------------------------------)
in the presence of:            )
                               )
/s/ Jason Elphick              )
Signature of witness           )
                               )
Jason Elphick                  )     /s/ Michael White
-------------------------------)     -----------------------------
Name of witness (block         )     By executing this agreement
      letters)                 )     the attorney states that
                               )     the attorney has received
-------------------------------)     no notice of revocation of
Address of witness             )     the power of attorney

-------------------------------
Occupation of witness

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