Document:

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                                                                    Exhibit 10.1

                      -------------------------------------
                      DATED                            2000

                              MASTER SERVICER DEED
                            KINGFISHER MASTER TRUSTS

                             ANZ CAPEL COURT LIMITED
                                ("TRUST MANAGER")
                        PERPETUAL TRUSTEE COMPANY LIMITED
                                   ("TRUSTEE")
                        AUSTRALIA AND NEW ZEALAND BANKING
                                  GROUP LIMITED
                                  ("SERVICER")

                            MALLESONS STEPHEN JAQUES
                                   Solicitors

                                    Level 60
                             Governor Phillip Tower
                                 1 Farrer Place
                                 Sydney NSW 2000
                           Telephone (61 2) 9296 2000
                           Facsimile (61 2) 9296 3999
                              Email syd@msj.com.au
                                  DX 113 Sydney
                                 Ref: MTG:BC:SRF

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CONTENTS               MASTER SERVICER DEED
                       KINGFISHER MASTER TRUSTS

===============================================================================
                       1    PART A - INTERPRETATION                          1

                       2    SERVICING OF RECEIVABLES AND GENERAL SERVICER
                            COVENANTS                                        2

                       3    SERVICER DEFAULT AND RETIREMENT OF SERVICER      6

                       4    SERVICER'S LIABILITY                             7

                       5    REMUNERATION AND EXPENSES                        8

                       6    PAYMENTS                                         8

                       7    NOTICES                                          9

                       8    AMENDMENTS TO THIS DEED                         10

                       9    GOVERNING LAW                                   10

                       10   LIMITED RECOURSE                                11

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                        MASTER SERVICER DEED
                        KINGFISHER MASTER TRUSTS

DATE:                                                          2000

PARTIES:                ANZ CAPEL COURT LIMITED (ABN 30 004 768 807) having
                        its registered office at Level 10, 530 Collins Street,
                        Melbourne ("TRUST MANAGER")

                        PERPETUAL TRUSTEE COMPANY LIMITED (ABN 42 000 001 007)
                        having an office at Level 7, 39 Hunter Street, Sydney
                        ("TRUSTEE") AUSTRALIA AND NEW ZEALAND BANKING GROUP
                        LIMITED (ABN 11 005 357 522) having its registered
                        office at Level 6, 100 Queen Street, Melbourne
                        ("SERVICER")

OPERATIVE PROVISIONS:

1     PART A - INTERPRETATION

      DEFINITIONS AND INTERPRETATION
================================================================================
DEFINITIONS

                  1.1   The following terms have the meaning set out below
                        unless the context otherwise requires:

                        DEFINITIONS SCHEDULE means the agreement called
                        "Kingfisher Master Trusts Master Definitions Schedule"
                        dated 1 August 2000 and made between the Trustee, the
                        Trust Manager and P.T. Limited (ABN 67 004 454 666) as
                        the Security Trustee.

                        RELEVANT TRUST means a Trust in relation to which the
                        Servicer has been appointed, and has agreed to act, as
                        Servicer under clause 2.1 and the Supplemental Deed for
                        that Trust.

INTERPRETATION

                  1.2   Except to the extent to which words and phrases are
                        otherwise defined in this deed, words and phrases
                        defined in the Definitions Schedule shall bear the same
                        meaning in this deed. In the event of any inconsistency
                        between a definition in this deed and a definition in
                        the Definitions Schedule, the definitions in this deed
                        will prevail. Any amendment to the Definitions Schedule
                        will only apply to this deed if that amendment has been
                        made in accordance with the Master Trust Deed.

                  1.3   Clauses 1.2, 1.3, 1.4 and 1.5 of the Definitions
                        Schedule are incorporated in this deed as though they
                        were set out in full in it, with references to
                        "agreement" being construed as references to "deed".

                  1.4   A Supplemental Deed may specify provisions which are to
                        apply to the Trust constituted under the relevant Notice
                        of Creation of Trust in addition to, in place of, or by
                        way of amendment to the provisions of

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                        this deed. Any such additions, replacements or
                        amendments apply only to the Trust named in the
                        Supplemental Deed. In the event of any inconsistency
                        between any provision of this deed and any provision of
                        the relevant Supplemental Deed, the Supplemental Deed
                        will prevail for the purposes of that Trust.

PART B - SERVICING

2     SERVICING OF RECEIVABLES AND GENERAL SERVICER COVENANTS

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APPOINTMENT OF SERVICER

                  2.1   The Trustee appoints the Servicer to act as servicer to
                        service and administer the Receivables and the Related
                        Securities of each Relevant Trust upon and subject to
                        the terms of the Transaction Documents in relation to
                        which the Servicer is specified as, and agreed to act
                        as, the Servicer in the relevant Supplemental Deed. By
                        executing a Supplemental Deed, the Servicer shall be
                        taken to have accepted that appointment, and agreed to
                        perform the role of Servicer in relation to that
                        Relevant Trust in accordance with this deed and the
                        relevant Supplemental Deed.

                  2.2   The appointment of the Servicer under clause 2.1 in
                        respect of a Relevant Trust may apply in relation to:

                        (a)   Receivables and Related Securities which are
                              originated and entered into by the Trustee, under
                              the terms of an Origination and Management Deed;
                              and

                        (b)   Receivables and Related Securities which are
                              acquired by the Trustee from a Seller in
                              accordance with the Master Trust Deed.

DELEGATION BY THE SERVICER

                  2.3   The Servicer has the power to delegate or subcontract in
                        relation to some or all of its obligations under this
                        deed to an Originator by entering into an Origination
                        and Management Deed or such other agreement.

                        Despite any delegation, the Servicer remains liable for
                        the origination and servicing of the Receivables and the
                        Related Securities in respect of a Relevant Trust in
                        accordance with the Transaction Documents. The Servicer
                        must select and supervise each Originator with due care.

SERVICER'S OBLIGATIONS

                  2.4   The Servicer must service the Receivables and Related
                        Securities of each Relevant Trust and otherwise carry
                        out and perform its duties and obligations under the
                        Transaction Documents:

                        (a)   in accordance with all applicable laws; and

                        (b)   in a proper and businesslike manner; and

                        (c)   subject to paragraph (a) above, in accordance with
                              the Servicing Procedures; and
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                        (d)   to the extent not covered in the Transaction
                              Documents or the Servicing Procedures, in
                              accordance with the standards and practices of a
                              prudent lender having regard to the assets of the
                              Relevant Trust.

                        No other provision of this clause 2 limits the
                        obligations of the Servicer in this clause 2.4.

                  2.5   Except in accordance with the terms of the relevant
                        Supplemental Deed (whether or not at the direction of
                        the Trust Manager), neither the Trustee nor the Trust
                        Manager is entitled to exercise any servicing functions
                        in connection with any Receivable or Related Security
                        unless it is acting as Servicer.

SERVICER AGREES TO PERFORM DUTIES

                  2.6   The Servicer agrees to carry out and perform its duties
                        and obligations contained in this deed in respect of the
                        Receivables and Related Securities of a Relevant Trust
                        until the earlier of:

                        (a)   the date of its retirement or removal as Servicer
                              in accordance with this deed or the relevant
                              Supplemental Deed; and

                        (b)   the date upon which the Relevant Trust is
                              terminated.

GENERAL SERVICER COVENANTS

                  2.7   The Servicer covenants with the Trustee and the Trust
                        Manager that it will at all times during the term of its
                        appointment in respect of each Relevant Trust:

                        (a)   recommend to the Trustee or such other Custodian
                              or sub-servicer (as the case may be) whether or
                              not to take action (including the type of action
                              to be taken) or to incur such expense to protect
                              or enforce the terms of any Receivable and Related
                              Security forming part of the Assets of the
                              Relevant Trust or otherwise exercise any rights
                              conferred under documentation or at law in
                              relation to the Receivable and Related Security
                              and take such action and incur such expenses as
                              are necessary for such protection, enforcement or
                              exercise of rights as approved by the Trustee;

                        (b)   set the interest rate charged (if that rate is a
                              variable rate) on or any fees payable in respect
                              of each Receivable of the Relevant Trust on the
                              instructions of the Trust Manager;

                        (c)   prepare and collate all reasonably necessary
                              performance statistics of the Receivables and
                              Related Securities for the Relevant Trust;

                        (d)   provide to the Trustee and the Trust Manager
                              promptly from time to time such information,
                              documents, records, reports or other information
                              relating to the Receivables and Related Securities
                              of the Relevant Trust or the operations of the
                              Servicer as may be reasonably requested by either
                              of them;

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                        (e)   subject to the terms of the relevant Supplemental
                              Deed, on behalf of the Trustee, collect all
                              Collections received by it in respect of each
                              Receivable and Related Security of the Relevant
                              Trust and remit any such Collections received by
                              the Servicer to the relevant Collection Account
                              (or sub accounts of that account) on or before the
                              Payment Date relating to that Collection Period in
                              the manner required by the relevant Supplemental
                              Deed;

                        (f)   maintain any loan account in respect of any
                              Receivable of the Relevant Trust and give all
                              notices, documents or statement required to be
                              given under the Servicing Procedures to the
                              relevant Debtor or Security Provider;

                        (g)   with respect to any Mortgage Insurance Policies:

                              (i)   promptly prepare and assist the Trustee to
                                    the extent it is able to make claims under
                                    Mortgage Insurance Policies when the
                                    Trustee is entitled to do so or at the
                                    request of the Trustee;

                              (ii)  not, without the consent of the Trustee, do
                                    anything which could reasonably be expected
                                    to materially adversely affect or limit the
                                    rights of the Trustee, under or in respect
                                    of Mortgage Insurance Policies to the extent
                                    those rights relate to a those Receivables;
                                    and

                              (iii) comply with, and to the extent it is able
                                    ensure that, all requirements and conditions
                                    of the Mortgage Insurance Policies are
                                    complied with;

                        (h)   not, without the consent of the Security Trustee,
                              consent to the creation or existence of a Security
                              Interest in the Receivables and Related Securities
                              of the Relevant Trust to a third party, except as
                              contemplated by the Transaction Documents;

                        (i)   electronically identify all Receivables and
                              Related Securities of the Relevant Trust in its
                              electronic database in order to identify the
                              Collections and other relevant cashflows in
                              respect of the Receivables and Related Securities;

                        (j)   except as required by law, the Servicing
                              Procedures and the terms of the relevant
                              Receivable or Related Security, not without the
                              consent of the Trustee:

                              (i)   release the Debtor from any amount owing in
                                    respect of a Receivable of the Relevant
                                    Trust or otherwise vary or discharge any
                                    such Receivable or Related Security; or

                              (ii)  enter into any agreement or arrangement
                                    which has the effect of altering the amount
                                    payable in respect of a

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                                    Receivable of the Relevant Trust where to
                                    do so would have a Material Adverse Effect;

                        (k)   except as approved by the relevant Mortgage
                              Insurer (if applicable or under a Binding
                              Provision or an order, decision, finding, judgment
                              or determination of a Competent Authority) and the
                              Trustee of the Relevant Trust, not grant any
                              extension of the maturity of a Receivable of the
                              Relevant Trust or, except as otherwise required by
                              law, allow any reduced payment that would result
                              in such extension;

                        (l)   notify the Trustee and the Trust Manager of:

                              (i)   the occurrence of any event which it
                                    reasonably believes is likely to have a
                                    Material Adverse Effect; and

                              (ii)  the occurrence of a Servicer Default,

                              promptly after becoming aware of such event;

                        (m)   perform any obligations imposed upon the Servicer
                              under a relevant Supplemental Deed or as otherwise
                              agreed between the Trustee, the Trust Manager and
                              the Servicer;

                        (n)   recommend to the Trustee the course of action to
                              be taken if requested by a Debtor to grant any
                              extension of time at maturity in relation to, vary
                              or release any Receivable or Related Security of a
                              Relevant Trust; and

                        (o)   maintain all authorisations, licences, permits,
                              approvals and other registrations as may be
                              required under any applicable legislation to act
                              as servicer of the Receivables and the Related
                              Securities.

SERVICER'S STATEMENT

                  2.8   On each Determination Date, in respect of each Relevant
                        Trust, the Servicer will prepare and submit to the Trust
                        Manager a statement ("SERVICER'S STATEMENT") setting out
                        certain agreed information with respect to the
                        Receivables and Related Securities of the Relevant Trust
                        for the most recent Collection Period.

                        The required contents of the Servicer's Statement may be
                        specified in the Supplemental Deed for each Relevant
                        Trust or otherwise agreed between the Trust Manager and
                        the Servicer.

APPROVAL OF ENFORCEMENT

                  2.9   The Trustee agrees to approve all recommendations made
                        by the Servicer under clause 2.7 that are in accordance
                        with the Servicing Procedures.

                  2.10  The Servicer may, on behalf of the Trustee, provide
                        information in relation to Debtors and Security
                        Providers (including, without limitation, information
                        which may be subject to statutory or general law duties
                        of confidentiality or privacy) to other persons for the

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                        purpose of the Servicer fulfilling its obligations as
                        Servicer or the obligations of the Trustee in relation
                        to the Receivables and the Related Securities.

3     SERVICER DEFAULT AND RETIREMENT OF SERVICER

================================================================================
SERVICER DEFAULT

                  3.1   A Servicer Default occurs in respect of a Relevant Trust
                        if:

                        (a)   the Servicer fails to remit, or pay, any amount
                              due under the Transaction Documents in respect of
                              the Relevant Trust within 15 days of receipt of a
                              notice from either the Trustee or the Trust
                              Manager to do so;

                        (b)   the Servicer fails to prepare and submit to the
                              Trustee or the Trust Manager in a timely and
                              accurate fashion any information so required under
                              the Transaction Documents in respect of the
                              Relevant Trust and such failure will have a
                              Material Adverse Effect and, if capable of remedy,
                              is not remedied within 30 days of notice delivered
                              to the Servicer by the Trustee or the Trust
                              Manager;

                        (c)   an Insolvency Event occurs in respect of the
                              Servicer;

                        (d)   the Servicer fails to observe or perform any term,
                              covenant, condition or obligation provided for in
                              the Transaction Documents in respect of the
                              Relevant Trust (other than those referred to in
                              clause 3.1(a) and (b)), where such failure has a
                              Material Adverse Effect and continues unremedied
                              for 30 days after notice delivered to the Servicer
                              by the Trustee or the Trust Manager (or such
                              longer period as may be agreed between the
                              Servicer and the Trustee).

                        The Trustee may at its discretion waive any Servicer
                        Default. The Trust Manager must notify the Trustee upon
                        the Trust Manager becoming actually aware of any
                        Servicer Default.

TERMINATION OF SERVICER'S APPOINTMENT AND TRANSFER OF SERVICING OBLIGATIONS

                  3.2   Upon the occurrence of a Servicer Default, the Trustee
                        may immediately by notice to the Servicer remove the
                        Servicer as servicer in respect of the Relevant Trust
                        under the Transaction Documents and terminate all of the
                        Servicer's rights and obligations under the Transaction
                        Documents (including in relation to any Purchased
                        Receivables) for that Trust.

VOLUNTARY RETIREMENT OF SERVICER

                  3.3   A Servicer may retire as Servicer with the consent of
                        the Trustee. The Servicer must give to the Trustee 3
                        months' notice in writing of its intention to retire or
                        such lesser time as the Servicer and the Trustee agree.
                        Upon the removal or retirement of the Servicer, the
                        Trustee must give notice to the Designated Rating Agency
                        (if any) and use all reasonable endeavours to appoint a
                        replacement servicer (in this clause

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                        3, the "SUBSTITUTE SERVICER") provided that the
                        appointment of such Substitute Servicer will not result
                        in an Adverse Rating Effect.

SUBSTITUTE SERVICER

                  3.4   The purported appointment of a Substitute Servicer has
                        no effect until the Substitute Servicer executes a deed
                        with the Trustee and the Trust Manager under which it
                        covenants to act as Servicer in accordance with this
                        deed and the other Transaction Documents.

TRUSTEE ACT AS SERVICER

                  3.5   Until the appointment of the Substitute Servicer is
                        complete, the Trustee must act as Servicer. The Trustee
                        is entitled to receive the fee payable in accordance
                        with clause 5.1 for the period during which the Trustee
                        so acts.

TRUSTEE MAY GIVE DISCHARGES

                  3.6   The Trustee may settle with a Servicer the amount of any
                        sums payable by that Servicer to the Trustee or by the
                        Trustee to that Servicer, in either case in respect of
                        one or more Relevant Trusts, and may give to, or accept
                        from, that Servicer a discharge in respect of those sums
                        which will be conclusive and binding as between the
                        Trustee and that Servicer, as between that Servicer and
                        the Unitholders and as between the Servicer and the
                        relevant Secured Creditors.

SERVICER MAY ACCEPT PAYMENT

                  3.7   A Servicer may accept a payment or benefit in connection
                        with its retirement or removal from the Substitute
                        Servicer. A Servicer is also entitled to receive
                        payments or benefits which have accrued to that Servicer
                        under this deed prior to the date of that Servicer's
                        retirement or removal from office.

SERVICER AND TRUST MANAGER TO PROVIDE FULL CO-OPERATION

                  3.8   A Servicer and the Trust Manager agree to provide their
                        full co-operation in the event of a transfer of the
                        functions of that Servicer. Subject to all applicable
                        privacy legislation, the Servicer and the Trust Manager
                        must provide the Substitute Servicer with copies of all
                        paper and electronic files, information and other
                        materials which the Trust Manager has retained and has
                        in its possession as the Trustee or the Substitute
                        Servicer may reasonably request as soon as practicable
                        (and, in any event within ten Business Days) after the
                        removal or retirement of the Servicer in accordance with
                        this clause.

4     SERVICER'S LIABILITY

================================================================================
NO LIABILITY

                  4.1   A Servicer is not liable for any loss suffered by a
                        Secured Creditor or a Unitholder except to the extent
                        that such loss may be caused by a breach by the Servicer
                        of its obligations under this deed or the relevant
                        Supplemental Deed in respect of the Relevant Trust.

INDEMNITY

                  4.2   The Servicer indemnifies the Trustee in respect of a
                        Relevant Trust in respect of all costs, damages, taxes,
                        including GST, losses and

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                        expenses incurred as a result of any Servicer Default
                        (including, without limitation, in relation to that
                        Relevant Trust the costs of the appointment of a new
                        Servicer in accordance with clause 3) except to the
                        extent that such costs, damages, GST, losses or expenses
                        are incurred as a result of the fraud, gross negligence
                        or wilful default of the Trustee.

5     REMUNERATION AND EXPENSES
================================================================================
SERVICER FEES

                  5.1   The Servicer is entitled to a fee for performing its
                        functions and duties under this deed in respect of each
                        Relevant Trust, in an amount calculated and payable in
                        accordance with the relevant Supplemental Deed.

EXPENSES

                  5.2   Unless paid by or on behalf of the relevant Debtor, the
                        Servicer will pay from its servicing fee all expenses
                        incurred in connection with servicing the Receivables
                        and Related Securities of a Relevant Trust including
                        expenses related to collection of the Receivables and
                        Related Securities but excluding any expenses relating
                        to the enforcement and recovery of defaulted
                        Receivables.

                  5.3   All expenses reasonably and properly incurred by the
                        Servicer in connection with the enforcement and recovery
                        of defaulted Receivables of a Relevant Trust including
                        expenses relating to any court proceedings, arbitration
                        or other dispute are reimbursable out of the Assets of
                        that Relevant Trust.

GST

                  5.4   The fee referred to in this clause is inclusive of GST.
                        The supplier will provide the recipient any reasonable
                        documentation required for GST purposes so as to enable
                        the recipient to receive an input tax credit or tax
                        refund for GST purposes.

PART C - GENERAL

6     PAYMENTS
================================================================================
PAYMENTS GENERALLY

                  6.1   Each payment to be made by a party to another party
                        under this deed or a Supplemental Deed must be made on
                        the due date for payment in such manner as the Trust
                        Manager and Trustee may determine.

NO DEDUCTION

                  6.2   Each payment to be made by the Servicer to the Trustee
                        or the Trust Manager under this deed or the relevant
                        Supplemental Deed except to the extent agreed to be set
                        off under that Supplemental Deed must be made in full,
                        free and clear of any set off, restriction or condition
                        and without any deduction or withholding other than as
                        required by law.

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7      NOTICES
================================================================================
NOTICES

                  7.1   Any notice, request, certificate, approval, demand,
                        consent or other communication to be given under this
                        deed:

                        (a)   must be given by an Authorised Officer of the
                              relevant party; and

                        (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 by facsimile to the facsimile
                              number of the addressee, specified in clause 7.2
                              or any other address or facsimile number any party
                              may from time to time notify to the other parties
                              as its address for service of communications
                              pursuant to this deed.

INITIAL ADDRESSES

                  7.2   The initial address and facsimile numbers of each party
                        are:

                        (a)   in the case of the Trustee:

                              Address:    Level 3
                                          39 Hunter Street
                                          Sydney   NSW   2000
                             Facsimile:   (02) 9221 7870
                             Attention:   Manager, Securitisation Services

                        (b)   in the case of the Trust Manager:

                             Address:     Level 6
                                          530 Collins Street
                                          Melbourne   VIC   3000

                             Facsimile:   (03) 9273 3539
                             Attention:   Manager, Primary Markets Group

                        (c)   in the case of the Servicer:

                             Address:     Level 6
                                          530 Collins Street
                                          Melbourne   VIC   3000
                             Facsimile:   (03) 9273 3539
                             Attention:   Manager, Primary Markets Group

DEEMED RECEIPT

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

                        (a)   where delivered in person, upon receipt at the
                              relevant office;

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

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

                        However, if the time of deemed receipt of any notice is
                        not before 4.00 p.m. (local time at the address of the
                        recipient) on a Business Day it is deemed to have been
                        received at the commencement of business on the next
                        following Business Day.

LATE NOTICE

                  7.4   The giving of late notice does not operate to release
                        any party from its obligations under this deed.

8     AMENDMENTS TO THIS DEED
================================================================================
AMENDING POWER

                  8.1   Subject to prior notice being given to the Designated
                        Rating Agency (if applicable to a Relevant Trust) and
                        any approval required by law or by clause 8.2, the
                        Trustee, Trust Manager and the Servicer may together by
                        deed amend, add to or revoke any provision of this deed
                        (including this clause 8.1) if the amendment, addition
                        or revocation:

                        (a)   in the opinion of the Trustee is necessary or
                              expedient to comply with any statute or any law;

                        (b)   in the opinion of the Trustee is necessary to
                              correct a manifest error or is of a formal,
                              technical or administrative nature only;

                        (c)   in the opinion of the Trustee or the Trust Manager
                              will enable the provisions of this deed to be more
                              conveniently, advantageously, profitably or
                              economically administered; or

                        (d)   in the opinion of the Trustee or the Trust Manager
                              is otherwise desirable for any reason.

            Such amendment may relate to all Relevant Trusts or specified
            Relevant Trusts.

NOTE HOLDER CONSENT

                  8.2   If, in the reasonable opinion of the Trustee, any
                        alteration made under clause 8.1(c) or (d) may be
                        prejudicial or likely to become materially prejudicial
                        to the interests of Secured Creditors, Noteholders or
                        Noteholders of a Relevant Trust or particular class, the
                        alteration may only be effected if the Secured Creditors
                        of the Trust or the Noteholders of the class or Relevant
                        Trust (as the case maybe) pass an Extraordinary
                        Resolution approving the alteration and the consent of
                        the Unitholders of the Relevant Trust is obtained.

9     GOVERNING LAW
================================================================================
GOVERNING LAW

                  9.1   This deed is governed by the law in force in New South
                        Wales.

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SUBMISSION TO JURISDICTION

                  9.2   Each party irrevocably and unconditionally submits to
                        the non-exclusive jurisdiction of the courts of New
                        South Wales 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.

SERVICE

                  9.3   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 7.

10    LIMITED RECOURSE
================================================================================
LIMITATION ON TRUSTEE'S LIABILITY

                  10.1  This deed applies to the Trustee only in its capacity as
                        trustee of each Trust and in no other capacity. A
                        liability incurred by the Trustee acting in its capacity
                        as trustee of a Trust arising under or in connection
                        with this deed is limited to and can be enforced against
                        the Trustee only to the extent to which it can be
                        satisfied out of Assets of the Relevant Trust out of
                        which the Trustee is actually indemnified for the
                        liability. This limitation of the Trustee's liability
                        applies despite any other provision of this deed (other
                        than clause 10.3) and extends to all liabilities and
                        obligations of the Trustee in any way connected with any
                        representation, warranty, conduct, omission, agreement
                        or transaction related to this deed.

CLAIMS AGAINST TRUSTEE

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

BREACH OF TRUST

                  10.3  The provisions of this clause 10 limiting the Trustee's
                        liability will not apply to any obligation or liability
                        of the Trustee to the extent that it is not satisfied
                        because under this deed or any other Transaction
                        Document in relation to the Relevant Trust or by
                        operation of law there is a reduction in the extent of
                        the Trustee's indemnification out of the Assets that
                        Trust as a result of the Trustee's fraud, gross
                        negligence or wilful default.

ACTS OR OMISSIONS

                  10.4  It is acknowledged that the Trust Manager, the
                        Originators and the Servicer are responsible under this
                        deed and the other Transaction Documents in relation to
                        a Trust to which the Trust Manager, an Originator or the
                        Servicer (as the case may be) is a party for

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                        performing a variety of obligations relating to the
                        Relevant Trust. No act or omission of the Trustee
                        (including any related failure to satisfy its
                        obligations or breach of representation and warranty
                        under this deed) will be considered fraud, gross
                        negligence or wilful default for the purpose of clause
                        10.3 if and to the extent the act or omission was caused
                        or contributed to by any failure by the Trust Manager,
                        an Originator or the Servicer or any other person
                        appointed by the Trustee under any Transaction Document
                        (other than a person whose acts or omissions the Trustee
                        is liable for in accordance with any Transaction
                        Document) to fulfil its obligations relating to the
                        Trust or by any other act or omission of the Trust
                        Manager, an Originator or the Servicer or any other such
                        person regardless of whether or not that act or omission
                        is purported to be done on behalf of the Trustee.

                  10.5  No attorney, agent, receiver or receiver and manager
                        appointed in accordance with this deed or any other
                        Transaction Document has authority to act on behalf of
                        the Trustee in a way that exposes the Trustee to any
                        personal liability, and no act or omission of any such
                        person will be considered fraud, gross negligence or
                        wilful default of the Trustee for the purpose of clause
                        10.3.

                  10.6  The Trustee is not obliged to do anything or refrain
                        from doing anything under or in connection with this
                        deed (including incur a liability) unless the Trustee's
                        liability is limited in the same manner as set out in
                        this clause.

EXECUTED as a deed.

<PAGE>

                                                                              13
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EXECUTION PAGE
================================================================================
SIGNED, SEALED AND DELIVERED by     )
                                    )
as attorney for PERPETUAL TRUSTEE   )
COMPANY LIMITED under power of      )
attorney dated                      )
                                    )
in the presence of:                 )
                                    )
 ................................    )
Signature of witness                )
                                    )
 ................................    )
Name of witness (block letters)     )
                                    )
 ................................    )      ...................................
Address of witness                  )      By executing this deed the
                                    )      attorney states that the attorney
 ................................    )      has received no notice of
Occupation of witness               )      revocation of the power of attorney

                                    )
SIGNED, SEALED AND DELIVERED by     )
                                    )
as attorney for ANZ CAPEL COURT     )
LIMITED under power of attorney     )
dated                               )
                                    )
in the presence of:                 )
                                    )
 ................................    )
Signature of witness                )
                                    )
 ................................    )
Name of witness (block letters)     )
                                    )
 ................................    )      ...................................
Address of witness                  )      By executing this deed the
                                    )      attorney states that the attorney
 ................................    )      has received no notice of
Occupation of witness               )      revocation of the power of attorney

<PAGE>
                                                                              14
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SIGNED, SEALED AND DELIVERED by     )
                                    )
as attorney for AUSTRALIA AND NEW   )
ZEALAND BANKING GROUP LIMITED       )
under power of attorney dated       )
                                    )
in the presence of:                 )
                                    )
 ................................    )
Signature of witness                )
                                    )
 ................................    )
Name of witness (block letters)     )
                                    )
 ................................    )      ...................................
Address of witness                  )      By executing this deed the
                                    )      attorney states that the attorney
 ................................    )      has received no notice of
Occupation of witness               )      revocation of the power of attorney<PAGE>

                                                                    Exhibit 10.2

               --------------------------------------------------
                                DATED 17 MAY 2001

                            KINGFISHER TRUST 2001-1G
                          LIQUIDITY FACILITY AGREEMENT

                        PERPETUAL TRUSTEE COMPANY LIMITED
                                   ("TRUSTEE")
                             ANZ CAPEL COURT LIMITED
                                ("TRUST MANAGER")
                 AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED
                         ("LIQUIDITY 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: SRF:BCC

<PAGE>
                                                                               1
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CONTENTS         KINGFISHER TRUST 2001-1G
                 LIQUIDITY FACILITY AGREEMENT
================================================================================

                 1   INTERPRETATION                                          1

                 2   THE LIQUIDITY FACILITY                                  4

                 3   CONDITIONS PRECEDENT                                    5

                 4   LIQUIDITY DRAWINGS                                      6

                 5   LIQUIDITY INTEREST PERIODS                              7

                 6   INTEREST                                                7

                 7   REPAYMENT OF LIQUIDITY DRAWINGS                         8

                 8   AVAILABILITY FEE                                        9

                 9   CANCELLATION OR REDUCTION OF THE LIQUIDITY FACILITY     9

                 10  CHANGED COSTS EVENT                                    10

                 11  ILLEGALITY                                             11

                 12  PAYMENTS AND TAXES                                     12

                 13  REPRESENTATIONS AND WARRANTIES                         12

                 14  GENERAL UNDERTAKINGS BY TRUSTEE                        15

                 15  LIQUIDITY EVENTS OF DEFAULT                            16

                 16  NOTICES                                                17

                 17  SECURITY INTERESTS AND ASSIGNMENT                      18

                 18  MISCELLANEOUS                                          18

                 19  LIABILITY OF TRUSTEE AND LIMITED RECOURSE              20

                 20  GOVERNING LAW, JURISDICTION AND SERVICE OF PROCESS     21

                 21  COUNTERPARTS                                           21

                 22  COSTS, CHARGES, EXPENSES AND INDEMNITIES               21

                 23  LIQUIDITY FACILITY PROVIDER TERMINATION DATE           23

                 SCHEDULE 1        DRAWDOWN NOTICE (CLAUSE 4)               24

<PAGE>
                                                                               1
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                        KINGFISHER TRUST 2001-1G
                        LIQUIDITY FACILITY AGREEMENT

DATE:                   17 May 2001

PARTIES:                PERPETUAL TRUSTEE COMPANY LIMITED (ABN 42 000 001 007)
                        in its capacity as trustee of the Trust and having its
                        registered office at Level 3, 39 Hunter Street, Sydney,
                        NSW, 2000 ("TRUSTEE")

                        ANZ CAPEL COURT LIMITED (ABN 30 004 768 807) having its
                        registered office at Level 17, 530 Collins Street,
                        Melbourne, Victoria, 3000 ("TRUST MANAGER")

                        AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED
                        (ABN 11 005 357522) having its registered office
                        at Level 6, 100 Queen Street, Melbourne,
                        Victoria, 3000 ("LIQUIDITY FACILITY PROVIDER")

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

                        AVAILABLE LIQUIDITY AMOUNT means on any Determination
                        Date an amount equal to:

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

                        (b)   the Liquidity Principal Outstanding on that
                              Determination Date.

                        AVAILABILITY PERIOD means the period commencing on the
                        Closing Date and ending on the Liquidity 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 Liquidity 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 Liquidity
                              Facility Provider); or

                        (c)   the imposition by any regulatory authority in
                              respect of the Liquidity 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,

<PAGE>
                                                                               2
--------------------------------------------------------------------------------
                        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 "Kingfisher
                        Master Trusts Master Definitions Schedule" dated 1
                        August 2000 between the Trustee, the Trust Manager and
                        P.T. Limited as amended by the deed entitled "Kingfisher
                        Master Trusts Amending Deed" dated 16 May 2001.

                        DRAWDOWN DATE means the date on which a drawing is or is
                        to be made under the Liquidity 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.

                        LIQUIDITY DRAWING means a drawing made under clause 2.4
                        of this agreement.

                        LIQUIDITY EVENT OF DEFAULT has the meaning given to it
                        in clause 15.1.

                        LIQUIDITY FACILITY means the facility granted pursuant
                        to this agreement.

                        LIQUIDITY FACILITY PROVIDER TERMINATION DATE means the
                        date determined under clause 23.3.

                        LIQUIDITY FACILITY TERMINATION DATE means the earliest
                        of:

                        (a)   the date which is one month after the date upon
                              which all Notes have been fully and finally
                              redeemed in full in accordance with the
                              Transaction Documents in respect of the Trust, and
                              the Trust Manager has notified the Trustee that it
                              does not intend that any further Notes will be
                              issued in respect of the Trust;

                        (b)   the date upon which the Liquidity Facility
                              Provider makes a determination under clause 11;

                        (c)   the date upon which the Trust Manager terminates
                              the Liquidity Facility under clause 23.1 and
                              clause 23.3;

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

                        (e)   the date upon which the Liquidity Facility
                              Provider terminates the Liquidity Facility under
                              clause 15.2.

                        LIQUIDITY INTEREST PERIOD means each period determined
                        in accordance with clause 5.

                        LIQUIDITY INTEREST RATE means, in respect of a Liquidity
                        Drawing, the interest rate calculated in accordance with
                        clause 6.2.

<PAGE>
                                                                               3
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                        LIQUIDITY LIMIT means, at any time, the lesser of:

                        (a)   A$33 million;

                        (b)   the Performing Purchased Receivables Amount on the
                              last day of the previous Collection Period; and

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

                        LIQUIDITY PRINCIPAL OUTSTANDING means, on a
                        Determination Date, an amount equal to:

                        (a)   the aggregate of all Liquidity Drawings previously
                              made or to be made on the immediately following
                              Payment Date; less

                        (b)   any repayments or prepayments of all such
                              Liquidity Drawings made by the Trustee on or
                              before the immediately following Payment Date.

                        LIQUIDITY SHORTFALL has the meaning given to that term
                        in the relevant Supplemental Deed.

                        PERFORMING PURCHASED RECEIVABLES AMOUNT means, at any
                        time, the aggregate of:

                        (a)   the Outstanding Balance of all Housing Loans which
                              comprise part of the Purchased Receivables 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 Balance of all Housing Loans which
                              comprise part of the Purchased Receivables 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.

                        REQUIRED LIQUIDITY RATING means the short term rating
                        (if any) of:

                        (a)   A-1+, in the case of S&P;

                        (b)   F-1, in the case of Fitch;

                        (c)   P-1, in the case of Moody's; or

                        (d)   an equivalent rating in the case of another
                              Designated Rating Agency,

                        assigned to the Liquidity Facility Provider by each
                        Designated Rating Agency.

                        SUPPLEMENTAL DEED means the deed entitled "Kingfisher
                        Trust 2001-1G Supplemental Deed" dated on or about the
                        date of this agreement between, amongst others, the
                        Trustee and the Trust Manager.

<PAGE>
                                                                               4
--------------------------------------------------------------------------------
                        TRUST means the Kingfisher Trust 2001-1G.

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 references to "this deed" being
                        construed as references 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. Any obligation
                        imposed on the Trustee under this agreement is several
                        only.

LIMITATION

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

2     THE LIQUIDITY FACILITY
================================================================================
LIQUIDITY FACILITY

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

PURPOSE

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

LIQUIDITY SHORTFALL

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

TRUST MANAGER TO MAKE DRAWING

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

<PAGE>
                                                                               5
--------------------------------------------------------------------------------
                        (a)   the Liquidity Shortfall on that Determination
                              Date; and

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

LIMIT

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

TERMINATION

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

3     CONDITIONS PRECEDENT
================================================================================
FIRST DRAWDOWN NOTICE

                  3.1   The Trustee must not deliver the first Drawdown Notice
                        until the Trustee has received written notice from the
                        Liquidity Facility Provider that the Liquidity 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 Trustee and the
                              Trust Manager and, if applicable and required by
                              the Liquidity 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
                              Liquidity Facility Provider from the Trustee's
                              solicitors in a form and substance satisfactory to
                              the Liquidity Facility Provider.

LIQUIDITY DRAWINGS IN RESPECT OF A TRUST

                  3.2   The Liquidity 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 LIQUIDITY EVENT OF DEFAULT) no Liquidity Event
                              of Default continues unremedied or would result
                              from the provision of the proposed drawing;

<PAGE>
                                                                               6
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                        (c)   (REPRESENTATIONS AND WARRANTIES) the
                              representations and warranties made or deemed to
                              be made by the Trustee and the Trust Manager in
                              this agreement 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 Liquidity
                              Facility Provider has not received notice from any
                              person that it claims to have a Security Interest
                              ranking in priority to or equal with the Security
                              Interest held for the benefit of the Liquidity
                              Facility Provider in accordance with the Global
                              Master Security Trust Deed, the Deed of Charge and
                              the Supplemental Deed (other than the Security
                              Interests set out specifically in the Global
                              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 Liquidity 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.

CERTIFICATION

                  3.3   Anything required to be certified under clause 3.1 must
                        be certified by an Authorised Officer of the Trustee or
                        the Trust Manager (as applicable) as being true and
                        complete as at a date no earlier than the date of this
                        agreement.

BENEFIT OF THE LIQUIDITY FACILITY PROVIDER

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

4     LIQUIDITY DRAWINGS
================================================================================
USE OF LIQUIDITY FACILITY

                  4.1   If the Trustee on the direction of the Trust Manager
                        wants to use the Liquidity Facility to make a Liquidity
                        Drawing, it must do so only in accordance with clause
                        2.4 and it must give a notice to the Liquidity Facility
                        Provider meeting the requirements of clause 4.3
                        ("DRAWDOWN NOTICE").

TIMING

                  4.2   Each Liquidity Drawing must be drawn down on a Payment
                        Date in respect of the Trust. Each Liquidity Drawing
                        must be credited to the Collection Account and applied
                        only in accordance with clause 15 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;

<PAGE>
                                                                               7
--------------------------------------------------------------------------------
                        (b)   be signed by an Authorised Officer of the Trustee;

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

                        (d)   specify the amount of the proposed Liquidity
                              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 Drawdown
                              Date (or such other period as may be agreed
                              between the Trustee, the Trust Manager and the
                              Liquidity Facility Provider).

EFFECTIVE

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

AGREEMENT TO MAKE LIQUIDITY DRAWING

                  4.5   Subject to this agreement, the Liquidity Facility
                        Provider agrees to deposit in the Collection Account the
                        amount of any Liquidity Drawing in immediately available
                        funds by 11.30am Melbourne time on the relevant Payment
                        Date.

5     LIQUIDITY INTEREST PERIODS
================================================================================
INITIAL INTEREST PERIODS

                  5.1   The first Liquidity Interest Period in respect of a
                        Liquidity Drawing commences on (and includes) its
                        Drawdown Date and ends on (but excludes) the next
                        Payment Date. Each subsequent Liquidity 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 Liquidity Interest Period in respect of a Liquidity
                        Drawing which would otherwise end after the Final
                        Termination Date of the Trust ends on (but excludes)
                        that Final Termination Date.

6     INTEREST
================================================================================
PAYMENT OF INTEREST

                  6.1   The Trustee agrees to pay to the Liquidity Facility
                        Provider interest on the daily balance of each Liquidity
                        Drawing from and including its Drawdown Date until the
                        Liquidity Drawing is repaid in full. On each Payment
                        Date, the Trustee will pay to the Liquidity Facility
                        Provider accrued interest on each Liquidity 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 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 Liquidity Interest
                        Period. Interest accrues from day to day and is to be
                        calculated on actual days elapsed

<PAGE>
                                                                               8
--------------------------------------------------------------------------------
                        and a 365 day year. Interest is payable in arrears on
                        each Payment Date in the manner contemplated by clause
                        6.1. The rate of interest paid to the Liquidity Facility
                        Provider in respect of a Liquidity Interest Period is
                        the sum of the Bank Bill Rate on the first day of that
                        Liquidity Interest Period (rounded to 3 decimal places)
                        and 0.275% per annum ("LIQUIDITY INTEREST RATE").

INTEREST ON OVERDUE AMOUNTS

                  6.3   (a)   If any payment by the Trustee on a Payment
                              Date under clause 6.1 is insufficient to pay the
                              full amount of accrued interest on each Liquidity
                              Drawing and any other interest due and payable
                              under clause 6.3(b) up to the close of the
                              Liquidity 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.

                        (b)   The 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
                              Liquidity Drawing having successive Liquidity
                              Interest Periods calculated in accordance with
                              clause 5. The first Liquidity Interest Period
                              commences on the day when the outstanding amount
                              becomes due for payment and each subsequent
                              Liquidity Interest Period commences on the day
                              when the preceding Liquidity Interest Period
                              expires.

OBLIGATION UNAFFECTED

                  6.4   The 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 Trustee agrees to pay
                        interest to the Liquidity 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 LIQUIDITY DRAWINGS
================================================================================
REPAYMENT OF LIQUIDITY DRAWINGS

                  7.1   Subject to clause 7.3, on each Payment Date, the Trustee
                        will repay so much of the Liquidity Principal
                        Outstanding under all Liquidity Drawings as there are
                        funds available for this purpose in accordance with
                        clause 15 of the Supplemental Deed. If, on any Payment
                        Date, all amounts due in accordance with this clause 7.1
                        are not paid or repaid in full, on each following
                        Payment Date the Trustee will pay or repay so much of
                        the amounts as there are funds available for that
                        purpose in accordance with the Supplemental Deed until
                        such amounts are paid or repaid in full.

<PAGE>
                                                                               9
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RE-DRAWING

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

REPAYMENT ON TERMINATION DATE

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

                        (a)   the Liquidity 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 Liquidity Facility Termination Date, the
                        Trustee will repay so much of such 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.

8     AVAILABILITY FEE
================================================================================
                  8.1   The Trustee will pay to the Liquidity Facility Provider
                        an availability fee of 0.15% per annum on the then
                        un-utilised portion of the Liquidity Limit. The fee will
                        be:

                        (a)   calculated and accrue daily from the first day of
                              the Availability Period on the basis of a 365 day
                              year; and

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

                  8.2   The availability fee payable under clause 8.1 may be
                        varied from time to time by the Trust Manager, the
                        Trustee and the Liquidity Facility Provider provided
                        that the Trust Manager notifies each Designated Rating
                        Agency of the variation and receives confirmation from
                        each Designated Rating Agency that the variation will
                        not have an Adverse Rating Effect.

9     CANCELLATION OR REDUCTION OF THE LIQUIDITY FACILITY
================================================================================
CANCELLATION

                  9.1   The Trustee may on the direction of the Trust Manager
                        cancel the Liquidity Facility by written notice to the
                        Liquidity Facility Provider if each Designated Rating
                        Agency has confirmed that the cancellation of the
                        Liquidity Facility will not have an Adverse Rating
                        Effect.

<PAGE>
                                                                              10
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REDUCTION OF LIQUIDITY LIMIT

                  9.2   The Trustee may on the direction of the Trust Manager
                        reduce the Liquidity Limit in whole or in part by
                        written notice to the Liquidity Facility Provider if
                        each Designated Rating Agency has confirmed that the
                        reduction of the Liquidity Limit will not have an
                        Adverse Rating Effect.

WHEN NOTICES EFFECTIVE

                  9.3   A notice given by the 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 Liquidity Facility
                        Provider (or such other period agreed between the
                        Trustee, the Trust Manager and the Liquidity Facility
                        Provider).

RATINGS DOWNGRADE

                  9.4   If, on a Determination Date during the Availability
                        Period, the Liquidity Facility Provider does not have
                        the Required Liquidity Rating from each Designated
                        Rating Agency, the Liquidity Facility Provider must
                        within 30 Business Days or such longer period as may be
                        agreed by each Designated Rating Agency:

                        (a)   use its reasonable endeavours to procure another
                              person with the Required Liquidity Rating to
                              assume its obligations under this agreement,
                              notice of which must be given to each Designated
                              Rating Agency; or

                        (b)   take such other steps as are agreed with each
                              Designated Rating Agency to ensure that there is
                              no Adverse Rating Effect.

10    CHANGED COSTS EVENT
================================================================================
DETERMINATION

                  10.1  Subject to clause 19, if, as a result of a Changed Costs
                        Event, the Liquidity Facility Provider determines that:

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

                        (c)   the Liquidity 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,

<PAGE>
                                                                              11
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                        then the Trustee must on the direction of the Trust
                        Manager pay (if applicable) to the Liquidity Facility
                        Provider on the next Payment Date the additional amount
                        which the Liquidity Facility Provider certifies is
                        necessary to compensate the Liquidity 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 Trustee (if
                        applicable) agrees to pay the Liquidity Facility
                        Provider the proportion of it which the Liquidity
                        Facility Provider determines to be fairly attributable
                        to the financial accommodation made available under this
                        agreement.

CERTIFICATE

                  10.3  The Liquidity Facility Provider must provide a
                        certificate to the Trust Manager setting out details of
                        the relevant Changed Costs Event and the calculations
                        made by the Liquidity Facility Provider to determine the
                        new amount payable under clause 10.1. Any such
                        certificate signed by the Liquidity Facility Provider as
                        to an amount payable by the 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 Liquidity
                        Facility Provider may use averaging and attribution
                        methods commonly used by financiers or any other
                        reasonable averaging or attribution method.

MINIMISATION

                  10.4  If the Liquidity Facility Provider is to receive any
                        additional payment under clause 10.1, the Liquidity
                        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 Liquidity 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 Trustee under clauses
                        10.1 and 10.2.

11    ILLEGALITY
================================================================================

                  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 Liquidity Facility
                        Provider determines that it is or has become apparent
                        that it will become contrary to that official directive,
                        impossible or illegal for the Liquidity Facility
                        Provider to fund, provide or maintain financial
                        accommodation or otherwise observe its obligations under
                        this agreement then the Trustee, on the immediately
                        following Payment Date, must, to the extent that there
                        are funds available under clause 15 of the Supplemental
                        Deed to do so, prepay so much of the Liquidity Principal
                        Outstanding as the Liquidity Facility Provider specifies
                        to the Trustee in writing together with accrued interest
                        and other amounts payable by the Trustee under this
                        agreement. The Liquidity Facility Provider's

<PAGE>
                                                                              12
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                        obligations to the 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 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
================================================================================
MANNER OF PAYMENT

                  12.1  The Trustee agrees to make payments to the Liquidity
                        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 Liquidity Facility Provider at the bank which the
                        Liquidity Facility Provider designates by prior written
                        notice to the Trustee. All payments must be made in
                        accordance with the Master Trust Deed and the
                        Supplemental Deed.

NO SET OFF, ETC

                  12.2  The 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
================================================================================
GENERAL REPRESENTATIONS AND WARRANTIES

                  13.1  The Trustee represents and warrants to the Liquidity
                        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;

<PAGE>
                                                                              13
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                        (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;

                             (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:

                             (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)   (CREATION OF TRUST) the Trust has been validly
                              created;

                        (i)   (APPOINTMENT OF TRUSTEE) it has been validly
                              appointed as the trustee of the Trust;

                        (j)   (SOLE TRUSTEE) it is the sole trustee of the
                              Trust;

                        (k)   (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;

                        (l)   (NO REMOVAL) as far as it is aware, there are no
                              proceedings to remove it as trustee of the Trust;

                        (m)   (VESTING DATE) the vesting date has not occurred
                              in respect of the Trust; and

<PAGE>
                                                                              14
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                        (n)   (NO LIQUIDITY EVENT OF DEFAULT) to its knowledge
                              no Liquidity Event of Default or event which with
                              the giving of notice, lapse of time or other
                              applicable condition would become an Event of
                              Default has occurred which has not been waived or
                              remedied in accordance with this agreement.

                  13.2  The Trust Manager represents and warrants to the
                        Liquidity 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;

                        (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 LIQUIDITY EVENT OF DEFAULT) to its knowledge
                              no Liquidity Event of Default or event which with
                              the giving of notice,

<PAGE>
                                                                              15
--------------------------------------------------------------------------------
                              lapse of time or other applicable condition would
                              become a Liquidity 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 TRUSTEE
================================================================================
                  14.1  The 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 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 Liquidity
                              Facility Provider (such consent not to be
                              unreasonably withheld or delayed); and

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

                  14.2  The Trust Manager undertakes to:

                        (a)   (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;

                        (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>
                                                                              16
--------------------------------------------------------------------------------
                              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 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;

                        (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 Liquidity
                              Facility Provider (such consent not to be
                              unreasonably withheld or delayed); and

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

15    LIQUIDITY EVENTS OF DEFAULT
================================================================================
LIQUIDITY EVENTS OF DEFAULT

                  15.1  A Liquidity Event of Default occurs if:

                        (a)   (FAILURE TO PAY) the Trustee fails to pay any
                              amount owing under this agreement 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 Trustee alters the
                              priority of payments under the Transaction
                              Documents without the consent of the Liquidity
                              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 Liquidity Facility
                              Provider;

                        (c)   (EVENT OF DEFAULT) an Event of Default occurs in
                              respect of the Supplemental Deed or the Global
                              Master Security Trust Deed 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 Global Master Security Trust Deed and the Deed
                              of Charge; or

                        (d)   (INSOLVENCY EVENT) an Insolvency Event occurs in
                              respect of the Trustee in its individual capacity
                              and the Trustee is not replaced (by either the
                              Trust Manager or a replacement

<PAGE>
                                                                              17
--------------------------------------------------------------------------------
                              trustee) in accordance with the Master Trust Deed
                              within 30 days of such Insolvency Event.

CONSEQUENCES

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

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

                        (b)   terminate the Liquidity Facility Provider's
                              obligations in respect of the Liquidity Facility.

                        The Liquidity 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 Officer 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 specified below
                              (or as are notified by a party to each other party
                              on or after the date of execution of this
                              agreement):

                              TRUSTEE:

                              Address:           Level 3, 39 Hunter Street
                                                 Sydney  NSW  2000
                              Facsimile:         (612) 9221 7870
                              Attention:         Manager, Securitisation

                              TRUST MANAGER:

                              Address:           Level 6, 530 Collins Street
                                                 Melbourne VIC 3000
                              Facsimile:         (61 3) 9273 3539
                              Attention:         Manager, Primary Markets Group

                              LIQUIDITY FACILITY PROVIDER:

                              Address:           Level 6, 530 Collins Street
                                                 Melbourne VIC 3000
                              Facsimile:         (61 3) 9273 3539
                              Attention:         Manager, Primary Markets Group

<PAGE>
                                                                              18
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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; and

                        (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.

                        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 Trustee may not, without the consent of the
                        Liquidity 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 Liquidity Facility
                        Provider at any time may do any of those things.

18    MISCELLANEOUS
================================================================================
CERTIFICATE

                  18.1  A certificate signed by the Liquidity Facility Provider
                        about a matter (including, without limitation, the
                        Liquidity Interest Rate in respect of a Liquidity
                        Drawing) or about a sum payable to the Liquidity
                        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, 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

<PAGE>
                                                                              19
--------------------------------------------------------------------------------
                        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 Trustee in connection with this
                        agreement with the result that the Liquidity 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 Liquidity 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 Trustee and survives termination of
                        this agreement.

                        It is not necessary for the Liquidity 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 Trustee to pay money.

FURTHER ASSURANCES

                  18.9  At the Liquidity Facility Provider's request the 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 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
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19    LIABILITY OF TRUSTEE AND LIMITED RECOURSE
================================================================================
                  19.1  The Trustee enters into this agreement only in its
                        capacity as trustee of the Trust and in no other
                        capacity. A liability incurred by the Trustee acting in
                        its capacity as trustee of the Trust arising under or in
                        connection with this agreement is limited to and can be
                        enforced against the Trustee only to the extent to which
                        it can be satisfied out of Assets of the Trust out of
                        which the Trustee is actually indemnified for the
                        liability. This limitation of the Trustee's liability
                        applies despite any other provision of this agreement
                        (other than clause 19.3) and extends to all liabilities
                        and obligations of the Trustee in any way connected with
                        any representation, warranty, conduct, omission,
                        agreement or transaction related to this agreement.

CLAIMS AGAINST TRUSTEE

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

EXCLUSIONS

                  19.3  The provisions of this clause 19 limiting the Trustee's
                        liability will not apply to any obligation or liability
                        of the Trustee to the extent that it is not satisfied
                        because under this agreement or any other Transaction
                        Document in relation to the Trust or by operation of law
                        there is a reduction in the extent of the Trustee's
                        indemnification out of the Assets of the Trust as a
                        result of the Trustee's fraud, gross negligence or
                        wilful default.

ACTS OR OMISSIONS

                  19.4  It is acknowledged that the Relevant Parties are
                        responsible under this agreement and the other
                        Transaction Documents in relation to the Trust for
                        performing a variety of obligations relating to the
                        Trust. No act or omission of the Trustee (including any
                        related failure to satisfy its obligations or breach of
                        representation and warranty under this agreement) will
                        be considered fraud, gross negligence or wilful default
                        for the purpose of clause 19.3 if and to the extent the
                        act or omission was caused or contributed to by any
                        failure by the Relevant Parties or any other person
                        appointed by the Trustee under any Transaction Document
                        (other than a person whose acts or omissions the Trustee
                        is liable for in accordance with any Transaction
                        Document) to fulfil its obligations relating to the
                        Trust or by any other act or omission of the Relevant
                        Parties or any other such person regardless of whether
                        or not the act or omission is purported to be done on
                        behalf of the Trustee.

                  19.5  No attorney, agent, receiver or receiver and manager
                        appointed in accordance with this agreement or any other
                        Transaction Document has authority to act on behalf of
                        the Trustee in a way that exposes the Trustee to any
                        personal liability, and no act or omission of any such
                        person will be considered fraud, gross negligence or
                        wilful default of the Trustee for the purpose of clause
                        19.3.

<PAGE>
                                                                              21
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                  19.6  The Trustee is not obliged to do anything or refrain
                        from doing anything under or in connection with this
                        agreement (including incur a liability) unless the
                        Trustee's liability is limited in the same manner as set
                        out in this clause.

20    GOVERNING LAW, JURISDICTION AND SERVICE OF PROCESS
================================================================================
GOVERNING LAW

                  20.1  This agreement is governed by the law in force in New
                        South Wales.

SUBMISSION TO JURISDICTION

                  20.2  Each party irrevocably and unconditionally submits to
                        the non-exclusive jurisdiction of the courts of New
                        South Wales 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 Trustee will indemnify the Liquidity Facility
                        Provider on each Payment Date following a demand from
                        the Liquidity Facility Provider for:

                        (a)   the costs, charges and expenses of the Liquidity
                              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 Liquidity 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 Liquidity
                              Facility Provider), which may be payable or
                              determined to be payable in connection with any
                              Transaction Document or a payment or receipt or
                              any

<PAGE>
                                                                              22
--------------------------------------------------------------------------------
                              other transaction contemplated by any Transaction
                              Document; and

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

                  22.2  The Trustee will indemnify the Liquidity 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
                              Liquidity Event of Default;

                        (b)   a proposed Liquidity Drawing not being applied 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 Liquidity 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
                              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 Trustee of any representation and
                              warranty contained in clause 13 of this agreement
                              or of any of its obligations under this agreement.

                  22.3  The Trustee agrees to pay to the Liquidity 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 Liquidity Facility Provider.

                  22.4  The obligation of the 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
                        Liquidity Facility Provider.

                  22.6  If the Liquidity 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 Trustee would be required to

<PAGE>
                                                                              23
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                        indemnify it under clauses 22.1, 22.2 or 22.3, the
                        Liquidity Facility Provider will notify the 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 Trustee has been prejudiced in any material respect
                        by such failure.

23    LIQUIDITY FACILITY PROVIDER TERMINATION DATE
================================================================================
                  23.1  Subject to clause 23.2, the Trust Manager may by giving
                        not less than 5 Business Days notice to the Liquidity
                        Facility Provider and the Trustee, declare a Payment
                        Date as the date upon which:

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

                        (b)   the Liquidity Facility will terminate.

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

                  23.3  The Liquidity 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 Trustee has paid or repaid
                              to the Liquidity Facility Provider all Liquidity
                              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>
                                                                              24
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SCHEDULE 1              DRAWDOWN NOTICE (CLAUSE 4)
================================================================================

                        To:   Australia and New Zealand Banking Group Limited

                        [DATE]

                        Dear Sirs/Madams

                        LIQUIDITY FACILITY AGREEMENT BETWEEN PERPETUAL TRUSTEE
                        COMPANY LIMITED, ANZ CAPEL COURT LIMITED AND AUSTRALIA
                        AND NEW ZEALAND BANKING GROUP LIMITED DATED [#]
                        ("LIQUIDITY FACILITY AGREEMENT")

                        The Trustee gives notice under clause 4.1 of the
                        Liquidity Facility Agreement that it wants to use the
                        Liquidity Facility granted in respect of the Kingfisher
                        Trust 2001-1G ("TRUST").

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

                        (a)   the proposed Drawdown Date is [     ];

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

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

                              [              ]; and

                        (d)   the proposed Liquidity Drawing is to be paid into
                              the Collection Account.

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

                        Yours faithfully

                        .................................
                        [name of person]
                        being an Authorised Officer of
                        PERPETUAL TRUSTEE COMPANY LIMITED

<PAGE>

--------------------------------------------------------------------------------
EXECUTION PAGE
--------------------------------------------------------------------------------
<TABLE>
<S>                                                           <C>
SIGNED by                                            )
as attorney for PERPETUAL TRUSTEE COMPANY LIMITED    )
under power of attorney dated                        )
                                                     )
in the presence of:                                  )
                                                     )
 ................................................     )
Signature of witness                                 )
                                                     )
 ................................................     )
Name of witness (block letters)                      )
                                                     )
 ................................................     )
Address of witness                                   )         ................................................
                                                     )         By executing this agreement the attorney states
 ..........................................           )         that the attorney has received no notice of
Occupation of witness                                )         revocation of the power of attorney
                                                     )

SIGNED by                                            )
on behalf of ANZ CAPEL COURT LIMITED in the          )
presence of:                                         )
                                                     )
 ................................................     )
Signature of witness                                 )
                                                     )
 ................................................     )
Name of witness (block letters)                      )
                                                     )         ................................................
 ................................................     )         By executing this agreement the signatory
Address of witness                                   )         states that the signatory has received no
                                                     )         notice of revocation of the authority under
 ..........................................           )         which this agreement is executed
Occupation of witness                                )
</TABLE>

<PAGE>
                                                                              26
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<TABLE>
<S>                                                           <C>
SIGNED by                                            )
as attorney for AUSTRALIA AND NEW ZEALAND BANKING    )
GROUP LIMITED under power of attorney dated          )
                                                     )
in the presence of:                                  )
                                                     )
 ................................................     )
Signature of witness                                 )
                                                     )
 ................................................     )
Name of witness (block letters)                      )
                                                     )
 ................................................     )
Address of witness                                   )         ................................................
                                                     )         By executing this agreement the attorney states
 ..........................................           )         that the attorney has received no notice of
Occupation of witness                                )         revocation of the power of attorney
                                                     )
</TABLE>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00026-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00026-of-00352.parquet"}]]