Document:

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                                                                   Series Notice

                                             Perpetual Trustees Victoria Limited

                                 Interstar Securitisation Management Pty Limited

                                    Interstar Securities (Australia) Pty Limited

                                              Interstar Nominees (B) Pty Limited

                                              Interstar Nominees (N) Pty Limited

                                              Interstar Nominees (R) Pty Limited

                                               Perpetual Trustee Company Limited

                                           The Bank of New York, New York branch

                                          The Bank of New York (Luxembourg) S.A.

                                                     INTERSTAR MILLENNIUM TRUSTS
                                       INTERSTAR MILLENNIUM SERIES 2002-1G TRUST

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

                                       (C) Copyright Allens Arthur Robinson 2002

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TABLE OF CONTENTS

<TABLE>
<CAPTION>
<S>      <C>                                                                                             <C>
1.       INTRODUCTION                                                                                      1

2.       TRUST                                                                                             2

3.       DEFINITIONS AND INTERPRETATION                                                                    2
         3.1      Definitions                                                                              2
         3.2      Interpretation                                                                          17
         3.3      Liability                                                                               17
         3.4      Payment to be made on Business Day                                                      18

4.       NOTES                                                                                            18
         4.1      Conditions of Notes                                                                     18
         4.2      Summary of conditions of Notes                                                          19
         4.3      Issue of Notes                                                                          20
         4.4      Trustee's Covenant to Noteholders                                                       20
         4.5      Repayment of Notes on Principal Repayment Dates                                         21
         4.6      Final Redemption                                                                        21
         4.7      Period during which interest accrues                                                    22
         4.8      Calculation of Interest                                                                 22
         4.9      Aggregate receipts                                                                      22
         4.10     Ownership of Notes                                                                      22
         4.11     Taxation                                                                                23

5.       CLASS A1 NOTES                                                                                   23
         5.1      Note Issue Direction for Class A1 Notes                                                 23
         5.2      Conditions to Note Issue Direction                                                      23
         5.3      Terms of Note Issue Direction                                                           23

6.       CASHFLOW ALLOCATION METHODOLOGY                                                                  23
         6.1      General                                                                                 23
         6.2      Calculations                                                                            24
         6.3      Redraws                                                                                 25
         6.4      Liquid Authorised Investments                                                           25
         6.5      Interest and other payments                                                             26
         6.6      Repayments of Principal Amount and Redemption of Notes                                  30
         6.7      Payments into US$ Account                                                               33
         6.8      Payments out of US$ Account                                                             33
         6.9      Rounding of amounts                                                                     34
         6.10     Prescription                                                                            34
         6.11     Replacement of Currency Swap                                                            34
         6.12     Payment Priorities Following an Event of Default:  Security Trust Deed                  35

7.       MASTER TRUST DEED, INVESTMENT MANAGEMENT AGREEMENT AND REPRESENTATIONS,
         WARRANTIES AND UNDERTAKINGS                                                                      35
         7.1      Completion of details in relation to Master Trust Deed                                  35
         7.2      Amendments to Master Trust Deed                                                         36
         7.3      Amendments to Investment Management Agreement                                           45
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<TABLE>
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<S>      <C>                                                                                             <C>
         7.4      Additional Representations and Warranties - Approved Seller and Trustee                 47
         7.5      Additional Representations and Warranties - Trust Manager                               49
         7.6      Additional Undertakings - Trustee                                                       50
         7.7      Additional Undertakings - Trust Manager and Servicer                                    51
         7.8      Additional Representations and Warranties (Loans) - Servicer                            53
         7.9      Repetition of Representations, Warranties and Undertakings                              55

8.       TRANSFERS TO OTHER TRUST                                                                         55

9.       PREFUNDING                                                                                       55

10.      BENEFICIARY                                                                                      56
         10.1     Issue of Units                                                                          56
         10.2     Residual Capital Unit                                                                   56
         10.3     Residual Income Unit                                                                    57
         10.4     Register                                                                                57
         10.5     Transfer of Units                                                                       58
         10.6     Limit on rights                                                                         58

11.      NOTE TRUSTEE                                                                                     58
         11.1     Capacity                                                                                58
         11.2     Exercise of Rights                                                                      58
         11.3     Representation and warranty                                                             59
         11.4     Payments                                                                                59

12.      TAX REFORM                                                                                       59

13.      ATTORNEYS                                                                                        59

14.      GOVERNING LAW                                                                                    62

15.      ANCILLIARY FACILITIES                                                                            62
         15.1     Ancillary Facilities                                                                    62
         15.2     Record keeping obligations of Trust Manager                                             63

SCHEDULE 1                                                                                                65

SCHEDULE 2                                                                                                69
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Series Notice                                      [Allens Arthur Robinson Logo]
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INTERSTAR MILLENNIUM SERIES 2002-1G TRUST

1.       INTRODUCTION
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         This Series Notice is issued on            2002 pursuant to and subject
         to the Master Trust Deed dated 2 December 1999 (the MASTER TRUST DEED)
         between:

         PERPETUAL TRUSTEES VICTORIA LIMITED (ABN 42 004 027 258) of Level 4,
         333 Collins Street, Melbourne, Victoria in its capacity as trustee of
         Interstar Millennium Series 2002-1G Trust (the TRUSTEE);

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

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

         INTERSTAR NOMINEES (B) PTY LIMITED (ABN 15 075 329 412), INTERSTAR
         NOMINEES (N) PTY LIMITED (ABN 11 092 095 648) INTERSTAR NOMINEES (R)
         PTY LIMITED (ABN 57 092 315 716) each of Level 28, 367 Collins Street,
         Melbourne, Victoria (each an APPROVED SELLER);

         PERPETUAL TRUSTEE COMPANY LIMITED (ABN 42 000 001 007) of Level 7, 39
         Hunter Street, Sydney, New South Wales (the SECURITY TRUSTEE);

         THE BANK OF NEW YORK, NEW YORK BRANCH of 101 Barclay Street, 21W, New
         York, New York 10286 (the CALCULATION AGENT, the PRINCIPAL PAYING AGENT
         and the NOTE REGISTRAR and, in its capacity as trustee for the Class A2
         Noteholders, the NOTE TRUSTEE); and

         THE BANK OF NEW YORK (LUXEMBOURG) S.A. of Aerogolf Center, 1A,
         Hoehenhof, L-1736 Senningerberg, Luxembourg (the LUXEMBOURG PAYING
         AGENT).

         This Series Notice is issued by the Trust Manager and applies in
         respect of the Interstar Millennium Series 2002-1G Trust.

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

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

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

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

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

3.       DEFINITIONS AND INTERPRETATION
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3.1      DEFINITIONS

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

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

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

         (a)   with an insurance company whose claims paying ability has an
               assigned rating of not less than BBB by S&P and Baa2 by Moody's
               or is otherwise acceptable to Moody's; and

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

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

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

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

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

         (b)   after the termination of the Currency Swap, the amount that, when
               converted into US dollars at the then - prevailing spot exchange
               rate in New York City for Australian dollar purchases of US
               dollars, will equal the US dollar amount owing in respect of
               principal or interest, as applicable, on the Class A2 Notes to be
               paid from or by reference to such amount.

         A$ EXCHANGE RATE means, on any date in relation to the Class A2 Notes,
         the rate of exchange (set as at the commencement of the Currency Swap)
         applicable under the Currency Swap for the exchange of US dollars for
         Australian dollars.

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

         (a)   on a daily basis at the applicable rate set out in the Currency
               Swap;

         (b)   on the A$ Equivalent of the Currency Swap Notional Amount for
               that Payment Date; and

         (c)   on the basis of the actual number of days in the relevant
               Currency Swap Payment Period and a year of 365 days.

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

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

         (a)   cheque book facility;

         (b)   paperless direct debit facility;

         (c)   paperless direct credit facility;

         (d)   credit card facility;

         (e)   debit card facility;

         (f)   deposit facility;

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

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

         of a type approved by each Designated Rating Agency with respect to the
         Trust.

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

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

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

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

         in relation to the provision of Ancillary Facilities.

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

         APPROVED SELLER means:

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         (a)   any person which is a party to this Series Notice as an Approved
               Seller; or

         (b)   any person which the Trust Manager notifies the Trustee is an
               Approved Seller for the purposes of this Series Notice and who
               executes a Seller Accession Certificate.

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

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

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

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

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

         BANK means:

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

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

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

         BANK BILL RATE means as at any date the rate per cent per annum being
         the average of the buying and selling rates for a 30 day bill (or in
         the case of the first Interest Period for a Class B Note, the linear
         interpolation of the average of the buying and selling rates for a 1
         day bill and a 30 day bill) quoted on the page designated "BBSW" of the
         Reuters Monitor System at or about 10.30 am (Melbourne time) on that
         date by each person so quoting (but not less than five) and rounding
         the resultant figure upwards to four decimal places, provided that if
         in respect of any date the BANK BILL RATE cannot be determined because
         fewer than five persons have quoted rates or a rate is not displayed
         for a term equivalent to that period, then the BANK BILL RATE for that
         date shall mean such rate as determined by a Financial Advisor
         nominated by the Trust Manager or the Trust Manager having regard to
         comparable indices then available. In the event that any such date is
         not a Business Day, then the BANK BILL RATE applicable on that date
         shall be deemed to be the BANK BILL RATE which is applicable on the
         Business Day next succeeding that date. A certificate signed by a
         Financial Advisor nominated by the Trust Manager or the Trust Manager
         certifying as to the BANK BILL RATE on any date shall be final and
         conclusive evidence thereof in the absence of manifest error.

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

         BENEFICIARY DISTRIBUTION means a distribution to a Beneficiary under
         clause 6.5(a)(x) or clause 6.6(a)(i)(E).

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

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

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

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

         CAPITAL means any Assets of the Trust from time to time which
         constitute or are attributable to capital, rather than income, and
         includes any Mortgage Principal Repayments.

         CLASS A NOTE means a Note issued as a Class A1 Note or a Class A2 Note
         with the characteristics of a Class A1 Note or a Class A2 Note (as the
         case may be) under this Series Notice.

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

         CLASS A1 NOTE means a Note issued as a Class A1 Note by the Trustee
         with the characteristics of a Class A1 Note under this Series Notice.

         CLASS A1 NOTEHOLDER means a Noteholder of a Class A1 Note.

         CLASS A2 NOTE means a Note issued as a Class A2 Note by the Trustee
         with the characteristics of a Class A2 Note under this Series Notice.

         CLASS A2 NOTEHOLDER means a Noteholder of a Class A2 Note.

         CLASS A2 NOTE OWNER means, with respect to a Global Note, the person
         who is the beneficial owner of such Global Note, as reflected on the
         books of the Clearing Agency, or on the books of the person maintaining
         an account with such Clearing Agency (directly as Clearing Agency
         Participant or as an indirect participant) in each case in accordance
         with the rules of such Clearing Agency.

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

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

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

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

         CLOSING DATE means, in relation to the Trust and any Purchased Loan,
         the date specified in the Sale Notice for that Purchased Loan as the
         Closing Date or where a Sale Notice is not required by the Master Trust
         Deed to be delivered, as specified in the procedures for transfer
         agreed in accordance with the Master Trust Deed.

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

         COLLECTION PERIOD means, in relation to a Payment Date, the period from
         (and including) the date which is 4 Business Days before the date that
         is 1 calendar month preceding that Payment Date to (but excluding) the
         date which is 4 Business Days before that Payment Date. The first
         Collection Period is the period from (but excluding) the first Cut-Off
         Date to (but excluding) [*]. The Collection Period in relation to the
         final Payment Date is the period from (and including) the date which is
         4 Business Days before the Payment Date immediately prior to that final
         Payment Date to (but excluding) the date which is 4 Business Days
         before that final Payment Date.

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

         COMMON DEPOSITORY means Cede & Co, as depository for DTC or any
         Clearing Agency appointed from time to time to hold a Global Note.

         CONDITIONS means the terms and conditions of the Class A2 Notes, as
         annexed to the Note Trust Deed.

         CORPORATIONS ACT means the Corporations Act 2001 (Cth).

         CURRENCY SWAP means, in relation to the Class A2 Notes, any currency
         swap agreement entered into between (among others) the Currency Swap
         Provider, the Trust Manager and the Trustee, together with the
         schedules and confirmations with respect thereto and any replacement
         Currency Swap entered into in accordance with the Transaction
         Documents.

         CURRENCY SWAP GUARANTOR means, initially ZCM Matched Funding Corp, and
         subsequently the person who from time to time guarantees the
         obligations of the Currency Swap Provider under the Currency Swap.

         CURRENCY SWAP NOTIONAL AMOUNT means:

         (a)   in relation to a Payment Date which is 2 Payment Dates
               immediately preceding a Quarterly Payment Date, the aggregate
               Principal Amount of the Class A2 Notes as at the first day of the
               relevant Quarterly Period;

         (b)   in relation to a Payment Date immediately preceding a Quarterly
               Payment Date, an amount equal to:

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               (i)       the aggregate Principal Amount of the Class A2 Notes as
                         at the first day of the relevant Period; minus

               (ii)      the Currency Swap Notional Amount for the immediately
                         preceding Payment Date; and

         (c)   in relation to a Payment Date which is also a Quarterly Payment
               Date, an amount equal to:

               (i)       the aggregate Principal Amount of the Class A2 Notes as
                         at the first day of the relevant Quarterly Period;
                         minus

               (ii)      the aggregate of the Currency Swap Notional Amounts for
                         the two immediately preceding Payment Dates.

         CURRENCY SWAP PAYMENT PERIOD means:

         (a)   in relation to the first Payment Date, the period commencing on
               (and including) the Note Issue Date and ending on (but excluding)
               the first Payment Date;

         (b)   in relation to the final Payment Date, the period commencing on
               (and including) the Payment Date prior to the earlier of the
               Maturity Date and the date on which the Class A2 Notes are
               redeemed in accordance with their terms and ending on (but
               excluding) the Maturity Date or the date on which the Class A2
               Notes are so redeemed (as the case may be); and

         (c)   in relation to each other Payment Date, each period commencing on
               (and including) the immediately preceding Payment Date and ending
               on (but excluding) that Payment Date.

         CURRENCY SWAP PROVIDER means any person who provides a Currency Swap.

         CUT-OFF DATE means:

         (a)   in relation to any Purchased Loan, the date specified as the
               Cut-Off Date for that Purchased Loan in the relevant Sale Notice;

         (b)   in relation to any Loan originated in accordance with clause
               9(b)(ii), the date for that Loan so specified in the relevant
               Trust Manager's direction; or

         (c)   in relation to any Purchased Loan where a Sale Notice is not
               required by the Master Trust Deed to be delivered, as specified
               in the procedures for transfer agreed in accordance with the
               Master Trust Deed.

         DEALER means [*] (ABN [*]).

         DEALER AGREEMENT means the Dealer Agreement dated on or about the date
         of this Series Notice between the Trustee, the Trust Manager and the
         Dealer in relation to the issue of the Class B Notes.

         DEFAULTING PARTY has:

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

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

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         DEFINITIVE NOTE means a Class A2 Note in definitive form issued or to
         be issued in respect of any Class A2 Note under, and in the limited
         circumstances specified in, the Note Trust Deed and includes any
         replacement for a Definitive Note issued under the Conditions.

         DESIGNATED RATING AGENCY means:

         (a)   (i)       in relation to the Class A2 Notes, S&P and Moody's;

               (ii)      in relation to the Class B Notes, S&P; and

               (iii)     in relation to the Class A1 Notes, S&P and any other
                         rating agency so specified prior to the issue of the
                         Class A1 Notes; and

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

         DTC means the Depository Trust Company.

         ELIGIBILITY CRITERIA means the criteria set out in schedule 1.

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

         EXPENSES has the meaning in the Master Trust Deed and includes any
         Trustee's Fee, any Trust Manager's Fee, any Servicer's Fee and any
         amounts payable or incurred by the Trustee, the Trust Manager or the
         Servicer in relation to the Trust under any Ancillary Facility but
         excluding:

         (a)   any Redraw; and

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

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

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

         GLOBAL NOTE means any global note issued or to be issued by the Trustee
         under the Note Trust Deed representing the Class A2 Notes.

         GOLD COMMITMENT means as at any date the then amortised facility limit
         under an Interstar "Gold" Access Account Loan (as referred to in
         schedule 2) (or under an Interstar "Split" Access Account Loan (as
         referred to in schedule 2) which has the general characteristics of the
         Interstar "Gold" Access Account Loan (as referred to in schedule 2))
         which forms part of the Assets of the Trust.

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

         HEDGE AGREEMENT in relation to the Trust, includes an Interest Rate
         Swap and a Currency Swap.

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

         (a)   amounts received under Hedge Agreements;

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

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

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

         (e)   fees received from Obligors.

         INCOME PERCENTAGE means, in relation to the holder of a Residual Income
         Unit (as defined in clause 10) at any time, the subscription price paid
         by that person for that Residual Income Unit divided by the total
         subscription prices of all Residual Income Units recorded in the
         Register maintained under clause 10.4 at that time, expressed as a
         percentage.

         INFORMATION MEMORANDUM means:

         (a)   in relation to the Class A2 Notes, the prospectus relating to
               those Class A2 Notes dated [*];

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

         (c)   in relation to Class A1 Notes, any information memorandum,
               prospectus or other selling or distribution information relating
               to those Class A1 Notes,

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

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

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

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

         INTEREST PAYMENT DATE means, for the purposes of the Master Trust Deed
         and:

         (a)   each Class A2 Note, each Quarterly Payment Date;

         (b)   each Class B Note, each Payment Date; and

         (c)   each Class A1 Note, the date specified as such in respect of that
               Note at its issue.

         INTEREST PERIOD means:

         (a)   in relation to a Class A2 Note and:

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               (i)       the first Interest Period for that Note, the period
                         commencing on (and including) the Note Issue Date and
                         ending on (but excluding) the first Quarterly Payment
                         Date;

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

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

         (b)   in relation to a Class B Note and:

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

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

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

         (c)   in relation to a Class A1 Note, the period specified as such in
               respect of that Note at its issue.

         INTEREST RATE means:

         (a)   in relation to a Class A2 Note and an Interest Period for that
               Class A2 Note:

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

               (ii)      the MBS Margin for that Class A2 Note; plus

               (iii)     if applicable, from (and including) the Step-Up Margin
                         Date, the Step-Up Margin for that Class A2 Note;

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

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

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

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

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         (c)   in relation to a Class A1 Note and an Interest Period for that
               Class A1 Note, the interest rate specified in respect of that
               Class A1 Note at its issue.

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

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

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

         LEAD MANAGER means Barclays Bank PLC.

         LIBOR means, in relation to any Interest Period for a Class A2 Note,
         the rate applicable for deposits in US dollars for a period of 3 months
         which appears on the Telerate Page 3750 as of 11.00 am, London time, on
         the relevant Rate Reset Date. If such rate does not appear on the
         Telerate Page 3750, the rate for that Interest Period will be
         determined as if the Trustee and the Calculation Agent had specified
         USD-LIBOR-REFERENCE BANKS as the applicable Floating Rate Option under
         the Definitions of the International Swaps and Derivatives Association,
         Inc. (ISDA) incorporating the 2000 ISDA definitions, as amended and
         updated as at the Note Issue Date (the ISDA DEFINITIONS).
         USD-LIBOR-REFERENCE BANKS means that the rate for an Interest Period
         for a Class A2 Note will be determined on the basis of the rates at
         which deposits in US dollars are offered by four major banks in the
         London interbank market agreed to by the Calculation Agent and the
         Currency Swap Provider (the REFERENCE BANKS) at approximately 11.00 am,
         London time, on the relevant Rate Reset Date to prime banks in the
         London interbank market for a period of 3 months commencing on the
         first day of the Interest Period and in a Representative Amount (as
         defined in the ISDA Definitions). The Calculation Agent will request
         the principal London office of each of the Reference Banks to provide a
         quotation of its rate. If at least two such quotations are provided by
         Reference Banks to the Calculation Agent, the rate for that Interest
         Period will be the arithmetic mean of the quotations. If fewer than two
         quotations are provided by Reference Banks to the Calculation Agent
         following the Calculation Agent's request, the rate for that Interest
         Period will be the arithmetic mean of the rates quoted by four major
         banks in New York City, selected by the Calculation Agent and the
         Currency Swap Provider, at approximately 11.00 am, New York City time,
         on that Rate Reset Date for loans in US dollars to leading European
         banks for a period of 3 months commencing on the first day of the
         Interest Period and in a Representative Amount. If no such rates are
         available in New York City, then the rate for such Interest Period will
         be the most recently determined rate in accordance with this
         definition.

         In this definition of LIBOR, BUSINESS DAY means any day on which banks
         are open for business (including dealings in foreign exchange and
         foreign currency deposits) in London and New York City.

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

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

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

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

         (d)   any other Authorised Investments of a type approved by each
               Designated Rating Agency for the purposes of clause 6.4(a).

         LIQUIDITY PURPOSES includes:

         (a)   replenishing Liquid Authorised Investments under clause 6.4;

         (b)   funding Redraws under clause 6.3;

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

         (d)   making the payments required to be made pursuant to clause 6.5(a)
               on a Payment Date (except any Break Costs to a Swap Provider
               under clause 6.5(a)(viii), any Approved Seller's Fee and any
               Beneficiary Distribution).

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

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

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

         LUXEMBOURG PAYING AGENT means The Bank of New York (Luxembourg) S.A..

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

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

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

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

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

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

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

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

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

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

         MORTGAGE INSURER means PMI Indemnity Limited (ABN 49 000 781 171), GE
         Capital Mortgage Insurance Corporation (Australia) Pty Ltd (ABN 52 081
         488 440), the Commonwealth of Australia, PMI Mortgage Insurance Ltd
         (formerly MGICA Ltd) (ABN 70 000 511 071), Royal & Sun Alliance Lenders
         Mortgage Insurance Ltd (ABN 55 001 825 725) or such other corporation
         or corporations as approved from time to time by the Trust Manager and
         each Designated Rating Agency.

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

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

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

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

         (d)   any net moneys paid by an Obligor to the Trustee by way of
               compensation for making any early repayments under the Loan or
               Loan Security; and

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

         NAB means National Australia Bank Limited.

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

         NOTE means a note referred to in clause 4.

         NOTEHOLDER means the person who:

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

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

         NOTE ISSUE DATE means [*] 2002.

         NOTE MANAGER means each Dealer and each Underwriter.

         NOTE REGISTER means the register kept by the Note Registrar to provide
         for the registration and transfer of Class A2 Notes under the Note
         Trust Deed and the Agency Agreement.

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

         NOTE TRUST DEED means the Note Trust Deed dated on or before the date
         of this Series Notice between the Note Trustee, the Trustee and the
         Trust Manager.

         NOTICE OF CREATION OF TRUST means the Notice of Creation of Trust dated
         [*] 2002 issued under the Master Trust Deed in relation to the Trust.

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

         OTHER TRUST means any Trust (as defined in the Master Trust Deed) other
         than the Trust.

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

         PAYMENT DATE means

         the [*] day of each month, the first such date being [*].

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

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

         PREFUNDING AMOUNT has the meaning given in clause 9.

         PREFUNDING END DATE means the first Quarterly Payment Date.

         PRESCRIBED MINIMUM LEVEL means, at any time, 1% of the A$ Equivalent of
         the Principal Amount of all Notes then outstanding or such other
         percentage of the A$ Equivalent of the Principal Amount of all Notes
         then outstanding as determined by the Trust Manager and confirmed by
         each Designated Rating Agency that such percentage is not detrimental
         to the rating (including a qualification or a withdrawal of a rating)
         of any Notes outstanding at that time.

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

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

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

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

         PRINCIPAL REPAYMENT DATE means, for the purposes of the Master Trust
         Deed, and:

         (a)   each Class A2 Note, each Quarterly Payment Date;

         (b)   each Class B Note, each Payment Date; and

         (c)   each Class A1 Note, each date specified as such in respect of
               that Note at its issue.

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

         QUARTERLY PAYMENT DATE means:

         (a)   the first Quarterly Payment Date is [*]; and

         (b)   each subsequent Quarterly Payment Date is the [*] day of the
               month which is 3 months after the month in which the immediately
               preceding Quarterly Payment Date occurred.

         QUARTERLY PERIOD means:

         (a)   each Interest Period for the Class A2 Notes; and

         (b)   in relation to a Quarterly Payment Date, the period commencing on
               (and including) the immediately preceding Quarterly Payment Date
               or the Note Issue Date (as the case may be) and ending on (but
               excluding) that Quarterly Payment Date.

         RATE RESET DATE means:

         (a)   in relation to an Interest Period and a Class A2 Note, the date
               which is 2 Business Days before the beginning of the Interest
               Period for that Class A2 Note; and

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

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

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

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         REGISTERED NOTE means a Class A1 Note or a Class B Note.

         REGISTERED NOTEHOLDER means, in relation to a Registered Note at any
         time, the holder of that Registered Note at that time.

         RESIDUAL CAPITAL UNIT has the meaning given in clause 10.1.

         RESIDUAL INCOME UNIT has the meaning given in clause 10.1.

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

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

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

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

         SERVICER'S FEE means any fee payable to the Servicer under any
         Transaction Document.

         STEP-UP MARGIN means:

         (a)   in relation to a Class A2 Note, [*]% per annum; and

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

         STEP-UP MARGIN DATE means:

         (a)   in relation to any Class A2 Notes, the Payment Date in [July
               2009]; and

         (b)   in relation to any Class B Notes, the Payment Date in [July
               2009].

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

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

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

         SURPLUS LIQUIDITY means, on any Payment Date, the amount by which the
         value of the Liquid Authorised Investments exceeds the Prescribed
         Minimum Level on that Payment Date (after taking account of any
         payments to be made on that Payment Date to replenish Liquid Authorised
         Investments under clause 6.6(a)(i) and in disposing of Liquid
         Authorised Investments under clauses 6.4 and 6.5(a)).

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

         TITLE INSURANCE POLICY means, in relation to a Mortgage, an insurance
         policy in a form reasonably acceptable to the Trustee which insures
         against losses arising from that

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         Mortgage providing insufficient security for the relevant Loan,
         including, as a result of the Mortgage:

         (a)   being subject to any prior encumbrance;

         (b)   not being validly registered; or

         (c)   being invalid or unenforceable.

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

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

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

         TRANSACTION DOCUMENT means each Transaction Document (as defined in the
         Master Trust Deed) which relates to the Trust, and includes the Note
         Trust Deed and the Agency Agreement.

         TRUST means the Interstar Millennium Series 2002-1G Trust constituted
         under the Master Trust Deed and the Notice of Creation of Trust.

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

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

         UNDERWRITER means Barclays Bank PLC.

         UNDERWRITING AGREEMENT means the Underwriting Agreement dated on or
         about the date of this Series Notice between the Trustee and the
         Underwriters.

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

3.2      INTERPRETATION

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

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

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

3.3      LIABILITY

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

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

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

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

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

               (ii)      obtaining declaratory relief.

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

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

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

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

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

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

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

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

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

3.4      PAYMENT TO BE MADE ON BUSINESS DAY

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

         (b)   If any Payment Date falls on a day which is not a Business Day,
               the Payment Date will be the next Business Day unless that day
               falls in the next calendar month, in which case the due date will
               be the preceding Business Day.

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4.       NOTES
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4.1      CONDITIONS OF NOTES

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

         (b)   The conditions of the Class A2 Notes will be as set out in the
               Master Trust Deed (as supplemented and amended by this Series
               Notice) and the Conditions.

4.2      SUMMARY OF CONDITIONS OF NOTES

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

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

                                          (i)      Class A1 Notes

                                          (ii)     Class A2 Notes

                                          (iii)    Class B Notes

         (b)   Total Initial Principal    (i)      the Class A1 Notes - the
               Amount of each Class of             aggregate  of the Initial
               Notes:                              Principal Amounts of those
                                                   Class A1 Notes on the
                                                   relevant Note Issue Date

                                          (ii)     Class A2 Notes -
                                                   US$[1,000,000,000]

                                          (iii)    Class B Notes -
                                                   A$[150,000,000]

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

        (d)    MBS Margin:                (i)      any Class A1 Note, the
                                                   percentage per annum as
                                                   determined by the Trust
                                                   Manager and notified to the
                                                   Trustee on the relevant Note
                                                   Issue Date

                                          (ii)     any Class A2 Note, [*]% per
                                                   annum; and

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

        (e)    Initial Principal Amount:  (i)      any Class A1 Note - the
                                                   amount as determined by the
                                                   Trust Manager and notified to
                                                   the Trustee on the date which
                                                   is 2 Business Days before the
                                                   relevant Note Issue Date

                                          (ii)     any Class A2 Note - subject
                                                   to clause 4.3(b), each
                                                   denominated with an Initial
                                                   Principal Amount of
                                                   US$100,000 per Note and,
                                                   thereafter, with minimum
                                                   increments of US$1,000

                                          (iii)    any Class B Note - subject to
                                                   clause 4.3(a), each

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                                                   denominated with an Initial
                                                   Principal Amount of A$10,000
                                                   per Note

         (f)   Rating:                    (i)      Class A1 Notes - such rating
                                                   (if any) notified by the
                                                   Trust Manager to the Trustee
                                                   as approved by each
                                                   Designated Rating Agency for
                                                   those Class A1 Notes at the
                                                   relevant Note Issue Date

                                          (ii)     Class A2 Notes - AAA long
                                                   term rating from S&P; and Aaa
                                                   long term rating from Moody's

                                          (iii)    Class B Notes - AA- long term
                                                   rating from S&P

         (g)   Issue Price:               (i)      any Class A1 Note - issued at
                                                   par value, at a premium or at
                                                   a discount, as notified by
                                                   the Trust Manager to the
                                                   Trustee at the relevant Note
                                                   Issue Date in accordance with
                                                   clause 5

                                          (ii)     any Class A2 Note - issued at
                                                   par value

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

         (i)   Maturity Date:             [December 2033]

4.3      ISSUE OF NOTES

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

         (b)   The Class A2 Notes must be issued in minimum parcels or
               subscriptions which have an aggregate Initial Principal Amount of
               US$100,000 and in amounts, or on terms, such that their offer for
               subscription and their issue will comply with:

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

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

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

4.4      TRUSTEE'S COVENANT TO NOTEHOLDERS

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

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

         (b)   covenants for the benefit of the Security Trustee, each
               Registered Noteholder and the Note Trustee on behalf of the Class
               A2 Noteholders (subject to receiving any directions required
               under and given in accordance with the Transaction Documents):

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

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

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

4.5      REPAYMENT OF NOTES ON PRINCIPAL REPAYMENT DATES

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

         (b)   All Principal Payments on the Class A2 Notes will be made in US
               dollars.

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

4.6      FINAL REDEMPTION

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

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

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

         (c)   in relation to:

               (i)       the Class A2 Notes, the date on which all amounts
                         received by the Note Trustee with respect to the
                         enforcement of the Security Trust Deed and

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                         payable to the Class A2 Noteholders are paid to the
                         Class A2 Noteholders; and

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

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

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

4.7      PERIOD DURING WHICH INTEREST ACCRUES

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

4.8      CALCULATION OF INTEREST

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

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

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

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

                         (A)  in the case of the Class A2 Notes, a year of 360
                              days; and

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

                         and shall accrue due from day to day.

         (b)   The Step-Up Margin for each Class of Notes is the percentage per
               annum which:

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

               (ii)      is, in the case of any: (A) Class A2 Notes, [*]% per
                         annum; and (B) Class B Notes, [*]% per annum; and

               (iii)     in addition to:

                         (A)  (1)  LIBOR, in the case of the Class A2 Notes; or

                              (2)  Bank Bill Rate, in the case of the Registered
                                   Notes; and

                         (B)  the relevant MBS Margin,

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

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4.9      AGGREGATE RECEIPTS

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

4.10     OWNERSHIP OF NOTES

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

4.11     TAXATION

         All payments in respect of the Notes will be made without withholding
         or deduction for, or on account of, any present or future Taxes
         (including, without limitation, interest withholding tax) unless the
         Trustee or other payer is required by any applicable law to make any
         such payment in respect of the Notes subject to any withholding or
         deduction for, or on account of, any present or future Taxes. In that
         event, the Trustee or other payer must make such payment after such
         withholding or deduction has been made and must account to the relevant
         authorities for the amount so required to be withheld or deducted. The
         Trustee or other payer will not be obliged to make any additional
         payments to Noteholders in respect of that withholding or deduction.

5.       CLASS A1 NOTES
--------------------------------------------------------------------------------

5.1      NOTE ISSUE DIRECTION FOR CLASS A1 NOTES

         If, on a Payment Date, Mortgage Principal Repayments for the Collection
         Period preceding that Payment Date are insufficient to fund Redraws for
         that Collection Period in accordance with this Series Notice, then the
         Trust Manager may give the Trustee a Note Issue Direction to issue a
         series of Class A1 Notes in accordance with clause 12 of the Master
         Trust Deed and this clause 5.

5.2      CONDITIONS TO NOTE ISSUE DIRECTION

         The Trust Manager must not give a Note Issue Direction under clause 5.1
         unless it has received written confirmation from each Designated Rating
         Agency that the issue of the Class A1 Notes would not result in a
         downgrading or withdrawal of a rating of any Note then outstanding.

5.3      TERMS OF NOTE ISSUE DIRECTION

         A Note Issue Direction given under clause 5.1:

         (a)   must be given no later than the date which is 3 Business Days
               before the proposed issue date of the relevant Class A1 Notes, or
               any other date agreed by the Trustee and the Trust Manager; and

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         (b)   must specify the MBS Margin, the aggregate Initial Principal
               Amount, Initial Principal Amount, rating, issue price and
               Maturity Date of the relevant Class A1 Notes (in each case
               containing the relevant information specified in clause 4.2).

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

6.1      GENERAL

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

6.2      CALCULATIONS

         (a)   On or before each date which is 2 Business Days before each
               Payment Date, the Servicer will, in respect of the Collection
               Period immediately before that Payment Date, calculate or
               otherwise ascertain:

               (i)       all Income for that Collection Period;

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

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

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

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

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

               (vii)     Expenses for that Collection Period;

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

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

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

               (xi)      the Currency Swap Notional Amount for that Payment
                         Date;

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

               (xiii)    each A$ Equivalent Amount required to be calculated
                         under this Series Notice; and

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

         (b)   The Servicer must:

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

               (ii)      notify the Trustee, the Trust Manager, the Note
                         Trustee, each Paying Agent, the Calculation Agent and
                         the Currency Swap Provider by not later than (or as
                         soon as practicable after) the date which is 2 Business
                         Days before the relevant Payment Date of each
                         determination with respect to the Class A2 Notes of the
                         Principal Payment and Principal Amount in respect of
                         that Payment Date and the Trust Manager will
                         immediately cause details of each of those
                         determinations to be published in accordance with
                         Condition 12. If no Principal Payment is due to be made
                         on the Class A2 Notes on any Payment Date a notice to
                         this effect will be given to the Class A2 Noteholders
                         in accordance with Condition 12; and

         (c)   The Trust Manager must (based on the notifications received from
               the Servicer under paragraph (b)) instruct the Trustee in writing
               on or before the date which is 2 Business Days before the
               relevant Payment Date as to the payments to be made by the
               Trustee on the Payment Date.

6.3      REDRAWS

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

         (a)   the Redraw to be provided to the Obligor together with the
               current Unpaid Balance of the Loan will not exceed the scheduled
               balance of the Loan;

         (b)   after allowing for all payments which the Trustee is then
               required to make or which the Trust Manager reasonably expects
               that the Trustee will be required to make, there is or will be
               sufficient cash in the Assets of the Trust (whether as a result
               of the issue of Class A1 Notes or otherwise) for the Trustee to
               provide that Redraw; and

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

6.4      LIQUID AUTHORISED INVESTMENTS

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

         (c)   The Trust Manager may direct the Trustee, and the Trustee must
               allow at the direction of the Trust Manager, the value of Liquid
               Authorised Investments to be less than the Prescribed Minimum
               Level where the Trustee is required to apply all or part of the
               Liquid Authorised Investments towards payment of any of the
               amounts (other than any Break Costs to any Swap Provider under
               clause 6.5(a)(viii), Approved Seller's Fee or Beneficiary
               Distribution) as provided in clause 6.5(a).

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         (d)   If the payment of the whole of any Break Costs to any Swap
               Provider under clause 6.5(a)(viii) would result in the value of
               the Liquid Authorised Investments being less than the Prescribed
               Minimum Level, or if the value of the Liquid Authorised
               Investments at the time of proposed payment is already less than
               the Prescribed Minimum Level, then:

               (i)       a Swap Provider shall only be entitled to receive, and
                         the Trustee must only pay, that part of the Break Costs
                         to that Swap Provider under clause 6.5(a)(viii) which
                         will not result in the value of Liquid Authorised
                         Investments being less than the Prescribed Minimum
                         Level; and

               (ii)      payment of the balance of the Break Costs to a Swap
                         Provider under clause 6.5(a)(viii) shall be deferred
                         until such later Payment Date as such payment will not
                         result in the value of Liquid Authorised Investments
                         being less than the Prescribed Minimum Level.

               Prior to any payment of any Break Costs to any Swap Provider
               under clause 6.5(a)(viii), the Trust Manager shall certify to the
               Trustee that such payment will not breach this paragraph (c)
               (upon which certification the Trustee will rely conclusively).

         (e)   If the payment of the whole of any Approved Seller's Fee under
               clause 6.5(a) would result in the Value of the Liquid Authorised
               Investments being less than the Prescribed Minimum Level, or if
               the value of the Liquid Authorised Investments at the time of
               proposed payment is already less than the Prescribed Minimum
               Level, then:

               (i)       an Approved Seller shall only be entitled to receive,
                         and the Trustee must only pay, that part of the
                         Approved Seller's Fee which will not result in the
                         value of Liquid Authorised Investments being less than
                         the Prescribed Minimum Level; and

               (ii)      payment of the balance of the Approved Seller's Fee
                         shall be deferred until such later Payment Date as such
                         payment will not result in the value of Liquid
                         Authorised Investments being less than the Prescribed
                         Minimum Level.

               Prior to any payment of any Approved Seller's Fee, the Trust
               Manager shall certify to the Trustee that such payment will not
               breach this paragraph (d) (upon which certification the Trustee
               will rely conclusively).

         (f)   If the payment of the whole of the Beneficiary Distribution under
               clause 6.5(a) would result in the value of the Liquid Authorised
               Investments being less than the Prescribed Minimum Level, or if
               the value of the Liquid Authorised Investments at the time of
               proposed payment is already less than the Prescribed Minimum
               Level, then:

               (i)       holders of Residual Income Units shall only be entitled
                         to receive, and the Trustee must only pay, that part of
                         the Beneficiary Distribution which will not result in
                         the value of Liquid Authorised Investments being less
                         than the Prescribed Minimum Level; and

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               (ii)      payment of the balance of the Beneficiary Distribution
                         shall be deferred until such later Payment Date as such
                         payment will not result in the value of Liquid
                         Authorised Investments being less than the Prescribed
                         Minimum Level.

               (iii)     Prior to any payment of the Beneficiary Distribution,
                         the Trust Manager shall certify to the Trustee that
                         such payment will not breach this paragraph (e) (upon
                         which certification the Trustee will rely
                         conclusively).

6.5      INTEREST AND OTHER PAYMENTS

         (a)   On each Payment Date, the Trustee shall (in accordance with the
               written direction provided to it by the Trust Manager on or
               before the date which is 2 Business Days before the Payment Date)
               out of the Income for the Collection Period immediately before
               that Payment Date (or out of the proceeds of disposal of any
               Liquid Authorised Investments as provided for in clause 6.4 or
               out of Capital as provided for in paragraph (d)) make the
               following payments or retain moneys in the following order of
               priority.

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

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

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

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

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

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

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

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

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

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

                         (D)  the Expenses (other than the Trustee's Fee, any
                              fees payable to the Note Trustee, the Paying
                              Agents or the Calculation Agent and the Trust
                              Manager's Fee) which the Trust Manager or the
                              Trustee

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                              reasonably anticipates will be incurred prior to
                              the next Payment Date; and

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

               (iv)      FOURTH - payment to the Trust Manager of the Trust
                         Manager's Fee for the Collection Period.

               (v)       FIFTH - pari passu and rateably as between themselves:

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

                         (B)  payment of any Interest for the Interest Period
                              for the Class A1 Notes ending on that Payment Date
                              to the Class A1 Noteholders;

                         (C)  subject to clause 6.12, payment to the Currency
                              Swap Provider of:

                              (1)  the A$ Interest Amount for that Payment Date
                                   (and, if that Payment Date is a Quarterly
                                   Payment Date, any reciprocal payment by the
                                   Currency Swap Provider is thereafter to be
                                   applied in accordance with clause 6.8(a)(i)
                                   towards payment of Interest on the Class A2
                                   Notes); and

                              (2)  any Break Costs payable under the Currency
                                   Swap other than in respect of the termination
                                   of the Currency Swap where the Currency Swap
                                   Provider is the Defaulting Party.

               (vi)      SIXTH - payment of any Interest for the Interest Period
                         for the Class B Notes ending on that Payment Date to
                         the Class B Noteholders.

               (vii)     SEVENTH- where any part of Capital has previously been
                         applied by the Trustee in accordance with paragraph (d)
                         by the application by the Trustee for the purposes of
                         replenishment of the Assets of the Trust of an amount
                         equal to the amount of Capital so applied.

               (viii)    EIGHTH- subject to compliance with the Prescribed
                         Minimum Level of Liquid Authorised Investments set out
                         in clause 6.4(c) (and the restrictions contained in
                         paragraph (d)), payment, pari passu and rateably, of
                         any Break Costs payable to:

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

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

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               (ix)      NINTH - subject to compliance with the Prescribed
                         Minimum Level of Liquid Authorised Investments set out
                         in clause 6.4(d) (and the restrictions contained in
                         paragraph (d)), payment of any Approved Seller's Fee.

               (x)       TENTH - subject to compliance with the Prescribed
                         Minimum Level of Liquid Authorised Investments set out
                         in clause 6.4(e) (and the restriction contained in
                         paragraph (d)), payment of the balance (if any) to each
                         holder of a Residual Income Unit, pro rata.

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

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

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

         (c)   In the event that:

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

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

               then the following provisions shall apply:

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

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

         (d)   If, during any Financial Year, the amount equal to the aggregate
               of the Income accrued for a Collection Period and the proceeds of
               disposal of any Liquid Authorised Investments to be applied, in
               accordance with clause 6.4, under clause 6.5(a) on the
               corresponding Payment Date is less than the aggregate of the
               amounts payable by the Trustee under clause 6.5(a) for that
               Collection Period, then the Trustee shall (at the direction of
               the Trust Manager) apply Capital in payment of those amounts in
               order of priority set out in clause 6.5(a) (except for

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               any Break Costs to any Swap Provider under clause 6.5(a)(viii),
               Approved Seller's Fee or Beneficiary Distribution which may only
               be paid from Income) to the extent available to do so.

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

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

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

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

6.6      REPAYMENTS OF PRINCIPAL AMOUNT AND REDEMPTION OF NOTES

         (a)   (i)       All Mortgage Principal Repayments which are received by
                         the Trustee in each Collection Period, except to the
                         extent the Trust Manager directs the Trustee in writing
                         that such moneys be applied or retained for Liquidity
                         Purposes in accordance with the provisions of this
                         Series Notice, and any Surplus Liquidity for the
                         corresponding Payment Date must, prior to the
                         enforcement of the Security Trust Deed, be deposited or
                         paid by the Trustee (at the direction of the Trust
                         Manager, such direction to be given on or before the
                         date which is 2 Business Days before the relevant
                         Payment Date) on the corresponding Payment Date in the
                         following order of priority.

                         (A)  FIRST - payments to be made in accordance with
                              clause 6.5(d).

                         (B)  SECOND - to Class A1 Noteholders (in the
                              proportion as specified in sub-paragraph (ii)) in
                              payment of the Principal Amount of the Class A1
                              Notes until such time as all Class A1 Notes have
                              been redeemed in full.

                         (C)  THIRD - subject to clause 6.12, to the Currency
                              Swap Provider under the Currency Swap of the A$
                              Equivalent of the Currency Swap Notional Amount
                              for that Payment Date (and, if that Payment Date
                              is a Quarterly Payment Date, any reciprocal
                              payment by the Currency Swap Provider is
                              thereafter to be applied in accordance with clause
                              6.8(a)(ii) towards payment of the Principal Amount
                              of the Class A2

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                              Notes (in the proportion as specified in sub-
                              paragraph (ii)) until such time as all Class A2
                              Notes have been redeemed in full.

                         (D)  FOURTH - to Class B Noteholders (in the proportion
                              as specified in sub-paragraph (ii)) in payment of
                              the Principal Amount of the Class B Notes until
                              such time as all Class B Notes have been redeemed
                              in full.

                         (E)  FIFTH - payment of the balance (if any) as a
                              distribution to the holder of the Residual Capital
                              Unit.

               (ii)      The proportion of any amount available to be paid to
                         any Noteholder in respect of any Class of Notes will be
                         the proportion which the Principal Amount of the Note
                         in respect of that Class of Notes held by that
                         Noteholder bears to the Total Principal Amount of all
                         Notes in respect of that Class of Notes.

         (b)   On any Payment Date when the Total Principal Amount of all Notes
               in all Classes does not exceed 10% of the Initial Principal
               Amount of all Notes the Trustee must, if so directed in writing
               by the Trust Manager on or before the date which is 2 Business
               Days before that Payment Date, repay the whole of the Principal
               Amount of all Notes together with any outstanding Interest in
               relation to those Notes subject to the following conditions:

               (i)       the Trust Manager having provided to:

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

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

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

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

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

               (iv)      the repayment being made in the order of priority set
                         out in clause 6.6(a).

         (c)   On any Payment Date on or after a Step-Up Margin Date the Trustee
               must, if so directed by the Trust Manager on or before the date
               which is 2 Business Days before that Payment Date, repay the
               whole of the Principal Amount of any Class of Notes together with
               any outstanding Interest in relation to those Notes subject to
               the following conditions:

               (i)       the Trust Manager having provided to:

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

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

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

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

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

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

               (v)       the repayment being made in the order of priority set
                         out in clause 6.6(a).

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

               (1)       there are at that time no Class A Noteholders
                         outstanding; or

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

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

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

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

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

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

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

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                         whatever nature imposed, levied, collected, withheld or
                         assessed by that Government Agency,

               the Trustee must, when so directed by Noteholders representing at
               least 75% of the outstanding Principal Amount of the Notes
               (provided that the Trustee will be in a position on such Payment
               Date to discharge (and the Trust Manager will so certify to the
               Trustee and the Note Trustee) all its liabilities in respect of
               the Notes (at their relevant Principal Amount) and any amounts
               which would be required under the Security Trust Deed to be paid
               in priority or pari passu with the Notes if the security for the
               Notes were being enforced), having given not more than 60 nor
               less than 45 days notice to the Noteholders, redeem all, but not
               some only, of the Notes at their relevant Principal Amount
               together with accrued interest to (but excluding) the date of
               redemption on the next Payment Date, provided that the redemption
               is made in the order of priority set out in paragraph (a).

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

         (f)   A Noteholder shall not be entitled to receive any amounts other
               than:

               (i)       the Interest payable on, and

               (ii)      the Principal Amount of,

               Notes held by that Noteholder.

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

6.7      PAYMENTS INTO US$ ACCOUNT

         (a)   The Trustee must direct the Currency Swap Provider to pay all
               amounts denominated in US$ payable to the Trustee by the Currency
               Swap Provider under the Currency Swap into the US$ Account or to
               the Principal Paying Agent under the Agency Agreement.

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

6.8      PAYMENTS OUT OF US$ ACCOUNT

         (a)   The Trustee must, or must require that the Paying Agents on its
               behalf, at the direction of the Trust Manager, pay all amounts
               credited to the US$ Account by the Currency Swap Provider or
               under clause 6.7(b) as follows (and in accordance with the Note
               Trust Deed and the Agency Agreement) (in no order of priority):

               (i)       as contemplated in clause 6.5(a)(v)(C), pari passu in
                         relation to Class A2 Notes as payments of Interest on
                         those Class A2 Notes;

               (ii)      as contemplated in clause 6.6(a)(i)(C), pari passu to
                         Class A2 Noteholders in payment of the Principal Amount
                         of the Class A2 Notes until such time as all Class A2
                         Notes have been redeemed in full;

               (iii)     as contemplated in clause 6.6(b), pari passu to Class
                         A2 Noteholders in relation to Class A2 Notes as payment
                         of redemption amounts;

               (iv)      as contemplated in clause 6.6(c), pari passu to Class
                         A2 Noteholders in relation to Class A2 Notes as payment
                         of redemption amounts;

               (v)       as contemplated in clause 6.6(d), pari passu to Class
                         A2 Noteholders in relation to Class A2 Notes as payment
                         of redemption amounts;

               (vi)      as contemplated in clause 6.6(e), pari passu to Class
                         A2 Noteholders in relation to Class A2 Notes as payment
                         of redemption amounts; and

               (vii)     as contemplated in clause 4.4(b)(iii), pari passu to
                         Class A2 Noteholders in relation to Class A2 Notes as
                         payment of redemption amounts.

6.9      ROUNDING OF AMOUNTS

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

6.10     PRESCRIPTION

         Despite any other provision of this Series Notice and the Master Trust
         Deed, Condition 8 of the Class A2 Notes applies to all amounts payable
         in relation to any Class A2 Note.

6.11     REPLACEMENT OF CURRENCY SWAP

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

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

               (ii)      the Designated Ratings Agencies confirm that the
                         Replacement Currency Swap will not cause a reduction or
                         withdrawal of the rating of the Class A2 Notes; and

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

         (b)   If the conditions in (a) are satisfied, the Trustee must, at the
               direction of the Trust Manager, enter into the Replacement
               Currency Swap and if it does so it must direct the Replacement
               Currency Swap Provider to pay any upfront premium to enter into
               the Replacement Currency Swap due to the Trustee directly to the
               Currency Swap Provider in satisfaction of and to the extent of
               the Trustee's obligation to pay the Settlement Amount (as defined
               in the Currency Swap) as referred to in (a) and to the extent
               that such premium is not greater than or equal to the Settlement
               Amount (as defined in the Currency Swap), the balance must be
               satisfied by the Trustee as an Expense of the Trust.

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

6.12     CURRENCY SWAP DOWNGRADE

         If and for so long as the Currency Swap Guarantor has:

         (a)   a short term credit rating from S&P of less than A-1+; or

         (b)   a short term credit rating from Moody's of less than P-1 or a
               long term credit rating from Moody's of less than A3,

         the Trust Manager must direct the Trustee to, and the Trustee must,
         apply any amounts payable under clauses 6.5(a)(v)(C) and 6.6(a)(i)(C)
         on a Payment Date in accordance with the Currency Swap.

6.13     PAYMENT PRIORITIES FOLLOWING AN EVENT OF DEFAULT:  SECURITY TRUST DEED

         Following an Event of Default as defined in the Security Trust Deed,
         the priority of payments with respect to the Trust will be governed by
         that deed.

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7.       MASTER TRUST DEED, INVESTMENT MANAGEMENT AGREEMENT AND REPRESENTATIONS,
         WARRANTIES AND UNDERTAKINGS
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7.1      COMPLETION OF DETAILS IN RELATION TO MASTER TRUST DEED

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

               (i)       on the aggregate Initial Principal Amount of all Notes
                         outstanding on the first day of that Collection Period
                         minus the aggregate of Principal Payments made in
                         respect of the Notes on or before that date;

               (ii)      at the rate of 0.25% per annum or as otherwise agreed
                         by the Trust Manager and the Trustee from time to time;
                         and

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

               and shall accrue due from day to day.

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

         (c)   (APPROVED SELLER'S FEE)

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

               (i)       any Taxes;

               (ii)      any Trustee's Fee;

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

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

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

               (vi)      any payment of Interest to Noteholders; and

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

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

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

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

7.2      AMENDMENTS TO MASTER TRUST DEED

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

         (a)   CLAUSE 1 - DEFINITIONS AND INTERPRETATION

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

         (b)   CLAUSE 6 - ORIGINATION

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

         (c)   CLAUSE 8 - ACQUISITION FROM APPROVED SELLER

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

                         Where:

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

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

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

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

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

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

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

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

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

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

                         (B)  The Trustee as trustee of the Trust will do all
                              things reasonably necessary to give effect to the
                              disposal of the Loans held by the Trustee to that
                              Other Trust or other person (as the case may be)
                              in accordance with the Master Trust Deed and any
                              relevant Series Notice.

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

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

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

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

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

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

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

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

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

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

                         (C)  in relation to paragraph (b):

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

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

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

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

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

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

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

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

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

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

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

         (e)   CLAUSE 12 - PROCEDURE FOR ISSUE OF NOTES

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

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

         (f)   CLAUSE 13 - TRANSFERS OF NOTES

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

               "(a)      Notes can only be transferred if:

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

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

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

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         (g)   CLAUSE 15 - THE REGISTER

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

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

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

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

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

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

         (h)   CLAUSE 17 - THE TRUST MANAGER

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

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

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

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

         (j)   CLAUSE 20 - TRUSTEE'S POWERS

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

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

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

                         "(iv)    in relation to Class A2 Notes, to a Paying
                                  Agent (in respect of which the Trustee is not
                                  liable for its acts or omissions)"; and

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

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

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

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         (l)   CLAUSE 26 - BANK ACCOUNTS

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

         (m)   CLAUSE 27 - AUDITOR

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

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

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

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

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

                         (c)  The provisions of this clause 32.16 do not apply
                              to any obligation or liability of the Trustee to
                              the extent that it is not satisfied because under
                              a Transaction Document or by operation of law
                              there is a reduction in the extent of the
                              Trustee's indemnification out of the Assets of the
                              Trust as a result of the Trustee 's fraud,
                              negligence, or wilful default.

                         (d)  It is acknowledged that the Relevant Parties are
                              responsible under the Transaction Documents for
                              performing a variety of obligations relating to
                              the Trust. No act or omission of the Trustee
                              (including any related failure to satisfy its
                              obligations or breach of representation or
                              warranty under the Transaction Documents) will be
                              considered fraud, negligence or wilful default of
                              the Trustee for the purpose of paragraph (c) of
                              this clause 32.16 to the extent to which the act
                              or omission was caused or contributed to by any

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                              failure by the Relevant Parties (other than a
                              person whose acts or omissions the Trustee is
                              liable for in accordance with the Transaction
                              Documents) to fulfil its obligations relating to
                              the Trust or by any other act or omission of the
                              Relevant Parties (other than a person whose acts
                              or omissions the Trustee is liable for in
                              accordance with the Transaction Documents)
                              regardless of whether or not that act or omission
                              is purported to be done on behalf of the Trustee.

                         (e)  No attorney, agent, receiver or receiver and
                              manager appointed in accordance with a Transaction
                              Document has authority to act on behalf of the
                              Trustee in a way which exposes the Trustee to any
                              personal liability and no act or omission of any
                              such person will be considered fraud, negligence
                              or wilful default of the Trustee for the purpose
                              of paragraph (c) of this clause 32.16, provided
                              (in the case of any person selected and appointed
                              by the Trustee) that the Trustee has exercised
                              reasonable care in the selection of such persons.

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

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

                              "(a) (INDEMNITY FROM THE TRUST) Without prejudice
                                   to the right of indemnity given by law to
                                   trustees, and without limiting any other
                                   provision of a Transaction Document, the
                                   Trustee will be indemnified out of the Assets
                                   of the Trust, free of any set off or
                                   counterclaim, against all Penalty Payments
                                   which the Trustee is required to pay
                                   personally or in its capacity as trustee of
                                   the Trust and arising in connection with the
                                   performance of its duties or exercise of its
                                   powers under this deed or a Transaction
                                   Document in relation to the Trust.

                              (b)  (PRESERVATION OF RIGHT AND INDEMNITY) The
                                   Trustee's right to be indemnified in
                                   accordance with paragraph (a), applies
                                   notwithstanding any allegation that the
                                   Trustee has incurred such Penalty Payment as
                                   a result of its negligence, fraud or wilful
                                   default or any other act or omission which
                                   may otherwise disentitle the Trustee to be so
                                   indemnified. However, the Trustee is not
                                   entitled to that right of indemnity to the
                                   extent that there is a determination by a
                                   relevant court of negligence, fraud or wilful
                                   default by the Trustee (provided that, until
                                   such determination, the Trustee is entitled
                                   to that right of indemnity or

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                                   reimbursement but must, upon such
                                   determination, repay to the Trust any amount
                                   paid to it under this clause). The Trustee
                                   may in accordance with the Transaction
                                   Documents rely on others in relation to
                                   compliance with the Consumer Credit
                                   Legislation.

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

                              (d)  (NOMINATED CREDIT PROVIDER) Subject to the
                                   limitation of indemnity in paragraph (e), in
                                   jurisdictions where a provision identical to
                                   s169A of the Consumer Credit (Victoria) Code
                                   1996 is not in operation, for so long as such
                                   a provision is not in operation, the Trustee,
                                   the Trust Manager and the Servicer agree
                                   that:

                                   (A)       the Servicer shall be the
                                             "nominated credit provider" for the
                                             purposes of regulation 75 of any
                                             Consumer Credit Legislation in
                                             relation to the Trust; and

                                   (B)       the Servicer shall not cease to be
                                             the "nominated credit provider"
                                             until such time as:

                                             (1)  the Servicer is removed from
                                                  the office of Servicer; and

                                             (2)  another person (other than the
                                                  Trustee) becomes the
                                                  "nominated credit provider" in
                                                  relation to the Trust.

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

                              (f)  (ACCEPTABLE INSURANCE POLICY)

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

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

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

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

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

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

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

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

                         (B)  The definition of Penalty Payment in clause 32.18
                              of the Master Trust Deed shall apply.

7.3      AMENDMENTS TO INVESTMENT MANAGEMENT AGREEMENT

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

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

               (i)       as trust manager of the Interstar Millennium Series
                         2002-1G Trust, Interstar Securitisation Management Pty
                         Limited will be bound by the duties and obligations
                         imposed on the "Trust Manager" (as that term is defined
                         in the Investment Management Agreement) by the
                         Investment Management Agreement in all respects as if
                         it had originally been named as

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                         a party to the Investment Management Agreement as the
                         trust manager;
                         and

               (ii)      as trust manager of the Interstar Millennium Series
                         2002-1G Trust, Interstar Securitisation Management Pty
                         Limited shall be entitled to the benefit of any rights
                         or powers conferred on the "Trust Manager" (as that
                         term is defined in the Investment Management Agreement)
                         under the Investment Management Agreement as if it had
                         originally been named a party to the Investment
                         Management Agreement as the trust manager.

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

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

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

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

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

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

                         (ii)      obtaining declaratory relief; or

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

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

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

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

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

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

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

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

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

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

         (c)   CLAUSE 2 - APPOINTMENT OF SERVICER

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

         (d)   CLAUSE 4 - UNDERTAKINGS

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

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

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

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

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

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

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

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

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

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

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                         Documents as and when they fall due, including payment
                         of any Approved Seller's Fee as and when it falls due".

         (e)   CLAUSE 6 - SERVICER FEES

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

7.4      ADDITIONAL REPRESENTATIONS AND WARRANTIES - APPROVED SELLER AND TRUSTEE

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

         (a)   it is not in default under this deed or the Investment Management
               Agreement (to which it is a party) in a manner which has or may
               have an Adverse Effect;

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

         (c)   (in relation to the Approved Sellers only, other than any
               Approved Seller who is the trustee of any trust) the Approved
               Seller holds sole beneficial ownership as at the relevant Closing
               Date of the Loans referred to in the Sale Notice given by it;

         (d)   (in relation to the Approved Sellers only, other than any
               Approved Seller who is the trustee of any trust) the Approved
               Seller holds such beneficial interest in the Authorised
               Investments (other than the Loans referred to in paragraph (c))
               which form part of the Assets of the Trust as is validly
               transferred to it unless it has disposed of that interest in
               accordance with the provisions of the Transaction Documents;

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

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

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

         (h)   (in relation only to any Approved Seller who is the trustee of a
               trust) as at the relevant Closing Date, beneficial title in the
               Authorised Investments referred to in the Sale Notice given by
               it, or otherwise to be transferred by it, will be transferred to
               the Trustee.

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

         (j)   (in relation to the Approved Sellers only, other than any
               Approved Seller who is the trustee of any trust) the Approved
               Seller holds in its possession or control all

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               Relevant Documents that relate to the Purchased Loans and the
               related Loan Securities necessary to register and enforce the
               provisions of and the security created by the relevant Loan
               Securities;

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

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

         (m)   (in relation to the Approved Sellers only, other than any
               Approved Seller who is the trustee of any trust) each Purchased
               Loan and Loan Security and each Related Security was entered into
               by the Approved Seller in good faith;

         (n)   (in relation to the Approved Sellers only, other than any
               Approved Seller who is the trustee of any trust) at the time each
               Purchased Loan and each Loan Security and each Related Security
               was entered into at any time prior to the Closing Date, the
               Approved Seller had not received any notice of any insolvency,
               bankruptcy or liquidation of the Obligor(s) or any guarantors or
               security providers (except that if a Loan is in Arrears but
               complies with the Eligibility Criteria, the fact that it is in
               Arrears is not in and of itself notice of insolvency) or any
               notice that any such person did not have the legal capacity to
               enter into the relevant Mortgage;

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

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

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

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

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

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7.5      ADDITIONAL REPRESENTATIONS AND WARRANTIES - TRUST MANAGER

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

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

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

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

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

7.6      ADDITIONAL UNDERTAKINGS - TRUSTEE

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

         (a)   it will comply with the Luxembourg Stock Exchange listing rules
               to the extent they relate to it;

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

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

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

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

         (f)   provided that the Trustee has been provided with a copy of the
               form of the relevant Title Insurance Policy and has agreed in
               writing with the Servicer that this paragraph (e) will apply to
               all Title Insurance Policies issued in that agreed form, it will
               not take any action in respect of a Mortgage which action is
               contrary to the terms of any Title Insurance Policy covering that
               Mortgage unless it is approved by

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               the relevant Title Insurer (the Trustee is entitled to rely
               without enquiry on a certificate from the Servicer to the effect
               that the relevant Title Insurer has given its consent);

         (g)   it shall not:

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

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

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

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

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

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

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

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

7.7      ADDITIONAL UNDERTAKINGS - TRUST MANAGER AND SERVICER

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

         (a)   comply with the Luxembourg Stock Exchange listing rules and,
               where it has the power to do so, to give the Trustee such
               directions as are necessary to ensure that the Trustee complies
               with the Luxembourg Stock Exchange listing rules;

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

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

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

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

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

         (g)   not cease or materially change its business,

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

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

         (j)   not:

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

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

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

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

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

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

         (m)   where it is required to make any calculation, give any notice or
               do any thing in order to enable the Trustee to perform its
               obligations under any Transaction Document - make that
               calculation, give that notice or do that thing;

         (n)   co-operate with the Trustee in respect of the establishment and
               maintenance by the Trustee of a compliance system relating to the
               Assets of the Trust and any Mortgage made by it which is
               reasonable in scope having regard to industry standards and
               criteria for the purposes of establishing a system for ensuring
               that the Trustee's obligations and liabilities under or in
               connection with the Assets of the Trust and those Mortgages are
               fully discharged and that the Trustee is informed of significant
               issues relating to any of them;

         (o)   take such actions as are necessary to enforce or enable the
               Trustee to enforce the rights of the Trustee under any
               Transaction Document;

         (p)   ensure that:

               (i)       the aggregate amount of all Gold Commitments at any
                         time does not comprise more than 20% of the value of
                         the Assets of the Trust; and

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               (ii)      the aggregate of the amounts outstanding under the
                         following Loans (as referred to in schedule 2):

                         (1)  Interstar "Fix'n Float" Access Account Loans; and

                         (2)  Interstar "IO Fixed" Access Account Loans,

               which form part of the Assets of the Trust does not comprise more
               than 25% of the value of the Assets of the Trust;

               (iii)     subject to any other provisions, there will be no
                         restriction on the percentage of the Assets of the
                         Trust which may comprise:

                         (A)  Interstar "Premium" Access Account Loans; and

                         (B)  Interstar "IO Float" Access Account Loans,

               as referred to in schedule 2;

               (iv)      during any period when a fixed lower or acceptable rate
                         of interest (as opposed to the higher or default rate
                         of interest) is applicable under any Interstar "Fix'n
                         Float" Access Account Loan or any Interstar "IO Fixed"
                         Access Account Loan (as referred to in schedule 2) such
                         rate of interest will not be less than the aggregate
                         of:

                         (A)  the weighted average Interest Rate of all Class B
                              Notes then issued;

                         (B)  the Expenses Margin; and

                         (C)  0.25%;

               (q)       procure payment of any stamp duty payable in respect of
                         transfers to the Trustee of Authorised Investments by
                         Perpetual Trustees Victoria Limited as trustee of any
                         trust (other than a Trust as defined in the Master
                         Trust Deed); and

               (r)       in the event that it becomes aware of the Trustee
                         failing to pay any Interest in relation to Class B
                         Notes within 10 Business Days of the Payment Date on
                         which the Interest was due to be paid, promptly notify
                         each Designated Rating Agency.

7.8      ADDITIONAL REPRESENTATIONS AND WARRANTIES (LOANS) - SERVICER

         The Servicer makes the following representations and warranties to the
         Trust Manager, the Trustee, to each Noteholder and to the Security
         Trustee (who holds the benefit of the representations and warranties
         for the Mortgagees (as defined in the Security Trust Deed) in relation
         to a Sale Notice containing an offer in relation to which the Trust
         Manager has directed the Trustee to accept and the Loans, Loan Rights
         and Related Securities referred to in that Sale Notice (or the Loans
         originated in accordance with clause 9(b)(ii) or otherwise transferred
         to the Trustee by Perpetual Trustees Victoria Limited as trustee of a
         trust in accordance with the Master Trust Deed).

         (a)   (ELIGIBLE LOAN) As at the Cut-Off Date, each Loan which is
               specified in that Sale Notice (or so originated or transferred)
               is an Eligible Loan. In relation to any related Loan Security
               that is required to be registered with any Government Agency and
               which is not registered at the Cut-Off Date, it will be
               registered.

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         (b)   (LOAN SECURITIES) It has not done, or omitted to do, anything
               which would prevent each Loan, Loan Security and Related Security
               which is specified in that Sale Notice (or so originated or
               transferred) from being valid, binding and enforceable against
               the relevant Obligor(s) in all material respects except to the
               extent that it is affected by laws relating to creditors rights
               generally, or doctrines of equity.

         (c)   (OWNERSHIP) In relation to each Loan Security which is specified
               in that Sale Notice (or the relevant Trust Manager's direction or
               transfer procedure), it has not done, or omitted to do anything
               which would prevent the relevant Obligor from being the sole
               legal owner of the relevant Mortgaged Property and registered as
               the sole proprietor of the relevant Mortgaged Property.

         (d)   (INSURANCE) As at the relevant Closing Date (or the date
               specified in the relevant Trust Manager's direction), each Loan
               which is specified in the Sale Notice (or the relevant Trust
               Manager's direction or transfer procedure) is the subject of a
               valid, binding and enforceable Mortgage Insurance Policy from a
               Mortgage Insurer for the scheduled term of that Loan. In the case
               of the assignment of Loans, the assignment of each such Loan to
               the Trustee is not contrary to the relevant Mortgage Insurance
               Policy. The Servicer has not done or omitted to do anything which
               might prejudicially affect or limit the rights of the Trustee
               under or in respect of a Mortgage Insurance Policy to the extent
               that those rights relate to that Loan or the related Loan
               Security. On transfer to the Trustee of beneficial title to a
               Purchased Loan (or on origination of a Loan), the Trustee will
               have the benefit of the relevant Mortgage Insurance Policy for
               that Loan.

         (e)   (SOLVENCY OF MORTGAGE INSURERS AND TITLE INSURERS) The officers
               of the Servicer who have responsibility for the transactions
               contemplated by the Transaction Documents do not have actual
               notice that any Mortgage Insurer under any Mortgage Insurance
               Policy or any Title Insurer under any Title Insurance Policy in
               relation to a Loan is insolvent or will be unable to pay a valid
               claim.

         (f)   (SELECTION PROCESS) There is no fraud, dishonesty, material
               misrepresentation or negligence on the part of the Servicer in
               connection with the selection and offer to the Trustee of any
               Loans or related Loan Securities which are specified in that Sale
               Notice (or the relevant Trust Manager's direction or the transfer
               procedure).

         (g)   (NO RESCISSION, ETC) As at the Cut-Off Date, none of the Loans or
               Loan Securities which are specified in that Sale Notice (or the
               relevant Trust Manager's direction or the transfer procedure)
               were satisfied, cancelled, discharged or rescinded and the
               Mortgaged Property relating to each relevant Loan and Loan
               Security had not been released from the security of the relevant
               Loan Securities.

         (h)   (INTEREST RATE) Except as may be provided in a Loan Agreement or
               Loan Security which is specified in the Sale Notice (or the
               relevant Trust Manager's direction or the transfer procedure),
               and subject to applicable laws, the Servicer has not done, or
               omitted to do anything which would render the interest rate for
               each such Loan subject to any limitation, or to any consent,
               additional memoranda or other writing required from the relevant
               Obligor to give effect to a change in that rate and any

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               change in that rate will be effective on notice being given to
               that Obligor in accordance with the terms of the relevant Loan or
               Loan Security.

         (i)   (ASSIGNABILITY) In the case of the assignment of Loans, all
               consents required in relation to the assignment of the Loans and
               the related Loan Rights specified in that Sale Notice (or the
               relevant Trust Manager's direction or the transfer procedure)
               have been obtained. Those Loans and Loan Rights are assignable.

         (j)   (ORDINARY COURSE OF BUSINESS) Between the relevant Cut-Off Date
               and the relevant Closing Date (or the date specified in the
               relevant Trust Manager's direction), the Servicer dealt with the
               Loans and the Loan Securities specified in the Sale Notice (or
               the relevant Trust Manager's direction or the transfer procedure)
               in the ordinary course of its business.

7.9      REPETITION OF REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS

         The representations, warranties and undertakings set out in clauses
         7.4, 7.5, 7.6, 7.7 and 7.8 will be deemed to be repeated on each date
         upon which Notes are issued.

8.       TRANSFERS TO OTHER TRUST
--------------------------------------------------------------------------------

         The Trust Manager may, from time to time, direct the Trustee to
         transfer a Loan held by the Trustee to any Other Trust. That transfer:

         (a)   must be in accordance with clause 7 of the Master Trust Deed and
               the Series Notice for that Other Trust (as the case may be);

         (b)   must be for a consideration equal to the Unpaid Balance of that
               Loan;

         (c)   must not involve the transfer of a Loan which is in Arrears; and

         (d)   may only be made if there are funds available to that Other Trust
               to enable that Other Trust to pay the necessary consideration for
               the transfer.

         The Trustee must comply with that direction.

9.       PREFUNDING
--------------------------------------------------------------------------------

         (a)   If on a Note Issue Date, the Purchase Price for the Purchased
               Loans is less than the amount received in Australian dollars by
               the Trustee from the proceeds of the issue of the Notes, the
               Trustee shall (at the direction of the Trust Manager) retain the
               difference between the two amounts to the extent it is not
               invested in Liquid Authorised Investments in accordance with this
               Series Notice (the PREFUNDING AMOUNT) in the Prefunding Account.
               The Prefunding Amount must not, at any time, exceed the A$
               Equivalent of [US$250,000,000].

         (b)   The Trustee must, at the direction of the Trust Manager (at the
               Trust Manager's option), apply any or all of the Prefunding
               Amount to:

               (i)       acquire Loans:

                         (A)  from an Approved Seller by the Approved Seller
                              delivering to the Trustee (on or before the
                              Prefunding End Date) a Sale Notice in

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                              relation to those Loans in accordance with clause
                              8 of the Master Trust Deed (as amended by this
                              Series Notice); or

                         (B)  from Perpetual Trustees Victoria Limited as
                              trustee of a trust (on or before the Prefunding
                              End Date) in accordance with the Master Trust
                              Deed; or

               (ii)      originate Loans in accordance with the procedures in
                         the ordinary course of the Servicer's business (before
                         the Prefunding End Date),

               provided that each Loan so acquired or originated:

               (iii)     complies with the Eligibility Criteria; and

               (iv)      would not result in the downgrade or withdrawal of
                         rating of any Note by a Designated Rating Agency.

         (c)   On the Prefunding End Date, the balance of the Prefunding Amount
               that has not been applied under paragraph (b) shall be applied as
               Mortgage Principal Repayments in accordance with clause 6.6 of
               this Series Notice.

         (d)   The Trustee shall maintain the Prefunding Account as an interest
               bearing account in accordance with the Transaction Documents
               (including clause 26 of the Master Trust Deed). The Trust Manager
               shall not direct the Trustee to, and the Trustee shall not make
               any withdrawal from, the Prefunding Account except for the
               following purposes:

               (i)       to apply the Prefunding Account in accordance with
                         paragraphs (b) and (c) above;

               (ii)      to transfer the credit balance of the Prefunding
                         Account in accordance with clause 26.1(d) of the Master
                         Trust Deed; and

               (iii)     to pay Taxes payable in respect of the Prefunding
                         Account.

10.      BENEFICIARY
--------------------------------------------------------------------------------

10.1     ISSUE OF UNITS

         (a)   The beneficial interest in the Trust will be constituted by the
               issue of:

               (i)       a single residual capital unit (the RESIDUAL CAPITAL
                         UNIT); and

               (ii)      such numbers of residual income units (each, a RESIDUAL
                         INCOME UNIT) as the Trustee may issue from time to time
                         in accordance with this clause 10.1 and clause 10.3.

               The holders of the Residual Capital Unit and the Residual Income
               Units (each, a UNIT) hold the beneficial interest in the Trust in
               accordance with the Master Trust Deed and this Series Notice.

         (b)   The Trustee must, on payment by the relevant Beneficiary of the
               issue price of the Unit specified below, issue a Unit by
               registering that Beneficiary's name in the register kept under
               this clause 10. A failure by the Trustee to issue a Unit does not

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               affect the Beneficiary's rights as beneficiary of the Trust under
               the Master Trust Deed and this Series Notice.

10.2     RESIDUAL CAPITAL UNIT

         (a)   The holder of the Residual Capital Unit is Interstar Securities
               (Australia) Pty Limited.

         (b)   The issue price of the Residual Capital Unit is the amount of
               $10, paid by Interstar Securities (Australia) Pty Limited under
               the Notice of Creation of Trust on establishment of the Trust.

         (c)   The beneficial interest held by the holder of the Residual
               Capital Unit is limited to the Trust and each Asset of the Trust
               (other than any Asset of the Trust held on trust for the holders
               of Residual Income Units under clause 10.3) subject to and in
               accordance with the Master Trust Deed and this Series Notice.

         (d)   The holder of the Residual Capital Unit has the right to receive
               on the termination of the Trust the entire beneficial interest of
               the Trust subject to rights of holders of Residual Income Units.
               The Residual Capital Unit may not be redeemed at any other time
               or in any other way.

         (e)   The Residual Capital Unit is not transferable.

10.3     RESIDUAL INCOME UNIT

         (a)   A person may, with the consent of the Trust Manager and (where
               there is at that time any existing holder of a Residual Income
               Unit) that holder (each of whose consent may be given or withheld
               in their absolute discretion), become the holder of a Residual
               Income Unit by paying the subscription price for the Residual
               Income Unit.

         (b)   The issue price of a Residual Income Unit will be the amount
               agreed between the Trust Manager and the person applying for the
               Residual Income Unit.

         (c)   The beneficial interest held by the holder of the Residual Income
               Unit is limited to that holder's Income Percentage of the amounts
               (if any) standing to the credit of the Collection Account which
               represents Distributable Income under clause 29 of the Master
               Trust Deed.

         (d)   The holder of the Residual Income Unit has the right to receive
               distributions in respect of the Trust under the Master Trust Deed
               and this Series Notice only to the extent that Distributable
               Income is available for distribution under the Master Trust Deed
               and this Series Notice.

         (e)   Each Residual Income Unit is transferable in accordance with
               clause 10.5.

10.4     REGISTER

         (a)   The entitlement of any person to a Unit will be evidenced by
               registration in the register maintained under this clause 10.4
               (for the purposes of this clause 10 and the definition of INCOME
               PERCENTAGE only, the REGISTER).

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         (b)   The Trustee will keep the Register at its registered office in a
               form that it considers appropriate and will enter the following
               particulars.

               (i)       The name and address of the holder of each Unit.

               (ii)      The date on which the name of the holder of each Unit
                         is entered in the Register.

               (iii)     The date on which the holder of a Unit ceases to be
                         registered as the holder of that Unit.

               (iv)      The subscription moneys initially paid for each Unit,
                         and the aggregate subscription moneys of all Units from
                         time to time.

               (v)       Any other details which the Trustee may consider
                         necessary or desirable.

         (c)   The holder of a Unit shall promptly notify the Trustee of any
               change of name or address and the Trustee will alter the Register
               accordingly.

         (d)   Without limiting clause 10.1, the interest of any holder in a
               Unit will be constituted by registration in the register.

10.5     TRANSFER OF UNITS

         (a)   (i)       Subject to clause 10.2(c), the holder of a Unit may
                         transfer the Unit by instrument in writing in any form
                         approved by the Trustee. No fee will be charged on the
                         transfer of a Unit.

               (ii)      An instrument of transfer shall be executed by or on
                         behalf both of the transferor and the transferee.

               (iii)     A transferor of a Unit remains the holder of the Unit
                         transferred until the transfer is registered and the
                         name of the transferee is entered in the register in
                         respect of the Unit.

         (b)   The instrument of transfer of a Unit must be left for
               registration at the address where the Register is kept on which
               the Unit to which the transfer relates are registered. It must be
               left together with any information that the Trustee properly
               requires to show the right of the transferor to make the
               transfer.

         (c)   The Trustee must notify each Designated Rating Agency and the
               Trust Manager of any transfer of units under this clause 10.5.

10.6     LIMIT ON RIGHTS

         Each Beneficiary is subject to, and bound by, the provisions of the
         Master Trust Deed (including clause 9.1 and 11.1).

11.      NOTE TRUSTEE
--------------------------------------------------------------------------------

11.1     CAPACITY

         The Note Trustee is a party to this Series Notice in its capacity as
         trustee for the Class A2 Noteholders from time to time under the Note
         Trust Deed.

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11.2     EXERCISE OF RIGHTS

         (a)   The rights, remedies and discretions of the Class A2 Noteholders
               under the Transaction Documents including all rights to vote or
               give instructions to the Security Trustee and to enforce
               undertakings or warranties under the Transaction Documents,
               except as otherwise provided in the Note Trust Deed or the
               Security Trust Deed, may only be exercised by the Note Trustee on
               behalf of the Class A2 Noteholders in accordance with the Note
               Trust Deed and the Security Trust Deed.

         (b)   The Class A2 Noteholders, except as otherwise provided in the
               Note Trust Deed or the Security Trust Deed, may only exercise
               enforcement rights in respect of the Mortgaged Property in
               accordance with the Transaction Documents.

11.3     REPRESENTATION AND WARRANTY

         The Note Trustee represents and warrants to each other party to this
         Series Notice that it has the power under the Note Trust Deed to enter
         into the Transaction Documents to which it is a party and to exercise
         the rights, remedies and discretions of, and to vote on behalf of, the
         Class A2 Noteholders.

11.4     PAYMENTS

         Any payment to be made to the Class A2 Noteholders under the
         Transaction Documents may be made to the Principal Paying Agent or the
         Note Trustee (as the case may be) in accordance with the Agency
         Agreement and the Note Trust Deed.

12.      TAX REFORM
--------------------------------------------------------------------------------

12.1     TAXATION OF TRUSTS AND CONSOLIDATED GROUPS

         The parties acknowledge that:

         (a)   the Commonwealth Government has withdrawn draft legislation under
               which non-fixed trusts would have been taxed as companies from 1
               July 2001 but has indicated its intention to take steps to avoid
               tax abusive use of trusts which may include taxing some trusts as
               companies;

         (b)   on 16 May 2002, the New Business Tax System (Consolidation) Bill
               (No. 1) 2002 (THE BILL) was introduced into the Federal
               Parliament. Under the Bill, if the Trust becomes a member of a
               consolidated group of companies and trusts for tax purposes (A
               CONSOLIDATED TAX GROUP), the Trustee could be liable for a share
               of a tax-related liability of the head company of that
               consolidated tax group (a GROUP TAX LIABILITY) if:

               (i)       the head company of the consolidated tax group does not
                         pay that group tax liability by the time it becomes due
                         and payable; and

               (ii)      that group tax liability is not covered by a tax
                         sharing agreement (which the Trustee is not a party to)
                         which is consistent with regulations made, or
                         guidelines published by the Commissioner of Taxation,
                         concerning the

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                         allocation of group tax liabilities of a consolidated
                         tax group amongst certain members of that group or
                         which is otherwise accepted by the Commissioner of
                         Taxation as allocating the group tax liabilities of the
                         consolidated tax group amongst those members on a
                         reasonable basis (A VALID TAX SHARING AGREEMENT); and

         (c)   it is in the interest of all parties, including the Trustee, the
               Noteholders and the Beneficiary, that:

               (i)       the Trustee always be in a position to pay any tax
                         liability when due;

               (ii)      the payment of tax by the Trustee must not affect the
                         amount of principal or interest payable on the Notes or
                          the timing of such payments; and

               (iii)     the rating of the Notes be maintained.

12.2     AMENDING BILL - TAXATION OF TRUSTS

         If and when an amending Bill is introduced into the Federal Parliament
         (the AMENDING BILL), and the result of that amending Bill if it becomes
         law will be that the Trustee will become liable to pay tax on the net
         income of the Trust (as described in clause 12.1(a)),then:

         (a)   the Trust Manager shall promptly consult with the Trustee and
               each Designated Rating Agency to determine what changes, if any,
               are necessary to the cashflow methodology in clause 6 to achieve
               the objective referred to in clause 12.1(c) (the OBJECTIVE); and

         (b)   within one month of the amending Bill being introduced into the
               Federal Parliament (or such longer time as the Trustee and each
               Designated Rating Agency permit) the Trust Manager shall provide
               a written recommendation to the Trustee and use its best
               endeavours to provide a draft deed amending this Series Notice
               that, if executed, will achieve the Objective.

         If and when the amending Bill becomes law and upon the Trustee being
         notified that the draft deed amending this Series Notice will achieve
         the Objective (and in this regard the Trustee may rely (amongst others)
         upon advice of tax lawyers) and each of the other parties to this
         Series Notice being reasonably satisfied that it will not be adversely
         affected by the proposed amendments to this Series Notice, each party
         to this Series Notice shall execute that amendment deed.

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         If the Trust Manager and the Trustee cannot agree to amend the Series
         Notice, they will proceed with unwinding the transaction.

12.3     GROUP TAX LIABILITIES

         If the Trust becomes a member of a consolidated tax group and the head
         company of that consolidated tax group does not at that time, or at any
         subsequent time, provide evidence to the satisfaction of the Trustee
         (which may rely upon the advice of tax lawyers, amongst others) that
         the tax liabilities of the consolidated group are covered by a valid
         tax sharing agreement, then:

         (a)   the Trustee shall, as soon as is practicable, take steps to
               ensure that the Trust ceases to be a member of that consolidated
               group, which may include issuing additional Residual Income Units
               in the Trust in accordance with clause 10.3 to an entity which is
               not a member of the consolidated tax group;

         (b)   the Trust Manager shall promptly consult with the Trustee and
               each Designated Rating Agency to determine what changes, if any,
               are necessary to the cashflow methodology in clause 6 to achieve
               the Objective; and

         (c)   within one month of such consultations commencing, (or such
               longer time as the Trustee and each Designated Rating Agency may
               permit) the Trust Manager shall provide a written recommendation
               to the Trustee and use its best endeavours to provide a draft
               deed amending this Series Notice that, if executed, will achieve
               the Objective.

         Upon the Trustee being notified that the draft deed amending this
         Series Notice will achieve the Objective (and in this regard the
         Trustee may rely upon advice of tax lawyers, amongst others) and each
         of the other parties to this Series Notice being reasonably satisfied
         that it will not be adversely affected by the proposed amendments to
         this Series Notice, each party to this Series Notice shall execute that
         amendment deed.

         If the Trust Manager and the Trustee cannot agree to amend this Series
         Notice, or that amendments to this Series Notice are not necessary,
         they will proceed with unwinding the transaction.

12.4     EVIDENCE OF TAX SHARING AGREEMENT

         The Trust Manager shall procure that the head company of a consolidated
         tax group of which the Trust becomes a member will:

         (a)   ensure that the group tax liabilities of that consolidated tax
               group are covered by a valid tax sharing agreement; and

         (b)   provide evidence of such a tax sharing agreement being in place
               for the purposes of clause 12.3:

               (i)       at the time the Trust becomes a member of the
                         consolidated tax group; and

               (ii)      on each occasion that there is any alteration,
                         amendment or replacement of a tax sharing agreement
                         covering the tax liabilities of the consolidated tax
                         group.

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12.5     OBJECTIVE

         Provided that the Trustee and each Designated Rating Agency receive
         written advice from an experienced and reputable tax lawyer or tax
         accountant to the effect that if the cashflow methodology, as amended
         under clause 12.2 or 12.3, is followed the Objective will be met, and
         each Designated Rating Agency confirms in writing that the change in
         Tax law or the amendment under clauses 12.2 or 12.3 (as the case may
         be) will not give rise to the downgrade or withdrawal of the rating of
         any Note rated by it:

         (a)   the Trustee shall not be obliged to obtain the consent of any
               Noteholder, Creditor or Beneficiary to the amendment; and

         (b)   subject to its terms, the amendment shall be effective when
               executed, and may:

               (i)       permit the Trustee to accumulate a reserve out of
                         moneys that would otherwise be payable to the
                         Beneficiary; and/or

               (ii)      provide for Tax to be paid out of moneys that would
                         otherwise have been payable to the Beneficiary.

12.6     BENEFICIARY

         Without limiting clause 12.5, in formulating a proposal to meet the
         Objective, the Trust Manager shall have regard to the impact of any
         change to the cashflow methodology to the Beneficiary, and shall
         consider proposals made by the Beneficiary that will enable the Trustee
         to meet the Objective.

13.      ATTORNEYS
--------------------------------------------------------------------------------

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

14.      GOVERNING LAW
--------------------------------------------------------------------------------

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

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15.      ANCILLIARY FACILITIES

--------------------------------------------------------------------------------

15.1     ANCILLARY FACILITIES

         (a)   Notwithstanding any other provision of the Transaction Documents
               in relation to the Trust (including the Master Trust Deed, the
               Security Trust Deed and the Servicing Agreement), the Trust
               Manager, the Servicer and the Trustee may:

               (i)       enter into and perform;

               (ii)      carry out any transaction contemplated by; and

               (iii)     pay any amount payable or incurred under,

               any Ancillary Facility Document.

         (b)   Without limiting the generality of paragraph (a):

               (i)       the Trustee may mix, join or co-mingle all or any part
                         of the Assets of the Trust with any other assets,
                         investments or other property held or owned by the
                         Trustee (in its capacity as trustee or custodian of any
                         other trust or custodial program) in:

                         (A)  entering into and performing;

                         (B)  carrying out any transaction contemplated by; and

                         (C)  paying any amount payable or incurred under,

                          any Ancillary Facility Document provided that, except
                          in the case of the powers in paragraphs (vii) and
                          (viii), Moody's has first confirmed in writing that
                          nothing in this paragraph (i) will adversely affect
                          Moody's rating of any Notes;

               (ii)      the Trustee has the power to pay or to contribute
                         towards payment of any amount payable or liability
                         incurred by the Trustee arising out of, or in
                         connection with, any Ancillary Facility even though the
                         amount payable or liability incurred:

                         (A)  does not relate specifically to the Trust; and/or

                         (B)  relates to a number of trusts or custodial
                              arrangements which includes the Trust,

                          provided that, except in the case of the powers in
                          paragraphs (vii) and (viii), Moody's has first
                          confirmed in writing that nothing in this paragraph
                          (ii) will adversely affect Moody's rating of any
                          Notes;

               (iii)     the Trustee has the power to pay any fees, charges,
                         commissions, disbursements or any other outgoings to
                         any person arising out of, or in connection with, the
                         Authorised Investments or any Ancillary Facility;

               (iv)      an Obligor under a Purchased Loan shall be entitled to
                         make any repayment under the relevant Loan Agreement or
                         Mortgage (including any Additional Repayment) utilising
                         any payment method as approved by the

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                         Trust Manager from time to time including any payment
                         by way of cheque, paperless direct credit entry or the
                         payment method known as "BPAY";

               (v)       the Trust Manager, the Servicer and the Trustee may
                         give any indemnity in respect of any debt or other
                         obligation owing to any person arising out of, or in
                         connection with, the Authorised Investments or any
                         Ancillary Facility, including the power to make any
                         payment pursuant to any such obligation, in accordance
                         with the Ancillary Facility Documents; and

               (vi)      the Security Trustee confirms that the entry into and
                         performance of any Ancillary Facility Document, the
                         carrying out of any transaction contemplated by any
                         Ancillary Facility Document, and the payment of any
                         amount payable or incurred under any Ancillary Facility
                         Document, by the Trust Manager, the Servicer or the
                         Trustee does not constitute any Event of Default under
                         the Security Trust Deed,

               and the Trustee has power:

               (vii)     to deposit moneys into a joint account in which the
                         money of Other Trusts are or may be deposited; and

               (viii)    permit the drawing by a Borrower of any moneys from
                         that joint account, notwithstanding that the Borrower
                         is a Borrower in respect of one trust only, and the
                         moneys are commingled with moneys of Other Trusts.

         (c)   The Trustee and the Trust Manager agree that the Ancillary
               Facility Documents will apply in respect of the Trust.

15.2     RECORD KEEPING OBLIGATIONS OF TRUST MANAGER

         In addition to and without limiting any obligations under any Finance
         Document, the Trust Manager:

         (a)   must keep proper records and accounts in relation to funds in any
               Drawings Account, drawings by the relevant Borrower or Mortgagor
               (as defined in the Ancillary Facility Documents) made using any
               of the facilities or functionality provided by NAB under the
               Ancillary Facility Documents and fees charged to any Drawings
               Account, and shall make those records and accounts available to
               any party on request; and

         (b)   undertakes for the benefit of the Trustee to:

               (i)       comply with all its obligations under the Ancillary
                         Facility Documents and undertakes to use its best
                         endeavours to ensure that each of the matters referred
                         to in clauses 4.20 and 5.8 of the Ancillary Facility
                         Document which is the Cheque Deposit and Direct
                         Paperless Entry Facilities Agreement is complied with
                         irrespective of whether it has an obligation to NAB to
                         do so; and

               (ii)      ensure that no Facilities Cheque or Direct Paperless
                         Entry (as defined in the Ancillary Facility Documents)
                         which it instructs or allows NAB to accept, honour or
                         pay will:

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                         (A)  result in a Borrower or Mortgagor (as defined in
                              the Ancillary Facility Documents) redrawing more
                              than can properly be redrawn in accordance with
                              the terms of that Borrowers' or Mortgagor's Loan
                              Agreement; or

                         (B)  result in a debit to the Drawings Account in an
                              amount which, taking into account all other
                              transactions on the Drawings Account, exceeds the
                              amount in the Drawings Account which is referrable
                              to the Trust which holds the Loan under which the
                              Facilities Cheque or Direct Paperless Entry was
                              drawn or authorised.

         (c)   In this clause 15.2, DRAWINGS ACCOUNT means:

               (i)       any account referred to in the Ancillary Facility
                         Documents as a Trust Drawings Account or a Nominated
                         Account; or

               (ii)      any other account which the parties agree is to be a
                         Drawings Account.

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SCHEDULE 1

         An Eligible Loan means a Loan which, as at the Cut-Off Date for that
         Loan has the following characteristics:

         (a)   is denominated and payable only in Australian dollars in
               Australia;

         (b)   the interest rate applicable to the Loan must be either:

               (i)       a variable rate based upon any determinant as may be
                         considered appropriate by the Servicer in its absolute
                         discretion;

               (ii)      a fixed rate provided that a Loan shall only
                         incorporate a fixed rate of interest where:

                         (A)  the fixed rate does not apply for a continuous
                              period exceeding five years from:

                              (1)  the settlement date of the Loan where the
                                   Loan bears a fixed rate of interest from the
                                   date it is settled; or

                              (2)  the date on which the Loan starts to bear a
                                   fixed rate of interest, where that Loan
                                   either:

                                   (a)  bears a floating rate of interest and is
                                        converting to a fixed rate of interest;
                                        or

                                   (b)  bears a fixed rate of interest which is
                                        scheduled to convert to a floating rate
                                        of interest but (with the approval of
                                        the relevant Mortgage Insurer) the
                                        relevant Obligor has elected to pay a
                                        new fixed rate of interest; and

                         (B)  the fixed rate cash flows are swapped to a
                              floating rate pursuant to an Interest Rate Swap
                              and the floating rate payable by the Swap Provider
                              is set on the same dates as the Interest Rate is
                              set on Notes; or

               (iii)     a combination of a variable rate (as described in
                         sub-paragraph (b)(i)) as to part of the Loan Amount and
                         a fixed rate (as described in sub-paragraph (b)(ii)) as
                         to the balance of the Loan Amount;

         (c)   is secured by a Mortgage that constitutes a first ranking
               mortgage over freehold land or Crown leasehold land in Australia
               which is or will be registered under Real Property Legislation
               and satisfies the following criteria:

               (i)       the amount secured or to be secured by the Mortgage
                         must not exceed $1,500,000;

               (ii)      in respect of a Mortgage:

                         (A)  to secure a Loan for a principal amount:

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                              (1)  not exceeding $300,000 - the Loan to Value
                                   Ratio in respect of that Loan must not exceed
                                   95%; and

                              (2)  exceeding $300,000 but not exceeding $500,000
                                   - the Loan to Value Ratio in respect of that
                                   Loan must not exceed 90%;

                         (B)  to secure a Loan exceeding $500,000 but not
                              exceeding $1,000,000 - the Subject Property must
                              constitute a single property within the
                              metropolitan areas of Sydney, Melbourne, Brisbane,
                              Adelaide or Perth and the Loan to Value Ratio in
                              respect of that Loan must not exceed 80%;

                         (C)  to secure a Loan exceeding $1,000,000 but not
                              exceeding $1,250,000 - the Subject Property must
                              constitute a single property within the
                              metropolitan areas of Melbourne or Sydney and the
                              Loan to Value Ratio in respect of that Loan must
                              not exceed 75%; and

                         (D)  to secure a Loan exceeding $1,250,000 - the
                              Subject Property must constitute a single property
                              within the metropolitan areas of Melbourne or
                              Sydney and the Loan to Value Ratio in respect of
                              that Loan must not exceed 65%.

               (iii)     the Subject Property has a completed residential
                         dwelling erected thereon;

               (iv)      the improvements on the Subject Property are insured
                         against such risks (including fire and general
                         insurance) as the Servicer deems in its absolute
                         discretion should be the subject of insurance cover and
                         the insurance policy in respect of such cover must be
                         endorsed with the name of the Trustee as mortgagee;

               (v)       the Subject Property is valued by a valuer approved of
                         by the Servicer unless:

                         (A)  the Loan to Value Ratio does not exceed 80%;

                         (B)  the Loan Amount does not exceed:

                              (1)  $250,000 when secured over a single property
                                   within the metropolitan area of Sydney;

                              (2)  $200,000 when secured over a single property
                                   within any other city and metropolitan areas
                                   of Australia; or

                              (3)  $150,000 when secured over a single property
                                   within any other areas of Australia; and

                         (C)  the predominant purpose of the Loan is the
                              purchase of the Subject Property; and

               (vi)      all security documents have been:

                         (A)  prepared by law firms or Title Insurers appointed
                              by and acting for the relevant Approved Seller and
                              the Servicer or, where Loans are

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                              originated by the Trustee, acting for the Trustee
                              and the Servicer; and

                         (B)  prepared in accordance with applicable Consumer
                              Credit Legislation;

         (d)   which, together with all other Loans held by the Trustee, has the
               following characteristics:

               (i)       at least 90% of the aggregate Subject Property of all
                         Loans must be located in metropolitan areas of the
                         capital cities and major regional centres of Australia;
                         and

               (ii)      not more than 15% of the aggregate Loan Amount of the
                         Loans shall comprise individual Loans each with a Loan
                         Amount exceeding $500,000 and secured by a Mortgage
                         over a single property;

         (e)   (i)       the relevant Approved Seller is the beneficial owner of
                         each Loan and Mortgage at the time of the equitable
                         assignment;

               (ii)      the Trustee will be the beneficial owner of each Loan
                         and Mortgage after that assignment (free of any
                         encumbrances);

               (iii)     the Loan and Mortgage are valid and enforceable;

               (iv)      all applicable stamp duties have been paid on the
                         Mortgage;

               (v)       the Loan and Mortgage will form part of the Assets of
                         the Trust;

               (vi)      the whole of the right, title and interest of the
                         mortgagee under the Mortgage will be acquired by the
                         Trustee;

               (vii)     the Loan has been serviced and managed in accordance
                         with the requirements of the Servicer's policy and
                         procedures manual;

               (viii)    the Mortgage Insurance Policy and any Title Insurance
                         Policy in relation to the Loan and the related Mortgage
                         does not restrict the assignment to the Trustee;

               (ix)      the Loan is not in Arrears over 30 days at the Cut-Off
                         Date;

               (x)       the Loan is subject to monthly, fortnightly or weekly
                         payments which fully amortise the Loan over its term;

               (xi)      the Loan Agreement and the Mortgage comply in all
                         material respects with all applicable laws (including
                         any Consumer Credit Legislation);

               (xii)     the Loan Agreement and the Mortgage are assignable by
                         the relevant Approved Seller in equity without prior
                         consent being required from, or notice of the
                         assignment needing to be given to, the mortgagor, the
                         Obligor or any other person; and

               (xiii)    the Loan Agreement and the Mortgage have been duly
                         authorised and are in full force and effect and
                         constitute legal, valid and binding obligations of the
                         relevant Obligor and mortgagor enforceable against that
                         Obligor and

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                         mortgagor in accordance with its terms and is not
                         subject to any dispute, offset or counterclaim;

         (f)   is covered by a valid, binding and enforceable Mortgage Insurance
               Policy;

         (g)   has an Obligor (and where the Servicer so requires, a guarantor)
               that is a natural person or a corporation;

         (h)   was approved and (if relevant) originated by the Servicer in the
               ordinary course of its business;

         (i)   the relevant Obligor in respect of which is required to repay the
               Loan by no later than [*]; and

         (j)   does not require (nor does the relevant Loan Agreement require)
               the Trustee to provide any Redraws or other advances once the
               initial funding has been provided under the relevant Loan
               Agreement.

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SCHEDULE 2

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------
NAME OF LOAN                                     GENERAL CHARACTERISTICS OF LOAN
---------------------------------------------------------------------------------------------------------------
<S>                                              <C>
Interstar "Premium" Access Account               Amortising principal and interest repayment ("P&I") loans
                                                 with an interest rate variable at the discretion of the
                                                 Servicer and incorporating limited "redraw" facilities that
                                                 will be available to borrowers only at the sole discretion
                                                 of the Servicer.
---------------------------------------------------------------------------------------------------------------
Interstar "Fix'n Float" Access Account           Amortising "P&I" loans with an interest rate fixed for a
                                                 specific initial period of up to five years after which the
                                                 interest rate converts to a variable rate at the discretion
                                                 of the Servicer.
---------------------------------------------------------------------------------------------------------------
Interstar "IO Float" Access Account              Non-amortising loans requiring interest only repayments by
                                                 the borrowers for a specific initial period of up to ten
                                                 years with an interest rate variable at the discretion of
                                                 the Servicer.  At the expiration of the initial period the
                                                 loans convert to the standard amortising "P&I" loans with an
                                                 interest rate variable at the discretion of the Servicer.
---------------------------------------------------------------------------------------------------------------
Interstar "IO Fixed" Access Account              Non-amortising loans requiring interest only repayments by
                                                 the borrowers for a specific initial period of up to five
                                                 years with an interest rate fixed for this initial period.
                                                 At the expiration of the initial period the loans convert to
                                                 the standard amortising "P&I" loans with an interest rate
                                                 variable at the discretion of the Servicer.
---------------------------------------------------------------------------------------------------------------
Interstar "Gold" Access Account                  Amortising line of credit "P&I" loans with an interest rate
                                                 variable at the discretion of the Servicer, and
                                                 incorporating facilities that allow borrowers to:

                                                 (a)      draw funds up to a predetermined amortising limit;

                                                 (b)      repay some or all of those funds; and

                                                 (c)      redraw those funds again up to the then-current
                                                          amortised limit subject always to such right to
                                                          redraw funds being at the absolute discretion of
                                                          the Servicer,

                                                 during the life of the loan facility.
---------------------------------------------------------------------------------------------------------------
</TABLE>

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<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------
NAME OF LOAN                                     GENERAL CHARACTERISTICS OF LOAN
---------------------------------------------------------------------------------------------------------------
<S>                                              <C>
Interstar "Split" Access Account                 A combined facility which:

                                                 (a)      as to a specified dollar proportion of the facility
                                                          has the general characteristics of one type of Loan
                                                          as referred to above; and

                                                 (b)      as to the remaining dollar proportion of the
                                                          facility has the general characteristics of another
                                                          type of Loan as referred to above.
---------------------------------------------------------------------------------------------------------------
</TABLE>

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EXECUTED as a deed.

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

TRUSTEE

SIGNED SEALED AND DELIVERED for
PERPETUAL TRUSTEES VICTORIA LIMITED by its
attorney in the presence of:

-------------------------------------      -------------------------------------
Witness Signature                          Attorney Signature

-------------------------------------      -------------------------------------
Print Name                                 Print Name

TRUST MANAGER

SIGNED SEALED AND DELIVERED for INTERSTAR
SECURITISATION MANAGEMENT PTY LIMITED
by its attorney in the presence of:

-------------------------------------      -------------------------------------
Witness Signature                          Attorney Signature

-------------------------------------      -------------------------------------
Print Name                                 Print Name

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SERVICER

SIGNED SEALED AND DELIVERED for INTERSTAR
SECURITIES (AUSTRALIA) PTY LIMITED by its
attorney in the presence of:

-------------------------------------      -------------------------------------
Witness Signature                          Attorney Signature

-------------------------------------      -------------------------------------
Print Name                                 Print Name

SECURITY TRUSTEE

SIGNED SEALED AND DELIVERED for
PERPETUAL TRUSTEE COMPANY LIMITED by its
attorney in the presence of:

-------------------------------------      -------------------------------------
Witness Signature                          Attorney Signature

-------------------------------------      -------------------------------------
Print Name                                 Print Name

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APPROVED SELLERS

SIGNED SEALED AND DELIVERED for INTERSTAR
NOMINEES (B) PTY LIMITED by its attorney in
the presence of:

-------------------------------------      -------------------------------------
Witness Signature                          Attorney Signature

-------------------------------------      -------------------------------------
Print Name                                 Print Name

SIGNED SEALED AND DELIVERED for INTERSTAR
NOMINEES (N) PTY LIMITED by its attorney
in the presence of:

-------------------------------------      -------------------------------------
Witness Signature                          Attorney Signature

-------------------------------------      -------------------------------------
Print Name                                 Print Name

SIGNED SEALED AND DELIVERED for INTERSTAR
NOMINEES (R) PTY LIMITED by its attorney in
the presence of:

-------------------------------------      -------------------------------------
Witness Signature                          Attorney Signature

-------------------------------------      -------------------------------------
Print Name                                 Print Name

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NOTE TRUSTEE, CALCULATION AGENT, PRINCIPAL PAYING AGENT AND NOTE REGISTRAR

SIGNED SEALED AND DELIVERED for THE BANK
OF NEW YORK, NEW YORK BRANCH by its
attorney in the presence of:

-------------------------------------      -------------------------------------
Witness Signature                          Attorney Signature

-------------------------------------      -------------------------------------
Print Name                                 Print Name

LUXEMBOURG PAYING AGENT

SIGNED SEALED AND DELIVERED for THE BANK
OF NEW YORK (LUXEMBOURG) S.A. by its
attorney in the presence of:

-------------------------------------      -------------------------------------
Witness Signature                          Attorney Signature

-------------------------------------      -------------------------------------
Print Name                                 Print Name

--------------------------------------------------------------------------------
                                                                         Page 75<PAGE>

                                               Security Trust Deed

                               PERPETUAL TRUSTEES VICTORIA LIMITED

                                 PERPETUAL TRUSTEE COMPANY LIMITED

                   INTERSTAR SECURITISATION MANAGEMENT PTY LIMITED

                             THE BANK OF NEW YORK, NEW YORK BRANCH

                                       Interstar Millennium Trusts

                         Interstar Millennium Series 2002-1G Trust

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

                         (C) Copyright Allens Arthur Robinson 2002

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<TABLE>
<CAPTION>
TABLE OF CONTENTS
<S>      <C>                                                                                             <C>
1.       DEFINITIONS AND INTERPRETATION                                                                    1
         1.1      Definitions                                                                              1
         1.2      Master Trust Deed definitions and Transaction Document amendments                        5
         1.3      Interpretation                                                                           5
         1.4      Determination, statement and certificate sufficient evidence                             6
         1.5      Document or agreement                                                                    6
         1.6      Rights and obligations of Mortgagees                                                     6
         1.7      Transaction Document                                                                     6
         1.8      Chargor as trustee                                                                       6
         1.9      Knowledge of the Chargor                                                                 7
         1.10     Knowledge of Security Trustee                                                            7

2.       APPOINTMENT OF SECURITY TRUSTEE                                                                   7
         2.1      The Security Trustee                                                                     7
         2.2      Resolution of Conflicts                                                                  7
         2.3      Duration of Trust                                                                        8

3.       CHARGE                                                                                            8
         3.1      Charge                                                                                   8
         3.2      Security                                                                                 8
         3.3      Prospective liability                                                                    8

4.       NATURE OF CHARGE                                                                                  9
         4.1      Priority                                                                                 9
         4.2      Nature of Charge                                                                         9
         4.3      Dealing with Mortgaged Property                                                          9
         4.4      Crystallisation                                                                          9
         4.5      De-crystallisation                                                                      10

5.       COVENANTS AND WARRANTIES                                                                         10
         5.1      Covenant                                                                                10
         5.2      Negative Covenants                                                                      11
         5.3      Warranty                                                                                12
         5.4      Trust Manager's Undertakings                                                            12

6.       FURTHER ASSURANCES                                                                               12
         6.1      Further assurances                                                                      12

7.       NOTE TRUSTEE                                                                                     13
         7.1      Capacity                                                                                13
         7.2      Exercise of rights                                                                      13
         7.3      Instructions or directions                                                              13
         7.4      Payments                                                                                13
         7.5      Notices                                                                                 13

8.       EVENTS OF DEFAULT                                                                                14
         8.1      Events of Default                                                                       14
         8.2      Rights of the Security Trustee upon Event of Default                                    15

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         8.3      Notify Events of Default                                                                16

9.       ENFORCEMENT                                                                                      16
         9.1      Power to enforce                                                                        16
         9.2      No obligation to enforce                                                                16
         9.3      Obligation to convene meeting                                                           16
         9.4      Security Trustee to act in Accordance with Directions                                   16
         9.5      Security Trustee must receive Indemnity                                                 17
         9.6      Limitation on rights of Mortgagees                                                      18
         9.7      Immaterial waivers                                                                      18
         9.8      Acts pursuant to Resolutions                                                            18
         9.9      Overriding Provision                                                                    18

10.      APPOINTMENT OF RECEIVER                                                                          19
         10.1     Appointment                                                                             19
         10.2     Agent of Chargor                                                                        19
         10.3     Receiver's powers                                                                       19
         10.4     Receiver appointed after commencement of winding up                                     22
         10.5     Powers exercisable by the Security Trustee                                              22
         10.6     Withdrawal                                                                              22

11.      REMUNERATION OF SECURITY TRUSTEE                                                                 22
         11.1     Costs                                                                                   22
         11.2     Fee                                                                                     22
         11.3     Cessation of Fee                                                                        23

12.      POWER OF ATTORNEY                                                                                23

13.      COMPLETION OF BLANK SECURITIES                                                                   23

14.      PERFORMANCE OF CHARGOR'S OBLIGATIONS                                                             24

15.      STATUTORY POWERS                                                                                 24
         15.1     Powers in augmentation                                                                  24
         15.2     Notice not required                                                                     24

16.      APPLICATION OF MONEYS RECEIVED                                                                   24
         16.1     Priorities                                                                              24
         16.2     Moneys actually received                                                                25
         16.3     Amounts contingently due                                                                26
         16.4     Notice of subsequent Security Interests                                                 26
         16.5     Satisfaction of debts                                                                   26
         16.6     Proportionate Sharing                                                                   26

17.      OTHER SECURITY INTERESTS OVER MORTGAGED PROPERTY                                                 27

18.      PROTECTION OF MORTGAGEES, RECEIVER AND ATTORNEY                                                  27

19.      PROTECTION OF THIRD PARTIES                                                                      28
         19.1     No enquiry                                                                              28
         19.2     Receipt                                                                                 28

20.      EXPENSES, INDEMNITY                                                                              29
         20.1     Expenses                                                                                29

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         20.2     Indemnity                                                                               29

21.      CURRENCY INDEMNITY                                                                               29

22.      STAMP DUTIES                                                                                     30

23.      INTEREST ON OVERDUE AMOUNTS                                                                      30
         23.1     Accrual                                                                                 30
         23.2     Payment                                                                                 30
         23.3     Rate                                                                                    30

24.      CERTIFICATE AS TO AMOUNT OF SECURED MONEYS, ETC.                                                 31

25.      SURVIVAL OF REPRESENTATIONS                                                                      31

26.      INDEMNITY AND REIMBURSEMENT OBLIGATIONS                                                          31

27.      CONTINUING SECURITY                                                                              31

28.      OTHER SECURITIES                                                                                 31

29.      DISCHARGE OF THE CHARGE                                                                          32
         29.1     Release                                                                                 32
         29.2     Contingent Liabilities                                                                  32
         29.3     Charge reinstated                                                                       32

30.      AMENDMENT                                                                                        32
         30.1     Approval of Trust Manager                                                               32
         30.2     Extraordinary Resolution of Voting Mortgagees                                           33
         30.3     Distribution of Amendments                                                              33

31.      LIABILITY                                                                                        33
         31.1     Liability of Chargor limited to its right of indemnity                                  33
         31.2     Unrestricted remedies                                                                   33
         31.3     Restricted remedies                                                                     33
         31.4     Liability of Security Trustee limited to its right of indemnity                         34

32.      WAIVERS, REMEDIES CUMULATIVE                                                                     34

33.      CONSENTS AND OPINION                                                                             35

34.      SEVERABILITY OF PROVISIONS                                                                       35

35.      MORATORIUM LEGISLATION                                                                           35

36.      ASSIGNMENTS                                                                                      35

37.      NOTICES                                                                                          36

38.      RELATIONSHIP OF MORTGAGEES TO SECURITY TRUSTEE                                                   37
         38.1     Instructions; extent of discretion                                                      37
         38.2     No obligation to investigate authority                                                  37
         38.3     Delegation                                                                              37
         38.4     Reliance on documents and experts                                                       37
         38.5     Notice of transfer                                                                      38
         38.6     Notice of default                                                                       38
         38.7     Security Trustee as Mortgagee                                                           38
         38.8     Indemnity to Security Trustee                                                           38

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         38.9     Independent investigation                                                               39
         38.10    No monitoring                                                                           39
         38.11    Information                                                                             39
         38.12    Conflicts                                                                               39
         38.13    No Liability                                                                            40

39.      RETIREMENT AND REMOVAL OF SECURITY TRUSTEE                                                       40
         39.1     Retirement                                                                              40
         39.2     Removal                                                                                 40
         39.3     Replacement                                                                             41

40.      MEETINGS OF MORTGAGEES                                                                           42
         40.1     Limitation on Security Trustee's Powers                                                 42
         40.2     Convening of Meetings                                                                   42
         40.3     Notice of Meetings                                                                      42
         40.4     Chairman                                                                                43
         40.5     Quorum                                                                                  43
         40.6     Adjournment                                                                             43
         40.7     Voting Procedure                                                                        44
         40.8     Right to attend and speak                                                               45
         40.9     Appointment of Proxies                                                                  45
         40.10    Corporate Representatives                                                               46
         40.11    Rights of Representatives                                                               46
         40.12    Extraordinary Resolutions                                                               46
         40.13    Extraordinary Resolution binding on Mortgagees                                          47
         40.14    Minutes and Records                                                                     48
         40.15    Written Resolutions                                                                     48
         40.16    Further Procedures for Meetings                                                         48
         40.17    Noteholder Mortgagees' rights                                                           48

41.      AUTHORISED SIGNATORIES                                                                           49

42.      GOVERNING LAW AND JURISDICTION                                                                   49

43.      COUNTERPARTS                                                                                     49

44.      SET-OFF                                                                                          50

45.      ACKNOWLEDGEMENT BY CHARGOR                                                                       50

46.      INFORMATION MEMORANDUM                                                                           50

47.      SECURITY TRUSTEE'S LIMITED LIABILITY                                                             50
         47.1     Reliance on certificates                                                                50
         47.2     Security Trustee may assume signed documents to be genuine                              51
         47.3     Security Trustee's reliance on Trust Manager, Approved Seller, Note Trustee or Servicer 51
         47.4     Compliance with laws                                                                    52
         47.5     Taxes                                                                                   52
         47.6     Reliance on experts                                                                     52
         47.7     Oversights of others                                                                    52
         47.8     Powers, authorities and discretions                                                     52

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         47.9     Impossibility or impracticability                                                       52
         47.10    No liability except for negligence etc.                                                 53
         47.11    Legal and other proceedings                                                             53
         47.12    No liability except for negligence etc.                                                 53
         47.13    Further limitations on Security Trustee's liability                                     54
         47.14    Conflicts                                                                               55
         47.15    Information                                                                             56
         47.16    Investigation by Security Trustee                                                       56
</TABLE>

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Security Trust Deed                                [Allens Arthur Robinson Logo]

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DATE                                                                      2002
-------------
PARTIES
-------------

1.              PERPETUAL TRUSTEES VICTORIA LIMITED (ABN 42 004 027 258) of
                Level 4, 333 Collins Street, Melbourne, Victoria in its capacity
                as trustee of the Interstar Millennium Series 2002-1G Trust (the
                CHARGOR);

2.              PERPETUAL TRUSTEE COMPANY LIMITED (ABN 42 000 001 007) of Level
                7, 39 Hunter Street, Sydney, New South Wales (the SECURITY
                TRUSTEE);

3.              INTERSTAR SECURITISATION MANAGEMENT PTY LIMITED (ACN 100 346
                898) of Level 28, 367 Collins Street, Melbourne, Victoria (the
                TRUST MANAGER); and

4.              THE BANK OF NEW YORK, NEW YORK BRANCH of 101 Barclay Street,
                21W, New York, New York 10286 in its capacity as trustee for the
                Class A2 Noteholders (the NOTE TRUSTEE).

RECITALS
-------------

A               The Chargor is the trustee, and the Trust Manager is the
                manager, of the Trust.

B               Under the terms of the Master Trust Deed, the Chargor is
                authorised to enter into this deed to charge the Trust Assets to
                secure the due and punctual performance of the obligations of
                the Chargor under the Transaction Documents and the payment in
                full of the Secured Moneys to the Mortgagees.

C               The Security Trustee enters into this deed as Mortgagee and as
                trustee for each other Mortgagee.

D               The Note Trustee enters into this deed for itself and as trustee
                for each Class A2 Noteholder.
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IT IS AGREED as follows.

1.       DEFINITIONS AND INTERPRETATION
--------------------------------------------------------------------------------
1.1      DEFINITIONS

         The following definitions apply unless the context requires otherwise.

         ATTORNEY means any attorney appointed under this deed or any Collateral
         Security.

         CHARGE means the charge created by this deed.

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         CHARGE RELEASE DATE means, subject to clause 29.3, the date the
         Security Trustee discharges the Charge and this deed under clause 29.1.

         CHARGOR'S INDEMNITY means:

         (a)      the Chargor's right of indemnity under the Master Trust Deed
                  from the Trust Assets in respect of liabilities incurred by
                  the Chargor acting in its capacity as trustee of the Trust;
                  and

         (b)      all equitable liens and other Security Interests which the
                  Chargor has over the Trust Assets.

         CLASS A MORTGAGEES means together:

         (a)      the Note Trustee on behalf of the Class A2 Noteholders, and,
                  if the Note Trustee has become bound to take steps and/or to
                  proceed under this deed and fails to do so within a reasonable
                  time and such failure is continuing, the Class A2 Noteholders,
                  and then only if and to the extent the Class A2 Noteholders
                  are able to do so under Australian law; and

         (b)      the Class A1 Noteholders.

         COLLATERAL SECURITY means any Security Interest, Guarantee or other
         document or agreement at any time created or entered into in favour of
         the Security Trustee as security for any Secured Moneys.

         EVENT OF DEFAULT means any of the events specified in clause 8.

         EXTRAORDINARY RESOLUTION in relation to the Voting Mortgagees means:

         (a)      a resolution passed at a meeting of the Voting Mortgagees duly
                  convened and held in accordance with the provisions contained
                  in this deed by a majority consisting of not less than 75% of
                  the votes capable of being cast at that meeting by Voting
                  Mortgagees present in person or by proxy; or

         (b)      a resolution in writing pursuant to clause 40.15 signed by all
                  the Voting Mortgagees or all of the relevant Class of Voting
                  Mortgagees (as the case may be).

         GUARANTEE means any guarantee, indemnity, letter of credit, legally
         binding letter of comfort or suretyship, or any other obligation or
         irrevocable offer (whatever called and of whatever nature):

         (a)      to pay or to purchase;

         (b)      to provide funds (whether by the advance of money, the
                  purchase of or subscription for shares or other securities,
                  the purchase of assets, rights or services, or otherwise) for
                  the payment or discharge of;

         (c)      to indemnify against the consequences of default in the
                  payment of; or

         (d)      to be responsible otherwise for,

         an obligation or indebtedness of another person, a dividend,
         distribution, capital or premium on shares, stock or other interests,
         or the insolvency or financial condition of another person.

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         LIQUIDATION includes receivership, compromise, arrangement,
         amalgamation, administration, reconstruction, winding up, dissolution,
         assignment for the benefit of creditors, bankruptcy or death.

         MASTER TRUST DEED means the Master Trust Deed for the Interstar
         Millennium Trusts dated 2 December 1999 between the Chargor as Trustee
         and Interstar Securities (Australia) Pty Limited (ABN 72 087 271 109).

         MORTGAGED PROPERTY means the property and rights mortgaged or charged
         by this deed or any Collateral Security.

         MORTGAGEE means:

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

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

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

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

        (e)      the Servicer in relation to its rights as Servicer under the
                 Transaction Documents for the Trust;

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

        (g)      the Note Trustee in relation to its rights (held in its own
                 right) under the Transaction Documents for the Trust;

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

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

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

        (k)      each Note Manager in relation to its rights under the
                 Transaction Documents for the Trust.

         NOTEHOLDER MORTGAGEES means, together:

         (a)      the Class A Mortgagees; and

         (b)      the Class B Noteholders.

         NOTICE OF CREATION OF TRUST means the Notice of Creation of Trust dated
         on or about the date of this deed issued under the Master Trust Deed in
         relation to the Trust.

         POWER means a power, right, authority, discretion or remedy which is
         conferred on the Security Trustee, a Mortgagee or a Receiver or
         Attorney:

         (a)      by this deed or any Collateral Security; or

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         (b)      by law in relation to this deed or any Collateral Security.

         RECEIVER means a receiver or receiver and manager appointed under this
         deed or any Collateral Security.

         RELEVANT TRUST means a trust other than the Trust, constituted under
         the Master Trust Deed and the Series Notice for that trust, of which
         the Chargor is a trustee.

         REPRESENTATIVE means:

         (a)      in the case of a Class A2 Noteholder, the Note Trustee (as its
                  representative or any other person appointed as a proxy for
                  the Class A2 Noteholders in accordance with this deed);

         (b)      in the case of any other Mortgagee, a person who is appointed
                  as a proxy for that Mortgagee pursuant to clause 40.9; and

         (c)      without limiting the generality of paragraph (a), in the case
                  of a Voting Mortgagee which is a body corporate, a person who
                  is appointed pursuant to clause 40.10 by the Mortgagee.

         SECURED MONEYS means all money which the Chargor (whether alone or with
         another person) is or at any time may become actually or contingently
         liable to pay to or for the account of any Mortgagee (whether alone or
         with another person) for any reason whatever under or in connection
         with a Transaction Document.

         It includes money by way of principal, interest, fees, costs,
         indemnities, Guarantee, charges, duties or expenses, or payment of
         liquidated or unliquidated damages under or in connection with a
         Transaction Document, or as a result of any breach of or default under
         or in connection with, a Transaction Document.

         Where the Chargor would have been liable but for its Liquidation, it
         will be taken still to be liable.

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

         SETTLOR means Andrew Jinks.

         TRUST means the trust known as the Interstar Millennium Series 2002-1G
         Trust established under the Notice of Creation of Trust, the Master
         Trust Deed and the Series Notice.

         TRUST ASSETS means the Assets of the Trust from time to time as defined
         in the Master Trust Deed, and includes the rights of the Chargor under
         the Transaction Documents in respect of the Trust and under the
         Collection Account and the US$ Account.

         TRUST FUND means each amount held by the Security Trustee under clause
         2.1 of this deed together with any other property and benefits which
         the Security Trustee receives, has vested in it or otherwise acquires
         to hold on the trust established under this deed including, without
         limitation, all the right, title and interest of the Security Trustee
         in connection with the Charge and any property which represents the
         proceeds of sale of any such property or proceeds of enforcement of the
         Charge.

         VESTING DATE means the day preceding the earliest of:

         (a)      the 80th anniversary of the date of this deed;

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         (b)      the 21st anniversary of the date of the death of the last
                  survivor of the lineal descendants of King George V
                  living on the date of this deed; and

         (c)      the day after the Charge Release Date.

         VOTING MORTGAGEE means:

         (a)      with respect only to the enforcement of the security under
                  this deed, for so long as the Secured Money owing to the Class
                  A Noteholders and Class B Noteholders comprise 75% or more of
                  the total Secured Moneys, the Noteholder Mortgagees alone; and

         (a)      at any other time (subject to clause 40.17):

                  (i)      the Class A Mortgagees; and

                  (ii)     each other Mortgagee (other than a Class A
                           Mortgagee).

1.2      MASTER TRUST DEED DEFINITIONS AND TRANSACTION DOCUMENT AMENDMENTS

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

         (b)      Subject to clause 30, no change to the Master Trust Deed or
                  any other document (including the order of payment set out in
                  the Series Notice) after the date of this deed will change the
                  meaning of terms used in this deed or adversely affect the
                  rights of the Security Trustee under this deed unless the
                  Security Trustee (subject to clause 40.17(b), with the prior
                  written consent of the Noteholder Mortgagees) has agreed in
                  writing to the changes.

1.3      INTERPRETATION

         Clause 1.2 of the Master Trust Deed applies to this deed as if
         set out in full, except that any reference to a TRUST is
         replaced by a reference to THE TRUST,:

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

         (b)       an Event of Default SUBSISTS until it has been waived
                   in writing by the Security Trustee provided that no
                   such waiver will be capable of taking effect unless
                   the Security Trustee has first consulted with the
                   Note Trustee;

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

         (d)       WILFUL DEFAULT means, in respect of the Security
                   Trustee, any wilful failure to comply with or wilful
                   breach of any of its obligations under this deed,
                   other than a wilful failure or wilful breach which:

                   (i)      is caused by the failure by another person
                            to act where that act is a precondition to
                            the act of the Security Trustee;

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

                   (iii)    is in accordance with an instruction or
                            direction from the Note Trustee or the
                            Voting Mortgagees.

1.4      DETERMINATION, STATEMENT AND CERTIFICATE SUFFICIENT EVIDENCE

         Except where otherwise provided in this deed any determination,
         statement or certificate by the Security Trustee or an Authorised
         Signatory of the Security Trustee provided for in this deed is
         sufficient evidence of each thing determined, stated or certified in
         the absence of manifest error or proof to the contrary.

1.5      DOCUMENT OR AGREEMENT

         A reference to:

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

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

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

1.6      RIGHTS AND OBLIGATIONS OF MORTGAGEES

         (a)      Each Mortgagee is entitled to the benefit of the obligations
                  (including warranties) of each of the Security Trustee, the
                  Chargor and any other person under this deed and any
                  Collateral Security.

         (b)      No Mortgagee is entitled to enforce this deed or any
                  Collateral Security other than through the Security Trustee.

         (c)      Each Mortgagee is bound by this deed and each Collateral
                  Security.

         (d)      No Mortgagee is responsible for the obligations of the
                  Security Trustee or any other Mortgagee.

         (e)      The provisions of this deed are binding on the Security
                  Trustee, the Chargor and the Mortgagees and all persons
                  claiming through them, respectively.

1.7      TRANSACTION DOCUMENT

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

1.8      CHARGOR AS TRUSTEE

         In this deed, except where provided to the contrary:

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

         (b)      a reference to the assets, business, property or undertaking
                  of the Chargor is a reference to the assets, business,
                  property or undertaking of the Chargor only in the capacity
                  described in paragraph (a) above.

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1.9      KNOWLEDGE OF THE CHARGOR

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

1.10     KNOWLEDGE OF SECURITY TRUSTEE

         For the purposes of this deed, the Security Trustee will only be
         considered to have knowledge, notice of or to be aware of any thing if
         the Security Trustee has knowledge, notice or awareness of that thing
         by virtue of the actual knowledge, notice or awareness of the officers
         or employees of the Security Trustee who have day to day responsibility
         for the administration of the security trust established by this deed.

2.       APPOINTMENT OF SECURITY TRUSTEE
-------------------------------------------------------------------------------
2.1      THE SECURITY TRUSTEE

         The Security Trustee:

(a)      is appointed to act as trustee on behalf of the Mortgagees on the
         terms and conditions of this deed; and

(b)      acknowledges and declares that it:

         (i)      holds the sum of A$10.00 received on the date of this deed
                  from the Settlor; and

         (ii)     will hold the benefit of the Charge, the Mortgaged Property
                  and the benefit of each of the Transaction Documents to which
                  the Security Trustee is a party,

         in each case, on trust for each Mortgagee, in accordance with the
         terms and conditions of this deed.

2.2      RESOLUTION OF CONFLICTS

         (a)      The Security Trustee shall, as regards the exercise of all
                  discretion vested in it by this deed and all other
                  Transaction Documents, except where expressly provided
                  otherwise, have regard to the interest of the Mortgagees.

         (b)      Subject to this deed, if there is at any time, with respect to
                  enforcement, a conflict between a duty owed by the Security
                  Trustee to any Mortgagee or class of Mortgagee, and a duty
                  owed by it to another Mortgagee or class of Mortgagee, the
                  Security Trustee must give priority to the interests of the
                  Noteholders (which, in the case of the Class A2 Noteholders,
                  shall be determined by the Note Trustee acting on their behalf
                  as provided herein and in the Note Trust Deed).

          (c)     Subject to this deed (other than paragraph (b)), the Security
                  Trustee must give priority to the interests only of the Class
                  A Noteholders if, in the Security Trustee's opinion, (in
                  relation to which, in determining the interests of the Class
                  A2 Noteholders, the Security Trustee may rely on a
                  determination of the Note

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                  Trustee), there is a conflict between the interests of the
                  Class A Noteholders and the interests of the Class B
                  Noteholders or the interests of the other Mortgagees.

           (d)    Subject to this deed, if, in the Security Trustee's opinion,
                  there is a conflict between the interests of the Class A1
                  Noteholders and the Class A2 Noteholders, the Security Trustee
                  must convene a meeting of the Class A Noteholders (in relation
                  to which in determining the interests of the Class A
                  Noteholders, the Security Trustee must rely on the
                  instructions given by an Extraordinary Resolution of Class A
                  Noteholders in a meeting held in accordance with clause 40).

           (e)    Provided that the Security Trustee acts in accordance with a
                  determination of the Note Trustee (where it receives a
                  determination from the Note Trustee) or in good faith (in each
                  other case), it shall not incur any liability to any Mortgagee
                  for giving effect to clauses 2.2(b), 2.2(c) or 2.2(d).

2.3      DURATION OF TRUST

         The trust established under this deed commences on the date of this
         deed and ends on the Vesting Date unless determined earlier.

3.       CHARGE
-------------------------------------------------------------------------------
3.1      CHARGE

         (a)      Subject to paragraph (b), the Chargor charges to the Security
                  Trustee, for the Security Trustee and as trustee for the
                  Mortgagees all of the present and future Trust Assets and
                  undertaking of the Trust.

         (b)      The Charge does not charge any Trust Assets as at the date of
                  this deed which on the date of this deed are, or are taken,
                  under the applicable stamp duties legislation of the relevant
                  jurisdiction, to be situated in any State or Territory of
                  Australia other than the Australian Capital Territory or the
                  Northern Territory.

3.2      SECURITY

         (a)      The security created by this deed secures the due and
                  punctual payment of the Secured Moneys.

         (b)      This deed is given in consideration of the Security Trustee
                  and the Mortgagees entering the Transaction Documents and for
                  other valuable consideration received.

3.3      PROSPECTIVE LIABILITY

         For the purpose of the Corporations Act the maximum prospective
         liability (as defined in the Corporations Act) secured by this deed at
         any time is A$5,000,000,000 or its equivalent and the total amount
         recoverable under this deed is limited to A$5,000,000,000.

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4.       NATURE OF CHARGE
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4.1      PRIORITY

         The Charge is a first charge and takes priority over all Security
         Interests that have been granted over the Mortgaged Property.

4.2      NATURE OF CHARGE

         The Charge operates, subject to clause 4.4, as a floating charge only,
         over all Mortgaged Property.

4.3 DEALING WITH MORTGAGED PROPERTY

         (a)      Except with the prior written consent of the Security Trustee
                  and (subject to clause 40.17(b)) the Noteholder Mortgagees, or
                  as expressly permitted in any Transaction Document, the
                  Chargor shall not, and the Trust Manager shall not direct the
                  Chargor to:

                  (i)       create or allow to exist any Security Interest over
                            any Mortgaged Property; or

                  (ii)      in any other way:

                            (A)      dispose of;

                            (B)      create or allow any interest in; or

                            (C)      part with possession of,

                            any Mortgaged Property, except, subject to the
                            Transaction Documents, any disposal of or dealing
                            with any asset for the time being subject to the
                            floating charge in the ordinary course of its
                            ordinary business.

         (b)      Where by law a Mortgagee may not restrict the creation of any
                  Security Interest over an asset ranking after the Charge,
                  paragraph (a) will not restrict that creation. However, the
                  Chargor shall ensure that before that Security Interest is
                  created the holder of that Security Interest enters into a
                  deed of priority in form and substance specified by the
                  Security Trustee.

4.4      CRYSTALLISATION

         The floating charge referred to in clause 4.2 will automatically and
         immediately crystallise and operate as a fixed charge:

         (a)      in respect of any asset:

                  (i)       upon notice to the Chargor from the Security Trustee
                            (which it may only give following an Event of
                            Default);

                  (ii)      if without the prior written consent of the Security
                            Trustee (and, subject to clause 40.17(b), the
                            Noteholder Mortgagees), the Chargor:

                            (A)      creates or allows any Security Interest
                                     over;

                            (B)      sells, leases or otherwise disposes of;

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                            (C)      creates or allows any interest in; or

                            (D)      parts with possession of,

                            that asset in breach of a Transaction Document, or
                            agrees or attempts to do so or takes any step
                            towards doing so;

                   (iii)    on the Commissioner of Taxation or his delegate or
                            successor signing a notice under:

                            (A)       s218 or s255 of the Income Tax Assessment
                                      Act 1936 (Cth) and the Income Tax
                                      Assessment Act 1997 (Cth);

                            (B)       s260-5 of the Taxation Administration Act
                                      1953 (Cth); or

                            (C)       any similar legislation,

                            which will affect that asset; or

                   (iv)     on a Government Agency taking any step which may
                            result in an amount of Tax or an amount owing to a
                            Government Agency ranking ahead of the floating
                            charge with respect to that asset; or

          (b)      in respect of all the Mortgaged Property:

                   (i)      if an Insolvency Event occurs with respect to the
                            Chargor; or

                   (ii)     on the security constituted by this deed being
                            enforced in any way.

          Except where expressly stated, no notice or action by any Mortgagee is
          necessary for the charge to crystallise.

4.5      DE-CRYSTALLISATION

         The Security Trustee may, at the direction of the Trust Manager at any
         time release any asset which has become subject to a fixed charge under
         clause 4.4 from the fixed charge by notice to the Chargor. That asset
         will then again be subject to the floating charge and to the further
         operation of that clause. The Security Trustee must notify each
         Designated Rating Agency of any such release.

5.       COVENANTS AND WARRANTIES
-------------------------------------------------------------------------------
5.1      COVENANT

         (a)      The Chargor acknowledges its indebtedness to each Mortgagee in
                  respect of the relevant Secured Moneys. The Chargor shall duly
                  and punctually pay the Secured Moneys. After an Event of
                  Default (whether or not it subsists) it will pay the Secured
                  Moneys when due in accordance with the Transaction Documents,
                  including in accordance with clause 8.2.

         (b)      Subject to the limitations on the obligations and liability of
                  the Chargor under the Master Trust Deed and the other
                  Transaction Documents, the Chargor shall use its reasonable
                  endeavours to ensure that no Event of Default occurs.

         (c)      The Chargor will ensure that it complies with its material
                  obligations under the Transaction Documents.

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         (d)      The Chargor will give to the Security Trustee any information
                  relating to the Trust in the power or possession of the
                  Chargor that the Security Trustee reasonably requests in
                  connection with the exercise and performance of its powers and
                  obligations under this deed, including without limitation:

                  (i)      the identity, and notice details of, each Mortgagee
                           and Beneficiary; and

                  (ii)     the amount and details of any Secured Moneys owing
                           to each Mortgagee.

         (e)      The Trust Manager shall cause this deed to be lodged for
                  registration with the Australian Securities and Investments
                  Commission before the Chargor issues a Note.

5.2      NEGATIVE COVENANTS

         The Chargor shall not do, nor shall the Trust Manager direct the
         Chargor to do, any of the following without the prior written consent
         of the Security Trustee (and, subject to clause 40.17(b), the
         Noteholder Mortgagees) and without prior written confirmation from each
         Designated Rating Agency of the rating (if any) assigned by it to any
         Class of Notes in relation to the Trust except as permitted by this
         deed or the Master Trust Deed or the Series Notice for the Trust:

         (a)     (NO FINANCIAL INDEBTEDNESS) create, incur, assume,
                 permit or suffer to exist any Financial Indebtedness
                 except for:

                 (i)      the Notes;

                 (ii)     Financial Indebtedness arising under the Transaction
                          Documents in relation to the Trust (including under a
                          Support Facility); or

                 (iii)    Financial Indebtedness which is fully subordinated to
                          the Secured Moneys or is non-recourse other than with
                          respect to proceeds in excess of those needed to pay
                          the Secured Moneys, and which does not constitute a
                          claim against the Chargor in the event that those
                          excess proceeds are insufficient to pay that
                          subordinated Financial Indebtedness; or

                 (iv)     Financial Indebtedness when the Chargor has received
                          written confirmation from each Designated Rating
                          Agency that it will not result in any reduction or
                          withdrawal of the rating assigned to any Class of
                          Notes rated by that Designated Rating Agency;

          (b)    (NO RELEASE UNDER TRANSACTION DOCUMENTS) give any release or
                 discharge (whether full, partial or conditional) to any person
                 in respect of their obligations under any of the Transaction
                 Documents relating to the Trust, except as permitted by the
                 Transaction Documents;

          (c)    (OTHER ACTIVITIES)  not engage in any business or activity in
                 relation to the Trust other than as contemplated in the
                 Transaction Documents;

          (d)    (BANK ACCOUNTS)  not open any bank account not specified in
                 the Transaction Documents; and

          (e)    (SECURITY INTEREST)  not create or permit or suffer to exist
                 any other Security Interest over the Mortgaged Property other
                 than the Chargor's Indemnity.

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5.3      WARRANTY

         The Chargor makes the following representations and warranties:

         (a)      (TRANSACTION DOCUMENTS REPRESENTATIONS AND WARRANTIES) All
                  representations and warranties of the Chargor in the
                  Transaction Documents are true or, if not yet made, will be
                  true when made.

         (b)      (GOOD TITLE) The Chargor is the legal owner of the Mortgaged
                  Property and has the power under the Master Trust Deed and the
                  Series Notice to enter into this deed and to charge in the
                  manner provided in this deed the Mortgaged Property. Subject
                  only to the Master Trust Deed (including, without limitation,
                  the Chargor's Indemnity) and this deed, the Mortgaged Property
                  is free of all other Security Interests.

         (c)      (TRUST VALIDLY CREATED) The Trust has been validly created
                  and is in existence at the date of this deed.

         (d)      (SOLE TRUSTEE) The Chargor has been validly appointed as
                  trustee of the Trust and is presently the sole trustee of the
                  Trust.

         (e)      (MASTER TRUST DEED) The Trust is constituted pursuant to the
                  Master Trust Deed, the Notice of Creation of Trust and the
                  Series Notice.

         (f)      (RIGHT OF INDEMNITY) Except as expressly provided in the
                  Master Trust Deed or the Series Notice or statute it has not
                  limited in any way, and it has no liability which may be set
                  off against, the Chargor's Indemnity.

         (g)      (NO PROCEEDINGS TO REMOVE) No notice has been given to the
                  Chargor and, to the Chargor's knowledge, no resolution has
                  been passed or direction has been given, removing the Chargor
                  as trustee of the Trust.

5.4      TRUST MANAGER'S UNDERTAKINGS

         The Trust Manager undertakes to the Security Trustee promptly to give
         to the Security Trustee, each Designated Rating Agency and the Note
         Trustee:

         (a)        a copy of each Trust Manager's Report given in relation to
                    the Trust (if any);

         (b)        each audit report issued by the Auditor in relation to the
                    Trust; and

         (c)        upon request from the Security Trustee or the Note Trustee
                    (as the case may be), a copy of each Transaction Document
                    and details and information relating to:

                    (i)      the identity, and notice details of, each Support
                             Facility Provider; and

                    (ii)     the Secured Moneys owing to each Support Facility
                             Provider.

6.       FURTHER ASSURANCES
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6.1      FURTHER ASSURANCES

         Whenever the Security Trustee reasonably requests the Chargor to do
         anything in order:

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         (a)      more satisfactorily to mortgage, assure or secure the
                  Mortgaged Property to the Mortgagees or the Security
                  Trustee's nominee in a manner not inconsistent with this deed
                  or any Transaction Document; or

         (b)      to aid in the execution or exercise of any Power,

         the Chargor shall do it immediately, subject to any liability it incurs
         (other than from its own negligence, fraud or wilful default) being
         covered by the Chargor's Indemnity. It may include registering this
         deed, executing or registering any other document or agreement,
         delivering Transaction Documents or evidence of title and executing and
         delivering blank transfers.

7.       NOTE TRUSTEE
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7.1      CAPACITY

         The Note Trustee is a party to this deed in its capacity as trustee for
         the Class A2 Noteholders from time to time under the Note Trust Deed.

7.2      EXERCISE OF RIGHTS

         Except as otherwise provided in this deed and in the Note Trust Deed:

(a)               the rights, remedies and discretions of the Class A2
                  Noteholders under this deed including all rights to vote or
                  give instructions or consent to the Security Trustee and to
                  enforce any undertaking or warranty under this deed, may only
                  be exercised by the Note Trustee on behalf of the Class A2
                  Noteholders in accordance with the Note Trust Deed; and

(b)               the Class A2 Noteholders may only exercise enforcement rights
                  in respect of the Mortgaged Property through the Note Trustee
                  and only in accordance with this deed and the Note Trust Deed.

7.3      INSTRUCTIONS OR DIRECTIONS

         The Security Trustee may rely on any instructions or directions given
         to it by the Note Trustee as being given on behalf of all Class A2
         Noteholders from time to time and need not inquire whether the Note
         Trustee or the Class A2 Noteholders from time to time have complied
         with any requirements under the Note Trust Deed or as to the
         reasonableness or otherwise of the Note Trustee.

7.4      PAYMENTS

         Any payment to be made to a Class A2 Noteholder under this deed may be
         made to the Note Trustee or a Paying Agent on behalf of that Class A2
         Noteholder and any such payment is a good discharge to the Chargor or
         the Security Trustee.

7.5      NOTICES

         Any notice to be given to a Class A2 Noteholder under this deed may be
         given to the Note Trustee on behalf of that Class A2 Noteholder. Any
         costs to the Note Trustee of publishing

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         such notice to the Class A2 Noteholders will be reimbursed by the
         Chargor to the Note Trustee.

8.       EVENTS OF DEFAULT
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8.1      EVENTS OF DEFAULT

         Each of the following is an Event of Default (whether or not it is
         within the control of the Chargor).

        (a)      (FAILURE TO PAY)  The Chargor fails to pay:

                 (i)      any Interest within 10 Business Days of the Payment
                          Date on which the Interest was due to be paid,
                          together with all Interest accrued and payable on that
                          Interest; and

                 (ii)     any other Secured Moneys, within 10 Business Days of
                          the due date for payment (or within any applicable
                          grace period agreed with the Mortgagee to whom the
                          Secured Moneys relate or, where the Mortgagee is a
                          Class A2 Noteholder, the Note Trustee on behalf of
                          that Class A2 Noteholder),

                 (iii)    sub-clauses (i) and (ii) above will not constitute
                          Events of Default:

                          (A)      if the Secured Moneys which the Chargor
                                   failed to pay are subordinated to payment of
                                   amounts due to Class A Noteholders while any
                                   Secured Moneys remain owing:

                                   (1)      to Class A Noteholders; or

                                   (2)      to any other person, which rank in
                                            priority to amounts due to Class A
                                            Noteholders; or

                          (B)      where the Chargor had sufficient available
                                   funds with its bankers with which the bank
                                   accounts of the Trust are held and had given
                                   instructions to those bankers to make that
                                   payment, and that the payment would have been
                                   made but for temporary technical or
                                   administrative difficulties outside the
                                   control of the Chargor.

         (b)      (BREACH OF OBLIGATION) The Chargor fails to perform or observe
                  any other provisions (other than an obligation referred to in
                  paragraph (a) of a Transaction Document (including any
                  representation, warranty or undertaking) and that default (if
                  in the opinion of the Security Trustee is capable of remedy,
                  that opinion, subject to clause 40.17(b), having been approved
                  in writing by the Noteholder Mortgagees) is not remedied for
                  30 days after written notice (or such longer period as may be
                  specified in the notice, that longer period subject to clause
                  40.17(b), having been approved in writing by the Noteholder
                  Mortgagees) from the Security Trustee requiring the failure to
                  be remedied.

         (c)      (INSOLVENCY)  An Insolvency Event occurs in relation to the
                  Chargor (in its capacity as trustee of the Trust).

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         (d)      (PRIORITY OF CHARGE)  The Charge is not or ceases to be a
                  first ranking charge over the Trust Assets, or any
                  other obligation of the Chargor (other than as mandatorily
                  preferred by law) ranks ahead of or pari passu with any of the
                  Secured Moneys.

         (e)      (ENFORCEMENT OF SECURITY) Any Security Interest over the
                  Assets of the Trust is enforced.

         (f)      (INTEREST RATE SWAP OR CURRENCY SWAPS) An Interest Rate Swap
                  or Currency Swap is terminated and a replacement Interest
                  Rate Swap or Currency Swap (as the case may be) on terms that
                  will not lead to a withdrawal or downgrade of the rating
                  assigned to any Notes, is not put in place.

         (g)      (VITIATION OF TRANSACTION DOCUMENTS)

                  (i)     All or any part of any Transaction Document (other
                          than an Interest Rate Swap or a Currency Swap) is
                          terminated or is or becomes void, illegal, invalid,
                          unenforceable or of limited force and effect; or

                  (ii)    a party becomes entitled to terminate, rescind or
                          avoid all or part of any Transaction Document (other
                          than an Interest Rate Swap or a Currency Swap).

         (h)      (TRUST) Without the prior consent of the Security Trustee
                  (that consent, subject to clause 40.17(b), having been
                  approved in writing by the Noteholder Mortgagees):

                  (i)      the Trust is wound up, or the Chargor is required to
                           wind up the Trust under the Master Trust Deed or
                           applicable law, or the winding up of the Trust
                           commences;

                  (ii)     the Trust is held or is conceded by the Chargor not
                           to have been constituted or to have been imperfectly
                           constituted;

                  (iii)   unless another trustee is appointed to the Trust under
                          the Transaction Documents, the Chargor ceases to be
                          authorised under the Trust to hold the property of the
                          Trust in its name and to perform its obligations under
                          the Transaction Documents.

8.2      RIGHTS OF THE SECURITY TRUSTEE UPON EVENT OF DEFAULT

         At any time after an Event of Default occurs, the Security Trustee may,
         and shall (subject to clauses 9.2, 9.3, 9.4 and 9.5) if so directed by
         an Extraordinary Resolution of the Voting Mortgagees:

        (a)      declare the Charge immediately enforceable; and/or

        (b)      declare the Secured Moneys immediately due and payable; and/or

        (c)      give a notice crystallising the charge in relation to any or
                 all of the Mortgaged Property under clause 4.4; and/or

        (d)      appoint a Receiver over the Trust Assets, or exercise the
                 powers that a Receiver would otherwise have if appointed under
                 this deed.

         The Security Trustee may exercise its rights under this clause
         notwithstanding any delay or previous waiver.

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8.3      NOTIFY EVENTS OF DEFAULT

         Each of the Chargor and the Trust Manager must promptly notify the
         Security Trustee, the Note Trustee and each Designated Rating Agency
         if, to the knowledge of its officers who are responsible for the
         administration of the Trust, it becomes aware of the occurrence of an
         Event of Default, Trustee's Default, Servicer Transfer Event or Trust
         Manager's Default including full details of that Event of Default,
         Trustee's Default, Servicer Transfer Event or Trust Manager's Default
         (as the case may be).

9.       ENFORCEMENT
-------------------------------------------------------------------------------
9.1      POWER TO ENFORCE

         At any time after the Charge becomes enforceable, the Security Trustee
         may, at its discretion and without further notice (subject to the terms
         of this deed including, without limitation, clause 8.2) take such
         proceedings as it may think fit to enforce any of the provisions of
         this deed.

9.2      NO OBLIGATION TO ENFORCE

         Subject to clause 9.3, pending the receipt of directions from the
         Voting Mortgagees as contemplated by clauses 9.3 and 9.4, the Security
         Trustee shall not be bound to take any action or give any consent or
         waiver or make any determination under this deed (including, to appoint
         any Receiver, to declare the Charge enforceable or the Secured Moneys
         immediately due and payable pursuant to clause 8.2 or to take any other
         proceedings referred to in clause 9.1). Nothing in this clause shall
         affect the operation of clause 4.4 or the Charge becoming enforceable
         prior to the Security Trustee receiving directions from the Mortgagees.

9.3      OBLIGATION TO CONVENE MEETING

         Following the Security Trustee becoming actually aware of the
         occurrence of an Event of Default in accordance with clause 38, it
         shall, subject to clause 9.7, promptly convene a meeting of the Voting
         Mortgagees in accordance with this deed, at which it shall seek
         directions from the Voting Mortgagees by way of an Extraordinary
         Resolution of the Voting Mortgagees (or a written resolution signed by
         all Voting Mortgagees) regarding the action it should take as a result
         of that Event of Default including whether to do any of the things
         referred to in clauses 8.2(a) to 8.2(d) inclusive.

9.4      SECURITY TRUSTEE TO ACT IN ACCORDANCE WITH DIRECTIONS

         (a)      Subject to sub-clause (b), the Security Trustee shall take all
                  action necessary to give effect to any Extraordinary
                  Resolution of the Voting Mortgagees or to any direction of the
                  Note Trustee (where it is the only Voting Mortgagee) and shall
                  comply with all directions contained in or given pursuant to
                  any Extraordinary Resolution of the Voting Mortgagees or to
                  any direction given by the Note Trustee (where it is the only
                  Voting Mortgagee).

         (b)      The obligation of the Security Trustee pursuant to sub-clause
                  (a) is subject to:

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                  (i)     this deed; and

                  (ii)    the Security Trustee being adequately indemnified from
                          the Trust Funds or the Security Trustee receiving from
                          the Voting Mortgagees (other than the Note Trustee) an
                          indemnity in a form reasonably satisfactory to the
                          Security Trustee (which may be by way of an
                          Extraordinary Resolution of the Voting Mortgagees)
                          against all actions, proceedings, claims and demands
                          to which it may render itself liable, and all costs,
                          charges, damages and expenses which it may incur, in
                          giving effect to an Extraordinary Resolution of the
                          Voting Mortgagees.

                  The Security Trustee shall first claim on its indemnity from
                  the Trust Assets before it claims on any indemnity from the
                  Mortgagees (other than the Note Trustee), including any
                  indemnity provided under clause 9.5. The Note Trustee is in no
                  circumstance required to give an indemnity to the Security
                  Trustee.

           (c)    If an Event of Default is a payment default in respect of a
                  subordinated Class of Notes, as long as there are Notes
                  outstanding that rank prior to those subordinated Notes, the
                  Security Trustee shall not take any action without the consent
                  of each Class of Noteholders in respect of each Class of prior
                  ranking Notes (or, in the case of the Class A2 Noteholders,
                  the Note Trustee) by Extraordinary Resolution.

           (d)    If the Security Trustee becomes bound to take steps and/or
                  proceed under this deed and it fails to do so within a
                  reasonable time and such failure is continuing the Voting
                  Mortgagees may exercise such powers as they determine in
                  accordance with the Series Notice and (where relevant) the
                  Note Trust Deed and then only if and to the extent they are
                  able to do so under Australian law.

9.5      SECURITY TRUSTEE MUST RECEIVE INDEMNITY

         If:

         (a)      the Security Trustee convenes a meeting of the Voting
                  Mortgagees, or is required by an Extraordinary Resolution to
                  take any action under this deed, and advises the Voting
                  Mortgagees that the Security Trustee will not act in relation
                  to the enforcement of this deed unless it is personally
                  indemnified by the Voting Mortgagees (other than the Note
                  Trustee) to its reasonable satisfaction against all actions,
                  proceedings, claims and demands to which it may render itself
                  liable, and all costs, charges, damages and expenses which it
                  may incur, in relation to the enforcement of this deed and put
                  in funds to the extent to which it may become liable
                  (including costs and expenses); and

         (b)      the Voting Mortgagees refuse to grant the requested indemnity,
                  and put it in funds,

         then the Security Trustee will not be obliged to act in relation to
         that enforcement. In those circumstances, the Voting Mortgagees may
         exercise such Powers as they determine by Extraordinary Resolution and
         the Security Trustee is not liable in any manner whatsoever in relation
         to, or in connection with, such an exercise of those powers. The Note
         Trustee is in no circumstance required to give any indemnity to the
         Security Trustee.

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9.6      LIMITATION ON RIGHTS OF MORTGAGEES

         Subject to this deed, the powers, rights and remedies conferred on the
         Security Trustee by this deed are exercisable by the Security Trustee
         only, and no Mortgagee is entitled without the written consent of the
         Security Trustee to exercise some or any of them. Without limiting the
         generality of the foregoing, but subject to clause 9.5, no Mortgagee is
         entitled to enforce the Charge or the provisions of this deed or to
         appoint or cause to be appointed a Receiver to any of the Mortgaged
         Property or otherwise to exercise any power conferred by the terms of
         any applicable law on charges except as provided in this deed.

9.7      IMMATERIAL WAIVERS

         (a)      The Security Trustee may agree, on any terms and conditions as
                  it may deem expedient, having first consulted with the Class A
                  Mortgagees and given notice to each Designated Rating Agency,
                  but without the consent of the Mortgagees and without
                  prejudice to its rights in respect of any subsequent breach,
                  to any waiver or authorisation of any breach or proposed
                  breach of any of the terms and conditions of the Transaction
                  Documents or any of the provisions of this deed which is not,
                  in the reasonable opinion of the Security Trustee, materially
                  prejudicial to the interests of the Mortgagees and may
                  determine that any event that would otherwise be an Event of
                  Default shall not be treated as an Event of Default for the
                  purpose of this deed.

          (b)     No such waiver, authorisation or determination shall be made
                  in contravention of any directions contained in an
                  Extraordinary Resolution of Voting Mortgagees.

          (c)     No waiver, authorisation or determination may, once given, be
                  overridden or withdrawn by an Extraordinary Resolution of
                  Voting Mortgagees but the Security Trustee may (subject to
                  clause 40.17(b), with the prior written consent of the
                  Noteholder Mortgagees) give a waiver, authorisation or
                  determination on terms that allow it to be overridden or
                  withdrawn.

          (d)     Any waiver, authorisation or determination shall, if the
                  Security Trustee so requires, be notified to the Voting
                  Mortgagees by the Trust Manager as soon as practicable
                  thereafter in accordance with this deed.

9.8      ACTS PURSUANT TO RESOLUTIONS

         The Security Trustee shall not be responsible for having acted in good
         faith upon any resolution purporting to have been passed at any meeting
         of the Voting Mortgagees in respect of which minutes have been made and
         signed, even though it may subsequently be found that there was some
         defect in the constitution of that meeting or the passing of that
         resolution or that for any reasons that resolution was not valid or
         binding upon the Voting Mortgagees.

9.9      OVERRIDING PROVISION

         Notwithstanding any other provision of this deed:

         (a)      the Security Trustee is not obliged to do or omit to do
                  anything including entering into any transaction or incurring
                  any liability unless the Security Trustee's liability see
                  reverse side is limited in a manner satisfactory to the
                  Security Trustee in its absolute discretion; and

         (b)      the Security Trustee will not be under any obligation to
                  advance or use its own funds for the payment of any costs,
                  expenses or liabilities, except in respect of its own fraud,
                  negligence or wilful default.

10.      APPOINTMENT OF RECEIVER
-------------------------------------------------------------------------------
10.1     APPOINTMENT

         To the extent permitted by law and subject to clause 9, at any time
         after the Charge becomes enforceable under this deed the Security
         Trustee or any Authorised Signatory of the Security Trustee may:

         (a)      appoint any person or any 2 or more persons jointly or
                  severally or both to be a receiver or receiver and
                  manager of all or any of the Mortgaged Property;

         (b)      remove any Receiver;

         (c)      appoint another Receiver in addition to or in place of a
                  Receiver; and

         (d)      fix or vary the remuneration of a Receiver.

10.2     AGENT OF CHARGOR

         (a)      Subject to clauses 10.2(b) and 10.4, every Receiver is the
                  agent of the Chargor.  The Chargor alone is
                  responsible for the Receiver's acts and defaults.

         (b)      (i)      Any Receiver will be the agent of the Chargor in its
                           capacity as trustee of the Trust only; and

                  (ii)     notwithstanding anything else in this deed or at
                           law, the Chargor in its personal capacity is not
                           responsible for any negligent act or negligent
                           omission of the Receiver.

10.3     RECEIVER'S POWERS

         In addition to any powers granted by law, and except to the extent
         specifically excluded by the terms of his appointment and in accordance
         with the interests of the Mortgagees in accordance with this deed,
         every Receiver has power to do anything in respect of the Mortgaged
         Property that the Chargor could do (including, without limitation,
         having regard to its powers and the extent of its liability under the
         Master Trust Deed). However, every Receiver acknowledges that the
         Chargor's liability in relation to the Receiver's exercise of those
         powers is limited to the assets of the Trust. His powers include the
         following.

         (a)      (TAKE POSSESSION AND MANAGE)  He may take possession of, get
                  in and manage the Mortgaged Property.

         (b)      (LEASE)  He may lease any of the Mortgaged Property for any
                  term (whether or not the Receiver has taken possession).

         (c)      (CARRY ON BUSINESS)  He may carry on or concur in carrying on
                  any business.

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         (d)      (ACQUIRE ANY ASSET) He may acquire in any manner any asset
                  (including to take it on lease). After that acquisition it
                  will be included in the Mortgaged Property.

         (e)      (MAINTAIN AND IMPROVE THE MORTGAGED PROPERTY) He may do
                  anything to maintain, protect or improve any of the Mortgaged
                  Property or to obtain income or returns from any of the
                  Mortgaged Property (including by development, sub-division,
                  construction, alteration, or repair, of any property or by
                  pulling down, dismantling or scrapping, any property).

         (f)      (RAISE MONEY)  He may:

                  (i)      borrow or raise any money from any Mortgagee or any
                           other person approved by the Security Trustee;

                  (ii)     give Guarantees; and

                  (iii)    grant any Security Interest over any of the
                           Mortgaged Property to secure that money or
                           Guarantee. That Security Interest may rank in
                           priority to or equally with or after, the security
                           created by this deed. It may be given in the name of
                           the Chargor or otherwise.

          (g)      (LEND)  He may lend money or provide financial accommodation.

          (h)      (SELL)

                   (i)      He may sell any of the Mortgaged Property (whether
                            or not the Receiver has taken possession).

                   (ii)     Without limitation, any sale may be made:

                            (A)      by public auction, private treaty or
                                     tender;

                            (B)      for cash or on credit;

                            (C)      in one lot or in parcels;

                            (D)      either with or without special conditions
                                     or stipulations as to title or time or
                                     mode of payment of purchase money or
                                     otherwise;

                            (E)      with power to allow the whole or any part
                                     of the purchase money to be deferred
                                     (whether with or without any security);
                                     and

                            (F)      whether or not in conjunction with the
                                     sale of any property by any person.

          (i)      (OPTIONS)  He may grant or take put or call options.

          (j)      (SEVER FIXTURES)  He may sever fixtures.

          (k)      (EMPLOY) He may employ or discharge any person as employee,
                   contractor, agent, professional adviser, consultant or
                   auctioneer for any purpose.

          (l)      (COMPROMISE)  He may make or accept any arrangement or
                   compromise.

          (m)      (GIVE RECEIPTS)  He may give receipts for money and other
                   assets.

          (n)      (PERFORM AND ENFORCE AGREEMENTS)  He may:

                   (i)      perform or enforce;

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                   (ii)     exercise or refrain from exercising the Chargor's
                            rights and powers under; or

                   (iii)    obtain the benefit in other ways of,

                  any documents or agreements or rights which form part of the
                  Mortgaged Property and any documents or agreements entered
                  into in exercise of any Power.

         (o)      (VARY AND TERMINATE AGREEMENTS) He may vary, rescind or
                  terminate any document or agreement (including surrender or
                  accept the surrender of leases).

         (p)      (AUTHORISATIONS)  He may apply for, take up, transfer or
                  surrender any Authorisation or any variation of any
                  Authorisation.

         (q)      (TAKE INSOLVENCY PROCEEDINGS) He may make, commence and pursue
                  insolvency proceedings against any person and do any thing in
                  relation to any actual or contemplated Liquidation (including
                  attend and vote at meetings of creditors and appoint proxies).

         (r)      (TAKE PROCEEDINGS) He may commence, defend, conduct, settle,
                  discontinue or compromise proceedings in the name of the
                  Chargor or otherwise.

         (s)      (EXECUTE DOCUMENTS) He may enter into and execute documents
                  or agreements on behalf of himself or the Chargor.

         (t)      (OPERATE BANK ACCOUNTS) He may operate any bank account
                  comprising part of the Mortgaged Property and open and operate
                  any further bank account.

         (u)      (SURRENDER MORTGAGED PROPERTY)  He may surrender, release or
                  transfer any of the Mortgaged Property.

         (v)      (EXCHANGE MORTGAGED PROPERTY) He may exchange with any person
                  any of the Mortgaged Property for other
                  property.

         (w)      (PROMOTE COMPANIES) He may promote the formation of companies
                  with a view to purchasing any of the Mortgaged Property or
                  assuming the obligations of the Chargor or otherwise.

         (x)      (DELEGATE)  He may delegate to any person approved by the
                  Security Trustee any of his Powers (including delegation).

         (y)      (HAVE ACCESS) He may exercise all the rights of the Chargor
                  under the Transaction Documents with respect to the Trust
                  Assets.

         (z)      (VOTE) He may exercise any voting or other rights or powers in
                  respect of any of the Mortgaged Property and do anything in
                  relation to shares or marketable securities.

         (aa)     (OTHER OUTGOINGS)  He may pay any outgoing or indebtedness of
                  the Chargor or any other person.

         (bb)     (SECURITY INTERESTS)  He may redeem any Security Interest or
                  acquire it and any debt secured by it.

         (cc)     (INSURE)  He may take out insurance.

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         (dd)     (INSURANCE CLAIMS)  He may make, enforce, compromise and
                  settle all claims in respect of insurance.

         (ee)     (INCIDENTAL POWER)  He may do anything incidental to the
                  exercise of any other Power.

         All of the above paragraphs are to be construed independently.  None
         limits the generality of any other.

10.4     RECEIVER APPOINTED AFTER COMMENCEMENT OF WINDING UP

         The power to appoint a Receiver may be exercised even though:

         (a)      an order may have been made or a resolution may have been
                  passed for the Liquidation of the Chargor; and

         (b)      a receiver appointed in those circumstances may not, or may
                  not in some respects specified by the Receiver,
                  act as the agent of the Chargor.

10.5     POWERS EXERCISABLE BY THE SECURITY TRUSTEE

         Whether or not a Receiver has been appointed, the Security Trustee may
         exercise any Power of a Receiver at any time after the Charge becomes
         enforceable under this deed in addition to any Power of the Mortgagees
         and without giving notice. It may exercise those Powers and its Powers
         without taking possession or being liable as mortgagee in possession.
         Without limitation, it may exercise those Powers and its Powers
         directly or through one or more agents. In the latter event, anything
         done or incurred by such an agent will be taken to be done or incurred
         by the Security Trustee provided that the Security Trustee will have no
         liability in respect of the negligence or default of any agent
         appointed by the Security Trustee with reasonable care for the purpose
         of performing functions of a type which are not reasonably capable of
         supervision by the Security Trustee.

10.6     WITHDRAWAL

         The Security Trustee may at any time (provided it does not have an
         Adverse Effect) give up possession of any Mortgaged Property and may at
         any time withdraw any receivership.

11.      REMUNERATION OF SECURITY TRUSTEE
-------------------------------------------------------------------------------
11.1     COSTS

         In accordance with the Series Notice, the Chargor shall reimburse the
         Security Trustee for all costs and expenses of the Security Trustee
         properly incurred in acting as Security Trustee.

11.2     FEE

         (a)      The Security Trustee shall be entitled to a fee from the
                  proceeds of the Mortgaged Property at the rate agreed from
                  time to time by the Chargor, the Security Trustee and the
                  Trust Manager. This fee shall accrue from day to day.

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         (b)      The Security Trustee's fee under sub-clause (a) shall be
                  payable quarterly in arrears for the relevant period on the
                  same dates as the Chargor's fee under the Master Trust Deed
                  for the Trust or as agreed from time to time by the Chargor,
                  the Security Trustee and the Trust Manager.

11.3     CESSATION OF FEE

         The Security Trustee shall not be entitled to remuneration under clause
         11.2 in respect of any period after the Charge Release Date or after it
         has resigned or been removed as Security Trustee.

12.      POWER OF ATTORNEY
--------------------------------------------------------------------------------
         (a)      For valuable consideration and by way of security the Chargor
                  irrevocably appoints each Authorised Signatory of the Security
                  Trustee severally its attorney to do anything, following the
                  occurrence of an Event of Default, which:

                  (i)     the Chargor is obliged to do under or in relation to
                          any Transaction Document; or

                  (ii)    any Mortgagee or any Receiver is authorised or
                          empowered to do under any Transaction Document or any
                          law but only at the times that the Mortgagee or
                          Receiver (if a Receiver had been appointed) would have
                          been able to do it.

          (b)      Without limitation, the Attorney may, following the
                   occurrence of an Event of Default, at any time:

                   (i)    do anything which in the opinion of the Security
                          Trustee or Attorney is necessary or expedient to
                          secure, preserve, perfect, or give effect to the
                          security contained in this deed (including anything
                          under clauses 13 or 14). For this purpose, without
                          limitation, he may execute any legal mortgage,
                          transfer, assignment and other assurance of any of the
                          Mortgaged Property in favour of any Mortgagee, any
                          purchaser or any nominee; and

                   (ii)   delegate his powers (including delegation).

           (c)     No Attorney appointed under this deed may act inconsistently
                   with this deed or any other Transaction Document.

13.      COMPLETION OF BLANK SECURITIES
--------------------------------------------------------------------------------

         The Security Trustee, any Authorised Signatory of the Security Trustee,
         any Receiver or any Attorney may complete any document which at any
         time is executed by or on behalf of the Chargor and deposited with the
         Security Trustee. It may complete it in favour of any Mortgagee, any
         purchaser or any nominee. It may not do so inconsistently with this
         deed or any other Transaction Document.

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14.      PERFORMANCE OF CHARGOR'S OBLIGATIONS
-------------------------------------------------------------------------------

         If at any time the Chargor fails duly to perform any obligation in any
         Transaction Document the Security Trustee or any person it authorises
         may do anything which in its opinion is necessary or expedient to make
         good or to attempt to make good that failure to its satisfaction.

15.      STATUTORY POWERS
-------------------------------------------------------------------------------
15.1     POWERS IN AUGMENTATION

         The powers conferred on a mortgagee by law:

         (a)      are in addition to the Powers conferred by this deed;

         (b)      (to the extent permitted by law and after prior consultation
                  with the Class A Mortgagees) may be exercised by the Security
                  Trustee immediately after the Charge becomes enforceable under
                  this deed and at any time subsequently; and

         (c)      are excluded or varied only so far as they are inconsistent
                  with the express terms of this deed or any Collateral
                  Security.

15.2     NOTICE NOT REQUIRED

         To the extent permitted by law:

         (a)      the Chargor dispenses with any notice or lapse of time
                  required by any law before enforcing this deed or any
                  Collateral Security or exercising any Power; and

         (b)      subject to this deed, no Mortgagee is required to give notice
                  to any person before enforcement or exercise; and

         (c)      any law requiring the giving of notice or the compliance with
                  a procedure or the lapse of time before enforcement or
                  exercise is excluded.

16.      APPLICATION OF MONEYS RECEIVED
--------------------------------------------------------------------------------
16.1     PRIORITIES

         (a)      The proceeds from the enforcement of the Charge are to be
                  applied (notwithstanding any order of payment in the Series
                  Notice) in the following order of priority, subject to any
                  other priority which may be required by statute or law:

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

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

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

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

                          (A)   any fees due to the Security Trustee, the Note
                                Trustee, each Paying Agent and the Calculation
                                Agent;

                          (B)   any fees and unpaid Expenses due to the Chargor;
                                and

                          (C)   the Receiver's remuneration;

                 (v)      FIFTH, to pay (pari passu and rateably) any unpaid
                          Interest Adjustment due to the Approved Sellers;

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

                          (A)   all Secured Moneys owing to the Support
                                Facility Providers;

                          (B)   all Secured Moneys owing to the Class A
                                Noteholders; and

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

                 (vii)    SEVENTH, to pay (pari passu and rateably) any Secured
                          Moneys owing to the Class B Noteholders;

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

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

                 (x)      TENTH, to pay any surplus to the Chargor to be
                          distributed in accordance with the Master Trust Deed.

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

16.2     MONEYS ACTUALLY RECEIVED

         In applying any moneys towards satisfaction of the Secured Moneys, the
         Chargor will be credited only with the money available for that purpose
         which is actually received by the relevant Mortgagee or, where the
         Mortgagee is a Class A2 Noteholder, the Note Trustee. The credit will
         date from the time of receipt.

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16.3     AMOUNTS CONTINGENTLY DUE

         If any of the Secured Moneys is contingently owing to any Mortgagee at
         the time of a distribution of an amount under clause 16.1, the Security
         Trustee may retain any of that amount. If it does, it shall place the
         amount retained on short term interest bearing deposit until the
         relevant Secured Moneys become actually due or cease to be contingently
         owing, or it becomes reasonably apparent that the relevant contingency
         will not occur and the Security Trustee shall then:

         (a)      pay to that Mortgagee, or (where the Mortgagee is a Class A2
                  Noteholder) to the Note Trustee, the amount which becomes
                  actually due to it; and

         (b)      apply the balance of the amount retained (together with
                  interest earned on the deposit) in accordance with clause
                  16.1.

16.4     NOTICE OF SUBSEQUENT SECURITY INTERESTS

         (a)      If any Mortgagee receives actual or constructive notice of a
                  subsequent Security Interest affecting any of the Mortgaged
                  Property it may open a separate account in the name of the
                  Chargor in the books of that Mortgagee.

         (b)      If that Mortgagee does not open a new account it will be
                  treated as if it had done so at the time it received actual or
                  constructive notice of the Security Interest.

         (c)      From the time the new account is opened or is taken to be
                  opened:

                  (i)      all advances and accommodation made available by
                           that Mortgagee to the Chargor;

                  (ii)     all payments and repayments made by the Chargor to
                           that Mortgagee; and

                  (iii)    moneys to be applied towards the Secured Moneys
                           under clause 16.1,

                  will be or will be taken to be debited or credited, as
                  appropriate, to the new account. Payments, repayments and
                  other moneys will only be applied in reduction of other
                  Secured Moneys owing to that Mortgagee to the extent that
                  there is no debit balance in that account.

16.5     SATISFACTION OF DEBTS

         Without limiting clause 31, each Mortgagee shall accept the
         distribution of moneys under this clause in full and final satisfaction
         of all Secured Moneys owing to it, and any debt represented by any
         shortfall that exists after any final distribution under this clause is
         extinguished.

16.6     PROPORTIONATE SHARING

         (a)      SHARING

                  Whenever any Mortgagee receives or recovers any money in
                  respect of any sum due from the Chargor under a Transaction
                  Document in any way (including without limitation by set-off)
                  or through distribution by the Security Trustee under this
                  deed (the RECEIVED MONEYS).

                  (i)      the Mortgagee shall immediately notify the Security
                           Trustee;

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                  (ii)     the Mortgagee shall immediately pay that money to
                           the Security Trustee (unless the Security Trustee
                           directs otherwise);

                  (iii)    the Security Trustee shall treat the payment as if it
                           were a payment by the Chargor on account of all sums
                           then payable to the Mortgagees; and

                  (iv)     (A)     the payment or recovery will be taken to
                                   have been a payment for the account of the
                                   Security Trustee and not to the Mortgagee for
                                   its own account, and to that extent the
                                   liability of the Chargor to the Mortgagee
                                   will not be reduced by the recovery or
                                   payment, other than to the extent of any
                                   distribution received by the Mortgagee under
                                   paragraph (iii); and

                           (B)     (without limiting sub-paragraph (A))
                                   immediately on the Mortgagee making or
                                   becoming liable to make a payment under
                                   paragraph (ii), the Chargor shall indemnify
                                   the Mortgagee against the payment to the
                                   extent that (despite sub-paragraph (A)) its
                                   liability has been discharged by the recovery
                                   or payment.
         (b)      NETTING

                  If a Mortgagee receives or recovers any Received Moneys, and
                  does not pay that amount to the Security Trustee under
                  paragraph (a) above, the Security Trustee may retain out of
                  amounts which would otherwise be payable to the Mortgagee
                  under this deed any amounts which the Security Trustee
                  considers necessary to put all Mortgagees in the same position
                  as if that Mortgagee had complied with, or been required to
                  comply with, paragraph (a) above and the Security Trustee's
                  obligation to apply monies to such Mortgagee shall be
                  discharged to the extent of such retention.

17.      OTHER SECURITY INTERESTS OVER MORTGAGED PROPERTY
-------------------------------------------------------------------------------
         (a)      Any Mortgagee and any Receiver or Attorney may rely on the
                  certificate of a holder of another Security Interest affecting
                  or purporting to affect the Mortgaged Property as to the
                  amount and property secured by the Security Interest.

         (b)      The Security Trustee or any Receiver may at any time pay or
                  agree to pay the amount certified by the holder of a Security
                  Interest or purported Security Interest to be necessary to
                  discharge it or some indebtedness secured by it, or to acquire
                  it. From the date of payment that amount will be part of the
                  Secured Moneys and the Chargor shall indemnify the Security
                  Trustee (and if other Mortgagees indemnify the Security
                  Trustee, those other Mortgagees) and the Receiver against that
                  amount. This applies whether or not that Security Interest or
                  purported Security Interest was valid or prior, equal or
                  subsequent ranking, or the property or moneys stated in the
                  certificate were secured by it.

18.      PROTECTION OF MORTGAGEES, RECEIVER AND ATTORNEY
-------------------------------------------------------------------------------

         To the extent permitted by law, no Mortgagee, Receiver or Attorney will
         be liable:

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         (a)      in respect of any conduct, delay, negligence or breach of duty
                  in the exercise or non-exercise of any Power; nor

         (b)      for any loss (including consequential loss) which results,

         except where it arises from fraud, negligence or wilful default on the
         part of any Mortgagee, Receiver or Attorney.

19.      PROTECTION OF THIRD PARTIES
--------------------------------------------------------------------------------
19.1     NO ENQUIRY

         No party to any Dealing (as defined below) and no person asked to
         register a Dealing:

         (a)      is bound to enquire:

                  (i)      whether an Event of Default has occurred or whether
                           this deed has become enforceable;

                  (ii)     whether a person who is, or purports or is purported
                           to be, a Receiver or Attorney is duly appointed;

                  (iii)    as to the amount of Secured Moneys or whether Secured
                           Moneys are due and payable; or

                  (iv)     in any other way as to the propriety or regularity
                           of the Dealing; or

         (b)      is affected by express notice that the Dealing is unnecessary
                  or improper.

         For the protection of any party to a Dealing or a person registering a
         Dealing, the Dealing will be taken to be authorised by this deed and
         will be valid accordingly, even if there is any irregularity or
         impropriety in the Dealing.

         In this clause a DEALING is:

         (a)      any payment or any delivery or handing over of an asset to; or

         (b)      any acquisition, incurring of Financial Indebtedness, receipt,
                  sale, lease, disposal or other dealing, by,

         any Mortgagee or any Receiver or Attorney, or any person who purports
         or is purported to be a Receiver or Attorney.

19.2     RECEIPT

         The receipt of any Authorised Signatory of any Mortgagee or any
         Receiver or Attorney (or person who purports, or is purported, to be a
         Receiver or Attorney) for any moneys or assets payable to, or
         receivable or received by, it exonerates the person paying those moneys
         or handing over that asset from being concerned as to their
         application, or from being liable or accountable for their loss or
         misapplication.

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20.      EXPENSES, INDEMNITY
-------------------------------------------------------------------------------
20.1     EXPENSES

         In accordance with the Series Notice, the Chargor, shall reimburse each
         Mortgagee or (where the Mortgagee is a Class A2 Noteholder) the Note
         Trustee, Receiver and Attorney for its expenses in relation to:

         (a)      any consent, agreement, approval, waiver or amendment under
                  or in relation to the Transaction Documents; and

                  (i)      any actual or contemplated enforcement of the
                           Transaction Documents or the actual or contemplated
                           exercise, preservation or consideration of any Powers
                           under the Transaction Documents or in relation to the
                           Mortgaged Property; and

                  (ii)     any enquiry by a Government Agency concerning the
                           Chargor or the Mortgaged Property or a transaction or
                           activity the subject of the Transaction Documents, or
                           in connection with which, financial accommodation or
                           funds raised under a Transaction Document are used or
                           provided.

         This includes legal costs and expenses (charged at the usual commercial
         rates of the legal services provider) expenses incurred in any review
         or environmental audit, in reimbursing or indemnifying any Receiver or
         Attorney or in retaining consultants to evaluate matters of material
         concern to that Mortgagee and administrative costs including time of
         its executives (whose time and costs are to be charged at reasonable
         rates). This does not limit the generality of clause 20.2.

20.2     INDEMNITY

         Subject to clause 16.1, on demand the Chargor shall indemnify each
         Mortgagee and each Receiver and Attorney against any loss, cost,
         charge, liability or expense that Mortgagee (or any officer or employee
         of that Mortgagee) or any Receiver or Attorney may sustain or incur as
         a direct or indirect consequence of:

         (a)      the occurrence of any Event of Default; or

         (b)      any exercise or attempted exercise of any Power or any failure
                  to exercise any Power.

21.      CURRENCY INDEMNITY
--------------------------------------------------------------------------------

         The Chargor shall indemnify each Mortgagee against any deficiency which
         arises whenever, for any reason (including as a result of a judgment,
         order or Liquidation):

         (a)      that Mortgagee receives or recovers an amount in one currency
                  (the PAYMENT CURRENCY) in respect of an amount denominated
                  under a Transaction Document in another currency (the DUE
                  CURRENCY); and

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         (b)      the amount actually received or recovered by that Mortgagee in
                  accordance with its normal practice when it converts the
                  Payment Currency into the Due Currency is less than the
                  relevant amount of the Due Currency.

22.      STAMP DUTIES
--------------------------------------------------------------------------------
         (a)      The Chargor shall pay (and reimburse each Mortgagee (other
                  than any Noteholder) all stamp, transaction, registration and
                  similar Taxes (including fines and penalties)) in relation to
                  the execution, delivery, performance or enforcement of any
                  Transaction Document or any payment or receipt or any other
                  transaction contemplated by any Transaction Document.

         (b)      Those Taxes include financial institutions duty, debits tax or
                  other Taxes payable by return and Taxes passed on to any
                  Mortgagee (other than any Noteholder) by a bank or financial
                  institution other than interest withholding tax.

         (c)      The Chargor shall indemnify each Mortgagee against any
                  liability resulting from delay or omission to pay those Taxes
                  except to the extent the liability results from failure by the
                  Mortgagee to pay any Tax after having been put in funds to do
                  so by the Chargor.

23.      INTEREST ON OVERDUE AMOUNTS
--------------------------------------------------------------------------------
23.1     ACCRUAL

         Interest accrues on each unpaid amount which is due and payable by the
         Chargor under or in respect of this deed or any Transaction Document
         (including interest payable under this clause):

         (a)      on a daily basis up to the date of actual payment from (and
                  including) the due date or, in the case of an amount payable
                  by way of reimbursement or indemnity, the date of disbursement
                  or loss, if earlier;

         (b)      both before and after judgment (as a separate and independent
                  obligation); and

         (c)      at the rate provided in clause 23.3,

         except where the Transaction Document provides otherwise.

23.2     PAYMENT

         The Chargor shall pay interest accrued under this clause on demand by
         the Security Trustee and on each Payment Date. That interest is payable
         in the currency of the unpaid amount on which it accrues.

23.3     RATE

         The rate applicable under this clause is the sum of 2% per annum plus
         the higher of the following, each as determined by the Security
         Trustee:

         (a)      the rate (if any) applicable to the amount immediately before
                  the due date; and

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         (b)      the sum of 2% and the Bank Bill Rate.

24.      CERTIFICATE AS TO AMOUNT OF SECURED MONEYS, ETC.
-------------------------------------------------------------------------------

         A certificate signed by an Authorised Signatory of the Security Trustee
         will be sufficient evidence against the Chargor and the Mortgagees, in
         the absence of manifest error or proof to the contrary:

         (a)      as to the amount of Secured Moneys stated in the certificate;

         (b)      that a person specified in that certificate is a Mortgagee;

         (c)      that a document specified in that certificate is a Transaction
                  Document; and

         (d)      that the Security Trustee is of the opinion stated in the
                  certificate.

25.      SURVIVAL OF REPRESENTATIONS
-------------------------------------------------------------------------------

         All representations and warranties in a Transaction Document survive
         the execution and delivery of the Transaction Documents and the
         provision of advances and accommodation.

26.      INDEMNITY AND REIMBURSEMENT OBLIGATIONS
-------------------------------------------------------------------------------

         Each indemnity, reimbursement and similar obligation in a Transaction
         Document:

         (a)      is a continuing obligation;

         (b)      is a separate and independent obligation;

         (c)      is payable on demand;

         (d)      survives termination or discharge of the Transaction
                  Document; and

         (e)      is subject to the order of payment contained in the Series
                  Notice and clause 16 of this deed and the restriction on
                  remedies contained in clause 31.

27.      CONTINUING SECURITY
-------------------------------------------------------------------------------

         Each of this deed and each Collateral Security is a continuing security
         despite any settlement of account, intervening payment or anything else
         until a final discharge of this deed and each Collateral Security has
         been given to the Chargor.

28.      OTHER SECURITIES
-------------------------------------------------------------------------------

         No Power and nothing in this deed or any Collateral Security merges in,
         or in any other way prejudicially affects or is prejudicially affected
         by:

         (a)      any other Security Interest; or

         (b)      any judgment, right or remedy against any person,

         which any Mortgagee or any person claiming through any Mortgagee may
         have at any time.

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29.      DISCHARGE OF THE CHARGE
--------------------------------------------------------------------------------
29.1     RELEASE

         Upon the Trust Manager providing a certificate to the Security Trustee
         (upon which certificate the Security Trustee may rely conclusively and
         with a copy of that certificate to the Note Trustee) stating that:

         (a)      all Secured Moneys (actually or contingently owing) have been
                  paid in full; and

         (b)      all the obligations of the Chargor under the Transaction
                  Documents have been performed, observed and fulfilled,

         then the Security Trustee shall, subject to clause 29.2, at the request
         of the Trust Manager or the Chargor, and at the cost of the Trust
         Manager, release the Mortgaged Property from the Charge and this deed.

29.2     CONTINGENT LIABILITIES

         The Security Trustee shall be under no obligation to grant a release of
         the Charge or this deed in respect of the Trust unless at the time such
         release is sought the Security Trustee has no contingent or prospective
         liabilities in respect of the Trust or otherwise in connection with
         this deed whether or not there is any reasonable likelihood of such
         liabilities, becoming actual liabilities, including without limitation,
         in respect of any bills, notes drafts, cheques, guarantees, letters of
         credit or other notes or documents issued, drawn, endorsed or accepted
         by the Security Trustee for the account or at the request of the
         Chargor for the Trust.

29.3     CHARGE REINSTATED

         If any claim is made by any person that any moneys applied in payment
         or satisfaction of the Secured Moneys must be repaid or refunded under
         any law (including, any law relating to preferences, bankruptcy,
         insolvency or the winding up of bodies corporate) and the Charge has
         already been discharged, the Chargor shall, at the expense of the Trust
         promptly do, execute and deliver, and cause any relevant person to do,
         execute and deliver, all such acts and notes as the Security Trustee
         may require to reinstate this Charge unless the Security Trustee agrees
         otherwise in writing.

30.      AMENDMENT
--------------------------------------------------------------------------------
30.1     APPROVAL OF TRUST MANAGER

         The Security Trustee and the Chargor may, following the giving of
         notice to each Designated Rating Agency, and with the written approval
         of the Trust Manager and the Note Trustee, by way of supplemental deed
         alter, add to or modify this deed (including this clause 30) so long as
         such alteration, addition or modification is:

         (a)      to correct a manifest error or ambiguity or is of a formal,
                  technical or administrative nature only;

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         (b)      in the opinion of the Security Trustee necessary to comply
                  with the provisions of any law or regulation or
                  with the requirements of any Government Authority;

         (c)      in the opinion of the Security Trustee appropriate or
                  expedient as a consequence of an amendment to any law or
                  regulation or altered requirements of any Government Agency
                  (including, an alteration, addition or modification which is
                  in the opinion of the Security Trustee appropriate or
                  expedient as a consequence of the enactment of a law or
                  regulation or an amendment to any law or regulation or ruling
                  by the Commissioner or Deputy Commissioner of Taxation or any
                  governmental announcement or statement, in any case which has
                  or may have the effect of altering the manner or basis of
                  taxation of trusts generally or of trusts similar to the
                  Trust); or

         (d)      in the opinion of the Security Trustee and in accordance with
                  this deed neither prejudicial nor likely to be prejudicial to
                  the interest of the Mortgagees as a whole or any class of
                  Mortgagee.

30.2     EXTRAORDINARY RESOLUTION OF VOTING MORTGAGEES

         Where in the opinion of the Security Trustee and in accordance with
         this deed, a proposed alteration, addition or modification to this
         deed, other than an alteration, addition or modification referred to in
         clause 30.1, is prejudicial or likely to be prejudicial to the interest
         of Mortgagees as a whole or any class of Mortgagees, the Security
         Trustee and the Chargor may make such alteration, addition or
         modification if sanctioned by an Extraordinary Resolution of the Voting
         Mortgagees or that class of Voting Mortgagees.

30.3     DISTRIBUTION OF AMENDMENTS

         The Trust Manager shall distribute to all Mortgagees, a copy of any
         amendments made pursuant to clause 30.1 or 30.2 as soon as reasonably
         practicable after the amendment has been made.

31.      LIABILITY
--------------------------------------------------------------------------------
31.1     LIABILITY OF CHARGOR LIMITED TO ITS RIGHT OF INDEMNITY

         Clause 32.16 of the Master Trust Deed (as amended by the Series Notice)
         is incorporated into this deed as if set out in full, except that any
         reference to TRUST refers to the Trust.
31.2     UNRESTRICTED REMEDIES

         Nothing in clause 31.3 limits a Mortgagee in:

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

         (b)      obtaining declaratory relief.

31.3     RESTRICTED REMEDIES

         Except as provided in clause 31.1 and subject to clause 31.2, a
         Mortgagee shall not:

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

         (b)      (WINDING UP)  apply for the winding up or dissolution of the
                  Chargor;

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

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

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

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

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

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

31.4     LIABILITY OF SECURITY TRUSTEE LIMITED TO ITS RIGHT OF INDEMNITY

         Notwithstanding any other provision of this deed, the Security Trustee
         will have no liability under or in connection with this deed or any
         other Transaction Document (whether to the Mortgagees, the Chargor, the
         Trust Manager or any other person) or the Trust or in respect of the
         Notes other than to the extent to which the liability is able to be
         satisfied out of the property of the trust established under this deed
         out of which the Security Trustee is actually indemnified or is
         entitled to be reimbursed for the liability. This limitation will not
         apply to a liability of the Security Trustee to the extent that it is
         not satisfied because, under this deed, any other Transaction Document
         or by operation of law, there is a reduction in the extent of the
         Security Trustee's indemnification out of the Assets of the Trust as a
         result of the Security Trustee's fraud, negligence or wilful default.
         Nothing in this clause 30.4 or any similar provision in any other
         Transaction Document limits or adversely affects the powers of the
         Security Trustee, any receiver or attorney in respect of the Charge or
         the Mortgaged Property.

32.      WAIVERS, REMEDIES CUMULATIVE
--------------------------------------------------------------------------------
         (a)      No failure to exercise and no delay in exercising any Power
                  operates as a waiver. No single or partial exercise of any
                  Power precludes any other or further exercise of that Power or
                  any other Power.

         (b)      The Powers in this deed and each Collateral Security are in
                  addition to, and do not exclude or limit, any right, power or
                  remedy provided by law.

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33.      CONSENTS AND OPINION
--------------------------------------------------------------------------------

         Except where expressly stated any Mortgagee may give or withhold, or
         give conditionally, approvals and consents, may be satisfied or
         unsatisfied, may form opinions, and may exercise its Powers, at its
         absolute discretion.

34.      SEVERABILITY OF PROVISIONS
--------------------------------------------------------------------------------
         (a)      Any provision of this deed or any Collateral Security which is
                  prohibited or unenforceable in any jurisdiction is ineffective
                  as to that jurisdiction to the extent of the prohibition or
                  unenforceability. That does not invalidate the remaining
                  provisions of this deed or any Collateral Security nor affect
                  the validity or enforceability of that provision in any other
                  jurisdiction.

         (b)      Without limiting the generality of paragraph (a):

                  (i)     the definition of Secured Moneys does not include any
                          liability so long as and to the extent that the
                          inclusion of that liability would avoid, invalidate or
                          render ineffective clause 3 or 4 or the security
                          constituted by this deed; and

                  (ii)    the definition of the Mortgaged Property does not
                          include any asset so long as and to the extent that
                          the inclusion of that asset would invalidate, avoid or
                          render ineffective clause 3 or 4 or the security
                          constituted by this deed.

                  The Chargor shall use its reasonable endeavours to satisfy any
                  condition or obtain any Authorisation which relates to it as
                  trustee of the Trust, but not in respect of the Trust
                  generally which may be necessary to include that liability or
                  asset validly under the Charge or this deed.

35.      MORATORIUM LEGISLATION
-------------------------------------------------------------------------------

         To the full extent permitted by law all legislation which at any time
         directly or indirectly:

         (a)      lessens, varies or affects in favour of the Chargor any
                  obligation under this deed or any Collateral Security; or

         (b)      delays, prevents or prejudicially affects the exercise by any
                  Mortgagee, any Receiver or Attorney, of any Power,

         is excluded from this deed and any Collateral Security.

36.      ASSIGNMENTS
--------------------------------------------------------------------------------
         (a)      Subject to the other Transaction Documents, a Mortgagee may
                  assign its rights under this deed and each Collateral
                  Security. If this deed or any Mortgagee's interest in it is
                  assigned, the Secured Moneys will include all actual and
                  contingent liability of the Chargor to the assignee, whether
                  or not it was incurred before the assignment or in
                  contemplation of it.

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          (b)     The Chargor may only assign or transfer any of its rights or
                  obligations under this deed or any Collateral Security in
                  accordance with the Transaction Documents and if prior notice
                  has been given to each Designated Rating Agency and such
                  assignment or transfer has no Adverse Effect on the ratings of
                  the Notes.

37.      NOTICES
--------------------------------------------------------------------------------
         (a)     (METHOD OF DELIVERY) Subject to paragraph (d) any notice,
                  request, certificate, approval, demand, consent or other
                  communication to be given under this deed must:

                 (i)      except in the case of communications by email, be in
                          writing and signed by an Authorised Signatory of the
                          party giving the same; and

                 (ii)     be:

                         (A)      left at the address of the addressee;

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

                         (C)      by facsimile to the facsimile number of the
                                  addressee; or

                         (D)      sent by email by an Authorised Signatory of
                                  the party giving the same to the addressee's
                                  specified email address.

         (b)      (ADDRESS FOR NOTICES) The address and facsimile number of a
                  party is the address and facsimile number notified by that
                  party to the other parties from time to time. However, the
                  Security Trustee may give notice to a Mortgagee at the address
                  or facsimile number notified to the Security Trustee by the
                  Chargor or the Trust Manager as that Mortgagee's address or
                  facsimile number for notice.

         (c)      (DEEMED RECEIPT) A notice, request, certificate, demand,
                  consent or other communication under this deed is deemed to
                  have been received:

                  (i)    where delivered in person, upon receipt;

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

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

                  (iv)   where sent by email, on the date that the email is
                         received.

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

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

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38.      RELATIONSHIP OF MORTGAGEES TO SECURITY TRUSTEE
--------------------------------------------------------------------------------
38.1     INSTRUCTIONS; EXTENT OF DISCRETION

         (a)      The Security Trustee will have no duties or responsibilities
                  except those expressly set out in this deed or any Collateral
                  Security.

         (b)      Subject to this deed, in the exercise of all its Powers the
                  Security Trustee shall act in accordance with any
                  Extraordinary Resolution of the Voting Mortgagees.

         (c)      In the absence of an Extraordinary Resolution of the Voting
                  Mortgagees, the Security Trustee need not act but may act
                  (with prior written notice to the Noteholder Mortgagees (in
                  the case of the Class A2 Noteholders such notice being given
                  in accordance with the Note Trust Deed) and to each Currency
                  Swap Provider) in the best interests of the Mortgagees.

         (d)      Any action taken by the Security Trustee under this deed or
                  any Collateral Security binds all the Mortgagees.

38.2     NO OBLIGATION TO INVESTIGATE AUTHORITY

         (a)      The Chargor need not enquire whether any Extraordinary
                  Resolution has been passed or as to the terms of any
                  Extraordinary Resolution.

         (b)      As between the Chargor on the one hand and the Security
                  Trustee and the Mortgagees on the other, all action taken by
                  the Security Trustee under this deed or any Collateral
                  Security will be taken to be authorised.

38.3     DELEGATION

         (a)      The Security Trustee may employ agents and attorneys, and
                  provided that the Security Trustee exercises reasonable care
                  in selecting them and subject to paragraph (b), the Security
                  Trustee will not be liable for the acts or omissions of any
                  such agent or attorney. The Security Trustee may at the
                  expense of the Chargor obtain such advice and information from
                  lawyers, accountants, bankers and other consultants and
                  experts as it considers desirable to allow it to be properly
                  advised and informed in relation to its powers and
                  obligations. Before obtaining such advice or information
                  (unless the advice or information relates to the Trust
                  Manager) before the occurrence of an Event of Default, the
                  Security Trustee shall first inform the Trust Manager of the
                  need for the advice or information and obtain the approval of
                  the Trust Manager, which approval shall not be unreasonably
                  withheld or delayed.

         (b)      Notwithstanding paragraph (a), where the Security Trustee
                  employs a Related Corporation as agent or attorney, the
                  Security Trustee shall be liable for all acts or omissions of
                  the agent or attorney done or omitted whilst acting in its
                  capacity as such.

38.4     RELIANCE ON DOCUMENTS AND EXPERTS

         The Security Trustee may rely on:

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         (a)      any document (including any facsimile transmission, telegram
                  or telex) it reasonably believes to be genuine and correct
                  including any document given by the Chargor under clause
                  5.1(d) or by the Trust Manager under clause 5.4; and

         (b)      advice and statements of lawyers, accountants, bankers and
                  other consultants and experts, whether or not retained by it.

38.5     NOTICE OF TRANSFER

         The Security Trustee may treat each Mortgagee as the holder of the
         Mortgagee's rights under the Transaction Documents until the Security
         Trustee has received a substitution certificate or an instrument of
         transfer in a form approved by the Security Trustee.

38.6     NOTICE OF DEFAULT

         (a)      The Security Trustee will be taken not to have knowledge of
                  the occurrence of an Event of Default unless the Security
                  Trustee has received notice from a Voting Mortgagee, a
                  Currency Swap Provider, the Trust Manager or the Chargor
                  stating that an Event of Default has occurred and describing
                  it.

         (b)      If the Security Trustee receives notice of, or becomes aware
                  of, the occurrence of events or circumstances constituting an
                  Event of Default and that those events or circumstances do
                  constitute an Event of Default, the Security Trustee shall
                  notify the Voting Mortgagees, subject to clause 38.11(b). For
                  the purposes of this clause and the other provisions of this
                  deed, the Security Trustee will only be considered to have
                  notice of or to be aware of any thing if the Security Trustee
                  has notice or awareness of that thing by virtue of the actual
                  notice or awareness of the officers of the Security Trustee
                  who have day to day responsibility for the administration of
                  the security trust established by this deed.

38.7     SECURITY TRUSTEE AS MORTGAGEE

          (a)     The Security Trustee in its capacity as a Mortgagee has the
                  same rights and powers under the Transaction Documents as any
                  other Mortgagee. It may exercise them as if it were not acting
                  as the Security Trustee.

          (b)     The Security Trustee and its Associates may engage in any kind
                  of business with the Chargor, Trust Manager and any Mortgagee
                  or other person as if it were not the Security Trustee. It may
                  receive consideration for services in connection with any
                  Transaction Document and otherwise without having to account
                  to the Mortgagees.

38.8     INDEMNITY TO SECURITY TRUSTEE

         (a)      Subject to the order of payment contained in the Series Notice
                  and clause 16 of this deed, the Chargor shall indemnify the
                  Security Trustee (to the extent not reimbursed by the Chargor)
                  against any loss, cost, liability, expense or damage the
                  Security Trustee may sustain or incur directly or indirectly
                  under or in relation to the Transaction Documents. This does
                  not limit the Chargor's liability under any other provision.

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         (b)      The Chargor is not liable under this sub-clause for any of the
                  above to the extent that they arise from the Security
                  Trustee's fraud, negligence or wilful default.

38.9     INDEPENDENT INVESTIGATION

         Each Mortgagee confirms that it has made and will continue to make,
         independently and without reliance on the Security Trustee or any other
         Mortgagee (including the Trust Manager) and based on the Transaction
         Documents, agreements and information which it regards appropriate:

         (a)      its own investigations into the affairs of the Chargor; and

         (b)      its own analyses and decisions whether to take or not take
                  action under any Transaction Document.

38.10    NO MONITORING

         The Security Trustee is not required to keep itself informed as to the
         compliance by the Chargor or the Trust Manager with any Transaction
         Document or any other document or agreement or to inspect any property
         or book of the Chargor or the Trust Manager.

38.11    INFORMATION

         (a)      The Chargor authorises:

                  (i)     the Security Trustee to provide any Voting Mortgagee
                          (and each Currency Swap Provider where the relevant
                          Currency Swap Provider is not a Voting Mortgagee); and

                 (ii)     the Note Trustee to provide any Class A2 Noteholder,

                  with any information concerning the affairs, financial
                  condition or business of the Chargor which may come into the
                  possession of the Security Trustee or the Note Trustee (as the
                  case may be). The Security Trustee need not do so.

          (b)     The Security Trustee is not obliged to disclose any
                  information relating to the Chargor if in the opinion of the
                  Security Trustee (on the basis of the advice of its legal
                  advisers) disclosure would or might breach a law or a duty of
                  secrecy or confidence.

38.12    CONFLICTS

          (a)     Subject to clause 2.2, in the event of any dispute, ambiguity
                  or doubt as to the construction or enforceability of this deed
                  or of any other document or the Security Trustee's powers or
                  obligations under or in connection with this deed or the
                  determination or calculation or any amount or thing for the
                  purpose of this deed or the construction or validity of any
                  direction from the Mortgagees, the Security Trustee may:

                  (i)      obtain and rely on advice from any person referred
                           to in clause 38.3; and/or

                  (ii)     apply to a court or similar body for any direction
                           or order the Security Trustee considers appropriate,

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                  and provided the Security Trustee is using reasonable
                  endeavours to resolve such ambiguity, dispute or doubt, the
                  Security Trustee, in its absolute discretion, may refuse to
                  act or refrain from acting in relation to matters affected by
                  such dispute, ambiguity or doubt.

          (b)     The Security Trustee has no responsibility for the form or
                  contents of this deed or any other Transaction Document and
                  will have no liability arising as a result of or in connection
                  with any inadequacy, invalidity or unenforceability of any
                  provision of this deed or the other Transaction Documents.

38.13    NO LIABILITY

         Without limitation the Security Trustee shall not be liable for:

          (a)     any decline in the value or loss realised upon any sale or
                  other dispositions made under this deed of any Mortgaged
                  Property or any other property charged to the Security Trustee
                  by any other person in respect of or relating to the
                  obligations of any person in respect of the Chargor or the
                  Secured Moneys or relating in any way to the Mortgaged
                  Property;

          (b)     any decline in value directly or indirectly arising from the
                  Security Trustee acting or failing to act as a consequence of
                  an opinion reached by it; and

          (c)     any loss, expense or liability which may be suffered as a
                  result of any assets secured by the Security Trust Deed,
                  Mortgaged Property or any deeds or documents of title thereto
                  being uninsured or inadequately insured or being held by or
                  to the order of the Servicer or any of its affiliates or by
                  clearing organisations or their operator or by any person on
                  behalf of the Note Trustee.

39.      RETIREMENT AND REMOVAL OF SECURITY TRUSTEE
--------------------------------------------------------------------------------

39.1     RETIREMENT

         Subject to any Transaction Document to which the Security Trustee is a
         party, and subject also to the appointment of a successor Security
         Trustee as provided in this clause, the Security Trustee may retire at
         any time upon giving not less than three months' notice (or such
         shorter period as the parties may agree) in writing to the Chargor, the
         Trust Manager and each Designated Rating Agency without assigning any
         reason and without being responsible for any costs occasioned by such
         retirement.

39.2     REMOVAL

         Subject to any Transaction Document to which the Security Trustee is a
         party, the appointment of a successor Security Trustee as provided in
         this clause, and prior notice being given to each Designated Rating
         Agency, the Security Trustee may be removed:

          (a)     by the Trust Manager if any of the following occurs in
                  relation to the Security Trustee in its personal capacity:

                  (i)   an Insolvency Event occurring in relation to the
                        Security Trustee in its personal capacity;

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                  (ii)  the cessation by the Security Trustee of its business;

                  (iii) failure of the Security Trustee to remedy within
                        fourteen days after written notice by the Trust Manager
                        any material breach of duty on the part of the Security
                        Trustee; or

                  (iv)  if without the prior written consent of the Trust
                        Manager there occurs:

                        (A)   a change in 51% (or such other percentage the
                              Trust Manager may in its absolute discretion
                              determine shall constitute a change in the
                              effective control of the Security Trustee) of the
                              shareholding of the Security Trustee existing at
                              the date of this deed (whether occurring at one
                              time or through a series of succession of
                              transfers or issues of shares);

                        (B)   a change in the effective management of the
                              Security Trustee as existing at the date of this
                              deed such that the Security Trustee is no longer
                              able to fulfil its duties and obligations in
                              relation to the Mortgaged Property; or

                        (C)   the establishment by any means of any trust under
                              which any third party becomes a beneficial owner
                              of any of the Security Trustee's rights under this
                              deed; or

                  (b)   at any time by an Extraordinary Resolution of the Voting
                        Mortgagees.

39.3     REPLACEMENT

        (a)   Upon notice of resignation or removal the Trust Manager shall have
              the right to appoint a successor Security Trustee who has been
              previously approved by an Extraordinary Resolution of the Voting
              Mortgagees and who accepts the appointment.

        (b)   If no successor Security Trustee is appointed within 30 days after
              notice, the retiring Security Trustee may on behalf of the
              Mortgagees appoint a successor Security Trustee (other than the
              Trust Manager or a Related Corporation of the Trust Manager) who
              accepts the appointment.

        (c)   On its appointment the successor Security Trustee will have all
              the rights, powers and obligations of the retiring Security
              Trustee. The retiring Security Trustee will be discharged from
              its rights, powers and obligations.

        (d)   The retiring Security Trustee shall execute and deliver all
              documents or agreements which are necessary or desirable in its
              opinion to transfer to the successor Security Trustee this deed
              and each Collateral Security or to effect the appointment of the
              successor Security Trustee.

        (e)   After any retiring Security Trustee's resignation or removal, this
              deed will continue in effect in respect of anything done or
              omitted to be done by it while it was acting as Security Trustee.

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40.      MEETINGS OF MORTGAGEES
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40.1     LIMITATION ON SECURITY TRUSTEE'S POWERS

         Except as provided for in this deed, the Security Trustee shall not
         assent or give effect to any matter which a meeting of Voting
         Mortgagees is empowered by Extraordinary Resolution to do, unless the
         Security Trustee has previously been authorised to do so by an
         Extraordinary Resolution of Voting Mortgagees.

40.2     CONVENING OF MEETINGS

         (a)      (GENERALLY)

                  (i)   Subject to clause 40.17, the Security Trustee or the
                        Trust Manager at any time may convene a meeting of the
                        Voting Mortgagees.

                  (ii)  Subject to clause 40.17, and subject to the Security
                        Trustee being adequately indemnified out of the property
                        held on trust under clause 2.1(b) against all costs and
                        expenses occasioned as a result, the Security Trustee
                        shall convene a meeting of the Voting Mortgagees if
                        requested to do so:

                        (A)   by the Chargor; or

                        (B)   by Voting Mortgagees being holders of not less
                              than 30% of the then Secured Moneys.

         (b)      (TIME AND PLACE)

                  (i)   Every meeting of Voting Mortgagees shall be held at such
                        time and place as the Security Trustee approves provided
                        (subject to sub paragraph

                  (ii)  and clause 40.3(b)) that any such meeting shall not be
                        held until the Class A2 Noteholders have, in accordance
                        with the Note Trust Deed, determined how to vote or how
                        to direct the Note Trustee to vote (as the case may be)
                        in the meeting of Voting Mortgagees. (ii) Upon receiving
                        notice of a meeting of the Voting Mortgagees, the Note
                        Trustee shall as soon as practicable notify the Class A2
                        Noteholders in accordance with the terms of the Note
                        Trust Deed.

                  (iii) The proviso in sub-paragraph (i) shall not apply if the
                        Class A2 Noteholders' determination under sub-paragraph
                        (i) is not made in accordance with, and within the time
                        specified in, the Note Trust Deed.

         (c)      (CLASS OF MORTGAGEES) The provisions of this clause 40
                  regarding a meeting of the Voting Mortgagees shall apply,
                  mutatis mutandis, to a meeting of any class of Voting
                  Mortgagees.

40.3     NOTICE OF MEETINGS

         (a)      (PERIOD OF NOTICE) Subject to clause 40.3(b), at least 7 days'
                  notice (inclusive of the day on which the notice is given and
                  of the day on which the meeting is held) shall be given to the
                  Voting Mortgagees, the Beneficiary and each Designated Rating
                  Agency.
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         (b)      (SHORT NOTICE) Notwithstanding that a meeting is convened upon
                  shorter notice than as specified in clause 40.3(a), or a
                  meeting or details of that meeting are not notified, advised
                  or approved in accordance with this clause 40, it shall be
                  deemed to be duly convened if it is so agreed by the Voting
                  Mortgagees representing a quorum (which quorum must include
                  the Note Trustee or the Class A2 Noteholders, as the case may
                  be).

         (c)      (COPIES) A copy of the notice shall in all cases be given by
                  the party to this deed convening the meeting to the other
                  parties to this deed.

         (d)      (METHOD OF GIVING NOTICE) Notice of a meeting shall be given
                  in the manner provided in this deed.

         (e)      (CONTENTS OF A NOTICE) Notice of a meeting of Voting
                  Mortgagees shall specify, unless in any particular case the
                  Security Trustee otherwise agrees:

                  (i)   the day, time and place of the proposed meeting; and

                  (ii)  the nature of the resolutions to be proposed.

         (f)      (FAILURE TO GIVE NOTICE) The accidental omission to give
                  notice to or (where such notice was in fact sent) the
                  non-receipt of notice by any person entitled to receive it
                  shall not invalidate the proceedings at any meeting.

40.4     CHAIRMAN

         A person (who need not be a Voting Mortgagee and who may be a
         Representative of the Security Trustee) nominated in writing by the
         Security Trustee shall be entitled to take the chair at every such
         meeting but if no such nomination is made or if at any meeting the
         person nominated is not present within 15 minutes after the time
         appointed for the holding of that meeting the Voting Mortgagees present
         shall choose one of their number to be chairman.

40.5     QUORUM

         At any such meeting any two or more persons present in person holding,
         or being Representatives holding or representing, in the aggregate not
         less than 51% of the then Secured Moneys shall form a quorum for the
         transaction of business (other than passing an Extraordinary Resolution
         in which case the quorum shall be not less than 67.5% of the then
         Secured Moneys) and no business (other than the choosing of a chairman)
         shall be transacted at any meeting unless the requisite quorum is
         present at the commencement of business.

40.6     ADJOURNMENT

         (a)      (QUORUM NOT PRESENT) If within 15 minutes from the time
                  appointed for any such meeting a quorum is not present the
                  meeting shall, if convened on the requisition of the Voting
                  Mortgagees be dissolved. In any other case it shall stand
                  adjourned (unless the Security Trustee agrees that it be
                  dissolved) for such period, not being less than 7 days nor
                  more than 42 days, as may be appointed by the chairman. At the
                  adjourned meeting two or more persons present in person
                  holding, or being Representatives holding or representing 15%
                  of the then Secured

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                  Moneys shall (except for the purpose of passing an
                  Extraordinary Resolution) form a quorum and shall have the
                  power to pass any resolution and to decide upon all matters
                  which could properly have been dealt with at the meeting from
                  which the adjournment took place had a quorum been present at
                  that meeting. The quorum at any such adjourned meeting for
                  passing a Extraordinary Resolution shall be 20% of the then
                  Secured Moneys.

         (b)      (ADJOURNMENT OF MEETING) The chairman may with the consent of
                  (and shall if directed by) any meeting adjourn the same from
                  time to time and from place to place but no business shall be
                  transacted at any adjourned meeting except business which
                  might lawfully have been transacted at the meeting from which
                  the adjournment took place.

         (c)      (NOTICE OF ADJOURNED MEETING) At least 5 days' notice of any
                  meeting adjourned through want of a quorum shall be given in
                  the same manner as of an original meeting and such notice
                  shall state the quorum required at such adjourned meeting. It
                  shall not, however, otherwise be necessary to give any notice
                  of an adjourned meeting.

40.7     VOTING PROCEDURE

         (a)      (SHOW OF HANDS) Every question submitted to a meeting shall be
                  decided in the first instance by a show of hands and in case
                  of equality of votes the chairman shall both on a show of
                  hands and on a poll have a casting vote in addition to the
                  vote or votes (if any) to which he may be entitled as a Voting
                  Mortgagee or as a Representative.

         (b)      (DECLARATION) At any meeting, unless a poll is (before or on
                  the declaration of the result of the show of hands) demanded
                  by the chairman, the Chargor, the Trust Manager, the Note
                  Trustee or the Security Trustee or by one or more persons
                  holding, or being a Representative or Representatives holding
                  or representing, in aggregate not less than 15% of the then
                  Secured Moneys, a declaration by the chairman that a
                  resolution has been carried by a particular majority or lost
                  or not carried by any particular majority shall be conclusive
                  evidence of the fact without proof of the number or proportion
                  of the votes recorded in favour of or against that resolution.

         (c)      (POLL) If at any meeting a poll is so demanded, it shall be
                  taken in such manner and (subject as provided below) either at
                  once or after such an adjournment as the chairman directs and
                  the result of such poll shall be deemed to be the resolution
                  of the meeting at which the poll was demanded as at the date
                  of the taking of the poll. The demand for a poll shall not
                  prevent the continuance of the meeting for the transaction of
                  any business other than the question on which the poll has
                  been demanded.

         (d)      (NO ADJOURNMENT) Any poll demanded at any meeting on the
                  election of a chairman or on any question of adjournment shall
                  be taken at the meeting without adjournment.

         (e)      (VOTES) Subject to clause 40.7(a), at any meeting:

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                  (i)   on a show of hands, every person holding, or being a
                        Representative holding or representing other persons who
                        hold, Secured Moneys shall have one vote except that the
                        Note Trustee shall represent each Class A2 Noteholder
                        who has directed the Note Trustee to vote on its behalf
                        under the Note Trust Deed; and

                  (ii)  on a poll, every person who is present shall have one
                        vote for each US$10,000 or, in the case of Class B
                        Noteholders and the Class A1 Noteholders, the A$
                        Equivalent of US$10,000 (but not part thereof) of the
                        Secured Moneys that he holds or in respect of which he
                        is a Representative. Any person entitled to more than
                        one vote need not use or cast all of the votes to which
                        he is entitled in the same way.

         (f)      (EVIDENCE) A certificate from the Note Trustee to the Security
                  Trustee that the Note Trustee is entitled to vote on behalf of
                  a Class A2 Noteholder will be satisfactory evidence to the
                  Security Trustee that the Note Trustee is so entitled to vote.

         For the purpose of determining the amount of Secured Moneys at any
         time, the Security Trustee may rely on the Accounts of the Chargor and
         any information provided by the Auditor of the Chargor. Clause 24 will
         apply to any determination of Secured Moneys for the definition of
         VOTING MORTGAGEE and this clause 40.

40.8     RIGHT TO ATTEND AND SPEAK

         The Chargor, the Trust Manager, the Security Trustee and the
         Beneficiary (through their respective Representatives) and their
         respective financial and legal advisers shall be entitled to attend and
         speak at any meeting of Voting Mortgagees (and, to the extent that they
         are also a Voting Mortgagee, to vote at that meeting). No person shall
         otherwise be entitled to attend or vote at any meeting of the Voting
         Mortgagees or to join with others in requesting the convening of such a
         meeting unless he is a Voting Mortgagee or a Representative.

40.9     APPOINTMENT OF PROXIES

         (a)      (REQUIREMENTS) Each appointment of a proxy shall be in writing
                  and shall be deposited at the registered office of the
                  Security Trustee or in such other place as the Security
                  Trustee shall designate or approve, together with proof
                  satisfactory to the Security Trustee of its due execution (if
                  so required by the Security Trustee), not less than 24 hours
                  before the time appointed for holding the meeting or adjourned
                  meeting at which the named proxy proposes to vote, and in
                  default, the appointment of proxy shall not be treated as
                  valid unless the chairman of the meeting decides otherwise
                  before that meeting or adjourned meeting proceeds to business.
                  A notarially certified copy proof of due execution as
                  specified above (if applicable) shall, if required by the
                  Security Trustee, be produced by the proxy at the meeting or
                  adjourned meeting, but the Security Trustee shall not thereby
                  be obliged to investigate or be concerned with the validity or
                  the authority of the proxy named in any such appointment. The
                  proxy named in any appointment of proxy need not be a Voting
                  Mortgagee.

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         (b)      (PROXY REMAINS VALID) Any vote given in accordance with the
                  terms of an appointment of proxy set out in clause 40.9(a)
                  shall be valid notwithstanding the previous revocation or
                  amendment of the appointment of proxy or of any of the Voting
                  Mortgagee's instructions pursuant to which it was executed,
                  provided that no intimation in writing of such revocation or
                  amendment has been received by the Security Trustee at its
                  registered office, or by the chairman of the meeting, in each
                  case within the 24 hours before the commencement of the
                  meeting or adjourned meeting at which the appointment of proxy
                  is used.

40.10    CORPORATE REPRESENTATIVES

         A person authorised pursuant to sections 250D of the Corporations Act
         by a Voting Mortgagee being a body corporate to act for that Voting
         Mortgagee at any meeting shall, in accordance with his authority until
         his authority is revoked by the body corporate concerned, be entitled
         to exercise the same powers on behalf of that body corporate as that
         body corporate could exercise if it were an individual Voting Mortgagee
         and shall be entitled to produce evidence of his authority (together
         with, if required by the Security Trustee, evidence satisfactory to the
         Security Trustee of the due execution of the authority) to act at any
         time before the time appointed for the holding of or at the meeting or
         adjourned meeting or for the taking of a poll at which he proposes to
         vote.

40.11    RIGHTS OF REPRESENTATIVES

         A Representative shall have the right to demand or join in demanding a
         poll and shall (except and to the extent to which the Representative is
         specifically directed to vote for or against any proposal) have power
         generally to act at a meeting for the Voting Mortgagee concerned. The
         Security Trustee and any officer of the Security Trustee may be
         appointed a Representative.

40.12    EXTRAORDINARY RESOLUTIONS

         (a)      (POWERS) A meeting of Voting Mortgagees shall, without
                  prejudice to any rights or powers conferred on other persons
                  by this deed, have power exercisable by Extraordinary
                  Resolution:

                  (i)   to direct the Security Trustee in the action that should
                        be taken by it following the occurrence of an Event of
                        Default or the Charge or this deed becoming enforceable;

                  (ii)  to sanction any action that the Security Trustee or a
                        Receiver proposes to take to enforce the provisions of
                        this deed;

                  (iii) to sanction any proposal by the Trust Manager, the
                        Chargor or the Security Trustee for any modification,
                        abrogation, variation or compromise of, or arrangement
                        in respect of, the rights of the Mortgagees against the
                        Chargor or the Trust Manager whether such rights shall
                        arise under this deed, the Transaction Documents or
                        otherwise;

                  (iv)  to sanction the exchange or substitution of the
                        Secured Moneys for, or the conversion of the Secured
                        Moneys into, bonds or other obligations or securities
                        of the Chargor or any body corporate formed or to be
                        formed;

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                  (v)   to assent to any modification of the provisions
                        contained in this deed which may be proposed by the
                        Chargor, the Trust Manager, the Note Trustee or the
                        Security Trustee;

                  (vi)  to give any authority, direction, guidance or sanction
                        sought by the Security Trustee from the Voting
                        Mortgagees;

                  (vii) to appoint any persons (whether Voting Mortgagees or
                        not) as a committee or committees to represent the
                        interests of the Voting Mortgagees and to confer on such
                        committee or committees any powers or discretions which
                        the Voting Mortgagees could themselves exercise by
                        Extraordinary Resolution;

                  (viii) to approve a person proposed to be appointed as a new
                        Security Trustee for the time being;

                  (ix)  to discharge or exonerate the Security Trustee from any
                        liability in respect of any act or omission for which it
                        may become responsible under this deed;

                  (x)   to do any other thing which under this deed is required
                        to be given by an Extraordinary Resolution of the
                        Mortgagees;

                  (xi)  to authorise the Security Trustee or any other person to
                        concur in and execute and do all such documents, acts
                        and things as may be necessary to carry out and give
                        effect to any Extraordinary Resolution; or

                  (xii) to determine whether the Security Trustee should or
                        should not perform an act and any such Extraordinary
                        Resolution will (where relevant and in accordance with
                        clause 40.17) override any determination by the Note
                        Trustee.

         (b)      (NO POWER) A meeting of Voting Mortgagees shall not have power
                  in relation to any Mortgagee to:

                  (i)   release any obligation to pay any of the Secured Moneys
                        to that Mortgagee;

                  (ii)  alter any date upon which any of the Secured Moneys is
                        payable;

                  (iii) alter the amount of any payment of any part of the
                        Secured Moneys; or (iv) alter clause 16.1 in relation
                        to that Mortgagee, without the consent of that
                        Mortgagee.

40.13    EXTRAORDINARY RESOLUTION BINDING ON MORTGAGEES

         Subject to clause 40.12(b), an Extraordinary Resolution passed at a
         meeting of the Voting Mortgagees duly convened and held in accordance
         with this clause 40 shall be binding upon all Mortgagees whether or not
         present at such meeting and each of the Mortgagees and the Chargor, the
         Trust Manager and the Security Trustee shall be bound to give effect to
         it accordingly.
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40.14    MINUTES AND RECORDS

         Minutes of all resolutions and proceedings at every meeting of the
         Voting Mortgagees under this clause 40 shall be made and duly entered
         in the books to be from time to time provided for that purpose by the
         Security Trustee and any such minutes purporting to be signed by the
         chairman of the meeting at which those resolutions were passed or
         proceedings transacted or by the chairman of the next succeeding
         meeting of the Voting Mortgagees shall be conclusive evidence of the
         matters contained in those minutes and until the contrary is proved,
         provided every meeting in respect of the proceedings of which minutes
         have been made and signed as provided in this clause 40.14 shall be
         deemed to have been duly convened and held and all resolutions passed
         or proceedings transacted in that meeting to have been duly passed and
         transacted.

40.15    WRITTEN RESOLUTIONS

         Notwithstanding the preceding provisions of this clause 40, a
         resolution of all the Voting Mortgagees (including an Extraordinary
         Resolution) may be passed, without any meeting or previous notice being
         required, by an instrument or notes in writing which have:

         (a)      in the case of a resolution (including an Extraordinary
                  Resolution) of all the Voting Mortgagees, been signed by all
                  the Voting Mortgagees; and

         (b)      any such instrument shall be effective upon presentation to
                  the Security Trustee for entry in the records referred to in
                  clause 40.14.

40.16    FURTHER PROCEDURES FOR MEETINGS

         Subject to all other provisions contained in this deed, the Security
         Trustee may without the consent of the Mortgagees prescribe such
         further regulations regarding the holding of meetings of the Voting
         Mortgagees and attendance and voting at those meetings as the Security
         Trustee may in its sole discretion determine including particularly
         (but without prejudice to the generality of the above) such regulations
         and requirements as the Security Trustee thinks reasonable:

         (a)      (PERSONS ARE VOTING MORTGAGEES) so as to satisfy itself that
                  persons are in fact Voting Mortgagees who purport to
                  requisition a meeting or who purport to make any requisition
                  to the Security Trustee in accordance with this deed;

         (b)      (ENTITLEMENT TO VOTE) so as to satisfy itself that persons who
                  purport to attend or vote at any meeting of Voting Mortgagees
                  are entitled to do so in accordance with this clause 40 and
                  this deed; and

         (c)      (FORMS OF REPRESENTATIVE) as to the form of appointment of a
                  Representative.

40.17    NOTEHOLDER MORTGAGEES' RIGHTS

         (a)      Despite any other provision of this deed, at any time while an
                  Event of Default subsists:

                  (i)   if the Class A Mortgagees are not the only Voting
                        Mortgagee; and

                  (ii)  if the Class A Mortgagees direct the Security Trustee to
                        enforce the Charge,

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                        the Security Trustee shall enforce the Charge under
                        clause 8.2 as if directed to do so by an Extraordinary
                        Resolution of Voting Mortgagees and paragraph (a) shall
                        apply as if the Class A Mortgagees were the only Voting
                        Mortgagee.

         (b)      Except if the Noteholder Mortgagees are the only Voting
                  Mortgagees, where the consent of the Noteholder Mortgagees is
                  required under clause 1.2(b), 4.3, 4.4(a)(ii), 5.2, 8.1(b),
                  8.1(h), 8.2, 9.7(c) or 38.1(c) in relation to a discretion or
                  act of the Security Trustee (an ACT):

                  (i)   the Noteholder Mortgagees must:

                        (A)   not unreasonably withhold that consent; and

                        (B)   respond promptly (and in any event within 5
                              Business Days of a relevant resolution being
                              passed by the Class A Noteholders) to the Security
                              Trustee indicating whether the consent is granted
                              or not (and if it does not reply within that time
                              its consent shall be taken to have been given);
                              and

                  (ii)  subject to paragraph (c), if an Extraordinary Resolution
                        of Voting Mortgagees determines that the Act should or
                        should not occur, the Extraordinary Resolution will
                        override any determination by the Noteholder Mortgagees
                        in relation to any such clause.

         (c)      Except where in so doing the Security Trustee engages in any
                  fraud, negligence or wilful default, the Security Trustee
                  shall not be liable to any Mortgagee for acting, or not
                  acting, on the directions of the Noteholder Mortgagees, even
                  if the Security Trustee is actually aware that the Noteholder
                  Mortgagees have unreasonably withheld their consent in breach
                  of sub-paragraph (b)(i)(A).

41.      AUTHORISED SIGNATORIES
--------------------------------------------------------------------------------

         The Chargor irrevocably authorises each Mortgagee to rely on a
         certificate by a person purporting to be its director or secretary as
         to the identity and signatures of its Authorised Signatories. The
         Chargor warrants that those persons have been authorised to give
         notices and communications under or in connection with the Transaction
         Documents.

42.      GOVERNING LAW AND JURISDICTION
--------------------------------------------------------------------------------

         This deed is governed by the laws of New South Wales. The Chargor
         submits to the non-exclusive jurisdiction of courts exercising
         jurisdiction there.

43.      COUNTERPARTS
--------------------------------------------------------------------------------

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

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44.      SET-OFF
--------------------------------------------------------------------------------

         No Mortgagee may apply any credit balance in any currency (whether or
         not matured) in any account comprised in the Mortgaged Property towards
         satisfaction of any sum then due and payable to that Mortgagee under or
         in relation to any Transaction Document.

45.      ACKNOWLEDGEMENT BY CHARGOR
--------------------------------------------------------------------------------

         The Chargor confirms that:

         (a)      it has not entered into any Transaction Document in reliance
                  on, or as a result of, any conduct of any kind of or on behalf
                  of any Mortgagee or any Related Corporation of any Mortgagee
                  (including any advice, warranty, representation or
                  undertaking); and

         (b)      no Mortgagee nor any Related Corporation of any Mortgagee is
                  obliged to do anything (including disclose anything or give
                  advice),

         except as expressly set out in the Transaction Documents or in writing
         duly signed by or on behalf of the Mortgagee or Related Corporation.

46.      INFORMATION MEMORANDUM
--------------------------------------------------------------------------------

         The Security Trustee has no responsibility for any statement or
         information in or omission from any information memorandum,
         advertisement, circular or other document issued by or on behalf of the
         Chargor or Trust Manager, including in connection with the issue of
         Notes. Neither the Chargor nor the Trust Manager may publish or permit
         to be published any such document in connection with the offer of Notes
         or an invitation for subscriptions for Notes containing any statement
         which makes reference to the Security Trustee without the prior written
         consent of the Security Trustee, which consent must not be unreasonably
         withheld. In considering whether to give its consent, the Security
         Trustee is not required to take into account the interests of the other
         Mortgagees.

47.      SECURITY TRUSTEE'S LIMITED LIABILITY
--------------------------------------------------------------------------------

         Without prejudice to any indemnity allowed by law or elsewhere in this
         deed given to the Security Trustee, it is expressly declared as
         follows.

47.1     RELIANCE ON CERTIFICATES

         The Security Trustee shall not incur any liability in respect of any
         action taken or thing suffered by it in reliance on any notice,
         resolution, direction, consent, certificate, receipt, affidavit,
         statement, valuation report or other document (including any of the
         above submitted or provided by the Trust Manager, a Mortgagee, the Note
         Trustee, an Approved Seller or a Servicer) which it has no reason to
         believe is not genuine, signed by the proper parties and with
         appropriate authority.

         In preparing any notice, certificate, advice or proposal the Security
         Trustee shall be entitled to assume that each person under any
         Authorised Investment, Support Facility,

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         Loan, Loan Security, Related Securities, other Transaction Document or
         any other deed, agreement or arrangement incidental to any of the above
         or to any Trust, will perform their obligations under those documents
         in full by the due date and otherwise in accordance with their terms.

47.2     SECURITY TRUSTEE MAY ASSUME SIGNED DOCUMENTS TO BE GENUINE

         (a)      (RELIANCE ON DOCUMENTS) Subject to sub-clause (b):

                  (i)   (SECURITY TRUSTEE MAY ASSUME AUTHENTICITY) the Security
                        Trustee shall be entitled to assume the authenticity and
                        validity of any signature on any application, request or
                        other instrument or document delivered to the Security
                        Trustee (other than a document executed or purporting to
                        be executed by or on behalf of the Note Trustee, a
                        Servicer, an Approved Seller or the Trust Manager, as to
                        which clause 47.3 shall apply);

                  (ii)  (SECURITY TRUSTEE NOT LIABLE FOR LOSS ON FORGERIES) the
                        Security Trustee shall not be in any way liable to make
                        good out of its own resources any loss incurred by any
                        person in the event of any signature on any document
                        being forged or otherwise failing to bind the person
                        whose signature it purports to be or the person on whose
                        behalf it purports to be executed.

         (b)      (LIMITATIONS ON ASSUMPTIONS WHERE ACTUAL KNOWLEDGE) The
                  Security Trustee shall not be entitled to the benefit of
                  paragraph (a) in relation to an application, request or other
                  instrument or document if it was actually aware that the
                  signature was not genuine.

47.3     SECURITY TRUSTEE'S RELIANCE ON TRUST MANAGER, APPROVED SELLER, NOTE
         TRUSTEE OR SERVICER

         (a)      (AUTHORISED SIGNATORIES ARE SUFFICIENT EVIDENCE) Whenever any
                  certificate, notice, proposal, direction, instruction or other
                  communication is to be given by the Trust Manager, an Approved
                  Seller, the Note Trustee or a Servicer to the Security
                  Trustee, the Security Trustee may accept as sufficient
                  evidence as to the form and content of a document unless it
                  has reason to believe that the relevant document was not
                  signed on behalf of the Trust Manager, the Approved Seller,
                  the Note Trustee or the Servicer (as the case may be) or by
                  any Authorised Signatory of the Trust Manager, the Approved
                  Seller, the Note Trustee or the Servicer (as the case may be).

         (b)      (SECURITY TRUSTEE NOT LIABLE FOR LOSS) The Security Trustee
                  shall not be responsible for any loss arising from any act,
                  neglect, mistake or discrepancy of the Trust Manager, an
                  Approved Seller, the Note Trustee or a Servicer or any
                  officer, employee, agent or delegate of the Trust Manager, the
                  Approved Seller, the Note Trustee or the Servicer in preparing
                  any such document or in compiling, verifying or calculating
                  any matter or information contained in any such document, if
                  the officers of the Security Trustee responsible for the
                  administration of the Trust are not actually aware, or should
                  not reasonably have been aware, that such document is not
                  genuine and correct, whether or not an error in any such

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                  information, document, form or list is reproduced by the
                  Security Trustee in any step taken by it.

47.4     COMPLIANCE WITH LAWS

         The Security Trustee shall not incur any liability to anyone in respect
         of any failure to perform or to do any act or thing which by reason of
         any provision of any relevant present or future law of any place or any
         ordinance, rule, regulation or by law or of any decree, order or
         judgment of any competent court or other tribunal, the Security Trustee
         shall be hindered, prevented or forbidden from doing or performing.

47.5     TAXES

         The Security Trustee shall not be liable to account to any person for
         any payments made in good faith to any duly empowered Government Agency
         of any Australian Jurisdiction or any other place for Taxes or other
         charges on the Trust or on any Notes or with respect to any transaction
         under or arising from this deed or any other Transaction Document
         notwithstanding that any such payment ought or need not have been made.

47.6     RELIANCE ON EXPERTS

         The Security Trustee may act on the opinion or statement or certificate
         or advice of or information obtained from the Note Trustee or a
         Servicer, barristers or solicitors (whether instructed by the Security
         Trustee or not), bankers, accountants, brokers, valuers and other
         persons believed by it in good faith to be expert or properly informed
         in relation to the matters on which they are consulted and the Security
         Trustee shall not be liable for anything done or suffered by it in good
         faith in reliance on such opinion, statement, certificate, advice or
         information.

47.7     OVERSIGHTS OF OTHERS

         Subject to this deed, the Security Trustee shall not be responsible for
         any act, omission, misconduct, mistake, oversight, error of judgment,
         forgetfulness or want of prudence on the part of any person or agent
         appointed by the Security Trustee and on whom the Security Trustee is
         entitled to rely under this deed (other than a Related Corporation),
         attorney, banker, receiver, barrister, solicitor, agent or other person
         acting as agent or advisor to the Security Trustee.

47.8     POWERS, AUTHORITIES AND DISCRETIONS

         Except as otherwise provided in this deed and in the absence of fraud,
         negligence or wilful default, the Security Trustee shall not be in any
         way responsible for any loss (whether consequential or otherwise),
         costs, damages or inconvenience that may result from the exercise or
         non-exercise of any powers, authorities and discretions vested in it.

47.9     IMPOSSIBILITY OR IMPRACTICABILITY

         If for any reason whatsoever it becomes impossible or impracticable to
         carry out any or all of the provisions of this deed or any other
         Transaction Document the Security Trustee shall not be under any
         liability and, except to the extent of their own fraud, negligence or
         wilful default, nor shall either of them incur any liability by reason
         of any error of law or

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         any matter or thing done or suffered or omitted to be done in good
         faith by either of them or their respective officers, employees, agents
         or delegates.

47.10    NO LIABILITY EXCEPT FOR NEGLIGENCE ETC.

         In the absence of fraud, negligence or wilful default on its part or on
         the part of any of its officers, employees, agents or delegates for
         whom it is liable under this deed, the Security Trustee shall not be
         liable personally in the event of failure to pay moneys on the due date
         for payment to any Noteholder, any Beneficiary, the Trust Manager, the
         Chargor or any other person or for any loss howsoever caused in respect
         of the Trust or to any Noteholder, any Beneficiary, the Trust Manager,
         the Chargor or other person.

47.11    LEGAL AND OTHER PROCEEDINGS

         (a)      (INDEMNITY FOR LEGAL COSTS) The Security Trustee shall be
                  indemnified out of the Trust for all legal costs and
                  disbursements and all other costs, disbursements, outgoings
                  and expenses incurred by the Security Trustee in connection
                  with:

                  (i)   the enforcement or contemplated enforcement of, or
                        preservation of rights under; and

                  (ii)  without limiting the generality of paragraph (i) above,
                        the initiation, defence, carriage and settlement of any
                        action, suit, proceeding or dispute in respect of;

                  this deed or any other Transaction Document or otherwise under
                  or in respect of the Trust provided that the enforcement,
                  contemplated enforcement or preservation by the Security
                  Trustee of the rights referred to in sub-paragraph (i) or the
                  court proceedings referred to in paragraph (ii) (other than in
                  each case the defence of any action, suit, proceeding or
                  dispute brought against the Security Trustee), and the basis
                  of incurring any of those costs, disbursements, outgoings and
                  expenses by the Security Trustee:

                  (iii) has been approved in advance by an Extraordinary
                        Resolution of the Voting Mortgagees; or

                  (iv)  the Security Trustee reasonably considers the incurring
                        of those costs, disbursements, outgoings and expenses to
                        be necessary to protect the Security Trustee against
                        potential personal liability.

         (b)      (DEFENCE OF PROCEEDINGS ALLEGING NEGLIGENCE ETC.) The Security
                  Trustee shall be entitled to claim in respect of the above
                  indemnity from the Trust for its expenses and liabilities
                  incurred in defending any action, suit, proceeding or dispute
                  in which fraud, negligence or wilful default is alleged or
                  claimed against it, but on the same being proved, accepted or
                  admitted by it, it shall from its personal assets immediately
                  repay to the Trust the amount previously paid by the Trust to
                  it in respect of that indemnity.

47.12    NO LIABILITY EXCEPT FOR NEGLIGENCE ETC.

         In the absence of fraud, negligence or wilful default on the Security
         Trustee's part or on the part of any of its officers or employees, or
         any agents or delegate, sub-agent, sub-

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         delegate employed by the Security Trustee in accordance with this deed
         (and where this deed provides that the Security Trustee is liable for
         the acts or omissions of any such person) to carry out any transactions
         contemplated by this deed, the Security Trustee shall not be liable
         personally for any losses, costs, liabilities or claims arising from
         the failure to pay moneys on the due date for payment to any Mortgagee
         or any other person or for any loss howsoever caused in respect of any
         of the Trust or to any Mortgagee or other person.

 47.13   FURTHER LIMITATIONS ON SECURITY TRUSTEE'S LIABILITY

         Subject to clause 47.3, the Security Trustee shall not be liable:

         (a)      (FOR LOSS ON ITS DISCRETION) for any losses, costs,
                  liabilities or expenses arising out of the exercise or
                  non-exercise of its discretion or for any other act or
                  omission on its part under this deed, any other Transaction
                  Document or any other document except where the exercise or
                  non-exercise of any discretion, or any act or omission, by the
                  Security Trustee, or any of its officers or employees, or any
                  agent, delegate, sub-agent, sub-delegate employed by the
                  Security Trustee in accordance with this deed (and where this
                  deed provides that the Security Trustee is liable for the acts
                  or omissions of any such person) to carry out any transactions
                  contemplated by this deed, constitutes fraud, negligence or
                  wilful default;

         (b)      (FOR LOSS ON DIRECTION) for any losses, costs, damages or
                  expenses caused by its acting (in circumstances where this
                  deed requires it to act or contemplates that it may so act) on
                  any instruction or direction given to it by:

                  (i)   any Mortgagee under this deed, any other Transaction
                        Document or any other document;

                  (ii)  by any person under a Support Facility, Loan or Loan
                        Security; or

                  (iii) an Obligor,

                  except to the extent that it is caused by the fraud,
                  negligence or wilful default of the Security Trustee, or any
                  of its officers or employees, or an agent or delegate employed
                  by the Security Trustee in accordance with this deed to carry
                  out any transactions contemplated by this deed;

         (c)      (FOR CERTAIN DEFAULTS) for any Trust Manager's Default or
                  Servicer Transfer Event;

         (d)      (FAILURE BY PAYING AGENT) without limiting the Security
                  Trustee's obligations or powers under the Transaction
                  Documents, for any act, omission or default of a Paying Agent
                  in relation to its obligations under the Transaction
                  Documents;

         (e)      (FAILURE BY NOTE TRUSTEE) without limiting the Security
                  Trustee's obligations or powers under the Transaction
                  Documents, for any act, omission or default of the Note
                  Trustee in relation to its obligations under the Transaction
                  Documents;

         (f)      (FAILURE BY CALCULATION AGENT) without limiting the Security
                  Trustee's obligations or powers under the Transaction
                  Documents, for any act, omission or default of the Calculation
                  Agent in relation to its obligations under the Transaction
                  Documents;

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         (g)      (FAILURE BY SERVICER) without limiting the Security Trustee's
                  obligations or powers under the Transaction Documents, for any
                  act, omission or default of the Servicer in relation to its
                  obligations under the Transactions Documents;

         (h)      (FOR FAILURE TO CARRY OUT AN AGREEMENT) for the failure of a
                  person to carry out an agreement with the Security Trustee in
                  connection with the Trust;

         (i)      (FOR FAILURE TO CHECK CALCULATIONS, ETC) for any losses,
                  costs, liabilities or expenses caused by the Security
                  Trustee's failure to check any calculation, information,
                  document, form or list supplied or purported to be supplied to
                  it by the Trust Manager, Note Trustee or the Servicer,

         except, in the case of paragraphs (c) to (i) (inclusive), to the extent
         that it is caused by the fraud, negligence or wilful default of the
         Security Trustee.

         Nothing in this clause 47.13 alone (but without limiting the operation
         of any other clause of this deed) shall imply a duty on the Security
         Trustee to supervise the Trust Manager or the Note Trustee in the
         performance of the Trust Manager's or the Note Trustee's functions and
         duties, and the exercise by the Trust Manager or the Note Trustee of
         its discretions.

47.14    CONFLICTS

         (a)      (NO CONFLICT) Nothing in this deed shall prevent the Security
                  Trustee, the Chargor, the Lead Manager, any Dealer, the Trust
                  Manager, the Note Trustee or any Related Corporation or
                  Associate of any of them or their directors or other officers
                  (each a RELEVANT PERSON) from:

                  (i)   subscribing for purchase, holding, dealing in or
                        disposing of any Notes;

                  (ii)  entering into any financial, banking, development,
                        insurance, agency, broking or other transaction with, or
                        providing any advice or services for the Trust; or

                  (iii) being interested in any such contract or transaction or
                        otherwise at any time contracting or acting in any
                        capacity as representative or agent.

         (b)      (NOT LIABLE TO ACCOUNT) A Relevant Person shall not be in any
                  way liable to account to any Mortgagee or any other person for
                  any profits or benefits (including any profit, bank charges,
                  commission, exchange, brokerage and fees) made or derived
                  under or in connection with any transaction or contract
                  specified in paragraph (a) above.

         (c)      (FIDUCIARY RELATIONSHIP) A Relevant Person shall not by reason
                  of any fiduciary relationship be in any way precluded from
                  making any contracts or entering into any transactions with
                  any such person in the ordinary course of the business or from
                  undertaking any banking, financial, development, agency or
                  other services including any contract or transaction in
                  relation to the placing of or dealing with any investment and
                  the acceptance of any office or profit or any contract of loan
                  or deposits or other contract or transaction which any person
                  or company not being a party to this deed could or might have
                  lawfully entered into if not a party to this deed. A Relevant
                  Person shall not be accountable to any Mortgagee or any other
                  person for any profits arising from any such contracts,
                  transactions or offices.

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                                                                         Page 55

<PAGE>

Security Trust Deed                                [Allens Arthur Robinson Logo]

-------------------------------------------------------------------------------

47.15    INFORMATION

         Except for notices and other documents and information (if any)
         expressed to be required to be furnished to any person by the Security
         Trustee under this deed or any other Transaction Document, the Security
         Trustee shall not have any duty or responsibility to provide any person
         (including any Mortgagee) with any credit or other information
         concerning the affairs, financial condition or business of the Trust.

47.16    INVESTIGATION BY SECURITY TRUSTEE

         Each Mortgagee acknowledges that:

         (a)      the Security Trustee has no duty, and is under no obligation,
                  to investigate whether a Trust Manager's Default or Servicer
                  Transfer Event has occurred in relation to the Trust other
                  than where it has actual notice;

         (b)      the Security Trustee is required to provide the notices
                  referred to in this deed in respect of a determination of
                  Adverse Effect only if it is actually aware of the facts
                  giving rise to the Adverse Effect; and

         (c)      in making any such determination, the Security Trustee will
                  seek and rely on advice given to it by its advisors in a
                  manner contemplated by this deed.

EXECUTED as a deed in New South Wales.

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

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                                                                         Page 56

<PAGE>

Security Trust Deed                                [Allens Arthur Robinson Logo]

-------------------------------------------------------------------------------

CHARGOR

SIGNED SEALED AND DELIVERED for
PERPETUAL TRUSTEES VICTORIA LIMITED by its
attorney in the presence of:

<TABLE>
<CAPTION>
<S>                                                         <C>
----------------------------------------------------        -------------------------------------------------
Witness Signature                                           Attorney Signature

----------------------------------------------------        -------------------------------------------------
Print Name                                                  Print Name
</TABLE>

SECURITY TRUSTEE

SIGNED SEALED AND DELIVERED for
PERPETUAL TRUSTEE COMPANY LIMITED by its
attorney in the presence of:

<TABLE>
<CAPTION>
<S>                                                         <C>
----------------------------------------------------        -------------------------------------------------
Witness Signature                                           Attorney Signature

----------------------------------------------------        -------------------------------------------------
Print Name                                                  Print Name
</TABLE>

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                                                                         Page 57

<PAGE>

Security Trust Deed                                [Allens Arthur Robinson Logo]

-------------------------------------------------------------------------------

TRUST MANAGER

SIGNED SEALED AND DELIVERED for INTERSTAR SECURITISATION MANAGEMENT PTY LIMITED
by its attorney in the presence of:

<TABLE>
<CAPTION>
<S>                                                         <C>
----------------------------------------------------        -------------------------------------------------
Witness Signature                                           Attorney Signature

----------------------------------------------------        -------------------------------------------------
Print Name                                                  Print Name
</TABLE>

NOTE TRUSTEE

SIGNED SEALED AND DELIVERED for THE BANK OF NEW YORK, NEW YORK BRANCH by its
attorney in the presence of:

<TABLE>
<CAPTION>
<S>                                                         <C>
----------------------------------------------------        -------------------------------------------------
Witness Signature                                           Attorney Signature

----------------------------------------------------        -------------------------------------------------
Print Name                                                  Print Name
</TABLE>

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                                                                         Page 58

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