Document:

<PAGE>

                                                                     EXHIBIT 4.2

Commonwealth Bank of Australia
ACN 123 123 124
Servicer

Securitisation Advisory Services Pty. Limited
ACN 064 133 946
Manager

Perpetual Trustee Company Limited
ACN 000 001 007
Trustee

Series 2000-2G Medallion Trust
Series Supplement

              Levels 23-35  No 1 O'Connell Street Sydney  NSW  2000  Australia
                 PO Box H3 Australia Square Sydney NSW 1215  DX 370 Sydney
                         Tel + 61 2 9353 4000 Fax  + 61 2 9251 7832
                    Our ref - 174/642/1545256  Contact - Edward Nicholas

                 Sydney . Melbourne . Brisbane . Perth . Canberra . Darwin

Liability is limited by the Solicitors Scheme under the Professional Standards
                                 Act 1994 NSW
<PAGE>

Table of Contents
<TABLE>
<CAPTION>
<S>                <C>                                                                                                          <C>
       1.     Definitions and interpretation..............................................................................    1
       --     ------------------------------
              1.1   Definitions...........................................................................................    1
              ---   -----------
              1.2   Interpretation........................................................................................   31
              ---   --------------
              1.3   Master Trust Deed Definitions.........................................................................   33
              ---   -----------------------------
              1.4   Business Day Convention...............................................................................   33
              ---   -----------------------
              1.5   Master Trust Deed Inconsistency.......................................................................   34
              ---   -------------------------------
              1.6   Exclusion of Master Trust Deed Definitions and Provisions.............................................   34
              ---   ---------------------------------------------------------
              1.7   Support Facilities....................................................................................   36
              ---   ------------------
              1.8   Security Trust Deed...................................................................................   36
              ---   -------------------
              1.9   Nominated Seller and Nominated Servicer...............................................................   36
              ---   ---------------------------------------
              1.10  Binding on Securityholders and the Residual Unitholder................................................   36
              ----  ------------------------------------------------------
              1.11  Relationship between Trustee and Securityholders......................................................   36
              ----  ------------------------------------------------
              1.12  Incorporated Definitions and other Transaction Documents and provisions...............................   36
              ----  -----------------------------------------------------------------------

       2.     The CBA Trust...............................................................................................   36
       --     -------------
              2.1   Constitution of CBA Trust.............................................................................   36
              ---   -------------------------
              2.2   Declarations of Trust for the CBA Trust...............................................................   37
              ---   ---------------------------------------
              2.3   Name of the CBA Trust.................................................................................   37
              ---   ---------------------
              2.4   Entitlement of Seller to the CBA Trust................................................................   37
              ---   --------------------------------------
              2.5   Bare Trust............................................................................................   37
              ---   ----------
              2.6   Duration of the CBA Trust.............................................................................   37
              ---   -------------------------
              2.7   Early Termination of the CBA Trust....................................................................   37
              ---   ----------------------------------
              2.8   Dealing with CBA Trust Assets of the Series Trust.....................................................   37
              ---   -------------------------------------------------
              2.9   Proceeds..............................................................................................   38
              ---   --------
              2.10  CBA Trust Not Part of Assets of the Series Trust......................................................   38
              ----  ------------------------------------------------
              2.11  Shared Securities.....................................................................................   38
              ----  -----------------
              2.12  Trustee's Duties......................................................................................   38
              ----  ----------------
              2.13  Substitute Trustee....................................................................................   38
              ----  ------------------
              2.14  Transfer of the CBA Trust Assets to Seller on termination of CBA Trust................................   39
              ----  ----------------------------------------------------------------------
              2.15  Seller Indemnity......................................................................................   39
              ----  ----------------
              2.16  Limitation of Liability...............................................................................   39
              ----  -----------------------

       3.     Unit in the Series Trust....................................................................................   40
       --     ------------------------
              3.1   Beneficial Interest Represented by a Single Unit......................................................   40
              ---   ------------------------------------------------
              3.2   Initial Holder of the Residual Unit...................................................................   40
              ---   -----------------------------------
              3.3   Registration of CBA as Initial Residual Unitholder....................................................   40
              ---   --------------------------------------------------
              3.4   Form of Unit Certificate..............................................................................   40
              ---   ------------------------
              3.5   Form of Unit Transfer.................................................................................   40
              ---   ---------------------
              3.6   No Other Relationship.................................................................................   40
              ---   ---------------------

       4.     Assignment of Mortgage Loan Rights..........................................................................   40
       --     ----------------------------------
              4.1   Approved Financial Assets of the Series Trust.........................................................   40
              ---   ---------------------------------------------
              4.2   Sale Notice...........................................................................................   40
              ---   -----------
              4.3   Requirements of Sale Notice...........................................................................   40
              ---   ---------------------------
              4.4   Mortgage Loan Schedule................................................................................   41
              ---   ----------------------
              4.5   Sale Notice Constitutes an Offer......................................................................   41
              ---   --------------------------------
              4.6   Sale Notice Revocable.................................................................................   42
              ---   ---------------------
              4.7   Acceptance of Offer...................................................................................   42
              ---   -------------------
              4.8   Timing of Acceptance..................................................................................   42
              ---   --------------------
              4.9   Seller Not Obliged to Make, and Trustee Not Obliged to Accept, Offer..................................   42
              ---   --------------------------------------------------------------------
              4.10  Can Only Accept all Mortgage Loan Rights in Loan Pool.................................................   42
              ----  -----------------------------------------------------
</TABLE>

                                                                              i.
<PAGE>

<TABLE>
<S>               <C>                                                                                                           <C>
             4.11  Effect of Acceptance.......................................................................................   42
             ----  --------------------
             4.12  Sale in Equity Only........................................................................................   43
             ----  -------------------
             4.13  Sale Not to Amount to Assumption of Obligations............................................................   43
             ----  -----------------------------------------------
             4.14  Future Advances............................................................................................   43
             ----  ---------------
             4.15  Future Receivables.........................................................................................   43
             ----  ------------------
             4.16  Power to Acquire Mortgage Loans in Arrears.................................................................   43
             ----  ------------------------------------------

        5.   The Securities...................................................................................................   43
       --    --------------
             5.1  Securities divided into Classes.............................................................................   43
             ---  -------------------------------
             5.2  Form, constituent documents and denomination of the Securities..............................................   44
             ---  --------------------------------------------------------------
             5.3  Trustee must Issue the Notes................................................................................   44
             ---  ----------------------------
             5.4  Issue of Redraw Bonds.......................................................................................   44
             ---  ---------------------
             5.5  Initial Invested Amount of the Securities...................................................................   44
             ---  -----------------------------------------
             5.6  Interest on the Securities..................................................................................   44
             ---  --------------------------
             5.7  Redemption of the Securities................................................................................   45
             ---  ----------------------------
             5.8  Interest on Overdue Interest on the Securities..............................................................   46
             ---  ----------------------------------------------
             5.9  Rounding of Payments on the Securities......................................................................   46
             ---  --------------------------------------
             5.10  Securities Rank Equally Except for Special Rights..........................................................   46
             ----  -------------------------------------------------
             5.11  Transfer of Securities.....................................................................................   46
             ----  ----------------------

       6.    Conditions precedent to acceptance of Sale Notice and issue of Notes.............................................   46
       --    --------------------------------------------------------------------
             6.1   General Conditions Precedent................................................................................  46
             ---   ----------------------------
             6.2   Other Conditions Precedent..................................................................................  49
             ---   --------------------------
             6.3   No Liability for Insufficient Moneys........................................................................  49
             ---   ------------------------------------
             6.4   Manager's Certificate.......................................................................................  49
             ---   ---------------------

       7.    Division of Mortgage Loan Rights between the CBA Trust and the Series Trust......................................   50
       --    ---------------------------------------------------------------------------
             7.1   CBA Trust Assets............................................................................................  50
             ---   ----------------
             7.2   Mortgages and First Layer of Collateral Securities..........................................................  50
             ---   --------------------------------------------------
             7.3   Treatment of Shared Securities..............................................................................  51
             ---   ------------------------------
             7.4   Trustee's duties............................................................................................  51
             ---   ----------------
             7.5   Upon Repayment of Mortgage Loan Trustee Holds for CBA Trust.................................................  51
             ---   -----------------------------------------------------------
             7.6   Application Where 2 Mortgage Loans..........................................................................  52
             ---   ----------------------------------
             7.7   Costs.......................................................................................................  52
             ---   -----
             7.8   Alternative Structure.......................................................................................  52
             ---   ---------------------

       8.    Determinations by the Manager....................................................................................   52
       --    -----------------------------
             8.1   Applications and payments on Distribution Dates.............................................................  52
             ---   -----------------------------------------------
             8.2   Insufficient principal to meet Seller Advances..............................................................  52
             ---   ----------------------------------------------
             8.3   Income Shortfall............................................................................................  53
             ---   ----------------
             8.4   Insufficient principal to meet Seller Advances and Standby Redraw Facility Principal........................  53
             ---   ------------------------------------------------------------------------------------
             8.5   Netting of Seller Advances and Standby Redraw Facility Advances.............................................  54
             ---   ---------------------------------------------------------------
             8.6   Cash Advance Deposit........................................................................................  54
             ---   --------------------
             8.7   Break Costs and Break Benefits..............................................................................  54
             ---   ------------------------------
             8.8   Interest Rate Swap Provider Deposit.........................................................................  55
             ---   -----------------------------------

       9.    Chargeoffs.......................................................................................................   55
       --    ----------
             9.1   Allocation of Principal Chargeoffs..........................................................................  55
             ---   ----------------------------------
             9.2   Allocation of Principal Chargeoff Reimbursements............................................................  56
             ---   ------------------------------------------------
             9.3   Loss Recoveries.............................................................................................  56
             ---   ---------------
</TABLE>

                                                                             ii.
<PAGE>

<TABLE>
<S>          <C>                                                                                                                 <C>
       10.   Payments on Distribution Dates by Trustee.........................................................................   56
       ---   -----------------------------------------
             10.1  Payment of Accrued Interest Adjustment on first Distribution Date...........................................   56
             ----  -----------------------------------------------------------------
             10.2  Application of the Available Income Amount on each Distribution Date........................................   57
             ----  --------------------------------------------------------------------
             10.3  Application of the Available Principal Amount on each Distribution Date.....................................   58
             ----  -----------------------------------------------------------------------
             10.4  Payment of Interest on the Class A-1 Notes..................................................................   58
             ----  ------------------------------------------
             10.5  Repayment of Principal on the Securities....................................................................   59
             ----  ----------------------------------------
             10.6  Repayment of Principal on the Class A-1 Notes...............................................................   59
             ----  ---------------------------------------------
             10.7  Inability to Comply with Order of Priority..................................................................   59
             ----  ------------------------------------------
             10.8  No Payment in respect of Obligations ranking Equally or after Class A-1 Notes if no payment made to
             ----  ---------------------------------------------------------------------------------------------------
                   Currency Swap Provider......................................................................................   60
                   ----------------------
             10.9  Payments in respect of A$ Securities........................................................................   60
             ----  ------------------------------------

      11.    Net Tax Income of the Series Trust................................................................................   60
      ---    ----------------------------------
             11.1  Net Tax Income of the Series Trust absolutely vested in the Residual Unitholder.............................   60
             ----  -------------------------------------------------------------------------------
             11.2  Excess Distribution.........................................................................................   60
             ----  -------------------

      12.    Early termination of Swaps........................................................................................   61
      ---    --------------------------
             12.1  Early Termination of a Swap.................................................................................   61
             ----  ---------------------------
             12.2  Servicer to Adjust Mortgage Interest Saver Accounts and Mortgage Rates if Basis Swap Terminated.............   61
             ----  -----------------------------------------------------------------------------------------------
             12.3  Determination of Threshold Rate.............................................................................   62
             ----  -------------------------------
             12.4  Trustee to set Mortgage Rate................................................................................   62
             ----  ----------------------------

      13.    Representations and warranties regarding Mortgage Loans...........................................................   62
      ---    -------------------------------------------------------
             13.1  Seller's Representations and Warranties.....................................................................   62
             ----  ---------------------------------------
             13.2  Trustee need not Test Warranties............................................................................   64
             ----  --------------------------------

      14.    Breach of representations and warranties..........................................................................   65
      ---    ----------------------------------------
             14.1  Manager or Seller Becomes Aware of Incorrect Representations or Warranties..................................   65
             ----  --------------------------------------------------------------------------
             14.2  If Trustee Becomes Aware of Incorrect Representations or Warranties.........................................   65
             ----  -------------------------------------------------------------------
             14.3  Remedy of Defaults during Prescribed Period.................................................................   65
             ----  -------------------------------------------
             14.4  Holding for CBA Trust during Prescribed Period..............................................................   65
             ----  ----------------------------------------------
             14.5  Costs.......................................................................................................   66
             ----  -----
             14.6  Payment.....................................................................................................   66
             ----  -------
             14.7  Limitation on Rights of Trustee During Prescribed Period....................................................   66
             ----  --------------------------------------------------------
             14.8  Limit of Seller's Liability for Mortgage Loans..............................................................   66
             ----  ----------------------------------------------
             14.9  Seller's Liability for Damages After Prescribed Period......................................................   66
             ----  ------------------------------------------------------
             14.10 Discharge of obligations....................................................................................   67
             -----  ------------------------
             14.11 Fraud.......................................................................................................   67
             -----  -----
             14.12 Trustee's Reliance..........................................................................................   67
             ----- ------------------

      15.    Seller's general undertakings.....................................................................................   67
      ---    -----------------------------
             15.1  General Undertakings........................................................................................   67
             ----  --------------------
             15.2  Seller not bound by Undertaking.............................................................................   69
             ----  -------------------------------
             15.3  Seller Downgrade............................................................................................   69
             ----  ----------------
             15.4  Reduction or Increase of Seller Deposit.....................................................................   70
             ----  ---------------------------------------
             15.5  Interest on Seller Deposit..................................................................................   70
             ----  --------------------------
             15.6  Seller Upgrade..............................................................................................   70
             ----  --------------
             15.7  Termination of Series Trust or Amendments to Mortgage Loans.................................................   70
             ----  -----------------------------------------------------------
             15.8  Withdrawals from the Collections Account....................................................................   70
             ----  ----------------------------------------
             15.9  Termination of Mortgage Interest Saver Accounts.............................................................   71
             ----  -----------------------------------------------
</TABLE>

                                                                            iii.
<PAGE>

<TABLE>
<S>                                                                                                                       <C>
     15.10  Gross Up for Mortgage Interest Saver Accounts...............................................................   71
     -----  ---------------------------------------------

16.  Servicing of Mortgage Loan Rights..................................................................................   71
---  ---------------------------------
     16.1   Appointment of Servicer.....................................................................................   71
     ----   -----------------------
     16.2   Obligation to Act as Servicer until Termination of Appointment..............................................   71
     ----   --------------------------------------------------------------
     16.3   General Servicing Obligation................................................................................   71
     ----   ----------------------------
     16.4   Power to Service............................................................................................   71
     ----   ----------------
     16.5   Exercise of Discretions.....................................................................................   72
     ----   -----------------------
     16.6   Servicer's Undertaking Regarding Mortgage Loan Rights.......................................................   72
     ----   -----------------------------------------------------
     16.7   Interest Rates on Mortgage Loans............................................................................   74
     ----   --------------------------------
     16.8   Release or Substitution of Security.........................................................................   74
     ----   -----------------------------------
     16.9   Variation or Relaxation of Terms of Mortgage Loans..........................................................   74
     ----   --------------------------------------------------
     16.10  Release of Debt.............................................................................................   75
     -----  ---------------
     16.11  Waivers, Releases and Compromises...........................................................................   75
     -----  ---------------------------------
     16.12  Consent to subsequent Security Interests....................................................................   75
     -----  ----------------------------------------
     16.13  Consent to Leases etc.......................................................................................   75
     -----  ---------------------
     16.14  Relief under Binding Provision or on Order of Competent Authority...........................................   76
     -----  -----------------------------------------------------------------
     16.15  Litigation..................................................................................................   76
     -----  ----------
     16.16  Enforcement Action..........................................................................................   77
     -----  ------------------
     16.17  Incurring Additional Expenses...............................................................................   77
     -----  -----------------------------
     16.18  Mortgage Insurance and Insurance Policy Claims..............................................................   77
     -----  ----------------------------------------------
     16.19  Insurance Policy Proceeds...................................................................................   77
     -----  -------------------------
     16.20  Seller Advances.............................................................................................   78
     -----  ---------------
     16.21  Restrictions on Seller Advances.............................................................................   78
     -----  -------------------------------
     16.22  Servicer's Actions Binding on Trustee.......................................................................   79
     -----  -------------------------------------
     16.23  Servicer to Pay its Own Expenses............................................................................   79
     -----  --------------------------------
     16.24  Servicer to transmit information to Manager.................................................................   79
     -----  -------------------------------------------
     16.25  Proposed amendments to Servicing Guidelines.................................................................   79
     -----  -------------------------------------------
     16.26  Further Servicer Undertakings...............................................................................   80
     -----  -----------------------------
     16.27  Servicer holding Assets of the Series Trust.................................................................   82
     -----  -------------------------------------------
     16.28  Servicer's Power to Delegate................................................................................   82
     -----  ----------------------------
     16.29  Servicer May Replace or Suspend Attorneys...................................................................   82
     -----  -----------------------------------------
     16.30  Servicer Remains Liable.....................................................................................   83
     -----  -----------------------

17.  Servicer's responsibilities and indemnities........................................................................   83
---  -------------------------------------------
     17.1   Not Liable Where Action Unlawful............................................................................   83
     ----   --------------------------------
     17.2   Limitation on Servicer's Responsibility.....................................................................   83
     ----   ---------------------------------------
     17.3   Servicer's Liability........................................................................................   83
     ----   --------------------

18.  Servicer Default and retirement of Servicer........................................................................   84
---  -------------------------------------------
     18.1   Servicer Default............................................................................................   84
     ----   ----------------
     18.2   Retirement of Servicer......................................................................................   85
     ----   ----------------------
     18.3   Notice to Securityholders...................................................................................   85
     ----   -------------------------
     18.4   Removal of Servicer.........................................................................................   85
     ----   -------------------
     18.5   Retirement of Servicer......................................................................................   85
     ----   ----------------------
     18.6   When appointment of Substitute Servicer effective...........................................................   85
     ----   -------------------------------------------------
     18.7   Trustee to Act as Servicer..................................................................................   86
     ----   --------------------------
     18.8   Trustee May Give Discharges.................................................................................   86
     ----   ---------------------------
     18.9   Servicer May Accept Payment.................................................................................   86
     ----   ---------------------------
     18.10  Servicer and Manager to Provide Full Co-operation...........................................................   86
     -----  -------------------------------------------------
     18.11  Indemnity...................................................................................................   86
     -----  ---------
     18.12  No Liability for Servicer Default...........................................................................   86
     -----  ---------------------------------

19.  Remuneration of Manager, Trustee, Servicer and Security Trustee....................................................   87
---  ---------------------------------------------------------------
     19.1   Management Fee..............................................................................................   87
     ----   --------------
     19.2   Arranging Fee...............................................................................................   87
     ----   -------------
</TABLE>

                                                                             iv.
<PAGE>

<TABLE>
<S>                                                                                                                       <C>
     19.3   Trustee's Fee...............................................................................................   87
     ----   -------------
     19.4   Servicer's Fee..............................................................................................   87
     ----   --------------
     19.5   Security Trustee's Fees and Expenses........................................................................   87
     ----   ------------------------------------
     19.6   Goods and Services Tax......................................................................................   88
     ----   ----------------------
     19.7   Adjustments to fees.........................................................................................   88
     ----   -------------------

20.  Manager Default....................................................................................................   90
---  ---------------

21.  Representations and warranties.....................................................................................   90
---  ------------------------------
     21.1   General Representations and Warranties by the Seller and the Servicer.......................................   90
     ----   ---------------------------------------------------------------------
     21.2   Repetition of Representations and Warranties................................................................   92
     ----   --------------------------------------------

22.  Collections Account and investment.................................................................................   92
---  ----------------------------------
     22.1   Collections Account.........................................................................................   92
     ----   -------------------
     22.2   Initial Collections Account.................................................................................   92
     ----   ---------------------------
     22.3   Replacement of Collections Account..........................................................................   92
     ----   ----------------------------------
     22.4   Deposits into Collections Account within 5 Business Days....................................................   92
     ----   --------------------------------------------------------
     22.5   While Collections Account with Commonwealth Bank............................................................   92
     ----   ------------------------------------------------
     22.6   Withdrawals from Collections Accounts.......................................................................   93
     ----   -------------------------------------
     22.7   All Transactions through Collections Account................................................................   93
     ----   --------------------------------------------
     22.8   Title to and Control of Collections Account.................................................................   94
     ----   -------------------------------------------
     22.9   No Deductions by Servicer...................................................................................   94
     ----   -------------------------
     22.10  Prepayments under Liquidity Facility........................................................................   94
     -----  ------------------------------------
     22.11  Servicer May Retain Income from Collections.................................................................   94
     -----  -------------------------------------------
     22.12  Bank Account Taxes..........................................................................................   94
     -----  ------------------
     22.13  Opening of additional accounts where Collections Account is with an Eligible Depository.....................   94
     -----  ---------------------------------------------------------------------------------------

23.  Clean-up and extinguishment........................................................................................   95
---  ---------------------------
     23.1   Notification of Trigger Event by Manager to Seller..........................................................   95
     ----   --------------------------------------------------
     23.2   Response by Seller..........................................................................................   95
     ----   ------------------
     23.3   Determination of Clean-Up Settlement Date...................................................................   95
     ----   -----------------------------------------
     23.4   Clean-Up Settlement Price...................................................................................   96
     ----   -------------------------
     23.5   Payment of Clean-Up Settlement Price........................................................................   96
     ----   ------------------------------------
     23.6   Effect of Payment of Clean-Up Settlement Price..............................................................   96
     ----   ----------------------------------------------
     23.7   Costs.......................................................................................................   97
     ----   -----
     23.8   Alternative Structure.......................................................................................   97
     ----   ---------------------
     23.9   Alternative Funding Arrangements to Permit Redemption.......................................................   97
     ----   -----------------------------------------------------

24.  Perfection of Title................................................................................................   97
---  -------------------
     24.1   Perfection of Title Event...................................................................................   97
     ----   -------------------------
     24.2   Declaration of Perfection of Title Event....................................................................   98
     ----   ----------------------------------------
     24.3   Perfection of Title.........................................................................................   98
     ----   -------------------
     24.4   Trustee to lodge Caveats....................................................................................   98
     ----   ------------------------
     24.5   Trustee to hold Legal Title or lodge Caveats................................................................   99
     ----   --------------------------------------------
     24.6   Powers of Attorney..........................................................................................   99
     ----   ------------------
     24.7   Other Loans.................................................................................................   99
     ----   -----------
     24.8   Indemnity...................................................................................................   99
     ----   ---------

25.  Seller as custodian of the Mortgage Loan documents.................................................................   99
---  --------------------------------------------------
     25.1   Seller as Custodian.........................................................................................   99
     ----   -------------------
     25.2   Application of the Balance of this Clause...................................................................   99
     ----   -----------------------------------------
     25.3   Seller's Covenants as Custodian.............................................................................   99
     ----   -------------------------------
     25.4   Update of Computer Diskette.................................................................................  100
     ----   ---------------------------
     25.5   Indemnity in respect of Incorrect Information on Computer Diskette..........................................  100
     ----   ------------------------------------------------------------------
</TABLE>

                                                                              v.
<PAGE>

<TABLE>
<S>                                                                                                                       <C>
     25.6   Document Custody Audit Report...............................................................................  100
     ----   -----------------------------
     25.7   Details of Document Custody Audit Report....................................................................  100
     ----   ----------------------------------------
     25.8   Document Custody Audit Report...............................................................................  101
     ----   -----------------------------
     25.9   Timing of Document Custody Audit Reports....................................................................  102
     ----   ----------------------------------------
     25.10  Adverse Document Custody Audit Report.......................................................................  102
     -----  -------------------------------------
     25.11  Document Transfer Event.....................................................................................  102
     -----  -----------------------
     25.12  Failure to comply with clause 25.11.........................................................................  103
     -----  ------------------------------------
     25.13  Emergency Document transfer.................................................................................  103
     -----  ---------------------------
     25.14  Exceptions to Transfer......................................................................................  103
     -----  ----------------------
     25.15  Indemnity by Seller.........................................................................................  104
     -----  -------------------
     25.16  Trustee to co-operate with Servicer.........................................................................  104
     -----  -----------------------------------
     25.17  Specific performance........................................................................................  104
     -----  --------------------
     25.18  Trustee's Duty While Holding Mortgage Documents.............................................................  104
     -----  -----------------------------------------------
     25.19  Reappointment of Seller as Custodian........................................................................  104
     -----  ------------------------------------

26.  Termination of the Series Trust....................................................................................  105
---  -------------------------------
     26.1   Potential Termination Events................................................................................  105
     ----   ----------------------------
     26.2   Determination of Termination Payment Date...................................................................  105
     ----   -----------------------------------------
     26.3   Realisation of Assets.......................................................................................  105
     ----   ---------------------
     26.4   Conditions of Sale During 180 days..........................................................................  106
     ----   ----------------------------------
     26.5   Right of Refusal to Seller..................................................................................  106
     ----   --------------------------
     26.6   Sale at Lower Price.........................................................................................  106
     ----   -------------------
     26.7   Conditions of Sale After 180 days...........................................................................  107
     ----   ---------------------------------
     26.8   Further Conditions of Sale After 180 days...................................................................  107
     ----   -----------------------------------------
     26.9   Procedures Pending Winding-Up...............................................................................  107
     ----   -----------------------------
     26.10  Costs on Winding-up of the Series Trust.....................................................................  108
     -----  ---------------------------------------
     26.11  Calculation of Final Distributions..........................................................................  108
     -----  ----------------------------------
     26.12  Final Distributions.........................................................................................  108
     -----  -------------------
     26.13  Insufficient Funds..........................................................................................  108
     -----  ------------------
     26.14  Excess Funds................................................................................................  108
     -----  ------------
     26.15  Distribution to Residual Unitholder in Specie...............................................................  108
     -----  ---------------------------------------------
     26.16  Terms of In Specie Distributions............................................................................  109
     -----  --------------------------------

27.  General............................................................................................................  109
---  -------
     27.1   Required Credit Rating......................................................................................  109
     ----   ----------------------
     27.2   Distribution of information.................................................................................  109
     ----   ---------------------------
     27.3   Electronic Reporting of Pool Performance Data...............................................................  109
     ----   ---------------------------------------------
     27.4   Claim for Damages...........................................................................................  109
     ----   -----------------
     27.5   Allocation of Damages.......................................................................................  110
     ----   ---------------------
     27.6   Additional Expenses.........................................................................................  110
     ----   -------------------
     27.7   Form of Transfers and Certificates..........................................................................  110
     ----   ----------------------------------
     27.8   Incur Costs Without Approval................................................................................  110
     ----   ----------------------------
     27.9   Adverse Effect..............................................................................................  110
     ----   --------------
     27.10  Notification to Rating Agencies of Redemption of Securities.................................................  111
     -----  -----------------------------------------------------------
     27.11  Further Support Facilities..................................................................................  111
     -----  --------------------------
     27.12  Supplementary Trustee Powers................................................................................  111
     -----  ----------------------------
     27.13  Trustee's power to delegate.................................................................................  112
     -----  ---------------------------

28.  Limitation of Trustee's duties.....................................................................................  112
---  ------------------------------
     28.1   Trustee May Rely............................................................................................  112
     ----   ----------------
     28.2   No Duty to Investigate......................................................................................  112
     ----   ----------------------
     28.3   Trustee not Liable..........................................................................................  112
     ----   ------------------

29.  Trustee's limitation of liability..................................................................................  113
---  ---------------------------------
     29.1   Limitation on Trustee's liability...........................................................................  113
     ----   ---------------------------------
     29.2   Claims against Trustee......................................................................................  113
     ----   ----------------------
     29.3   Breach of trust.............................................................................................  113
     ----   ---------------
</TABLE>

                                                                             vi.
<PAGE>

<TABLE>
<S>                                                                                                                       <C>
     29.4   Acts or Omissions...........................................................................................  113
     ----   -----------------
     29.5   No obligation...............................................................................................  113
     ----   -------------
     29.6   CBA Trust...................................................................................................  114
     ----   ---------

30.  Consumer Credit Code...............................................................................................  114
---  --------------------
     30.1   Breach of Consumer Credit Code..............................................................................  114
     ----   ------------------------------
     30.2   Right of Indemnity - Consumer Credit Code...................................................................  114
     ----   -----------------------------------------

31.  Notices............................................................................................................  115
---  -------
     31.1   Method of Delivery..........................................................................................  115
     ----   ------------------
     31.2   Deemed Receipt..............................................................................................  115
     ----   --------------
     31.3   Notice to Investors.........................................................................................  116
     ----   -------------------

32.  Confidentiality....................................................................................................  116
---  ---------------
     32.1   General Restriction.........................................................................................  116
     ----   -------------------
     32.2   Exceptions..................................................................................................  116
     ----   ----------

33.  Miscellaneous......................................................................................................  117
---  -------------
     33.1   Amendments..................................................................................................  117
     ----   ----------
     33.2   Governing Law...............................................................................................  117
     ----   -------------
     33.3   Jurisdiction................................................................................................  117
     ----   ------------
     33.4   Notify Rating Agencies......................................................................................  117
     ----   ----------------------
     33.5   Severability of Provisions..................................................................................  117
     ----   --------------------------
     33.6   Counterparts................................................................................................  117
     ----   ------------
     33.7   No Revocation of Power of Attorney..........................................................................  117
     ----   ----------------------------------
     33.8   Certifications..............................................................................................  117
     ----   --------------
     33.9   Payments....................................................................................................  118
     ----   --------
     33.10  Waiver......................................................................................................  118
     -----  ------
     33.11  Entire Understanding........................................................................................  118
     -----  --------------------
     33.12  Survival of Indemnities.....................................................................................  118
     -----  -----------------------
     33.13  Successors and Assigns......................................................................................  118
     -----  ----------------------
     33.14  Moratorium Legislation......................................................................................  118
     -----  ----------------------

Schedule 1 Form of Sale Notice..........................................................................................  119
------------------------------

Schedule 2 Forms of Power of Attorney (other than for Queensland and Western Australia).................................  121
---------------------------------------------------------------------------------------

Schedule 3 Form of Power of Attorney (For Queensland)...................................................................  126
-----------------------------------------------------

Schedule 4 Form of Power of Attorney (for Western Australia)............................................................  130
------------------------------------------------------------

Schedule 5 Eligibility Criteria.........................................................................................  134
-------------------------------

Schedule 6 Form of Security Certificate A$  Securities..................................................................  135
------------------------------------------------------

Schedule 7 Form of Security Transfer....................................................................................  137
------------------------------------

Schedule 8 Quarterly Certificate........................................................................................  141
--------------------------------

Schedule 9 Form of Residual Unit Certificate............................................................................  151
--------------------------------------------

Schedule 10 Stepdown Percentage.........................................................................................  153
-------------------------------
</TABLE>

                                                                            vii.
<PAGE>

This Series Supplement made at                      on

Parties      Commonwealth Bank of Australia, ACN 123 123 124, of Level 8, 48
             Martin Place, Sydney (the "Seller" and hereinafter included in the
             expression the "Servicer")

             Securitisation Advisory Services Pty. Limited, ACN 064 133 946, of
             Level 8, 48 Martin Place, Sydney, Australia (hereinafter included
             in the expression the "Manager")

             Perpetual Trustee Company Limited, ACN 000 001 007, of Level 3, 39
             Hunter Street, Sydney, Australia (hereinafter include din the
             expression the "Trustee")

Recitals

A.  This Deed relates to the Series 2000-2G Medallion Trust.

B.  In accordance with the Master Trust Deed, this Deed includes, amongst
    other things, the terms upon which:

    (i)    the Trustee may purchase Mortgage Loans from the Seller;

    (ii)   the Trustee may issue Securities to fund such purchase; and

    (iii)  the Trustee appoints the Servicer to service such Mortgage Loans
           (if purchased by the Trustee).

C.  This Deed also provides for the establishment of the CBA Trust.

D.  The Trustee has agreed to act as trustee of the CBA Trust on the terms and
    conditions of this Deed and the Master Trust Deed.

The parties agree

________________________________________________________________________________
1.    Definitions and interpretation

1.1   Definitions

      In this Deed, unless the contrary intention appears:

      "A$" and "Australian dollars" means the lawful currency for the time being
      of the Commonwealth of Australia.

      "A$ Class A-1 Interest Amount" in relation to a Distribution Date and the
      Accrual Period ending on that Distribution Date means an amount calculated
      as follows:

                                                  N
                        CA1IA = ACA1IA x CA1IR x ---
                                                 365

      where:

      CA1IA      =      the A$ Class A-1 Interest Amount for the Accrual Period;

      ACA1IA     =      the A$ Equivalent of the aggregate Invested Amounts of
                        the Class A-1 Notes at the close of business on the
                        first day of the Accrual Period;

      CA1IR      =      the A$ Class A-1 Interest Rate for the Accrual Period;
                        and

                                                                               1
<PAGE>

      N      =      the number of days in the Accrual Period.

      "A$ Class A-1 Interest Payment" in relation to a Distribution Date and the
      Accrual Period ending on that Distribution Date means the amount paid or
      available to be paid (as the case may be) on that Distribution Date
      pursuant to clause 10.2(k)(i) from the Available Income Amount in respect
      of that Distribution Date.

      "A$ Class A-1 Interest Rate" in relation to an Accrual Period means the
      aggregate of:

      (a)    the Bank Bill Rate for that Accrual Period; and

      (b)    the A$ Class A-1 Margin.

      "A$ Class A-1 Margin" has the same meaning as the "Spread" specified in
      paragraph 5.2 of the confirmation for each Class A-1 Currency Swap.

      "A$ Class A-1 Principal Amount" in relation to a Distribution Date means
      the amount referred to in clause 10.5(b)(i) in relation to that
      Distribution Date.

      "A$ Class A-1 Unpaid Interest Amount" in relation to a Distribution Date
      means the aggregate of:

      (a)    any A$ Class A-1 Interest Amounts remaining unpaid pursuant to
             clause 10.2(k) from prior Distribution Dates; and

      (b)    interest on the A$ Class A-1 Interest Amounts referred to in
             paragraph (a) at the A$ Class A-1 Interest Rate applicable from
             time to time from the date that that A$ Class A-1 Interest Amount
             first became payable under clause 10.2(k) until (but not
             including) the date actually paid under clause 10.2(k).

      "A$ Equivalent" in relation to an amount which is calculated, determined
      or expressed in US$ or which includes a component determined or expressed
      in US$ means that US$ amount or US$ component (as the case may be)
      multiplied by the A$ Exchange Rate.

      "A$ Exchange Rate" means the "A$ Exchange Rate" specified in paragraph 7
      of the confirmation for each Class A-1 Currency Swap.

      "A$ Security" means, as the context requires, a Class A-2 Note, a Class B
      Note, a Redraw Bond or all of the foregoing.

      "Accrual Period" means initially the period commencing on (and including)
      the Closing Date and ending on (but excluding) the first Distribution Date
      and, thereafter, is each successive period starting on (and including) a
      Distribution Date and ending on (but excluding) the next Distribution
      Date.  The final Accrual Period ends on (but excludes) the Termination
      Payment Date and commences on (and includes) the Distribution Date
      immediately preceding the Termination Payment Date.

      "Accrued Interest Adjustment" in relation to a Mortgage Loan means the
      amount of interest accrued on that Mortgage Loan for, and any fees in
      relation to the Mortgage Loan falling due for payment during, the period
      commencing on (and including) the Monthly Anniversary Date for that
      Mortgage Loan immediately prior to the Cut-Off Date and ending on (but
      excluding) the Closing Date and any accrued interest and fees due but
      unpaid in relation to the Mortgage Loan prior to that Monthly Anniversary
      Date.

      "Adverse Document Custody Audit Report" means a Document Custody Audit
      Report in which the overall custodial performance of the Seller is graded
      D in accordance with the grading system referred to in clause 25.8.

      "Adverse Effect" means any event which (determined by the Manager unless
      otherwise

                                                                               2
<PAGE>

      expressly specified in this Deed or any other Transaction Document)
      materially and adversely affects the amount of any payment due to be made
      to any Securityholder or materially and adversely affects the timing of
      such a payment.

      "Agency Agreement" means the Agency Agreement to be dated on or about the
      Closing Date and made between the Trustee, the Manager, The Bank of New
      York, New York Branch (as the initial Class A-1 Note Trustee, Principal
      Paying Agent, Agent Bank and Class A-1 Note Registrar) and The Bank of New
      York, London Branch (as the initial additional Paying Agent).

      "Agent Bank" has the same meaning as in the Agency Agreement.

      "Arranging Fee" means the fee payable to the Manager on each Distribution
      Date calculated in accordance with clause 19.2.

      "Available Income Amount" in relation to a Distribution Date means the
      aggregate of:

      (a)  the Preliminary Income Amount for the immediately preceding
           Determination Date;

      (b)  any Liquidity Facility Advance due to be made on the Distribution
           Date; and

      (c)  any other amounts received by the Trustee from a Support Facility
           Provider under a Support Facility on or prior to the Distribution
           Date which the Manager determines should be included in the Available
           Income Amount (other than any amounts already included in paragraphs
           (a) and (b)).

      "Available Principal Amount" in relation to a Determination Date and the
      immediately following Distribution Date means an amount calculated as
      follows:

                       APA = PC + PCOR + OPA + RBA + SRFA

     where:

      APA   =    the Available Principal Amount as at that Determination Date;

      PC    =    the Principal Collections for the Collection Period ending on
                 that Determination Date;

      PCOR  =    the Principal Chargeoff Reimbursement as at that Determination
                 Date;

      OPA   =    the Other Principal Amounts as at that Determination Date;

      RBA   =    the Redraw Bond Amount as at that Determination Date; and

      SRFA  =    the Standby Redraw Facility Advance on the following
                 Distribution Date.

      "Average Delinquent Percentage" in relation to a Determination Date means
      the amount (expressed as a percentage) calculated as follows:

                                        SDP
                                 ADP = ------
                                         12

      where:

      ADP  =  the Average Delinquent Percentage; and

      SDP  =  the sum of the Delinquent Percentages for the 12 Collection
              Periods immediately preceding or ending (as the case may be)
              on the Determination Date,

                                                                               3
<PAGE>

      provided that if on that Determination Date there has not yet been 12
      Collection Periods the Average Delinquent Percentage in relation to that
      Determination Date means the amount (expressed as a percentage) calculated
      as follows:

                                        SDP
                                 ADP = -----
                                         N

      where:

      ADP     =   the Average Delinquent Percentage;

      SDP     =   the sum of the Delinquent Percentages for all of the
                  Collection Periods preceding or ending (as the case may be)
                  on the Determination Date; and

      N       =   the number of Collection Periods preceding the Determination
                  Date.

      "Bank Bill Rate" in relation to an Accrual Period means the rate appearing
      at approximately 10.00 am Sydney time on the Rate Set Date for that
      Accrual Period on the Reuters Screen page "BBSW" as being the average of
      the mean buying and selling rates appearing on that page for a bill of
      exchange having a tenor of three months. If:

      (d)  on the first day of an Accrual Period fewer than 4 banks are quoted
           on the Reuters Screen page "BBSW"; or

      (e)  for any other reason the rate for that day cannot be determined in
           accordance with the foregoing procedures,

      then the "Bank Bill Rate" means such rate as is specified by the Manager
      having regard to comparable indices then available.  Notwithstanding the
      foregoing, the Bank Bill Rate for the initial Accrual Period will be
      determined by straight line interpolation between the Bank Bill Rate
      determined as above for a bill of exchange having a tenor of [3] months
      and the Bank Bill Rate determined as above for a bill of exchange having a
      tenor of [4] months.

      "Basis Swap" has the same meaning as in the Interest Rate Swap Agreement.

      "Binding Provision" means any provision of the Code of Banking Practice
      released by the Australian Bankers' Association on 3 November 1993, any
      other code or arrangement binding on the Seller or the Servicer and any
      laws applicable to banks or other lenders in the business of making retail
      home loans.

      "Borrower" in relation to a Mortgage Loan means the person or persons to
      whom a loan or other financial accommodation has been provided under the
      corresponding Mortgage Loan and includes, where the context requires, the
      mortgagor under the corresponding Mortgage.

      "Break Benefits" in relation to a Determination Date means the total break
      benefits paid by or on behalf of the Trustee during the Collection Period
      ending on that Determination Date to a Borrower in relation to a Mortgage
      Loan which is then part of the Assets of the Series Trust arising from the
      early termination of that Mortgage Loan or the early termination of a
      fixed interest rate period under that Mortgage Loan.

      "Break Costs" in relation to a Determination Date means the total break
      costs, or amounts in respect of break costs, received by or on behalf of
      the Trustee during the Collection Period ending on that Determination Date
      from a Borrower, GEMI, PMI or any other person in relation to a Mortgage
      Loan which is then part of the Assets of the Series Trust (or was
      immediately prior to its Liquidation Date or the date that it was assigned
      under a Mortgage Insurance Policy, an Asset of the Series Trust) arising
      from the early termination of that Mortgage Loan or the early termination
      of a fixed interest rate period under that Mortgage Loan.

                                                                               4
<PAGE>

      "Business Day" means any day on which banks are open for business in
      Sydney, New York City and London, other than a Saturday, a Sunday or a
      public holiday in Sydney, New York City or London.

      "Call Date" has the same meaning as in the Class A-1 Note Conditions.

      "Cash Advance Deposit" has the same meaning as in the Liquidity Facility
      Agreement.

      "Caveat" in relation to a Mortgage forming part of the Assets of the
      Series Trust or in relation to a Shared Security means a land titles
      office caveat in registrable form which, upon registration, is effective
      to protect the Trustee's interest as equitable assignee of the Seller's
      interest in the Mortgage or, in the case of a Shared Security, is
      effective to protect the Seller's interest as beneficiary of the CBA Trust
      in the Shared Security.

      "Caveat and Transfer Details" in relation to each Mortgage forming part of
      the Assets of the Series Trust means such details as may be required by
      the relevant land titles office in order to lodge and obtain registration
      of Caveat and/or Mortgage Transfers.

      "CBA Trust" means the trust constituted in favour of the Seller pursuant
      to clause 2.1.

      "CBA Trust Assets" means all assets and property, real and personal
      (including choses in action and other rights), tangible and intangible,
      present or future, held by the Trustee as trustee of the CBA Trust from
      time to time.

      "Certificate of Title" in relation to a Mortgaged Property means the
      certificate of title or other documents evidencing title to that Mortgaged
      Property (including, if applicable, the documents forming any abstract of
      that title) or where the certificate of title or other documents have been
      cancelled due to the computerisation of the register, any original
      registration confirmation, notification or statement which the Seller has
      in its files.

      "Charge" has the same meaning as in the Security Trust Deed.

      "Class A-1 Chargeoff Percentage" in relation to a Determination Date means
      the amount (expressed as a percentage) calculated as follows:

                                   CA1SA
                CA1CP = ---------------------------
                        CA1SA + CA2SA + RBSA + SRFP

      where:

      CA1CP   =    the Class A-1 Chargeoff Percentage in relation to that
                   Determination Date;

      CA1SA   =    the A$ Equivalent of the aggregate Stated Amounts of the
                   Class A-1 Notes on that Determination Date;

      CA2SA   =    the aggregate Stated Amounts of the Class A-2 Notes on that
                   Determination Date;

      RBSA    =    the aggregate Stated Amount of the Redraw Bonds on that
                   Determination Date; and

      SRFP    =    the Standby Redraw Facility Principal on that Determination
                   Date.

      "Class A-1 Currency Swap" means the transactions defined as such in each
       Currency Swap Agreement.

      "Class A-1 Interest Amount" has the same meaning as in the Class A-1 Note
      Conditions.

                                                                               5
<PAGE>

      "Class A-1 Interest Payment" in relation to a Distribution Date means each
      US$ Class A-1 Interest Payment (as that term is defined in the relevant
      Currency Swap Agreement) paid or payable (as the case may be) by the
      relevant Currency Swap Provider to or at the direction of the Trustee on
      that Distribution Date in accordance with the relevant Class A-1 Currency
      Swap.

      "Class A-1 Note Conditions" means the terms and conditions of the Class A-
      1 Notes as annexed to the Class A-1 Notes.

      "Class A-1 Noteholder" has the same meaning as in the Class A-1 Note
      Conditions.

      "Class A-1 Note Registrar" has the same meaning as in the Agency
      Agreement.

      "Class A-1 Notes" has the same meaning as in the Class A-1 Note
      Conditions.

      "Class A-1 Note Trust Deed" means the Class A-1 Note Trust Deed to be
      dated on or about the Closing Date and made between the Trustee, the
      Manager and the Class A-1 Note Trustee.

      "Class A-1 Note Trustee" means The Bank of New York, New York Branch or,
      if The Bank of New York is removed or retires as the trustee for the Class
      A-1 Noteholders, any person appointed from time to time in its place in
      accordance with the Class A-1 Note Trust Deed.

      "Class A-1 Percentage" in relation to a Determination Date means the
      amount (expressed as a percentage) calculated as follows:

                                           CA1IA
                                CA1P = --------------
                                       CA1IA + CA21IA

      where:

      CA1P    =      the Class A-1 Percentage;

      CA1IA   =      the A$ Equivalent of the aggregate Invested Amount of the
                     Class A-1 Notes on the Determination Date; and

      CA2IA   =      the aggregate Invested Amount of the Class A-2 Notes on
                     the Determination Date.

      "Class A-1 Unpaid Interest Amount" has the same meaning as in the Class A-
      1 Note Conditions.

      "Class A-2 Chargeoff Percentage" in relation to a Determination Date means
      the amount (expressed as a percentage) calculated as follows:

                                   CA2SA
               CA2CP = ------------------------------
                         CA1SA +  CA2SA + RBSA + SRFP

      where:

      CA2CP  =    the Class A-2 Chargeoff Percentage in relation to that
                  Determination Date;

      CA1SA  =    the A$ Equivalent of the aggregate Stated Amounts of the
                  Class A-1 Notes on that Determination Date;

      CA2SA  =    the aggregate Stated Amounts of the Class A-2 Notes on that
                  Determination Date;

      RBSA   =    the aggregate Stated Amount of the Redraw Bonds on that
                  Determination

                                                                               6
<PAGE>

                  Date; and

      SRFP   =    the Standby Redraw Facility Principal on that Determination
                  Date.

      "Class A-2 Note" means a debt security issued by the Trustee, in its
      capacity as trustee of the Series Trust, pursuant to the provisions of
      this Deed and the Dealer Agreement and forming part of the Class of
      Securities described in clause 5.1(b) as Class A-2 Notes.

      "Class A-2 Noteholder" means at any time the person recorded at that time
      in the Register as the holder of a Class A-2 Note.

      "Class A-2 Percentage" in relation to a Distribution Date means 100% less
      the Class A-1 Percentage for that Determination Date.

      "Class A Note" means, as the context requires, a Class A-1 Note, a Class
      A-2 Note or both.

      "Class A Noteholder" means, as the context requires, a Class A-1
      Noteholder, a Class A-2 Noteholder or both.

      "Class A Percentage" in relation to a Determination Date means the amount
      (expressed as a percentage) calculated as follows:

                                         ISA
                                  CAP = -----
                                         NSA

      where:

      CAP    =    the Class A Percentage;

      SAA    =    the aggregate of the A$ Equivalent of the Stated Amounts for
                  the Class A-1 Notes, and the Stated Amounts for the Class A-2
                  Notes, on that Determination Date; and

      NSA    =    the aggregate of the A$ Equivalent of the Stated Amounts for
                  the Class A-1 Notes, and the Stated Amounts for the Class A-2
                  Notes and the Class B Notes, on that Determination Date.

      "Class A Principal Distribution" in relation to a Distribution Date means
       the amount calculated as follows:

                   CAPD = CASPA + CAUPA + (SDP x CBUPA)

      where:

      CAPD   =     the Class A Principal Distribution;

      CASPA  =     the Class A Scheduled Principal Amount on the preceding
                   Determination Date;

      CAUPA  =     the Class A Unscheduled Principal Amount on the preceding
                   Determination Date;

      SDP    =     the Stepdown Percentage on the preceding Determination Date;
                   and

      CBUPA  =     the Class B Unscheduled Principal Amount on the preceding
                   Determination Date.

      "Class A Scheduled Principal Amount" in relation to a Determination Date
       means the amount calculated as follows:

                                                                               7
<PAGE>

                   CASPA = CAP x NSPA

      where:

      CASPA  =     the Class A Scheduled Principal Amount;

      CAP    =     the Class A Percentage on that Determination Date; and

      NSPA   =     the Net Scheduled Principal Amount on that Determination
                   Date.

      "Class A Unscheduled Principal Amount" in relation to a Determination Date
       means the amount calculated as follows:

                   CAUPA = CAP x NUPA

      where:

      CAUPA  =     the Class A Unscheduled Principal Amount;

      CAP    =     the Class A Percentage on that Determination Date; and

      NUPA   =     the Net Unscheduled Principal Amount on that Determination
                   Date.

      "Class B Available Support" in relation to a Determination Date means an
      amount (expressed as a percentage) calculated as follows:

                                         SAB
                              CBAS = ------------
                                      ASA + SRFL

      Where:

      CBAS   =     the Class B Available Support;

      SAB    =     the aggregate Stated Amount for the Class B Notes on that
                   Determination Date;

      ASA    =     the aggregate of the A$ Equivalent of the Stated Amounts of
                   the Class A-1 Notes, and the Stated Amounts for all other
                   Securities, on that Determination Date; and

      SRFL   =     the Standby Redraw Facility Limit on that Determination Date.

      "Class B Note" means a debt security issued by the Trustee, in its
      capacity as trustee of the Series Trust, pursuant to the provisions of
      this Deed and the Dealer Agreement and forming part of the Class of
      Securities described in clause 5.1(c) as Class B Notes.

      "Class B Noteholder" means at any time the person recorded at that time in
      the Register as the holder of a Class B Note.

      "Class B Percentage" in relation to a Determination Date means 100% less
      the Class A Percentage for that Determination Date.

      "Class B Required Support" in relation to a Determination Date means the
      amount (expressed as a percentage) calculated as follows:

                           IIA
                CBRS =    -----
                           AIIA

      where:

                                                                               8
<PAGE>

      CBRS   =  the Class B Required Support;

      IIA    =  the aggregate Initial Invested Amount for the Class B Notes; and

      AIIA   =  the aggregate of the A$ Equivalent of Initial Invested Amounts
                of the Class A-1 Notes, and the Initial Invested Amounts for all
                other Securities, on that Determination Date.

      "Class B Unscheduled Principal Amount" in relation to a Determination Date
       means the amount calculated as follows:

                    CBUPA = CBP x NUPA

      where:

      CBUPA  =  the Class B Unscheduled Principal Amount;

      CBP    =  the Class B Percentage on that Determination Date; and

      NUPA   =  the Net Unscheduled Principal Amount on that Determination
                Date.

      "Clean-up Settlement Date" means the Distribution Date determined in
      accordance with clause 23.3.

      "Clean-up Settlement Price" means the amount calculated in accordance with
      clause 23.4.

      "Closing Date" means the date specified by the Seller to the Trustee and
      the Manager in the Sale Notice (if any) to be the Closing Date (or such
      other date as the Manager may notify the Trustee and the Seller in
      accordance with the Sale Notice).

      "Collateral Security" means in respect of a Mortgage Loan:

      (a)  any:

           (i)      Security Interest; or

           (ii)     guarantee, indemnity or other assurance,

           which secures or otherwise provides for the repayment or payment of
           the Mortgage Loan or an Other Loan but does not include the Mortgage
           relating to the Mortgage Loan; or

      (b)  any Mortgage Insurance Policy or Insurance Policy in respect of the
           Mortgage relating to the Mortgage Loan or the Land secured by the
           Mortgage relating to the Mortgage Loan.

      A Collateral Security referred to in paragraph (a) may be given under the
      same document that evidences the Mortgage Loan or the Other Loan to which
      that Collateral Security relates.

      "Collection Period" means:

      (a)  with respect to the first Determination Date, the period commencing
           on (and including) the Cut-Off Date and ending on (but excluding)
           that Determination Date; and

      (b)  with respect to each subsequent Determination Date, the period
           commencing on and including the previous Determination Date and
           ending on (but excluding) that Determination Date.

      "Collections" means Finance Charge Collections, Other Income Amounts,
      Mortgage

                                                                               9
<PAGE>

      Insurance Income Proceeds, Principal Collections and Other Principal
      Amounts.

      "Collections Account" means the account established and maintained
      pursuant to clause 22.1 or any new account established as the Collections
      Account under clause 22.3.

      "Competent Authority" means a court, tribunal, authority, ombudsman or
      other entity whose decisions, findings, orders, judgment or determinations
      (howsoever reached) are binding on the Seller or the Servicer.

      "Consideration" means the aggregate Mortgage Loan Principal of the
      Mortgage Loans assigned to the Trustee as at the Cut-Off Date.

      "Consumer Credit Code" means, as applicable, the Consumer Credit Code set
      out in the Appendix to the Consumer Credit (Queensland) Act 1995 as in
      force or applied as a law of any jurisdiction in Australia, the provisions
      of the Code set out in the Appendix to the Consumer Credit (Western
      Australia) Act 1996 or the provisions of the Code set out in the Appendix
      to the Consumer Credit (Tasmania) Act 1996.

      "Currency Swap Agreement" means each of two ISDA Master Agreements between
      the initial Currency Swap Providers, the Trustee and the Manager, together
      with a schedule and a credit support annex and a confirmation relating
      thereto and includes any substitute agreement in place of an existing
      Currency Swap Agreement.

      "Currency Swap Provider" means initially each of Merrill Lynch
      International (Australia) Limited, ACN 002 892 846 and Commonwealth Bank
      of Australia and includes any other person that subsequently enters into a
      Currency Swap Agreement with the Trustee and the Manager.

      "Cut-Off Date" means the date specified as such in the Sale Notice (or
      such other date as the Manager may notify the Trustee and the Seller in
      accordance with the Sale Notice).

      "Dealer Agreement" means the Dealer Agreement dated on or about the date
      of this Deed between the Trustee, the Manager, Commonwealth Bank of
      Australia (as lead manager) and the other institutions named therein (as
      managers) and pursuant to which the lead manager and such other managers
      agree to subscribe for or procure subscriptions for the A$ Securities.

      "Delinquent Percentage" in relation to a Collection Period means the
      amount (expressed as a percentage) calculated as follows:

                                         DMLP
                                   DP = -----
                                         AMLP

      where:

      DP    =       the Delinquent Percentage;

      DMLP  =       the aggregate Mortgage Loan Principal on the last day of the
                    Collection Period in relation to Mortgage Loans which are
                    then part of the Assets of the Series Trust and in relation
                    to which a payment due from the Borrower has been in arrears
                    (on that day) by more than 60 days; and

      AMLP  =       the aggregate Mortgage Loan Principal on the last day of the
                    Collection Period in relation to Mortgage Loans which are
                    then part of the Assets of the Series Trust.

      "Depository" means each organisation registered as a clearing agency
      pursuant to section 17A of the United States Securities Exchange Act of
      1934 that agrees with the Manager and the Trustee to hold Class A-1 Notes
      (directly or through a nominee) and initially means The Depository Trust
      Company.

                                                                              10
<PAGE>

      "Determination Date" means the first day of the calendar month in which
      each Distribution Date occurs.  The first Determination Date is [1
      December] 2000.

      "Distribution Date" means the [18th] day of each [December, March, June
      and September] (or if such a day is not a Business Day, the next Business
      Day).  The first Distribution Date is [18 December] (or if that day is
      not a Business Day, the next Business Day).

      "Document Custody Audit Report" means a report by the Auditor of the
      Series Trust in accordance with clause 25.

      "Document Transfer Event" means each of the events referred to in clause
      25.11.

      "Eligible Depository" means a financial institution which has assigned to
      it short term credit ratings equal to or higher than (as the case may be)
      A-1 by S&P, P-1 by Moody's and F1+ by Fitch and includes the Servicer to
      the extent that:

      (a) it is rated in this manner (provided that if the Servicer is the
          Seller or if the Servicer is an authorised deposit taking institution
          under and for the purposes of the Banking Act, 1959 (Commonwealth) the
          above rating requirement of Fitch will be replaced with a short-term
          credit rating equal to or higher than F1); or

      (b) the Rating Agencies confirm that the rating of the Servicer at a lower
          level will not result in a reduction, qualification or withdrawal of
          the ratings given by the Rating Agencies to the Securities.

      "Eligible Deposit Account" means an account with an Eligible Depository.

      "Eligibility Criteria" has the meaning set out in Schedule 5.

      "Excess Distribution" in relation to a Distribution Date means the amount
      (if any) payable to the Residual Unitholder on that Distribution Date
      pursuant to clause 10.2(o).

      "Expenses" means all amounts relating to the Series Trust referred to in
      clause 16.11 of the Master Trust Deed and includes (without limiting the
      generality of the foregoing and without double counting) the aggregate of:

      (a)  any reasonable Property Protection Expenses or Mortgage Enforcement
           Expenses incurred by the Servicer in connection with the management,
           maintenance or sale of any Mortgaged Property or in the enforcement
           of any Mortgage Documents;

      (b)  the cost of registering any Caveats or Mortgage Transfers in relation
           to Mortgages forming part of the Assets of the Series Trust, to the
           extent not reimbursed by the Seller in accordance with this Deed;

      (c)  any reasonable fees, charges and moneys payable to any consultant
           appointed by the Trustee, the Manager or the Servicer and all
           disbursements, expenses, duties and outgoings properly chargeable in
           respect of such consultant;

      (d)  subject to clause 8.7, any Break Benefits;

      (e)  the Security Trustee's Expenses; and

      (f)  any amount received by the Trustee or the Servicer on or after the
           Cut-Off Date in respect of a Mortgage Loan forming part of the Assets
           of the Series Trust, related Mortgage or related First Layer of
           Collateral Security which the Servicer, pursuant to a decision,
           finding, order, judgment or determination of a Competent Authority or
           pursuant to a Binding Provision or based on advice from its legal
           advisers (either internal or external), has repaid to the liquidator
           or the trustee-in-bankruptcy (as the

                                                                              11
<PAGE>

          case may be) of a Borrower or the grantor of a First Layer of
          Collateral Security as a result of the insolvency or bankruptcy (as
          the case may be) of the Borrower or the grantor of the First Layer of
          Collateral Security,

      but does not include any amount referred to in clauses 10.2(a)-(g)
      (inclusive) and (i)-(o) (inclusive) and 10.3.

      "Fair Market Value" in relation to a Mortgage Loan means the fair market
      value for that Mortgage Loan determined by the Seller's external auditors
      and which value reflects the performing or non-performing status (as
      determined by the Servicer) of that Mortgage Loan and any benefit which
      the intended purchaser will have in respect of such Mortgage Loan under
      any relevant Support Facility.

      "Finance Charge Collections" in relation to a Collection Period means the
      aggregate of the following amounts (without double counting) received by
      or on behalf of the Trustee during that Collection Period in respect of
      the Mortgage Loans then forming part of the Assets of the Series Trust:

      (a)  all amounts received under or in respect of the Mortgage Loans
           (including Liquidation Proceeds) in respect of interest, fees,
           Government Charges or other amounts due under the Mortgage Loans
           (less reversals made during the period in respect of interest or
           other charges in relation to any of the accounts where the original
           debit entry (or part thereof) was in error) but excluding principal
           and any insurance premiums and related charges payable to the Seller;

      (b)  all amounts of interest received under or in respect of the Mortgage
           Loans and the Mortgage Loan Rights to the extent that the obligations
           to pay such amounts are discharged by the exercise during that
           Collection Period of a right of set-off or right to combine accounts;
           and

      (c)  subject to clause 8.7, any Break Costs,

      but does not include any Mortgage Insurance Income Proceeds or Other
      Income Amounts.

      "First Layer of Collateral Securities" in relation to a Mortgage Loan
      means:

      (a)  the Collateral Securities (other than any Mortgage Insurance Policy
           relating to the Mortgage Loan or any related Insurance Policies) from
           time to time appearing in the records of the Seller to be intended as
           security for the Mortgage Loan;

      (b)  any Mortgage Insurance Policy relating to the Mortgage Loan; and

      (c)  any related Insurance Policies,

      notwithstanding that by their terms the Collateral Securities (other than
      the Mortgage Insurance Policies or any Insurance Policies) may also secure
      other liabilities to the Seller.

      "Fitch" means Fitch, Inc.

      "Fixed Rate Swap" has the same meaning as in the Interest Rate Swap
      Agreement.

      "GEMI" means GE Mortgage Insurance Pty. Ltd, ACN 071 466 334.

      "Government Charges" means any amount debited to the accounts established
      in the Servicer's records for the Mortgage Loans representing financial
      institutions duty, bank accounts debits tax or similar tax or duty imposed
      by any Governmental Agency.

      "Gross Unscheduled Principal Amount" in relation to a Determination Date
      means the amount calculated as follows:

                                                                              12
<PAGE>

               GUPA  =  OPA + PCOR + RBA + SRFA

     where:

     GUPA   =  the Gross Unscheduled Principal Amount;

     OPA    =  the Other Principal Amounts on that Determination Date;

     PCOR   =  the Principal Chargeoff Reimbursement on that Determination Date;

     RBA    =  the Redraw Bond Amount on that Determination Date; and

     SRFA   =  the Standby Redraw Facility Advance to be made on the following
                Distribution Date.

     "GST" means the goods and services tax imposed pursuant to the GST Act.

     "GST Act" means A New Tax System (Goods and Services Tax) Act, 1999.

     "Hedge Provider" means an Interest Rate Swap Provider or a Currency Swap
       Provider.

     "Income Loss" in relation to a Mortgage Loan, means on the Liquidation
       Date for the Mortgage Loan, the aggregate of:

     (a)  all interest payable in respect of such Mortgage Loan up to and
          including the Liquidation Date calculated at the Mortgage Rate and
          otherwise in accordance with the Mortgage Documents, whether or not
          such interest has been capitalised;

     (b)  all fees and other charges of any type whatsoever payable in respect
          of such Mortgage Loan up to and including the Liquidation Date in
          accordance with the Mortgage Documents, whether or not such fees and
          other charges have been capitalised; and

     (c)  any Property Protection Expenses and Mortgage Enforcement Expenses
          incurred in connection with such Mortgage Loan up to and including the
          Liquidation Date,

     less:

     (d)  any Liquidation Proceeds received in respect of such Mortgage Loan up
          to and including the Liquidation Date in respect of such Mortgage Loan
          provided that Liquidation Proceeds will only be included in this
          paragraph (d) to the extent that the resulting Income Loss is zero or
          a positive number.

          "Income Shortfall" in relation to a Determination Date means the
          amount (if any) by which the Required Income Amount for that
          Determination Date exceeds the Preliminary Income Amount for that
          Determination Date.

          "Initial Invested Amount" in relation to a Class A-1 Note has the
          meaning given to it in clause 5.5(a) and in relation to an A$ Security
          has the meaning given to it in clause 5.5(b).

          "Insurance Policy" means any insurance policy (whether present or
          future) under which the improvements on the Land the subject of a
          Mortgage or a Collateral Security are insured against destruction or
          damage by events which include fire.

          "Insurance Proceeds" means the proceeds paid by an insurer pursuant to
          any Insurance Policy.

          "Interest Amount" in relation to an A$ Security and an Accrual Period
          means the aggregate interest accrued on that A$ Security during that
          Accrual Period pursuant to clause 5.6(b).

                                                                              13
<PAGE>

          "Interest Rate" in relation to an A$ Security and an Accrual Period
          means the aggregate of:

          (a)  the Bank Bill Rate for that Accrual Period; and

          (b)  the Issue Margin for that A$ Security.

          "Interest Rate Basis Cap" has the same meaning as in the Interest Rate
          Swap Agreement.

          "Interest Rate Swap Agreement" means an agreement in the form of an
          amended ISDA Master Agreement dated on or about the date of this Deed
          between the Trustee, the Manager and the initial Interest Rate Swap
          Provider which provides for each of:

          (a)  the Fixed Rate Swaps;

          (b)  the Basis Swap; and

          (c)  the Interest Rate Basis Cap,

          and includes any substitute agreement in place of an existing Interest
          Rate Swap Agreement.

          "Interest Rate Swap Provider" means initially the Commonwealth Bank of
          Australia and includes any other person that subsequently enters into
          an Interest Rate Swap Agreement with the Trustee and the Manager.

          "Interest Rate Swap Provider Deposit" means any amount deposited by
          the Interest Rate Swap Provider in the Collections Account or any
          other account held by the Trustee as trustee of the Series Trust by
          way of prepayment of the Interest Rate Swap Provider's payment
          obligations under the Interest Rate Swap Agreement.

          "Invested Amount" in relation to:

          (a)  a Class A-1 Note at any time has the same meaning as in the Class
               A-1 Note Conditions; and

          (b)  an A$ Security at any time means the Initial Invested Amount of
               that A$ Security less the aggregate of all amounts previously
               paid in relation to that A$ Security on account of principal
               pursuant to clause |10.3(c).

          "Issue Date" in relation to a Security means the day on which the
          Security is issued by the Trustee.

          "Issue Margin" in relation to:

          (a)  a Class A-2 Note and a Class B Note means, subject to the
               following:

               (i)      in the case of a Class A-2 Note, for the period from,
                        and including, the Closing Date to (but excluding) the
                        Call Date and, in the case of a Class B Note, to (but
                        excluding) the date on which the Class B Note ceases to
                        accrue interest in accordance with clause |5.6(b), the
                        margin expressed as a percentage per annum applying in
                        relation, respectively, to each Class A-2 Note and Class
                        B Note determined in accordance with the Dealer
                        Agreement and advised by the Manager to the Trustee; and

               (ii)     in respect of a Class A-2 Note only, for the period
                        from, and including, the Call Date to (but excluding)
                        the date on which the Class A-2 Note ceases to accrue
                        interest in accordance with clause 5.6(b), double the
                        margin referred to in paragraph (i) in relation to that
                        Class A-2 Note,

               provided that if on or after the Call Date the Trustee, at the
               direction of the Manager, proposes to exercise its option to
               redeem the Securities at their Stated

                                                                              14
<PAGE>

             Amount in accordance with Condition 7.3 of the Class A-1 Note
             Conditions on a Distribution Date but is unable to do so because,
             following a meeting of Securityholders convened under the
             provisions of the Security Trust Deed by the Manager for this
             purpose, the Securityholders have not approved by an Extraordinary
             Resolution the redemption of the Securities at their Stated Amount,
             then the Issue Margin in relation to each Class A-2 Note from, and
             including that Distribution Date to, but excluding, the date on
             which the Class A-2 Note ceases to accrue interest in accordance
             with clause |5.6(b) will be the margin in relation to the Class A-2
             Note referred to in paragraph (i) above; and

     (b)     a Redraw Bond means the margin expressed as a percentage per annum
             applying to the Redraw Bond determined in accordance with the
             Dealer Agreement and advised by the Manager to the Trustee.

     "Land" means:

     (a)     land (including tenements and hereditaments corporeal and
             incorporeal and every estate and interest in it whether vested or
             contingent, freehold or Crown leasehold, the term of which lease is
             expressed to expire not earlier than 5 years after the maturity of
             the relevant Mortgage, and whether at law or in equity) wherever
             situated and including any fixtures to land; and

     (b)     any parcel and any lot, common property and land comprising a
             parcel within the meaning of the Strata Titles Act 1973 (New South
             Wales) or the Community Land Development Act, 1989 (New South
             Wales) or any equivalent legislation in any other Australian
             jurisdiction.

     "Liquidated Mortgage Loan" means a Mortgage Loan with respect to which a
     Material Default has occurred and with respect to which the Servicer has
     determined that all Liquidation Proceeds likely to be recoverable have
     been recovered, having regard to:

     (a)     any enforcement of the relevant Mortgage Documents;

     (b)     any sale of the relevant Mortgaged Property;

     (c)     any proceeds paid on the compulsory acquisition of the relevant
             Mortgaged Property by any Governmental Agency;

     (d)     any Insurance Proceeds paid or payable under any relevant Insurance
             Policy;

     (e)     any payments received from any relevant Borrower; and

     (f)     such other matters as the Servicer reasonably determines to be
             relevant.

     "Liquidation Date" in relation to a Mortgage Loan means the date on which
     such Mortgage Loan becomes a Liquidated Mortgage Loan.

     "Liquidation Proceeds" in relation to a Mortgage Loan means the amount
     received by or on behalf of the Trustee in connection with the liquidation
     of such Mortgage Loan including, without limitation:

     (a)  proceeds arising from the enforcement of the relevant Mortgage and
          sale of the relevant Mortgaged Property;

     (b)  proceeds arising from the enforcement of the relevant Mortgage
          Documents;

     (c)  Insurance Proceeds under any relevant Insurance Policy; and

     (d)  proceeds arising from any resumption or compulsory acquisition of the
          relevant

                                                                              15
<PAGE>

          Mortgaged Property by any Governmental Agency,

     but does not include:

     (e)  any amount required pursuant to the terms of any relevant Mortgage
          Document or any law to be paid to the Borrower, including any person
          having an interest in the Mortgaged Property as a mortgagee;

     (f)  if the Trustee is a party to a Fixed Rate Swap, any Break Costs;

     (g)  any Mortgage Insurance Income Proceeds; and

     (h)  any Mortgage Insurance Principal Proceeds.

     "Liquidity Facility" means a liquidity facility made available by a
     Liquidity Facility Provider to the Trustee pursuant to the Liquidity
     Facility Agreement.

     "Liquidity Facility Advance" in relation to a Distribution Date means the
     amount to be advanced to the Trustee on that Distribution Date under the
     Liquidity Facility.

     "Liquidity Facility Agreement" means the Liquidity Facility Agreement
     dated on or about the date of this Deed between the Trustee, the Manager
     and the initial Liquidity Facility Provider and includes any substitute
     liquidity facility agreement entered into by the Trustee as trustee of the
     Series Trust in place of an existing Liquidity Facility Agreement.

     "Liquidity Facility Commitment Fee" means in relation to a Determination
     Date and the immediately following Distribution Date, the commitment fee
     payable to the Liquidity Facility Provider on that Distribution Date
     pursuant to the Liquidity Facility Agreement.

     "Liquidity Facility Interest" in relation to a Distribution Date means the
     interest due on that Distribution Date pursuant to the terms of a
     Liquidity Facility Agreement.

     "Liquidity Facility Principal" in relation to a Determination Date and the
     immediately following Distribution Date means the aggregate of all
     Liquidity Facility Advances outstanding under the Liquidity Facility
     Agreement at that Determination Date.

     "Liquidity Facility Provider" means initially the Commonwealth Bank of
     Australia and each other person who may from time to time provide a
     Liquidity Facility.

     "Loan Agreement" means, with respect to a Mortgage Loan, any agreement,
     schedule, terms and conditions, letter, application, approval or other
     document (other than the relevant Mortgage) relating to the provision of
     financial accommodation by the Seller to the Borrower in connection with
     such Mortgage Loan.

     "Loan Files" in relation to a Mortgage Loan means such books, records,
     paper and electronic files (whether originals or copies) relating to that
     Mortgage Loan (other than the Mortgage Documents) which the Servicer has
     in its custody.

     "Loan to Value Ratio" in relation to a Mortgage Loan means the amount
     (expressed as a percentage) calculated as follows:

                                       L
                                      ---
                                       V

      where:

      L  =          the amount of the Mortgage Loan outstanding as at the date
                    of determination or if at the date of determination the
                    Mortgage Loan has not been made, the amount of the then
                    proposed Mortgage Loan; and

                                                                              16
<PAGE>

      V  =          the aggregate value of the Land subject to any Mortgage
                    recorded as securing the Mortgage Loan, as determined in
                    accordance with the then Servicing Standards.

      "Loss Recovery" in relation to a Liquidated Mortgage Loan means all
      amounts received by or on behalf of the Trustee in respect of that
      Liquidated Mortgage Loan after the relevant Liquidation Date.

      "Management Fee" means the fee payable to the Manager on each Distribution
      Date in accordance with clause 19.1.

      "Manager" means Securitisation Advisory Services Pty. Limited or if
      Securitisation Advisory Services Pty. Limited retires or is removed as
      Manager of the Series Trusts (as defined in the Master Trust Deed), any
      then Substitute Manager and includes the Trustee when acting as the
      Manager of the Series Trusts in accordance with the terms of the Master
      Trust Deed.

      "Master Trust Deed" means the Master Trust Deed dated 8 October 1997
      between the Manager and the Trustee.

      "Material Default" in relation to a Mortgage Loan means:

      (a)      a failure by the Borrower (as recognised by the Servicer's
               system) to pay on the due date any amount due pursuant to the
               corresponding Loan Agreement (including any amount not previously
               paid which remains outstanding) where the failure continues,
               without remedy, for a period of 60 days from the due date for the
               payment of such amount under the relevant Loan Agreement; or

      (b)      an event of default, howsoever described, (other than an event of
               default referred to in paragraph (a)) occurs under any relevant
               Mortgage Document where the event of default continues unremedied
               for 60 days (or such shorter period as the Servicer may determine
               is appropriate in relation to a specific event of default) unless
               the Servicer reasonably determines that such event of default is
               of a minor or technical nature and will not result in an Adverse
               Effect.

      "Monthly Anniversary Date" in relation to a Mortgage Loan means the date
      on which interest is debited to the Borrower's Mortgage Loan account by
      the Servicer pursuant to the relevant Loan Agreement.

      "Moody's" means Moody's Investors Service Inc. and its successors and
      assigns.

      "Mortgage" in relation to a Mortgage Loan means each registered mortgage
      over Land situated in any State or Territory of Australia and appearing on
      the Seller's records as securing, amongst other things, the repayment of
      the Mortgage Loan and the payment of interest and all other moneys in
      respect of the Mortgage Loan notwithstanding that by its terms the
      mortgage may secure other liabilities to the Seller.  If, at any time
      after the date of the Sale Notice, a mortgage is substituted, or added as
      security, for an existing Mortgage, then with effect from the date of such
      addition or substitution the definition of "Mortgage" will mean the
      substituted mortgage or include the additional mortgage, as the case may
      be.

      "Mortgage Documents" in relation to a Mortgage Loan means:

      (a)      the Loan Agreement (if other than the Mortgage) relating to the
               Mortgage Loan;

      (b)      the original or duplicate Mortgage documents in relation to the
               Mortgage Loan (including any document evidencing any substituted
               or additional Mortgage);

      (c)      the Certificate of Title or other indicia of title (if any) in
               respect of the Land the subject of the Mortgage in relation to
               the Mortgage Loan;

                                                                              17
<PAGE>

      (d)      the original or duplicate of the First Layer of Collateral
               Securities documents (other than the Insurance Policies) in
               relation to the Mortgage Loan;

      (e)      any Insurance Policy (or certificate of currency for the
               Insurance Policy) held by the Seller in respect of the Mortgage
               or the First Layer of Collateral Securities in relation to the
               Mortgage Loan;

      (f)      any deed of priority or its equivalent in writing entered into in
               connection with the Mortgage or the First Layer of Collateral
               Securities in relation to the Mortgage Loan;

      (g)      all other documents required to evidence the Seller's or the
               Trustee's interest in the above Land, the above Mortgage and the
               above First Layer of Collateral Securities; and

      (h)      any amendment or replacement of or to any of the foregoing such
               documents which is entered into, and under which rights arise,
               whether before or after the Cut-Off Date.

      "Mortgage Enforcement Expenses" means all costs and expenses properly
      incurred by the Servicer, the Seller or the Trustee (other than their
      respective internal administrative costs) in connection with the
      enforcement of any Mortgage Loan forming part of the Assets of the Series
      Trust, the related Mortgage or the related First Layer of Collateral
      Securities or the recovery of any amounts owing under the Mortgage Loan
      including, without limitation:

      (a)      legal costs and disbursements (including those of in-house
               counsel) charged at the usual commercial rates of the relevant
               legal services provider;

      (b)      costs in connection with the entering into of possession or the
               sale of any property secured by any related Mortgage or First
               Layer of Collateral Securities and any real estate or
               auctioneer's fees and expenses; and

      (c)      any Tax in connection with the sale of the relevant Mortgaged
               Property,

               provided that Mortgage Enforcement Expenses will not include
               Property Protection Expenses or Restoration Expenses.

      "Mortgage Insurance Income Proceeds" in relation to a Determination Date
      means all amounts received by the Trustee pursuant to any Mortgage
      Insurance Policy in relation to any Mortgage Loan then forming part of the
      Assets of the Series Trust which the Manager determines should be
      accounted for on that Determination Date in respect of an Income Loss.

      "Mortgage Insurance Policy" means:

      (a)      the PMI Mortgage Insurance Policy; and

      (b)      any primary mortgage insurance policy granted by GEMI in force in
               respect of a Mortgage Loan, an Other Loan, a Mortgage or a
               Collateral Security which forms part of the Assets of the Series
               Trust.

      "Mortgage Insurance Principal Proceeds" in relation to a Determination
      Date means all amounts received by the Trustee pursuant to any Mortgage
      Insurance Policy in relation to any Mortgage Loan then forming part of the
      Assets of the Series Trust which the Manager determines should be
      accounted for on that Determination Date in respect of a Principal Loss.

      "Mortgage Interest Saver Account" means a deposit account maintained by a
      Borrower with the Seller under which interest that would otherwise be
      earned in respect of the account is off-set (to the extent thereof)
      against interest that would otherwise be payable on a Mortgage Loan
      provided by the Seller to the Borrower.

                                                                              18
<PAGE>

      "Mortgage Loan" means each mortgage loan assigned or to be assigned (as
      the case may be) to the Trustee and referred to in the Sale Notice (if
      issued).

      "Mortgage Loan Principal" at any time in relation to a Mortgage Loan means
      the principal outstanding at that time in respect of that Mortgage Loan.

      "Mortgage Loan Rights" means each of the items (together with all rights,
      title and interest in each of those items) referred to in clause 4.5
      assigned, or which may be assigned, as the case may be, in accordance with
      this Deed to the Trustee as trustee of the Series Trust or the CBA Trust.

      "Mortgage Loan System" means the electronic and manual reporting database
      and record keeping system used by the Servicer to monitor Mortgage Loans,
      as updated and amended from time to time.

      "Mortgage Rate" in relation to a Mortgage Loan means the rate of interest
      payable on the corresponding Mortgage Loan Principal, as such rate may be
      varied from time to time in accordance with the relevant Mortgage
      Documents or any laws.

      "Mortgage Receivables" in relation to a Mortgage Loan means all moneys,
      present and future, actual or contingent, owing at any time in respect of
      or in connection with the Mortgage Loan under the corresponding Mortgage
      Documents, including all principal, interest, reimbursable costs and
      expenses and any other amounts incurred by or payable to the Seller
      (including any payments made by the Seller on behalf of the Borrower in
      relation to the Mortgage Loan) irrespective of whether:

      (a)      such amounts become due and payable before or after the Cut-Off
               Date; and

      (b)      such amounts relate to advances made or other financial
               accommodation provided by the Seller to the Borrower before or
               after the Cut-Off Date.

      "Mortgage Transfer" in relation to a Mortgage means a duly executed land
      titles office transfer which, upon registration, is effective to transfer
      the legal title to the Mortgage to the Trustee.

      "Mortgaged Property" in relation to a Mortgage means the Land and all
      other property mortgaged under that Mortgage.

      "Net Break Payment" in relation to a Determination Date means the amount
      calculated as follows:

                                 NBP = BC  BB

      where:

      NBP   =   the Net Break Payment;

      BC    =   the Break Costs in relation to that Determination Date; and

      BB    =   the Break Benefits in relation to that Determination Date,

      provided that there will only be a Net Break Payment if the result of the
      above calculation is greater than zero.

      "Net Break Receipt" in relation to a Determination Date means the amount
      calculated as follows:

                                 NBR = BB  BC
      Where:
                                                                              19
<PAGE>

      NBR    =   the Net Break Receipt;

      BB     =   the Break Benefits in relation to that Determination Date; and

      BC     =   the Break Costs in relation to that Determination Date,

      provided that there will only be a Net Break Receipt if the result of the
      above calculation is greater than zero.

      "Net Scheduled Principal Amount" in relation to a Determination Date means
      the amount calculated as follows:

                                NSPA = PC   NUPD

      where:

      NSPA   =   the Net Scheduled Principal Amount;

      PC     =   the Principal Collections for the Collection Period ending
                 on that Determination Date; and

      NUPD   =   the Net Unscheduled Principal Deduction for that Determination
                 Date,

      provided that there will only be a Net Scheduled Principal Amount if the
      result of the above calculation is greater than zero.

      "Net Unscheduled Principal Amount" in relation to a Determination Date
      means the amount calculated as follows:

                          NUPA = GUPA  SA  SRFP  RBD

      where:

      NSPA    =   the Net Unscheduled Principal Amount;

      GUPA    =   the Gross Unscheduled Principal Amount on that Determination
                  Date;

      SA      =   the Seller Advances outstanding on that Determination Date;

      SRFP    =   the Standby Redraw Facility Principal on that Determination
                  Date; and

      RBD     =   the amount (if any) to be paid with respect to the Redraw
                  Bonds pursuant to clause 10.5(a) on the following
                  Distribution Date,

      provided that there will only be a Net Unscheduled Principal Amount if the
      result of the above calculation is greater than zero.

      "Net Unscheduled Principal Deduction" in relation to a Determination Date
      means the amount calculated as follows:

                         NUPD = SA + SRFP + RBD - GUPA

      where:

      NUPD    =     the Net Unscheduled Principal Deduction;

      GUPA    =     the Gross Unscheduled Principal Amount on that Determination
                    Date;

      SA      =     the Seller Advances outstanding on that Determination Date;

                                                                              20
<PAGE>

     SRFP =    the Standby Redraw Facility Principal on that Determination Date;
               and

     RBD  =    the amount (if any) to be paid with respect to the Redraw Bonds
               pursuant to clause 10.5(a) on the following Distribution Date,

     provided that there will only be a Net Unscheduled Principal Deduction if
     the result of the above calculation is greater than zero.

     "Note" means, as the context requires, a Class A Note, a Class B Note or
     both.

     "Noteholder" means, as the context requires, a Class A-1 Noteholder, a
     Class A-2 Noteholder, a Class B Noteholder or any combination of the
     foregoing.

     "Other Income Amounts" in respect of a Determination Date and a Collection
     Period ending on that Determination Date means the aggregate of:

     (a)  any amounts received by the Trustee during the Collection Period
          pursuant to clauses 14 and 16 which represent amounts in respect of
          accrued but unpaid interest and fees on the Mortgage Loans;

     (b)  any amounts received by the Trustee during the Collection Period
          pursuant to clause 26.3 which represent amounts in respect of
          interest and fees on the Mortgage Loans;

     (c)  any damages received by the Trustee in the Collection Period (other
          than pursuant to clauses 14 and 16) and allocated by the Manager as
          Other Income Amounts in accordance with clause 27.5;

     (d)  subject to clause 22.12, interest and other investment income earned
          and received on moneys standing to the credit of the Collections
          Account during the Collection Period (other than interest earned on
          the Collections Account during the Collection Period in respect of the
          Cash Advance Deposit as calculated in accordance with clause 8.6, the
          Seller Deposit as calculated in accordance with clause 15.5 or the
          Interest Rate Swap Provider Deposit as calculated in accordance with
          clause 8.8) and any amounts representing interest paid by the Servicer
          pursuant to clause 22.5 in respect of that Collection Period;

     (e)  interest and other investment income earned and received on Authorised
          Short-Term Investments during the Collection Period (other than
          interest attributable to the Seller Deposit calculated in accordance
          with clause 15.5 and the Interest Rate Swap Provider Deposit
          calculated in accordance with clause 8.8);

     (f)  subject to clause 9.3, any other receipts in the nature of income (as
          determined by the Manager) which have been received by the
          Determination Date in respect of the Collection Period; and

     (g)  any amount of input tax credits (as defined in the GST Act) received
          by the Trustee in the Collection Period in respect of the Series
          Trust,

     in each case which have not previously been applied in accordance with this
     Deed.

     "Other Loans" in relation to a Mortgage Loan means all loans, credit and
     financial accommodation of whatever nature (other than the Mortgage Loan)
     the payment or repayment of which is secured by a Mortgage, or by a
     Collateral Security, which also secures that Mortgage Loan or another Other
     Loan in relation to that Mortgage Loan.

     "Other Principal Amounts" in relation to a Determination Date and the
     Collection Period ending on that Determination Date means the aggregate of:

                                                                              21
<PAGE>

     (a)  any Mortgage Insurance Principal Proceeds in respect of that
          Determination Date;

     (b)  the aggregate Liquidation Proceeds in respect of the Mortgage Loans
          received during the Collection Period other than Liquidation Proceeds
          included in Finance Charge Collections for that Collection Period;

     (c)  the Principal Prepayments with respect to the Collection Period;

     (d)  any amounts received by the Trustee during the Collection Period
          pursuant to clauses 14 and 16 which represent amounts in respect of
          principal on the Mortgage Loans;

     (e)  any amounts received by the Trustee during the Collection Period
          pursuant to clause 26.3 which represent amounts in respect of
          principal on the Mortgage Loans;

     (f)  any damages received by the Trustee during the Collection Period
          (other than pursuant to clauses 14 and 16) and allocated by the
          Manager as Other Principal Amounts in accordance with clause 27.5;

     (g)  in the case of the first Determination Date, the amount (if any) by
          which the Subscription Proceeds exceed the Consideration;

     (h)  any amount remaining unpaid on the previous Distribution Date as a
          result of the application of clause 5.9 in respect of principal; and

     (i)  any other receipts in the nature of principal (as determined by the
          Manager) which have been received by the Determination Date in respect
          of the Collection Period,

     in each case which have not previously been applied in accordance with this
     Deed.

     "Paying Agent" has the same meaning as in the Agency Agreement.

     "Penalty Payment" means:

     (a)  the amount of any liability (including, without limitation, any civil
          or criminal penalty) which the Trustee is liable for under the
          Consumer Credit Code;

     (b)  any other liability payable by the Trustee, or legal costs or other
          expenses payable or incurred by the Trustee, in relation to such
          liability;

     (c)  any amount which the Trustee agrees to pay (with the consent of the
          Servicer) to a debtor or other person in settlement of any application
          for an order under Part 6 of the Consumer Credit Code; and

     (d)  any legal costs or other costs and expenses payable or incurred by the
          Trustee in relation to that application,

     to the extent to which a person can be indemnified for that liability,
     money or amount under the Consumer Credit Code.

     "Perfection of Title Event" means each event referred to in clause 24.1.

     "PMI" means PMI Mortgage Insurance Ltd, ACN 000 511 071.

     "PMI Mortgage Insurance Policy" means the policy issued by PMI in relation
     to the Mortgage Loans from time to time forming part of the Assets of the
     Series Trust pursuant to the Lenders' Mortgage Insurance Provisions dated
     on or about the date of this Deed between PMI, the Trustee and the Seller.

     "Pool Factor" in relation to a Security at any given time means the amount
     (expressed as a

                                                                              22
<PAGE>

     percentage to 7 decimal places) calculated as follows:

                                         A
                                    PF = -
                                         B

where:

     PF   =    the Pool Factor in relation to that Security;

     A    =    the Stated Amount for that Security as at that time; and

     B    =    the Initial Invested Amount for that Security.

     "Pool Performance Data" means performance data in respect of the Securities
     on a Determination Date consisting of prepayment rates, arrears data and
     default data in respect of Mortgage Loans then forming part of the Assets
     of the Series Trust, the Pool Factor at the last Determination Date and the
     Pool Factor on the present Determination Date, the principal outstanding on
     the Securities, the Interest Rates in respect of the A$ Securities, the
     Class A-1 Interest Rate (as defined in the Class A-1 Note Conditions) for
     the Class A-1 Notes and such other information as the Manager may consider
     necessary from time to time.

     "Potential Termination Event" means:

     (a)  as a result of the introduction, imposition or variation of any law it
          is unlawful for the Trustee, and would also be unlawful for any new
          Trustee, to carry out any of its obligations under this Deed, the
          Master Trust Deed (in so far as it relates to the Series Trust), the
          Class A-1 Note Trust Deed, the Class A-1 Notes or the Security Trust
          Deed; or

     (b)  this Deed, the Master Trust Deed (in so far as it relates to the
          Series Trust) the Class A-1 Note Trust Deed, the Class A-1 Notes or
          the Security Trust Deed is or has become void, illegal, unenforceable
          or of limited force and effect.

     "Powers of Attorney" means the powers of attorney referred to in clause
     6.1(n).

     "Preliminary Income Amount" in relation to a Determination Date means the
     amount calculated as follows:

                             PIA = FCC + MIIP + OI

     where:

     PIA  =    the Preliminary Income Amount for that Determination Date;

     FCC  =    the Finance Charge Collections for the Collection Period ending
               on that Determination Date;

     MIIP =    the aggregate Mortgage Insurance Income Proceeds for that
               Determination Date; and

     OI   =    any Other Income Amounts in respect of the Collection Period
               ending on that Determination Date and which has not previously
               been applied in accordance with this Deed.

     "Prescribed Period" in relation to a Mortgage Loan means the period of 120
     days (including the last day of that period) commencing on the Closing Date
     or such longer period as may be agreed between the Australian Prudential
     Regulation Authority, the Trustee, the Seller and the Manager.

                                                                              23
<PAGE>

     "Principal Chargeoff" in relation to a Determination Date means an amount
     calculated as follows:

                             PCO = PL   MIPP   PD

     where:

     PCO  =    the Principal Chargeoff as at that Determination Date;

     PL   =    the total of the Principal Loss on each Mortgage Loan for which
               the Manager determines a Principal Loss should be accounted for
               on that Determination Date (provided that the Manager must not
               account for a Principal Loss on a Mortgage Loan until the
               Servicer reasonably believes that no further amounts in respect
               of the Mortgage Loan constituting Mortgage Insurance Principal
               Proceeds or damages under clauses 14 and 16 which are to be
               treated as Other Principal Amounts will be received);

     MIPP =    the total Mortgage Insurance Principal Proceeds with respect to
               such Mortgage Loans as at that Determination Date; and

     PD   =    any damages received by the Trustee from the Seller under clause
               14 or from the Seller or the Servicer under clause 16 in respect
               of such Mortgage Loans which are determined to be Other Principal
               Amounts in accordance with clause 27.5.

     "Principal Chargeoff Reimbursement" in relation to a Determination Date and
     the Collection Period ending on that Determination Date means an amount
     calculated as follows:

                                PCOR = PIA  RIA

     where:

     PCOR =    the Principal Chargeoff Reimbursement as at that Determination
               Date;

     PIA  =    the Preliminary Income Amount as at such Determination Date; and

     RIA  =    the Required Income Amount as at that Determination Date,

     provided that there will only be a Principal Chargeoff Reimbursement if the
     result of the above calculation is greater than zero and provided further
     that where the result of the above calculation exceeds the Unreimbursed
     Principal Chargeoffs as at the previous Determination Date plus the
     Principal Chargeoffs calculated as at the current Determination Date, the
     Principal Chargeoff Reimbursement will equal such amount.

     "Principal Collections" in relation to a Collection Period means the
     aggregate of the following amounts (without double counting) received by or
     on behalf of the Trustee during that Collection Period in respect of the
     Mortgage Loans then forming part of the Assets of the Series Trust:

     (a)  all amounts received under or in respect of the Mortgage Loans in
          respect of principal (less reversals made during the period in respect
          of interest or other charges in relation to any of the accounts where
          the original debit entry (or part thereof) was in error); and

     (b)  all amounts of principal payable under or in respect of the Mortgage
          Loans and the Mortgage Loan Rights to the extent that the obligations
          to pay such amounts are discharged by the exercise during that
          Collection Period of a right of set-off or right to combine accounts,

                                                                              24
<PAGE>

      but does not include the Preliminary Income Amount or Other Principal
      Amounts in relation to that Determination Date.

      "Principal Loss" in relation to a Mortgage Loan and a Liquidation Date
      means an amount calculated as follows:

                             PL = MLP + RE  BC  LP

      where:

      PL  =    the Principal Loss as at the Liquidation Date;

      MLP =    the Mortgage Loan Principal as at the Liquidation Date;

      RE  =    the Restoration Expenses reasonably and necessarily incurred up
               to and including the Liquidation Date;

      BC  =    the Break Costs as at the Liquidation Date provided that Break
               Costs will only be included in the calculation of Principal Loss
               if the Trustee is then a party to a Fixed Rate Swap; and

      LP  =    any Liquidation Proceeds received up to and including the
               Liquidation Date provided that for the purposes of this paragraph
               Liquidation Proceeds will not include any Liquidation Proceeds
               which have been applied against an Income Loss or are to be
               applied against an Income Loss on the Liquidation Date,

      provided that there will only be such a Principal Loss if the result of
      the above calculation is greater than zero.

      "Principal Paying Agent" has the same meaning as in the Agency Agreement.

      "Principal Prepayments" in relation to a Collection Period means all
      amounts received by or on behalf of the Trustee during that Collection
      Period under or in respect of the Mortgage Loans then forming part of the
      Assets of the Series Trust in respect of principal prepayments made by or
      on behalf of the Borrower in relation to that Mortgage Loan (less
      reversals made during the period in respect of interest or other charges
      in relation to any of the accounts where the original debit entry (or part
      thereof) was in error) to the extent that the amount exceeds the then
      scheduled monthly instalment of principal that would be payable under that
      Mortgage Loan (including previous unpaid instalments of principal) during
      that Collection Period.

      "Privacy Act" means the Privacy Act 1988 (Commonwealth).

      "Property Protection Expenses" in relation to a Mortgage Loan means the
      aggregate amount of any costs or expenses actually paid or incurred by the
      Servicer, the Seller or the Trustee in connection with the maintenance,
      preservation and protection of the corresponding Mortgaged Property in its
      existing state of repair at its existing value, including, without
      limitation:

      (a)  any real estate property Taxes, statutory charges or other outgoings
           payable in connection with the corresponding Mortgaged Property; and

      (b)  any insurance premiums payable under any Insurance Policy with
           respect to the corresponding Mortgaged Property,

      provided that Property Protection Expenses will not include any Mortgage
      Enforcement Expenses or any Restoration Expenses.

      "Quarterly Certificate" means the certificate prepared on each
      Determination Date by the Manager pursuant to clause 27.2(a)
      substantially in the form set out in Schedule 8 (or in

                                                                              25
<PAGE>

      such other form as is from time to time agreed between the Manager and the
      Trustee).

      "Rate Set Date" in relation to an Accrual Period means the first day of
      that Accrual Period.

      "Rating Agencies" means S&P, Moody's and Fitch.

      "Redraw Bond" means a debt security issued by the Trustee, in its capacity
      as trustee of the Series Trust, in accordance with clause 5.4 and forming
      part of the Class of Securities described in clause 5.1(d) as Redraw
      Bonds.

      "Redraw Bond Amount" in relation to a Determination Date means the
      proceeds (if any) received by the Trustee from any issue of Redraw Bonds
      on the Determination Date or during the Collection Period ending on that
      Determination Date (but excluding the immediately preceding Determination
      Date).

      "Redraw Bond Chargeoff Percentage" in relation to a Determination Date
      means the amount (expressed as a percentage) calculated as follows:

                                        RBSA
                     RBCP = -----------------------------
                             CA1SA + CA2SA + RBSA + SRFP

      where:

      RBCP  =    the Redraw Bond ChargeOff Percentage in relation to that
                 Determination Date;

      CA1SA =    the A$ Equivalent of the aggregate Stated Amounts of the Class
                 A-1 Notes on that Determination Date;

      CA2SA =    the aggregate Stated Amounts of the Class A-2 Notes on that
                 Determination Date;

      RBSA  =    the aggregate Stated Amount of the Redraw Bonds on that
                 Determination Date; and

      SRFP  =    the Standby Redraw Facility Principal on that Determination
                 Date.

      "Redraw Bond Principal Limit" means A$[50 million] or such other amount
      from time to time agreed between the Rating Agencies and the Manager and
      notified by the Manager to the Trustee.

      "Redraw Bondholder" means at any time the person recorded at that time in
      the Register as the holder of a Redraw Bond.

      "Required Credit Rating" has the meaning specified in clause 27.1.

      "Required Income Amount" in relation to a Determination Date means the
      aggregate of the amounts referred to in clauses 10.2(a)-(l) inclusive for
      the following Distribution Date provided that, in respect only of the
      first Determination Date, the amount payable by the Trustee to the Seller
      under clause 10.1 will be included in the Required Income Amount.

      "Relevant Party" means each party to a Transaction Document other than the
      Trustee.

      "Residual Unit" means the single unit in the Series Trust referred to in
      clause 3.1.

      "Residual Unitholder" means initially the Commonwealth Bank of Australia
      and, thereafter, the person from time to time appearing in the Register
      for the Series Trust as the holder of the Residual Unit.

                                                                              26
<PAGE>

      "Restoration Expenses" in relation to a Mortgage Loan means the aggregate
      amount of any costs or expenses actually paid or incurred by the Servicer,
      the Seller or the Trustee in connection with the restoration of the
      corresponding Mortgaged Property including, without limitation, any costs
      or expenses:

      (a)    in restoring the corresponding relevant Mortgaged Property to its
             condition as at the date on which the Mortgage Loan was made to the
             Borrower; and

      (b)    in connection with the reduction, elimination or clean-up of any
             environmental hazard relating to the corresponding Mortgaged
             Property,

      provided that Restoration Expenses will be calculated without reference to
      the fact that the amount expended was paid from the Servicer's, the
      Seller's or the Trustee's own funds or from Insurance Proceeds or from any
      other source whatsoever and provided further that Restoration Expenses
      will not include any Property Protection Expenses or Mortgage Enforcement
      Expenses.

      "S&P" means Standard & Poor's (Australia) Pty. Limited and its successors
      and assigns.

      "Sale Notice" means a notice from the Seller to the Trustee in or
      substantially in the form of Schedule 1 (or in such other form as may be
      agreed between the Seller, the Manager and the Trustee).

      "Scheduled Balance" in relation to a Mortgage Loan means the amount that
      would be owing on the Mortgage Loan at the date of determination if the
      Borrower had made, prior to that date, the minimum payments required under
      the Mortgage Loan.

      "Scheduled Maturity Date" means the Distribution Date occurring on [  ]
      (or if this is not a Business Day, on the next succeeding Business Day).

      "Second Layer of Collateral Securities" in relation to a Mortgage Loan
      means all Collateral Securities in respect of the Mortgage Loan which do
      not constitute the First Layer of Collateral Securities for the Mortgage
      Loan.

      "Secured Creditor" has the same meaning as in the Security Trust Deed.

      "Securities Act" means the United States Securities Act of 1933 as
      amended.

      "Security" means as the context requires a Class A-1 Note, an A$ Security
      or both.

      "Securityholder" means a Noteholder or a Redraw Bondholder or both, as the
      context may require.

      "Security Register" means the system which is used by the Seller to record
      Security Interests granted to the Seller to secure the repayment of a
      Mortgage Loan originated by the Seller.

      "Security Trust Deed" means the Security Trust Deed dated on or about the
      date of this Deed between the Trustee, the Manager, the Note Trustee and
      the Security Trustee.

      "Security Trustee" means the person who is for the time being the trustee
      under the Security Trust Deed.

      "Security Trustee's Expenses" means the costs and fees to be reimbursed to
      the Security Trustee on each Distribution Date in accordance with clause
      19.5(b).

      "Security Trustee's Fee" means the fee payable to the Security Trustee on
      each Distribution Date in accordance with clause 19.5(a).

      "Seller Advance" means an advance made by the Seller to a Borrower
      pursuant to clause

                                                                              27
<PAGE>

      16.20(c) or clause |16.21(c) on or after the Cut-Off Date which appears in
      the records of the Servicer or on the Security Register as secured by a
      Mortgage which also secures a Mortgage Loan.

      "Seller Deposit" means at any time that amount of the Set-Off Account that
      comprises deposits made by the Seller in accordance with clauses 15.3(a)
      and 15.4(b) which have not been utilised pursuant to clause 15.8(b) or
      repaid pursuant to clauses 15.4(a), 15.6 and 15.7.

      "Series Trust" means the trust known as the Series 2000-2G Medallion Trust
      established pursuant to this Deed and the Master Trust Deed.

      "Servicer" means Commonwealth Bank of Australia or if Commonwealth Bank of
      Australia is removed or retires as Servicer, any then Substitute Servicer
      and includes the Trustee when acting as Servicer in accordance with clause
      18.7.

      "Servicer Default" means the occurrence of any event specified in clause
      18.1.

      "Servicer's Fee" means the remuneration payable to the Servicer pursuant
      to clause 19.4.

      "Servicing Guidelines" means the written guidelines, policies and
      procedures established by the Servicer for servicing mortgage loans
      recorded on the Mortgage Loan System, including the Mortgage Loans, as
      amended or updated in writing from time to time.

      "Servicing Standards" at any given time means the standards and practices
      set out in the then Servicing Guidelines and, to the extent that a
      servicing function is not covered by the Servicing Guidelines, the
      standards and practices of a prudent lender in the business of making
      retail home loans.

      "Servicing Transfer" means the appointment of a new Servicer in accordance
      with clause 18.

      "Set-Off Account" has the meaning given to this term in clause 15.3.

      "Settlement Date" in relation to a Mortgage Loan means the date on which
      an agreement between the Seller and a Borrower for the making of the
      Mortgage Loan was made.

      "Shared Security" means any Security Interest, guarantee, indemnity or
      other form of assurance that by its terms secures both (on the one hand)
      the payment or repayment of any Mortgage Loan forming or to form part of
      the Assets of the Series Trust and (on the other hand) any Other Loan
      forming or to form part of the CBA Trust Assets.

      "Specified Rating" means a long term debt rating by S&P of BBB, by Moody's
      of Baa2 and by Fitch of BBB.

      "Standby Redraw Chargeoff Percentage" in relation to a Determination Date
      means the amount (expressed as a percentage) calculated as follows:

                                       SRFP
                         SCRP = ---------------------
                                 CA1SA + RBSA + SRFP

      where:

      SRCP   =    the Standby Redraw Chargeoff Percentage in relation to that
                  Determination Date;

      CA1SA  =    the A$ Equivalent of the aggregate Stated Amounts of the Class
                  A-1 Notes on that Determination Date;

                                                                              28
<PAGE>

      CA2SA  =    the aggregate Stated Amounts of the Class A-2 Notes on that
                  Determination Date;

      RBSA   =    the aggregate Stated Amounts of the Redraw Bonds on that
                  Determination Date; and

      SRFP   =    the Standby Redraw Facility Principal on that Determination
                  Date.

      "Standby Redraw Facility" means a standby redraw facility made available
      by a Standby Redraw Facility Provider to the Trustee pursuant to the
      Standby Redraw Facility Agreement.

      "Standby Redraw Facility Advance" in relation to a Distribution Date means
      the amount to be drawn down by the Trustee under a Standby Redraw Facility
      on that Distribution Date.

      "Standby Redraw Facility Agreement" means the Standby Redraw Facility
      Agreement dated on or about the date of this Deed between the Trustee, the
      Manager and the Standby Redraw Facility Provider and includes any
      substitute standby redraw facility agreement entered into by the Trustee
      as trustee of the Series Trust in place of an existing Standby Redraw
      Facility Agreement.

      "Standby Redraw Facility Commitment Fee" means in relation to a
      Determination Date and the immediately following Distribution Date, the
      commitment fee payable to the Standby Redraw Facility Provider on that
      Distribution Date pursuant to the Standby Redraw Facility Agreement.

      "Standby Redraw Facility Interest" in relation to a Distribution Date
      means the interest due on that Distribution Date pursuant to the terms of
      a Standby Redraw Facility Agreement.

      "Standby Redraw Facility Limit" means the Facility Limit from time to time
      as defined in the Standby Redraw Facility Agreement.

      "Standby Redraw Facility Principal" has the same meaning as in the Standby
      Redraw Facility Agreement.

      "Standby Redraw Facility Provider" means initially the Commonwealth Bank
      of Australia and each other person who may from time to time provide a
      Standby Redraw Facility.

      "Stated Amount" in relation to:

      (a)  a Class A-1 Note at any given time has the same meaning as in the
           Class A-1 Note Conditions; and

      (b)  an A$ Security at any given time means the Initial Invested Amount of
           that A$ Security at that time less the sum of the following at that
           time:

           (i)   the aggregate of all amounts previously paid in relation to
                 that A$ Security on account of principal pursuant to clause
                 10.3(c); and

           (ii)  the aggregate of all then Unreimbursed Principal Chargeoffs in
                 relation to that A$ Security.

      "Stepdown Percentage" in relation to a Determination Date means the
      percentage calculated in accordance with Schedule 10 for that
      Determination Date.

      "Subscription Proceeds" means the amounts paid or to be paid by the
      underwriters for the Class A-1 Notes under the Underwriting Agreement
      (converted into A$ pursuant to the Class A-1 Currency Swaps) and the
      amounts paid by the subscribers for the Class A-2 Notes and the Class B
      Notes under the Dealer Agreement, without taking into account in reduction
      of such amounts any fees or other amounts paid to such underwriters by or
      on behalf of the Trustee.

                                                                              29
<PAGE>

      "Substitute Servicer" means at any given time the entity then appointed as
      Servicer under clause 18.6.

      "Support Facilities" means the agreements or arrangements referred to in
      clause 1.7 or such other agreement or arrangement which the Trustee and
      the Manager agree is a Support Facility for the purposes of this Deed.

      "Support Facility Provider" means the person or persons providing any
      applicable Support Facility to the Trustee as trustee of the Series Trust.

      "Swap" means, as the context requires, the Basis Swap, the Fixed Rate
      Swap, the Class A-1 Currency Swap or all of the foregoing.

      "Termination Date" means the earliest of the following dates:

      (a)  the date which is 80 years after the date of the constitution of the
           Series Trust in accordance with this Deed and the Master Trust Deed;

      (b)  the date that the Trustee becomes obliged pursuant to clause |26.1(d)
           to liquidate the Assets of the Series Trust following the occurrence
           of a Potential Termination Event;

      (c)  if Securities have been issued by the Trustee, the date appointed by
           the Manager as the Termination Date by notice in writing to the
           Trustee, which must not be a date prior to the earlier of the
           following:

           (i)   the date that all Securities have been redeemed in full; or

           (ii)  if an Event of Default (as defined in the Security Trust Deed)
                 occurs and the Charge is enforced, the date of the final
                 distribution by the Security Trustee under the Security Trust
                 Deed; and

      (d)  if no Securities have been issued by the Trustee, the date appointed
           by the Manager as the Termination Date by notice in writing to the
           Trustee.

      "Termination Payment Date" means the date declared by the Trustee to be
      the Termination Payment Date of the Series Trust pursuant to clause 26.2
      (subject to any substitution of another date as the Termination Payment
      Date in accordance with that clause).

      "Threshold Rate" means, at any time, the minimum rate of interest that
      must be set on all Mortgage Loans (where permitted by the terms of the
      Mortgage Loan and corresponding Loan Agreement) which will be sufficient
      (assuming that all relevant parties comply with their obligations at all
      times under the Transaction Documents and the Mortgage Documents), when
      aggregated with the income produced by the rate of interest on all other
      Mortgage Loans and the income from Short-Term Authorised Investments, to
      ensure that the Trustee will have available to it sufficient Finance
      Charge Collections and Other Income Amounts to enable it to comply with
      its obligations under the Transaction Documents as they fall due.

      "Trustee" means Perpetual Trustee Company Limited or if Perpetual Trustee
      Company Limited retires or is removed as trustee of the Series Trusts (as
      defined in the Master Trust Deed) and the CBA Trust, any then Substitute
      Trustee and includes the Manager when acting as the Trustee in accordance
      with the terms of the Master Trust Deed.

      "Trustee's Fee" means the fee payable to the Trustee on each Distribution
      Date calculated in accordance with clause 19.3.

      "Underwriting Agreement" means the Underwriting Agreement dated after the
      date of this Deed between the Trustee, the Manager, Commonwealth Bank of
      Australia and Merrill Lynch, Pierce, Fenner & Smith, Incorporated as
      representative for the Underwriters named therein

                                                                              30
<PAGE>

      pursuant to which, subject to the terms and conditions contained therein,
      the Trustee will agree to issue, and each of the Underwriters named
      therein will severally agree to subscribe for, the Class A-1 Notes.

      "Unpaid Interest Amount" in relation to an A$ Security and a Distribution
      Date means the aggregate of any Interest Amounts in relation to that A$
      Security remaining unpaid from previous Distribution Dates and any
      interest accrued but remaining unpaid on that A$ Security as at that
      Distribution Date pursuant to clause 5.8(b).

      "Unreimbursed Principal Chargeoffs" in relation to:

      (a)  a Class A-1 Note at any time has the same meaning as in the Class A-1
           Note Conditions; and

      (b)  an A$ Security and the Standby Redraw Facility Principal at any time
           means the aggregate of the Principal Chargeoffs up to and including
           that time allocated to the A$ Security or the Standby Redraw Facility
           Principal (as the case may be) in accordance with clause 9.1 less
           the aggregate of the Principal Chargeoff Reimbursements prior to that
           time allocated to the A$ Security or the Standby Redraw Facility
           Principal (as the case may be) in accordance with clause 9.2.

      "US$" and "US dollars" means the lawful currency for the time being of the
      United States of America.

      "US$ Equivalent" in relation to an amount which is calculated, determined
      or expressed in A$ or which includes a component determined or expressed
      in A$ means the A$ amount or A$ component (as the case may be) multiplied
      by the US$ Exchange Rate.

      "US$ Exchange Rate" means "US$ Exchange Rate" specified in paragraph 7 of
      the confirmation for each Class A-1 Currency Swap.

      "Waiver of Set-Off" means in relation to a Mortgage Loan, a provision, in
      the related Mortgage or Loan Agreement or otherwise, by which, inter alia,
      the Borrower agrees to make all payments in respect of the Mortgage Loan
      without set-off or counterclaim unless prohibited by law.

1.2   Interpretation

      In this Deed, unless the contrary intention appears:

      (a)  a reference to this Deed includes the Recitals and the Schedules;

      (b)  a reference to a statute, ordinance, code or other law includes
           regulations and other instruments under it and consolidations,
           amendments, re-enactments or replacements of any of them;

      (c)  a reference to a section of a statute, ordinance, code or other law
           includes any consolidation, amendment, re-enactment or replacement of
           that section;

      (d)  the singular includes the plural and vice versa and words denoting a
           gender include all other genders;

      (e)  the word "person" includes an individual, a body politic, a
           corporation and a statutory or other authority or association
           (incorporated or unincorporated);

      (f)  a reference to a person includes a reference to the person's
           executors, administrators, successors, substitutes (including,
           without limitation, persons taking by novation) and assigns;

                                                                              31
<PAGE>

     (g)  the word "corporation" means any body corporate wherever formed or
          incorporated including, without limiting the generality of the
          foregoing, any public authority or any instrumentality of the Crown;

     (h)  where a word or phrase has a defined meaning any other part of speech
          or grammatical form in respect of such word or phrase has a
          corresponding meaning;

     (i)  a reference to any thing (including, without limitation, any amount)
          is a reference to the whole or any part of it and a reference to a
          group of persons is a reference to any one or more of them;

     (j)  if an act prescribed under this Deed to be done by a party on or by a
          given day is done after 5.30 p.m. on that day, it is to be taken to be
          done on the following day;

     (k)  references to time are to Sydney time;

     (l)  the expression "certified" by a corporation or person means certified
          in writing by 2 Authorised Officers of the Corporation or by that
          person respectively and "certify" and like expressions will be
          construed accordingly;

     (m)  a reference to extinguish includes a reference to rights and interests
          being surrendered and released;

     (n)  a reference to a "month" is to a calendar month;

     (o)  the expression "owing" includes amounts that are owing whether such
          amounts are liquidated or not or are contingent or presently accrued
          or due and includes all rights sounding in damages only;

     (p)  a reference to "wilful default" in relation to the Trustee, the
          Manager or the Servicer means, subject to clause 1.2(q), any wilful
          failure to comply, or wilful breach, by the Trustee, the Manager or
          the Servicer (as the case may be) of any of its obligations under any
          Transaction Document, other than a failure or breach which:

          (i)    A.   arises as a result of a breach of a Transaction Document
                      by a person other than the Trustee, the Manager or the
                      Servicer (as the case may be) or other than any person
                      referred to in clause 1.2(q) in relation to the Trustee,
                      the Manager or the Servicer (as the case may be); and

                 B.   the performance of the action (the non-performance of
                      which gave rise to such breach) is a pre-condition to the
                      Trustee, the Manager or the Servicer (as the case may be)
                      performing the said obligation; or

          (ii)   is in accordance with a lawful court order or direction or is
                 required by law; or

          (iii)  is in accordance with a proper instruction or direction of:

                 A.   the Secured Creditors given at a meeting (or deemed
                      meeting) of Secured Creditors convened under the Security
                      Trust Deed; or

                 B.   the Investors given at a meeting (or deemed meeting)
                      convened under the Master Trust Deed;

      (q) a reference to the "fraud", "negligence" or "wilful default" of the
          Trustee, the

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<PAGE>

          Manager or the Servicer means the fraud, negligence or wilful default
          of the Trustee, the Manager or the Servicer (as the case may be) and
          of its officers, employees, agents or any other person where the
          Trustee, the Manager or the Servicer (as the case may be) is liable
          for the acts or omissions of such other person under the terms of any
          Transaction Document;

     (r)  subject to clause 31.2, each party will only be considered to have
          knowledge or awareness of, or notice of, a thing or grounds to believe
          anything by virtue of the officers of that party (or any Related Body
          Corporate of that party) having day to day responsibility for the
          administration or management of that party's (or a Related Body
          Corporate of that party's) obligations in relation to the Series Trust
          or the CBA Trust, having actual knowledge, actual awareness or actual
          notice of that thing, or grounds or reason to believe that thing (and
          similar references will be interpreted in this way). In addition,
          notice, knowledge or awareness of a Servicer Default, Manager Default,
          Trustee Default or Perfection of Title Event means notice, knowledge
          or awareness of the occurrence of the events or circumstances
          constituting the Servicer Default, Manager Default, Trustee Default or
          Perfection of Title Event (as the case may be);

     (s)  subject to clause 1.12 a reference to this Deed, the Master Trust
          Deed or any other deed, Agreement, document or instrument includes
          respectively this Deed, the Master Trust Deed or such other deed,
          Agreement, document or instrument as amended, novated, supplemented or
          replaced from time to time;

     (t)  a reference to the enforcement of the Charge means that the Security
          Trustee appoints (or the Voting Secured Creditors as contemplated by
          clause .4 of the Security Trust Deed appoint) a Receiver over any
          Charged Property, or takes possession of any Charged Property,
          pursuant to the Security Trust Deed (expressions used in this clause
          which are not defined in this Deed have the same meanings as in the
          Security Trust Deed);

     (u)  a reference to a clause or a Schedule is a reference to a clause or a
          Schedule of this Deed; and

     (v)  headings are inserted for convenience and do not affect the
          interpretation of this Deed.

1.3  Master Trust Deed Definitions

     Subject to clause 1.12 unless defined in this Deed, words and phrases
     defined in the Master Trust Deed have the same meaning in this Deed. Where
     there is any inconsistency in a definition between this Deed and the Master
     Trust Deed, this Deed prevails. Where words or phrases used in this Deed
     are defined in the Master Trust Deed in relation to a Series Trust (as
     defined as the Master Trust Deed) and/or an Other Trust such words or
     phrases are to be construed, where necessary, as being used only in
     relation to the Series Trust (as defined in this Deed) and/or the CBA
     Trust, as the context requires.

1.4  Business Day Convention

     (a)  (Next Business Day): When the date on or by which any act, matter or
          thing is to be done is not a Business Day, the act, matter or thing
          must (unless expressly provided otherwise) be done on the next
          Business Day.

     (b)  (Determination Dates): Clause 1.4(a) does not apply to any act,
          matter or thing to be done on a Determination Date.

                                                                              33
<PAGE>

1.5  Master Trust Deed Inconsistency

     In accordance with clause 1.3 of the Master Trust Deed the provisions
     contained in this Deed apply only in relation to the Series Trust. If there
     is any conflict between the provisions of this Deed and the provisions of
     the Master Trust Deed, the provisions contained in this Deed prevail over
     the provisions of the Master Trust Deed in respect of the Series Trust.
     Without limiting the generality of the foregoing, the provisions of the
     Transaction Documents (other than the Master Trust Deed) insofar as they
     apply to the Securities (as defined herein) prevail over any inconsistent
     provision in the Master Trust Deed that would otherwise apply to such
     Securities.

1.6  Exclusion of Master Trust Deed Definitions and Provisions

     (a)  (Variation of Terms): For the purposes of the Master Trust Deed (in so
          far as it applies to the Series Trust):

          (i)    "Transaction Document" means each of the following documents:

                 A.   the Master Trust Deed (in so far as it applies to the
                      Series Trust);

                 B.   this Deed;

                 C.   each document specified in clause 1.7 as a Support
                      Facility;

                 D.   the Security Trust Deed;

                 E.   the Dealer Agreement;

                 F.   the Underwriting Agreement;

                 G.   the Class A-1 Note Trust Deed;

                 H.   the Class A-1 Notes;

                 I.   the Agency Agreement; and

                 J.   any other document which is agreed by the Manager and the
                      Trustee to be a Transaction Document in relation to the
                      Series Trust;

          (ii)   a "Security" has the same meaning as in this Deed; and

          (iii)  a "Securityholder" has the same meaning as in this Deed.

     (b)  (Meeting procedures): The procedures for convening a meeting of the
          Securityholders or the Class A-1 Noteholders for the purposes of
          clause 26 of the Master Trust Deed, in so far as those procedures
          apply to the Securityholders or the Class A-1 Noteholders (as the
          context requires), are varied as follows:

          (i)    if the Class A-1 Noteholders are included within the, or are
                 the only, Relevant Investors for the purposes of a meeting
                 under clause 26 of the Master Trust Deed:

                 A.  any notice of a meeting given or required to be given to
                     the Class A-1 Noteholders must also be given to the Class
                     A-1 Note Trustee;

                 B.  any notice given to Class A-1 Noteholders of a meeting
                     under

                                                                              34
<PAGE>

                     clause 26 of the Master Trust Deed must be given in
                     accordance with Condition 11.1 of the Class A-1 Note
                     Conditions (in lieu of notice pursuant to clause 26.2(e) of
                     the Master Trust Deed); and

                 C.  a meeting under clause 26 of the Master Trust Deed at which
                     the Class A-1 Note Trustee is the only Relevant Investor
                     pursuant to clause 1.6(b)(ii) must not, unless otherwise
                     agreed by the Class A-1 Note Trustee, be held until the
                     Class A-1 Note Trustee has had the opportunity of seeking
                     and obtaining directions from the Class A-1 Noteholders
                     regarding how the Class A-1 Note Trustee is to vote at the
                     meeting;

          (ii)   the Relevant Investors in relation to the Class A-1 Notes, for
                 the purposes of clause 26 of the Master Trust Deed, means the
                 Class A-1 Note Trustee alone, acting on behalf of the Class A-1
                 Noteholders under the Class A-1 Note Trust Deed or, if the
                 Class A-1 Note Trustee has become bound to take steps and/or to
                 proceed under the Class A-1 Note Trust Deed and fails to do so
                 within a reasonable time and such failure is continuing, the
                 Class A-1 Noteholders;

          (iii)  if the Class A-1 Note Trustee is the only Relevant Investor in
                 relation to the Class A-1 Notes pursuant to clause 1.6(b)(ii),
                 it will be regarded as a Representative holding or representing
                 all of the Class A-1 Notes for the purposes of determining
                 whether a quorum is present at such meeting, for determining
                 the votes to which the Class A-1 Note Trustee is entitled to
                 cast at such meeting and any other relevant matter relating to
                 such meeting;

          (iv)   if the Class A-1 Noteholders become entitled to attend a
                 meeting of Relevant Investors pursuant to clause 1.6(b)(ii),
                 the evidence of the entitlement of such Class A-1 Noteholders
                 to attend such meeting and to vote thereat, and any other
                 relevant matters, will be determined in accordance with the
                 provisions of the Class A-1 Note Trust Deed and the Agency
                 Agreement, with such amendments as determined by the Trustee to
                 be necessary; and

          (v)    if at a particular time the Class A-1 Note Trustee is or would
                 be the only Relevant Investor in respect of a meeting under
                 clause 26 of the Master Trust Deed, notwithstanding any other
                 provision of the Master Trust Deed the requirement to convene
                 such a meeting and put such issue to such meeting will be
                 satisfied if directions are sought from the Class A-1 Note
                 Trustee on the particular issue that would otherwise be put to
                 such meeting. Upon such a direction being given by the Class A-
                 1 Note Trustee, a meeting of the Relevant Investors will be
                 regarded as having been duly called, convened and held and the
                 direction will be regarded as properly passed as an
                 Extraordinary Resolution of such meeting.

     (c)  (Master Trust Deed Provisions): The following provisions of the Master
          Trust Deed will not apply to the Class A-1 Notes or the Class A-1
          Noteholders: clauses 5.1(d), 6, 8.1, 9, 10, 23.1 and 24.4.

     (d)  (Rights of Investors): Nothing in clause 7.1(i) of the Master Trust
          Deed limits any right of Class A-1 Noteholders under the Class A-1
          Note Trust Deed to compel the Trustee, the Manager or the Class A-1
          Note Trustee to comply with their respective obligations under the
          Class A-1 Note Trust Deed.

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<PAGE>

1.7  Support Facilities

     The Series Trust has the following Support Facilities:

     (a)  (Currency Swap Agreements): each Currency Swap Agreement (which is
          also a Hedge Agreement of the Series Trust for the purposes of the
          Master Trust Deed);

     (b)  (Interest Rate Swap Agreement): each Interest Rate Swap Agreement
          (which is also a Hedge Agreement of the Series Trust for the purposes
          of the Master Trust Deed);

     (c)  (Liquidity and Standby Redraw Facilities): each Liquidity Facility and
          the Standby Redraw Facility (which are each also Liquidity Facilities
          of the Series Trust for the purposes of the Master Trust Deed); and

     (d)  (Mortgage Insurance Policies): the Mortgage Insurance Policies (which
          are also Credit Enhancements of the Series Trust for the purposes of
          the Master Trust Deed).

1.8  Security Trust Deed

     The obligations of the Trustee under the Securities (amongst other things)
     will be secured to the Securityholders (among others) by the Security Trust
     Deed which is a Security Trust Deed relating to the Series Trust for the
     purposes of the Master Trust Deed.

1.9  Nominated Seller and Nominated Servicer

     The Nominated Seller in relation to the Series Trust for the purposes of
     the Master Trust Deed is the Seller and the Nominated Servicer in relation
     to the Series Trust for the purposes of the Master Trust Deed is the
     Servicer.

1.10 Binding on Securityholders and the Residual Unitholder

     This Deed is binding on each Securityholder and the Residual Unitholder as
     if each was originally a party to this Deed.

1.11 Relationship between Trustee and Securityholders

     The obligations of the Trustee to the Securityholders expressed in this
     Deed or the Master Trust Deed, in so far as the Master Trust Deed relates
     to the Series Trust, are contractual obligations only and do not create any
     relationship of trustee or fiduciary between the Trustee and the
     Securityholders.

1.12 Incorporated Definitions and other Transaction Documents and provisions

     Where in this Deed a word or expression is defined by reference to its
     meaning in another Transaction Document or there is a reference to another
     Transaction Document or to a provision of another Transaction Document, any
     amendment to the meaning of that word or expression or to that other
     Transaction Document or provision (as the case may be) will be of no effect
     for the purposes of this Deed unless and until the amendment is consented
     to by the parties to this Deed (construed in the absence of clause 1.10).

________________________________________________________________________________
2.   The CBA Trust

2.1  Constitution of CBA Trust

     The CBA Trust is constituted upon:

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<PAGE>

     (a)  (Execution of this Deed): the execution of this Deed by the Trustee,
          the Manager, the Servicer and the Seller; and

     (b)  (Payment of $100): the payment of the sum of $100 by on or behalf of
          the Seller to the Trustee (the receipt of which the Trustee
          acknowledges by executing this Deed).

2.2  Declarations of Trust for the CBA Trust

     The Trustee declares that it will hold all the right, title and interest
     in, to and under the $100 referred to in clause 2.1(b) and any further CBA
     Trust Asset on trust for the Seller in accordance with this clause 2 and
     subject to the trusts, terms and conditions of this Deed.

2.3  Name of the CBA Trust

     The CBA Trust will be known as the "CBA Series 2000-2 Trust" or such other
     name from time to time agreed between the Trustee and the Seller (subject
     to any approvals required by law).

2.4  Entitlement of Seller to the CBA Trust

     The beneficial interest in the CBA Trust is vested absolutely in the
     Seller.

2.5  Bare Trust

     The Trustee holds the CBA Trust Assets on bare trust for the Seller.

2.6  Duration of the CBA Trust

     The CBA Trust commences on the date of its constitution as referred to in
     this Deed and ends on its Termination Date (as if every reference in the
     definition of this term in clause 1.1 of the Master Trust Deed to a Series
     Trust was to the CBA Trust).

2.7  Early Termination of the CBA Trust

     Immediately upon the termination of the Series Trust, the Seller must
     notify the Trustee that the CBA Trust is to be terminated. Upon receipt of
     that notice, the Trustee must promptly terminate the CBA Trust.

2.8  Dealing with CBA Trust Assets of the Series Trust

     Subject to the terms of this Deed:

     (a)  (Seller may deal with CBA Trust Assets): the Seller is entitled to
          deal with the CBA Trust Assets in its absolute discretion; and

     (b)  (Trustee may only deal with CBA Trust Assets as directed by Seller):

               (i)    the Trustee must not deal with the CBA Trust Assets other
                      than in accordance with directions given by the Seller
                      from time to time; and

               (ii)   the Trustee must act in accordance with any direction
                      given to it by the Seller in respect of the CBA Trust
                      Assets,

     save that, in either case, the Trustee is not obliged to act in accordance
     with the directions of the Seller where to do so would be illegal or result
     in the Trustee's exposure to a risk of personal liability where the Trustee
     is not satisfied, in its absolute discretion, that the Seller will be able
     to reimburse the Trustee in accordance with clause 2.15.

                                                                              37
<PAGE>

2.9   Proceeds

      (a)  (Seller may retain proceeds): The Seller may retain any proceeds
           received by it from the CBA Trust Assets.

      (b)  (Trustee must pay proceeds to Seller): Subject to clause 7.3(d)(i),
           the Trustee must immediately pay to the Seller (or otherwise pay as
           the Seller directs) any proceeds the Trustee receives in respect of
           the CBA Trust Assets.

      (c)  (Seller's receipt good discharge): The receipt of amounts by the
           Seller pursuant to clauses 2.9(a) and (b) constitutes a good
           discharge to the Trustee.

2.10  CBA Trust Not Part of Assets of the Series Trust

      (a)  (CBA Trust Assets not part of the Series Trust): The Trustee's right,
           title and interest in the CBA Trust Assets do not form part of the
           Assets of the Series Trust.

      (b)  (Trustee must account for CBA Trust Assets): The Trustee must account
           for the CBA Trust Assets separately from the Assets of the Series
           Trust.

      (c)  (Liabilities): The Trustee must not apply the Assets of the Series
           Trust to meet any liabilities of the CBA Trust and the Trustee must
           not apply the CBA Trust Assets to meet any Liabilities of the Series
           Trust.

      (d)  (No co-mingling): The Trustee must not co-mingle any money held by
           the Trustee in respect of the Series Trust with any money held by the
           Trustee in respect of the CBA Trust (and vice versa).

2.11  Shared Securities

      (a)  (Not sell etc. Shared Securities): The Trustee must not, and the
           Manager must not direct the Trustee to, sell, transfer or grant any
           Security Interest over any Shared Security which is held by it partly
           as trustee for the Series Trust and partly by it as trustee for the
           CBA Trust without notifying the relevant transferee or holder of the
           Security Interest of the existence of the interest of the Seller as
           beneficiary of the CBA Trust in that Shared Security.

      (b)  (Power to lodge Caveats): The Seller has the power to lodge a Caveat
           over any Shared Security where the Trustee has sold, transferred or
           granted any Security Interest or the Seller reasonably believes that
           the Trustee will sell, transfer or grant any Security Interest over
           any Shared Security in breach of clause 2.11(a).

2.12  Trustee's Duties

      The Trustee owes no fiduciary or other duties to the Seller in respect of
      the CBA Trust Assets other than pursuant to clauses 2.8, 2.9(b), 2.10 and
      7.3 and, in any event, is not liable in any manner whatsoever to the
      Seller for any loss to the CBA Trust Assets as a result of acting on the
      direction of the Seller or for not acting as a result of the Seller
      failing to give any direction to the Trustee or for otherwise acting in
      accordance with this Deed.

2.13  Substitute Trustee

      (a)  (Substitute Trustee): Any Substitute Trustee (other than the Manager
           when acting as Trustee) must be approved by the Seller which approval
           is not to be unreasonably withheld or delayed.

      (b)  (Retirement or removal of the Trustee from the CBA Trust): The
           provisions of clause 19 of the Master Trust Deed apply with necessary
           modifications to the CBA Trust as if every reference in such clause
           to:

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<PAGE>

           (i)   a Series Trust or the Series Trusts included a reference to the
                 CBA Trust; and

           (ii)  as if every reference to the "Manager" was a reference to the
                 Seller.

      (c)  (CBA Trust Assets to Vest in Substitute Trustee): Upon the retirement
           or removal of the Trustee as trustee of the Series Trust in
           accordance with the Master Trust Deed, the Trustee must vest the CBA
           Trust Assets, or cause them to be vested, in the Substitute Trustee
           and must deliver to the Substitute Trustee (or to the Manager if it
           is acting as Trustee) all books, documents, records and other
           property whatsoever in its possession (if any) relating to the CBA
           Trust. The costs and expenses of this are to be paid by the Seller.

2.14  Transfer of the CBA Trust Assets to Seller on termination of CBA Trust

      On the termination of the CBA Trust, the Trustee is deemed to offer to
      immediately transfer the CBA Trust Assets to the Seller.  The Seller can
      accept such offer only by an Authorised Officer of the Seller accepting
      such offer orally (including by way of telephone) communicated to an
      Authorised Officer of the Trustee.  The Trustee must execute and deliver
      to the Seller such instruments as the Seller reasonably requests to vest
      in the Seller all right, title and interest of the Trustee in the CBA
      Trust Assets of the Series Trust.

2.15  Seller Indemnity

      (a)  (CBA Trust): Subject to clause 2.15(b), but without limiting any
           indemnity to which the Trustee is otherwise entitled at general law,
           the Seller unconditionally and irrevocably indemnifies the Trustee in
           respect of, and agrees to pay within 5 Business Days of receipt of a
           written demand from the Trustee:

           (i)    any liability incurred by the Trustee as a result of the
                  Trustee complying with any directions by the Seller in
                  accordance with clause |2.8 or not acting as a result of the
                  Seller failing to give any direction to the Trustee;

           (ii)   any liability incurred by the Trustee in connection with the
                  transfer of any CBA Trust Asset to the Seller (including, but
                  not limited to, stamp duties and Taxes payable in connection
                  with such transfer); and

           (iii)  all other costs, charges, Taxes, expenses and liabilities
                  incurred by the Trustee in respect of the CBA Trust in
                  accordance with this clause 2, clause 7.7 or clause 7.8.

      (b)  (Limitation of Seller indemnity): The Seller's obligations under
           clause 2.15(a) to indemnify and reimburse the Trustee do not apply
           to the extent that such liabilities, costs, charges, Taxes, stamp
           duties or expenses arise as a result of the Trustee's negligence,
           fraud or wilful default.

2.16  Limitation of Liability

      The Trustee enters into this Deed in its capacity as trustee of the CBA
      Trust (in addition to entering into this Deed in its capacity as trustee
      of the Series Trust).  A liability arising under or in connection with
      this Deed and the CBA Trust can be enforced against the Trustee only to
      the extent to which it can be satisfied out of the CBA Trust Assets out of
      which the Trustee is actually indemnified for the liability.  This clause
      will not apply to any obligation or liability of the Trustee in respect of
      the CBA Trust to the extent that it is not satisfied because, under this
      Deed or by operation of law, there is a reduction in the extent of the
      Trustee's indemnification out of the CBA Trust Assets as a result of the
      Trustee's fraud, negligence or wilful default.

                                                                              39
<PAGE>

________________________________________________________________________________
3.   Unit in the Series Trust

3.1  Beneficial Interest Represented by a Single Unit

     The beneficial interest in the Series Trust is represented by a single unit
     to be known as the Residual Unit.

3.2  Initial Holder of the Residual Unit

     The initial holder of the Residual Unit in the Series Trust is the
     Commonwealth Bank of Australia.

3.3  Registration of CBA as Initial Residual Unitholder

     Immediately upon the execution of this Deed, the Trustee must enter the
     Commonwealth Bank of Australia into the Register of the Series Trust as the
     initial Residual Unitholder in the Series Trust and must issue to the
     Commonwealth Bank of Australia a Unit Certificate in respect of such
     Residual Unit.

3.4  Form of Unit Certificate

     The initial form of the Unit Certificate for the Residual Unit is as set
     out in Schedule 9.

3.5  Form of Unit Transfer

     The form of the Unit Transfer for the Residual Unit may be agreed from time
     to time between the then Residual Unitholder, the Manager and the Trustee
     (acting reasonably).

3.6  No Other Relationship

     Nothing in this Deed constitutes either the Trustee, the Manager or the
     Servicer as the agent of the Residual Unitholder nor creates any
     relationship between the Residual Unitholder on the one hand and the
     Manager (other than as Manager), the Servicer (other than as Servicer) or
     the Trustee (other than as Trustee) on the other.

________________________________________________________________________________
4.   Assignment of Mortgage Loan Rights

4.1  Approved Financial Assets of the Series Trust

     The nature of the Approved Financial Assets that may be acquired by the
     Trustee for the purposes of the Master Trust Deed are Mortgage Loan Rights.

4.2  Sale Notice

     If the Seller wishes to offer to assign to the Trustee, on the terms of
     this Deed, its right, title and interest in any Mortgage Loan Rights, the
     Seller is only entitled to do so by giving to the Trustee (with a copy to
     the Manager) a Sale Notice in relation to those Mortgage Loan Rights 5
     Business Days (or such other period as the Seller has agreed with the
     Trustee and the Manager) before the date specified in the Sale Notice as
     the Closing Date.

4.3  Requirements of Sale Notice

     A Sale Notice must:

     (a)  (State that it is a Sale Notice): state that it is a Sale Notice
          pursuant to clause 4.2 and that it relates to the Series Trust;

     (b)  (Timing): not be issued:

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<PAGE>

          (i)  until at least 1 Business Day after the Series Trust has been
               constituted; or

          (ii) after the Termination Date in respect of the Series Trust;

     (c)  (Be delivered): be delivered to the Trustee and copied to the Manager;

     (d)  (Schedule of Mortgage Loans): be accompanied by a schedule of the
          Mortgage Loans offered to be assigned to the Trustee that contains the
          information required by clause 4.4;

     (e)  (Closing Date): state the proposed Closing Date (which, unless
          otherwise agreed by the Trustee in writing, must be at least 5
          Business Days after the date of the receipt by the Trustee of the Sale
          Notice);

     (f)  (Cut-Off Date): state the Cut-Off Date (which, unless otherwise agreed
          by the Trustee in writing, must be at least 10 Business Days before
          the Closing Date); and

     (g)  (Authorised Officer): be signed by an Authorised Officer of the
          Seller.

4.4  Mortgage Loan Schedule

     The schedule required by clause 4.3(d) to accompany the Sale Notice must
     contain the following details in respect of each Mortgage Loan as at the
     commencement of business on the Cut-Off Date:

     (a)  (Name and address): the name and address of the Borrower under the
          Mortgage Loan (as recorded in the Seller's records in accordance with
          the Servicing Standards) and the address of the property secured by
          each Mortgage;

     (b)  (Account number): the account number of the Mortgage Loan;

     (c)  (Amount outstanding): the principal amount outstanding, and accrued
          interest, under the Mortgage Loan; and

     (d)  (LVR): the Loan to Value Ratio of the Mortgage Loan.

4.5  Sale Notice Constitutes an Offer

     A Sale Notice constitutes an offer by the Seller to assign to the Trustee
     with effect from the commencement of business on the Cut-Off Date and
     subject to the terms of this Deed and the Master Trust Deed the Seller's
     entire right, title and interest in, to and under the following:

     (a)  (Mortgage Loans): each Mortgage Loan identified in the schedule
          accompanying the Sale Notice;

     (b)  (Other Loans): all Other Loans in existence from time to time in
          relation to the above Mortgage Loans;

     (c)  (Mortgages): all Mortgages in existence from time to time in relation
          to the above Mortgage Loans;

     (d)  (Collateral Securities): all Collateral Securities in existence from
          time to time in relation to the above Mortgage Loans;

     (e)  (Mortgage Insurance Policy): all Mortgage Insurance Policies as at the
          commencement of business on the Cut-Off Date (other than the PMI
          Mortgage Insurance Policy);

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<PAGE>

     (f)  (Mortgage Receivables): all Mortgage Receivables in existence from
          time to time in relation to the above Mortgage Loans; and

     (g)  (Mortgage Documents): all Mortgage Documents in existence from time to
          time in relation to the above Mortgage Loans.

4.6  Sale Notice Revocable

     The Sale Notice is revocable by the Seller by notice received by the
     Trustee (and copied to the Manager) prior to the close of business (Sydney
     time) 4 Business Days before the proposed Closing Date. If no such notice
     is received by the Trustee and the Manager by that time, the Sale Notice is
     then irrevocable.

4.7  Acceptance of Offer

     The offer contained in the Sale Notice may be accepted by the Trustee only
     in accordance with this clause 4.

4.8  Timing of Acceptance

     (a)  (Means of acceptance): The Trustee will, if so directed by the Manager
          in writing, accept the offer contained in the Sale Notice at any time
          after 10.00 a.m. and before 3.30 p.m. (or between such other times as
          may be agreed by the Trustee and the Seller) on the Closing Date by,
          and only by, the Trustee paying, or causing payment of, the
          Consideration to the Seller in cleared and immediately available
          funds.

     (b)  (No further acts required): The Trustee is not required to do any
          further act, matter or thing to accept the offer contained in the Sale
          Notice.

4.9  Seller Not Obliged to Make, and Trustee Not Obliged to Accept, Offer

     Notwithstanding satisfaction of all relevant conditions precedent or any
     negotiations undertaken between the Seller and the Trustee prior to any
     acceptance by the Trustee of the offer contained in the Sale Notice:

     (a)  (Seller not obliged to make offer): the Seller is not obliged to issue
          the Sale Notice and the Trustee is not obliged to accept the offer
          contained in the Sale Notice and no contract for the sale or purchase
          of any Mortgage Loan Rights will arise unless and until the Trustee
          accepts the offer contained in the Sale Notice in accordance with this
          clause 4; and

     (b)  (Trustee acquires no rights until offer irrevocable): the Trustee
          acquires no rights against the Seller or the Servicer in respect of
          the Mortgage Loan Rights specified in the Sale Notice until such time
          as the Sale Notice (if issued) becomes irrevocable.

4.10 Can Only Accept all Mortgage Loan Rights in Loan Pool

     The offer contained in the Sale Notice may only be accepted in relation to
     all the Mortgage Loan Rights specified in the Sale Notice.

4.11 Effect of Acceptance

     Acceptance, in accordance with this Deed, of the offer contained in the
     Sale Notice constitutes an immediate assignment with effect from the
     commencement of business on the Cut-Off Date of the Seller's entire right,
     title and interest in the Mortgage Loan Rights. The Trustee's right, title
     and interest in such Mortgage Loan Rights is at all times subject to the
     terms of this Deed and the Master Trust Deed.

                                                                              42
<PAGE>

4.12  Sale in Equity Only

      (a)  (Assignment in equity): An assignment of Mortgage Loan Rights in
           accordance with this Deed takes effect initially in equity only.

      (b)  (Trustee must not communicate, disclose or perfect title): The
           Trustee must not:

           (i)    take any steps to perfect its legal title to the Mortgage Loan
                  Rights;

           (ii)   give any notice to, or communicate in any other way with, a
                  Borrower or the provider of any Collateral Security; or

           (iii)  disseminate or disclose any information in respect of the
                  assignment of the Mortgage Loan Rights,

           except in accordance with the terms of this Deed.

4.13  Sale Not to Amount to Assumption of Obligations

      An assignment of Mortgage Loan Rights in accordance with this Deed, and
      the acceptance of the Sale Notice, does not constitute an assumption by
      the Trustee, the Servicer, the Manager or any Securityholder of any
      obligation of the Seller or any other person pursuant to, or in connection
      with, the Mortgage Loan Rights or any other obligation of the Seller to
      the Borrower or any other party pursuant to, or in connection with, the
      Mortgage Documents.

4.14  Future Advances

      Without limiting the generality of clause 4.13, the Seller retains the
      obligation to make such further advances or provide such other financial
      accommodation as the Seller was required to make under the terms of the
      relevant Mortgage Loan prior to the Cut-Off Date for that Mortgage Loan.

4.15  Future Receivables

      Without limiting the effect of any assignment of any Mortgage Loan
      occurring on the Trustee accepting the Sale Notice but subject to clauses
      4.13 and 4.14, the Seller's right, title and interest in respect of any
      Mortgage Loan Rights arising, and any Mortgage Documents entered into, on
      or after the Cut-Off Date, form part of the rights assigned to the Trustee
      (to be held subject to the terms of the Master Trust Deed and this Deed)
      and, immediately following creation (including, without limitation,
      Mortgage Loan Rights created by the making of any further advance or the
      provision of any financial accommodation under the terms of a Mortgage
      Loan), vest in the Trustee in accordance with the assignment of that
      Mortgage Loan pursuant to this Deed.

4.16  Power to Acquire Mortgage Loans in Arrears

      In accordance with clause 16.4(v) of the Master Trust Deed, the parties
      expressly agree that the Trustee has the power to acquire Mortgage Loans
      as Assets of the Series Trust notwithstanding that payments due from
      Borrowers under such Mortgage Loans are in arrears as at the date of their
      acquisition by the Trustee.

________________________________________________________________________________
5.   The Securities

5.1  Securities divided into Classes

     The Securities are divided into four Classes as follows:

     (a)  the Class A-1 Notes;

                                                                              43
<PAGE>

     (b)  the Class A-2 Notes;

     (c)  the Class B Notes; and

     (d)  the Redraw Bonds.

5.2  Form, constituent documents and denomination of the Securities

     (a)  (Class A-1 Note): The Class A-1 Notes will be in registered form,
          without coupons; upon issue, will be represented by 3 or more Class A-
          1 Book Entry Notes (as defined in the Class A-1 Note Trust Deed) (and
          interests in such Class A-1 Book Entry Notes may be exchanged for
          Class A-1 Definitive Notes (as defined in the Class A-1 Note Trust
          Deed) in the circumstances set out in clause 3.4(a) of the Class A-1
          Note Trust Deed); will be constituted, issued and authenticated
          pursuant to the Class A-1 Note Trust Deed and will be denominated in
          US dollars.

     (b)  (A$ Securities): The A$ Securities will, upon issue, be in the form of
          registered debt securities, will be constituted pursuant to the Master
          Trust Deed and this Deed and will be denominated in Australian
          dollars.

5.3  Trustee must Issue the Notes

     Subject to the satisfaction of all conditions precedent in respect thereof
     in the Transaction Documents, the Trustee on the Closing Date must issue:

     (a)  (Class A-1 Notes): the Class A-1 Notes in accordance with the Class A-
          1 Note Trust Deed and the Underwriting Agreement; and

     (b)  (Class A-2 and B Notes): the Class A-2 Notes and the Class B Notes in
          accordance with this Deed and the Dealer Agreement.

5.4  Issue of Redraw Bonds

     If the Trustee receives:

     (a)  (Notice under Clause 8.4): a notice from the Manager pursuant to
          clause 8.4(a); and

     (b)  (No downgrade): written confirmation from each of the Rating Agencies
          that the proposed issue of Redraw Bonds will not result in a
          reduction, qualification or withdrawal of any then current credit
          rating assigned by it to a Security,

     the Trustee must issue Redraw Bonds up to the amount specified in the
     notice on the date for issue of the Redraw Bonds referred to in the notice.

5.5  Initial Invested Amount of the Securities

     (a)  (Class A-1 Notes): Each Class A-1 Note on its issue will have an
          Initial Invested Amount as set out on the face of that Class A-1 Note
          and will be issued at par value.

     (b)  (A$ Securities): Each A$ Security on its issue will have an Initial
          Invested Amount of A$100,000 and will be issued at par value.

5.6  Interest on the Securities

     (a)  (Class A-1 Notes): Each Class A-1 Note will accrue interest, and such
          interest will be payable, in accordance with the Class A-1 Note
          Conditions.

     (b)  (A$ Securities):

                                                                              44
<PAGE>

               (i)   Each A$ Security will accrue interest from (and including)
                     its Issue Date and will cease to accrue interest from (and
                     including) the earlier of:

                      A.  the date on which the Stated Amount of the A$ Security
                          is reduced to zero and all accrued interest in respect
                          of the A$ Security is paid in full; and

                      B.  the date on which the A$ Security is deemed to be
                          repaid in accordance with clause 5.7(b)(iv).

               (ii)   The period that an A$ Security accrues interest in
                      accordance with clause 5.6(b)(i) will be divided into
                      periods (each included within the definition of an
                      "Accrual Period"). The first such period for an A$
                      Security will commence on (and include) the Issue Date for
                      that A$ Security and will end on (but will not include)
                      the next Distribution Date. Each succeeding such period
                      will be equal to each corresponding Accrual Period. The
                      final such period for an A$ Security will end on (but will
                      not include) the date on which interest ceases to accrue
                      on the A$ Security pursuant to clause 5.6(b)(i).

               (iii)  Interest on each A$ Security for each of its Accrual
                      Periods will accrue on a daily basis at the product of the
                      Interest Rate applicable to that A$ Security and the
                      Invested Amount of the A$ Security at the close of
                      business on the first day of that Accrual Period and will
                      be calculated on a daily basis and based on a 365 day
                      year.

               (iv)   Interest so calculated on an A$ Security will, subject to
                      this Deed, be payable in arrears on each Distribution
                      Date.

     5.7  Redemption of the Securities

          (a)  (Class A-1 Notes): The Class A-1 Notes will be redeemed or deemed
               to be redeemed) in accordance with the Class A-1 Note Conditions.

          (b)  (A$ Securities):

               (i)    Unless previously redeemed in full, the Trustee will,
                      subject to this Deed, redeem each A$ Security at its then
                      Stated Amount, together with all accrued but unpaid
                      interest, on the Scheduled Maturity Date.

               (ii)   Subject to clauses 5.7(b)(iii) and (iv), on each
                      Distribution Date referred to in clause 10.5, an A$
                      Security will be redeemed (either in whole or in part as
                      the context requires) to the extent that any moneys are
                      applied by the Trustee pursuant to clause 10.5 to that A$
                      Security.

               (iii)  Unless previously redeemed in full, the Trustee must
                      redeem all, but not some only, of the A$ Securities, when
                      required to do so in accordance with, and for the amount
                      required under, Conditions 7.3 and 7.4 of the Class A-1
                      Note Conditions.

               (iv)   Upon a final distribution being made in respect of an A$
                      Security under clause 26.12 of this Deed or clause 13.1 of
                      the Security Trust Deed, each A$ Security will thereupon
                      be deemed to be redeemed and discharged in full and any
                      obligation to pay any accrued but unpaid interest and any
                      then unpaid, Stated Amount, Invested Amount or any other
                      amounts in relation to the A$ Security will be
                      extinguished in full.

               (v)    Subject to clause 5.7(b)(iii), no amount of principal will
                      be repaid in respect of an A$ Security in excess of the
                      Stated Amount of that A$

                                                                              45
<PAGE>

                      Security.

     5.8   Interest on Overdue Interest on the Securities

           (a)  (Class A-1 Notes): If interest is not paid in respect of a Class
                A-1 Note on the date when due and payable in accordance with the
                Class A-1 Note Conditions, the unpaid interest will in turn bear
                interest in accordance with the Class A-1 Note Conditions.

           (b)  (A$ Securities): If interest is not paid in respect of an A$
                Security on the date when due and payable in accordance with
                this Deed (but without regard to any limitation herein
                contained) that unpaid interest will in turn bear interest at
                the Interest Rate from time to time applicable on that A$
                Security until (but excluding) the date on which the unpaid
                interest, and interest on it, is paid in accordance with clause
                10.2.

     5.9   Rounding of Payments on the Securities

           (a)  (Class A-1 Notes): All payments in respect of the Class A-1
                Notes will be rounded in accordance with the Class A-1 Note
                Conditions.

           (b)  (A$ Securities): All payments in respect of the A$ Securities
                will be rounded down to the nearest cent.

     5.10  Securities Rank Equally Except for Special Rights

           The Securities enjoy the same rights, entitlements, benefits and
           restrictions, except as expressly provided in this Deed, the Master
           Trust Deed, the Class A-1 Note Trust Deed, the Class A-1 Notes and
           the Security Trust Deed.

     5.11  Transfer of Securities

           (a)  (Master Trust Deed): Clause 10.4(a) of the Master Trust Deed
                does not apply to the Securities.

           (b)  (Transfer of A$ Securities in accordance with Corporations Law):
                A Securityholder is only entitled to transfer an A$ Security if
                the offer of the A$ Security for sale, or the invitation to
                purchase the A$ Security, to the proposed transferee by the
                Securityholder is an offer or invitation that does not need
                disclosure to investors under Part 6D.2 of Chapter 6 of the
                Corporations Law and otherwise complies with the Corporations
                Law.

           (c)  (Regulation S): An A$ Security may not be offered or sold within
                the United States of America 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 clause 5.11(c) have the meaning given to them by Regulation
                S under the Securities Act.

     ___________________________________________________________________________

     6.    Conditions precedent to acceptance of Sale Notice and issue of Notes

     6.1   General Conditions Precedent

           The Trustee must receive each of the following documents before it
           can accept the offer contained in the Sale Notice (if issued by the
           Seller) or issue the Notes:

           (a)  (Standby Redraw Facility): an executed original counterpart of
                the Standby Redraw Facility Agreement together with a letter
                from the Standby Provider

                                                                              46
<PAGE>

               confirming that all conditions precedent to the Standby Redraw
               Facility have been received in a form and substance satisfactory
               to it;

          (b)  (Liquidity Facility): an executed original counterpart of the
               Liquidity Facility Agreement, together with a letter from the
               Liquidity Provider confirming that all conditions precedent to
               the Liquidity Facility have been received by it in form and
               substance satisfactory to it;

          (c)  (Interest Rate Swap Agreement): an executed original counterpart
               of the Interest Rate Swap Agreement together with a letter from
               the Interest Rate Swap Provider confirming that all conditions
               precedent to the Interest Rate Swap Agreement have been received
               in form and substance satisfactory to it;

          (d)  (Currency Swap Agreements): an executed original counterpart of
               each initial Currency Swap Agreement, together with a letter from
               each initial Currency Swap Provider confirming that all
               conditions precedent to its Currency Swap Agreement have been
               received by it in form and substance satisfactory to it.

          (e)  (Security Trust Deed): an executed original counterpart of the
               Security Trust Deed;

          (f)  (Class A-1 Note Trust Deed): an executed original counterpart of
               the Class A-1 Note Trust Deed;

          (g)  (Agency Agreement): an executed original counterpart of the
               Agency Agreement;

          (h)  (Dealer Agreement and Underwriting Agreement): an executed
               original counterpart of the Dealer Agreement and the Underwriting
               Agreement;

          (i)  (PMI Mortgage Insurance Policy): an executed original counterpart
               of the PMI Mortgage Insurance Policy together with a letter from
               PMI confirming that it has accepted for insurance under the PMI
               Mortgage Insurance Policy the Mortgage Loans referred to in the
               certificate attached to the letter and that the Trustee has paid
               the premium in respect of the PMI Mortgage Insurance Policy;

          (j)  (Computer diskette): a computer diskette from the Seller in a
               form agreed between the Seller and the Trustee containing:

               (i)    a list of all of the offices at which the Mortgage
                      Documents relating to the Mortgage Loans are retained,
                      showing the street address and telephone number of the
                      relevant office;

               (ii)   the surname and address of the Borrower under each
                      Mortgage Loan;

               (iii)  the account number of each Mortgage Loan;

               (iv)   the street address of the Land which is the subject of the
                      Mortgage relating to each Mortgage Loan; and

               (v)    such other information in respect of the Mortgage Loans as
                      is agreed between the Seller and the Trustee;

          (k)  (Letter explaining identification methodology): a letter from the
               Seller which explains (in a manner satisfactory to the Trustee)
               how the security packages containing the Mortgage Documents are
               marked or segregated so as to enable the Trustee to identify
               those security packages when at the premises of the Seller where
               the security packages are stored;

          (l)  (Seller letter): a letter (copied to the Rating Agencies) from
               the Seller which, in a

                                                                              47
<PAGE>

                      manner satisfactory to the Trustee, explains how the
                      Mortgage Loans are marked on the Mortgage Loan System so
                      that those Mortgage Loans, if necessary, can be separately
                      identified by the Trustee;

               (m)    (Confirmation from Rating Agencies): confirmation from
                      each of the Rating Agencies that the Class A Notes have
                      been assigned a provisional rating of AAA (in the case of
                      S&P), Aaa (in the case of Moody's) and AAA in the case of
                      Fitch and the Class B Notes have been assigned a
                      provisional rating of AA- (in the case of S&P) and AA (in
                      the case of Fitch);

               (n)    (Powers of attorney):

                      (i)    10 originals of a power of attorney from the Seller
                             in favour of the Trustee substantially in the form
                             contained in Schedule 2 or in such other form or
                             such other number of copies as is required to
                             enable registration of such power of attorney in
                             each State and Territory of Australia in which
                             registration is necessary or desirable (other than
                             Queensland or Western Australia);

                      (ii)   2 originals of a power of attorney from the Seller
                             in favour of the Trustee substantially in the form
                             contained in Schedule 3 or in such other form as is
                             required to enable registration of such power of
                             attorney in Queensland; and

                      (iii)  2 originals of a power of attorney from the Seller
                             in favour of the Trustee substantially in the form
                             contained in Schedule 4 or in such other form as is
                             required to enable registration of such power of
                             attorney in Western Australia;

               (o)    (Authorised Officers): a certificate setting out in full
                      the name and specimen signature of each Authorised Officer
                      of the Manager and the Servicer (also in its capacity as
                      Seller);

               (p)    (Legal opinions): legal opinions from:

                      (i)    Clayton Utz:

                             A.  as to, amongst other things, the validity and
                                 enforceability of the obligations of the
                                 Seller, the initial Servicer and the initial
                                 Manager under the Transaction Documents, or
                                 those parts of the Transaction Documents,
                                 expressed to be governed by Australian law;

                             B.  as to the tax and stamp duty implications of
                                 the Series Trust and the transactions
                                 contemplated by the Transaction Documents; and

                      (ii)   Mallesons Stephen Jaques as to the validity and
                             enforceability of the obligations of the Trustee
                             and the Security Trustee under the Transaction
                             Documents;

                      (iii)  Hickson Wisewoulds as to the validity and
                             enforceability of the obligations of PMI under the
                             PMI Mortgage Insurance Policy;

                      (iv)   Mayer Brown & Platt as to, amongst other things,
                             the validity and enforceability of the obligations
                             of the Seller and the Manager under the Transaction
                             Documents, or those parts of the Transaction
                             Documents, expressed to be governed by the laws of
                             the State of New York;

                                                                              48
<PAGE>

                 (v)    Emmet, Marvin & Martin, LLP as to due execution by The
                        Bank of New York of the Transaction Documents to which
                        The Bank of New York is a party; and

                 (vi)   internal counsel of Merrill Lynch International
                        (Australia) Ltd, ACN 002 892 846, as to the due
                        execution by Merrill Lynch International (Australia) Ltd
                        of the Currency Swap Agreements and due execution by
                        Merrill Lynch & Co. Inc of the guarantees related to the
                        Currency Swap Agreements.

          (q)    (Direction from the Manager): a written direction from the
                 Manager for the Trustee to accept the Sale Notice and to issue
                 the Notes.

     6.2  Other Conditions Precedent

          Without limiting the generality of clauses 4.9 and 6.1, the Trustee
          must not accept the offer contained in the Sale Notice (if issued by
          the Seller) and must not issue the Notes unless it is satisfied that
          the form and content of the Sale Notice complies with this Deed.

     6.3  No Liability for Insufficient Moneys

          If on the Closing Date the Trustee has not received each of the
          documents specified in clause 6.1 or the condition specified in clause
          6.2 is not fulfilled:

          (a)  (No acceptance): the Trustee must not accept the offer contained
               in the Sale Notice (if issued by the Seller);

          (b)  (No issue): the Trustee must not issue any Notes and must refund
               the Subscription Proceeds (if any) received by it to the relevant
               subscribers entitled to such Subscription Proceeds; and

          (c)  (No liability): none of the Trustee, the Manager, the Servicer or
               the Seller will have any obligation or liability to any person as
               a result of not issuing the Notes.

     6.4  Manager's Certificate

          The Manager must not issue a direction to the Trustee pursuant to
          clause 6.1(q) unless the Manager:

          (a)  (Compliance with Securities Laws): is satisfied that any offer
               for the issue, or any invitation to apply for the issue, of:

               (i)   the Class A-2 Notes and the Class B Notes:

                     A.  is an offer of securities for issue, or is an
                         invitation to apply for the issue of securities, which
                         does not need disclosure to investors under Part 6D.2
                         of Chapter 6 of the Corporations Law; and

                     B.  is made pursuant to an exemption from, or is not
                         subject to, the registration requirements of the
                         Securities Act; and

               (ii)  the Class A-1 Notes complies with:

                     A.  the Financial Services Act, 1986 (United Kingdom), all
                         regulations made under or in relation to that Act and
                         the Public Offers of Securities Regulations 1995; and

                     B.  the Securities Act, all regulations made thereunder and
                         all

                                                                              49
<PAGE>

                         other laws or regulations of any jurisdiction of the
                         United States of America regulating the offer or the
                         issue of, or the subscription for, the Class A-1 Notes.

                 (The Manager in becoming satisfied as to the above matters is
                 entitled to rely conclusively, unless it has actual knowledge
                 to the contrary, on, amongst other things, legal opinions or
                 other advice issued to this effect to it or any representation
                 or undertaking made to this effect in the applicable Dealer
                 Agreement or Underwriting Agreement);

          (b)    (No breach by Seller of representations): is not actually aware
                 that any representation or warranty made or taken to be made by
                 the Seller in any Transaction Document in respect of the Series
                 Trust is incorrect in any material respect on the Cut-Off Date
                 as if repeated on that Cut-Off Date with reference to facts and
                 circumstances then subsisting;

          (c)   (Breach of obligations by Seller): is not actually aware that
                the Seller is in breach in any material respect of any of its
                obligations under this Deed (unless that breach has been
                remedied to the satisfaction of the Manager);

          (d)   (Insolvency Event for Seller): is not actually aware that an
                Insolvency Event has occurred in relation to the Seller (unless
                that event has been remedied to the satisfaction of the
                Manager); and

          (e)   (Other conditions precedent): is satisfied that such other
                conditions precedent to the issue of the Notes and the
                acceptance by the Trustee of the offer contained in the Sale
                Notice as are specified in the Transaction Documents have been
                met.
     ___________________________________________________________________________

     7.   Division of Mortgage Loan Rights between the CBA Trust and the Series
          Trust

     7.1  CBA Trust Assets

          The Trustee will hold as trustee of the CBA Trust all its right, title
          and interest in:

          (a)  (Other Loans):  the Other Loans;

          (b)  (Balance of Mortgages etc.): the balance of the Mortgages, the
               Mortgage Documents, the First Layer of Collateral Securities and
               the Mortgage Receivables referred to in clause 7.2(b); and

          (c)  (Second Layer of Collateral Securities): the Second Layer of
               Collateral Securities,

          which are assigned to the Trustee by the Seller.

     7.2  Mortgages and First Layer of Collateral Securities

          (a)  (The Series Trust): The Trustee will hold as trustee of the
               Series Trust all its right, title and interest in so much of any
               Mortgage Loan, Mortgage, the First Layer of Collateral
               Securities, the Mortgage Receivables and the Mortgage Documents
               for each Mortgage Loan assigned to the Trustee (including,
               without limitation, the proceeds of enforcement of such in
               relation to the Mortgage Loan ) as is necessary to enable the
               full and final repayment of all amounts owing with respect to the
               Mortgage Loan.

          (b)  (The CBA Trust): The Trustee will hold as trustee for the CBA
               Trust the balance (if any) of its right, title and interest in
               any Mortgage Loan, Mortgage, First Layer

                                                                              50
<PAGE>

               of the Collateral Securities, Mortgage Receivables and Mortgage
               Documents referred to in clause 7.2(a).

     7.3  Treatment of Shared Securities

          If:

          (a)  (Mortgage Loans in Series Trust): a Mortgage Loan forms part of
               the Assets of the Series Trust;

          (b)  (Other Loans in CBA Trust): an Other Loan forms part of the CBA
               Trust Assets; and

          (c)  (Collateral Security secures both): a Collateral Security which
               is part of the First Layer of Collateral Securities or a Mortgage
               which secures the Mortgage Loan also secures the Other Loan,

          then:

          (d)  (If Seller is Servicer): where the Seller is the Servicer, the
               Servicer is entitled to enforce that Collateral Security or
               Mortgage (as the case may be) upon a default occurring in respect
               of the Other Loan provided that the enforcement proceeds are paid
               to the Trustee. Upon receipt of such proceeds the Trustee must:

               (i)   treat as Collections the amount of such proceeds as is
                     equal to all amounts outstanding under the relevant
                     Mortgage Loan; and

               (ii)  pay the excess (if any) of such proceeds to the Seller (as
                     beneficiary of the CBA Trust) in respect of amounts
                     outstanding under the Other Loan; or

          (e)  (If Seller is not Servicer): where the Seller is not the
               Servicer, the Servicer must enforce that Collateral Security or
               Mortgage (as the case may be) upon receipt of a direction to do
               so from the Seller (as beneficiary of the CBA Trust) which states
               that the relevant Other Loan is in default. Upon receipt of the
               enforcement proceeds in respect of that Collateral Security or
               Mortgage (as the case may be) the Servicer must pay to the
               Trustee all such proceeds and the Trustee must:

               (i)   treat as Collections the amount of such proceeds as is
                     equal to all amounts outstanding under the relevant
                     Mortgage Loan; and

               (ii)  pay the excess (if any) of such proceeds to the Seller (as
                     beneficiary of the CBA Trust) in respect of amounts
                     outstanding under the Other Loan.

     7.4  Trustee's duties

          Subject to clauses 2.8(b), 2.9(b), 2.10 and 7.3, the Trustee is not
          required to take any action in respect of an Other Loan or the Second
          Layer of Collateral Securities or the balance of the Trustee's right,
          title and interest in any Mortgage, First Layer of Collateral
          Securities and Mortgage Receivables referred to in clause 7.2(b).

     7.5  Upon Repayment of Mortgage Loan Trustee Holds for CBA Trust

          Subject to clause 7.6, if a Mortgage Loan has been repaid in full or
          is treated as having been repaid in full pursuant to clause 16.20(b),
          and the Mortgage Loan is not discharged, then the Trustee will, from
          the date of repayment or treated repayment in full of the Mortgage
          Loan, automatically by virtue of this Deed, and without the necessity
          for any further act or instrument or other thing to be done or brought
          into existence, hold the benefit of its right, title and interest in
          and to:

                                                                              51
<PAGE>

          (a)  (The Mortgage Loan): the Mortgage Loan;

          (b)  (Mortgages, etc.): any Mortgages, and the First Layer of
               Collateral Securities, held in respect of that Mortgage Loan;

          (c)  (Mortgage Documents): any Mortgage Documents held in relation to
               that Mortgage Loan; and

          (d)  (Mortgage Receivables): the Mortgage Receivables held in relation
               to that Mortgage Loan,

          as trustee of the CBA Trust.

     7.6  Application Where 2 Mortgage Loans

          If the Mortgages, First Layer of Collateral Securities, Mortgage
          Documents, and Mortgage Receivables referred to in clause 7.5 apply to
          more than one Mortgage Loan forming part of the Assets of the Series
          Trust, the holding of the Trustee's interest in such as trustee of the
          CBA Trust occurs only upon repayment in full of all such Mortgage
          Loans secured by such Mortgages, First Layer of Collateral Securities,
          Mortgage Documents and Mortgage Receivables.

     7.7  Costs

          The Seller must pay to, or reimburse, the Trustee immediately on
          demand for all costs and expenses including, without limitation, all
          legal costs charged at the usual commercial rates of the relevant
          legal services provider and any stamp duty and registration fees
          arising out of, or necessarily incurred in connection with, the
          Trustee coming to hold its right, title and interest in any Mortgage
          Loan Rights for the CBA Trust in accordance with clause 7.5.

     7.8  Alternative Structure

          The Trustee must co-operate with the Seller in transferring or holding
          the relevant assets set out in clause 7.5 in any reasonable way other
          than as set out in this clause 7 if to do so would materially reduce
          the liability of the Seller to reimburse the Trustee for any of the
          costs and expenses set out in clause 7.7 and provided that any
          proposal pursuant to this clause is permitted in law and does not
          result in the Trustee being exposed to the risk of personal liability
          unless the Trustee is satisfied, in its absolute discretion, that the
          Seller will be able to indemnify the Trustee in respect of such risk
          in accordance with clause 2.15(a).

     ___________________________________________________________________________
     8.   Determinations by the Manager

     8.1  Applications and payments on Distribution Dates

          Prior to each Distribution Date, based on information provided by the
          Servicer, the Manager must make all necessary determinations to enable
          the Trustee to make the payments or allocations to be made by the
          Trustee on the Distribution Date pursuant to this Deed (including, for
          the first Distribution Date, the aggregate of the Accrued Interest
          Adjustment) and must give to the Trustee a written direction by 11 am
          (Sydney time) on the Business Day prior to each Distribution Date in
          relation to the payments and allocations to be made on that
          Distribution Date in accordance with this Deed.

     8.2  Insufficient principal to meet Seller Advances

          (a)  (Manager must prepare standby redraw notice): If on a
               Determination Date the Manager determines that the aggregate of
               the Principal Collections, the Principal Chargeoff Reimbursement
               and the Other Principal Amounts for the Collection Period then
               ended is insufficient to meet in full the Seller Advances
               referred to in

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<PAGE>

               clause 10.3(a), the Manager must prepare and forward to the
               Trustee no later than the close of business 3 Business Days prior
               to the following Distribution Date a drawdown notice under and in
               accordance with the Standby Redraw Facility Agreement requesting
               a drawing under the Standby Redraw Facility for an amount equal
               to the lesser of the shortfall and the amount which is available
               for drawing under the Standby Redraw Facility (which notice must
               also specify the calculations used in determining the drawing so
               requested).

          (b)  (Trustee must execute and serve standby redraw notice): If the
               Trustee receives a drawdown notice from the Manager pursuant to
               clause 8.2(a), the Trustee must promptly sign and serve the
               drawdown notice on the Standby Redraw Facility Provider pursuant
               to the Standby Redraw Facility Agreement requesting a drawing on
               the following Distribution Date.

     8.3  Income Shortfall

          (a)  (Manager must prepare liquidity notice): If on a Determination
               Date there is an Income Shortfall, the Manager must prepare and
               forward to the Trustee no later than the close of business 3
               Business Days prior to the following Distribution Date a notice
               under and in accordance with the Liquidity Facility Agreement
               requesting a drawing under the Liquidity Facility for an amount
               equal to the lesser of the Income Shortfall and the amount which
               is available for drawing under the Liquidity Facility (which
               notice must also specify the calculations used in determining the
               drawing so requested).

          (b)  (Trustee must execute and deliver liquidity notice): If the
               Trustee receives a notice from the Manager pursuant to clause
               8.3(a) then the Trustee must immediately sign and serve the
               drawdown notice on the Liquidity Facility Provider pursuant to
               the Liquidity Facility Agreement requesting a drawing on the
               following Distribution Date.

     8.4  Insufficient principal to meet Seller Advances and Standby Redraw
          Facility Principal

          If, in respect of a Determination Date, the Manager considers that the
          aggregate of:

          (a)  (Principal Collections): the Principal Collections, the Principal
               Chargeoff Reimbursement and the Other Principal Amounts for the
               Collection Period ending on the Determination Date; and

          (b)  (Standby Redraw Facility Advance): the Standby Redraw Facility
               Advance (if any) to be made on the following Distribution Date,

          as estimated by the Manager are likely to be insufficient to meet in
          full under clause 10.3 the aggregate of:

          (c)  (Seller Advances): the Seller Advances; and

          (d)  (Standby Redraw Facility Principal): the Standby Redraw Facility
               Principal,

          that the Manager estimates will be outstanding on the Determination
          Date, the Manager may prepare and forward to the Trustee a notice
          directing the Trustee to issue Redraw Bonds for a principal amount and
          on an issue date (which must be no earlier than 5 Business Days from
          the date of receipt of the notice by the Trustee) specified in the
          notice. The Manager must not issue such a notice to the Trustee if the
          Manager considers that the Stated Amount of the Redraw Bonds at the
          next Distribution Date (after including the proposed issue of Redraw
          Bonds and taking into account any expected repayments of principal on
          the Redraw Bonds pursuant to clause 10.5) will exceed the Redraw Bond
          Principal Limit.

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     8.5  Netting of Seller Advances and Standby Redraw Facility Advances

          If whilst the Standby Redraw Facility Provider is the Seller, the
          Standby Redraw Facility Provider makes a Standby Redraw Facility
          Advance on a Distribution Date by way of a book entry in its records
          pursuant to clause 4.6 of the Standby Redraw Facility Agreement:

          (a)  (Standby Redraw Facility Advance to be taken into account): the
               amount of the Standby Redraw Facility Advance will be taken into
               account for the purpose of the calculations to be made hereunder
               on the Distribution Date and the previous Determination Date; and

          (b)  (Seller Advance Reduced): the amount of the then outstanding
               Seller Advances will be reduced by the amount of such book entry
               on the Distribution Date, without the Trustee needing to make the
               corresponding payment under clause 10.3(a).

     8.6  Cash Advance Deposit

          On each Determination Date the Manager will determine the amount (if
          any) that has been received in the Collection Period just ended in
          respect of interest that has been earned on the Collections Account
          and which is attributable to the Cash Advance Deposit (if any)
          deposited in the Collections Account and will instruct the Trustee to
          pay such interest to the Liquidity Facility Provider on the next
          Distribution Date.

     8.7  Break Costs and Break Benefits

          (a)  (Application of Clause): If the Trustee is party to a Fixed Rate
               Swap:

               (i)   this clause 8.7 will apply (but otherwise shall be of no
                     effect); and

               (ii)  Break Costs will not be included in the definition of
                     Finance Charge Collections (except as set out in clauses
                     8.7(c) and (d)) and Break Benefits will not be included in
                     the definition of Expenses.

          (b)  (Payment of Break Benefits): The Servicer must pay any Break
               Benefits payable to Borrowers during a Collection Period from the
               Finance Charge Collections received during that Collection Period
               and not yet deposited by the Servicer in the Collections Account
               in accordance with clause 22. If the Finance Charge Collections
               held by the Servicer and not deposited in the Collections Account
               are insufficient to pay any Break Benefits due to be paid to a
               Borrower, the Servicer must direct the Trustee, and upon such
               direction the Trustee must pay to the Borrower, such Break
               Benefits from the Finance Charge Collections in the Collections
               Account received during that Collection Period to the extent of
               the shortfall.

          (c)  (Net Break Payment): If there is a Net Break Payment on a
               Determination Date, the Trustee must:

               (i)   pay the Break Costs in relation to the immediately
                     preceding Collection Period to the extent of the Net Break
                     Payment to the Interest Rate Swap Provider on the following
                     Distribution Date in accordance with the Interest Rate Swap
                     Agreement; and

               (ii)  treat the balance of the Break Costs in relation to the
                     immediately preceding Collection Period as Finance Charge
                     Collections in relation to that Collection Period.

          (d)  (Net Break Receipt): If there is a Net Break Receipt on a
               Determination Date, the Trustee must:

                                                                              54
<PAGE>

               (i)    treat the Break Costs in relation to the immediately
                      preceding Collection Period as Finance Charge Collections
                      in relation to that Collection Period; and

               (ii)   treat any amount received from the Interest Rate Swap
                      Provider on the following Distribution Date in respect of
                      the Net Break Receipt in accordance with the Interest Rate
                      Swap Agreement as an Available Income Amount with respect
                      to that Distribution Date.

          (e)  (Manager to Determine): The Manager must determine on each
               Determination Date the Net Break Payment or Net Break Receipt, as
               the case may be, and must direct the Trustee as to the payments
               to be made by the Trustee, if any, in accordance with this clause
               8.7.

     8.8  Interest Rate Swap Provider Deposit

          On each Determination Date the Manager will determine the amount (if
          any) that has been received in the Collection Period just ended in
          respect of interest that has been earned on the Collections Account or
          any other account held by the Trustee as trustee of the Series Trust
          and which is attributable to the Interest Rate Swap Provider Deposit
          (if any) deposited in the Collections Account or that other account
          and will instruct the Trustee to pay such interest to the Interest
          Rate Swap Provider on the next Distribution Date.

--------------------------------------------------------------------------------
     9.   Chargeoffs

     9.1  Allocation of Principal Chargeoffs

          If there is a Principal Chargeoff on a Determination Date prior to the
          enforcement of the Charge, it will be allocated in the following
          order:

          (a)  (Class B Notes): first, amongst the Class B Notes equally in
               reduction of the Stated Amount of the Class B Notes until the
               Stated Amount of the Class B Notes is reduced to zero; and

          (b)  (Other Securities and Standby Redraw Facility Provider):
               secondly, any balance of the Principal Chargeoff remaining after
               the application of clause 9.1(a) will be allocated as follows:

               (i)    the Class A-1 Chargeoff Percentage of such balance
                      rateably amongst the Class A-1 Notes according to the
                      Stated Amount of each Class A-1 Note;

               (ii)   the Class A-2 Chargeoff Percentage of such balance amongst
                      the Class A-2 Notes equally;

               (iii)  the Redraw Bond Chargeoff Percentage of such balance
                      rateably amongst the Redraw Bonds according to the Stated
                      Amount of each Redraw Bond; and

               (iv)   the Standby Redraw Chargeoff Percentage of such balance to
                      the Standby Redraw Facility Principal,

               in reduction, respectively, of the Stated Amount of the Class A-1
               Notes (in accordance with the Class A-1 Note Conditions), the
               Stated Amount of the Class A-2 Notes and the Redraw Bonds and the
               Standby Redraw Facility Principal, until such Stated Amounts and
               the Standby Redraw Facility Principal are reduced to zero.

                                                                              55
<PAGE>

       A reduction in the Stated Amount of a Security and the Standby Redraw
       Facility Principal in accordance with the foregoing will take effect on
       the next Distribution Date by the amount so allocated.

  9.2  Allocation of Principal Chargeoff Reimbursements

       If there is a Principal Chargeoff Reimbursement on a Determination Date,
       then it will be allocated in the following order:

       (a)     (Class A Notes, Redraw Bonds and Standby Redraw Facility
               Provider): first, pro-rata (according to, in the case of the
               Class A-1 Notes, the A$ Equivalent of the aggregate Unreimbursed
               Principal Chargeoffs on that Determination Date, in the case of
               the Class A-2 Notes and the Redraw Bonds, their respective
               aggregate Unreimbursed Principal Chargeoffs on that Determination
               Date and, in the case of the Standby Redraw Facility Principal,
               its Unreimbursed Principal Chargeoffs on that Determination Date)
               as follows:

               (i)   rateably amongst the Class A-1 Notes according to the
                     Unreimbursed Principal Chargeoff of each Class A-1 Note;

               (ii)  equally amongst the Class A-2 Notes;

               (iii) rateably amongst the Redraw Bonds according to the
                     Unreimbursed Principal Chargeoff of each Redraw Bond; and

               (iv)  the Standby Redraw Facility Principal,

               in reduction of, respectively, the amount of the Unreimbursed
               Principal Chargeoffs on the Class A-1 Notes (in accordance with
               the Class A-1 Note Conditions) and the Unreimbursed Principal
               Chargeoffs on the Class A-2 Notes, the Redraw Bonds and the
               Standby Redraw Facility Principal, until such Unreimbursed
               Principal Chargeoffs are reduced to zero; and

       (b)     secondly, equally amongst the Class B Notes until the amount of
               Unreimbursed Chargeoffs on the Class B Notes are reduced to zero.

       A reduction of an Unreimbursed Principal Chargeoff in accordance with the
       foregoing will take effect on the next Distribution Date by the amount so
       allocated.

9.3    Loss Recoveries

       If the Servicer receives or collects any Loss Recoveries in respect of a
       Mortgage Loan for which payment has already been received by or on behalf
       of the Trustee from a Support Facility Provider, then the Servicer must
       pay such amount to the relevant Support Facility Provider pursuant to the
       relevant Support Facility. Where the Trustee is entitled to retain any
       such Loss Recoveries pursuant to such Support Facility, or receives any
       Loss Recoveries from the Support Facility Provider, then such amounts
       will be included in Other Income Amounts.

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10.    Payments on Distribution Dates by Trustee

10.1   Payment of Accrued Interest Adjustment on first Distribution Date

       On the first Distribution Date, the Trustee must, in accordance with the
       directions given to it by the Manager pursuant to clause 8.1, pay from
       the Collections Account to the Seller the aggregate of the Accrued
       Interest Adjustment for all Mortgage Loans then forming part of the
       Assets of the Series Trust. Such aggregate sum will, for the purposes of
       making the determinations pursuant to clause 8.1 on the first
       Determination Date, be deducted by the Manager from the Available Income
       Amount in respect of the first Distribution Date.

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<PAGE>

10.2  Application of the Available Income Amount on each Distribution Date

      On each Distribution Date prior to the enforcement of the Charge, the
      Trustee must, in accordance with the directions given by the Manager
      pursuant to clause 8.1, apply the Available Income Amount in respect of
      that Distribution Date in making the following allocations, and the
      following payments from the Collections Account, in the following order of
      priority:

      (a)  (Taxes): first, in or towards payment of or provision for Taxes in
           relation to the Series Trust (including Government Charges paid by
           the Servicer on behalf of the Trustee);

      (b)  (Trustee's Fee): secondly, in or towards payment to the Trustee of
           the Trustee's Fee due on that Distribution Date;

      (c)  (Security Trustee's Fee): thirdly, in or towards payment to the
           Security Trustee of the Security Trustee's Fee due on that
           Distribution Date;

      (d)  (Management Fee): fourthly, in or towards payment to the Manager of
           the Management Fee due on that Distribution Date;

      (e)  (Servicer's Fee): fifthly, in or towards payment to the Servicer of
           the Servicer's Fee due on that Distribution Date;

      (f)  (Liquidity Facility Commitment Fee): sixthly, in or towards payment
           to the Liquidity Facility Provider of the Liquidity Facility
           Commitment Fee due on that Distribution Date;

      (g)  (Support Facilities): seventhly, in or towards payment rateably of
           any net amounts due to a Support Facility Provider under a Support
           Facility on that Distribution Date, but excluding any amounts
           specified in paragraph (f) above, paragraphs (i), (j) and (k)(i) &
           (iv) below and clauses 9.3 and 10.3(b);

      (h)  (Expenses): eighthly, in or towards payment of or provision for all
           Expenses in respect of the Accrual Period ending on that Distribution
           Date;

      (i)  (Standby Redraw Facility Commitment Fee): ninthly, in or towards
           payment to the Standby Redraw Facility Provider of the Standby Redraw
           Facility Commitment Fee due on that Distribution Date;

      (j)  (Liquidity Facility Advance): tenthly, in or towards repayment to the
           Liquidity Facility Provider of any outstanding Liquidity Facility
           Advance made on or prior to the previous Distribution Date;

      (k)  (Class A Note, Redraw Bond and Standby Redraw Facility Interest):
           eleventhly, subject to clause 10.8, in payment rateably as follows:

           (i)    to the Currency Swap Providers in accordance with clause 10.4
                  of the A$ Class A-1 Interest Amounts, and any A$ Class A-1
                  Unpaid Interest Amounts, in relation to that Distribution
                  Date;

           (ii)   equally amongst the Class A-2 Notes of the aggregate of the
                  Interest Amounts in relation to the Class A-2 Notes for the
                  Accrual Period ending on that Distribution Date and any then
                  Unpaid Interest Amounts in relation to the Class A-2 Notes;

           (iii)  rateably, according to the sum of the Interest Amounts for the
                  Accrual Period ending on that Distribution Date, and the
                  Unpaid Interest Amounts (if any), for each Redraw Bond,
                  amongst the Redraw Bonds of

                                                                              57
<PAGE>

                  the aggregate of the Interest Amounts in relation to the
                  Redraw Bonds for the Accrual Period ending on that
                  Distribution Date and any then Unpaid Interest Amounts in
                  relation to the Redraw Bonds; and

           (iv)   to the Standby Redraw Facility Provider of the aggregate of
                  the Standby Redraw Facility Interest (if any) due on that
                  Distribution Date and any Standby Redraw Facility Interest
                  remaining unpaid from prior Distribution Dates;

      (l)  (Class B Interest): twelfthly, subject to clause 10.8, in payment
           equally amongst the Class B Notes of the aggregate of the Interest
           Amounts in relation to the Class B Notes for the Accrual Period
           ending on that Distribution Date and any then Unpaid Interest Amounts
           in relation to the Class B Notes;

      (m)  (Principal Chargeoff Reimbursement): thirteenthly, subject to clause
           10.8, the amount of the Principal Chargeoff Reimbursement for the
           Determination Date as an allocation to the Available Principal Amount
           to be paid in accordance with clause 10.3;

      (n)  (Arranging Fee): fourteenthly, subject to clause 10.8, in payment to
           the Manager rateably of the Arranging Fee due on that Distribution
           Date and any Arranging Fee outstanding from a prior Distribution
           Date; and

      (o)  (Distribution): fifteenthly, subject to clause 10.8, the balance in
           payment to the Residual Unitholder, to be dealt with, and held by,
           the Residual Unitholder pursuant to clause 11.1.

      The obligations of the Trustee to make any payment or allocation under
      each of the above paragraphs is limited in each case to the balance of the
      Available Income Amount (if any) available after application in accordance
      with the preceding paragraph or paragraphs.

10.3  Application of the Available Principal Amount on each Distribution Date

      On each Distribution Date prior to the enforcement of the Charge, the
      Trustee must in accordance with the directions given by the Manager
      pursuant to clause 8.1, apply the Available Principal Amount in respect of
      that Distribution Date in making the following payments from the
      Collections Account in the following order of priority:

      (a)  (Seller Advances): first, subject to clause 8.3, in or towards
           repayment to the Seller on the next Distribution Date of any Seller
           Advances made by the Seller during or prior to the Collection Period
           just ended and which have not previously been repaid in accordance
           with this clause 10.3(a);

      (b)  (Standby Redraw Facility Principal): secondly, in or towards
           repayment to the Standby Redraw Facility Provider of any Standby
           Redraw Facility Principal;

      (c)  (Securityholders): thirdly, subject to clause 10.8, in accordance
           with clause 10.5; and

      (d)  (Residual Unitholder): fourthly, subject to clause 10.8, the balance
           (if any) to the Residual Unitholder.

      The obligations of the Trustee to make any payment under each of the above
      paragraphs is limited in each case to the balance of the Available
      Principal Amount (if any) available after application in accordance with
      the previous paragraph or paragraphs.

10.4  Payment of Interest on the Class A-1 Notes

      On each Distribution Date that any amount is payable to a Currency Swap
      Provider pursuant to

                                                                              58
<PAGE>

      clause 10.2(k)(i), the Trustee must comply with Condition 6.9 of the Class
      A-1 Note Conditions in relation to that Currency Swap Provider.

10.5  Repayment of Principal on the Securities

      On each Distribution Date, prior to the enforcement of the Charge, the
      Trustee must pay the amount available for distribution on that
      Distribution Date in accordance with clause 10.3(c) in the following
      order:

      (a)  (Redraw Bonds): first, amongst the Redraw Bonds (if any) as a
           repayment of principal on the Redraw Bonds in the following order:

           (i)    first, equally amongst those Redraw Bonds with the earliest
                  Issue Date until the Stated Amount of those Redraw Bonds is
                  reduced to zero;

           (ii)   secondly, equally amongst those Redraw Bonds with the next
                  earliest Issue Date (if any) until the Stated Amount of those
                  Redraw Bonds is reduced to zero; and

           (iii)  subsequently, equally amongst each subsequent group of Redraw
                  Bonds (if any) with the same Issue Date until the Stated
                  Amount of those Redraw Bonds is reduced to zero on the basis
                  that a Redraw Bond will not be entitled to any payment in
                  respect of principal under this clause 10.5 until the Stated
                  Amount of all Redraw Bonds with an earlier Issue Date than
                  that Redraw Bond has been reduced to zero;

      (b)  (Class A Notes): secondly, subject to clause 10.8, the lesser of the
           balance (if any) of the amount available for distribution and the
           Class A Principal Distribution for that Distribution Date (such
           lesser amount being the "Class A Available Principal Distribution")
           rateably as follows:

           (i)    the Class A-1 Percentage of the Class A Available Principal
                  Distribution to the Currency Swap Providers in accordance with
                  clause 10.6; and

           (ii)   the Class A-2 Percentage of the Class A Available Principal
                  Distribution equally amongst the Class A-2 Notes as a
                  repayment of principal on the Class A-2 Notes,

           until the Stated Amount of the Class A Notes is reduced to zero; and

      (c)  (Class B Notes): thirdly, subject to clause 10.8, the balance (if
           any) of the amount available for distribution under this clause 10.5
           equally amongst the Class B Notes until the Stated Amount of the
           Class B Notes is reduced to zero.

10.6  Repayment of Principal on the Class A-1 Notes

      On each Distribution Date that any amount is payable to a Currency Swap
      Provider pursuant to clause 10.5(b)(i), the Trustee must comply with
      Condition 7.2 of the Class A-1 Note Conditions in relation to that
      Currency Swap Provider.

10.7  Inability to Comply with Order of Priority

      The inability of the Trustee or the Manager to comply with any order of
      priority of payment specified in this Deed due to any law relating to the
      rights of creditors generally or specifically does not constitute a
      Trustee Default or a Manager Default and does not entitle any
      Securityholder or the Residual Unitholder to take any action against the
      Trustee or the Manager. Nothing in clause 8 or this clause 10 requires the
      Trustee or the Manager to breach any Transaction Document or to fail to
      comply with any applicable law.

                                                                              59
<PAGE>

10.8  No Payment in respect of Obligations ranking Equally or after Class A-1
      Notes if no payment made to Currency Swap Provider

      If on a given Distribution Date for whatever reason payment is not made in
      full to a Currency Swap Provider in accordance with clauses 10.2(k)(i) and
      10.5(b)(i), the Trustee must not make any payment or allocation (as the
      case may be) pursuant to clauses 10.2(k)-(o) (inclusive), 10.3(c) & (d) or
      10.5(b) & (c) on that Distribution Date or thereafter until and unless all
      amounts outstanding under clauses 10.2(k)(i) and 10.5(b)(i) are paid to
      the Currency Swap Provider (or other arrangements are entered into) that
      enables all amounts of interest and principal due in respect of the Class
      A-1 Notes to be paid or repaid to the Class A-1 Noteholders in full in US
      dollars in accordance with the Class A-1 Notes.

10.9  Payments in respect of A$ Securities

      All payments in respect of an A$ Security on a Distribution Date referred
      to in this Deed must be made to the person recorded in the Register as the
      holder of that A$ Security as at close of business on the Business Day
      immediately preceding that Distribution Date.

--------------------------------------------------------------------------------
11.   Net Tax Income of the Series Trust

11.1  Net Tax Income of the Series Trust absolutely vested in the Residual
      Unitholder

      The Net Tax Income of the Series Trust for each Financial Year will be
      absolutely vested in the Residual Unitholder and the Residual Unitholder
      will have an absolute vested interest in the Net Tax Income of the Series
      Trust for that Financial Year. To the extent that such balance has not
      actually been paid to the Residual Unitholder pursuant to clause 10.2(o)
      during that Financial Year, it will constitute an amount payable by the
      Trustee to the Residual Unitholder to be satisfied only from Excess
      Distributions otherwise payable to the Residual Unitholder in accordance
      with clause 10.2(o) on the Distribution Dates following the close of the
      Financial Year. If in the last Financial Year of the Series Trust, such
      amount (if any) in respect of the previous Financial Year has not been
      satisfied from the Excess Distributions otherwise payable to the Residual
      Unitholder in accordance with clause 10.2(o) on the Distribution Dates in
      the last Financial Year, the shortfall, plus any such amount for the last
      Financial Year, will be satisfied in full from, and only by, the payment
      of the excess funds (if any) by the Trustee to the Residual Unitholder
      pursuant to clause 26.15.

11.2  Excess Distribution

      (a)  (Deposit with the Residual Unitholder): A payment to the Residual
           Unitholder of the Excess Distribution pursuant to clause 10.2(o) will
           be held by the Residual Unitholder as a deposit by the Trustee with
           the Residual Unitholder and will be dealt with in accordance with
           this clause 11.2.

      (b)  (Application towards Net Tax Income): At the end of each Financial
           Year, the Residual Unitholder will, and will be entitled to, deduct
           from so much of the deposit standing to the credit of the Trustee
           pursuant to clause 11.2(a), the Net Tax Income of the Series Trust
           for that Financial Year absolutely vested in the Residual Unitholder
           for that Financial Year pursuant to clause 11.1. To the extent that
           there is any surplus in the amount so deposited over the Net Tax
           Income so vested, in a Financial Year, the surplus will be dealt with
           in accordance with this clause 11.2(b) in the succeeding Financial
           Year.

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<PAGE>

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12.   Early termination of Swaps

12.1  Early Termination of a Swap

      If at any time a Fixed Rate Swap terminates prior to its scheduled
      termination date, or the Basis Swap terminates, in each case whilst there
      are Securities which have not then been redeemed (or deemed to be
      redeemed) in full or the Class A-1 Currency Swap terminates whilst there
      are Class A-1 Notes which have not then been redeemed (or deemed to be
      redeemed) in full, the Manager and the Trustee must:

      (a)  (Enter into Replacement Swap): (in the case of the Trustee, to the
           extent that the Manager has made appropriate arrangements to ensure
           that it is practicable) enter into one or more swaps which replace
           the terminated Swap on terms and with a counterparty which the Rating
           Agencies confirm in writing will not result in a reduction,
           qualification or withdrawal of the credit ratings then assigned by
           them to the Securities or the Class A-1 Notes (as the case may be)
           and, in the case of the Manager, use all reasonable endeavours to
           make appropriate arrangements to ensure that it is practicable for
           the Trustee to enter into one or more such swaps not later than 5
           Business Days after it becomes aware of the termination of such
           terminated Swap;

      (b)  (Termination of Basis Swap): in the case of a termination of the
           Basis Swap (but without limiting the operation of paragraphs (a) and
           (c) in relation to the termination of the Basis Swap), as soon as the
           Trustee becomes actually aware of the termination, direct the
           Servicer to ensure compliance with clause 12.2; or

      (c)  (Other Arrangements): enter into such other arrangements which the
           Rating Agencies confirm in writing will not result in a reduction,
           qualification or withdrawal of the credit ratings then assigned by
           them to the Securities or the Class A-1 Notes (as the case may be).

12.2  Servicer to Adjust Mortgage Interest Saver Accounts and Mortgage Rates if
      Basis Swap Terminated

      If at any time the Basis Swap terminates whilst there are any Securities
      which have not been redeemed (or deemed to be redeemed) in full and it is
      directed by the Manager and the Trustee pursuant to clause 12.1(b) to
      comply with this clause 12.2, the Servicer must, in respect of each
      Accrual Period commencing thereafter until the date on which clause
      12.1(a) or (c) may be implemented:

      (a)  (Reduce Mortgage Interest Saver Accounts): reduce, except as may be
           provided by applicable laws (including the Consumer Credit Code), any
           Binding Provision and any Competent Authority, the rates at which the
           interest off-set benefits under the Mortgage Interest Saver Accounts
           are calculated to rates which produce an amount of income at least
           equal to the lesser of:

           (i)   the aggregate amount of income that would be produced if the
                 rates at which the interest off-set benefits under the Mortgage
                 Interest Saver Accounts are calculated were reduced to zero;
                 and

           (ii)  the amount of income which is sufficient, when aggregated with
                 the amount of income produced by the rate of interest on the
                 Mortgage Loans, and the income from Short-Term Authorised
                 Investments, then forming part of the Assets of the Series
                 Trust to ensure that the Trustee will have available to it
                 sufficient Finance Charge Collections and Other Income Amounts
                 to enable it to comply with its obligations under the
                 Transaction Documents as they fall due; and

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      (b)  (Set Threshold Rate): if the amount of income produced pursuant to
           clause 12.2(a) is not sufficient, when aggregated with the amount of
           income produced by the rate of interest payable on the Mortgage
           Loans, and the income from Short-Term Authorised Investments, then
           forming part of the Assets of the Series Trust to ensure that the
           Trustee will have sufficient Finance Charge Collections and Other
           Income Amounts to enable it to meet its obligations under the
           Transaction Documents as they fall due, ensure, except as may be
           provided by applicable law (including the Consumer Credit Code), any
           Binding Provision and any Competent Authority, that the weighted
           average Mortgage Rate applicable to the Mortgage Loans forming part
           of the Assets of the Series Trust on each Rate Set Date is not lower
           than the Threshold Rate determined by the Manager on that Rate Set
           Date pursuant to clause 12.3 and will promptly notify the Borrower in
           relation to each Mortgage Loan of any change where required in
           accordance with the relevant Mortgage or Loan Agreement.

12.3  Determination of Threshold Rate

      While clause 12.2(b) applies, the Manager will, on each Rate Set Date,
      determine the Threshold Rate for the Accrual Period commencing on that
      Rate Set Date and:

      (a)  (Notify Servicer): in the case of Mortgage Loans the assignment of
           which to the Trustee has not been perfected by the giving of notice
           to the relevant Borrower, promptly notify on that date the Servicer
           of such rate; and

      (b)  (Notify Trustee and Servicer): in the case of Mortgage Loans the
           assignment of which has been so perfected, promptly notify on that
           date the Trustee and the Servicer of such rate.

12.4  Trustee to set Mortgage Rate

      If:

      (a)  (Servicer Default): a failure by the Servicer to comply with clause
           12.2 results in the occurrence of the Servicer Default referred to in
           clause 18.1(f); and

      (b)  (No Substitute Servicer Appointed): a Substitute Servicer is not
           appointed immediately pursuant to clause 18 of this Deed,

      the Manager must immediately direct the Trustee (in its capacity as
      Substitute Servicer pursuant to clause 18 of this Deed), and the Trustee
      must as soon as practicable thereafter comply with such direction, to
      adjust or maintain the Mortgage Rate (as the case may be) in accordance
      with clause 12.2 until such time as a Substitute Servicer is appointed in
      accordance with the Trust Deed.

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13.   Representations and warranties regarding Mortgage Loans

13.1  Seller's Representations and Warranties

      As at the Cut-Off Date, the Seller represents and warrants to the Trustee
      in respect of each Mortgage Loan that:

      (a)  (Mortgage complied with laws): at the time that the Seller entered
           into the Mortgage relating to the Mortgage Loan, the Mortgage
           complied in all material respects with applicable laws including
           applicable Consumer Credit Code laws;

      (b)  (Good faith): at the time that the Seller entered into the Mortgage
           Loan, it did so in good faith;

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     (c)  (Ordinary course of business): at the time that the Seller entered
          into the Mortgage Loan, the Mortgage Loan was originated in the
          ordinary course of the Seller's business and since that time the
          Seller has dealt with that Mortgage Loan in accordance with the
          Servicing Procedures and the Servicing Standards;

     (d)  (First ranking security): at the time that the Seller entered into the
          Mortgage Loan, all necessary steps were taken in respect of a Mortgage
          created in connection with the Mortgage Loan so that the Mortgage
          complied with the legal requirements applicable at that time to ensure
          that the Mortgage was a first-ranking mortgage (subject to any
          statutory charges, any prior charges of a body corporate, service
          company or equivalent, whether registered or otherwise, and any other
          prior Security Interests which do not prevent the Mortgage from being
          considered to be a first-ranking mortgage in accordance with the
          Servicing Standards) secured over Land in the jurisdiction in which
          the relevant Land is located subject to stamping and registration of
          the relevant Mortgage in due course;

     (e)  (Priority arrangements): where there is a second or other mortgage in
          existence over Land the subject of a Mortgage in relation to the
          Mortgage Loan and the Seller is not the mortgagee of that second or
          other mortgage, the Seller has ensured (by way of a priority agreement
          with the subsequent mortgagee or otherwise) that the Mortgage will
          rank ahead in priority to the second or other mortgage on enforcement
          for an amount not less than the principal amount (plus accrued but
          unpaid interest) outstanding on the Mortgage Loan plus such extra
          amount determined in accordance with the Servicing Guidelines;

     (f)  (Borrower not insolvent): at the time that the Mortgage Loan was
          approved, the Seller had not received any notice of the insolvency or
          the bankruptcy of the corresponding Borrowers or that the
          corresponding Borrowers did not have the legal capacity to enter into
          the corresponding Mortgage;

     (g)  (Seller sole legal and beneficial owner): the Seller is the sole legal
          and beneficial owner of the Mortgage Loan and the related Mortgages
          and First Layer of Collateral Securities (other than the Insurance
          Policies) and to its knowledge, subject to clause 13.1(d), no prior
          ranking Security Interest exists in relation to its right, title and
          interest in that Mortgage Loan and the related Mortgages and First
          Layer of Collateral Securities ;

     (h)  (Due stamping): each of the Mortgage Documents (other than the
          Insurance Policies in respect of Land) relating to the Mortgage Loan
          which is required to be stamped with stamp duty has been duly stamped;

     (i)  (Mortgage Loan not discharged): the Mortgage Loan has not been
          satisfied, cancelled, discharged or rescinded and the property
          relating to each relevant Mortgage has not been released from the
          security of that Mortgage;

     (j)  (Holds all documents necessary to enforce): the Seller holds, in
          accordance with the Servicing Standards, all documents which, pursuant
          to the Servicing Standards, it should hold to enforce the provisions
          of, and the security created by, the corresponding Mortgage and the
          First Layer of Collateral Securities;

     (k)  (Terms unqualified): other than the relevant Mortgage Documents, there
          are no documents entered into between the Seller and the Borrower or
          any other relevant party in relation to the Mortgage Loan which would
          qualify or vary the terms of the Mortgage Loan except as permitted by
          the Servicing Standards (including any variations of a Mortgage Loan
          which may be made by notice to the Borrower from the Seller) and
          except any documentation relating to any corresponding Mortgage
          Interest Saver Account;

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      (l)  (No notice of Security Interests): other than in respect of
           priorities granted by statute, the Seller has not received notice
           from any person that it claims to have a Security Interest ranking in
           priority to or equal with the Security Interest held by the Seller
           and constituted by any corresponding Mortgage;

      (m)  (LVR not exceeded): the Seller is not aware of any restrictive
           covenants, licences or leases existing in respect of freehold Land
           the subject of any corresponding Mortgage which would reduce the
           value of the Mortgage over such Land such that the Loan to Value
           Ratio determined as at the Cut-Off Date in respect of the Mortgage
           Loan would exceed 95% (but retaining for this purpose the original
           "V" for the Mortgage Loan under the definition of "Loan to Value
           Ratio" in clause 1.1);

      (n)  (Mortgage Insurance Policies): the Mortgage Loan is, or will be on
           and from the Closing Date, insured under a Mortgage Insurance Policy;

      (o)  (Support Facility requirements): the Seller has complied with all
           material requirements of each Support Facility relating to the
           Mortgage Loan, except as otherwise permitted by the corresponding
           Support Facility Provider;

      (p)  (All licences and consents): the Seller holds all consents, licences,
           approvals, authorisations and exemptions from any Governmental Agency
           required as at the Cut-Off Date for, or in connection with,
           performance and enforceability in respect of the Mortgage Loan which,
           in accordance with the Servicing Standards, it should hold in
           relation to the Mortgage Loan as at the Cut-Off Date;

      (q)  (Eligibility criteria): the Mortgage Loan complies with the
           Eligibility Criteria as at the Cut-Off Date;

      (r)  (Interest rate may be varied): except in respect of a Mortgage Loan
           subject to a fixed rate of interest (or a rate of interest which can
           be converted into a fixed rate of interest or a fixed margin relative
           to a benchmark) and except as may be provided by applicable laws
           (including the Consumer Credit Code), any Binding Provision or any
           Competent Authority or as may be provided in the corresponding
           Mortgage Documents, the interest rate payable on the Mortgage Loan is
           not subject to any limitation and no consent, additional memoranda or
           other writing is required from the relevant Borrower to give effect
           to a change in the interest rate payable on the Mortgage Loan and,
           subject to the foregoing, any change in the interest rate may be set
           at the sole discretion of the Servicer and is effective no later than
           when notice is given to the Borrower in accordance with the terms of
           the relevant Mortgage Loan;

      (s)  (Seller entitled to Sell): the Seller is lawfully entitled to sell
           and assign its interests in the corresponding Mortgage Loan Rights
           and to transfer valid and beneficial title to the Trustee free from
           all Security Interests (other than as described in clause 13.1(d));

      (t)  (No preference): it is not aware of anything in relation to the sale
           of the Mortgage Loan Rights to the Trustee which might cause a court
           to hold that the sale constitutes an under-value transfer, a
           fraudulent conveyance or a voidable preference under any law relating
           to insolvency; and

      (u)  (No breach): the sale, transfer and assignment of the Seller's
           interest in the Mortgage Loan Rights will not constitute a breach of
           its obligations or a default under any Security Interest binding on
           the Seller or its property.

13.2  Trustee need not Test Warranties

      The Trustee is under no obligation to test the truth of any warranty or
      representation in clause

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      13.1 and is entitled to accept them conclusively at all times (unless it
      is actually aware of any breach).

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14.   Breach of representations and warranties

14.1  Manager or Seller Becomes Aware of Incorrect Representations or Warranties

      If the Manager or the Seller becomes actually aware that a material
      representation or warranty made pursuant to clause 13.1 was incorrect when
      given in respect of a Mortgage Loan assigned to the Trustee in accordance
      with this Deed it must give notice to the Trustee and the Manager or the
      Seller (as the case may be) accompanied by sufficient details to identify
      the relevant Mortgage Loan, and the reason the representation or warranty
      is incorrect, within 5 Business Days of the Manager or Seller (as the case
      may be) becoming so actually aware. Neither the Manager nor the Seller is
      under any ongoing obligation whatsoever to conduct any investigation in
      any manner whatsoever to determine if a representation or warranty made
      pursuant to clause 13.1 is incorrect when given in respect of a Mortgage
      Loan.

14.2  If Trustee Becomes Aware of Incorrect Representations or Warranties

      If the Trustee becomes actually aware that a material representation or
      warranty made pursuant to clause 13.1 was incorrect when given in respect
      of a Mortgage Loan assigned to the Trustee in accordance with this Deed,
      it must give notice to the Manager and the Seller, accompanied by
      sufficient details to identify the relevant Mortgage Loan and the
      Trustee's reasons for believing that the representation or warranty is
      incorrect, within 5 Business Days of becoming actually so aware. The
      Trustee is under no obligation whatsoever to conduct any investigation in
      any manner whatsoever to determine if a representation or warranty made
      pursuant to clause 13.1 is incorrect when given in respect of a Mortgage
      Loan.

14.3  Remedy of Defaults during Prescribed Period

      If with respect to any Mortgage Loan:

      (a)  (Representation or warranty incorrect): any representation or
           warranty made by the Seller pursuant to clause 13.1 is incorrect when
           given; and

      (b)  (Notice given under clause 14.1 or 14.2):

           (i)   the Manager or the Seller gives a notice to the Trustee
                 pursuant to clause 14.1; or

           (ii)  the Seller receives a notice from the Trustee (pursuant to
                 clause 14.2),

           in either case, not later than 5 Business Days prior to the last day
           of the Prescribed Period in relation to the Mortgage Loan, then, if
           that breach is not remedied to the satisfaction of the Trustee within
           5 Business Days of the Seller or the Manager giving or receiving the
           notice (as the case may be), the Mortgage Loan Rights to which such
           Mortgage Loan relates will be held by the Trustee in accordance with
           the terms of clause 14.4.

14.4  Holding for CBA Trust during Prescribed Period

      If, in relation to a Mortgage Loan during its Prescribed Period, any
      breach referred to in a notice pursuant to clause 14.3 is not remedied
      within the period specified in clause 14.3, then, on the expiry of the
      time period for remedying the breach specified in clause 14.3 and without
      the necessity for any further act or instrument or other thing being done
      or brought into existence, the Trustee automatically by virtue of this
      Deed holds its entire interest in the Mortgage Loan Rights, of which that
      Mortgage Loan forms part, for the CBA Trust. However,

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      the Trustee is entitled to retain for the Series Trust all Finance Charge
      Collections and Principal Collections received by the Trustee pursuant to
      the relevant Mortgage Loan from the Cut-Off Date to the date of delivery
      of the relevant notice in accordance with clause 14.3.

14.5  Costs

      The Seller must pay to, or reimburse, the Trustee for all costs and
      expenses (including, without limitation, any legal costs charged at the
      usual commercial rates of the relevant legal services provider and any
      stamp duty and registration fees) arising out of or necessarily incurred
      in connection with the holding by the Trustee of its interest in any
      Mortgage Loan Rights in accordance with clause 14.4. Such payment (if any)
      must be made on the same date as payments in respect of the relevant
      Mortgage Loan must be made pursuant to clause 14.6.

14.6  Payment

      Subject to clause 14.8, the Seller must pay to the Trustee, in respect of
      any Mortgage Loan Rights held for the CBA Trust pursuant to clause 14.4,
      within 2 Business Days of the Mortgage Loan Rights becoming so held for
      the CBA Trust an amount equal to the sum of:

      (a)  (Principal Amount): the principal amount outstanding in respect of
           the relevant Mortgage Loan (as recorded on the Mortgage Loan System)
           as at the date of delivery of the relevant notice in accordance with
           clause 14.3; and

      (b)  (Accrued interest): the accrued but unpaid interest (as at the date
           of delivery of the relevant notice pursuant to clause 14.3) in
           respect of that Mortgage Loan.

14.7  Limitation on Rights of Trustee During Prescribed Period

      The performance by the Seller of its obligations under clause 14.6 is the
      sole remedy available to the Trustee during the relevant Prescribed Period
      in respect of a representation or warranty being incorrect when given by
      the Seller pursuant to clause 13.1 in respect of a Mortgage Loan. The
      Trustee expressly acknowledges and agrees that during the Prescribed
      Period, other than pursuant to clause 14.6, it has no remedy against the
      Seller in respect of any representation or warranty being incorrect when
      given by the Seller pursuant to clause 13.1 and which the Trustee becomes
      actually aware of prior to the last day on which the notices referred to
      in clause 14.3(b) can be given.

14.8  Limit of Seller's Liability for Mortgage Loans

      Other than the rights of the Trustee pursuant to clause 14.6, the Seller
      has no liability for any loss or damage caused to the Trustee, any
      Securityholder, any Creditor or any other person in respect of any
      representation or warranty being incorrect when given by the Seller
      pursuant to clause 13.1 in respect of a Mortgage Loan in relation to which
      a notice has been received or given pursuant to clause 14.3(b).

14.9  Seller's Liability for Damages After Prescribed Period

     (a)   (Seller to indemnify the Trustee): The Seller indemnifies the Trustee
           (whether for its own account or for the account of Securityholders)
           against any costs, damages or loss arising from any representation or
           warranty being incorrect when made by the Seller pursuant to clause
           13.1 in relation to a Mortgage Loan and which is discovered by the
           Trustee after the last day on which a notice under clause 14.3(b) can
           be given. The amount of such costs, damages or loss is to be agreed
           between the Trustee and the Seller. Failing such agreement the amount
           is to be the amount determined by the Seller's external auditors. The
           amount cannot exceed the principal amount outstanding in respect of
           the Mortgage Loan (as recorded on the Mortgage Loan System) and any
           accrued but unpaid interest and any outstanding fees in respect of
           the Mortgage Loan (calculated at the time of agreement between

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           the Trustee and the Seller or determination by the Seller's external
           auditors, as the case may be).

      (b)  (Seller to pay damages within 7 Business Days): The Seller must,
           within 7 Business Days of agreement or determination (as the case may
           be) pursuant to clause 14.9(a), pay the relevant sum to the Trustee.

      (c)  (Limitation): The Trustee agrees and acknowledges that the Trustee's
           sole remedy against the Seller for breach of any representation or
           warranty in clause 13.1 of which the Trustee has actual notice on or
           after the last day on which the notice referred to in clause 14.3(b)
           can be given is pursuant to clause 14.9(a); and

14.10 Discharge of obligations

      The compliance by the Seller with its obligations under clause 14.6 or
      clause 14.9 (as the case may be) will discharge all obligations of the
      Seller with respect to any breach of any representation or warranty made
      in clause 13.1, regardless, in the case of clause 14.6, of whether such
      breach is specified in the relevant notice referred to in clause 14.3(b)
      or not.

14.11 Fraud

      If the Trustee is unable to give a notice under clause 14.2 due to the
      fraud, negligence or wilful default on the part of the Seller or any of
      its officers, employees or agents, the Trustee may take such action
      against the Seller as the Trustee will think fit.

14.12 Trustee's Reliance

      The Seller acknowledges that the Trustee has relied, and will if it
      accepts the offer contained in the Sale Notice rely, on the
      representations and warranties made or to be made by it pursuant to clause
      13.1.

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15.   Seller's general undertakings

15.1  General Undertakings

      The Seller undertakes to the Trustee and the Manager that, on or after the
      Closing Date the Seller will, in addition to any of its other undertakings
      under this Deed and in respect of those Mortgage Loan Rights which then
      form part of the Assets of the Series Trust, at its own expense:

      (a)  (Deliver Mortgage Documents): if a Perfection of Title Event occurs,
           promptly deliver to the Trustee all Mortgage Documents not otherwise
           provided to the Trustee in accordance with clause 25 and (subject to
           any restrictions imposed by any law) promptly provide such evidence
           in its possession or control as may be required by the Trustee to
           support any claim in respect of a Mortgage Loan Right;

      (b)  (Execute further instruments): following the occurrence of a
           Perfection of Title Event and the request in writing of the Trustee,
           promptly execute, acknowledge and deliver or cause to be executed,
           acknowledged and delivered such amendments to this Deed and such
           further instruments and take such further action as may be reasonably
           necessary to preserve and protect the interest of the Trustee in and
           the value of the Mortgage Loan Rights and assist and co-operate with
           the Trustee, the Servicer and the Manager in the Trustee obtaining
           legal title to the Mortgage Loan Rights following a Perfection of
           Title Event;

      (c)  (Give notice of adverse claim): following receipt of actual notice of
           a claim by a third party with respect to or a challenge to the sale
           and/or assignment of any Mortgage Loan Right, promptly:

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          (i)    give notice in writing of such action or claim to the Trustee
                 and, if the Seller is not the Servicer, the Servicer;

          (ii)   give notice in writing to the third party claimant of the
                 Trustee's beneficial ownership of the Mortgage Loan Right, with
                 a copy to the Trustee;

          (iii)  give notice in writing to the court (if any) in which such
                 claim was filed of the Trustee's interest in the Mortgage Loan,
                 with a copy to the Trustee; and

          (iv)   pay to, or reimburse, the Trustee immediately upon demand all
                 reasonable costs and expenses, including, without limitation,
                 any stamp duty and registration fees, necessarily incurred by
                 the Trustee in maintaining its interest in the Mortgage Loan
                 Rights or with respect to giving any related notices to any
                 Borrower or other party to any Transaction Document;

     (d)  (Assist Servicer:) take such action as the Servicer may from time to
          time reasonably request in connection with the management, maintenance
          and enforcement of the Mortgage Loan Rights;

     (e)  (Give notice of Security Interests): promptly notify the Trustee after
          it becomes aware of the creation or existence of any Security Interest
          in relation to any Mortgage Loan Rights competing with its interest or
          the interest of the Trustee in any Mortgage Loan Rights;

     (f)  (Retain legal title to Mortgage Loan Rights): subject to this Deed, at
          all times ensure that it retains the legal ownership of the Mortgage
          Loan Rights;

     (g)  (Execute documents of extinguishment): execute such documents and
          instruments as will reasonably be requested by the Trustee to effect
          the extinguishment of the Trustee's right, title and interest in a
          Mortgage Loan Right pursuant to this Deed;

     (h)  (Pay costs of extinguishment): pay to, or reimburse, the Trustee
          immediately on demand for all reasonable costs and expenses including,
          without limitation, any stamp duty and registration fees, arising out
          of or necessarily incurred in connection with the extinguishment of
          the Trustee's right, title and interest in a Mortgage Loan Right
          pursuant to this Deed;

     (i)  (Perform obligations): duly and punctually perform each of its
          obligations under each of the Mortgage Documents to which it is a
          party, including any obligation to notify a Borrower of any change in
          interest rates;

     (j)  (Notify breaches): give notice to the Manager and to the Trustee
          promptly upon becoming aware that any representation or warranty made
          by the Seller in clause 13.1 was incorrect when made;

     (k)  (Set-off): if the Seller exercises a right of set-off or combination
          in respect of any Mortgage Loan, or if any right of set-off is
          exercised against the Seller in respect of any Mortgage Loan, pay to
          the Trustee, subject to any laws relating to preferences (or the
          equivalent), the amount of, respectively, any benefit accruing to the
          Seller as a result of the exercise of its right of set-off or
          combination or the amount of any right of set-off exercised against
          the Seller; and

     (l)  (Security Interest): not grant any Security Interest over its
          remaining right, title and interest in any Mortgage Loan Right.

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15.2  Seller not bound by Undertaking

      If the Trustee has legal title to a Mortgage Loan Right which has been
      assigned to it, the undertakings of the Seller set out in paragraphs (e),
      (f), (i), (j), (k),and (l) of clause 15.1 cease to apply in respect of
      that Mortgage Loan Right.

15.3  Seller Downgrade

      If at any time the Seller has a short term deposit credit rating assigned
      by Moody's which is lower than P1 (or such other rating as is agreed
      between the Manager, the Trustee, the Seller and Moody's) or has a long
      term deposit credit rating assigned by S&P which is lower than BBB (or
      such other rating as is agreed between the Manager, the Trustee, the
      Seller and S&P) or has a long term rating assigned by Fitch of lower than
      BBB (or such other rating as is agreed between the Manager, the Trustee,
      the Seller and Fitch) then (whether or not clause 15.6 has previously
      applied) the Seller must:

      (a)  (Make a Seller Deposit):

           (i)  in the case of a lower rating by S&P, the amount from time to
                time agreed with S&P or, failing agreement, the amount from time
                to time specified by S&P, which is sufficient in either case (as
                applicable) so as to not result in a reduction, qualification or
                withdrawal of the then credit rating assigned by S&P to the
                Securities; or

           (ii) in the case of a lower rating by Moody's or Fitch (as
                applicable), unless otherwise agreed by Moody's or Fitch (as the
                case may be), an amount equal to whichever of paragraphs (A) or
                (B) below applies:

                A.  if the Seller is the legal owner of the Mortgage Loans, 125%
                    of the aggregate of the credit balances of the Mortgage
                    Interest Saver Accounts then existing in respect of the
                    Mortgage Loans which do not have a Waiver of Set-Off and
                    which are then part of the Assets of the Series Trust as at
                    the preceding Determination Date; or

                B.  if the Seller is no longer the legal owner of the Mortgage
                    Loans, 125% of the aggregate of the credit balances of the
                    Mortgage Interest Saver Accounts then existing in respect of
                    each Mortgage Loan which does not have a Waiver of Set-Off
                    and which is then part of the Assets of the Series Trust as
                    at the date that the Seller ceased to be the legal owner of
                    that Mortgage Loans; or

      (b)  (Other Arrangements): implement such other arrangements as are from
           time to time agreed between the Seller and S&P (in the case of a
           lower rating by S&P), Moody's (in the case of a lower rating by
           Moody's) or Fitch (in the case of a lower rating by Fitch) (and
           notified by the Seller to the Trustee and the Manager) so as to
           ensure that S&P, Moody's or Fitch (as the case may be) does not
           reduce, qualify or withdraw the then credit rating assigned by it to
           the Securities (if such other arrangements cannot be so agreed with
           S&P, Moody's or Fitch (as the case may be), the Seller must comply
           with clause 15.3(a) in relation to S&P, Moody's or Fitch, as the case
           may be),

      provided that the Seller will not have any obligation pursuant to this
      clause 15.3 if all Mortgage Loans which are Assets of the Series Trust
      have a Waiver of Set-Off.

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15.4  Reduction or Increase of Seller Deposit

      If on a Distribution Date to which clause 15.3(a) applies:

      (a)  (Reduction): the required amount of the Seller Deposit pursuant to
           clause 15.3(a) is less than the existing amount of the Seller
           Deposit, the Manager will direct the Trustee to repay (and upon
           receipt of such direction the Trustee will repay on that Distribution
           Date) to the Seller from the Set-Off Account the difference between
           the required amount of the Seller Deposit on that Distribution Date
           and the existing amount of the Seller Deposit; and

      (b)  (Increase): the required amount of the Seller Deposit pursuant to
           clause 15.3(a) is greater than the existing amount of the Seller
           Deposit, the Seller will deposit in the Set-Off Account on that
           Distribution Date the difference between the required amount of the
           Seller Deposit on that Distribution Date and the existing amount of
           the Seller Deposit.

15.5  Interest on Seller Deposit

      On each Determination Date, the Manager will determine the amount (if any)
      that has been received in the Collection Period just ended in respect of
      interest that has been earned on the Set-Off Account and which is
      attributable to the Seller Deposit (if any) deposited in the Set-Off
      Account and will instruct the Trustee to pay such interest to the Seller
      on the next Distribution Date.

15.6  Seller Upgrade

      If, following the application of clause 15.3(a), the Seller is assigned
      (by the relevant Rating Agency or Rating Agencies responsible for
      triggering the application of the clause) a short term deposit credit
      rating by Moody's of at least P1 (or such other rating as is agreed
      between the Manager, the Trustee, the Seller and Moody's), a long term
      deposit credit rating by S&P of at least BBB (or such other rating as is
      agreed between the Manager, the Trustee, the Seller and S&P) or a long
      term rating by Fitch of BBB (or such other rating as is agreed between the
      Manager, the Trustee, the Seller and Fitch), or if alternative
      arrangements referred to in clause 15.3(b) are agreed (with the relevant
      Rating Agency or Rating Agencies referred to therein) which do not require
      the maintenance of a Seller Deposit, the Manager will direct the Trustee
      to repay (and within 2 Business Days of receipt of such direction the
      Trustee will repay) to the Seller from the Set-Off Account the then Seller
      Deposit (which has not previously been utilised in accordance with clause
      15.8(b)) together with all accrued, but unpaid, interest on that amount
      determined in accordance with clause 15.5.

15.7  Termination of Series Trust or Amendments to Mortgage Loans

      On the earlier of:

      (a)  the date upon which all Mortgage Loans which are Assets of the Series
           Trust have a Waiver of Set-Off, and

      (b)  the Termination Payment Date,

      the Manager will direct the Trustee to repay (and upon receipt of such
      direction the Trustee will repay) to the Seller from the Set-Off Account
      the then Seller Deposit (which has not previously been utilised in
      accordance with clause 15.8(b)) together with all accrued, but unpaid,
      interest on that amount determined in accordance with clause 15.5.

15.8  Withdrawals from the Collections Account

      The Manager may only direct the Trustee to, and the Trustee may only, make
      withdrawals

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      from the Seller Deposit in the Set-Off Account as follows:

      (a)  (Repay Seller Deposit): to repay to the Seller the Seller Deposit
           pursuant to clauses 15.4(a), 15.6 and 15.7; or

      (b)  (Meet Seller obligations) to meet any obligation of the Seller (in
           that capacity) to make any payment to the Trustee pursuant to clause
           15.1(k) in relation to the amount of any right of set-off exercised
           against the Seller referred to therein, provided that the Seller has
           failed to make such payment within 20 Business Days of receipt by the
           Seller of notice from the Trustee or the Manager that such payment is
           due and unpaid.

15.9   Termination of Mortgage Interest Saver Accounts

       The Seller will, following notice by the Trustee to the relevant
       Borrowers pursuant to clause 24.3(b) after the occurrence of a
       Perfection of Title Event, subject to any contractual notice requirements
       by which the Seller is bound, promptly withdraw all interest off-set
       benefits (if any) that would otherwise be available to Borrowers under
       the terms of their Mortgage Interest Saver Accounts.

15.10  Gross Up for Mortgage Interest Saver Accounts

       The Seller must pay the Servicer (as part of the Collections to be
       deposited by the Servicer into the Collections Account in accordance with
       clause 22) any amount which would otherwise be received by the Servicer
       as a Collection to the extent that the obligation to pay such amounts is
       discharged or reduced by virtue of the terms of a Mortgage Interest Saver
       Account. Such payment must be made on the day that the relevant amount
       would otherwise have been received.

________________________________________________________________________________
16.   Servicing of Mortgage Loan Rights

16.1  Appointment of Servicer

      The Servicer is hereby appointed and agrees to act as the Servicer of the
      Mortgage Loan Rights (with effect on and from the Cut-Off Date) which,
      from time to time, form part of the Assets of the Series Trust, on the
      terms and conditions of this Deed.

16.2  Obligation to Act as Servicer until Termination of Appointment

      The Servicer's duties and obligations contained in this Deed continue
      until the date of the Servicer's retirement or removal as Servicer in
      accordance with this Deed.

16.3  General Servicing Obligation

      The Servicer must ensure that the servicing of the Mortgage Loan Rights
      which from time to time form part of the Assets of the Series Trust
      (including the exercise of the express powers set out in this clause 16)
      is:

      (a)  (In compliance with this clause 16): in compliance with the express
           limitations in this clause 16 (unless the prior written consent of
           the Manager and the Trustee is obtained); and

      (b)  (In accordance with Servicing Standards): to the extent that this
           clause 16 does not provide otherwise, in accordance with the
           Servicing Standards.

16.4  Power to Service

      (a)  (Servicing functions vested in Servicer): The function of servicing
           the Mortgage

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           Loan Rights which at any given time form part of the Assets of the
           Series Trust is vested in the Servicer and it is entitled to
           undertake the servicing of those Mortgage Loan Rights to the
           exclusion of the Trustee (other than when acting as Servicer in
           accordance with clause 18) and the Manager.

      (b)  (Express powers): Without limiting its general powers, the Servicer
           has the express powers set out in this clause 16 in relation to the
           servicing of the Mortgage Loan Rights which at any given time form
           part of the Assets of the Series Trust.

16.5  Exercise of Discretions

      The Servicer must, in servicing the Mortgage Loan Rights which then form
      part of the Assets of the Series Trust, exercise its power and discretions
      under this Deed, the Servicing Guidelines, and the relevant Mortgage
      Documents to which it is a party in accordance with standards and
      practices suitable for a prudent lender in the business of making retail
      home loans.

16.6  Servicer's Undertaking Regarding Mortgage Loan Rights

      The Servicer undertakes for the benefit of the Trustee, that it will
      either directly (including by the exercise of its delegated powers under
      this Deed and the Master Trust Deed from the Trustee and the Seller) or
      indirectly:

      (a)  (Duly stamp): promptly ensure that any Mortgage Loan Document in
           relation to a Mortgage Loan following any amendment, consolidation,
           supplementation, novation or substitution of a Mortgage, is duly
           stamped (if liable to stamp duty) and duly registered (where
           registration is required) with the relevant land titles office to
           constitute, in the case of a Mortgage, a subsisting first-ranking
           registered mortgage over the relevant property;

      (b)  (Notify breaches of Servicing Guidelines): promptly notify the
           Trustee and the Manager of any material breach of the Servicing
           Guidelines by the Servicer in relation to the servicing of the
           Mortgage Loan Rights then forming part of the Assets of the Series
           Trust;

      (c)  (Comply with Mortgage Insurance Policies): notwithstanding any other
           provision in this Deed, comply with its material obligations under
           any Mortgage Insurance Policy in respect of Mortgage Loans then
           forming part of the Assets of the Series Trust;

      (d)  (Execute documents): at the Trustee's request (acting on the
           direction of the Manager), execute such further documents and do
           anything else (including, without limitation, executing further
           powers of attorney substantially in the form of Schedules 2, 3 and
           4) that the Trustee reasonably requires to ensure its ability to
           register Mortgage Transfers and the registration of the Power of
           Attorney in each jurisdiction of Australia;

      (e)  (Upstamp): if the Seller makes any further advance or otherwise
           provides further financial accommodation to a Borrower, ensure that
           any further stamp duty which becomes payable on the relevant Mortgage
           Documents as a result of such further advance or provision of
           financial accommodation is duly paid promptly in accordance with any
           applicable laws;

      (f)  (Make calculations): upon receipt of notice that a Borrower desires
           to repay a Mortgage Loan in full, prepare and make available
           documentation and make such calculations as are necessary to enable
           the repayment of the Mortgage Loan and discharge of the corresponding
           Mortgage and any Collateral Securities (provided that the Servicer is
           not required to discharge a Mortgage or Collateral Securities if

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           they also secure another Mortgage Loan or an Other Loan);

      (g)  (Perform obligations): duly and punctually perform each of its
           material obligations under this Deed and under each of the Mortgage
           Documents and the Transaction Documents to which it is a party;

      (h)  (Perfection of Title Event): assist and co-operate with the Trustee
           and the Manager in the Trustee obtaining legal title to the Mortgage
           Loan Rights following a Perfection of Title Event;

      (i)  (Write-offs): where any material amount of a Mortgage Loan has been
           written off as uncollectible in accordance with the Servicing
           Guidelines and this Deed and GEMI or PMI, as the case may be, has
           rejected a claim made by the Servicer under the applicable Mortgage
           Insurance Policy, ensure that the documentation relevant to that
           Mortgage Loan is examined to determine whether the representations
           and warranties made pursuant to clause 13.1 in respect of that
           Mortgage Loan were correct at the Cut-Off Date. After such
           examination, the Servicer must notify the Trustee if the
           representations and warranties made pursuant to clause 13.1 were
           incorrect when given in respect of that Mortgage Loan as at the Cut-
           Off Date (and if the Servicer and the Seller are the same person such
           notice will be deemed to be a notice given by the Seller under clause
           14.1, and must comply with that clause) and if this is the case the
           Seller must, if the determination made by the Servicer in this
           paragraph is made after the expiry of the Prescribed Period, pay
           damages to the Trustee in accordance with clause 14.9;

      (j)  (Fixed Rate Swaps): ensure that before the Servicer agrees with a
           Borrower, or allows a Borrower to elect, to vary the rate of interest
           payable under a Mortgage Loan to become a fixed rate for a given
           period, the Trustee and the Manager have entered into (or have
           confirmed that they will enter into) a Fixed Rate Swap for that given
           period in accordance with section 16 of the Interest Rate Swap
           Agreement. Upon the request of the Servicer, the Manager must enter
           into and must direct the Trustee to enter into (and upon such
           direction the Trustee must enter into) a Fixed Rate Swap in
           accordance with section 16 of the Interest Rate Swap Agreement. The
           maximum term of a Fixed Rate Swap entered into pursuant to this
           clause must not exceed 10 years unless the Rating Agencies confirm
           that entering into a Fixed Rate Swap for a longer period will not
           result in a reduction, qualification or withdrawal in the then
           current credit rating of any Security. The Servicer is not in breach
           of this clause 16.6(j) if the Trustee and the Manager fail to enter
           into a Fixed Rate Swap in accordance with a request of the Servicer
           pursuant to this clause 16.6(j); and

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      (k)  (Basis Cap): ensure that before the Servicer agrees with a Borrower,
           or allows a Borrower to elect, to cap the variable rate of interest
           payable under a Mortgage Loan for a given period, the Trustee and the
           Manager have entered into (or have confirmed that they will enter
           into) an Interest Rate Basis Cap for that given period in accordance
           with Part 5(18) of the Schedule to the Interest Rate Swap Agreement.
           Upon the request of the Servicer, the Manager must enter into and
           must direct the Trustee to enter into (and upon such direction the
           Trustee must enter into) an Interest Rate Basis Cap in accordance
           with such Part. The maximum term of an Interest Rate Basis Cap
           entered into pursuant to this clause must not exceed 10 years unless
           the Rating Agencies confirm that entering into an Interest Rate Basis
           Cap for a longer period will not result in a reduction, qualification
           or withdrawal in the then current credit rating of any Security. The
           Servicer is not in breach of this clause 16.6(k) if the Trustee and
           the Manager fail to enter into an Interest Rate Basis Cap in
           accordance with a request of the Servicer pursuant to this clause
           16.6(k).

16.7  Interest Rates on Mortgage Loans

      The Servicer must, as part of its function of servicing the Mortgage
      Loans, set the interest rate charged and the monthly instalment to be paid
      by the Borrower on each Mortgage Loan forming part of the Assets of the
      Series Trust.  The Servicer must ensure that the monthly instalment to be
      paid in relation to each Mortgage Loan is equal to or greater than the
      monthly interest payable on that Mortgage Loan (but without limiting any
      right of the Borrower to pay less than the monthly instalment, or no
      monthly instalment, where the amount outstanding under the Mortgage Loan
      is less than the Scheduled Balance of the Mortgage Loan). For so long as
      the Seller is the Servicer, such interest rate must be the interest rate
      which the Seller charges on the same type of mortgage loan (having regard,
      among other things, to the nature of the Mortgage Loan product and the
      type of borrower) which is recorded on its Mortgage Loan System but which
      has not been assigned to the Trustee, unless this Deed requires the
      Servicer to charge a different interest rate in respect of that Mortgage
      Loan.

16.8  Release or Substitution of Security

      (a)  (Substitution and release): The Servicer may in relation to a
           Mortgage Loan which is then an Asset of the Series Trust, release or
           substitute any corresponding Mortgage or First Layer of Collateral
           Security provided that this is in accordance with the corresponding
           any Mortgage Insurance Policy and the Servicing Guidelines.

      (b)  (Indemnity): The Servicer indemnifies the Trustee (whether on its own
           account or for the account of the Securityholders of the Series
           Trust) against any costs (including legal costs charged at the usual
           commercial rates of the relevant legal services provider), damages or
           loss it suffers as a result of any release or substitution of any
           Mortgage or First Layer of Collateral Securities which then are
           Assets of the Series Trust not being in accordance with clause
           16.8(a). The amount of the costs, damages and loss is to be
           determined by agreement between the Trustee and the Servicer or,
           failing agreement, by the Servicer's external auditors. The amount
           cannot exceed the principal amount outstanding in respect of the
           Mortgage Loan (as recorded on the Mortgage Loan System) and any
           accrued but unpaid interest and any outstanding fees in respect of
           the Mortgage Loan (calculated at the time of Agreement between the
           Trustee and the Servicer or by the Servicer's external auditors, as
           the case may be).

16.9  Variation or Relaxation of Terms of Mortgage Loans

      (a)  (Variations): Subject to clauses 16.9(b) and 16.25, the Servicer may
           vary, extend or relax the time to maturity, the terms of repayment or
           any other term of a Mortgage Loan and its related Mortgage and First
           Layer of Collateral Securities

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           which are then Assets of the Series Trust.

      (b)  (Limitations on variations): Except as contemplated by clause 16.14
           or where a Mortgage Loan is regarded as having been repaid in full as
           provided in clause 16.20(b), the Servicer must not grant any
           extension of the time to maturity of a Mortgage Loan which is then an
           Asset of the Series Trust beyond 30 years from the Settlement Date
           for the Mortgage Loan or allow any reduced monthly payment that would
           result in such an extension.

16.10  Release of Debt

       Subject to clause 16.14, the Servicer may not voluntarily release a
       Borrower from any amount owing in respect of a Mortgage Loan, related
       Mortgage or First Layer of Collateral Security unless that amount has
       been written off by the Servicer, or the Servicer has determined to
       write-off such amount, in either case in accordance with the Servicing
       Standards.

16.11  Waivers, Releases and Compromises

       Subject to clauses 16.9 and 16.10, the Servicer may:

       (a)  (Waive breaches): waive any breach under, or compromise, compound or
            settle any claim in respect of; or

       (b)  (Grant releases): release any party from an obligation or claim
            under, a Mortgage Loan which is then an Asset of the Series Trust or
            any related Mortgage or First Layer of Collateral Securities.

16.12  Consent to subsequent Security Interests

       The Servicer may consent to the creation or existence of any Security
       Interest in relation to any Land the subject of a Mortgage which is then
       an Asset of the Series Trust:

       (a)  (Third Parties): in favour of a party, other than the Trustee or the
            Seller only if by way of a priority agreement or otherwise the
            Servicer ensures that the relevant Mortgage will rank ahead in
            priority to the third party's Security Interest on enforcement for
            an amount not less than the principal amount (plus accrued but
            unpaid interest) outstanding on the Mortgage Loan (as recorded on
            the Mortgage Loan System) plus such extra amount (if any) as is
            determined in accordance with the Servicing Guidelines;

       (b)  (Trustee or Seller): in favour of the Trustee or the Seller in which
            case the Trustee and the Seller agree that the relevant Mortgage
            will rank ahead in priority to the Trustee's Security Interest or
            the Seller's Security Interest (as the case may be) on enforcement
            for an amount equal to the principal amount (plus accrued but unpaid
            interest) outstanding on the Mortgage Loan (as recorded on the
            Mortgage Loan System) plus such extra amount (if any) as is
            determined in accordance with the Servicing Guidelines. This clause
            will continue to bind the Trustee following its retirement or
            removal pursuant to clause 19 of the Master Trust Deed.

16.13  Consent to Leases etc

       The Servicer may, in accordance with the Servicing Guidelines, consent to
       the creation of any leases, licences or restrictive covenants in respect
       of Land subject to a Mortgage which is then an Asset of the Series Trust.

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16.14  Relief under Binding Provision or on Order of Competent Authority

       (a)  (Grant releases etc.): The Servicer may:

            (i)   release a Mortgage or a First Layer of Collateral Security
                  which is then an Asset of the Series Trust;

            (ii)  reduce the amount outstanding under, or vary the terms
                  (including, without limitation, in relation to repayment) of,
                  any Mortgage Loan, related Mortgage or First Layer of
                  Collateral Security which is then an Asset of the Series
                  Trust; or

            (iii) grant other relief to a Borrower or the provider of a First
                  Layer of Collateral Security which are then Assets of the
                  Trust,

            when to do so is pursuant to a Binding Provision or an order,
            decision, finding, judgment or determination of a Competent
            Authority.

       (b)  (If order or determination results from failure of Servicer): If it
            is determined that the order, decision, finding, judgment or
            determination referred to in clause 16.14(a) was made by the
            Competent Authority as a result of the Seller or the Servicer:

           (i)  breaching any Binding Provision, applicable regulation, statute
                or official directive at the time the Mortgage, the First Layer
                of Collateral Security or the Mortgage Loan was granted or a
                Seller Advance was made in respect of such Mortgage Loan (other
                than a Binding Provision, regulation, statute or official
                directive which provides for relief on equitable or like grounds
                when paragraph (ii) is also not satisfied); or

           (ii) not acting in accordance with the standards and practices
                suitable for a prudent lender in the business of making retail
                home loans,

           then the Servicer must notify the Trustee of the making of such an
           order, decision, finding, judgment or determination and the Seller or
           the Servicer (as the case may be) must pay damages to the Trustee by
           10.00 am on the Distribution Date next occurring after such
           notification is given by the Servicer. The amount of such damages
           will be the amount agreed between the Trustee (acting on expert
           advice taken pursuant to clause 16.6 of the Master Trust Deed, if
           necessary) and the Seller or the Servicer, as the case may be (or,
           failing agreement, by the Seller's or the Servicer's external
           auditors) as being sufficient to compensate the Trustee for any
           losses suffered by the Series Trust as a result of the release,
           reduction, variation or relief (as the case may be). The amount
           cannot exceed the principal amount outstanding in respect of the
           relevant Mortgage Loan (as recorded on the Mortgage Loan System) and
           any accrued but unpaid interest and any outstanding fees in respect
           of the Mortgage Loan (calculated in both cases at the time of
           Agreement between the Trustee and the Seller or the Servicer or by
           the Seller's or the Servicer's external auditors, as the case may
           be).

16.15  Litigation

       The Servicer may institute litigation in respect of the collection of any
       amount owing under a Mortgage Loan which is then an Asset of the Series
       Trust but is not required to do so or to continue any litigation if the
       Servicer has reasonable grounds for believing, based on advice from its
       legal advisers (either internal or external), that:

       (a)  (Mortgage Loan unenforceable): the Servicer is, or will be, unable
            to enforce the provisions of the Mortgage Loan under which such
            amount is owing; or

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       (b)  (Proceedings uneconomical): the likely proceeds from such
            litigation, in light of the expenses in relation to the litigation,
            do not warrant such litigation.

16.16  Enforcement Action

       (a)  (Servicer may take enforcement action): Subject to clause 16.26(u),
            the Servicer may take such action to enforce a Mortgage Loan and any
            related Mortgage or First Layer of Collateral Securities which are
            then Assets of the Series Trust which it determines should be taken.

       (b)  (Servicer must not take or fail to take action in certain
            circumstances): The Servicer must not knowingly take any action, or
            knowingly fail to take any action, if that action or failure to take
            action will interfere with the enforcement by the Servicer or
            Trustee of any Mortgage Loan Rights which are then Assets of the
            Series Trust (unless such action or failure is in accordance with
            the Servicing Standards).

16.17  Incurring Additional Expenses

       The Servicer may incur any Expenses referred to in paragraph (a) of that
       definition in connection with the management, maintenance or sale of any
       property secured by a Mortgage or a First Layer of Collateral Security
       which are then Assets of the Series Trust and the Trustee must reimburse
       the Servicer for such Expenses, to the extent funds are available for
       this purpose pursuant to clause 10.2(h), on each Distribution Date and,
       if such Expenses are not reimbursed in full on any Distribution Date,
       must reimburse the balance unpaid on each subsequent Distribution Date
       from the funds available for this purpose pursuant to clause 10.2(h) on
       that Distribution Date.

16.18  Mortgage Insurance and Insurance Policy Claims

       The Servicer may, in accordance with the Servicing Standards, compromise,
       compound or settle any claim in respect of any Mortgage Insurance Policy
       or any Insurance Policy which is then an Asset of the Series Trust.

16.19  Insurance Policy Proceeds

       (a)  (Release of insurance proceeds): Proceeds received in respect of an
            Insurance Policy in respect of Land which is then an Asset of the
            Series Trust may be released, on the Trustee's behalf, if:

            (i)  such release of proceeds is conducted in accordance with the
                 Servicing Standards; and

            (ii) the proceeds are paid on an invoice-by-invoice basis directly
                 to those who are carrying out work to rebuild, reinstate or
                 repair the property to which the proceeds relate.

       (b)  (Application of insurance proceeds): Any proceeds referred to in
            clause 16.19(a) which are not released in accordance with that
            clause must be applied in compliance with the Servicing Guidelines
            to the account established in the Servicer's records for the
            relevant Mortgage Loan up to the principal amount outstanding in
            respect of that Mortgage Loan plus accrued but unpaid interest.

       (c)  (Servicing Transfer): If a Servicing Transfer occurs the Servicer
            must immediately pay to the Trustee all proceeds previously retained
            by it under paragraph (a) and not yet released under paragraph (a).

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16.20  Seller Advances

       If the Seller makes a further advance to a Borrower and:

       (a)  (Separate account and trusts): the Seller opens a separate account
            in its records in relation to the advance, the advance is considered
            for the purposes of this Deed to be an Other Loan and upon creation,
            the Trustee will automatically by virtue of this Deed, and without
            the necessity for any further act or thing to be done or brought
            into existence, hold the benefit of its right, title and interest in
            such Other Loan for the Seller as trustee of the CBA Trust and the
            Trustee will hold any Mortgage and any First Layer of Collateral
            Securities in respect of such Other Loan in accordance with clause
            7.2 and any Second Layer of Collateral Securities in respect of
            such Other Loan in accordance with clause 7.1;

       (b)  (Advance leads to Scheduled Balance being exceeded): the Seller
            records the advance as a debit to the account in its records for an
            existing Mortgage Loan which is then part of the Assets of the
            Series Trust and the advance leads to the Scheduled Balance in
            respect of that Mortgage Loan (prior to the approval of the advance)
            being exceeded by more than one scheduled monthly instalment, the
            Mortgage Loan is, for the purposes of this Deed only, treated as
            having been repaid in full by the payment by the Seller to the
            Trustee of the sum necessary to repay that Mortgage Loan. Such
            payment from the Seller must equal the principal balance plus
            accrued but unpaid interest and fees owing in respect of the
            Mortgage Loan before the advance was made and must be paid by the
            Seller to the Trustee and, following such payment, allocated by the
            Trustee to the Collections Account of the Series Trust; or

       (c)  (Advance does not lead to Scheduled Balance being exceeded): the
            Seller records the advance as a debit to the account in its records
            for an existing Mortgage Loan which is then part of the Assets of
            the Series Trust and this does not lead to the Scheduled Balance in
            respect of that Mortgage Loan being exceeded by more than one
            scheduled monthly instalment, the advance is treated as an advance
            made pursuant to the terms of the relevant Mortgage Loan and the
            rights to repayment of such will be a Mortgage Loan Right forming
            part of the Assets of the Series Trust.

16.21  Restrictions on Seller Advances

       The Seller must not:

       (a)  make an advance pursuant to clause 16.20(b) in relation to a
            Mortgage Loan which the Servicer has determined, in accordance with
            the Servicing Standards, is a non-performing loan; or

       (b)  make an advance pursuant to clause 16.20(c) if the then aggregate
            of:

            (i)    (Seller Advances): all Seller Advances not repaid by the
                   relevant Borrower (calculated on the basis that, for this
                   purpose only, any payments on account of principal in respect
                   of a Mortgage Loan first reduce the amount of the Seller
                   Advances made in relation to that Mortgage Loan) in relation
                   to Mortgage Loans then part of the Assets of the Series
                   Trust; and

            (ii)   (Standby Redraw Facility Principal): the then Standby Redraw
                   Facility Principal,

            exceed, or will as a result of the advance exceed, the then Standby
            Redraw Facility Limit.

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      If the Seller makes an advance to a Borrower in breach of this clause,
      then:

      (c)  that advance will, for all purposes, be treated as a Seller Advance
           (and as if properly made in accordance with clause 16.20(c)); and

      (d)  the Seller indemnifies the Trustee (whether on its own account or for
           the account of the Securityholders of the Series Trust) against any
           costs, damages or loss it suffers as a result of such a breach
           (except to the extent to which such costs, damages or loss is
           recoverable by the Trustee pursuant to a Mortgage Insurance Policy).

16.22  Servicer's Actions Binding on Trustee

       Without limiting in any way the Servicer's liability to the Trustee for
       breaching the provisions of this Deed, any act by the Servicer in
       servicing Mortgage Loan Rights which are Assets of the Series Trust is
       binding on the Trustee whether or not such act or omission is in
       compliance with this clause 16.

16.23  Servicer to Pay its Own Expenses

       Subject to clause 16.17, the Servicer must pay from the amount received
       under clause 19.4 all expenses incurred by it in connection with
       servicing the Mortgage Loans, including expenses related to the
       collection of the Mortgage Loans, the fees and disbursements of
       independent accountants and all other fees and expenses which are not
       expressly stated in this Deed or the Master Trust Deed to be payable by
       the Trustee. The Servicer must, at least 5 Business Days before each
       Distribution Date, forward to the Manager a list of expenses for the
       Collection Period just ended for which it is seeking reimbursement
       pursuant to this clause.

16.24  Servicer to transmit information to Manager

       The Servicer must prepare and transmit to the Manager on or before the
       day which is 2 Business Days before each Distribution Date the
       information necessary to enable the Manager to prepare the Quarterly
       Certificate and the Pool Performance Data in respect of the Collection
       Period just ended. The Servicer will not be in breach of this clause
       16.24 if it fails to provide the Pool Performance Data to the Manager
       provided that it has used reasonable endeavours to produce the Pool
       Performance Data for that Collection Period but has been unable to do so
       with sufficient accuracy (as determined by the Servicer and taking into
       account the likely distribution of the Pool Performance Data and uses to
       be made of the Pool Performance Data).

16.25  Proposed amendments to Servicing Guidelines

       The Servicer must deliver copies of all proposed material amendments to
       the Servicing Guidelines which relate to the Servicer's servicing
       functions in respect of the Mortgage Loan Rights then comprising Assets
       of the Series Trust to each Support Facility Provider where the consent
       of such Support Facility Provider to such material amendment is required
       under the terms of the corresponding Support Facility. The adoption of
       those amendments by the Servicer takes effect upon the consent of the
       Support Facility Provider to the proposed amendment (or, where provided
       under the Support Facility, upon the date that the Support Facility
       Provider is deemed to have consented to the proposed amendment). The
       Servicer must deliver a copy of any proposed material amendment to the
       Servicing Guidelines to the Trustee, the Manager and the Rating Agencies.
       The Servicer must not amend the Servicing Guidelines unless each Rating
       Agency has either:

       (a)  (Confirmed No Downgrade): confirmed (either orally or in writing)
            that the proposed amendment will not result in a reduction,
            qualification or withdrawal of its then current rating of the
            Securities; or

       (b)  (10 Business days after delivery): not notified the Seller of its
            intention not to reaffirm the then current rating of a Security,
            within 10 Business Days after the

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            delivery to it of the proposed amendments.

16.26  Further Servicer Undertakings

       The Servicer further undertakes for the benefit of the Trustee, the
       Manager, the Security holders and the Residual Unitholder that it will:

       (a)  (Audited accounts): give the Trustee the audited Accounts of the
            Servicer for each financial year of the Servicer within 120 days of
            the end of that year;

       (b)  (Keep proper books): keep proper and adequate books of account
            (which may be kept electronically) for the Mortgage Loan Rights of
            the Series Trust;

       (c)  (Information): subject to the provisions of the Privacy Act and the
            Servicer's duty of confidentiality to its clients under general law
            or otherwise, promptly make available to the Manager, the Auditor
            and the Trustee any books, reports or other oral or written
            information and supporting evidence of which the Servicer is aware
            that they reasonably request with respect to the Series Trust or the
            Assets of the Series Trust from time to time or with respect to all
            matters in the possession of the Servicer in respect of the
            activities of the Servicer to which this Deed relates;

       (d)  (Notify material misrepresentations): notify the Manager and the
            Trustee promptly if it becomes actually aware that any material
            representation or warranty made or taken to be made by or on behalf
            of the Seller or the Servicer in connection with a Transaction
            Document in relation to the Series Trust is found to be incorrect
            when made or taken to be made;

       (e)  (Certificate): within 5 Business Days of a request from the Manager
            or the Trustee, provide the Manager or the Trustee (as the case may
            be) with a certificate from the Servicer signed by 2 Authorised
            Officers of the Servicer on its behalf which states whether to the
            best of the Servicer's knowledge and belief a Servicer Default or a
            Perfection of Title Event has occurred (a request under this clause
            will be made by the Trustee only once in each 6 calendar month
            period, unless the Trustee when making the request sets out
            reasonable grounds for believing that a Servicer Default or a
            Perfection of Title Event is subsisting);

       (f)  (Notify Servicer Default or Perfection of Title Event): notify the
            Trustee promptly after the Servicer becomes actually aware of any
            Servicer Default or the occurrence of any Perfection of Title Event
            and at the same time or as soon as possible thereafter provide full
            details thereof;

       (g)  (Comply with laws): comply with the requirements of any relevant
            laws in carrying out its obligations under the Transaction Documents
            for the Series Trust including the Consumer Credit Code;

       (h)  (Authorisations): obtain and maintain all authorisations, filings
            and registrations necessary to properly service the Mortgage Loans;

       (i)  (Not merge without assumption): not merge or consolidate into
            another entity, unless the surviving entity assumes the rights and
            obligations of the Seller and the Servicer under the Transaction
            Documents for the Series Trust and the Rating Agencies are notified;

       (j)  (Not enter into liquidation etc.): subject to the provisions of the
            Banking Act 1959 (Commonwealth), not present any application or pass
            any resolution for the liquidation of the Servicer, or, subject to
            clause 16.26(i), enter into any scheme of arrangement, merger or
            consolidation with any other person or enter into any other scheme
            under which the Servicer ceases to exist, the assets or liabilities
            of the Servicer are vested in or assumed by any other person or
            either of those events

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            occur;

       (k)  (Pay Tax): duly and punctually file all returns in respect of Tax
            which are required to be filed and pay, or procure payment when due,
            all Taxes and other outgoings payable by it as and when the same
            respectively become due and payable other than outgoings which are
            being contested in good faith and promptly pay or cause to be paid
            those contested outgoings after the final determination or
            settlement of such contest;

       (l)  (Not set-off): not, without the prior consent of the Trustee, apply,
            transfer or set off the whole or any part of any amount payable or
            owed to the Servicer or to which the Servicer is entitled under this
            Deed or any other Transaction Document for the Series Trust towards
            satisfaction of any obligation which is owed by the Servicer to the
            Trustee or the Manager under this Deed or any other Transaction
            Document for the Series Trust, other than as contemplated under this
            Deed or any other Transaction Document for the Series Trust;

       (m)  (Not claim Assets of Series Trust): other than as a Secured
            Creditor, not claim any Security Interest, lien or other possessory
            right in any of the Assets of the Series Trust;

       (n)  (Notify claims): following receipt of actual notice of a claim by a
            third party with respect to a challenge to the sale and/or
            assignment to the Trustee of any Mortgage Loan Rights forming part
            of the Assets of the Series Trust, promptly give notice in writing
            of such action or claim to the Trustee and the Manager;

       (o)  (Not Encumber Mortgage Loan Rights): not transfer, assign, exchange
            or otherwise grant a Security Interest over the whole or any part of
            its right, title and interest in and to any Mortgage Loan Rights
            forming part of the Assets of the Series Trust;

       (p)  (Give accurate information to Rating Agencies): use reasonable
            efforts to cause all information provided by it to any Rating Agency
            in relation to the Series Trust to be complete and accurate in all
            material respects;

       (q)  (Follow directions of Trustee after Perfection of Title Event): upon
            being directed to do so by the Trustee following the occurrence of a
            Perfection of Title Event, promptly take all action required or
            permitted by law to assist the Trustee and the Manager to perfect
            the Trustee's legal title to the Mortgage Loan Rights forming part
            of the Assets of the Series Trust in accordance with the
            requirements of this Deed;

       (r)  (Comply with other undertakings): comply with all other undertakings
            given by the Servicer in this Deed or the other Transaction Document
            relating to the Series Trust;

       (s)  (Direct receipts): subject to clause 22, take all steps to ensure
            that:

            (i)  while the Collections Account is maintained with the Servicer,
                 the amounts referred to in clause 22.5 are paid into the
                 Collections Account in accordance with that clause; or

            (ii) if the Servicer is not an Eligible Depository, all payments
                 received during the corresponding Collection Period under or in
                 respect of the Mortgage Loans (other than insurance premiums
                 and related charges) are deposited into the Collections Account
                 no later than 5 Business Days following receipt;

       (t)  (Collect all moneys due): make reasonable efforts to collect all
            moneys due under

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               the terms and provisions of the Mortgage Loan Rights of the
               Series Trust and, to the extent such efforts will be consistent
               with this Deed, follow such normal collection procedures as it
               deems necessary and advisable;

          (u)  (Enforcement of Mortgage Loans): if a Material Default has
               occurred and is continuing with respect to a Mortgage Loan Right
               forming part of the Assets of the Series Trust, take such action
               on such basis as the Trustee and the Servicer may agree (in
               accordance and in conjunction with the Servicer's normal
               enforcement procedures) to enforce such Mortgage Loan Rights (but
               only to the extent that the Servicer determines that enforcement
               proceedings should be taken) so as to maximise the return to the
               Securityholders, taking into account, inter alia, the timing of
               any enforcement proceedings and any relevant terms of any Support
               Facility provided that the Servicer will not be required to
               institute litigation with respect to collection of any payment if
               there are reasonable grounds for believing the provisions of
               those Mortgage Loan Rights under which such payment is required
               are unenforceable or the payment is uncollectible; and

          (v)  (Maintain title): take such steps as are necessary to maintain
               the Trustee's title to the Mortgage Loan Rights of the Series
               Trust.

16.27     Servicer holding Assets of the Series Trust

          The obligation of the Servicer set out in clauses 22.4 and 22.5 in
          relation to the payment of amounts into the Collections Account is the
          full extent of the Servicer's obligation in respect of such moneys and
          the Servicer has no obligation or liability whatsoever to account to
          the Trustee for any interest, income or other benefit derived in
          connection with any payments received by it under or in respect of the
          Mortgage Loans.

16.28     Servicer's Power to Delegate

          The Servicer, for the purposes of carrying out and performing its
          duties and obligations in relation to the Series Trust, may:

          (a)  (Appoint attorneys): by power of attorney appoint any person to
               be attorney or agent of the Servicer for those purposes and with
               those powers, authorities and discretions (not exceeding those
               vested in the Servicer) as the Servicer thinks fit including,
               without limitation, a power to sub-delegate and a power to
               authorise the issue in the name of the Servicer of documents
               bearing facsimile signatures of the Servicer or of the attorney
               or agent either with or without proper manuscript signatures of
               its officers on them; and

          (b)  (Appoint agents): appoint by writing any person to be agent of
               the Servicer as the Servicer thinks necessary or proper and with
               those powers, authorities and discretions (not exceeding those
               vested in the Servicer) as the Servicer thinks fit,

          provided that, in each such case, except as provided in any
          Transaction Documents, the Servicer must not delegate to such third
          parties a material part of its powers, duties and obligations as
          Servicer in relation to Mortgage Loans forming part of the Assets of
          the Series Trust.

16.29     Servicer May Replace or Suspend Attorneys

          The Servicer may replace or suspend any attorney, agent or sub-agent
          appointed under clause 16.28 for any cause or reason as the Servicer
          may in its sole discretion think sufficient with or without assigning
          any cause or reason.

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16.30     Servicer Remains Liable

          The Servicer at all times remains liable for:

          (a)  (Acts, omissions): the acts or omissions of any person appointed
               under clause 16.28, insofar as the acts or omissions constitute a
               breach by the Servicer of its obligations under this Deed; and

          (b)  (Payment): the payment of fees to any person appointed under
               clause 16.28.

________________________________________________________________________________
17.       Servicer's responsibilities and indemnities

17.1      Not Liable Where Action Unlawful

          The Servicer will not incur any liability to any person in respect of
          any failure to act where such act will be hindered, prevented or
          forbidden by any present or future law.

17.2      Limitation on Servicer's Responsibility

          The Servicer will not be responsible to any person for any loss,
          damage, claim or demand incurred as a result of:

          (a)  (Trustee Default): a Trustee Default (except where the Trustee is
               the Servicer);

          (b)  (Failure to check): the failure by the Servicer to check any
               document, certificate, schedule, form, list or other document
               prepared or delivered to the Servicer by the Trustee or any agent
               or consultant of the Trustee and reasonably believed by the
               Servicer to be genuine; or

          (c)  (Trustee's direction): any action taken by the Servicer in
               accordance with any written direction or instruction from the
               Trustee or any Authorised Officer of the Trustee,

          except to the extent to which such loss, damage, claim or demand is
          caused by any fraud, negligence or wilful default by the Servicer.

17.3      Servicer's Liability

          (a)  (Liability): The Servicer shall not be liable for any loss
               incurred by any Securityholder, any Creditor of the Series Trust
               or any other person except, subject to clauses 17.3(b), (c), (d)
               and (e), to the extent that such loss may be caused by a breach
               by the Servicer of any term of this Deed, any fraud, negligence
               or wilful default by the Servicer or any breach or default by any
               person appointed by the Servicer to perform its obligations under
               this Deed.

          (b)  (Damages for direct loss): The Servicer shall not be liable for
               any damages in respect of any breach by the Servicer of any term
               of this Deed, any fraud, negligence or wilful default by the
               Servicer or any breach or default by any person appointed by the
               Servicer to perform its obligations under this Deed except and to
               the extent that the Trustee on account of the Securityholders has
               suffered direct loss as a result of such breach or default. The
               maximum amount which the Servicer will be liable to pay in
               respect of such a breach or default is the amount outstanding at
               the time of payment under the Mortgage Loan in respect of which
               such default or breach occurred after taking into account any
               payment received by the Trustee or the Trustee is entitled to
               receive or claim under the Mortgage Insurance Policy relating to
               that Mortgage Loan.

          (c)  (No consequential loss): The Servicer's liability under this
               clause 17.3 with

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               respect to a Mortgage Loan will not include any damages in
               respect of consequential loss. This liability represents the sole
               damages recoverable against the Servicer in such circumstances.

          (d)  (Notice): The Trustee may only claim damages from the Servicer
               pursuant to this clause 17.3 by written notice setting out the
               grounds for claiming that a breach or default referred to in
               paragraph (b) has occurred together with details of the
               calculation of the loss referred to in paragraph (b).

          (e)  (Payment): If a breach or default referred to in paragraph (b)
               has occurred, the Servicer must pay any damages due to the
               Trustee under this clause 17.3 within 7 Business Days of receipt
               by it of the written notice referred to in paragraph (d), such
               written notice to represent prima facie evidence of the amount of
               such damages.

________________________________________________________________________________
18.       Servicer Default and retirement of Servicer

18.1      Servicer Default

          A Servicer Default occurs if:

          (a)  (Failure to remit Collections): the Servicer fails to remit any
               Collections or any other amounts received in respect of the
               Mortgage Loan Rights then forming part of the Assets of the
               Series Trust to the Trustee within the time periods specified in
               this Deed and such failure is not remedied within 5 Business Days
               (or such longer period as the Trustee may agree to) of notice of
               such failure being given to the Servicer by the Manager or the
               Trustee;

          (b)  (Failure to prepare information for Manager): the Servicer fails
               to prepare and transmit to the Manager the information necessary
               to enable the Manager to prepare the Quarterly Certificates by
               the date set out in this Deed and such failure is not remedied
               within 20 Business Days (or such longer period as the Trustee may
               agree to) of notice being given to the Servicer by the Manager or
               the Trustee and has or will have an Adverse Effect as reasonably
               determined by the Trustee;

          (c)  (Breach of representation or warranty): any representation,
               warranty or certification made by the Servicer (in its capacity
               as Servicer) in a Transaction Document to which it is expressed
               to be a party or in any certificate delivered by the Servicer (in
               its capacity as Servicer) pursuant to such a Transaction Document
               proves to have been incorrect when made in a manner which as
               reasonably determined by the Trustee has or will have an Adverse
               Effect and the Servicer does not remedy the same to the Trustee's
               reasonable satisfaction within 60 Business Days after receipt by
               the Servicer of notice in writing from the Trustee requiring it
               to do so;

          (d)  (Insolvency Event): an Insolvency Event occurs in relation to the
               Servicer;

          (e)  (Servicer is custodian): while the Servicer is also the Seller
               and is acting as custodian of the Mortgage Documents pursuant to
               clause 25, it fails to deliver all the Mortgage Documents in
               accordance with clause 25 to the Trustee following the occurrence
               of a Document Transfer Event and does not deliver to the Trustee
               the outstanding Mortgage Documents within 20 Business Days of
               receipt of a notice from the Trustee specifying the Mortgage
               Documents that remain outstanding;

          (f)  (Fails to maintain Threshold Rate): the Servicer fails to comply
               with clause 12.2, and such failure is not remedied within 20
               Business Days of its occurrence; or

          (g)  (Breach of other obligations): the Servicer has breached its
               obligations (other than

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               those referred to in clauses 18.1(a), (b), (c), (e) and (f)) as
               Servicer under a Transaction Document to which it is expressed to
               be a party and such breach has or will have an Adverse Effect as
               reasonably determined by the Trustee and:

               (i)  that breach is not satisfactorily remedied so that it no
                    longer has or will have, having regard to all relevant
                    circumstances, such an Adverse Effect within 20 Business
                    Days after receipt by the Servicer of a notice in writing
                    (which must specify the reasons why the giver of the notice
                    believes that an Adverse Effect has occurred or will occur)
                    from the Manager or Trustee requiring it to do so; and

               (ii) the Servicer has not paid compensation to the Trustee for
                    its loss from such breach in an amount satisfactory to the
                    Trustee (acting reasonably ).

18.2      Retirement of Servicer

          The Servicer may retire from its obligations and duties assumed by it
          pursuant to this Deed by 3 months' notice in writing to the Trustee
          and the Manager (or such lesser time as the Servicer and the Trustee
          agree).

18.3      Notice to Securityholders

          The Servicer will, within 2 Business Days after the Servicer becomes
          aware of any Servicer Default, give notice of such Servicer Default to
          the Trustee, the Manager, the Class A-1 Note Trustee and the Rating
          Agencies, whereupon the Manager will give notice or cause such notice
          to be given of such Servicer Default to the Securityholders. Upon any
          retirement, termination or appointment of a Substitute Servicer
          pursuant to this clause 18, the Trustee will give or cause to be given
          prompt notice of that retirement, termination or appointment to the
          Manager, the Class A-1 Note Trustee, the Securityholders and the
          Rating Agencies.

18.4      Removal of Servicer

          If the Trustee has determined that:

          (a)  (Unlawful): the performance by the Servicer of its duties under
               this Deed is no longer permissible under any applicable law and
               the Trustee is satisfied that there is no reasonable action which
               the Servicer could take to make the performance of its duties
               under this Deed permissible under that applicable law; or

          (b)  (Servicer Default): a Servicer Default has occurred and is
               continuing,

          the Trustee must by written notice to the Servicer, immediately
          terminate the rights and obligations of the Servicer and appoint
          another Bank or appropriately qualified organisation to act in its
          place.

18.5      Retirement of Servicer

          Upon its retirement, the Servicer may, subject to any approval
          required by law, appoint in writing any other corporation approved by
          the Trustee (acting reasonably) as Servicer in its place. If the
          Servicer does not propose a replacement by the date which is 1 month
          prior to the date of its proposed retirement, the Trustee is entitled
          to appoint a new Servicer as of the date of the proposed retirement.

18.6      When appointment of Substitute Servicer effective

          The purported appointment of a Substitute Servicer has no effect
          until:

          (a)  (Substitute Servicer executes deed of accession): the Substitute
               Servicer executes a deed under which it covenants to act as
               Servicer in accordance with this Deed and

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               all other Transaction Documents relating to the Series Trust to
               which the Servicer is a party; and

          (b)  (Rating Agency confirmation): each Rating Agency confirms in
               writing that the appointment of the proposed Substitute Servicer
               will not cause a reduction, qualification or withdrawal of any
               current credit rating assigned by it to the Securities.

18.7      Trustee to Act as Servicer

          Until the appointment of the Substitute Servicer is complete, the
          Trustee must act as Servicer. The Trustee is entitled to receive the
          fee payable in accordance with clause 19.4 for the period during which
          the Trustee so acts.

18.8      Trustee May Give Discharges

          The Trustee may settle with the Servicer the amount of any sums
          payable by the Servicer to the Trustee or by the Trustee to the
          Servicer and may give to or accept from the Servicer a discharge in
          respect of those sums which will be conclusive and binding as between
          the Trustee and the Servicer, as between the Servicer and the Residual
          Unitholder and as between the Servicer and the Securityholders.

18.9      Servicer May Accept Payment

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

18.10     Servicer and Manager to Provide Full Co-operation

          The Servicer and the Manager agree to provide their full co-operation
          in the event of a Servicing Transfer. The Servicer and the Manager
          must (subject to the Privacy Act and the Servicer's duty of
          confidentiality to its customers under general law or otherwise)
          provide the Substitute Servicer with copies of all paper and
          electronic files, information and other materials as the Trustee or
          the Substitute Servicer may reasonably request within 90 days of the
          removal or retirement of the Servicer in accordance with this clause
          18.

18.11     Indemnity

          The Servicer indemnifies the Trustee in respect of all costs, damages,
          losses and expenses incurred by the Trustee as a result of any
          Servicer Default (including, without limitation, legal costs charged
          at the usual commercial rates of the relevant legal services provider
          and the costs of any Servicing Transfer) but excluding any costs,
          damages, losses and expenses which the Servicer is not liable or
          responsible for in accordance with clause 17.

18.12     No Liability for Servicer Default

          Neither the Trustee nor the Manager or their respective delegates (as
          the case may be) is liable for any Servicer Default except to the
          extent that the Servicer Default is caused by the Trustee's or the
          Manager's or their respective delegate's (as the case may be) fraud,
          negligence or wilful default.

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________________________________________________________________________________
19.       Remuneration of Manager, Trustee, Servicer and Security Trustee

19.1      Management Fee

          Pursuant to clause 18.1 of the Master Trust Deed, the Manager is
          entitled to receive in respect of each Accrual Period on the following
          Distribution Date in accordance with the terms of this Deed a fee (the
          "Management Fee") as agreed by the Trustee and the Manager prior to
          the date of this Deed or as may otherwise be agreed by the Manager and
          the Trustee provided that each Rating Agency will be given 3 Business
          Days' prior notice by the Manager of any variation of the Management
          Fee and the Management Fee will not be varied if such variation would
          result in a reduction, qualification or withdrawal in any then current
          credit rating by a Rating Agency of any Security.

19.2      Arranging Fee

          The Manager is entitled to receive in respect of each Accrual Period
          on the following Distribution Date in accordance with the terms of
          this Deed a fee for arranging the issue of the Securities (the
          "Arranging Fee") as agreed by the Trustee and the Manager prior to the
          date of this Deed or as may otherwise be agreed by the Manager and the
          Trustee.

19.3      Trustee's Fee

          Pursuant to clause 18.2 of the Master Trust Deed, the Trustee is
          entitled to receive in respect of each Accrual Period on the following
          Distribution Date in accordance with the terms of this Deed the fee
          agreed by the Trustee and the Seller prior to the date of this Deed or
          as may otherwise be agreed by the Manager and the Trustee, provided
          that each Rating Agency will be given 3 Business Days' prior notice by
          the Manager of any variation of the Trustee's Fee and the Trustee's
          Fee will not be varied if such variation would result in a reduction,
          qualification or withdrawal of any then current credit rating of any
          Security.

19.4      Servicer's Fee

          The Servicer will be entitled to receive in respect of each Accrual
          Period on the following Distribution Date in accordance with the terms
          of this Deed the fee agreed by the Trustee and the Servicer prior to
          the date of this Deed or as may otherwise be agreed by the Trustee,
          the Manager and the Servicer provided that each Rating Agency will be
          given 3 Business Days' prior notice by the Manager of any variation of
          the Servicer's Fee and the Servicer's Fee will not be varied if such
          variation would result in a reduction, qualification or withdrawal of
          any then current credit rating of any Security.

19.5      Security Trustee's Fees and Expenses

          The Trustee will:

          (a)  (Pay a fee): pay to the Security Trustee the fee agreed by the
               Trustee, the Manager and the Security Trustee from time to time
               provided that each Rating Agency will be given 3 Business Days'
               prior notice by the Manager of any variation of the Security
               Trustee's Fee and the Security Trustee's Fee will not be varied
               if such variation would result in a reduction, qualification or
               withdrawal of any then current credit rating of any Security; and

          (b)  (Reimburse): reimburse the Security Trustee its costs and
               expenses incurred in performing its duties under the Security
               Trust Deed calculated in accordance with the Security Trust Deed.

          The fees, costs and expenses referred to in paragraphs (a) and (b) of
          this clause will be paid or reimbursed, as the case may be, in
          accordance with this Deed on the Distribution Date

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          following the Accrual Period to which such fees, costs and expenses
          were earned or incurred, as the case may be.

19.6      Goods and Services Tax

          Notwithstanding any other provision of this Deed or the Master Trust
          Deed, where any of the Trustee, the Manager, the Servicer or the
          Seller is or becomes liable to remit to a Governmental Agency an
          amount of GST in connection with its supplies in connection with the
          Series Trust under any Transaction Document, that GST must be borne by
          the Trustee, the Manager, the Servicer or the Seller, as the case may
          be, on its own account and neither the Trustee, the Manager, the
          Servicer nor the Seller is entitled to any reimbursement of that GST
          from the Assets of the Series Trust and the definition of "Taxes" in
          clause 1.1 of the Master Trust Deed shall not include any such GST
          where that definition applies in relation to the Series Trust. Nothing
          in the clause prevents an adjustment, in accordance with this Deed, of
          the fees payable to the Trustee, the Manager, the Servicer or the
          Seller as a result of a GST Tax Change (as defined in clause 19.7).

19.7      Adjustments to fees

          (a)  (GST Tax Change): For the purposes of this clause, "GST Tax
               Change" means:

               (i)    the abolition of GST;

               (ii)   an increase or decrease in the rate of GST; or

               (iii)  any amendment to the GST Act.

          (b)  (Effect of GST Tax Change): In ascertaining the effect of a GST
               Tax Change on the Trustee, any associated abolition, reduction or
               other change in Taxes reducing, directly or indirectly, the costs
               (including general overhead costs) of the Trustee will be taken
               into account.

          (c)  (Adjustments): Following any GST Tax Change, the fees payable to
               the Trustee under this clause 19 will, subject to clause 19.7(o),
               be adjusted according to the procedure in this clause 19.7 so
               that, from the commencement date or dates of the GST Tax Change,
               the Trustee is neither economically advantaged nor disadvantaged
               in relation to the supplies provided by it under this Deed by the
               effect of the GST Tax Change.

          (d)  (Notice): At any time within 12 months after a GST Tax Change has
               come into effect, the Trustee may, by written notice to the
               Manager and the Manager may, by written notice to the Trustee,
               require the commencement of negotiations by the Manager and the
               Trustee in accordance with the succeeding provisions of this
               clause 19.7.

          (e)  (Time Bar): If neither the Trustee nor the Manager issues a
               notice under clause 19.7(d) within 12 months after a GST Tax
               Change has come into effect, then each of the Trustee and the
               Manager will be taken to have unconditionally and irrevocably
               waived its rights under clause 19.7(c) in relation to that GST
               Tax Change, and no adjustment will be made.

          (f)  (Negotiations): Within 28 days after receipt of a notice under
               clause 19.7(d), the Manager and the Trustee will confer at least
               once to negotiate in good faith with a view to agreeing on any
               adjustments to the fees payable to the Trustee under this clause
               19 which will satisfy the Trustee's and the Manager's rights
               under clause 19.7(c).

          (g)  (Manager and Trustee to give effect to outcome of negotiations):
               Subject to clause 19.7(o), if the negotiations result in the
               parties agreeing on any adjustments

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               to the fees payable to the Trustee under this clause 19, the
               Trustee and the Manager will, as soon as possible, do all things
               necessary to give effect to the agreement reached, including
               adjusting any payments of such fees which have previously been
               made under this Deed after the commencement date or dates of the
               relevant GST Tax Change.

          (h)  (Negotiations Unsuccessful): If, within 28 days after the first
               conference under clause 19.7(f), the Manager and the Trustee are
               unable to agree fully, the Trustee or the Manager may, by written
               notice to the other, require any matter relating to the Trustee's
               and the Manager's rights under clause 19.7(c) to be referred to
               expert determination.

          (i)  (Appointment of Expert): The Trustee and the Manager may appoint
               any independent consultant who is experienced in indirect
               taxation to be the expert. If, within 28 days after receipt of a
               notice under clause 19.7(h), the Trustee and the Manager are
               unable to agree on an expert, then the Trustee or the Manager may
               request the president for the time being of the Institute of
               Chartered Accountants to appoint the expert.

          (j)  (Expert Determination): The expert will decide on adjustments
               which will satisfy the Trustee's and the Manager's rights under
               clause 19.7(c). The expert will act as an expert and not as an
               arbitrator and his or her decision will, in the absence of fraud
               or bias but notwithstanding error, be final and binding on the
               Trustee and the Manager.

          (k)  (Procedure): The Trustee and the Manager may agree on any
               procedure for the expert determination, including the adoption in
               whole or part of any expert determination rules published by a
               dispute resolution agency, professional body, law firm or any
               other person. If the Trustee and the Manager cannot agree, the
               expert will determine the procedure to be followed in the expert
               determination. However, unless the Trustee and the Manager
               otherwise agree:

               (i)    the expert may inform himself or herself in any way he or
                      she sees fit, including by engaging other consultants,
                      without being bound by the rules of evidence;

               (ii)   each of the Trustee and the Manager will have the right to
                      present its case and to answer the case against it; and

               (iii)  the expert will give reasons for his or her decision.

          (l)  (Costs of Expert): The Trustee and the Manager will pay the costs
               of the expert in equal shares.

          (m)  (Scott v Avery clause): The Trustee will not be entitled to
               commence any action or proceeding relating to any GST Tax Change
               until the procedures outlined in this clause relating to that GST
               Tax Change have been completed.

          (n)  (Continue to Perform): Notwithstanding that the procedures
               outlined in this clause are operating, the parties will continue
               to perform their obligations under this Deed.

          (o)  (Rating Agencies Consent): Any adjustment to fees pursuant to
               this clause 19.7 will be subject to confirmation in writing from
               the Rating Agencies that the adjustment will not result in a
               reduction, qualification or withdrawal of the credit ratings then
               assigned by them to the Securities.

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________________________________________________________________________________
20.       Manager Default

          The occurrence of any of the following events constitutes a Manager
          Default for the purposes of clause 20.1(b) of the Master Trust Deed :

          (a)  (Manager does not instruct): the Manager does not instruct the
               Trustee to pay the required amounts to the Securityholders of the
               Series Trust within the time periods specified in this Deed and
               such failure is not remedied within 10 Business Days (or such
               longer period as the Trustee may agree) of notice of such failure
               being delivered to the Manager by the Trustee;

          (b)  (Manager does not prepare Quarterly Certificates): the Manager
               does not prepare and transmit to the Trustee the Quarterly
               Certificates or any other reports required to be prepared by the
               Manager and such failure is not remedied within 10 Business Days
               (or such longer period as the Trustee may agree) of notice being
               delivered to the Manager by the Trustee. Such a failure by the
               Manager does not constitute a Manager Default if it is as a
               result of a Servicer Default pursuant to clause 18.1(b) provided
               that, if the Servicer subsequently provides the information to
               the Manager, the Manager prepares and submits to the Trustee the
               outstanding Quarterly Certificates or other reports within 10
               Business Days (or such longer period as the Trustee may agree to)
               of receipt of the required information from the Servicer;

          (c)  (Breach of a Representation or Warranty): any representation,
               warranty, certification or statement made by the Manager (in its
               capacity as Manager) in a Transaction Document to which it is
               expressed to be a party, or in any document provided by it under
               or in connection with a Transaction Document, proves to have been
               incorrect when made, or is incorrect when repeated, in a manner
               which as reasonably determined by the Trustee has an Adverse
               Effect and the Manager does not remedy the same to the Trustee's
               reasonable satisfaction within 60 Business Days after receipt by
               the Manager of notice in writing from the Trustee requiring it to
               do so; or

          (d)  (Breach of other obligations): the Manager has breached its other
               obligations as Manager under a Transaction Document to which it
               is expressed to be a party or any other deed, agreement or
               arrangement entered into by the Manager in relation to the Series
               Trust or the Securities, (other than an obligation which depends
               upon information provided by, or action taken by, the Servicer
               and the Manager has not received the information, or the action
               has not been taken, which is necessary for the Manager to perform
               the obligation) and such breach has had or, if continued, will
               have an Adverse Effect as reasonably determined by the Trustee,
               and either such breach is not remedied so that it no longer has
               or will have such an Adverse Effect within 20 Business Days of
               notice thereof delivered to the Manager by the Trustee or the
               Manager has not within 20 Business Days of receipt of such notice
               paid compensation to the Trustee for its loss from such breach in
               an amount satisfactory to the Trustee (acting reasonably). The
               Trustee must, in such notice, specify the reasons why it believes
               an Adverse Effect has occurred, or will occur, as the case may
               be.

________________________________________________________________________________
21.       Representations and warranties

21.1      General Representations and Warranties by the Seller and the Servicer

          The Seller and the Servicer each represents and warrants in respect of
          itself to the Trustee that:

          (a)  (Due incorporation): it has been duly incorporated as a company
               limited by shares in accordance with the laws of its place of
               incorporation and is validly existing

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               under those respective laws and has power and authority to carry
               on its business as it is now being conducted;

          (b)  (Power to enter and observe this Deed): it has full power to
               enter into and perform its obligations under this Deed and the
               other Transaction Documents to which it is a party;

          (c)  (Separate Authority): it has in full force and effect the
               authorisations necessary to authorise its execution, delivery and
               performance of this Deed and the other Transaction Documents to
               which it is a party;

          (d)  (Authorisations): it has in full force and effect all
               authorisations from Governmental Agencies that are required for
               the execution, delivery and performance by the Seller of this
               Deed and the Transaction Documents to which it is a party as at
               the date of this Deed and has filed all necessary returns with
               the Australian Securities and Investments Commission;

          (e)  (Obligations enforceable): its obligations under this Deed are
               legal, valid, binding and enforceable against it in accordance
               with their terms subject to stamping and any necessary
               registration, except as such enforceability may be limited by any
               applicable bankruptcy, insolvency, reorganisation, moratorium or
               trust law or general principles of equity or other similar laws
               affecting creditors' rights generally;

          (f)  (This Deed does not contravene constituent documents): this Deed
               does not contravene its constituent documents or any law,
               regulation or official directive or any of its obligations or
               undertakings by which it or any of its assets are bound or cause
               a limitation on its powers or the powers of its directors to be
               exceeded;

          (g)  (No Servicer Default): (represented and warranted by the Servicer
               only) no Servicer Default continues unremedied that has not been
               notified to the Trustee;

          (h)  (Servicing Guidelines): (represented and warranted by the
               Servicer only) the Servicing Guidelines are in existence as at
               the date of this Deed;

          (i)  (No material default): to the best of its knowledge, it is not in
               default of the material requirements of any relevant laws which
               would materially adversely affect its ability to carry out its
               obligations under this Deed;

          (j)  (No immunity from process): it has no immunity from the
               jurisdiction of a court or from legal process (whether through
               service of notice, attachment prior to judgment, attachment in
               aid of execution, execution or otherwise);

          (k)  (Not Trustee): it does not enter into this Deed in the capacity
               of a trustee of any trust or settlement;

          (l)  (No material adverse effect): it is not actually aware of any
               facts which would have a material adverse effect on its ability
               to perform its obligations under this Deed;

          (m)  (No related party transaction): no person has contravened or will
               contravene section 243H or section 243ZE of the Corporations Law
               by entering into or participating in the Transaction Documents or
               any transaction contemplated by the Transaction Documents;

          (n)  (No Insolvency Event): no Insolvency Event has occurred and is
               subsisting in respect of it; and

          (o)  (Paid Taxes): it has filed all Tax returns which are required to
               be filed and has

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               promptly paid all Taxes as shown in all assessments received by
               it to the extent that such Taxes have become due other than those
               Taxes the subject of a bona fide dispute with the Australian
               Taxation Office or other Governmental Agency.

21.2      Repetition of Representations and Warranties

          The representations and warranties in clause 21.1 are taken to be also
          made on the Closing Date.

________________________________________________________________________________
22.       Collections Account and investment

22.1      Collections Account

          The Trustee will establish and maintain in New South Wales (or in such
          other place as the Manager selects from time to time), in accordance
          with this clause 22, an account in the name of the Trustee which must
          be an Eligible Deposit Account.

22.2      Initial Collections Account

          Immediately following the Closing Date, the Trustee will establish the
          initial Collections Account with the Servicer if the Servicer is an
          Eligible Depository.

22.3      Replacement of Collections Account

          If, at any time, the Collections Account ceases to be an Eligible
          Deposit Account, the Trustee (or the Manager on its behalf) will
          within 5 Business Days (or such longer period, as the Rating Agencies
          may agree) establish a new account which is an Eligible Deposit
          Account and the Trustee will transfer any cash comprising the old
          Collections Account to such new account and from the date such new
          account is established, it will be the Collections Account.

22.4      Deposits into Collections Account within 5 Business Days

          Subject to clauses 22.5 and 22.11, the Servicer must deposit in the
          Collections Account each amount comprising a Collection received by
          the Servicer (or otherwise payable by the Seller or the Servicer or
          debited by the Servicer as contemplated by clause 22.4(a)) within 5
          Business Days of:

          (a)  (Receipt or Set-off): receipt of the Collection by the Servicer
               or the debiting of the Collection by the Servicer against an
               account pursuant to a right of set-off or right to combine
               accounts; or

          (b)  (Where otherwise payable): where Collections are not received by
               the Servicer but are otherwise payable by the Servicer or the
               Seller in accordance with clauses 14, 15.1(k), 16, 18, 24, 25, 26
               or 30 of this Deed, when they fall due for payment to the Trustee
               from the Servicer or the Seller.

22.5      While Collections Account with Commonwealth Bank

          If the Collections Account is permitted to be maintained with the
          Servicer and:

          (a)  (A-1+/P1/F1+ Rating): the Servicer is assigned short term credit
               ratings by the Rating Agencies of no lower than A-1+ (in the case
               of S&P), no lower than P1 (in the case of Moody's) and no lower
               than F1+ (or, when the Seller is the Servicer, no lower than F1)
               (by Fitch), then the Servicer will be entitled to retain any
               Collections in respect of a Collection Period until 10.00 am on
               the Business Day which is two Business Days preceding the
               Distribution Date for the Collection Period;

          (b)  (A-1/P1/F1 Rating): the Servicer does not have all the applicable
               credit ratings

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               specified in clause 22.5(a), but is assigned short term credit
               ratings of no lower than A-1 (in the case of S&P), no lower than
               P1 (in the case of Moody's) and no lower than F1 (in the case of
               Fitch), then the Servicer will be entitled to retain any
               Collections in respect of a Collection Period until 10.00 am on
               the Business Day which is the earlier of two Business Days
               preceding the Distribution Date for the Collection Period and 30
               days from receipt of such Collections, provided that while the
               sum of :

               (i)    all Collections then held by the Servicer; and

               (ii)   the aggregate value of the Authorised Short-Term
                      Investments in relation to the Series Trust which are
                      with, or issued by, a bank or financial institution which
                      then has assigned to it by S&P a short term credit rating
                      of A-1,

               exceeds 20% of the then aggregate of the Stated Amounts of the
               Securities, the Servicer will only be entitled to retain any
               additional Collections received in respect of a Collections
               Period until 10.00 am on the Business Day which is 2 Business
               Days from the receipt of such Collections; or

          (c)  (Lower than A-1/P1/F1 Rating): the Servicer has no credit ratings
               or is assigned a short term credit rating by the Rating Agencies
               lower than A-1 (in the case of S&P), lower than P1 (in the case
               of Moody's) or lower than F1 (in the case of Fitch), then the
               Servicer will be entitled to retain any Collections, in respect
               of a Collection Period until 10.00 am on the Business Day which
               is two Business Days from receipt of such Collections,

          and must at that time pay such Collections into the Collections
          Account together with an amount of interest (in the case of paragraphs
          (a) and (b)) equal to the amount that would have been earned had such
          Collections been paid into the Collections Account within 5 Business
          Days of their receipt by the Servicer.

22.6      Withdrawals from Collections Accounts

          Subject to this Deed, the Trustee will withdraw funds from the
          Collections Account and apply the same when necessary for the
          following outgoings:

          (a)  (Payments to Securityholders and Residual Unitholder): making
               payments to the Securityholders or the Residual Unitholder;

          (b)  (Eligible Investments): purchasing Authorised Short-Term
               Investments in compliance with this Deed and making payments
               required in connection with Authorised Short-Term Investments;

          (c)  (Expenses and Taxes): paying Expenses and Taxes in accordance
               with this Deed or the Master Trust Deed; and

          (d)  (Other payments): making payments, in accordance with the
               Transaction Documents to (or at the direction of) the Trustee,
               the Manager, the Servicer, the Security Trustee, any Support
               Facility Provider or any other Creditor of the Series Trust.

22.7      All Transactions through Collections Account

          Unless otherwise directed by the Manager, all moneys and proceeds
          referred to in clauses 22.4 and 22.5 will be credited to the
          Collections Account and all outgoings referred to in clause 22.6 will
          be paid from the Collections Account.

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22.8      Title to and Control of Collections Account

          The Collections Account and all rights to it and the funds standing to
          its credit from time to time is an Asset of the Series Trust. At all
          times the Collections Account will be under the sole control of the
          Trustee.

22.9      No Deductions by Servicer

          If the Collections Account is maintained with the Servicer, the
          Servicer agrees that it will have no right of set-off, banker's lien,
          right of combination of accounts, right to deduct moneys or any other
          analogous right or Security in or against any funds held in the
          Collections Account for any amount owed to the Servicer.

22.10     Prepayments under Liquidity Facility

          All prepayments made to the Trustee in respect of the Liquidity
          Facility Agreement must be deposited in the Collections Account.
          Amounts so deposited must not be withdrawn by the Trustee other than
          at the direction of the Manager in accordance with the Liquidity
          Facility Agreement or to be paid into a new Collections Account opened
          in accordance with clause 22.3.

22.11     Servicer May Retain Income from Collections

          Subject to clause 22.5, where the Servicer has received Collections
          but it is not required pursuant to this Deed to deposit those
          Collections into the Collections Account until a later date, the
          Servicer may retain any interest and other income derived by the
          Servicer from those Collections for the period up to when the Servicer
          is required to deposit them under this Deed into the Collections
          Account.

22.12     Bank Account Taxes

          Interest earned on amounts standing to the credit of the Collections
          Account shall be determined net of all Taxes levied specifically in
          respect of debits or credits to or on deposit accounts.

22.13     Opening of additional accounts where Collections Account is with an
          Eligible Depository

          If at any time:

          (a)  (Collections Account with Eligible Depository): there are
               Collections deposited in a Collections Account with an Eligible
               Depository;

          (b)  (Required Rating): the then short term credit rating assigned by
               the Rating Agency to the Eligible Depository is no higher than A-
               1 and the obligations of that Eligible Depository in respect of
               the Collections Account are rated, or considered by S&P to be
               equivalent to obligations rated, less than A-1+; and

          (c)  (Credit balance of Collections Account): the sum of:

               (i)   all amounts then credited to the Collections Account; and

               (ii)  the aggregate value of the Authorised Short-Term
                     Investments in relation to the Series Trust which are with,
                     or are issued, endorsed (with recourse) or accepted by, a
                     bank or financial institution which has then assigned to it
                     by the Rating Agency a short term credit rating of A-1,

               exceeds 20% of the Total Invested Amount of the Notes,

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then:

(d)  (New Collections Account): the Trustee must, upon becoming actually aware
     of the occurrence of that event, immediately open a new Collections Account
     with another Eligible Depository which has assigned to it a short term
     credit rating by S&P of A-1+;

(e)  (Amounts in excess transferred): an amount equal to the excess referred to
     in clause 22.13(c) must be transferred by the Trustee from the Collections
     Account referred to in clause 22.13(a) to the new Collections Account;

(f)  (Subsequent deposits): all subsequent amounts received by, or payable to,
     the Trustee in respect of the Series Trust must be deposited in the
     Collections Account referred to in clause 22.13(a) to the extent that such
     amounts can be deposited in that Collections Account in accordance with,
     and without breaching the restrictions on such deposit set out in, clause
     22.13(c); and

(g)  (Balance transferred): the balance of the amounts received by, or payable
     to, the Trustee in respect of the Series Trust must be deposited in the new
     Collections Account established pursuant to clause 22.13(d) and in
     accordance with clauses 22.4 and 22.5.

________________________________________________________________________________
23.   Clean-up and extinguishment

23.1  Notification of Trigger Event by Manager to Seller

      If (unless otherwise required by the Seller):

      (a)  (10% Threshold): the event referred to in Condition 7.3(a) of the
           Class A-1 Note Conditions has occurred or is expected to occur on the
           next Distribution Date; or

      (b)  (Other Redemption Event): both of the following events occur:

           (i)  the next Distribution Date is the Call Date for the purposes of
                Condition 7.3(b) of the Class A-1 Note Conditions or an event
                referred to in Condition 7.4(a) or (b) has occurred; and

           (ii) the Seller has prior thereto notified the Manager that the
                Australian Prudential Regulation Authority will permit the
                Seller to exercise its rights under this clause 23
                (notwithstanding that the event referred to in clause 23.1(a)
                has not occurred),

      the Manager must promptly request the Seller by telephone or orally
      whether the Seller wishes to exercise its rights pursuant to this clause
      23.

23.2  Response by Seller

      The Seller may at any time after receiving (or after it ought to receive)
      a request from the Manager pursuant to clause 23.1, and prior to the
      Termination Date, advise the Manager by telephone or orally, that it
      requires to exercise its rights pursuant to this clause 23 and nominating
      a Distribution Date as the Clean-up Settlement Date.  The Manager must
      then promptly advise the Trustee of such advice and (if applicable) such
      nomination by the Seller.

23.3  Determination of Clean-Up Settlement Date

      If the Seller advises the Manager pursuant to clause 23.2 that it
      requires to exercise its rights pursuant to this clause 23:

      (a)  (Clean-Up Settlement Date to Coincide with redemption of Securities):
           if any

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           Securities have been issued and have not then been redeemed,
           the Manager must, subject to clause 23.4(b), in accordance with
           Conditions 7.3 or 7.4 (as applicable) of the Class A-1 Note
           Conditions direct the Trustee to give a notice in accordance with
           such Condition (which the Trustee must give) that on the Distribution
           Date nominated by the Seller pursuant to clause 23.2 (which must be
           a complying Distribution Date in accordance with such Condition) a
           redemption of the Securities will occur pursuant to such Condition
           (in which case, such nominated and complying Distribution Date will
           be the Clean-Up Settlement Date); or

      (b)  (Otherwise, date nominated by Seller): otherwise, the Clean-Up
           Settlement Date will be the Distribution Date nominated by the Seller
           as the Clean-Up Settlement Date pursuant to clause 23.2.

23.4  Clean-Up Settlement Price

      (a)  (Calculation): The Clean-Up Settlement Price will be the amount
           determined by the Manager to be the aggregate of the Fair Market
           Value (as at the last day of the Accrual Period ending immediately
           before the proposed Clean-Up Settlement Date) of each Mortgage Loan
           then forming part of the Assets of the Series Trust.

      (b)  (Minimum Clean-Up Settlement Price): If any Securities have been
           issued and have not then been redeemed (or deemed to be redeemed) and
           if the amount of the Clean-Up Settlement Price determined by the
           Manager (when combined with the other Assets that will be available
           to the Trustee) is not sufficient to ensure, upon payment by the
           Seller to the Trustee pursuant to clause 23.5, that the Trustee would
           be in a position on the proposed Clean-Up Settlement Date to redeem
           the Securities in full in accordance with Condition 7.3 or 7.4 (as
           applicable) of the Class A-1 Note Conditions, the Manager must not
           give a direction to the Trustee pursuant to clause 23.3(a). If such
           amount would be so sufficient, the Manager's direction pursuant to
           clause 23.3(a) must be accompanied by a notification to the Trustee
           of such amount and the certificate referred to in Condition 7.5 of
           the Class A-1 Note Conditions.

      (c)  (Minimum not Sufficient): If the Manager cannot issue the direction
           referred to in clause 23.4(b) as a result of such clause, nothing
           herein prevents the Seller issuing a further advice to the Manager
           pursuant to clause 23.2 at a later date, in which case the procedures
           and provisions of this clause 23 will thereupon take effect again
           (including this clause 23.4(c)), subject to the requirements herein
           contained.

23.5  Payment of Clean-Up Settlement Price

      (a)  (Payment): Subject to clause 23.5(b), the Seller must pay to the
           Trustee, in immediately available funds, the Clean-Up Settlement
           Price on the Clean-Up Settlement Date.

      (b)  (Waiver of Redemption by Class A-1 Noteholders): If a proposed
           payment pursuant to clause 23.5(a) is as a result of the occurrence
           of the event referred to in Condition 7.4(a) of the Class A-1 Note
           Conditions in respect of only the Class A-1 Notes and the Trustee is
           not required to redeem the Class A-1 Notes as a result of an election
           to this effect by the Class A-1 Noteholders in accordance with
           Condition 7.4, the Seller must not make the proposed payment referred
           to in clause 23.5(a) on the proposed Clean-Up Settlement Date (but
           without limiting the operation of clause 23.4(c) in respect of any
           other event that has occurred or may occur under clause 23.1).

23.6  Effect of Payment of Clean-Up Settlement Price

      Upon receipt of the Clean-Up Settlement Price by the Trustee in
      immediately available funds,

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<PAGE>

      the Trustee's entire right, title and interest in the Mortgage Loan Rights
      then forming part of the Assets of the Series Trust will be extinguished
      in favour of the Seller with immediate effect from the last day of the
      Collection Period which ended prior to the Clean-Up Settlement Date. The
      Trustee must execute whatever documents the Seller reasonably requires to
      complete the extinguishment of the Trustee's right, title and interest in
      the Mortgage Loan Rights.

23.7  Costs

      The Seller must pay to, or reimburse, the Trustee immediately on demand
      for all costs and expenses, including, without limitation, any stamp duty
      and registration fees, arising out of or necessarily incurred in
      connection with the exercise of the Seller's rights pursuant to this
      clause 23.

23.8  Alternative Structure

      The Trustee must co-operate with the Seller in implementing alternative
      means to permit the Seller to have the benefit of the Mortgage Loan Rights
      referred to in clause 23.6 other than as set out in this clause 23 if to
      do so would materially reduce the liability of the Seller to reimburse the
      Trustee for any of the costs and expenses set out in clause 23.7 and
      provided that any proposed alternative means pursuant to this clause is
      permitted in law and does not result in the Trustee being exposed to the
      risk of personal liability unless the Trustee is satisfied, in its
      absolute discretion, that the Seller will be able to indemnify the Trustee
      in respect of such risk in accordance with clause 2.15(a).

23.9  Alternative Funding Arrangements to Permit Redemption

      Nothing in this clause 23 prevents the Manager and the Trustee exercising
      any other rights and powers conferred upon them by this Deed or the Master
      Trust Deed (in so far as it applies to the Series Trust) to enable the
      redemption of the Securities as contemplated by Conditions 7.3 and 7.4 of
      the Class A-1 Note Conditions.

________________________________________________________________________________
24.   Perfection of Title

24.1  Perfection of Title Event

      A Perfection of Title Event occurs if:

      (a)  (Breach of Seller Representations): the Seller (in its capacity as
           Seller only and not as Custodian) makes any representation or
           warranty under a Transaction Document to which it is expressed to be
           a party that proves to be incorrect when made (other than a
           representation or warranty in respect of which payment has been made,
           or is not yet due to be made, in accordance with clauses 14.6 and
           14.9(a)), or breaches any covenant or undertaking given by it in such
           a Transaction Document, and that has or, if continued will have, an
           Adverse Effect and:

           (i)  the same is not satisfactorily remedied so that it no longer has
                or will have, an Adverse Effect, within 20 Business Days of
                notice thereof being delivered to the Seller by the Manager or
                the Trustee; or

           (ii) if paragraph (i) is not satisfied, the Seller has not within 20
                Business Days of such notice paid compensation to the Trustee
                for its loss from such breach in an amount satisfactory to the
                Trustee acting reasonably (such compensation cannot exceed the
                aggregate of the principal amount outstanding in respect of the
                corresponding Mortgage Loan (as recorded on the Mortgage Loan
                System) and any accrued or unpaid interest in respect of the
                Mortgage Loan (calculated in both cases at the time of payment
                of the compensation)).

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           The Trustee must, in such notice, specify the reasons why it believes
           an Adverse Effect has occurred, or will occur (as the case may be);

      (b)  (Servicer Default): if the Seller is the then Servicer, a Servicer
           Default occurs;

      (c)  (Seller Insolvency Event): an Insolvency Event occurs in relation to
           the Seller;

      (d)  (Seller breach of Interest Rate Swap Agreement): if the Seller is a
           then Interest Rate Swap Provider under a Fixed Rate Swap or an
           Interest Rate Basis Cap, the Seller fails to make any payment due
           under the corresponding Interest Rate Swap Agreement and such
           failure: or

           (i)  has or will have, as reasonably determined by the Trustee, an
                Adverse Effect; and

           (ii) is not remedied by the Seller within 20 Business Days (or such
                longer period as the Trustee may agree to) of notice thereof
                being delivered to the Seller by the Manager or the Trustee;

      (e)  (Downgrading of Seller): a downgrading in the long term debt rating
           of the Seller below the Specified Rating (or such other rating in
           respect of the Seller as is agreed between the Manager, the Seller
           and the Rating Agency which had assigned the relevant Specified
           Rating).

24.2  Declaration of Perfection of Title Event

      If a Perfection of Title Event (of which the Trustee is actually aware) is
      subsisting, the Trustee must, as soon as is practicable, by notice in
      writing to the Seller, the Servicer, the Manager and the Rating Agencies
      declare that a Perfection of Title Event has occurred unless the Rating
      Agencies confirm by notice in writing to the Trustee (with a copy to the
      Manager) prior to the declaration that a failure to perfect the Trustee's
      title to the Mortgages in accordance with clause 24.3 will not result in
      a reduction, qualification or withdrawal of the credit ratings then
      assigned by them to the Securities.

24.3  Perfection of Title

      If, and only if, a declaration is made by the Trustee in accordance with
      clause 24.2, the Trustee and the Manager must as soon as practicable:

      (a)  (Perfect title): take all necessary steps to perfect in the name of
           the Trustee the Trustee's legal title to the Mortgages then forming
           part of the Assets of the Series Trust, including lodgement of
           Mortgage Transfers (where necessary, executed under a Power of
           Attorney) with the land titles office of the appropriate jurisdiction
           to achieve registration of the Mortgages then forming part of the
           Assets of the Series Trust;

      (b)  (Notify Borrowers): notify the relevant Borrowers of the sale of the
           Mortgage Loans and Mortgages then forming part of the Assets of the
           Series Trust including informing them (where appropriate) that they
           should make payment to the Series Trust Account specified to them by
           the Trustee; and

      (c)  (Possession of Loan Files): take possession of all Loan Files
           (subject to the Privacy Act and the Seller's duty of confidentiality
           to its customers under general law or otherwise). The Trustee and the
           Manager may, if necessary to obtain possession, enter into the
           premises of the Servicer at which the Loan Files are stored.

24.4  Trustee to lodge Caveats

      If the Trustee does not hold the Mortgage Documents necessary to vest
      fully and effectively in

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      the Trustee the Seller's legal right, title and interest in and to any
      Mortgage Loan, the Trustee must, within 5 Business Days after the
      declaration by the Trustee of a Perfection of Title Event in accordance
      with clause 24.2, lodge or enter, to the extent of the information
      available to it, a caveat or similar instrument in respect of the
      Trustee's interest in the Mortgage Loan.

24.5  Trustee to hold Legal Title or lodge Caveats

      The Trustee must, in respect of each Mortgage Loan then forming part of
      the Assets of the Series Trust, within 30 Business Days after the
      declaration by the Trustee of a Perfection of Title Event in accordance
      with clause 24.2, either have commenced to take all necessary steps to
      perfect the legal title to that Mortgage Loan or have lodged or entered a
      caveat or similar instrument in respect of the Trustee's interest in that
      Mortgage Loan.

24.6  Powers of Attorney

      The Trustee must only use the Powers of Attorney to execute Mortgage
      Transfers in respect of Mortgages then forming part of the Assets of the
      Series Trust and only then if it has declared a Perfection of Title Event
      in accordance with clause 24.2.

24.7  Other Loans

      Following a declaration in accordance with clause 24.2, the Trustee must
      continue to hold its interest in the CBA Trust Assets in accordance with
      this Deed.

24.8  Indemnity

      The Seller indemnifies the Trustee against all loss, costs, damages,
      charges and expenses incurred by the Trustee in perfecting the Trustee's
      title to the Mortgages then forming part of the Assets of the Series Trust
      in accordance with clause 24.3, including legal costs charged at the
      usual commercial rates of the relevant legal services provider, all
      registration fees, stamp duty and the cost of preparing and transmitting
      all necessary documentation.

________________________________________________________________________________
25.   Seller as custodian of the Mortgage Loan documents

25.1  Seller as Custodian

      The Seller holds the Mortgage Documents in relation to Mortgage Loans that
      from time to time form part of the Assets of the Series Trust as custodian
      on behalf of the Trustee from and including the Closing Date until a
      Document Transfer Event occurs.

25.2  Application of the Balance of this Clause

      The remaining provisions of this clause 25 only apply if and while the
      Seller remains as custodian of the Mortgage Documents.

25.3  Seller's Covenants as Custodian

      The Seller covenants with the Trustee that it will:

      (a)  (Hold documents in accordance with its normal practice): hold the
           Mortgage Documents in accordance with its standard safekeeping
           practices and in the same manner and to the same extent as it holds
           its own documents;

      (b)  (Segregate documents): mark and segregate the security packages
           containing the Mortgage Documents in respect of the Mortgage Loans
           comprising Assets of the Series Trust in a manner to enable the easy
           identification of them by the Trustee (when the Trustee is at the
           premises at which the Mortgage Documents are located and in
           possession of the letter delivered to it pursuant to clause 6.1(k));

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      (c)  (Reporting): maintain reports on movements of the Mortgage Documents;
           and

      (d)  (Deficiencies in Document Custody Audit Report): cure any exceptions
           or deficiencies noted by the Auditor of the Series Trust in a
           Document Custody Audit Report.

25.4  Update of Computer Diskette

      (a)  (Quarterly Updates): The Seller must deliver to the Trustee on each
           Distribution Date a computer diskette in a format acceptable to the
           Trustee updating the information referred to in clause 6.1(j).

      (b)  (Adverse Document Custody Audit Report): In addition to its
           obligations under clause 25.4(a), if there is an Adverse Document
           Custody Audit Report the Seller must deliver to the Trustee within 20
           Business Days thereafter (or such longer period as may be agreed
           between the Seller and the Trustee) a computer diskette updating the
           information referred to in clause 6.1(j) and containing the Caveat
           and Transfer Details in respect of each Mortgage Loan then forming
           part of the Assets of the Series Trust.

25.5  Indemnity in respect of Incorrect Information on Computer Diskette

      If the Seller:

      (a)  (Fails to supply information): fails to supply adequate information;
           or

      (b)  (Supplies incorrect information): supplies inaccurate or incomplete
           information,

      on the computer diskettes delivered pursuant to clause 6.1(j) or 25.4 and
      as a result the Trustee is unable (when entitled to do so under this Deed)
      to lodge and register Caveats and Mortgage Transfers upon the occurrence
      of a Document Transfer Event or a Perfection of Title Event, then the
      Seller (as custodian) indemnifies the Trustee (whether for its own account
      or for the account of the Securityholders) for all actions, loss, damage,
      costs (including legal costs charged at the usual commercial rates of the
      relevant legal services provider), charges and expenses suffered as a
      result.

25.6  Document Custody Audit Report

      The Manager or the Trustee (due to default by the Manager) must retain the
      Auditor of the Series Trust to conduct periodic reviews (determined in
      accordance with clause 25.9) in respect of the Seller's role as custodian
      of the Mortgage Documents forming part of the Assets of the Series Trust.
      The Auditor must review:

      (a)  (Custodial procedures): the custodial procedures adopted by the
           Seller; and

      (b)  (Accuracy of information): the accuracy of information in respect of
           the Mortgage Loans contained on:

           (i)  the Security Register; and

           (ii) the most recent of the computer diskettes provided to the
                Trustee pursuant to clauses 6.1(j) and 25.4.

25.7  Details of Document Custody Audit Report

      (a)  (Custody procedures): In respect of the review referred to in clause
           25.6(a), the Manager must instruct the Auditor of the Series Trust
           that its review should consist of reporting on whether:

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                  (i)    the Mortgage Documents forming part of the Assets of
                         the Series Trust are capable of identification and are
                         distinguishable from the other assets of the Seller;

                  (ii)   controls exist such that the Mortgage Documents may not
                         be removed or tampered with except with appropriate
                         authorisation; and

                  (iii)  an appropriate tracking system is in place such that
                         the location of the security packages containing the
                         Mortgage Documents in respect of the Mortgage Loans
                         comprising Assets of the Series Trust can be detected
                         at any time and the location of the Mortgage Documents
                         (other than the Mortgage Documents in relation to the
                         First Layer of Collateral Securities but including any
                         Insurance Policy or certificate of currency for an
                         Insurance Policy in relation to a Mortgage Loan) can be
                         detected at any time.

      (b)         (Accuracy of information): In respect of the review referred
                  to in clause 25.6(b)(i), the Manager must instruct the Auditor
                  of the Series Trust to review a sample of security packets in
                  respect of the Mortgage Loans then forming part of the Assets
                  of the Series Trust to determine whether they contain the
                  following (which accord, where applicable, with the
                  information contained in the computer diskette referred to in
                  clause 25.6(b)(ii)):

                  (i)    an original counterpart of the corresponding Mortgage;

                  (ii)   the Certificate of Title (if any) in respect of the
                         Land the subject of the Mortgage; and

                  (iii)  (where applicable) any Mortgage Insurance Policy in
                         respect of the corresponding Mortgage other than the
                         PMI Mortgage Insurance Policy.

                  If such Security packets do not contain any of the foregoing,
                  the Auditor must determine if there is an adequate explanation
                  regarding the documents not in the Security packets or whether
                  the Security packets or the Seller's records indicate the
                  location of the missing documents.

                  The Manager must instruct the Auditor to confirm (after having
                  conducted the above reviews) the accuracy of the information
                  in respect of the above contained in both the Security
                  Register and the computer diskette referred to in clause
                  25.6(b)(ii).

25.8  Document Custody Audit Report

      The Manager must instruct the Auditor of the Series Trust to provide a
      Document Custody Audit Report in which the Auditor, based on its reviews
      referred to in clause 25.7, specifies a grade of the overall custodial
      performance by the Seller, based on the following grading system:

      "A"         Good -                    All control procedures and accuracy
                                            of information in respect of
                                            Mortgage Loans testing completed
                                            without exception.

      "B"         Satisfactory -            Minor exceptions noted.

      "C"         Improvement required -    Base internal controls are in place
                                            but a number of issues were
                                            identified that need to be resolved
                                            for controls to be considered
                                            adequate; and/or

                                            Testing of the information in
                                            respect of Mortgage

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                                        Loans identified a number of minor
                                        exceptions which are the result of non-
                                        compliance with the control system.

      "D"     Adverse -                 Major deficiencies in internal controls
                                        were identified. Cannot rely on the
                                        integrity of the information in respect
                                        of Mortgage Loans on the Security
                                        Register and the diskettes delivered
                                        pursuant to clauses 6.1(j) and 25.4.

25.9  Timing of Document Custody Audit Reports

      The Manager (or the Trustee if the Manager fails to do so) must instruct
      the Auditor of the Series Trust to prepare a Document Custody Audit Report
      immediately after delivery of the computer diskette referred to in clause
      6.1(j) and annually on 31 March of each year thereafter (not including
      the year in which the first Document Custody Audit Report is prepared) (or
      such other period as may be agreed by the Manager, the Trustee and the
      Ratings Agencies).  The Manager (or the Trustee if the Manager fails to do
      so) must require the Auditor to deliver a copy of each Document Custody
      Audit Report to the Trustee, with a copy to the Manager and the Seller.

25.10 Adverse Document Custody Audit Report

      If the Auditor issues an Adverse Document Custody Audit Report to the
      Trustee, the Trustee must instruct the Auditor to conduct a further
      Document Custody Audit Report no sooner than 1 month but no later than 2
      months after the date of receipt by the Trustee of the Adverse Document
      Custody Audit Report.  The Manager must instruct the Auditor to deliver
      the further Document Custody Audit Report to the Trustee, with a copy to
      the Manager and the Seller.

25.11 Document Transfer Event

      Upon the occurrence of any of the following:

      (a)  (Further Adverse Document Custody Audit Report): a further Document
           Custody Audit Report pursuant to clause 25.10 is an Adverse Document
           Custody Audit Report;

      (b)  (Trustee as Servicer): the Trustee replaces the Commonwealth Bank of
           Australia as the Servicer; or

      (c)  (Downgrade of Seller Rating): a downgrading in the long term debt
           rating of the Seller to below the Specified Rating (or such other
           rating as is agreed between the Manager, the Servicer and the
           relevant Rating Agencies),

      a Document Transfer Event occurs.  The Trustee must immediately upon
      becoming actually aware of a Document Transfer Event deliver a notice to
      the Seller notifying it of the occurrence of a Document Transfer Event.
      Upon receipt of such notice the Seller must transfer custody of the
      Mortgage Documents then forming part of the Assets of the Series Trust
      held by it to the Trustee.  Subject to clause 25.14, this requirement
      will be treated as being satisfied if:

      (d)  (Delivery of 90% of Mortgage Documents): within 5 Business Days of
           the above notice being received, all Mortgage Documents in relation
           to at least 90% (by number) of the Mortgage Loans then part of the
           Assets of the Series Trust are delivered to the Trustee; and

      (e)  (Remaining Mortgage Documents): any remaining Mortgage Documents in
           relation to Mortgage Loans then part of the Assets of the Series
           Trust are delivered

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           to the Trustee within 10 Business Days of the above notice being
           received.

25.12 Failure to comply with clause 25.11

      If the Seller does not comply with the requirements of clause 25.11
      (subject to clause 25.14) within either of the specified time limits
      specified in clause 25.11(d) & (e), the Trustee must (unless the Trustee
      is satisfied, in its absolute discretion, that the Seller has used its
      best endeavours to deliver the Mortgage Documents and has made appropriate
      arrangements for the remaining Mortgage Documents to be delivered in
      accordance with clause 25.11 (subject to clause 25.14) within a
      reasonable period as determined by the Trustee (but in any event no longer
      than 10 Business Days from the date that they were due to be delivered in
      accordance with clause 25.11 (subject to clause 25.14) except where the
      Trustee is satisfied, in its absolute discretion, that the failure to
      deliver the remaining Mortgage Documents arises from circumstances beyond
      the control of the Seller)) to the extent to which it has information
      available to it at the time:

      (a)  (Lodge Caveats): execute and lodge Caveats in respect of all Land or
           Mortgages (as the case may be) for which all Mortgage Documents in
           respect of the Series Trust have not been delivered; and

      (b)  (Bring Proceeds for Possession): initiate legal proceedings to take
           possession of the Mortgage Documents in respect of the Series Trust
           that have not been delivered,

      and to the extent that the Trustee cannot do so, as a result of not having
      information available to it to do so, the indemnity in clause 25.5
      applies.

      The Trustee must discontinue any legal proceedings initiated in accordance
      with this clause 25.12 if the Mortgage Documents in question are
      delivered to the Trustee.

25.13 Emergency Document transfer
      If:

      (a)  (A Perfection of Title Event occurs): a Perfection of Title Event
           (other than a Servicer Default referred to in clause 18.1(g)) is
           declared by the Trustee in accordance with clause 24.2 and the
           Trustee notifies the Seller of that fact (which the Trustee must do
           immediately upon declaring any such Perfection of Title Event); or

      (b)  (Nominated Servicer Default): for the purposes of this clause only
           and not for any other purpose under this Deed:

           (i)  the Trustee considers in good faith that the conditions of
                clause 18.1(g) have been satisfied; and

           (ii) the Trustee serves a notice on the Seller identifying the
                reasons why the Trustee considers that those conditions have
                been satisfied and why, in the Trustee's opinion, an Adverse
                Effect has or may occur as a result,

      then, subject to clause 25.14, the Seller must immediately upon receipt
      of a notice under paragraph (a) or (b) transfer custody of the Mortgage
      Documents to the Trustee.  The Trustee may, in such circumstances,
      commence legal proceedings to obtain possession of the Mortgage Documents
      and may enter into the premises of the Seller at which the Mortgage
      Documents are stored and take away from such premises the Mortgage
      Documents then forming part of the Assets of the Series Trust.

25.14 Exceptions to Transfer

      The obligations of the Seller to transfer custody of the Mortgage
      Documents to the Trustee

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      pursuant to clause 25.11 or 25.13 do not extend to such documents which
      the Seller can prove, to the reasonable satisfaction of the Trustee, are
      deposited with a solicitor (acting on behalf of the Servicer), a land
      titles office, a stamp duties office or any other Governmental Agency. The
      Seller must provide a list of such documents to the Trustee together with
      any which have been lost (and a statutory declaration duly completed that
      the contents of the list are, to the best of the knowledge and belief of
      the maker, true and correct) within 14 days of the above notice having
      been received by it. In respect of Mortgage Documents that are so
      deposited, the Seller must deliver these to the Trustee immediately upon
      receipt from the solicitor or relevant office and, in respect of Mortgage
      Documents that are lost, the Seller must take all reasonable steps
      satisfactory to the Trustee to promptly replace such Mortgage Documents.

25.15 Indemnity by Seller

      The Seller indemnifies the Trustee against all loss, costs, damages,
      charges and expenses incurred by the Trustee:

      (a)  (Seller breach): as a result of a breach by the Seller of clause
           25.11; or

      (b)  (Legal proceedings): in connection with the Trustee taking the action
           referred to in clause 25.12 or the legal proceedings referred to in
           clause 25.13,

      including all registration fees, stamp duty, legal costs charged at the
      usual commercial rates of the relevant legal services provider and the
      cost of preparing and transmitting all necessary documentation.

25.16 Trustee to co-operate with Servicer

      If the Trustee holds any Mortgage Loan Document and if the Trustee
      receives from the Servicer a satisfactory undertaking, the Trustee must
      release to the Servicer from time to time such Mortgage Documents as are
      reasonably required by the Servicer to perform its obligations as Servicer
      under this Deed.

25.17 Specific performance

      If the Seller breaches it obligations under clauses 25.11 to 25.14, it is
      agreed that damages alone will not be an adequate remedy for such a breach
      and that the Trustee is entitled to sue the Seller for specific
      performance of its obligations under clauses 25.11 to 25.14.

25.18 Trustee's Duty While Holding Mortgage Documents

      While the Trustee holds any Mortgage Documents, it must hold them in
      accordance with its standard safekeeping practices and in the same manner
      and to the same extent as it holds equivalent mortgage documents as
      trustee.

25.19 Reappointment of Seller as Custodian

      If following a Document Transfer Event:

      (a)  the Trustee is satisfied, notwithstanding the occurrence of the
           Document Transfer Event, that the Seller is an appropriate person to
           act as custodian of the Mortgage Documents; and

      (b)  the Rating Agencies confirm that the appointment of the Seller to act
           as custodian of the Mortgage Documents will not result in a
           reduction, qualification or withdrawal of the credit ratings then
           assigned by them to the Securities,

      then the Trustee may by agreement with the Seller appoint the Seller to
      act as custodian of the Mortgage Documents upon such terms as are agreed
      between the Trustee and the Seller and

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      approved by the Manager. This clause 25 will apply following the
      appointment of the Seller as custodian of the Mortgage Documents under
      this clause 25.19.

________________________________________________________________________________
26.   Termination of the Series Trust

26.1  Potential Termination Events

      (a)  (Notify Potential Termination Event): If the Trustee, the Manager or
           the Servicer becomes aware of the occurrence of a Potential
           Termination Event it must promptly notify in writing the others and
           the Security Trustee and the Class A-1 Note Trustee.

      (b)  (Trustee must determine whether Potential Termination Event has
           Adverse Effect): Upon becoming aware of a Potential Termination
           Event, the Trustee must promptly determine whether in its reasonable
           opinion the Potential Termination Event has or will have an Adverse
           Effect and must promptly thereafter notify in writing the Manager,
           the Servicer, the Security Trustee and the Class A-1 Note Trustee of
           its determination.

      (c)  (Restructuring): If the Trustee determines pursuant to clause 26.1(b)
           that a Potential Termination Event has or will have an Adverse Effect
           , the Servicer, the Trustee and the Manager must consult and use
           their reasonable endeavours (in consultation with the Security
           Trustee, the Class A-1 Note Trustee and, if necessary the Residual
           Unitholder) to amend or vary the terms of this Deed, any other
           relevant Transaction Document and the Securities in respect of the
           Series Trust, in such a way so as to cure the Potential Termination
           Event or its Adverse Effect.

      (d)  (Wind up the Security Trust): If such consultations do not result in
           the cure of the Potential Termination Event or its Adverse Effect
           (with the consent of the Servicer, the Trustee, the Manager, the
           Security Trustee and the Class A-1 Note Trustee) within 60 days of
           notice being given by the Trustee pursuant to clause 26.1(b), then
           the Trustee must proceed to liquidate the Assets of the Series Trust
           in accordance with the remainder of this clause 26.

26.2  Determination of Termination Payment Date

      The Trustee must as soon as practicable following the Termination Date of
      the Series Trust, declare on the direction of the Servicer and the
      Manager, a date as the Termination Payment Date (which, if Securities have
      been issued and have not then been redeemed (or deemed to be redeemed) in
      full, must be a Distribution Date and must not be the next Distribution
      Date immediately after the declaration if the Determination Date in
      relation to that Distribution Date has then passed), being a date by which
      the Trustee reasonably believes that the sale and distribution of the
      Assets of the Series Trust will be completed in accordance with this
      clause 26.  Based on the direction of the Servicer and the Manager, the
      Trustee may substitute another date as the Termination Payment Date
      (which, if the Securities have not then been redeemed in full, must be a
      Distribution Date) if it reasonably believes that the Assets will not in
      fact be sold and distributed by the then declared Termination Payment
      Date.

26.3  Realisation of Assets

      Upon the occurrence of the Termination Date of the Series Trust, the
      Trustee, in consultation with the Manager, must sell and realise the
      Assets of the Series Trust (and, in relation to the sale (other than
      pursuant to clause 26.5) of any Mortgage Loan Rights forming part of the
      Assets of the Series Trust, the Trustee must obtain appropriate expert
      advice prior to the sale) and such sale (so far as reasonably practicable
      and reasonably commercially viable) must be completed within 180 days of
      the Termination Date provided that during the period of 180 days from the
      Termination Date:

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      (a)  (Fair Market Value): the Trustee must not offer to sell the Mortgage
           Loan Rights for less than their Fair Market Value;

      (b)  (Sale in accordance with clause 26.4): the Trustee must not sell any
           Mortgage Loan Rights unless the sale is on terms in accordance with
           clause 26.4; and

      (c)  (Right of first refusal): the Trustee must not sell any Mortgage Loan
           Rights unless it has offered the Mortgage Loan Rights for sale to the
           Seller in accordance with clause 26.5 and the Seller has either not
           accepted that offer or has accepted that offer within 90 days of that
           Termination Date but not paid the consideration due by the time
           required pursuant to clause 26.5.

26.4  Conditions of Sale During 180 days

      The Trustee must not conclude a sale pursuant to clause 26.3 (other than
      pursuant to clause 26.5) unless:

      (a)  (Equitable assignment only): all Mortgage Loan Rights sold pursuant
           to that sale are assigned in equity only (unless the Trustee already
           holds legal title to such Mortgage Loan Rights);

      (b)  (Servicer's rights retained): the sale is expressly subject to the
           Servicer's right to be retained as Servicer of the Mortgage Loan
           Rights in accordance with the terms of this Deed; and

      (c)  (Sale subject to CBA Trust): the sale is expressly subject to the
           rights of the CBA Trust in respect of those Mortgage Loan Rights
           pursuant to this Deed and to the Seller's rights (as beneficiary of
           the CBA Trust) in respect of those Mortgage Loan Rights pursuant to
           this Deed.

26.5  Right of Refusal to Seller

      (a)  (Deemed offer to Seller): On the Termination Date of the Series Trust
           the Trustee is deemed to irrevocably offer to extinguish in favour of
           the Seller, its entire right, title and interest in the Mortgage Loan
           Rights forming part of the Assets of the Series Trust in return for
           the payment to the Trustee of an amount determined in accordance with
           clause 26.3(a) as at the Termination Date.

      (b)  (Acceptance by Seller of Offer): The Seller may verbally accept the
           offer referred to in clause 26.5(a) within 90 days after the
           Termination Date of the Series Trust and, having accepted the offer,
           must pay to the Trustee, in immediately available funds, the amount
           referred to in clause 26.5(a) by the expiration of 180 days after the
           Termination Date of the Series Trust. If the Seller makes such
           payment, the Trustee must execute whatever documents the Seller
           reasonably requires to complete the extinguishment of the Trustee's
           right, title and interest in the Mortgage Loan Rights then forming
           part of the Assets of the Series Trust.

      (c)  (Trustee must not sell): The Trustee must not sell any Mortgage Loan
           Rights referred to in clause 26.5(a) unless the Seller has failed to
           accept the offer referred to in clause 26.5(a) within 90 days after
           the Termination Date or, having accepted the offer, has failed to pay
           the amount referred to in clause 26.3(a) by the expiration of 180
           days after the Termination Date.

26.6  Sale at Lower Price

      If after the expiration of the period of 180 days from the Termination
      Date of the Series Trust the Trustee has not sold any Mortgage Loan Rights
      which form part of the Assets of the Series Trust for the amount
      determined in accordance with clause 26.3(a), the Trustee may proceed

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<PAGE>

      to sell such Mortgage Loan Rights free from the prohibitions contained in
      clause 26.3 and may, if necessary, sell such Mortgage Loan Rights on the
      terms set out in clause 26.7 if the terms of that clause are satisfied. If
      any Mortgage Loan Rights are sold for less than the price for those
      Mortgage Loan Rights determined in accordance with clause 26.3(a), then
      any such shortfall must be allocated as provided for clause 26.11.

26.7  Conditions of Sale After 180 days

      Upon the expiration of the period of 180 days from the Termination Date in
      respect of the Series Trust, the Trustee may, if necessary (in its
      reasonable opinion) to sell the Mortgage Loan Rights forming part of the
      Assets of the Series Trust for at least the amount determined in
      accordance with clause 26.3(a) in respect of those Mortgage Loan Rights:

      (a)  (Perfect title): take all necessary steps to perfect the Trustee's
           legal title to the Mortgage Loan Rights as if a Perfection of Title
           Event had occurred;

      (b)  (Terminate Servicer): terminate the rights and obligations of the
           Servicer in respect of those Mortgage Loan Rights; and

      (c)  (Sell Mortgage Loan Rights): sell the legal and beneficial ownership
           in such Mortgage Loan Rights to the prospective purchaser free of all
           rights of the Seller to repurchase such Mortgage Loan Rights in
           accordance with this Deed which rights the Seller is deemed to have
           waived by its not accepting the offer made to it in accordance with
           clause 26.3(a).

26.8  Further Conditions of Sale After 180 days

      If the Trustee sells the Mortgage Loan Rights pursuant to clause 26.7,
      the Trustee must use reasonable endeavours to include as a condition of
      the sale that the purchaser will:

      (a)  (Consent): consent to the granting in favour of the Seller of
           mortgages and other Security Interests subsequent to the Mortgages
           and Collateral Security assigned to the purchaser;

      (b)  (Enter Priority Agreements): enter into priority agreements with the
           Seller, in the form then specified in the Servicing Standards,
           limiting the priority of the Mortgages and Collateral Security
           assigned to the purchaser over any subsequent mortgages and other
           Security Interests held by the Seller to the then principal
           outstanding of the relevant Mortgage Loan and any interest, fees and
           expenses on this amount; and

      (c)  (Endeavour to obtain Borrower's consent): use reasonable endeavours
           to obtain the consent of the providers of Mortgages and Collateral
           Securities assigned to the purchaser, and any other relevant person,
           to the grant of subsequent mortgages and other Security Interests to
           the Seller.

26.9  Procedures Pending Winding-Up

      During the period commencing on the Termination Date and ending on the
      Termination Payment Date:

      (a)  (Trustee, Manager and Servicer must continue to perform duties): the
           Trustee, the Servicer and the Manager must continue to perform their
           respective roles in accordance with the Master Trust Deed and this
           Deed in respect of the Assets of the Series Trust;

      (b)  (Collections to continue to be paid into Collections Account): all
           Collections must continue to be deposited into the Collections
           Account in accordance with this Deed;

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          (c)  (Proceeds of sale): all proceeds arising from the sale of Assets
               of the Series Trust must be deposited into the Collections
               Account and must be treated for all purposes as if such proceeds
               were Collections and the Manager must determine (and advise the
               Trustee) which of such proceeds are to be treated as received on
               account of principal amounts and which of such proceeds are to be
               treated as received on account of Available Funds; and

          (d)  (Trustee must make payments): the Trustee must continue to make
               all distributions, transfers and payments determined by the
               Manager as required to be made in accordance with this Deed.

26.10     Costs on Winding-up of the Series Trust

          On the Determination Date prior to the Termination Payment Date, the
          Manager (in consultation with the Trustee) must in respect of the
          Series Trust make provision for all Taxes, costs, charges, expenses,
          claims and demands anticipated to become payable after the Termination
          Payment Date in connection with or arising out of the administration
          or winding up of the Series Trust, including the fees of any
          consultants whom the Trustee, the Seller, the Servicer, the Security
          Trustee or the Manager have employed in connection with the
          administration or winding up of the Series Trust. Such costs (if any)
          will be treated as Expenses by the Manager in making its
          determinations as to payments to be made on the Termination Payment
          Date in accordance with clause 26.11.

26.11     Calculation of Final Distributions

          On the Determination Date prior to the Termination Payment Date, the
          Manager must determine how the amounts standing to the credit of the
          Collections Account (other than amounts, if any, in respect of Cash
          Advance Deposit or Seller Deposit) are to be distributed and must make
          such determination in accordance with the provisions of this Deed for
          payments and allocations of principal amounts and Available Income
          Amounts. As soon as practicable after making such determinations, the
          Manager must notify the Trustee of the allocations and payments to be
          made on the Termination Payment Date in accordance with this Deed.

26.12     Final Distributions

          On the Termination Payment Date, the Trustee must make the payments
          that the Manager directs it to make pursuant to clause 26.11.

26.13     Insufficient Funds

          If the Trustee has insufficient funds to make the payments required to
          be made under clause 26.12 to the Securityholders in full, the
          Trustee will distribute the amount available to the Trustee in
          accordance with (including the order of priority specified in) clause
          10.3 in the case of the capital of the Series Trust and clause 10.2
          in the case of the income of the Series Trust.

26.14     Excess Funds

          If following the distribution of the amounts required to be
          distributed by the Trustee to Securityholders pursuant to clause
          26.12 the Trustee holds any excess funds or other Assets of the
          Series Trust, the Trustee must immediately distribute such funds or
          Assets to the Residual Unitholder.

26.15     Distribution to Residual Unitholder in Specie

          On the occurrence of an event referred to in paragraph (c)(i) of the
          definition of Termination Date, the Trustee must immediately after
          deducting any amount paid or provided for pursuant

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          to clause 26.12, distribute the Assets of the Series Trust in full in
          specie to the Residual Unitholder. The Residual Unitholder must take
          all steps necessary on its part in order to enable the Trustee to
          comply with this clause 26.15 and will reimburse the Trustee on
          demand for all expenses payable in connection with such transfer.

26.16     Terms of In Specie Distributions

          Any in specie distribution pursuant to clause 26.15 will be without
          recourse to the Trustee and without representation or warranty by the
          Trustee.

________________________________________________________________________________
27.       General

27.1      Required Credit Rating

          For the purposes of the Master Trust Deed in so far as it relates to
          the Series Trust:

          (a)  (Moody's): the Required Credit Rating required by Moody's in
               respect of Authorised Short-Term Investments of the Series Trust
               is a short-term rating of P1 or such other rating as is agreed
               between the Manager, the Trustee and Moody's;

          (b)  (S&P): the Required Credit Rating required by S&P in respect of
               Authorised Short-Term Investments of the Series Trust is a
               short-term rating of A-1+ or such other rating as is agreed
               between the Manager, the Trustee and S&P; and

          (c)  (Fitch): the Required Credit Rating required by Fitch in respect
               of Authorised Short-Term Investments of the Series Trust is a
               short-term rating of F1+ (or, where the Authorised Short-Term
               Investment is at call, F1) or such other rating as is agreed
               between the Manager, the Trustee and Fitch.

27.2      Distribution of information

          The Manager will on or before the date which is 1 Business Day before
          each Distribution Date send:

          (a)  (To the Trustee): to the Trustee, the Principal Paying Agent and
               the Class A-1 Note Trustee, the Quarterly Certificate; and

          (b)  (To the Rating Agencies): to the Rating Agencies, such
               information as they require:

               (i)  from the Quarterly Certificate; and

               (ii) the Pool Performance Data (if available) (and the Manager
                    will send the same information to the Trustee).

27.3      Electronic Reporting of Pool Performance Data

          Prior to each Distribution Date, the Manager (or a person nominated by
          the Manager) must prepare and arrange for the publication by Reuters
          and/or Bloomberg, L.P. (or another similar electronic medium) of the
          Pool Performance Data (if available) in respect of the Collection
          Period just ended in a format similar to that used by other mortgage-
          backed securities issuers in the Australian market. The Manager is not
          liable to any person in any manner for the acts or omissions of the
          person nominated by the Manager for the purposes set out in this
          clause 27.3.

27.4      Claim for Damages

          Where this Deed provides for damages to be payable by the Seller, the
          Servicer or the

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          Manager:

          (a)  (Claim must be in writing): a written notice of a claim for
               damages must be provided to the relevant party by the Trustee;

          (b)  (Claim must specify the amount of damages): such notice must
               specify the amount of damages claimed and how such amount has
               been determined by reference to the loss incurred as a result of
               the breach leading to the claim for damages; and

          (c)  (Trustee must act on instructions): the Trustee in preparing a
               notice in accordance with clauses 27.4(a) and (b) will act on the
               instructions of the Manager (in the case of a claim against the
               Seller or the Servicer) or take expert advice, if necessary (in
               the case of a claim against the Manager).

27.5      Allocation of Damages

          If an amount is payable to the Trustee by the Servicer, the Seller or
          the Manager for a breach of a representation, warranty or obligation
          under the Master Trust Deed or this Deed or for other damages, the
          Manager will determine what portion of such amount is to be treated as
          Other Principal Amounts and what portion of such amount is to be
          treated as Other Income Amounts. On each Determination Date the
          Manager must notify the Trustee of its allocation, in accordance with
          the foregoing, of such payment received (if any) in the Collection
          Period just ended.

27.6      Additional Expenses

          Pursuant to clause 16.11 of the Master Trust Deed, the Expenses are
          incorporated into and form part of the expenses of the Series Trust
          for which the Trustee is entitled to be indemnified out of the Assets
          of the Series Trust.

27.7      Form of Transfers and Certificates

          For the purposes of the Master Trust Deed insofar as it relates to the
          Series Trust:

          (a)  (Security Certificate): the form of the Security Certificate for
               A$ Securities is as specified in Schedule 6; and

          (b)  (Security Transfer): the form of the Security Transfer for A$
               Securities is as specified in Schedule 7.

27.8      Incur Costs Without Approval

          Pursuant to clause 16.26 of the Master Trust Deed, the Trustee may do
          such things, take such actions and incur such expenses without the
          consent of the Manager (including the appointment of advisers) as it
          believes necessary (acting reasonably) in determining whether a
          particular event under the Transaction Documents in relation to the
          Series Trust is having, or will have, an Adverse Effect where such
          determination is a necessary pre-condition for the Trustee to exercise
          its rights under any Transaction Documents.

27.9      Adverse Effect

          The Manager and the Servicer acknowledge that:

          (a)  (Determination without consent): an Adverse Effect may be
               determined by the Trustee without the consent of the Manager
               provided such determination is a necessary pre-condition of the
               Trustee exercising its rights under a Transaction Document;

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          (b)  (Notice): the Trustee is required to determine an Adverse Effect
               or 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)  (Trustee may rely): in making those determinations, the Trustee
               will seek and rely conclusively on advice given to it by its
               advisers in the manner contemplated in clause 16.6 of the Master
               Trust Deed.

27.10     Notification to Rating Agencies of Redemption of Securities

          The Manager will promptly notify each of the Rating Agencies of the
          redemption (or deemed redemption) or discharge in full of a Class of
          Securities.

27.11     Further Support Facilities

          Upon the termination of a Liquidity Facility Agreement, a Standby
          Redraw Facility Agreement or a Hedge Agreement, and subject to clause
          29.5 of this Deed and clause 16.5 of the Master Trust Deed, and
          without limiting the Trustee's powers under clause 16 of the Master
          Trust Deed, the Trustee as trustee of the Series Trust must if
          requested by the Manager, with prior written confirmation from the
          Rating Agencies that the following will not result in a reduction,
          qualification or withdrawal of the credit ratings then assigned by
          them to the Securities, enter into a substitute Liquidity Facility
          Agreement, Redraw Facility Agreement or Hedge Agreement (as the case
          may be) with such parties and upon such terms as are specified by the
          Manager.

27.12     Supplementary Trustee Powers

          Without limiting the generality of clause 16.1 of the Master Trust
          Deed or any other provision of the Master Trust Deed, but subject to
          the limitations imposed on the Trustee pursuant to the Master Trust
          Deed, the Trustee has full power to do the following (which powers are
          to be construed as separate and independent powers):

          (a)  (Depository): to deliver or lodge the Class A-1 Notes, or arrange
               for the Class A-1 Notes to be delivered or lodged, with the
               Depository or its nominee;

          (b)  (Payment direction): where a person owes an amount to the
               Trustee, to direct that debtor to make that payment to another
               person on behalf of the Trustee, including directing payments due
               in respect of the Securities to be made to the Securityholders;

          (c)  (Currency conversion): to convert currencies on such terms and
               conditions as the Manager thinks fit and that are acceptable to
               the Trustee acting reasonably;

          (d)  (Stock exchange): to list and maintain the listing of the Class
               A-1 Notes on any stock exchange;

          (e)  (Class A-1 Note Trustee): to appoint the Class A-1 Note Trustee;

          (f)  (Agent Bank): to appoint the Agent Bank;

          (g)  (Paying Agent): to appoint the Principal Paying Agent and each
               other Paying Agent;

          (h)  (Class A-1 Note Registrar): to appoint the Class A-1 Note
               Registrar;

          (i)  (Hold Assets Other Trusts): if provided for in any Transaction
               Document, to hold any property or any interest in any property
               both as trustee of the Series Trust and as trustee on behalf of
               one or more persons in accordance with the provisions of the
               relevant Transaction Document;

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          (j)  (Additional Fees and Expenses): in accordance with the
               Transaction Documents, to pay or reimburse to any person any
               fees, liabilities, losses, costs, claims, actions, damages,
               expenses, demands, charges, stamp duties and other Taxes in
               relation to the exercise by the Trustee of the above powers; and

          (k)  (Incidental Powers): with the written agreement of the Manager
               (which agreement is not to be unreasonably withheld), to do all
               such things incidental to or necessary or convenient to be done
               for, or in connection with, any of the above powers.

27.13     Trustee's power to delegate

          For the purposes of clause 16.4(p) of the Master Trust Deed, and
          notwithstanding any limitation contained in the Master Trust Deed the
          Trustee may delegate any obligation it has to receive or make payments
          denominated in US$ to a Paying Agent notwithstanding that such
          obligation may be a material obligation and, in respect of such
          delegation, but subject to clause 28.3, the Trustee is not liable for
          the acts or omissions of that Paying Agent.

________________________________________________________________________________
28.       Limitation of Trustee's duties

28.1      Trustee May Rely

          (a)  (Entitled to rely): The Trustee is entitled to conclusively rely
               on (unless actually aware to the contrary) and is not required to
               investigate the accuracy of:

               (i)    (Contents of Sale Notice): the contents of a Sale Notice
                      given to it by the Seller and any representation as to
                      whether a Mortgage Loan meets the Eligibility Criteria;

               (ii)   (Quarterly Certificate): the contents of a Quarterly
                      Certificate;

               (iii)  (Calculations): any calculations made by the Seller, the
                      Servicer or the Manager under this Deed including without
                      limitation, the calculation of amounts to be paid to, or
                      charged against, any Securityholder or the Seller on
                      specified dates;

               (iv)   (Collections): the amount of, or allocation of,
                      Collections;

               (v)    (Certificates): the contents of certificates provided to
                      the Trustee under this Deed and any certificates given by
                      the Manager or the Servicer pursuant to the Quarterly
                      Certificate or otherwise pursuant to subsequent amendments
                      to this Deed or the Master Trust Deed; and

               (vi)   (Class A-1 Note Trustee Directions): all directions or
                      instructions given to it by the Class A-1 Note Trustee in
                      accordance with the Class A-1 Note Trust Deed.

          (b)  (Manager Default): The Trustee is not liable for any Manager
               Default or Servicer Default or Perfection of Title Event.

28.2      No Duty to Investigate

          The Trustee has no duty, and is under no obligation, to investigate
          whether a Servicer Default or a Perfection of Title Event has occurred
          other than where it has actual notice that such event has occurred.

28.3      Trustee not Liable

          Subject to clause 16.9 of the Master Trust Deed, but notwithstanding
          any other provision of the

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          Master Trust Deed or any other Transaction Document, the Trustee has
          no liability (other than in its capacity as trustee of the Series
          Trust) for any act or omission by a Depository (or any nominee of a
          Depository), the Class A-1 Note Trustee, the London Stock Exchange
          Limited, the Class A-1 Note Registrar, the Agent Bank or any Paying
          Agent except to the extent that act or omission was caused or
          contributed to by the Trustee's fraud, negligence or wilful default.

________________________________________________________________________________
29.       Trustee's limitation of liability

29.1      Limitation on Trustee's liability

          The Trustee enters into this Deed only in its capacity as trustee of
          the Series Trust and in no other capacity. A liability incurred by the
          Trustee acting in its capacity as trustee of the Series Trust arising
          under or in connection with this Deed is limited to and can be
          enforced against the Trustee only to the extent to which it can be
          satisfied out of Assets of the Series Trust out of which the Trustee
          is actually indemnified for the liability. This limitation of the
          Trustee's liability applies despite any other provision of this Deed
          (other than clause 29.3) and extends to all liabilities and
          obligations of the Trustee in any way connected with any
          representation, warranty, conduct, omission, agreement or transaction
          related to this Deed.

29.2      Claims against Trustee

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

29.3      Breach of trust

          The provisions of this clause 29 will not apply to any obligation or
          liability of the Trustee to the extent that it is not satisfied
          because under the Master Trust Deed, this Deed or any other
          Transaction Document in relation to the Series Trust or by operation
          of law there is a reduction in the extent of the Trustee's
          indemnification out of the Assets of the Series Trust, as a result of
          the Trustee's fraud, negligence or wilful default.

29.4      Acts or Omissions

          It is acknowledged that the Relevant Parties are responsible under the
          Transaction Documents for performing a variety of obligations relating
          to the Series Trust. No act or omission of the Trustee (including any
          related failure to satisfy its obligations and any breach of
          representations and warranties under this Deed) will be considered
          fraudulent, negligent or a wilful default for the purpose of clause
          29.3 to the extent to which the act or omission was caused or
          contributed to by any failure by any Relevant Party or any other
          person appointed by the Trustee under a Transaction Document (other
          than a person whose acts or omissions the Trustee is liable for in
          accordance with any Transaction Document) to fulfil its obligations
          relating to the Series Trust or by any other act or omission of a
          Relevant Party or any other such person.

29.5      No obligation

          The Trustee (both in its capacity as trustee of the Series Trust and
          trustee of the CBA Trust) is not obliged to enter into any commitment
          or obligation under this Deed or any Transaction Document (including
          incur any further liability) unless the Trustee's liability is limited
          in a manner which is consistent with this clause 29 or otherwise in a
          manner satisfactory to the Trustee (both in its capacity as trustee of
          the Series Trust and trustee of the CBA Trust) in its absolute
          discretion.

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<PAGE>

29.6      CBA Trust

          Notwithstanding clause 29.1, the Trustee also enters into this Deed in
          its capacity as trustee of the CBA Trust. Clauses 29.1 to 29.5
          (inclusive) do not apply to the extent, and only to the extent, that
          the Trustee enters into this Deed in its capacity as Trustee of the
          CBA Trust and has liabilities in relation to the CBA Trust. The
          Trustee's liability in relation to the CBA Trust is limited as set out
          in clause 2.16. Nothing in this clause 29.6 shall be construed as
          imposing on the Trustee any greater liability under this Deed than as
          is set out in clauses 29.1 to 29.5 (inclusive) and clause 2.16.

________________________________________________________________________________
30.       Consumer Credit Code

30.1      Breach of Consumer Credit Code

          Where the Trustee is held liable for breaches under the Consumer
          Credit Code, the Trustee must seek relief initially under any
          indemnities provided to it by the Manager, the Servicer or the Seller
          before exercising its rights to recover against any Assets of the
          Series Trust. If any claim under such an indemnity is not satisfied
          within 3 Business Days of it being made, the Trustee is entitled to
          exercise its right of indemnity out of the Assets of the Series Trust.

30.2      Right of Indemnity - Consumer Credit Code

          (a)  (Trustee to be indemnified against Penalty Payments): Without
               prejudice to the right of indemnity given by law to trustees, and
               without limiting any other provision of this Deed, the Trustee
               will be indemnified out of the Series 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 Series Trust and arising in connection with the performance
               of its duties or exercise of its powers under this Deed in
               relation to the Series Trust.

          (b)  (Indemnity not affected): The Trustee's right to be indemnified
               in accordance with clause 30.2(a) applies notwithstanding any
               allegation that the Trustee 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 but must, upon such
               determination, repay to the Series Trust any amount paid to it
               under this clause 30.2). The Trustee may rely on others in
               relation to compliance with the Consumer Credit Code.

          (c)  (Overrides other provisions): This clause 30.2 overrides any
               other provision of this Deed.

          (d)  (Servicer to be credit provider): The Trustee nominates the
               Servicer as the credit provider for the purposes of regulation 75
               of the Consumer Credit Code (Western Australia) with respect to
               Approved Financial Assets acquired by the Series Trust from the
               Seller. The Servicer agrees to be a credit provider for the
               purposes of regulation 75 of the Consumer Credit Code (Western
               Australia) in relation to those Approved Financial Assets.

          (e)  (Servicer to indemnify prior to a Perfection of Title Event): The
               Servicer indemnifies the Trustee in relation to the Series 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 Series Trust and arising in connection
               with the performance of its duties or exercise of its powers
               under this Deed in relation to the Series Trust where the events
               giving rise to the Penalty Payment occurs prior to a Perfection
               of Title Event.

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          (f)  (Servicer to indemnify after a Perfection of Title Event): The
               Servicer indemnifies the Trustee in relation to the Series 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 Series Trust and arising in connection
               with the performance of its duties or exercise of its powers
               under this Deed in relation to the Series Trust to the extent
               that they arise as the result of a Servicer Default (whether or
               not waived by the Trustee) or any other failure of the Servicer
               to comply with its obligations under this Deed or a Transaction
               Document where the events giving rise to the Penalty Payment
               occur after a Perfection of Title Event.

          (g)  (Servicer indemnifies first): The Trustee will call upon the
               indemnity under paragraph (e) or (f), as the case may be, before
               it calls upon 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) or (f)) exercise its right of
               indemnity referred to in paragraph (a).

________________________________________________________________________________
31.       Notices

31.1      Method of Delivery

          Subject to clause 31.3, any notice, request, certificate, approval,
          demand, consent or other communication to be given under this Deed:

          (a)  (Execution): must be signed by an Authorised Officer of the party
               giving the same;

          (b)  (In writing): must be in writing; and

          (c)  (Delivery): must be:

               (i)   left at the address of the addressee;

               (ii)  sent by prepaid ordinary post to the address of the
                     addressee; or

               (iii) sent by facsimile to the facsimile number of the addressee,

               notified by that addressee from time to time to the other parties
               to this Deed as its address for service pursuant to this Deed.

31.2      Deemed Receipt

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

          (a)  (Delivery): where delivered in person, upon receipt;

          (b)  (Post): where sent by post, on the 3rd (7th if outside Australia)
               day after posting; and

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

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

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31.3      Notice to Investors

          Any notice required or permitted to be given to an Investor pursuant
          to this Deed must be given, and will be deemed to be received:

          (a)  (Residual Unitholder and A$ Securityholder): in the case of
               notices to a Residual Unitholder or to a Securityholder in
               respect of an A$ Security, in accordance with clause 24.4 of the
               Master Trust Deed; and

          (b)  (Class A-1 Noteholder): in the case of notices to a Class A-1
               Noteholder, in accordance with condition 11.1 of the Class A-1
               Note Conditions.

________________________________________________________________________________
32.       Confidentiality

32.1      General Restriction

          Subject to clause 32.2, the Trustee and the Servicer (if not the
          Seller) and the Manager (if not a Related Body Corporate of the
          Seller) must at all times keep and ensure that its officers,
          employees, consultants, advisers and agents keep confidential and not
          divulge to any person (other than to any of its officers, employees,
          consultants, advisers and agents who require such information to
          enable them to properly carry out their duties) or make or cause any
          public announcement or other disclosure of or in relation to:

          (a)  the terms of this Deed or any other Transaction Document
               (including any written or oral agreements, negotiations or
               information in relation to this Deed); and

          (b)  any document or information provided to such party under or in
               connection with this Deed which is confidential, including
               without limitation any information in connection with any
               Mortgage Loan or any Borrower,

          without the prior written consent of the other parties, which consent
          may be given or withheld or given with conditions in their discretion.

32.2      Exceptions

          The limitation in clause 32.1 does not apply to the issue by the
          Manager of any information memorandum, prospectus or registration
          statement in respect of any Securities or to any disclosure or
          announcement of information which:

          (a)  (Law): is required by law;

          (b)  (Stock Exchange): is required by any stock exchange;

          (c)  (Legal Proceedings): is in connection with legal proceedings
               relating to this Deed, any Transaction Document or any Mortgage
               Document;

          (d)  (Information Available): is in respect of information generally
               and publicly available (including the electronic reporting of
               Pool Performance Data under clause 27.3);

          (e)  (Obligations): is required in order for the Trustee, the Servicer
               or the Manager, as applicable, to perform its obligations and
               exercise its powers under any Transaction Documents or any
               transactions entered into as contemplated by the Transaction
               Documents;

          (f)  (APRA): is required by the Australian Prudential Regulation
               Authority or any replacement prudential authority in connection
               with its prudential supervision of banks; or

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          (g)  (Rating Agencies): is reasonably required by a Rating Agency in
               connection with its rating of the Securities.

________________________________________________________________________________
33.       Miscellaneous

33.1      Amendments

          The parties to this Deed may amend, add to or revoke any provision of
          this Deed only in accordance with the provisions of clause 25 of the
          Master Trust Deed provided that any amendment, addition or revocation
          that effects a Payment Modification (as defined in the Class A-1 Note
          Trust Deed) may not be made unless the consent has first been obtained
          of each Class A-1 Noteholder to such Payment Modification.

33.2      Governing Law

          This Deed is governed by the laws of the State of New South Wales.

33.3      Jurisdiction

          (a)  (Submission to jurisdiction): Each of the Trustee, the Manager,
               the Servicer, the Seller, the Residual Unitholder and each
               Securityholder, irrevocably submits to and accepts, generally and
               unconditionally, the non-exclusive jurisdiction of the courts and
               appellate courts of the State of New South Wales with respect to
               any legal action or proceedings which may be brought at any time
               relating in any way to this Deed.

          (b)  (Waiver of inconvenient forum): Each of the Trustee, the Manager,
               the Servicer, the Seller, the Residual Unitholder and each
               Noteholder, irrevocably waives any objection it may now or in the
               future have to the venue of any such action or proceedings and
               any claim it may now or in the future have that any such action
               or proceeding has been brought in an inconvenient forum.

33.4      Notify Rating Agencies

          The Trustee and the Manager must promptly notify the Rating Agencies
          of the occurrence of any Trustee Default, Manager Default, Servicer
          Default, Perfection of Title Event or Document Transfer Event of which
          they are aware.

33.5      Severability of Provisions

          In the event that any provision of this Deed is prohibited or
          unenforceable in any jurisdiction such provision will, as to such
          jurisdiction, be ineffective to the extent of such prohibition or
          unenforceability without invalidating the remaining provisions of this
          Deed or affecting the validity or enforceability of such provision in
          any other jurisdiction.

33.6      Counterparts

          This Deed may be executed in any number of counterparts and all of
          such counterparts taken together will be deemed to constitute one and
          the same instrument.

33.7      No Revocation of Power of Attorney

          Each attorney, by signing this Deed, declares that he or she has not
          received any notice of the revocation of the power of attorney under
          which he or she signs this Deed.

33.8      Certifications

          Any document or thing required to be certified by a party to the Deed
          will be certified by an

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      Authorised Officer of that party.

33.9  Payments

      All payments hereunder to any party to this Deed will be made to such
      account as the party to which such payment is to be made may specify in
      writing to the party making such payment.

33.10 Waiver

      No waiver by any party of any provision of or right of such party under
      this Deed will be effective unless it is in writing signed by an
      Authorised Officer of such party and such waiver will be effective only in
      the specific instance and for the specific purpose for which it was given.
      No failure or delay by any party to exercise any right under this Deed or
      to insist on strict compliance by any other party to this Deed with any
      obligation under this Deed, and no custom or practice of the parties at
      variance with the terms of this Deed, will constitute a waiver of such
      party's right to demand exact compliance with this Deed.

33.11 Entire Understanding

      Except as specifically stated otherwise in this Deed, this Deed sets forth
      the entire understanding of the parties relating to the subject matter
      hereof, and all prior understandings, written or oral, are superseded by
      this Deed.  This Deed may not be modified, amended, waived or supplemented
      or assigned except as expressly provided in this Deed.

33.12 Survival of Indemnities

      The indemnities contained in this Deed are continuing obligations of the
      party giving such indemnity, separate and independent from the other
      obligations of such party and will survive the termination of this Deed.

33.13 Successors and Assigns

      This Deed will be binding upon and inure to the benefit of the parties to
      this Deed and their respective successors and assigns.

33.14 Moratorium Legislation

      To the fullest extent permitted by law, the provisions of all existing or
      future laws which operate or may operate directly or indirectly to lessen
      or otherwise vary the obligations of any party under this Deed or to
      delay, curtail or otherwise prevent or prejudicially affect the exercise
      by any party of any of its rights, remedies or powers under this Deed are
      expressly negatived and excluded.

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Schedule 1
Form of Sale Notice

To:        Perpetual Trustee Company Limited, ACN 000 001 007 (the "Trustee")

Address:   Level 3, 39 Hunter Street, Sydney, NSW, 2000

Attention: Manager, Securitisation Services

Copy to:

Securitisation Advisory Services Pty. Limited, ACN 064 133 946 (the "Manager")
Level 8
48 Martin Place
Sydney NSW 2000

Series 2000-2G Medallion Trust

Sale Notice

We refer to the Master Trust Deed (the "Master Trust Deed") dated 8 October 1997
between the Trustee and the Manager, as amended from time to time, and to the
Series Supplement (the "Series Supplement") dated [          ] between
Commonwealth Bank of Australia, ACN 123 123 124 (as Seller and Servicer), the
Manager and the Trustee. Terms defined in the Series Supplement have the same
meaning in this Sale Notice.

This is a Sale Notice pursuant to clause 4.2 of the Series Supplement. The
Seller hereby offers to assign to the Trustee with effect from [       ] 2000
(the "Cut-Off Date"):

(a)   each Mortgage Loan identified in the schedule accompanying this Sale
      Notice;

(b)   the Other Loans entered into from time to time in relation to the above
      Mortgage Loans;

(c)   the Mortgages in relation to the above Mortgage Loans;

(d)   other Mortgages granted from time to time in relation to the above
      Mortgage Loans;

(e)   all Collateral Securities from time to time in relation to the above
      Mortgage Loans;

(f)   the Mortgage Receivables from time to time in relation to the above
      Mortgage Loans;

(g)   the Mortgage Insurance Policies in relation to the above Mortgage Loans
      (other than the PMI Mortgage Insurance Policy); and

(h)   the Mortgage Documents from time to time in relation to the above Mortgage
      Loans.

This offer may be accepted by the Trustee only by paying the Consideration to
the Seller on [        ] 2000 (the "Closing Date").

Both the Cut-Off Date and the Closing Date may be altered by the Manager giving
notice to the Trustee and the Seller, no later than 4 Business Days before the
then Closing Date, of the new date that is to be the Cut-Off Date or the Closing
Date (as the case may be). From the close of business on the Business Day which
is 4 Business Days before the then Closing Date neither the Cut-Off Date or the
Closing Date may be amended.

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For and on behalf of

Commonwealth Bank of Australia

__________________

Authorised Officer

Date:

                                                                             120
<PAGE>

Schedule 2
Forms of Power of Attorney
(other than for Queensland and Western Australia)

THIS POWER OF ATTORNEY is made on                                          2000

BY             COMMONWEALTH BANK OF AUSTRALIA, ACN 123 123 124, a company
               incorporated in the Australian Capital Territory and having an
               office at Level 8, 48 Martin Place, Sydney, NSW 2000 (the
               "Seller")

IN FAVOUR OF   PERPETUAL TRUSTEE COMPANY LIMITED, ACN 000 001 007, a company
               incorporated in the State of New South Wales and having an office
               at Level 3, 39 Hunter Street, Sydney, NSW 2000 (the "Trustee").

RECITALS

A.    The Trustee is the trustee, and the Manager is the manager, of the Series
      Trust constituted pursuant to the Master Trust Deed and the Series
      Supplement (as those terms are defined below).

B.    Under the Series Supplement, the delivery to the Trustee of this Deed is a
      condition of the Seller issuing an offer to assign Mortgage Loans to the
      Trustee.

THIS DEED PROVIDES as follows:

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1.    Interpretation

1.1   Definitions

      In this Deed, unless the contrary intention appears:

      "Attorney" means any attorney appointed by or pursuant to clause 2 and
      any person who derives a right directly or indirectly from an Attorney.

      "Master Trust Deed" means the Master Trust Deed dated 8 October 1997
      between the Trustee as trustee of the Series Trust and the Manager, as
      amended from time to time.

      "Series Supplement" means the Series Supplement dated [          ] between
      Commonwealth Bank of Australia, ACN 123 123 124 (as Seller and Servicer),
      the Manager and the Trustee.

      "Mortgage Transfer" in relation to a Mortgage means a duly executed land
      titles office transfer which, upon registration, is effective to transfer
      the legal title to the Mortgage to the Trustee.

1.2   Interpretation

      In this Deed unless the contrary intention appears, the provisions of
      clause 1.2 of the Series Supplement apply mutatis mutandis to this Deed
      as if set out in this Deed in full.

1.3   Series Supplement

      Unless expressly defined in this Deed or a contrary intention appears,
      words and expressions used in this Deed have the same meaning as in the
      Series Supplement.

                                                                             121
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2.    Appointment and Powers

2.1   Appointment

      With effect from the assignment to the Trustee of the Mortgage Loans in
      accordance with the terms of the Series Supplement, the Seller appoints
      the Trustee and any Authorised Officer from time to time of the Trustee
      jointly and severally as its attorney with the right, subject to clause
      |2.2, to do in the name of the Seller and on its behalf everything
      necessary or expedient to:

      (a) (Mortgage Transfers):  in relation to all Mortgage Transfers:

          (i)    execute, deliver, lodge and register any Mortgage Transfer with
                 any land titles office of any relevant Australian jurisdiction;

          (ii)   execute, deliver, lodge and register with any land titles
                 office of any relevant Australian jurisdiction any other
                 documents which are referred to in any Mortgage Transfer or
                 which are ancillary or related to them or contemplated by them;

          (iii)  execute, deliver, lodge and register with any land titles
                 office of any relevant Australian jurisdiction any document or
                 perform any act, matter or thing at its absolute discretion in
                 any way relating to the Seller's involvement in the
                 transactions contemplated by any Mortgage Transfer; and

          (iv)   give effect to the transactions contemplated by any Mortgage
                 Transfer, including, but not limited to, completing blanks and
                 making amendments, alterations or additions it considers
                 necessary or desirable;

      (b) (Mortgage Loans): in relation to any Mortgage Loan which is part of
          the Assets of the Series Trust, to exercise any rights of the Seller
          to vary by notice to the Borrower the rate or amount of any interest
          or fees payable by the Borrower under the Mortgage Loan;

      (c) (Delegate): delegate any of its rights described in this Deed
          (including this right of delegation) to any person upon any terms or
          conditions that it thinks fit;

      (d) (Sign Documents): sign, seal, deliver and execute and do (either
          unconditionally or subject to any conditions that it thinks fit) all
          deeds, arrangements, documents and things in respect of any of its
          rights described in this Deed; and

      (e) (Do Incidental Things): do anything incidental to or conducive to the
          effective and expeditious exercise of its rights described in this
          Deed.

2.2   Limitation on Exercise of Powers

      The power of attorney conferred by clause 2.1 will be exercisable only on
      the occurrence of a Perfection of Title Event.

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3.    Consideration and Revocation

3.1   Consideration

      This Deed is executed by the Seller for good and valuable consideration,
      receipt of which the Seller hereby acknowledges.

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<PAGE>

3.2   Irrevocable without Consent

      Except with the prior written consent of an Authorised Officer of each of
      the Trustee and the Manager, the power of attorney granted under clause
      2.1 of this Deed is irrevocable by the Seller and its successors and
      assigns.

3.3   No Abrogation

      Subject only to revocation in accordance with clause 3.2, this Deed will
      remain in full force and effect notwithstanding:

      (a)  (Insolvency): the occurrence of an Insolvency Event with respect to
           the Seller;

      (b)  (Amendment): any waiver, replacement, amendment or variation of the
           Master Trust Deed or the Series Supplement;

      (c)  (Delay): any delay, laches, acquiescence, mistake, act or omission by
           any Attorney (including, without limitation, any Trustee Default or
           Manager Default); or

      (d)  (Miscellaneous): any other fact, matter, circumstance or thing
           whatsoever which, but for this clause 3.3 could or might operate to
           prejudice, release or otherwise affect the rights of an Attorney
           under this Deed.

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4.    Delegates

4.1   Obligation

      Where a delegation is made by an Attorney under clause 2, the following
      will apply:

      (a)  (Vary, suspend etc.): the Attorney may at any time by notice in
           writing vary, suspend or revoke a delegation made under clause 2;

      (b)  (Attorney retains any rights delegated): a right delegated by the
           Attorney may continue to be exercised or performed by the Attorney
           notwithstanding the delegation of that right;

      (c)  (Effect of acts delegated): any act or thing done within the scope of
           a delegation while the delegation is in force:

           (i)  has the same effect as if it had been done by the Attorney; and

           (ii) will not be invalidated by reason of a later revocation or
                variation of the delegation; and

      (d)  (Opinion of delegate): if the exercise or performance of a right by
           the Attorney is dependant upon the opinion, belief or state of mind
           of the Attorney in relation to a matter and that right is delegated
           by the Attorney, the delegate may, unless the contrary intention
           appears, exercise or perform the right based upon his or her own
           opinion, belief or state of mind (as the case may require) in
           relation to the matter.

4.2   Revocation of nomination

      The Trustee may at any time revoke or suspend any appointment of a nominee
      or an Attorney pursuant to clause 2.

                                                                             123
<PAGE>

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5.    Miscellaneous

5.1   Suspension of Seller's rights

      The Seller must not, after being notified in writing by any Attorney that
      an Attorney intends to exercise any right conferred on it by this Deed
      (and provided that such right is then and remains exercisable), exercise
      that right without the written consent of the Trustee.

5.2   Ratification

      The Seller will at all times ratify and confirm whatever any Attorney
      lawfully does, or causes to be done, in exercising its rights described in
      this Deed.

5.3   Conflict of Interest

      Any Attorney may exercise any right notwithstanding that it constitutes a
      conflict of interest or duty.

5.4   Seller Bound

      The Seller and any person (including, but not limited to, a substitute or
      assign) claiming under the Seller are bound by anything an Attorney does
      in the lawful exercise of its rights described in this Deed.

5.5   Third party dealings

      In respect of dealings by any person in good faith with an Attorney:

      (a)  (Evidence that power not revoked): that person may accept a written
           statement signed by any Attorney to the effect that the power of
           attorney granted under this Deed has not been revoked as conclusive
           evidence of that fact; and

      (b)  (No duty to enquire): if the Attorney executes any right granted to
           it by this Deed, that person is not bound to enquire as to whether
           the right is properly exercised or whether any circumstance has
           arisen to authorise the exercise of that right.

5.6   Indemnity

      The Seller will indemnify any Attorney from and against all actions,
      suits, claims, demands, damages, liabilities, losses, costs and expenses
      that may be made or bought against or suffered or incurred by any such
      Attorney arising out of or in connection with the lawful exercise of any
      of its rights described in this Deed.

5.7   Stamping and Registration

      The Seller will, promptly after execution and delivery of this Deed,
      properly stamp and register this Deed as required by any applicable law
      and the Seller authorises any Attorney to stamp and register this Deed on
      behalf of the Seller.

5.8   Costs

      All reasonable costs incurred by an Attorney in connection with the
      stamping and registration of this Deed in accordance with clause |5.7 will
      be paid by the Seller within a reasonable time after demand for payment is
      made.

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6.    Governing Law

      This Deed is governed by and construed in accordance with the laws of the
      State of New South

                                                                             124
<PAGE>

      Wales and the Seller irrevocably and unconditionally submits to the non-
      exclusive jurisdiction of the courts of the State of New South Wales and
      any courts of appeal from any of those courts.

EXECUTED as a deed.

THE COMMON SEAL of the                               )
COMMONWEALTH BANK OF                                 )
AUSTRALIA is affixed in accordance with its          )
constitution in the presence of:                     )

____________________                                     _____________________
Secretary                                                  Director

                                                                             125
<PAGE>

Schedule 3
Form of Power of Attorney
(For Queensland)

THIS POWER OF ATTORNEY is made     on                                       2000

BY                      COMMONWEALTH BANK OF AUSTRALIA, ACN 123 123 124, a
                        company incorporated in the Australian Capital Territory
                        and having an office at Level 8, 48 Martin Place,
                        Sydney, NSW 2000 (the "Seller")

IN FAVOUR OF            PERPETUAL TRUSTEE COMPANY LIMITED, ACN 000 001 007, a
                        company incorporated in the State of New South Wales and
                        having an office at Level 3, 39 Hunter Street, Sydney,
                        NSW 2000 (the "Trustee").

THIS DEED PROVIDES as follows:

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1.          Interpretation

            In this Deed, unless the contrary intention appears:

            "Attorney" means any attorney appointed by or pursuant to clause 2
            and any person who derives a right directly or indirectly from an
            Attorney.

            "Authorised Officer" means in relation to the Trustee, a director,
            secretary or any person whose title contains the word or words
            "manager" or "chief executive officer" or a person performing the
            functions of any of them.

            "Mortgage Transfer" in relation to a mortgage means a duly executed
            land titles office transfer which, upon registration, is effective
            to transfer the legal title to the mortgage to the Trustee.

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2.          Appointment and Powers

2.1         Appointment

            The Seller appoints the Trustee and any Authorised Officer from time
            to time of the Trustee jointly and severally as its attorney with
            the right, to do in the name of the Seller and on its behalf
            everything necessary or expedient to:

            (a)  (Mortgage Transfers):  In relation to all Mortgage Transfers:

                 (i)   execute, deliver, lodge and register any Mortgage
                       Transfer with any land titles office of any relevant
                       Australian jurisdiction;

                 (ii)  execute, deliver, lodge and register with any land titles
                       office of any relevant Australian jurisdiction any other
                       documents which are referred to in any Mortgage Transfer
                       or which are ancillary or related to them or contemplated
                       by them;

                 (iii) execute, deliver, lodge and register with any land titles
                       office of any relevant Australian jurisdiction any
                       document or perform any act, matter or thing at its
                       absolute discretion in any way relating to the Seller's
                       involvement in the transactions contemplated by any
                       Mortgage Transfer; and

                 (iv)  give effect to the transactions contemplated by any
                       Mortgage Transfer,

                                                                             126
<PAGE>

                       including, but not limited to, completing blanks and
                       making amendments, alterations or additions it considers
                       necessary or desirable;

        (b) (Mortgage Loans): in relation to any mortgage loan which is an asset
            of the Seller, to exercise any rights of the Seller to vary by
            notice to the borrower with respect to the mortgage loan the rate or
            amount of any interest or fees payable by that borrower under the
            mortgage loan;

        (c) (Delegate): delegate any of its rights described in this Deed
            (including this right of delegation) to any person upon any terms or
            conditions that it thinks fit;

        (d) (Sign Documents): sign, seal, deliver and execute and do (either
            unconditionally or subject to any conditions that it thinks fit) all
            deeds, arrangements, documents and things in respect of any of its
            rights described in this Deed; and

        (e) (Do Incidental Things): do anything incidental to or conducive to
            the effective and expeditious exercise of its rights described in
            this Deed.

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3.      Consideration and Revocation

3.1     Consideration

        The Seller acknowledges that it has received good and valuable
        consideration for the grant of this Deed.

3.2     Irrevocable without Consent

        Except with the prior written consent of an Authorised Officer of the
        Trustee, the power of attorney granted under clause 2.1 of this Deed is
        irrevocable by the Seller and its successors and assigns.

3.3     No Abrogation

        Subject only to revocation in accordance with clause 3.2, this Deed
        will remain in full force and effect notwithstanding:

        (a) (Insolvency): the insolvency of, or the occurrence of any other
            analogous event with respect to, the Seller;

        (b) (Amendment): any waiver, replacement, amendment or variation of any
            document (with or without the consent of the Seller);

        (c) (Delay): any delay, laches, acquiescence, mistake, act or omission
            (including, without limitation, any default by the Trustee of any
            obligation that it owes to any person) by any Attorney; or

        (d) (Miscellaneous): any other fact, matter, circumstance or thing
            whatsoever which, but for this clause, could or might operate to
            prejudice, release or otherwise affect the rights of an Attorney
            under this Deed.

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4.      Delegates

4.1     Obligation

        Where a delegation is made by an Attorney under clause 2, the following
        will apply:

        (a) (Vary, suspend etc.): the Attorney may at any time by notice in
            writing vary, suspend or revoke a delegation made under clause 2;

                                                                             127
<PAGE>

        (b) (Attorney retains any rights delegated): a right delegated by the
            Attorney may continue to be exercised or performed by the Attorney
            notwithstanding the delegation of that right;

        (c) (Effect of acts delegated): any act or thing done within the scope
            of a delegation while the delegation is in force:

            (i)  has the same effect as if it had been done by the Attorney; and

            (ii) will not be invalidated by reason of a later revocation or
                 variation of the delegation; and

        (d) (Opinion of delegate): if the exercise or performance of a right by
            the Attorney is dependant upon the opinion, belief or state of mind
            of the Attorney in relation to a matter and that right is delegated
            by the Attorney, the delegate may, unless the contrary intention
            appears, exercise or perform the right based upon his or her own
            opinion, belief or state of mind (as the case may require) in
            relation to the matter.

4.2     Revocation of nomination

        The Trustee may at any time revoke or suspend any appointment of a
        nominee or an Attorney pursuant to clause 2.

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5.      Miscellaneous

5.1     Suspension of Seller's rights

        The Seller must not, after being notified in writing by any Attorney
        that an Attorney intends to exercise any right conferred on it by this
        Deed (and provided that such right is then and remains exercisable),
        exercise that right without the written consent of the Trustee.

5.2     Ratification

        The Seller will at all times ratify and confirm whatever any Attorney
        lawfully does, or causes to be done, in exercising its rights described
        in this Deed.

5.3     Conflict of Interest

        Any Attorney may exercise any right notwithstanding that it constitutes
        a conflict of interest or duty.

5.4     Seller Bound

        The Seller and any person (including, but not limited to, a substitute
        or assign) claiming under the Seller are bound by anything an Attorney
        does in the lawful exercise of its rights described in this Deed.

5.5     Third party dealings

        In respect of dealings by any person in good faith with an Attorney:

        (a) (Evidence that power not revoked): that person may accept a written
            statement signed by any Attorney to the effect that the power of
            attorney granted under this Deed has not been revoked as conclusive
            evidence of that fact; and

        (b) (No duty to enquire): if the Attorney executes any right granted to
            it by this Deed, that person is not bound to enquire as to whether
            the right is properly exercised or whether any circumstance has
            arisen to authorise the exercise of that right.

                                                                             128
<PAGE>

5.6      Indemnity

         The Seller will indemnify any Attorney from and against all actions,
         suits, claims, demands, damages, liabilities, losses, costs and
         expenses that may be made or bought against or suffered or incurred by
         any such Attorney arising out of or in connection with the lawful
         exercise of any of its rights described in this Deed.

5.7      Stamping and Registration

         The Seller will, promptly after execution and delivery of this Deed,
         properly stamp and register this Deed as required by any applicable law
         and the Seller authorises any Attorney to stamp and register this Deed
         on behalf of the Seller.

5.8      Costs

         All reasonable costs incurred by an Attorney in connection with the
         stamping and registration of this Deed in accordance with clause 5.7
         will be paid by the Seller within a reasonable time after demand for
         payment is made.

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6.       Governing Law

         This Deed is governed by and construed in accordance with the laws of
         the State of New South Wales and the Seller irrevocably and
         unconditionally submits to the non-exclusive jurisdiction of the courts
         of the State of New South Wales and any courts of appeal from any of
         those courts.

EXECUTED as a deed.

THE COMMON  SEAL  of the                           )
COMMONWEALTH BANK OF                               )
AUSTRALIA is affixed in accordance with its        )
constitution in the presence of:                   )

_________________________                              ____________________
Secretary                                               Director

                                                                             129
<PAGE>

Schedule 4
Form of Power of Attorney
(For Western Australia)

THIS POWER OF ATTORNEY is made on                                  2000

BY             COMMONWEALTH BANK OF AUSTRALIA, ACN 123 123 124, a company
               incorporated in the Australian Capital Territory and having an
               office at Level 8, 48 Martin Place, Sydney, NSW 2000 (the
               "Seller")

IN FAVOUR OF   PERPETUAL TRUSTEE COMPANY LIMITED, ACN 000 001 007, a company
               incorporated in the State of New South Wales and having an office
               at Level 3, 39 Hunter Street, Sydney, NSW 2000 (the "Trustee").

THIS DEED PROVIDES as follows:

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1.    Interpretation

      In this Deed, unless the contrary intention appears:

      "Attorney" means any attorney appointed by or pursuant to clause 2.

      "Authorised Officer" means:

      (a)  in relation to the Grantee, a director, secretary or any person
           whose title contains the word or words "manager" or "chief executive
           officer" or a person performing the functions of any of them; and

      (b)  in relation to the Manager, any person appointed by the Manager to
           act as an Authorised Officer of the Manager for the purposes of this
           Deed.

      "Manager" means Securitisation Advisory Services Pty. Limited, ACN 064 133
      946.

      "Mortgage" means a mortgage over real property, located in the State of
      Western Australia and registered under the Transfer of Land Act 1893,
      which is granted in favour of the Grantor and in which the Grantee has
      equitable title.

      "Mortgage Transfer" in relation to a mortgage means a duly executed land
      titles office transfer in respect of a Mortgage which, upon registration,
      is effective to transfer the legal title to the Mortgage to the Grantee.

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2.    Appointment and Powers

2.1   Appointment

      The Grantor appoints the Grantee as its attorney with the right, to do in
      the name of the Grantor and on its behalf everything necessary or
      expedient to:

      (a)  (Mortgage Transfers):

           (i)   sell or transfer legal titles in all or any Mortgages to the
                 Grantee;

           (ii)  execute, deliver, lodge and register any Mortgage Transfer with
                 any land titles office of any relevant Australian jurisdiction;

                                                                             130
<PAGE>

             (iii)  execute, deliver, lodge and register with any land titles
                    office of any relevant Australian jurisdiction any other
                    documents which are referred to in any Mortgage Transfer or
                    which are ancillary or related to them or contemplated by
                    them;

             (iv)   execute, deliver, lodge and register with any land titles
                    office of any relevant Australian jurisdiction any document
                    or perform any act, matter or thing at its absolute
                    discretion in any way relating to the Grantor's involvement
                    in the transactions contemplated by any Mortgage Transfer;
                    and

             (v)    give effect to the transactions contemplated by any Mortgage
                    Transfer, including, but not limited to, completing blanks
                    and making amendments, alterations or additions it considers
                    necessary or desirable;

      (b)    (Sign Documents): sign, seal, deliver and execute and do (either
             unconditionally or subject to any conditions that it thinks fit)
             all deeds, arrangements, documents and things in respect of any of
             its rights described in this Deed;

      (c)    (Determine interest rates):  determine the interest rate to be
             charged on the mortgages which are the subject of any Mortgage
             Transfer; and

      (d)    (Do Incidental Things): do anything incidental to or conducive to
             the effective and expeditious exercise of its rights described in
             this Deed.

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3.   Consideration and Revocation

3.1  Consideration

     The power of attorney granted under this Deed has been granted to secure a
     proprietary interest of the Grantee in the Mortgages the subject of the
     Mortgage Transfers and is given by the Grantor for good and valuable
     consideration, receipt of which the Grantor hereby acknowledges.

3.2  Irrevocable without Consent

     Except with the prior written consent of an Authorised Officer of each of
     the Grantee and the Manager, the power of attorney granted under clause
     2.1 of this Deed is irrevocable by the Grantor and its successors and
     assigns.

3.3  No Abrogation

     Subject only to revocation in accordance with clause 3.2, this Deed will
     remain in full force and effect notwithstanding:

     (a)     (Insolvency): the insolvency of, or the occurrence of any other
             analogous event with respect to, the Grantor;

     (b)     (Amendment): any waiver, replacement, amendment or variation of any
             document (with or without the consent of the Grantor);

     (c)     (Delay): any delay, laches, acquiescence, mistake, act or omission
             (including, without limitation, any default by the Manager or
             Grantee of any obligation that either owes to any person) by any
             Attorney; or

     (d)     (Miscellaneous): any other fact, matter, circumstance or thing
             whatsoever which, but for this clause, could or might operate to
             prejudice, release or otherwise affect the rights of an Attorney
             under this Deed.

                                                                             131
<PAGE>

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4.   Miscellaneous

4.1  Appointment of Sub-Attorneys

     An Attorney may appoint from time to time any person or corporation as a
     sub-attorney for any of the purposes of and with any of the powers and
     authorities conferred by this Deed.

4.2  Ratification

     The Grantor will at all times ratify and confirm whatever any Attorney or
     sub-attorney lawfully does, or causes to be done, in exercising its rights
     described in this Deed.

4.3  Conflict of Interest

     Any Attorney or sub-attorney may exercise any right notwithstanding that
     it constitutes a conflict of interest or duty.

4.4  Grantor Bound

     The Grantor and any person (including, but not limited to, a substitute or
     assign) claiming under the Grantor are bound by anything an Attorney or
     sub-attorney does in the lawful exercise of its rights described in this
     Deed.

4.5  Suspension of Grantor's rights

     The Grantor must not, after being notified in writing by any Attorney or
     sub-attorney that the Attorney or sub-attorney (as the case may be)
     intends to exercise any right conferred on it by this Deed (and provided
     that such right is then and remains exercisable), exercise that right
     without the written consent of the Attorney or sub-attorney (as the case
     may be).

4.6  Third party dealings

     In respect of dealings by any person in good faith with an Attorney or
     sub-attorney:

     (a)     (Evidence that power not revoked): that person may accept a written
             statement signed by any Attorney or sub-attorney (as the case may
             be) to the effect that the power of attorney granted under this
             Deed has not been revoked as conclusive evidence of that fact; and

     (b)     (No duty to enquire): if the Attorney or sub-attorney (as the case
             may be) executes any right granted to it by this Deed, that person
             is not bound to enquire as to whether the right is properly
             exercised or whether any circumstance has arisen to authorise the
             exercise of that right.

4.7  Indemnity

     The Grantor will indemnify any Attorney and sub-attorney from and against
     all actions, suits, claims, demands, damages, liabilities, losses, costs
     and expenses that may be made or bought against or suffered or incurred by,
     any Attorney or sub-attorney, arising out of or in connection with the
     lawful exercise of any of its rights described in this Deed.

4.8  Stamping and Registration

     The Grantor will, promptly after execution and delivery of this Deed,
     properly stamp and register this Deed as required by any applicable law
     and the Grantor authorises any Attorney to stamp and register this Deed on
     behalf of the Grantor.

                                                                             132
<PAGE>

4.9  Costs

     All reasonable costs incurred by an Attorney in connection with the
     stamping and registration of this Deed in accordance with clause 4.8 will
     be paid by the Grantor within a reasonable time after demand for payment is
     made.

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5.   Governing Law

     This Deed is governed by and construed in accordance with the laws of New
     South Wales and the Grantor irrevocably and unconditionally submits to the
     non-exclusive jurisdiction of the courts of New South Wales and any courts
     of appeal from any of those courts.

EXECUTED as a deed.

THE COMMON SEAL of the                               )
COMMONWEALTH BANK OF AUSTRALIA is affixed in         )
accordance with its constitution in the              )
presence of:                                         )

_________________________                               ________________________
Secretary                                               Director

                                                                             133
<PAGE>

Schedule 5
Eligibility Criteria

Eligibility Criteria in relation to a Mortgage Loan means the following
standards:

 .    that the Mortgage Loan has a Loan to Value Ratio (based on the position as
     at the commencement of business on the Cut-Off Date) of less than or equal
     to 95%;

 .    that the Mortgage Loan has a stated term to maturity as at the Cut-Off Date
     not exceeding 30 years;

 .    that the Mortgage Loan was originated on or after 1 November 1996;

 .    that the Mortgage Loan as at the Cut-Off Date has a Scheduled Balance of
     less than or equal to A$750,000;

 .    that the Mortgage Loan is sourced from the Seller's mortgage loan
     portfolio;

 .    that the Borrower under the Mortgage Loan is not an employee of the Seller
     who is paying a concessional rate of interest under the Mortgage Loan as a
     result of such employment;

 .    that the Mortgage Loan was advanced in, and is repayable in, Australian
     dollars;

 .    that as at the Cut-Off Date no payment due from the Borrower under the
     Mortgage Loan is in arrears by more than 30 days;

 .    that the Mortgage Loan is secured by a Mortgage over Land which has erected
     on or within it a residential dwelling or unit and the terms of that
     Mortgage require that dwelling or unit to be insured under an Insurance
     Policy;

 .    that the Mortgage Loan is not a loan of a type with only interest payable
     during the term and with a "bullet" repayment of all principal at the end
     of its term; and

 .    that the Mortgage Loan is or has been fully drawn,

or such other Eligibility Criteria as the Trustee, the Seller and the Manager
may agree in writing prior to the Closing Date and which the Rating Agencies
have confirmed in writing will not result in a reduction, qualification or
withdrawal of the credit ratings to be assigned by the Rating Agencies to the
Notes on the Closing Date.

                                                                             134
<PAGE>

Schedule 6
Form of Security Certificate
A$ Securities

 ................................................................................

  THE A$ SECURITIES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED
  STATES SECURITIES ACT OF 1933 AS AMENDED (THE "SECURITIES ACT") AND MAY 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 MEANING GIVEN TO THEM BY
  REGULATION S UNDER THE SECURITIES ACT.

 ................................................................................

                        SERIES 2000-2G MEDALLION TRUST

                        CERTIFICATE NUMBER/S [        ]

                       Perpetual Trustee Company Limited

                                ACN 000 001 007
                                (the "Trustee")

                 Securitisation Advisory Services Pty. Limited

                                ACN 064 133 946
                                (the "Manager")

THIS IS TO CERTIFY THAT:

Securityholder:      [                      ]
                     ACN [                  ]
                     (the "Securityholder")

ADDRESS:             [                      ]

appears in the Register as the holder of the A$ Securities specified below (the
"A$ Securities") issued by the Trustee as trustee of the Series 2000-2G
Medallion Trust (the "Series Trust") as constituted by a Master Trust Deed (the
"Master Trust Deed") dated 8 October 1997 between the Manager and the Trustee,
as amended from time to time, and a Series Supplement (the "Series Supplement")
dated [         ] between Commonwealth Bank of Australia, ACN 123 123 124, (as
Seller and Servicer) (the "Bank"), the Manager and the Trustee.

Unless defined in this Security Certificate or a contrary intention appears,
words and expressions used in this Security Certificate have the same meaning as
in the Series Supplement.

The Securityholder was entered on the Register as holder of the A$ Securities
described below at [          ] on [            ].

Date of Issue:

Class of A$ Security: [Class A-2 Note/Class B Note/Redraw Bond]

Numbers of A$ Securities:  [          ] to [          ], inclusive

Scheduled Maturity Date of each A$ Security:

                                                                             135
<PAGE>

Face Value of each A$ Security:

Interest Rate of each A$ Security:

Interest Payment Dates of each A$ Security:

[A tax file number has/has not been obtained from the person named above.]

The A$ Securities are issued and held subject to the provisions of the Master
Trust Deed, the Series Supplement and a Security Trust Deed (the "Security Trust
Deed") dated [              ] between the Manager, the Trustee, the Bank of New
York, London Branch, and P.T. Limited, ACN 004 454 666 (as Security Trustee).  A
copy of the Security Trust Deed, the Master Trust Deed and the Series Supplement
are available for inspection by Securityholders at the offices of the Trustee at
Level 3, 39 Hunter Street, Sydney, NSW, 2000.

Neither the Manager nor the Trustee is under any obligation at any time to
repurchase any A$ Securities from Securityholders.

This Security Certificate is not a Certificate of Title and the Register on
which these A$ Securities are registered is the only conclusive evidence of the
title of the abovementioned person to the A$ Securities.

The Trustee issues this Security Certificate only in its role as trustee of the
Series Trust.  Any obligation or liability of the Trustee arising under or in
any way connected with the Series Trust under the Master Trust Deed, the Series
Supplement or any other Transaction Document (including any A$ Security) to
which the Trustee is a party is limited to the extent to which it can be
satisfied out of the Assets of the Series Trust out of which the Trustee is
actually indemnified for the obligation or liability.  This limitation will not
apply to any obligation or liability of the Trustee only to the extent that it
is not so satisfied because of any fraud, negligence or wilful default on the
part of the Trustee.  The Trustee will have no liability for any act or omission
of the Manager or of any other person (other than a person whose acts or
omissions the Trustee is liable for in accordance with any Transaction
Document).

Transfers of the A$ Securities must be pursuant to a Security Transfer as set
out in Schedule 7 to the Series Supplement.  Copies of Security Transfers are
available from the Trustee at the abovementioned address.  Executed Security
Transfers must be lodged with the Trustee accompanied by this Security
Certificate.

None of the Manager, the Seller, the Servicer, the Bank, any other member of the
Bank group or the Trustee guarantees the payment or repayment of any
Securityholder Entitlements in respect of the A$ Securities.

The A$ Securities do not represent deposits or other liabilities of the Manager,
the Seller, the Servicer, the Bank or any other Related Body Corporate of the
Bank.  The holding of the A$ Securities is subject to investment risk, including
possible delays in payment and loss of income and principal invested.  None of
the Manager, the Seller, the Servicer, the Bank or any other Related Body
Corporate of the Bank stand in any way behind the capital value and/or
performance of the A$ Securities, or the Assets held by the Series Trust.

Dated:

For and on behalf of

Perpetual Trustee Company Limited

_______________________                       ______________________

Authorised Officer                            Authorised Officer

                                                                             136
<PAGE>

Schedule 7
Form of Security Transfer

                                                                 _______________
TO:  Perpetual Trustee Company Limited,         Registry Use       Date Lodged
        ACN 000 001 007                         Only                 /     /

        (the "Trustee")

                                                                 _______________

                               _________________________________________________
TRANSFEROR (the "Transferor")
(Full Name, ACN (if applicable)_________________________________________________
 and Address)
(Please Print)                 _________________________________________________
                               _________________________________________________
                               _________________________________________________

HEREBY APPLIES TO ASSIGN TO    _________________________________________________
TRANSFEREE (the "Transferee")
(Full Name, ACN (if applicable)_________________________________________________
 and Address)                  _________________________________________________
(Please Print)                 _________________________________________________

the following securities (the "A$ Securities") issued by the Trustee as trustee
of the Series 2000-2G Medallion Trust (the "Series Trust"):

Date of Issue:

Class of A$ Security: [Class A-2 Note/Class B Note/Redraw Bond]

Numbers of A$ Securities:  [ ] to [ ], inclusive

Face Value of each A$ Security:

Interest Payment Dates of each A$ Security:

Scheduled Maturity Date of each A$ Security:        /    /

and all the Transferor's property and interest in the same [and to the interest
accrued thereon.]

                                                        ________________________
                                                           Settlement Amount

                                                        $
                                                        ________________________

TRANSFEROR  ___________________________________________________________________
Signature Authorised Signatory
(See notes below)

WITNESS  _______________________________________________       Date      /  /

TRANSFEREE _____________________________________________________________________

                                                                             137
<PAGE>

Signature:                    Authorised Officer
(See notes below)

WITNESS----------------------------------------------------  Date   /  /

PAYMENTS
(tick where appropriate)

-----------------------------------------------------------------------------
[_]      In accordance with existing instructions  (existing holders only)

[_]      By cheque posted to above address

[_]      By crediting the following account in Australia and in the name of
         the Trustee only
-----------------------------------------------------------------------------
Name of Account                                          Account No.
-----------------------------------------------------------------------------
Name of Financial Institution                            Branch
[_]       Bank...........................

[_]       Building Society...............
-----------------------------------------------------------------------------
Tax File Number (if applicable):
-----------------------------------------------------------------------------

Authorised Officer of Transferee ------------------------------------ Date: / /

NOTES:

 .           The Transferor and the Transferee acknowledge that the transfer of
            the A$ Securities specified in this Security Transfer only takes
            effect on the entry of the Transferee's name in the Register as the
            registered owner of the A$ Securities.

 .           The Transferee agrees to accept the A$ Securities subject to the
            provisions of a Master Trust Deed (the "Master Trust Deed") dated 8
            October 1997 between Securitisation Advisory Services Pty. Limited,
            ACN 064 133 946 (the "Manager") and the Trustee, as amended from
            time to time, a Series Supplement (the "Series Supplement") dated
            [   ] between Commonwealth Bank of Australia, ACN 123 123 124 (as
            Seller and Sevicer) (the "Bank"), the Manager and the Trustee (as
            trustee of the Series Trust) and a Security Trust Deed (the
            "Security Trust Deed") dated [   ] between the Trustee as trustee of
            the Series Trust, the Manager, the Bank of New York, London Branch,
            and P.T. Limited, ACN 004 454 666, as Security Trustee.

 .           Unless expressly defined in this Security Transfer or a contrary
            intention appears, words and expressions used in this Security
            Transfer have the same meaning as in the Series Supplement.

 .           The Transferee acknowledges that it has independently and without
            reliance on the Trustee, the Manager, the Seller, the Servicer, the
            Bank or any other Related Body Corporate of the Bank (including
            without reliance on any materials prepared or distributed by any of
            the foregoing) made its own assessment and investigations regarding
            its investment in the A$ Securities.

 .           The Transferee acknowledges that:

            (a)     the A$ Securities do not represent deposits or other
                    liabilities of the Seller, the Servicer, the Bank, any other
                    Related Body Corporate of the Bank or the Manager;

            (b)     the holding of the A$ Securities is subject to investment
                    risk, including possible delays in payment and loss of
                    income and principal invested; and

            (c)     none of the Manager, the Seller, the Servicer, the Bank or,
                    any other Related Body

                                                                             138
<PAGE>

                    Corporate of the Bank stand in any way behind the capital
                    value and/or performance of the A$ Securities or the assets
                    held by the Series Trust.

 .    The Trustee issues the A$ Securities only in its role as trustee of the
     Series Trust. Any obligation or liability of the Trustee arising under or
     in any way connected with the Series Trust under the Master Trust Deed, the
     Series Supplement or any other Transaction Document (including any A$
     Security) to which the Trustee is a party is limited to the extent to which
     it can be satisfied out of the Assets of the Series Trust out of which the
     Trustee is actually indemnified for the obligation or liability. This
     limitation will not apply to any obligation or liability of the Trustee
     only to the extent that it is not so satisfied because of any fraud,
     negligence or wilful default on the part of the Trustee. The Trustee will
     have no liability for any act or omission of the Manager or of any other
     person (other than a person whose acts or omissions the Trustee is liable
     for in accordance with any Transaction Document).

 .    Where the Transferor and/or the Transferee is a trustee, this Security
     Transfer must be completed in the name of the trustee and signed by the
     trustee without reference to the trust.

 .    Where this Transfer is executed by a corporation, it must be executed
     either under common seal or under a power of attorney.

 .    If this Security Transfer is signed under a power of attorney, the attorney
     hereby certifies that it has not received notice of revocation of that
     power of attorney. A certified copy of the power of attorney must be lodged
     with this Security Transfer.

 .    This Security Transfer must be lodged with the Trustee for registration,
     accompanied by the Security Certificate to which the A$ Securities relate.

 .    The Register will be closed from 4.30 pm on the Business Day which is prior
     to, and will be re-opened at the commencement of business on each
     Distribution Date. The Trustee may with prior notice given in the manner
     specified in the Master Trust Deed, close the Register at other times. The
     total period that the Register may be closed will not exceed 35 Business
     Days (or such other period agreed to by the Manager) in aggregate in any
     calendar year. No Security Transfer received after 4.30pm on the day of
     closure of the Register or while the Register is closed, will be registered
     until the Register is re-opened.

 .    [If the Transferee is a non-resident for Australian taxation purposes,
     withholding tax will be deducted from all interest payments unless an
     exemption is provided to the Trustee.]

 .    A Securityholder is only entitled to transfer an A$ Security if:

     (a)     the offer of the A$ Security for sale, or the invitation to
             purchase the A$ Security, to the proposed transferee by the
             Securityholder is an offer or invitation that does not need
             disclosure to investors under Part 6D.2 of Chapter 6 of the
             Corporations Law and otherwise complies with the Corporations Law;
             and

     (b)     the transfer would not otherwise breach any restriction on transfer
             for the A$ Security contained in the Series Supplement.

 .    The A$ Securities covered hereby have not been registered under the United
     States Securities Act of 1933 as amended (the "Securities Act") and may not
     be offered and sold within the United States or to or for the account or
     benefit of United States persons:

     (a)     as part of their distribution at any time; or

     (b)     otherwise until 40 days after the completion of the distribution of
             the A$ Securities, as determined and certified by the Co-Managers
             (as that term is defined in the Dealer Agreement),

                                                                             139
<PAGE>

             except in either case in accordance with Regulation S under the
             Securities Act. Terms used above have the meanings given to them by
             Regulation S.

[Marking where clause 10.16 of the Master Trust Deed applies:]

The Trustee hereby certifies that the Transferor is noted in the Register as the
holder of A$ Securities specified in this Security Transfer and that it will not
register any transfer of such A$ Securities other than pursuant to this Security
Transfer before [insert date].

Dated:

For and on behalf of

Perpetual Trustee Company Limited

________________________                          ______________________
Authorised Officer                                Authorised Officer]

                                                                             140
<PAGE>

Schedule 8
Quarterly Certificate

Quarterly Summary Distribution Details

Reporting Dates
---------------

Closing Date
Determination Date
Notice Date
Distribution Date
Start Accrual Period
End Accrual Period
No. of Days in Accrual Period
Start Collection Period
End Collection Period
No. of Days in Collection Period

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
Securities on Issue                 No. of Certificates      Initial Invested     Initial Invested Amount
-------------------                 -------------------      ----------------     -----------------------
                                                                Amount (US$)            Amount (A$)
                                                                ------------            -----------
<S>                                 <C>                      <C>                  <C>
Class A-1 Notes
Class A-2 Notes
Class B Notes
Redraw Bond - Series 1
Redraw Bond - Series 2
US$/A$ exchange rate at issue
----------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------
Interest Rate for Accrual Period    Bank Bill Rate        Interest Margin           Interest Rate
--------------------------------    --------------        ---------------           -------------
<S>                                 <C>                   <C>                       <C>
Class A-1 Notes (payable to
 Currency Swap Providers)
Class A-2 Notes
Class B Notes
Redraw Bond - Series 1
Redraw Bond - Series 2
BBSW Interest & Unpaid Interest
 Rate for Accrual Period
Facilities BBSW
----------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------
Distributions Payable On Distribution Date        Per Cert.                  Aggregate
-----------------------------------------         ---------                  ----------
<S>                                                <C>                        <C>
Total Interest Amount:
      Class A-1 Notes
      Class A-2 Notes
      Class B Notes
      Redraw Bond - series 1
      Redraw Bond - series 2
Principal:
      Class A-1 Notes
      Class A-2 Notes
      Class B Notes
      Redraw Bond - Series 1
      Redraw Bond - Series 2
Total:
      Class A-1 Notes
      Class A-2 Notes
      Class B Notes
Total
----------------------------------------------------------------------------------------------------------
</TABLE>

                                                                             141
<PAGE>

--------------------------------------------------------------------------------
Distribution Payable On Distribution Date        Per Cert.       Aggregate
-----------------------------------------        ---------       ---------

      Redraw Bond - Series 1
      Redraw Bond - Series 2
Total:
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                                                           Current Distribution
                                                           --------------------
Pool Factors                     Last Distribution Date    Date
------------                     ----------------------    ----

Class A-1 Notes
Class A-2 Notes
Class B Notes
Redraw Bond - series 1
Redraw Bond - series 2
--------------------------------------------------------------------------------

                                                                             142
<PAGE>

Quarterly Cashflow Working Sheet                   Per Certificate$  Aggregate$
--------------------------------
Finance Charge Collections
Finance Charge Collections - Repurchases
Finance Charge Damages
Income due to Seller
Other Income
Preliminary Income Amount

Taxes
Trustee Fee
Security Trustee Fee
Management Fee
Servicer's Fee
Liquidity Commitment Fee
Redraw Commitment Fee
Support Facility Payments
Support Facility Receipts
Expenses
Previous Unpaid Facility Int Chg - Liquidity
Liquidity Interest Charge + Previous Unpaid
Previous Unpaid Facility Int Chg - Redraw Facility
Redraw Interest Charge + Previous Unpaid
Repayment of Liquidity Facility
Total Interest Amount]  - Class A-1 Notes
                        - Class A-2 Notes
                        - Class B Notes
                        - Redraw Bonds - Series 1
                        - Redraw Bonds - Series 2

Required Income Amount
Income Shortfall
Liquidity Facility Draw

Principal Chargeoff Unreimbursement
Principal Chargeoff
Total Principal Chargeoff Reimbursement Due

Arranging Fee

Payment Allocation Cascade
--------------------------
Preliminary Income Amount
Liquidity Facility Draw
Available Income Amount

                                                   Due     Available     Paid

Taxes
Trustee Fee
Security Trustee Fee
Management Fee
Servicer's Fee
Liquidity Commitment Fee
Redraw Commitment Fee
Support Facility Payments
Support Facility Receipts
Expenses
Liquidity Interest Charge

                                                                             143
<PAGE>

Repayment of Liquidity Facility
----------------------------------------------------
Interest Amount Payable - Redraw Facility
                        - Class A-1 Notes
                        - Class A-2 Notes
                        - Redraw Bonds - Series 1
                        - Redraw Bonds - Series 2
---------------------------------------------------
                        - Class B Notes
Total Principal Chargeoff Reimbursement
Arranging Fee
Excess Distribution

Unpaid Facility Int Chg         - Liquidity
                                - Redraw
Unpaid Security Interest Amount - Class A-1 Notes
                                - Class A-2 Notes
                                - Class B Notes
                                - Redraw Bonds - Series 1
                                - Redraw Bonds - Series 2

Facilities Outstanding
----------------------
Liquidity Commitment Facility Limit
Beginning Liquidity Commitment Facility
Previous Liquidity Facility Draw
Repayment of Liquidity Facility
Liquidity Facility Draw
Ending Liquidity Commitment Facility

Redraw Commitment Facility Limit
Beginning Redraw Commitment Facility
Previous Redraw Facility Draw
Previous Redraw Facility Draw - Chargeoffs
Repayment of Redraw Facility
Repayment of Unreimbursed Chargeoffs
Redraw Facility Draw - Unreimbursed Chargeoffs
Redraw Facility Available to Draw
Redraw Facility Draw
Ending Redraw Commitment Facility

Interest and Principal Distribution Worksheet       Per Certificate  Aggregate
---------------------------------------------              $            $

Interest Amount
---------------
Class A-1 Notes
Unpaid Security Interest Amount (after last
 Distribution Date)
Interest on Unpaid Security Interest Amount
Security Interest Amount
Total Interest Amount

Unpaid Security Interest Amount (after last
 Distribution Date)
Interest on Unpaid Security Interest Amount
Security Interest Amount
Interest Amount Payable
Unpaid Security Interest Amount

Class A-2 Notes
Unpaid Security Interest Amount (after last
 Distribution Date)

                                                                             144
<PAGE>

Interest on Unpaid Security Interest Amount
Security Interest Amount
Total Interest Amount

Unpaid Security Interest Amount (after last Distribution Date)
Interest on Unpaid Security Interest Amount
Security Interest Amount
Interest Amount Payable
Unpaid Security Interest Amount

Class B Notes
Unpaid Security Interest Amount (after last Distribution Date)
Interest on Unpaid Security Interest Amount
Security Interest Amount
Total Interest

Unpaid Security Interest Amount (after last Distribution Date)
Interest on Unpaid Security Interest Amount
Security Interest Amount
Interest Amount Payable
Unpaid Security Interest Amount

Redraw Bonds - Series 1
Unpaid Security Interest Amount (after last Distribution Date)
Interest on Unpaid Security Interest Amount
Security Interest Amount
Total Interest Amount

Unpaid Security Interest Amount (after last Distribution Date)
Interest on Unpaid Security Interest Amount
Security Interest Amount
Interest Amount Payable
Unpaid Security Interest Amount

Redraw Bonds - Series 2
Unpaid Security Interest Amount (after last Distribution Date)
Interest on Unpaid Security Interest Amount
Security Interest Amount
Total Interest Amount

Unpaid Security Interest Amount (after last Distribution Date)
Interest on Unpaid Security Interest Amount
Security Interest Amount
Interest Amount Payable
Unpaid Security Interest Amount

Principal Amount
----------------
Principal Collections
Principal Collections - Repurchases
      less Repayment of Redraw Facility
      less Total Customer Redraw
      plus Redraw Facility Draw
      plus Redraw Bonds Issue this month
      Aggregate Principal Damages from Seller & Servicer
      Principal Chargeoff Reimbursement - Class B Notes
                                        - Class A-1 Notes
                                        - Class A-2 Notes

                                                                             145
<PAGE>

                                        - Redraw Bonds - Series 1
                                        - Redraw Bonds - Series 2
                                        - Redraw Facility
Principal rounding b/f
Scheduled Principal Amount
Scheduled Principal Amount less redraws
Unscheduled Principal Amount - Partial Prepayment
Unscheduled Principal Amount - Full Prepayment
Unscheduled Principal Amount - less redraws + C/O Reim
Total Available Principal Amount for Redraw Bonds
Principal Distribution - Redraw Bonds - Series 1
Principal Distribution - Redraw Bonds - Series 2
Principal rounding b/f
Total Unscheduled Principal Amount
Total Scheduled Principal Amount
Total Available Principal Amount for Notes

Principal Allocation
--------------------
Class A Percentage via Stepdown
Class A Available Principal Payment
      Class A-1 Principal Payment
      Class A-2 Principal Payment

Class B Principal Payment
Principal rounding c/f

Principal Losses
Principal Losses
      Principal Draw Amount - Pool Mortgage Insurance Policy
      Principal Draw Amount - Individual Mortgage Insurance Policy
Net Principal Losses
Principal Chargeoff - Class B Notes
                    - Class A-1 Notes
                    - Class A-2 Notes
                    - Redraw Bonds Series 1
                    - Redraw Bonds Series 2
                    - Redraw Facility

                                                                             146
<PAGE>

Class A-1 Notes
Beginning Unreimbursed Principal Chargeoffs
Principal Chargeoff
Principal Chargeoff Reimbursement
Ending Unreimbursed Principal Chargeoffs

Class A-2 Notes
Beginning Unreimbursed Principal Chargeoffs
Principal Chargeoff
Principal Chargeoff Reimbursement
Ending Unreimbursed Principal Chargeoffs

Class B Notes
Beginning Unreimbursed Principal Chargeoffs
Principal Chargeoff
Principal Chargeoff Reimbursement
Ending Unreimbursed Principal Chargeoffs

Redraw Bonds - Series 1
Beginning Unreimbursed Principal Chargeoffs
Principal Chargeoff
Principal Chargeoff Reimbursement
Ending Unreimbursed Principal Chargeoffs

Redraw Bonds - Series 2
Beginning Unreimbursed Principal Chargeoffs
Principal Chargeoff
Principal Chargeoff Reimbursement
Ending Unreimbursed Principal Chargeoffs

Redraw Facility
Beginning Unreimbursed Principal Chargeoffs
Principal Chargeoff
Principal Chargeoff Reimbursement
Ending Unreimbursed Principal Chargeoffs

                                                                             147
<PAGE>

Investors Balance Outstanding Worksheet           Aggregate           Aggregate
---------------------------------------               US$                A$

Class A-1 Notes
Initial Invested Amount
      previous Principal Distribution
      Principal Distribution for current period
Total Principal Distribution to date
Beginning Invested Amount
Ending Invested Amount
Unreimbursed Principal Chargeoffs
Beginning Stated Amount
Ending Stated Amount

Class A-2 Notes
Initial Invested Amount
      previous Principal Distribution
      Principal Distribution for current period
Total Principal Distribution to date
Beginning Invested Amount
Ending Invested Amount
Unreimbursed Principal Chargeoffs
Beginning Stated Amount
Ending Stated Amount

Class B Notes
Initial Invested Amount
      previous Principal Distribution
      Principal Distribution for current period
Total Principal Distribution to date
Beginning Invested Amount
Ending Invested Amount
Unreimbursed Principal Chargeoffs
Beginning Stated Amount
Ending Stated Amount

Redraw Bonds - Series 1
Previous Initial Invested Amount
Initial Invested Amount
      Principal Distribution (after last Distribution Date)
      Principal Distribution for current period
Total Principal Distribution to date
Beginning Invested Amount
Ending Invested Amount
Unreimbursed Principal Chargeoffs
Beginning Stated Amount
Ending Stated Amount

Redraw Bonds - Series 2
Previous Initial Invested Amount
Initial Invested Amount
      Principal Distribution (after last Distribution Date)
      Principal Distribution for current period
Total Principal Distribution to date
Beginning Invested Amount
Ending Invested Amount

                                                                             148
<PAGE>

Unreimbursed Principal Chargeoffs
Beginning Stated Amount
Ending Stated Amount

Average Monthly Percentage
------------------------------------------------------------------
Current Balance of Arrears greater than 60 Days
Current Outstanding Loan Balance
Average Monthly Percentage
Monthly Percentage - Current Period
Monthly Percentage - Month 2
Monthly Percentage - Month 3
Monthly Percentage - Month 4
Monthly Percentage - Month 5
Monthly Percentage - Month 6
Monthly Percentage - Month 7
Monthly Percentage - Month 8
Monthly Percentage - Month 9
Monthly Percentage - Month 10
Monthly Percentage - Month 11
Monthly Percentage - Month 12

Stepdown Conditions
-------------------
Years since initial Determination Date
Required Subordinated Percentage
Available Subordinated Percentage
Aggregate Unreimbursed Principal Chargeoffs
Required Class B Stated Amount Outstanding
Year * 5, 2% Avg Mo.  Perc, Unreim C/O Maximum
Year * 5, 4% Avg Mo.  Perc, Unreim C/O Maximum
5 ** Year * 6, Unreim C/O Maximum
6 ** Year * 7, Unreim C/O Maximum
7 ** Year * 8, Unreim C/O Maximum
8 ** Year * 9, Unreim C/O Maximum
9 *** Year, Unreim C/O Maximum
Stepdown Condition less than 5 years
Stepdown Condition greater than & equal to 5 years
Year *** 5, 2% Avg Mo.  Perc, Unreim C/O Maximum
Year - Stepdown Condition Test
5
6
7
8
9

<TABLE>
<CAPTION>
Year - Stepdown Class A Criteria                                 FALSE               TRUE            Class A Percentage
<S>                                                              <C>                 <C>             <C>
0                                                                 1                   0.5                  1.00
1                                                                 1                   0.5                  1.00
2                                                                 1                   0.5                  1.00
3                                                                 1                     0                  1.00
4                                                                 1                     0                  1.00
5                                                                 1                   0.7                  1.00
6                                                                 1                   0.6                  1.00
7                                                                 1                   0.4                  1.00
8                                                                 1                   0.2                  1.00
9                                                                 1                     0                  1.00
10                                                                1                     0                     -
</TABLE>

* Less than
** Less than or equal to
*** More than or equal to

                                                                             149
<PAGE>

Stepup Conditions
Step-up Date
Stepup margin   - Class A-1 Notes
                - Class A-2 Notes

                                                                             150
<PAGE>

Schedule 9
Form of Residual Unit Certificate

RESIDUAL UNIT CERTIFICATE

Series 2000-2G Medallion Trust

Perpetual Trustee Company Limited
ACN 000 001 007
(the "Trustee")

Securitisation Advisory Services Pty. Limited
ACN 064 133 946
(the "Manager")

THIS IS TO CERTIFY THAT:

RESIDUAL UNITHOLDER:           Commonwealth Bank of Australia
                               ACN 123 123 124
                               (the "Bank")

ADDRESS:             Level 8,
                     48 Martin Place
                     SYDNEY  NSW  2000

appears in the Register as the holder of the Residual Unit issued by the Trustee
as trustee of the Series 2000-2G Medallion Trust (the "Series Trust") as
constituted by a Master Trust Deed (the "Master Trust Deed") dated 8 October
1997 between the Manager and the Trustee, as amended from time to time, and a
Series Supplement (the "Series Supplement") dated [    ] between the Bank (as
Seller and Servicer), the Manager and the Trustee.

Unless expressly defined in this Unit Certificate or a contrary intention
appears, words and expressions used in this Unit Certificate have the same
meaning as in the Series Supplement.

The Residual Unit is issued and held by the Bank subject to the provisions of
the Master Trust Deed, the Series Supplement and a Security Trust Deed (the
"Security Trust Deed") dated [        ] between the Manager, the Trustee, the
Bank of New York, London Branch, and PT Limited, ACN 004 454 666 (as Security
Trustee). A copy of the Register, the Security Trust Deed, the Master Trust Deed
and the Series Supplement are available for inspection by the Bank at the
offices of the Trustee at Level 3, 39 Hunter Street, Sydney NSW 2000.

None of the Manager, the Seller, the Servicer, the Bank, or any Related Body
Corporate of the Bank guarantees the payment of amounts (if any) payable in
respect of the Residual Unit.

Neither the Manager nor the Trustee is under any obligation at any time to
repurchase or redeem the Residual Unit.

This Unit Certificate is not a certificate of title and the Register on which
this Residual Unit is registered is the only conclusive evidence of the title of
the Bank to the Residual Unit.

The Trustee issues the Residual Unit only in its role as trustee of the Series
Trust. Any obligation or liability of the Trustee arising under or in any way
connected with the Series Trust under the Master Trust Deed, the Series
Supplement or any other Transaction Document to which the Trustee is a party is
limited to the extent to which it can be satisfied out of the Assets of the
Series Trust out of which the Trustee is

                                                                             151
<PAGE>

actually indemnified for the obligation or liability. This limitation will not
apply to any obligation or liability of the Trustee only to the extent that it
is not so satisfied because of any fraud, negligence or wilful default on the
part of the Trustee. The Trustee will have no liability for any act or omission
of the Manager or of any other person (other than a person whose acts or
omissions the Trustee is liable for in accordance with any Transaction
Document).

The Residual Unit does not represent a deposit or other liability of the
Manager, the Seller, the Servicer, the Bank or any Related Body Corporate of the
Bank. The Residual Unit is subject to investment risk, including possible delays
in payment and loss of income and principal invested. None of the Manager, the
Seller, the Servicer, the Bank or any Related Body Corporate of the Bank stand
in any way behind the capital value and/or performance of the Assets held by the
Series Trust.

Dated:

For and on behalf of

PERPETUAL TRUSTEE COMPANY LIMITED

as trustee of the Series Trust

_____________________                 ____________________
Authorised Officer                    Authorised Officer

                                                                             152
<PAGE>

Schedule 10
Stepdown Percentage

Determination of Stepdown Percentage

The Stepdown Percentage on a Determination Date is determined as follows.

1.    If the Stepdown Conditions are not satisfied on that Determination Date,
      the Stepdown Percentage is 100%.

2.    If the Stepdown Conditions are satisfied on that Determination Date, the
      Stepdown Percentage is 100% unless the following apply:

      (a)    if the Determination Date falls prior to the third anniversary of
             the Closing Date the Stepdown Percentage is 50%;

      (b)    if:

             (i)    the Determination Date falls on or after the third
                    anniversary of the Closing Date but prior to the tenth
                    anniversary of the Closing Date; and

             (ii)   the Class B Available Support on the Determination Date is
                    equal to or greater than two times the Class B Required
                    Support on the Determination Date;

             the Stepdown Percentage is 0%;

      (c)    if:

             (i)    paragraph (b) above does not apply;

             (ii)   the Determination Date falls on or after the fifth
                    anniversary of the Closing Date but prior to the tenth
                    anniversary of the Closing Date; and

             (iii)  the Class B Available Support on the Determination Date is
                    equal to or greater than the Class B Required Support on the
                    Determination Date;

             then:

             (i)    if the Determination Date falls on or after the fifth
                    anniversary of the Closing Date but prior to the sixth
                    anniversary of the Closing Date, the Stepdown Percentage is
                    70%;

             (ii)   if the Determination Date falls on or after the sixth
                    anniversary of the Closing Date but prior to the seventh
                    anniversary of the Closing Date, the Stepdown Percentage is
                    60%;

             (iii)  if the Determination Date falls on or after the seventh
                    anniversary of the Closing Date but prior to the eighth
                    anniversary of the Closing Date, the Stepdown Percentage is
                    40%;

                                                                             153
<PAGE>

             (iv)   if the Determination Date falls on or after the eighth
                    anniversary of the Closing Date but prior to the ninth
                    anniversary of the Closing Date, the Stepdown Percentage is
                    20%; or

             (v)    if the Determination Date falls on or after the ninth
                    anniversary of the Closing Date but prior to the tenth
                    anniversary of the Closing Date, the Stepdown Percentage is
                    0%; or

      (d)    if the Determination Date falls on or after the tenth anniversary
             of the Closing Date, the Stepdown Percentage is 0%.

Stepdown Conditions

The Stepdown Conditions are satisfied on a Determination Date if:

1.    the following applies:

      (a)    the Class B Available Support on the Determination Date is equal to
             or greater than two times the Class B Required Support on the
             Determination Date;

      (b)    the aggregate Stated Amount for the Class B Notes on the
             Determination Date is equal to or greater than 0.25% of the
             aggregate Initial Invested Amount of the Class B Notes;

      (c)    either:

             (i)    the Average Delinquent Percentage on the Determination Date
                    does not exceed 2% and the aggregate of all Unreimbursed
                    Principal Chargeoffs on the Determination Date does not
                    exceed 30% of the aggregate of the Initial Invested Amounts
                    of the Class B Notes; or

             (ii)   the Average Delinquent Percentage on the Determination Date
                    does not exceed 4% and the aggregate of all Unreimbursed
                    Principal Chargeoffs on the Determination Date does not
                    exceed 10% of the aggregate of the Initial Invested Amounts
                    of the Class B Notes; and

      (d)    the event referred to in Condition |7.3(a) of the Class A-1 Note
             Conditions has not occurred on or prior to the Determination Date
             and is not expected to occur on or prior to the next Distribution
             Date thereafter; or

2.    the following applies:

      (a)    the Determination Date falls on or after the fifth anniversary of
             the Closing Date;

      (b)    the Average Delinquent Percentage on the Determination Date does
             not exceed 2%;

      (c)    the aggregate Stated Amount of all outstanding Notes is greater
             than 10% of the aggregate Initial Invested Amount of all Notes;

      (d)    the aggregate Stated Amount for the Class B Notes on the
             Determination Date is equal to or greater than 0.25% of the
             aggregate Initial Invested Amount of the Class B Notes; and

                                                                             154
<PAGE>

      (e)    the aggregate of all Unreimbursed Principal Chargeoffs on the
             Determination Date does not exceed:

             (i)    if the Determination Date falls on or after the fifth
                    anniversary of the Closing Date but prior to the sixth
                    anniversary of the Closing Date, 30% of the aggregate of the
                    Initial Invested Amounts of the Class B Notes;

             (ii)   if the Determination Date falls on or after the sixth
                    anniversary of the Closing Date but prior to the seventh
                    anniversary of the Closing Date, 35% of the aggregate of the
                    Initial Invested Amounts of the Class B Notes;

             (iii)  if the Determination Date falls on or after the seventh
                    anniversary of the Closing Date but prior to the eighth
                    anniversary of the Closing Date, 40% of the aggregate of the
                    Initial Invested Amounts of the Class B Notes;

             (iv)   if the Determination Date falls on or after the eighth
                    anniversary of the Closing Date but prior to the ninth
                    anniversary of the Closing Date, 45% of the aggregate of the
                    Initial Invested Amounts of the Class B Notes; or

             (v)    if the Determination Date falls on or after the ninth
                    anniversary of the Closing Date, 50% of the aggregate of the
                    Initial Invested Amounts of the Class B Notes.

                                                                             155
<PAGE>

 Executed as a deed.

 Signed sealed and delivered for and on behalf
 of Commonwealth Bank of Australia, ACN 123
 123 124, by its Attorney under a Power of
 Attorney dated                          and
 registered Book                No.
 who certifies that he or she is                 _______________________________
 of Commonwealth Bank of Australia in the
 presence of:                                     Signature of Attorney

_________________________________                _______________________________

 Signature of Witness                             Name of Attorney in full

_________________________________

 Name of Witness in full

 Signed sealed and delivered for and on behalf
 of Securitisation Advisory Services Limited,
 ACN 064 133 946 by its Attorney under a
 Power of Attorney dated
 and registered Book         No.
 and who declares that he or she has not         _______________________________
 received any notice of the revocation of
 such Power of Attorney in the presence of:       Signature of Attorney

________________________________                 _______________________________

 Signature of Witness                             Name of Attorney in full

________________________________

 Name of Witness in full

                                                                             156
<PAGE>

 Signed sealed and delivered for and on behalf
 of Perpetual Trustee Company Limited, ACN
 000 001 007 by its Attorney under a Power of
 Attorney dated                   and
 registered Book          No.
 and who declares that he or she has not         _______________________________
 received any notice of the revocation of
 such Power of Attorney in the presence of:       Signature of Attorney

_______________________________                  _______________________________

 Signature of Witness                             Name of Attorney in full

_______________________________

 Name of Witness in full

                                                                             157<PAGE>

                                                                     EXHIBIT 4.3

                                                           Draft: 18 August 2000

                        Series 2000-2G Medallion Trust

                              Security Trust Deed

                                     Date:

                                 P.T. Limited

                               Security Trustee

                     The Bank of New York, New York Branch

                            Class A-1 Note Trustee

                 Securitisation Advisory Services Pty. Limited

                                    Manager

                       Perpetual Trustee Company Limited

                                    Trustee

                                  CLAYTON UTZ
                                    Lawyers
                                 Levels 27-35
                             No.1 O=Connell Street
                                SYDNEY NSW 2000

                           (C)Copyright Clayton Utz
Liability is limited by the Solicitors Scheme under the Professional Standards
                                 Act 1994 NSW

                                   AUSTRALIA
<PAGE>

                               TABLE OF CONTENTS

Clause                                                                     Page

1.    DEFINITIONS AND INTERPRETATION                                          1

1.1   Definitions                                                             1
1.2   Series Supplement and Master Trust Deed Definitions                     7
1.3   Interpretation                                                          7
1.4   Incorporation of Annexure                                              10
1.5   Trustee=s capacity                                                     10
1.6   Determination of Outstanding Hedge Money                               10
1.7   Amounts Outstanding                                                    10
1.8   Benefit of Covenants under this Deed                                   11
1.9   Obligations Several                                                    11
1.10  Incorporated Definitions and other Provisions                          11

2.    THE SECURITY TRUST                                                     11

2.1   Appointment of Security Trustee                                        11
2.2   Declaration of Security Trust                                          11
2.3   Duration of Security Trust                                             11
2.4   Benefit of Security Trust                                              11
2.5   Interested Persons Bound                                               12
2.6   Nature of Rights of Secured Creditors                                  12
2.7   Shared Securities                                                      12

3.    PAYMENT OF SECURED MONEYS                                              12

3.1   Covenant in Favour of Security Trustee                                 12
3.2   Payments to Secured Creditors                                          12

4.    CHARGE                                                                 12

4.1   The Charge                                                             12
4.2   Floating Charge                                                        12
4.3   Ranking of Charge                                                      13
4.4   Crystallisation of Floating Charge                                     13
4.5   Consent to Dealings                                                    13
4.6   Re-Conversion from Fixed into Floating Charge                          13
4.7   Replacement of fixed charge over Charged Property                      13
4.8   Subsequent dealing                                                     14
4.9   Limit and Prospective Liability Amount                                 14

5.    REPRESENTATIONS AND WARRANTIES                                         14

5.1   By the Trustee                                                         14
5.2   By the Manager                                                         16

6.    TRUSTEE'S AND MANAGER'S COVENANTS                                      17

6.1   Covenants in respect of Charged Property                               17
6.2   General Covenants                                                      17
6.3   Dealing in Accordance with Master Trust Deed, the Series Supplement
      etc.                                                                   18
6.4   Manager's Undertaking                                                  19

7.    EVENTS OF DEFAULT                                                      19

8.    RIGHTS AND OBLIGATIONS OF THE SECURITY TRUSTEE

                                      (i)
<PAGE>

      FOLLOWING EVENT OF DEFAULT                                             20

8.1   Notify Voting Secured Creditors and Convene Meeting of Voting Secured
      Creditors                                                              20
8.2   Extraordinary Resolutions                                              21
8.3   Security Trustee to Act in Accordance with Directions                  21
8.4   Security Trustee Must Receive Indemnity                                22
8.5   Notice to Trustee                                                      22
8.6   Manager convenes meeting                                               23
8.7   Notice of Event of Default                                             23
8.8   Notice of action to remedy Event of Default                            23

9.    ENFORCEMENT                                                            23

9.1   Power to Deal with and Protection of the Charged Property              23
9.2   Restrictions on Power to Enforce                                       23
9.3   No Obligation to Enforce                                               24
9.4   Limitation on Rights of Secured Creditors                              24
9.5   Immaterial Waivers                                                     24
9.6   Acceleration of Secured Moneys following Event of Default              25

10.   RECEIVERS - APPOINTMENT AND POWERS                                     25

10.1  Appointment of Receiver                                                25
10.2  Joint Receivers                                                        25
10.3  Remuneration of Receiver                                               26
10.4  Indemnification of Receiver                                            26
10.5  Appointment over part                                                  26
10.6  Powers of Receiver                                                     26
10.7  Indemnity                                                              29

11.   POWERS AND PROTECTIONS FOR SECURITY TRUSTEE AND RECEIVER AND
      POWER OF ATTORNEY                                                      29

11.1  Security Trustee has Powers of Receiver                                29
11.2  Act Jointly                                                            29
11.3  No Liability for Loss                                                  30
11.4  No Liability to Account as Mortgagee in Possession                     30
11.5  No Conflict                                                            30
11.6  Contract Involving Conflict of Duty                                    30
11.7  Power of Attorney                                                      30
11.8  Security Trustee May Make Good Default                                 31
11.9  Notice for Exercise of Powers                                          32
11.10 Benefit for Receiver etc.                                              32

12.   PROTECTION OF PERSONS DEALING WITH SECURITY TRUSTEE
      OR RECEIVER                                                            32

12.1  No Enquiry                                                             32
12.2  Receipts                                                               32

13.   APPLICATION OF MONEYS                                                  33

13.1  Priority of Payments                                                   33
13.2  Moneys Received                                                        35
13.3  Application of Moneys                                                  35
13.4  Investment of Funds                                                    36
13.5  Conversion into A$ of Class A-1 Notes denominated in US$               36
13.6  Application of Class A-1 Currency Swap Termination Proceeds            37
13.7  Satisfaction of Debts                                                  37

                                      (ii)
<PAGE>

14.   SUPPLEMENTAL SECURITY TRUSTEE PROVISIONS                               37

14.1  Limitations on Powers and Duties of Security Trustee                   37
14.2  Limitation on Security Trustee's Actions                               37
14.3  Additional Powers, Protections, etc.                                   38
14.4  Limitation of Liability                                                43
14.5  Dealings with Trust                                                    43
14.6  Discretion of Security Trustee as to Exercise of Powers                44
14.7  Delegation of Duties of Security Trustee                               44
14.8  Related Body Corporate of the Security Trustee                         44

15.   DUTIES OF THE SECURITY TRUSTEE                                         44

15.1  Duties of the Security Trustee limited to duties in this Deed          44
15.2  Security Trustee's Further Duties                                      44
15.3  Trustee Liable for Negligence etc.                                     45
15.4  No Liability for Transaction Documents                                 45
15.5  Resolution of Conflicts                                                45

                                     (iii)
<PAGE>

16.   INDEMNITY BY TRUSTEE                                                   46

16.1  Indemnity                                                              46
16.2  Extent of Security Trustee=s Indemnity                                 46
16.3  Costs of experts                                                       47
16.4  Non-Discharge                                                          47
16.5  Retention of Lien                                                      47

17.   MEETINGS OF VOTING SECURED CREDITORS                                   48

17.1  Meetings Regulated by the Annexure                                     48
17.2  Limitation on Security Trustee's Powers                                48

18.   CONTINUING SECURITY AND RELEASES                                       48

18.1  Liability Preserved                                                    48
18.2  Trustee=s Liability Not Affected                                       48
18.3  Waiver by Trustee                                                      49

19.   REMUNERATION AND RETIREMENT OF SECURITY TRUSTEE                        49

19.1  Remuneration                                                           49
19.2  Retirement of Security Trustee                                         49
19.3  Removal by Manager                                                     50
19.4  Security Trustee May Retire                                            50
19.5  Retirement of Trustee under Master Trust Deed                          50
19.6  Appointment of Substitute Security Trustee by Voting Secured Creditors 51
19.7  Release of Security Trustee                                            51
19.8  Vesting of Security Trust Fund in Substitute Security Trustee          51
19.9  Substitute Security Trustee to Execute Deed                            51
19.10 Rating Agencies Advised                                                52

20.   ASSURANCE                                                              52

20.1  Further Assurance                                                      52
20.2  Postponement or Waiver of Security Interests                           52
20.3  Registration of Charge                                                 53
20.4  Caveats                                                                53

21.   PAYMENTS                                                               53

21.1  Moneys Repayable as Agreed or on Demand                                53
21.2  No Set-Off or Deduction                                                53

22.   DISCHARGE OF THE CHARGE                                                54

22.1  Release                                                                54
22.2  Contingent Liabilities                                                 54
22.3  Charge Reinstated                                                      54

23.   CLASS A-1 NOTE TRUSTEE                                                 54

23.1  Capacity                                                               54
23.2  Exercise of rights                                                     55
23.3  Instructions or directions                                             55
23.4  Payments                                                               55
23.5  Notices                                                                55
23.6  Limitation of Class A-1 Note Trustee's Liability                       55

                                      (iv)
<PAGE>

24.   AMENDMENT                                                              55

24.1  Amendment by Security Trustee                                          55
24.2  Consent required Generally                                             56
24.3  Consent to Payment Modification in relation to Class A-1 Notes         56
24.4  No Rating Agency Downgrade                                             57
24.5  Distribution of Amendments                                             57

25.   EXPENSES AND STAMP DUTIES                                              57

25.1  Expenses                                                               57
25.2  Stamp Duties                                                           57
25.3  Goods and Services Tax                                                 58

26.   GOVERNING LAW AND JURISDICTION                                         58

26.1  Governing Law                                                          58
26.2  Jurisdiction                                                           58

27.   NOTICES                                                                58

27.1  Method of Delivery                                                     58
27.2  Deemed Receipt                                                         59

28.   TRUSTEE'S LIMITED LIABILITY                                            59

28.1  Limitation on Trustee's Liability                                      59
28.2  Claims against Trustee                                                 60
28.3  Breach of Trustee                                                      60
28.4  Acts or omissions                                                      60
28.5  No Authority                                                           60
28.6  No Obligation                                                          60

29.   MISCELLANEOUS                                                          61

29.1  Assignment by Trustee                                                  61
29.2  Assignment by Manager                                                  61
29.3  Assignment by Security Trustee                                         61
29.4  Assignment by Class A-1 Note Trustee                                   61
29.5  Certificate of Security Trustee                                        61
29.6  Continuing Obligation                                                  62
29.7  Settlement Conditional                                                 62
29.8  No Merger                                                              62
29.9  Interest on Judgment                                                   62
29.10 No Postponement                                                        62
29.11 Severability of Provisions                                             62
29.12 Remedies Cumulative                                                    63
29.13 Waiver                                                                 63
29.14 Consents and Approvals                                                 63
29.15 Written Waiver, Consent and Approval                                   63
29.16 Time of Essence                                                        63
29.17 Moratorium Legislation                                                 63
29.18 Debit Accounts                                                         64
29.19 Set-Off                                                                64
29.20 Binding on Each Signatory                                              64
29.21 Counterparts                                                           64

                                      (v)
<PAGE>

SECURITY TRUST DEED is made in Sydney on                                    2000

BETWEEN       P.T. LIMITED, ACN 004 454 666, a company incorporated in the State
              of Victoria and having an office at Level 7, 39 Hunter Street,
              Sydney, Australia (hereinafter included in the expression the
              "Security Trustee")

AND           THE BANK OF NEW YORK, NEW YORK BRANCH, a New York banking
              corporation acting through its New York branch at 101 Barclay
              Street, 21W, New York, New York 10286 (hereinafter included by
              incorporation in the expression the "Class A-1 Note Trustee")

AND           SECURITISATION ADVISORY SERVICES PTY. LIMITED, ACN 064 133 946, a
              company incorporated in the State of New South Wales and having an
              office at Level 3, 48 Martin Place, Sydney, Australia (hereinafter
              included in the expression the "Manager")

AND           PERPETUAL TRUSTEE COMPANY LIMITED, ACN 000 001 007, a company
              incorporated in the State of New South Wales and having an office
              at Level 3, 39 Hunter Street, Sydney, Australia in its capacity as
              trustee of the Series Trust (as hereinafter defined) (the
              "Trustee")

RECITALS

A.     The Trustee is the trustee, and the Manager is the manager, of the Series
       Trust.

B.     The Trustee is authorised to enter into this Deed to charge the assets of
       the Series Trust to secure the payment in full of the Secured Moneys to
       the Secured Creditors of the Series Trust.

C.     The Class A-1 Note Trustee has been appointed as trustee under the Class
       A-1 Note Trust Deed to act on behalf of the Class A-1 Noteholders.

D.     The Security Trustee has agreed to act as trustee for the benefit of the
       Secured Creditors on the terms and conditions and with the powers and
       authorities contained in this Deed.

THIS DEED PROVIDES as follows:

1.     DEFINITIONS AND INTERPRETATION

1.1    Definitions

       In this Deed, unless the contrary intention appears:

       "Agent" has the same meaning as in the Agency Agreement.

       "Authorised Officer" means:

       (a)    in relation to the Security Trustee, a director or secretary of
              the Security Trustee or an officer of the Security Trustee whose
              title contains the word or words "manager" or "counsel" or a
              person performing the functions of any of them;

                                       1
<PAGE>

       (b)    in relation to the Class A-1 Note Trustee, an Authorised Officer
              of the Class A-1 Note Trustee for the purposes of the Class A-1
              Note Trust Deed;

       (c)    in relation to the Trustee, an Authorised Officer of the Trustee
              for the purposes of the Master Trust Deed; and

       (d)    in relation to the Manager, an Authorised Officer of the Manager
              for the purposes of the Master Trust Deed.

       "Charge" means the charge created by this Deed.

       "Charged Property" means all the Assets of the Series Trust held by the
       Trustee from time to time as trustee of the Series Trust and the benefit
       of all covenants, agreements, undertakings, representations, warranties
       and other choses in action in favour of the Trustee under the Transaction
       Documents, but does not include any of the foregoing situated outside the
       State of New South Wales at the time of the execution and delivery of
       this Deed.

       "Charge Release Date" subject to clause [ ]22.3 means the date the
       Security Trustee releases the Charged Property from the Charge.

       "Class A-1 Currency Swap Termination Proceeds" means the US dollars
       proceeds (if any) received from a Currency Swap Provider under a Class A-
       1 Currency Swap as a result of the occurrence (if any) of an "Early
       Termination Date" thereunder, and includes any interest earned and
       credited thereon whilst such proceeds are invested in the US dollar
       interest bearing account referred to in clause [ ]13.6.

       "Class A-1 Trust" has the same meaning as in the Class A-1 Note Trust
       Deed.

       "Class B Basic Term Modification" means an alteration, addition or
       amendment to this Deed or to the terms and conditions of the Securities
       which has the effect of:

       (a)    reducing, cancelling, postponing the date of payment, modifying
              the method for the calculation or altering the order of priority
              under this Deed, of any amount payable in respect of any principal
              or interest in respect of the Class B Notes;

       (b)    altering the currency in which payments under the Class B Notes
              are to be made;

       (c)    altering the majority required to pass an Extraordinary Resolution
              under this Deed; or

       (d)    sanctioning any scheme or proposal for the exchange or sale of the
              Class B Notes for or the conversion of the Class B Notes into or
              the cancellation of the Class B Notes in consideration of shares,
              stock, notes, bonds, debentures, debenture stock and/or other
              obligations and/or securities of the Trustee or any other company
              formed or to be formed, or for or into or in consideration of
              cash, or partly for or into or in consideration of such shares,
              stock, notes, bonds, debentures, debenture stock and/or other
              obligations and/or securities as aforesaid and partly for or in
              consideration of cash.

       "Event of Default" has the meaning given to it in clause [ ]7.

       "Extraordinary Resolution" of the Voting Secured Creditors or a class of
       Voting Secured Creditors means:

       (a)    a resolution which is passed at a meeting of the then Voting
              Secured Creditors or, where applicable, a class of Voting Secured
              Creditors duly convened and held in accordance with the provisions
              of this Deed (including the Annexure) by a majority consisting of
              not less than 75% of the votes (determined in accordance with
              clause 8(d)(i) of the Annexure) of the persons present and
              voting at the meeting who are then Voting Secured Creditors, or
              Voting Secured Creditors of that class, or representing such
              Voting Secured Creditors or, if a

                                       2
<PAGE>

              poll is demanded, by then Voting Secured Creditors, or Voting
              Secured Creditors of that class, holding or representing between
              them Voting Entitlements comprising in aggregate a number of votes
              which is not less than 75% of the aggregate number of votes
              comprised in the Voting Entitlements held or represented by all
              the persons present at the meeting voting on such poll; or

       (b)    a resolution in writing in relation to all Voting Secured
              Creditors or the class of Voting Secured Creditors pursuant to
              clause [ ]16 of the Annexure.

       "Foreign Currency" means a currency other than Australian dollars.

       "Insolvency Event" in relation to:

   (a) the Trustee, means each of the following events:

       (i)    an application is made to a court (which application is not
              dismissed or stayed on appeal within 30 days) for an order or an
              order is made that the Trustee be wound up or dissolved;

       (ii)   an application is made to a court for an order appointing a
              liquidator, a provisional liquidator, a receiver or a receiver and
              manager in respect of the Trustee (which application is not
              dismissed or stayed on appeal within 30 days), or one of them is
              appointed, whether or not under an order;

       (iii)  except on terms approved by the Security Trustee, the Trustee
              enters into, or resolves to enter into, a scheme of arrangement,
              deed of company arrangement or composition with, or assignment for
              the benefit of, all or any class of its creditors, or it proposes
              a reorganisation, moratorium or other administration involving any
              of them;

       (iv)   the Trustee resolves to wind itself up, or otherwise dissolve
              itself, or gives notice of intention to do so, except to
              reconstruct or amalgamate while solvent on terms approved by the
              Security Trustee or is otherwise wound up or dissolved;

       (v)    the Trustee is or states that it is unable to pay its debts when
              they fall due;

       (vi)   as a result of the operation of section 459F(1) of the
              Corporations Law, the Trustee is taken to have failed to comply
              with a statutory demand;

       (vii)  the Trustee is or makes a statement from which it may be
              reasonably deduced by the Security Trustee that the Trustee is,
              the subject of an event described in section 459C(2)(b) or section
              585 of the Corporations Law;

       (viii) the Trustee takes any step to obtain protection or is granted
              protection from its creditors, under any applicable legislation or
              an administrator is appointed to the Trustee or the board of
              directors of the Trustee propose to appoint an administrator to
              the Trustee or the Trustee becomes aware that a person who is
              entitled to enforce a charge on the whole or substantially the
              whole of the Trustee's property proposes to appoint an
              administrator to the Trustee;

       (ix)   anything analogous or having a substantially similar effect to any
              of the events specified above happens under the law of any
              applicable jurisdiction; and

(b)  the Security Trustee has the same meaning as in the Master Trust Deed
     (provided that any approval thereunder must be given by the Manager rather
     than the Trustee as specified therein).

       "Interested Persons" means a collective reference to the Trustee, the
       Secured Creditors, the Manager and all persons claiming through them and
       "Interested Person" means a several reference to all Interested Persons.

       "Manager" means Securitisation Advisory Services Pty. Limited or if
       Securitisation Advisory Services Pty. Limited retires or is removed as
       manager of the Series Trust, any

                                       3
<PAGE>

       then Substitute Manager and includes the Trustee when acting as the
       Manager in accordance with the provisions of the Master Trust Deed.

       "Master Trust Deed" means the Master Trust Deed dated 8 October 1997 and
       made between the Trustee and the Manager, as amended from time to time.

       "Outstanding Cash Advance Deposit" on a given date means the amount of
       the Cash Advance Deposit on that date together with all accrued but
       unpaid interest on the Cash Advance Deposit payable to the Liquidity
       Facility Provider pursuant to the Liquidity Facility Agreement.

       "Outstanding Interest Rate Swap Prepayment Amount" has the same meaning
       as in the Interest Rate Swap Agreement.

       "Potential Event of Default" has the same meaning as in the Class A-1
       Note Trust Deed.

       "Pre-Default Action" means:

       (a)    an action which the Security Trustee is required or empowered to
              take prior to an Event of Default under:

              (i)    paragraphs (a)(iii), (a)(iv) and (a)(vii) of the
                     definition of "Insolvency Event" in this clause 1.1; and
              (ii)   clauses 6.1, 6.2(c), 8.3, 8.4, 9.5, 11.5, 11.8, 14, 15.2,
                     16.1, 17.2, 19, 20.1, 20.2, 22, 24 and 29; and
       (b)    such action as the Security Trustee considers necessary to cause
              the Trustee to comply with its obligations under clause 19.1.

       "Prior Interest" means the lien over, and right of indemnification from,
       the Charged Property held by the Trustee under, and calculated in
       accordance with, the Master Trust Deed for Trustee Indemnity Costs (other
       than the Secured Moneys) in relation to the Series Trust which are
       unpaid, or paid by the Trustee but not reimbursed to the Trustee from the
       Assets of the Series Trust.

       "Receiver" means a receiver appointed by the Security Trustee under this
       Deed and includes a receiver and manager and where more than one person
       has been appointed as receiver or receiver and manager each such person
       and also any servant agent or delegate of any such receiver or receiver
       and manager.

       "Representative" means:

       (a)    in relation to a Voting Secured Creditor, a person appointed as a
              proxy for that Voting Secured Creditor pursuant to clause [ ]10 of
              the Annexure; and

       (b)    without limiting the generality of paragraph (a), in relation to a
              Voting Secured Creditor that is a body corporate, a person
              appointed pursuant to clause [ ]11 of the Annexure by that Voting
              Secured Creditor.

       "Secured Creditors" means the Class A-1 Note Trustee (in its personal
       capacity and as trustee of the Class A-1 Trust), each Paying Agent, each
       Securityholder, each Hedge Provider, the Liquidity Facility Provider, the
       Standby Redraw Facility Provider, the Servicer and the Seller and
       "Secured Creditor" means each of the Secured Creditors.

       "Secured Moneys" means, without double counting, the aggregate of all
       moneys owing to the Security Trustee or to a Secured Creditor under any
       of the Transaction Documents provided that:

       (a)    the amount owing by the Trustee in relation to the principal
              component of a Security is to be calculated by reference to the
              Invested Amount of that Security;

       (b)    the amount owing by the Trustee in relation to the principal
              component of the Standby Redraw Facility Agreement is to be
              calculated by reference to the aggregate of the Standby Redraw
              Facility Principal and the Unreimbursed Principal Charge-offs in
              relation to the Standby Redraw Facility Principal; and

                                       4
<PAGE>

       (c)    the Secured Moneys do not include any fees or value added tax
              payable to the Class A-1 Note Trustee referred to in clause
              [ ]12.7 of the Class A-1 Note Trust Deed or to the Agents referred
              to in the clause 12.6 of the Agency Agreement.

       "Security Trust" means the trust established under clause [ ]2.2 of this
       Deed.

       "Security Trust Fund" means any property and benefits which the Security
       Trustee holds on trust for the Secured Creditors 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.

       "Security Trustee" means P.T. Limited or if P.T. Limited retires or is
       removed as security trustee, any then Substitute Security Trustee.

       "Senior Security" means a Class A-1 Note, a Class A-2 Note or a Redraw
       Bond.

       "Senior Securityholder" means a Class A-1 Noteholder, a Class A-2
       Noteholder or a Redraw Bondholder.

       "Series Supplement" means the Series Supplement dated on or about the
       date of this Deed between the Commonwealth Bank of Australia, ACN 123 123
       124, the Manager and the Trustee.

       "Series Trust" means the trust known as the Series 2000-2G Medallion
       Trust established pursuant to the Master Trust Deed and the Series
       Supplement.

       "Statute" means any legislation now or hereafter in force of the
       Parliament of the Commonwealth of Australia or of any State or Territory
       thereof and any rule regulation ordinance by-law statutory instrument
       order or notice now or hereafter made under such legislation.

       "Substitute Security Trustee" at any given time means the entity then
       appointed as Security Trustee under clause [ ]19.

       "Trustee Indemnity Costs" means the fees, costs, charges and expenses
       incurred by, or payable to the Trustee (in its capacity as trustee of the
       Series Trust) in accordance with the Master Trust Deed (including clause
       [ ]16.11 of the Master Trust Deed) and the Series Supplement.

       "Voting Entitlement" means, on a particular date the number of votes
       which a Voting Secured Creditor would be entitled to exercise if a
       meeting of Voting Secured Creditors were held on that date, being in
       respect of a given Voting Secured Creditor and subject to clause
       [ ]13.5(c), the number calculated by dividing the Secured Moneys owing to
       that Voting Secured Creditor by 10 and rounding the resultant figure down
       to the nearest whole number, provided that if the Class A-1 Note Trustee
       is a then Voting Secured Creditor it will have a Voting Entitlement equal
       to the aggregate Voting Entitlement (determined in accordance with the
       foregoing) for all Class A-1 Noteholders.

       "Voting Secured Creditor" means:

       (a)    for so long as the Secured Moneys of the Securityholders are 75%
              or more of the then total Secured Moneys:

              (i)  if any Class A-1 Note then remains outstanding, the Class A-1
                   Note Trustee (or, if the Class A-1 Note Trustee has become
                   bound to notify, or seek directions from, the Class A-1
                   Noteholders or to take steps and/or to proceed under the
                   Class A-1 Note Trust Deed and fails to do so as and when
                   required by the Class A-1 Note Trust Deed and such failure is
                   continuing, the Class A-1 Noteholders); if any Class A-2
                   Notes remain outstanding, the Class A-2 Noteholders; and if
                   any Redraw Bonds remain outstanding, the Redraw Bondholders;
                   or

                                       5
<PAGE>

              (ii) if no Senior Security then remains outstanding, the Class B
                   Noteholders; and

       (b)    otherwise:

              (i)    if any Class A-1 Notes remain outstanding, the Class A-1
                     Note Trustee (or, if the Class A-1 Note Trustee has become
                     bound to take steps and/or to proceed under the Class A-1
                     Note Trust Deed and fails to do so as and when required by
                     the Class A-1 Note Trust Deed and such failure is
                     continuing, the Class A-1 Noteholders); and
              (ii)   each other then Secured Creditor (other than the Class A-1
                     Note Trustee and the Class A-1 Noteholders).

1.2    Series Supplement and Master Trust Deed Definitions

       Subject to clause [ ]1.10, unless defined in this Deed, words and phrases
       defined in either or both of the Master Trust Deed and the Series
       Supplement have the same meaning in this Deed.  Where there is any
       inconsistency in a definition between this Deed (on the one hand) and the
       Master Trust Deed or the Series Supplement (on the other hand), this Deed
       prevails. Where there is any inconsistency in a definition between the
       Master Trust Deed and the Series Supplement, the Series Supplement
       prevails over the Master Trust Deed in respect of this Deed.  Subject to
       clause [ ]1.10, where words or phrases used but not defined in this Deed
       are defined in the Master Trust Deed in relation to a Series Trust (as
       defined in the Master Trust Deed) and/or an Other Trust such words or
       phrases are to be construed in this Deed, where necessary, as being used
       only in relation to the Series Trust (as defined in this Deed) and/or the
       CBA Trust (as defined in the Series Supplement), as the context requires.

1.3    Interpretation

       In this Deed unless the contrary intention appears:

       (a)  the expression "person" includes an individual, a corporation and a
            Governmental Agency;

       (b)  the expression "owing" includes amounts that are owing whether such
            amounts are liquidated or not or are contingent or presently accrued
            due and includes all rights sounding in damages only;

       (c)  the expression "power" in relation to a person includes all powers,
            authorities, rights, remedies, privileges and discretions conferred
            upon that person by the Transaction Documents, by any other deed,
            agreement, document, or instrument, by any Statute or otherwise by
            law;

       (d)  a reference to any person includes that person=s executors,
            administrators, successors, substitutes and assigns, including any
            person taking by way of novation;

       (e)  subject to clause [ ]1.10, a reference to this Deed, the Master
            Trust Deed or to any other deed, agreement, document or instrument
            includes, respectively, this Deed, the Master Trust Deed or such
            other deed, agreement, document or instrument as amended, novated,
            supplemented, varied or replaced from time to time;

       (f)  a reference to any Statute or to any section or provision of any
            Statute includes any statutory modification or re-enactment or any
            statutory provision substituted therefor and all ordinances, by-
            laws, regulations and other statutory instruments issued thereunder;

       (g)  a reference to a Related Body Corporate includes a corporation which
            is or becomes a Related Body Corporate during the currency of this
            Deed;

                                       6
<PAGE>

       (h)  words importing the singular include the plural (and vice versa) and
            words denoting a given gender include all other genders;

       (i)  headings are for convenience only and do not affect the
            interpretation of this Deed;

       (j)  a reference to a clause is a reference to a clause of this Deed;

       (k)  a reference to a Schedule or an Annexure is a reference to the
            Schedule or Annexure to this Deed;

       (l)  where any word or phrase is given a defined meaning any other part
            of speech or other grammatical form in respect of such word or
            phrase has a corresponding meaning;

       (m)  all accounting terms used in this Deed have the same meaning
            ascribed to those terms under accounting principles and practices
            generally accepted in Australia from time to time;

       (n)  a reference to a party is a reference to a party to this Deed;

       (o)  a reference to time is a reference to Sydney time;

       (p)  a reference to any thing (including, without limitation, the Secured
            Money, any other amount and the Charged Property) is a reference to
            the whole and each part of it and a reference to a group of persons
            is a reference to all of them collectively, to any two or more of
            them collectively and to each of them individually;

       (q)  if an act prescribed under this Deed to be done by a party on or by
            a given day is done after 5.30pm on that day, it is to be taken to
            be done on the following day;

       (r)  where any day on which a payment is due to be made or a thing is due
            to be done under this Deed is not a Business Day, that payment must
            be made or that thing must be done on the immediately succeeding
            Business Day;

       (s)  a reference to "wilful default" in relation to the Trustee, the
            Security Trustee or the Manager means, subject to clause [_]1.3(t),
            any wilful failure to comply with, or wilful breach by, the Trustee,
            the Security Trustee or the Manager (as the case may be) of any of
            its obligations under any Transaction Document, other than a failure
            or breach which:

            (i)     (A)     arises as a result of a breach of a Transaction
                            Document by a person other than:
                            (1)     the Trustee, the Security Trustee or the
                                    Manager (as the case may be); or
                            (2)     any other person referred to in clause
                                    [_]1.3(t) in relation to the Trustee, the
                                    Security Trustee or the Manager (as the case
                                    may be); and
                    (B)     the performance of the action (the non-performance
                            of which gave rise to such breach) is a precondition
                            to the Trustee, the Security Trustee or the Manager
                            (as the case may be) performing the said obligation;
            (ii)    is in accordance with a lawful court order or direction or
                     required by law; or
            (iii)   is:
                    (A)     in accordance with any proper instruction or
                            direction of the Voting Secured Creditors given at a
                            meeting of Voting Secured Creditors convened
                            pursuant to this Deed; or
                    (B)     in accordance with any proper instruction or
                            direction of the Investors given at a meeting
                            convened under the Master Trust Deed (as amended by
                            the Series Supplement);

                                       7
<PAGE>

       (t)  a reference to the "fraud", "negligence" or "wilful default" of the
            Trustee, the Security Trustee or the Manager means the fraud,
            negligence or wilful default of the Trustee, the Security Trustee or
            the Manager (as the case may be) and of its officers, employees,
            agents and any other person where the Trustee, the Security Trustee
            or the Manager (as the case may be) is liable for the acts or
            omissions of such other person under the terms of any Transaction
            Document;

       (u)  subject to clause [ ]27.2, each party will only be considered to
            have knowledge or awareness of, or notice of, a thing or grounds to
            believe anything by virtue of the officers of that party (or any
            Related Body Corporate of that party) which have the day to day
            responsibility for the administration or management of that party's
            (or a Related Body Corporate of that party's) obligations in
            relation to the Series Trust or this Deed, having actual knowledge,
            actual awareness or actual notice of that thing, or grounds or
            reason to believe that thing (and similar references will be
            interpreted in this way). In addition, notice, knowledge or
            awareness of an Event of Default means notice, knowledge or
            awareness of the occurrence of the events or circumstances
            constituting an Event of Default. The Security Trustee will be
            regarded as being actually aware of an Event of Default if it
            receives a written notice from the Trustee, the Manager or the Class
            A-1 Note Trustee that the Trustee, the Manager or the Class A-1 Note
            Trustee (as the case may be) believes, on reasonable grounds, that
            the Event of Default has occurred; and

       (v)  a reference to prospective liabilities includes, without limitation,
            the liabilities of the Trustee under the Transaction Documents.

1.4    Incorporation of Annexure

       This Deed incorporates the Annexure which forms part of, and is subject
       to, this Deed.

1.5    Trustee=s capacity

       In this Deed, unless expressly specified otherwise:

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

       (b)   (References to Assets of Trustee): a reference to the undertaking,
             assets, business or money of the Trustee is a reference to the
             undertaking, assets, business or money of the Trustee in the
             capacity referred to in paragraph (a); and

       (c)   (Insolvency Event): a reference in the definition of "Insolvency
             Event" in clause [ ]1.1 to the Trustee is to the Trustee only in
             its capacity as trustee of the Series Trust and does not include
             the Trustee personally, as trustee of any other trust fund or in
             any other capacity whatsoever.

1.6    Determination of Outstanding Hedge Money

       The amounts owing by the Trustee to a Hedge Provider under a Hedge
       Agreement are to be determined by the Manager on the relevant date as if
       an "Early Termination Date" (as defined in the relevant Hedge Agreement)
       has been designated in respect of all "Transactions" (as defined in the
       relevant Hedge Agreement) in accordance with the relevant Hedge Agreement
       at the time of such determination.

1.7    Amounts Outstanding

       For the purposes of determining whether any amount constitutes Secured
       Moneys, for the purposes of clause [ ]7(g) and, for the purposes of
       clause [ ]13.1 (and for these purposes only), the calculation of any
       amounts owing or due by the Trustee shall be made without regard to any
       limitation on the Trustee's liability that may be construed as meaning
       that

                                       8
<PAGE>

       such amounts are not owing or are not due and payable.

1.8    Benefit of Covenants under this Deed

       Unless the context indicates a contrary intention, the Security Trustee
       holds the covenants, undertaking and other obligations and liabilities of
       the Trustee and the Manager under this Deed on trust for the benefit of
       the Secured Creditors on the terms and conditions of this Deed.

1.9    Obligations Several

       The obligations of the parties under this Deed are several.

1.10   Incorporated Definitions and other Provisions

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

2.     THE SECURITY TRUST

2.1    Appointment of Security Trustee

       The Security Trustee is hereby appointed and agrees to act as trustee of
       the Security Trust (with effect from the constitution of the Security
       Trust) on the terms and conditions in this Deed.

2.2    Declaration of Security Trust

       The Security Trustee declares that it holds the Security Trust Fund on
       trust for those persons who are Secured Creditors at the time of
       distribution of any money by the Security Trustee pursuant to clause
       [ ]13.1.

2.3    Duration of Security Trust

       The Security Trust commences on the date of this Deed and terminates on
       the first to occur of

       (a)    (Charge Release Date): the Charge Release Date; and

       (b)    (80th anniversary): the 80th anniversary of the date of this Deed.

2.4    Benefit of Security Trust

       Each Secured Creditor is entitled to the benefit of the Security Trust on
       the terms and conditions contained in this Deed.

2.5    Interested Persons Bound

       The provisions of this Deed, the Master Trust Deed and the Series
       Supplement are binding upon every Interested Person and the Security
       Trustee.

2.6    Nature of Rights of Secured Creditors

       Prior to any distribution to the Secured Creditors pursuant to clause
       [ ]13.1, no Secured Creditor is entitled to any equitable or proprietary
       interest in the Charged Property, or any rights held by the Security
       Trustee under clause [ ]1.8, and only has a mere right of action against
       the Security Trustee to properly perform its covenants under this Deed
       and to account to the Secured Creditors in accordance with this Deed.

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<PAGE>

2.7    Shared Securities

       The Security Trustee is bound by clause [ ]7.3 of the Series Supplement
       in respect of each Shared Security notified by the Seller to the Security
       Trustee in writing to be affected by the CBA Trust as if a reference
       therein to the Trustee was a reference to both the Security Trustee and
       the Receiver.

3.     PAYMENT OF SECURED MONEYS

3.1    Covenant in Favour of Security Trustee

       The Trustee covenants in favour of the Security Trustee that it will duly
       and punctually pay the Secured Moneys to, or to the order of, the
       Security Trustee as and when the same fall due for payment.

3.2    Payments to Secured Creditors

       Notwithstanding clause [ ]3.1, every payment by the Trustee, or the
       Security Trustee in accordance with this Deed, to the Secured Creditors
       on account of the Secured Moneys will operate as payment by the Trustee
       to the Security Trustee in satisfaction of the Trustee=s obligations in
       respect of the Secured Moneys.

4.     CHARGE

4.1    The Charge

       The Trustee charges all its present and future, right, title and interest
       in the Charged Property, subject only to the Prior Interest, to the
       Security Trustee for the payment in full of all the Secured Moneys.

4.2    Floating Charge

       The Charge is a floating charge over the Charged Property.

4.3    Ranking of Charge

       Subject only to the Prior Interest, the Charge is a first ranking charge
       having priority over all other Security Interests of the Trustee over the
       Charged Property.

4.4    Crystallisation of Floating Charge

       If the Charge has not otherwise taken effect as a fixed charge, it takes
       effect as a fixed charge automatically and immediately over all the
       Charged Property if an Event of Default occurs, other than if an Event of
       Default described in clauses [ ]7(c) or (e) occurs, in which event it
       takes effect as a fixed charge automatically and immediately over the
       affected Charged Property.  Upon the Charge becoming a fixed charge
       pursuant to the foregoing provisions of this clause, the Security Trustee
       is deemed to have intervened at that point in time and to have exercised
       all its rights of intervention in respect of the relevant Charged
       Property.

4.5    Consent to Dealings

       The Trustee must not (and the Manager will not give any direction to the
       Trustee to) dispose of or deal with the Charged Property, whether the
       Charge is floating or fixed unless such disposition or such other dealing
       is permitted by or required by and will be effected in accordance with
       the terms of the Master Trust Deed, the Series Supplement or any other
       Transaction Document.  Without limiting the generality of the foregoing,
       the Trustee or its delegates may (notwithstanding that the Charge has
       taken effect as a fixed charge) discharge in accordance with the terms of
       the Transaction Documents, any Mortgage Loan, Mortgage or Collateral
       Security.  Any Mortgage Loan, Mortgage or Collateral Security which is
       discharged by the Trustee or its delegates pursuant to this

                                       10
<PAGE>

       clause will automatically, and without the need for any act on the part
       of the Security Trustee, be free from and released from this Charge.

4.6    Re-Conversion from Fixed into Floating Charge

       Subject to clause [ ]4.7, at any time after the Charge has taken effect
       as a fixed charge over the Charged Property, the Security Trustee may
       (and will, if directed by an Extraordinary Resolution of the then Voting
       Secured Creditors) by notice in writing to the Trustee convert the Charge
       from a fixed charge into a floating charge as regards any asset or assets
       specified in such notice.  Upon such notice being received by the
       Trustee, the Charge as regards such specified asset or assets will
       immediately become and operate as a floating charge subject to the
       provisions of this Deed and will cease to be a fixed charge over such
       specified asset or assets.

4.7    Replacement of fixed charge over Charged Property

       If the Charge has taken effect as a fixed charge as a result of the
       occurrence of the Event of Default described in clause [ ]7(a)(i) the
       Security Trustee must, upon notification from the Manager that another
       Authorised Trustee Corporation has been appointed as trustee of the
       Series Trust, by notice in writing to the Trustee convert the charge from
       a fixed charge into a floating charge as regards the Charged Property.

4.8    Subsequent dealing

       From the effective date specified in a notice given under clause [ ]4.6
       or 4.7:

       (a)  (Trustee may deal as if floating charge): the Trustee may deal with
            the Charged Property the subject of the notice, if it was acquired
            by the Trustee before the effective date of the notice, as if it had
            always been charged by way of floating charge under this Deed;

       (b)  (Treat the fixing as not having occurred): the floating charge given
            by this Deed in respect of Charged Property the subject of the
            notice acquired by the Trustee on or after the effective date of the
            notice continues to operate as a floating charge as if it had never
            been a fixed charge; and

       (c)  (Third person may rely on notice that Charge is floating): a person
            dealing with the Trustee in relation to the Charged Property the
            subject of the notice may rely on a notice from the Security Trustee
            as conclusive evidence that, as at the time the notice is issued,
            such Charged Property is charged by way of floating charge.

4.9    Limit and Prospective Liability Amount

       (a)  (Amount Recoverable): The Charge is security for the whole of the
            Secured Moneys, but the aggregate amount recoverable under the
            Charge may not exceed A$20,000,000,000.

       (b)  (Fixed Priorities): For the purposes of fixing priorities between
            the Charge and any subsequent charge registered under the
            Corporations Law, the Charge secures a prospective liability up to a
            maximum amount of A$20,000,000,000.

       (c)  (No Obligation): Nothing in this clause [_]4.9 creates any
            obligation upon the Security Trustee to enter into any arrangement
            or to advance any moneys or do any act or thing as a result whereof
            if so created, entered into, advanced or done there would be Secured
            Moneys, or limits or affects the provisions of section 279(2) of the
            Corporations Law.

5.     REPRESENTATIONS AND WARRANTIES

5.1    By the Trustee

                                       11
<PAGE>

       The Trustee represents and warrants to the Security Trustee that:

       (a)  (Due incorporation): it is duly incorporated and has the corporate
            power to own its property and to carry on its business as is now
            being conducted;

       (b)  (Constitution): the execution delivery and performance of each
            Transaction Document to which it is expressed to be a party does not
            violate its constitution;

       (c)  (Corporate power): it has the power and has taken all corporate and
            other action required to enter into each Transaction Document to
            which it is expressed to be a party and to authorise the execution
            and delivery of each Transaction Document to which it is expressed
            to be a party and the performance of its obligations under each
            Transaction Document to which it is expressed to be a party;

       (d)  (Filings): all corporate notices, filings and registrations with the
            Australian Securities and Investments Commission or similar office
            in its jurisdiction of incorporation and in any other jurisdiction
            required to be filed or effected, as applicable, by it in connection
            with the execution, delivery and performance of each Transaction
            Document to which it is expressed to be a party, have been filed or
            effected, as applicable, and all such filings and registrations are
            current, complete and accurate;

       (e)  (Legally binding obligation): its obligations under each Transaction
            Document to which it is expressed to be a party are valid, legally
            binding and enforceable obligations in accordance with the terms of
            each Transaction Document to which it is expressed to be a party,
            subject to stamping and any necessary registration and except as
            such enforceability may be limited by any applicable bankruptcy,
            insolvency, reorganisation, moratorium or trust or general
            principles of equity or other similar laws affecting creditors'
            rights generally;

       (f)  (Execution, delivery and performance): its execution, delivery and
            performance of each Transaction Document to which it is expressed to
            be a party does not violate any existing law or regulation or any
            document or agreement to which it is a party or which is binding
            upon it or any of its assets;

       (g)  (Authorisation): all consents, licences, approvals and
            authorisations of every Governmental Agency required to be obtained
            by it in connection with the execution, delivery and performance of
            each Transaction Document to which it is expressed to be a party in
            its personal capacity have been obtained and are valid and
            subsisting;

       (h)  (Good title): it is the lawful owner of, and has good right to
            charge in the manner provided in this Deed, the Charged Property
            and, subject only to the Master Trust Deed, the Series Supplement,
            this Deed and the Prior Interest, the Charged Property is free of
            all other Security Interests;

       (i)  (Series Trust validly created): the Series Trust has been validly
            created and is in existence at the date of this Deed;

       (j)  (Sole Trustee): it has been validly appointed as trustee of the
            Series Trust and is presently the sole trustee of the Series Trust;

       (k)  (Master Trust Deed and the Series Supplement): the Series Trust is
            solely constituted by the Master Trust Deed and the Series
            Supplement;

       (l)  (No proceedings to remove): it has received no notice and to its
            knowledge no resolution has been passed or direction or notice has
            been given, removing it as trustee of the Series Trust;

       (m)  (Trustee's power): it has power under the Master Trust Deed and the
            Series Supplement to charge the Charged Property as provided in this
            Deed; and

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       (n)  (No breach): it is not in breach of any material provision of the
            Master Trust Deed or the Series Supplement.

5.2    By the Manager

       The Manager represents and warrants to the Security Trustee that:

       (a)  (Due incorporation): it is duly incorporated and has the corporate
            power to own its property and to carry on its business as is now
            being conducted;

       (b)  (Constitution): its execution, delivery and performance of each
            Transaction Document to which it is expressed to be a party does not
            violate its constitution;

       (c)  (Corporate power): it has the power and has taken all corporate and
            other action required to enter into each Transaction Document to
            which it is expressed to be a party and to authorise the execution
            and delivery of each Transaction Document to which it is expressed
            to be a party and the performance of its obligations under each
            Transaction Document to which it is expressed to be a party;

       (d)  (Filings): it has filed all corporate notices and effected all
            registrations with the Australian Securities and Investments
            Commission or similar office in its jurisdiction of incorporation
            and in any other jurisdiction as required by law and all such
            filings and registrations are current, complete and accurate;

       (e)  (Legally binding obligation): its obligations under each Transaction
            Document to which it is expressed to be a party are valid, legally
            binding and enforceable obligations in accordance with the terms of
            each Transaction Document to which it is expressed to be a party,
            except as such enforceability may be limited by any applicable
            bankruptcy, insolvency, re-organisation, moratorium or trust or
            general principles of equity or other similar laws affecting
            creditors' rights generally;

       (f)  (Execution, delivery and performance): its execution, delivery and
            performance of each Transaction Document to which it is expressed to
            be a party does not violate any existing law or regulation or any
            document or agreement to which it is a party or which is binding
            upon it or any of its assets; and

       (g)  (Authorisation): all consents, licences, approvals and
            authorisations of every Governmental Agency required to be obtained
            by the Manager in connection with the execution, delivery and
            performance of each Transaction Document to which it is expressed to
            be a party have been obtained and are valid and subsisting.

5.3    By the Security Trustee

       The Security Trustee represents and warrants to the Manager and the
       Trustee that:

       (a)  (Due incorporation): it is duly incorporated and has the
            corporate power to own its property and to carry on its business
            as is now being conducted;

       (b)  (Constitution): its execution, delivery and performance of each
            Transaction Document to which it is expressed to be a party does
            not violate its constitution;

       (c)  (Corporate power): it has the power and has taken all corporate
            and other action required to enter into each Transaction Document
            to which it is expressed to be a party and to authorise the
            execution and delivery of each Transaction Document to which it
            is expressed to be a party and the performance of its obligations
            under each Transaction Document to which it is expressed to be a
            party;

       (d)  (Filings): it has filed all corporate notices and effected all
            registrations with the Australian Securities and Investments
            Commission or similar office in its jurisdiction of incorporation
            and in any other jurisdiction as required by law and all;

       (e)  (Legally binding obligation): its obligations under each
            Transaction Document to which it is expressed to be a party are
            valid, legally binding and enforceable obligations in accordance
            with the terms of each Transaction Document to which it is
            expressed to be a party, except as such enforceability may be
            limited by any applicable bankruptcy, insolvency, re-
            organisation, moratorium or trust or general principles of equity
            or other similar laws affecting creditors' rights generally;

       (f)  (Execution, delivery and performance): its execution, delivery
            and performance of each Transaction Document to which it is
            expressed to be a party does not violate any existing law or
            regulation or any document or agreement to which it is a party or
            which is binding upon it or any of its assets; and

       (g)  (Authorisation): all consents, licenses, approvals and
            authorisations of every Governmental Agency required to be
            obtained by the Security Trustee in connection with the
            execution, delivery and performance of each Transaction Document
            to which it is expressed to be a party have been obtained and are
            valid and subsisting.

6.     TRUSTEE'S AND MANAGER'S COVENANTS

6.1    Covenants in respect of Charged Property

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       The Trustee undertakes that it will not without the prior written consent
       of the Security Trustee or as otherwise permitted by this Deed, the
       Master Trust Deed or the Series Supplement:

       (a)  (No Security Interests): subject only to the Prior Interest, attempt
            to create or permit to exist any Security Interest howsoever ranking
            over any part of the Charged Property; and

       (b)  (No sale, lease etc.): subject to clause [ ]6.3, convey, assign,
            transfer, lease or otherwise dispose or part with possession of,
            make any bailment over, or create or permit to exist any other
            interest in any part of the Charged Property at any time such part
            of the Charged Property is subject to the Charge.

1.2    General Covenants

       The Trustee agrees to:

       (a)  (Comply with Transaction Documents): comply with its obligations and
            duties under the Master Trust Deed (in so far as it applies to the
            Series Trust), the Series Supplement and the other Transaction
            Documents;

       (b)  (Copy of A$ Securityholder details): at the same time or as soon as
            practical after a notice referred to in clause [ ]6.2(e) is given to
            the Security Trustee by the Trustee or after the Trustee receives a
            notice pursuant to clause [ ]6.4(b), provide to the Security Trustee
            and the Class A-1 Note Trustee a current copy of the Register
            relating to the Series Trust maintained by the Trustee under clause
            [ ]9 of the Master Trust Deed and details (to the extent known by
            it) of the identity, and notice details, of each Secured Creditor
            and the Secured Moneys owing to each Secured Creditor;

       (c)  (Assistance to Security Trustee): provide to the Security Trustee,
            as the Security Trustee may reasonably require to enable the
            Security Trustee to perform its duties and functions under this Deed
            (and which the Security Trustee has been unable to obtain from any
            other party to the Transaction Documents), such information, copies
            of any accounting records and other documents, statements and
            reports required to be maintained by, or that are otherwise in the
            possession of, the Trustee, or which the Trustee is entitled to
            obtain from any person;

       (d)  (Documents of title): if the Charge has taken effect as a fixed
            charge, deposit with the Security Trustee immediately or as soon as
            the Trustee receives them:

            (1)  anything evidencing a Security Interest and any document of
                 title given to the Trustee to secure the payment of a monetary
                 obligation to the Trustee; and
            (2)  any documents of title relating to property over which the
                 Charge operates as a fixed charge,

            where, in such case, such evidence or documents (as the case may
            be) are then in the Trustee=s possession or control;

       (e)  (Notify Events of Default etc.): notify the Security Trustee if it
            becomes aware of the occurrence of an Event of Default, a Potential
            Event of Default, a Servicer Default, a Perfection of Title Event, a
            Trustee Default, a Manager Default or a Potential Termination Event
            and provide the Security Trustee with details of such occurrence;

       (f)  (Not incur unauthorised indebtedness): not give any guarantees or
            incur any Borrowings (which does not include debts incurred to trade
            creditors in the ordinary course of the Trustee's business as
            trustee of the Series Trust) other than as permitted or contemplated
            by the Transaction Documents;

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<PAGE>

       (g)  (Not release obligations): not discharge or release any person from
            any of their obligations under the Transaction Documents to which
            the Trustee is a party save where such discharge or release is in
            accordance with the Transaction Documents; and

       (h)  (Not engage in other activities): not engage (in its capacity as
            trustee of the Series Trust) in any business or other activities
            except as permitted or contemplated by the Transaction Documents.

6.3    Dealing in Accordance with Master Trust Deed, the Series Supplement etc.

       The Trustee may deal with and pay or apply the Charged Property in
       accordance with the provisions of the Master Trust Deed, the Series
       Supplement and any other Transaction Document at any time that the
       Charged Property is subject to the floating charge.

6.4    Manager's Undertaking

       The Manager undertakes to the Trustee and the Security Trustee that:

       (a)  (No direction in breach of clause 6): it will not give any direction
            to the Trustee under the Master Trust Deed or the Series Supplement
            which would, if complied with, result in the Trustee breaching the
            terms of this clause [ ]6; and

       (b)  (Notification of Events of Default etc.): it will promptly notify
            the Trustee and the Security Trustee if it becomes aware of the
            occurrence of an Event of Default, a Potential Event of Default, a
            Servicer Default, a Perfection of Title Event, a Trustee Default, a
            Manager Default or a Potential Termination Event and provide the
            Trustee and the Security Trustee with details of such occurrence.

7.     EVENTS OF DEFAULT

       Each of the following events is an Event of Default whether or not caused
       by any reason whatsoever outside the control of any Interested Person or
       any other person:

       (a)  (i)      (Trustee retires and replacement not found): the Trustee
                     retires or is removed, or is required to retire or be
                     removed, as trustee of the Series Trust in accordance with
                     clause [ ]19 of the Master Trust Deed, another Authorised
                     Trustee Corporation is not appointed as trustee of the
                     Series Trust within 30 days of the occurrence of that event
                     and the Manager fails within a further 20 days to convene a
                     meeting of Investors in accordance with clauses [ ]19.3 and
                     19.4 of the Master Trust Deed;
            (ii)     (Loss of indemnity): the Security Trustee becomes aware or
                     is notified by the Manager or the Trustee that the Trustee
                     is (for any reason) not entitled fully to exercise its
                     right of indemnity against the Assets of the Series Trust
                     to satisfy any liability to a Secured Creditor and the
                     circumstances are not rectified to the reasonable
                     satisfaction of the Security Trustee within 14 days of the
                     Security Trustee requiring the Trustee in writing to
                     rectify them; or
            (iii)    (Series Trust Imperfectly constituted): the Series Trust is
                     not properly constituted or is imperfectly constituted in a
                     manner or to an extent that is regarded by the Security
                     Trustee (acting reasonably) to be materially prejudicial to
                     the interests of any Class of Secured Creditor and is
                     incapable of being remedied or if it is capable of being
                     remedied this has not occurred to the reasonable
                     satisfaction of the Security Trustee within 30 days of the
                     discovery thereof;

       (b)  (Insolvency Event): an Insolvency Event occurs in relation to the
            Trustee;

       (c)  (Enforcement of Security Interests etc.): distress or execution is
            levied or a judgment, order or a Security Interest is enforced, or
            becomes enforceable, over any of the Charged Property or any Asset
            of the Series Trust for an amount

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<PAGE>

            exceeding (either individually or in aggregate) A$1,000,000, or can
            be rendered enforceable by the giving of notice, lapse of time or
            fulfilment of any condition;

       (d)  (Void or loss of priority): the Charge:

            (i)      is or becomes wholly or partly void, voidable or
                     unenforceable; or
            (ii)     at or after the date of this Deed, loses the priority which
                     it is expressed to have in clause [_]4.3 (other than as
                     mandatorily preferred by law or by an act or omission of
                     the Security Trustee);

       (e)  (Creates Security Interest): the Trustee breaches the undertaking in
            clause [ ]6.1 or attempts to create or allows to exist a Security
            Interest over the Charged Property otherwise than in accordance with
            the Master Trust Deed, the Series Supplement or this Deed;

       (f)  (Tax Commissioner's determination): the Commissioner of Taxation, or
            its delegate, determines to issue a notice (under any legislation
            that imposes a Tax) requiring any person obliged or authorized to
            pay money to the Trustee to instead pay such money to the
            Commissioner in respect of any Tax or any fines and costs imposed on
            the Trustee;

       (g)  (Failure to Pay Secured Moneys): any Secured Moneys are not paid
            within 10 days of when due (other than any Secured Moneys relating
            to the Class B Notes); and

       (h)  (Other Event of Default): any other event occurs which is described
            in a Transaction Document as an Event of Default for the purposes of
            this Deed.

8.     RIGHTS AND OBLIGATIONS OF THE SECURITY TRUSTEE FOLLOWING EVENT OF DEFAULT

8.1    Notify Voting Secured Creditors and Convene Meeting of Voting Secured
       Creditors

       Without prejudice to the operation of clause [ ]9.2(b), upon becoming
       aware of the occurrence of an Event of Default, the Security Trustee must
       promptly (and, in any event, within 2 Business Days):

       (a)  (Notify Secured Creditors and the Rating Agencies): notify all then
            Secured Creditors and the Rating Agencies of the Event of Default
            and provide to such Secured Creditors and the Rating Agencies full
            details of the Event of Default known to the Security Trustee and
            the actions and procedures, of which the Security Trustee is aware,
            which are being taken or will be taken by the Trustee and the
            Manager to remedy the relevant Event of Default; and

       (b)  (Convene meeting of Voting Secured Creditors): convene a meeting of
            the then Voting Secured Creditors and propose the necessary
            Extraordinary Resolutions (in both cases in accordance with the
            provisions of the Annexure) to seek directions by way of an
            Extraordinary Resolution of the then Voting Secured Creditors
            regarding the action the Security Trustee should take as a result of
            such Event of Default pursuant to clause [ ]8.2.

8.2    Extraordinary Resolutions

       At a meeting of the then Voting Secured Creditors referred to in clause
       [ ]8.1(b) or by a resolution in writing signed by all Voting Secured
       Creditors, the Voting Secured Creditors may direct the Security Trustee
       by Extraordinary Resolution to:

       (a)  (Accelerate Secured Moneys): declare the Secured Moneys immediately
            due

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<PAGE>

            and payable under clause [ ]9.6;

       (b)  (Appoint Receiver): appoint a Receiver in accordance with clause
            [ ]10 and, if a Receiver is to be appointed, the Voting Secured
            Creditors must by a further Extraordinary Resolution determine the
            amount of the Receiver's remuneration;

       (c)  (Exercise power of sale): instruct the Security Trustee by notice in
            writing to sell and realise the Charged Property and otherwise
            enforce the Charge; and/or

       (d)  (Other action): take such other action that the Security Trustee is
            permitted to take under this Deed as the Voting Secured Creditors
            may specify in the terms of such Extraordinary Resolution.

8.3    Security Trustee to Act in Accordance with Directions

       (a)  (Must implement Extraordinary Resolution): Subject to clause [
            ]8.3(b), the Security Trustee must take all action necessary to give
            effect to any Extraordinary Resolution of the Voting Secured
            Creditors and must comply with all directions contained in or given
            pursuant to any Extraordinary Resolution of the Voting Secured
            Creditors.

       (b)  (Exceptions): The obligation of the Security Trustee pursuant to
            clause [ ]8.3(a) is subject to:

              (i)    this Deed; and
              (ii)   if required by the Security Trustee (in its absolute
                     discretion), the Security Trustee being adequately
                     indemnified to its reasonable satisfaction from the Charged
                     Property or, if requested at any time before or during the
                     relevant meeting, the Security Trustee receiving from the
                     Voting Secured Creditors an indemnity in a form reasonably
                     satisfactory to the Security Trustee (which may be by way
                     of an Extraordinary Resolution of the Voting Secured
                     Creditors) 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
                     Secured Creditors.

       (c)  (Ranking of indemnities): The Security Trustee must first claim on
            its indemnity from the Charged Property and if it does not receive
            such indemnity from the Charged Property within 2 Business Days of
            the first claim then it may claim on any indemnity from the Voting
            Secured Creditors, including any indemnity provided under clause
            [ ]8.4.

8.4    Security Trustee Must Receive Indemnity

       If:

       (a)  (Security Trustee requires indemnity): the Security Trustee convenes
            a meeting of the Voting Secured Creditors, or is required by an
            Extraordinary Resolution of the Voting Secured Creditors to take any
            action to enforce this Deed, and advises the Voting Secured
            Creditors at any time before or during the meeting that the Security
            Trustee will not take that action in relation to the enforcement of
            this Deed unless it is personally indemnified by the Voting Secured
            Creditors 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)  (Voting Secured Creditors refuse to grant indemnity): the Voting
            Secured Creditors refuse to grant the requested indemnity and put it
            in funds,

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<PAGE>

       the Security Trustee will not be obliged to act in relation to the
       enforcement of this Deed.  In these circumstances, the Voting Secured
       Creditors may then exercise such powers, and enjoy such protections and
       indemnities, of the Security Trustee under this Deed, any Security
       Interest or any other document or agreement at any time created or
       entered into in favour of the Security Trustee as security for the
       Secured Moneys or by law as they determine by Extraordinary Resolution.
       The Security Trustee will not be liable in any manner whatsoever if the
       Voting Secured Creditors exercise, or do not exercise, the rights given
       to them in the preceding sentence.

8.5    Notice to Trustee

       If the Voting Secured Creditors pass an Extraordinary Resolution referred
       to in clause [ ]8.2 at a meeting convened following an Event of Default,
       the Security Trustee must notify the Trustee in writing within 1 Business
       Day after such Extraordinary Resolution is so passed.

8.6    Manager convenes meeting

       If the Security Trustee fails to convene a meeting, or to propose the
       necessary Extraordinary Resolutions, in accordance with clause [ ]8.1(b),
       the Manager must convene a meeting of Voting Secured Creditors, or
       propose the necessary Extraordinary Resolutions (as the case may be), in
       accordance with this clause [ ]8, which meeting is to have only the same
       powers as if convened by the Security Trustee and is to be conducted in
       accordance with the provisions of the Annexure, in which event all
       references in this Deed and the Annexure to the Security Trustee in
       relation to the requirements of meetings of Voting Secured Creditors will
       be read and construed, mutatis mutandis, as references to the Manager.

8.7    Notice of Event of Default

       If the Security Trustee becomes aware of the occurrence of an Event of
       Default, and the Trustee has not given the Security Trustee notice in
       accordance with clause [ ]6.2(e) the Security Trustee must promptly give
       the Trustee notice of the occurrence of the Event of Default.

8.8    Notice of action to remedy Event of Default

       If the Trustee and the Manager take any action or procedures to remedy an
       Event of Default, both the Trustee and the Manager must keep the Security
       Trustee informed of those actions and procedures.

9.     ENFORCEMENT

9.1    Power to Deal with and Protection of the Charged Property

       If the Charge crystallises and becomes fixed pursuant to the provisions
       of this Deed:

       (a)    (Power to deal with the Charged Property ceases): the Trustee=s
              power to deal with the Charged Property will, subject to clauses
              [ ]4.5 and 4.6, immediately cease; and

       (b)    (Protection of Charged Property): the Security Trustee will have
              the right either in its own name or in the name of the Trustee to
              immediately seek and obtain appropriate relief in relation to that
              part of the Charged Property affected or threatened by the
              relevant Event of Default.

9.2    Restrictions on Power to Enforce

       If an Event of Default occurs, the Security Trustee must not declare the
       Secured Moneys immediately due and payable under clause [ ]9.6, appoint a
       Receiver under clause [ ]10 or, subject to the operation of clauses
       [ ]4.4 to 4.7 (inclusive), otherwise enforce the Charge unless:

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<PAGE>

       (a)    (Voting Secured Creditors authorise action): the Voting Secured
              Creditors have passed an Extraordinary Resolution under or
              referred to in clause [ ]8.2 or at a meeting convened pursuant to
              clause [ ]8.6 or pursuant to clause [ ]2 of the Annexure; or

       (b)    (Delay would be prejudicial): in the opinion of the Security
              Trustee, the delay required to obtain the directions of the Voting
              Secured Creditors in accordance with clause [ ]8.2 would be
              prejudicial to the interests of the Secured Creditors as a class
              (in which case the Security Trustee must take those actions).

9.3    No Obligation to Enforce

       Upon the occurrence of an Event of Default, subject to clauses [ ]8.1,
       9.2 and 15.3, pending the receipt of directions from the Voting Secured
       Creditors as contemplated by clauses [ ]8.2, 8.3 and 8.4, the Security
       Trustee is not bound to take any action under this Deed or give any
       consent or waiver or make any determination under this Deed (including,
       without limiting the generality of the foregoing, to appoint any
       Receiver, to declare the Charge enforceable or the Secured Moneys
       immediately due and payable or to take any other proceedings).  Nothing
       in this clause affects the operation of clause [ ]4.4 upon the occurrence
       of an Event of Default or the Charge becoming enforceable prior to the
       Security Trustee receiving directions from the Voting Secured Creditors.

9.4    Limitation on Rights of Secured Creditors

       Subject to clause [ ]8.4:

       (a)  (Powers Exercisable by Security Trustee only): the powers, rights
            and remedies conferred on the Security Trustee by this Deed are
            exercisable by the Security Trustee only, and no Secured Creditor is
            entitled to exercise the same or any of them; and

       (b)  (Secured Creditors cannot enforce): without limiting the generality
            of the foregoing, no Secured Creditor is entitled to enforce the
            Charge or the provisions of this Deed exercisable by the Security
            Trustee or to appoint a Receiver to any of the Charged Property or
            otherwise to exercise any power conferred by the terms of any
            applicable law on chargees.

9.5    Immaterial Waivers

       The Security Trustee may, on such terms and conditions as it may deem
       expedient, without the consent of the Secured Creditors, and without
       prejudice to its rights in respect of any subsequent breach:

       (a)    (Waiver of Breaches):  agree to any waiver or authorisation of any
              breach or proposed breach of any of the terms and conditions of
              the Transaction Documents ; and

       (b)    (Waiver of Events of Default):  determine that any event that
              would otherwise be an Event of Default will not be treated as an
              Event of Default for the purpose of this Deed,

       which is not, in the opinion of the Security Trustee, materially
       prejudicial to the interests of the Secured Creditors as a class.  No
       such waiver, authorisation or determination may be made in contravention
       of any prior directions contained in an Extraordinary Resolution of the
       Voting Secured Creditors.  Any such waiver, authorisation or
       determination will, if the Security Trustee so requires, be notified to
       the Secured Creditors by the Manager as soon as practicable after it is
       made in accordance with this Deed.

9.6    Acceleration of Secured Moneys following Event of Default

       If any Event of Default occurs, at any time thereafter if the Event of
       Default is continuing, the Security Trustee may by written notice to the
       Trustee and the Manager, declare in

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<PAGE>

       accordance with this Deed the Secured Moneys to be immediately due and
       payable, whereupon the Secured Moneys will immediately become due and
       payable (subject to the limitation contained in clause [ ]29 of the
       Series Supplement or any equivalent limitation in relation to the
       relevant Secured Moneys).

10.    RECEIVERS - APPOINTMENT AND POWERS-

10.1   Appointment of Receiver

       (a)  (Conditions of appointment): Following the occurrence of an Event of
            Default, if the Voting Secured Creditors pass the Extraordinary
            Resolutions under or referred to in clause [ ]8.2(a), the Security
            Trustee must appoint in writing a person or persons to be a receiver
            or receiver and manager of the Charged Property to deal with the
            Charged Property in accordance with any instructions given by the
            Voting Secured Creditors by Extraordinary Resolution and may
            withdraw the appointment of any such Receiver as to the Charged
            Property and in case of the removal, retirement or death of any such
            Receiver may appoint another person or persons in its place on
            substantially the same terms as the previous Receiver.

       (b)  (No liability for Receiver): Neither the Trustee nor the Security
            Trustee will be responsible for anything done or not done by a
            Receiver. However, the Security Trustee must to the extent of a
            prudent security trustee monitor the performance by any person or
            persons appointed by it under clause [ ]10.1(a) of that person's or
            those persons' duties as Receiver of the Charged Property.

10.2   Joint Receivers

       If more than one person is appointed as a Receiver of the Charged
       Property, the Security Trustee may specify whether such appointment and
       the powers of each such person will at its option be joint or joint and
       several and, failing such specification, such appointment and the powers
       of each such person will be deemed to be joint and several.

10.3   Remuneration of Receiver

       The Security Trustee must fix the remuneration of a Receiver in
       accordance with the terms of the Extraordinary Resolution passed under
       clause [ ]8.2(b).

10.4   Indemnification of Receiver

       Without limiting the generality of clause [_]10.7, each Receiver must be
       granted an indemnity for its remuneration, costs, liabilities and
       expenses by the Security Trustee. However, the Security Trustee will not
       be required to grant such indemnity to a Receiver unless it is reasonably
       satisfied that its liability under that indemnity is limited so as not to
       exceed the Security Trustee=s right of indemnity out of the Security
       Trust Fund.  Any moneys payable by the Security Trustee under such an
       indemnity must be paid out of the Charged Property in accordance with
       this Deed and will form part of the Secured Moneys.

10.5   Appointment over part

       The power to appoint a Receiver over all of the Charged Property may be
       exercised whether or not a Receiver has already been appointed over part
       of it.

10.6   Powers of Receiver

       A Receiver, without the need for any consent from the Trustee, has all of
       the following powers in addition to any of the other powers conferred by
       this Deed:

       (a)  (To take possession): to enter, take possession of, have access to,
            make use of and collect and manage the Charged Property;

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<PAGE>

       (b)  (To collect moneys): to convert, liquidate and reduce the Charged
            Property into money and, except as provided in clause [ ]13.6, to
            convert any of the Charged Property denominated in a Foreign
            Currency into Australian dollars;

       (c)  (To carry on business): to carry on or concur in carrying on any
            business then conducted by the Trustee and to effect all insurances
            and do all acts which the Trustee might do in the ordinary course of
            such business for the protection or improvement of the Charged
            Property;

       (d)  (To borrow or raise money): to borrow or raise in any way from the
            Security Trustee or any other person any moneys which may be
            required for the purposes referred to in this Deed and in the name
            of the Trustee or otherwise to secure any moneys so borrowed or
            raised by the grant of any Security Interest over the Charged
            Property or any part thereof so that such Security Interest ranks in
            priority to, equally with or after the Charge, provided that the
            Security Trustee will not be bound to enquire as to the necessity or
            propriety of any such borrowing or raising nor be responsible for
            the misapplication or non-application of any moneys so borrowed or
            raised;

       (e)  (To employ): to employ managers, solicitors, auctioneers, brokers,
            consultants, professional advisers, workmen, officers, agents,
            employees and servants, including any person associated with a firm
            or company in which the Receiver is a member or in which he is
            interested and such person may charge for his services as if he had
            been independently retained for all or any of the purposes in this
            Deed referred to at such salaries or remuneration as the Receiver
            thinks fit and without the need for further enquiry and, without
            thereby incurring any liability to the Trustee, may act upon such
            person's advice as to the timing of or any incident or term of any
            sale including whether or not the Charged Property should be offered
            for sale by auction and as to the need for and amount of any reserve
            price and as to the adequacy of any rent or of any price obtainable
            on sale by private treaty;

       (f)  (To sell property): to sell or concur in selling whether or not the
            Receiver has taken possession of the Charged Property, by public
            auction, private treaty or tender, for cash or on credit, in one lot
            or in parcels with or without special conditions or stipulations as
            to title, the time and the mode of payment of purchase moneys and
            otherwise, as the Receiver thinks fit with power to allow the
            purchase moneys to remain on mortgage over the property sold or on
            any other security or without any security and upon such other terms
            and conditions as the Receiver considers expedient with full power
            to buy in and to rescind or vary any contract for sale and to resell
            without being responsible for loss and to exercise all or any rights
            powers and remedies of the Trustee thereunder and to execute such
            contracts, deeds, agreements, transfers, assignments and assurances
            of all or any part of the Charged Property in the name and on behalf
            of the Trustee or otherwise and to do all other acts and things for
            implementing and completing any such sale that the Receiver deems
            necessary;

       (g)  (To give up possession): to give up possession of the Charged
            Property at any time;

       (h)  (To invest proceeds against contingencies): if any of the Secured
            Moneys are contingent, to invest deposit or hold any part of the
            Charged Property in such form or in such mode of investment for the
            time being as the Receiver in its absolute discretion thinks fit,
            with like power to vary, transpose or re-invest such investments or
            deposits from time to time until such part of the Secured Moneys
            cease to be contingent;

       (i)  (To enter into contracts): to enter into, vary or terminate any
            contract, undertaking, covenant, instrument, obligation or
            arrangement with any person for any purpose connected with this Deed
            or the Charged Property or in furtherance of any power in this Deed
            upon such terms and conditions as the Receiver in its absolute
            discretion thinks fit including, without limitation,

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            granting or conferring options to in favour of or exercisable by any
            person for the purpose of or in connection with the sale, purchase,
            leasing or hiring of the Charged Property;

       (j)  (To perform contracts): to perform, observe and carry out and
            enforce specific performance of, to exercise or refrain from
            exercising, the Trustee=s rights and powers under, to obtain the
            benefit of and to vary or rescind, all contracts and rights forming
            part of the Charged Property and all instruments and arrangements
            entered into or held by the Trustee;

       (k)  (To take proceedings): to institute, conduct or defend any
            proceedings in law, equity or bankruptcy and to submit to
            arbitration in the name of the Trustee or otherwise and on any terms
            any proceeding, claim, question or dispute in connection with the
            Charged Property or otherwise;

       (l)  (To compromise): to make any settlement, arrangement or compromise
            regarding any action or dispute arising in connection with the
            Charged Property, to grant to any person involved therein time or
            other indulgence and to execute such releases or discharges in
            connection therewith as the Receiver thinks expedient in the
            interests of the Security Trustee;

       (m)  (To appeal): to appeal against or to enforce any judgment or order;

       (n)  (To bankrupt debtors and wind-up companies): to make debtors
            bankrupt and to wind-up companies and to do all things in connection
            with any bankruptcy or winding up which the Receiver thinks
            necessary for the recovery or protection of the Charged Property or
            any part thereof or for the security or other benefit of the
            Security Trustee or the Secured Creditors;

       (o)  (To delegate): with the consent in writing of the Security Trustee,
            to delegate to any person for such time or times as the Security
            Trustee approves, any of the powers in this Deed conferred upon the
            Receiver including this power of delegation;

       (p)  (To file): to file all certificates, registrations and other
            documents and to take any and all action on behalf of the Trustee
            which the Security Trustee or Receiver believes necessary to
            protect, preserve or improve any or all of the Charged Property and
            the rights of the Trustee and the Security Trustee in respect of any
            agreement for sale and to obtain for the Security Trustee all of the
            benefits of this Deed and in particular the placing of the Trustee
            into liquidation or the appointment of a Receiver is deemed to be an
            event against which the Security Trustee may protect its rights;

       (q)  (To operate bank accounts): to operate to the exclusion of the
            Trustee any bank account in the name of the Trustee whether alone or
            jointly and to withdraw any moneys to the credit of such account and
            to sign and endorse or to authorise others to sign and endorse in
            the name of the Trustee cheques, promissory notes, bills of exchange
            and other negotiable instruments;

       (r)  (To exercise Trustee=s powers): to exercise all the powers, rights
            and entitlements conferred upon the Trustee under the terms of, or
            pursuant to the general law or Statute in respect of, any Charged
            Property;

       (s)  (To do all other things necessary): to do all things necessary to
            perform observe and fulfil any of the covenants on the part of the
            Trustee under this Deed; and

       (t)  (To do such things as are expedient): to do all such other acts and
            things without limitation as it thinks expedient for the interests
            of the Security Trustee or the Secured Creditors,

       and will have such further powers and discretions as the Security Trustee
       by notice in

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<PAGE>

       writing to the Receiver confers upon the Receiver for the purposes
       referred to in this clause [ ]10.6.

10.7   Indemnity

       The Security Trustee may give such indemnities to the Receiver in respect
       of the performance by the Receiver of his duties as are permitted by law
       and if the Security Trustee is obliged to pay any moneys pursuant to any
       such indemnity the same will become part of the Secured Moneys.

11.    POWERS AND PROTECTIONS FOR SECURITY TRUSTEE AND RECEIVER AND POWER OF
       ATTORNEY

11.1   Security Trustee has Powers of Receiver

       At any time after an Event of Default occurs, the Security Trustee, in
       addition to the powers conferred on it by any other provision of this
       Deed or by law, may, without giving any notice, exercise all or any of
       the powers conferred on a Receiver, or which would be conferred on a
       Receiver if appointed by this Deed, as if the same had been expressly
       conferred on the Security Trustee and the Security Trustee may itself
       exercise such powers, authorities and discretions and/or may appoint an
       agent or joint and/or several agents for that purpose.  When any such
       agent(s) are appointed the Security Trustee may:

       (a)    (Remuneration of agent): fix the remuneration of such agent(s)
              upon the same basis that such agent(s) would have been entitled to
              remuneration if appointed as Receiver(s) pursuant to the
              provisions of clause [ ]10.3 or otherwise pay the reasonable
              charges of such agent(s);

       (b)    (Withdraw appointment of agent): withdraw the appointments of any
              such agent(s); and

       (c)    (Appoint another agent): in the case of the removal, retirement or
              death of any such agent(s) may appoint another person or persons
              in its place.

11.2   Act Jointly

       The Security Trustee or Receiver may exercise any of the powers conferred
       upon the Security Trustee or the Receiver in conjunction with the
       exercise of similar powers by the holder of any other Security Interests
       over the Charged Property or part thereof or by any receiver appointed by
       such holder and may enter into and give effect to such agreements and
       arrangements with such other holder or receiver as the Security Trustee
       or Receiver thinks fit.

11.3   No Liability for Loss

       The Security Trustee is not nor is any Receiver liable or otherwise
       accountable for any omission, delay or mistake or any loss or
       irregularity in or about the exercise, attempted exercise, non-exercise
       or purported exercise of any of the powers of the Security Trustee or of
       the Receiver except for fraud, negligence or wilful default.

11.4   No Liability to Account as Mortgagee in Possession

       Neither the Security Trustee nor any Receiver will by reason of the
       Security Trustee or the Receiver entering into possession of the Charged
       Property or any part thereof be liable to account as mortgagee or chargee
       in possession or for anything except actual receipts or be liable for any
       loss upon realisation or for any default, omission, delay or mistake for
       which a mortgagee or chargee in possession might be liable.

11.5   No Conflict

       The Security Trustee and any Receiver may exercise any power under this
       Deed notwithstanding that the exercise of that power involves a conflict
       between any duty owed to the Trustee by the Security Trustee or such
       Receiver and:

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<PAGE>

       (a)  (Duty owed to others): any duty owed by the Security Trustee or
            Receiver to any other person; or

       (b)  (Interest of others): the interests of the Security Trustee or
            Receiver.

11.6   Contract Involving Conflict of Duty

       Any contract which involves any such conflict of duty or interest will
       not be void or voidable by virtue of any such conflict of duty or
       interest nor will the Security Trustee or Receiver be liable to account
       to the Trustee or any other person for any moneys because of any such
       conflict of interest or duty.

11.7   Power of Attorney

       The Trustee irrevocably appoints the Security Trustee, each Authorised
       Officer of the Security Trustee, any Receiver and such other person or
       persons as any of such Authorised Officers or Receiver (with, in the case
       of the Receiver, the prior consent of the Security Trustee) may for that
       purpose from time to time appoint, severally, the attorney and attorneys
       of the Trustee to, upon the occurrence of an Event of Default:

       (a)  (Acts): do all acts and things that under this Deed or implied in
            this Deed ought to be done by the Trustee;

       (b)  (Registration): take all such steps and proceedings and to do and
            execute all such acts, deeds and things for securing, perfecting and
            registering this Deed;

       (c)  (Further assurance): execute in favour of the Trustee all such legal
            mortgages, fixed charges, transfers, assignments and other
            assurances of all or any part of the Charged Property and to do at
            any time all things necessary to ensure the expeditious stamping and
            registration of such mortgages, charges, transfers, assignments and
            other assurances;

       (d)  (Commence proceedings): in the name and on behalf of the Trustee or
            in the name of the Security Trustee or the said attorney to ask
            demand sue for recover and receive of and from all and every person
            whomsoever and to give effectual receipts for all or any part of the
            Charged Property;

       (e)  (Delegate): delegate such of its powers (including, and where
            applicable, this power of delegation) as the Security Trustee would
            be entitled to delegate under clause [ ]14.3(k) if it held those
            powers in its own right rather than as attorney of the Trustee to
            any person for any period and may revoke a delegation;

       (f)  (Conflicts): exercise or concur in exercising its powers even if the
            attorney has a conflict of duty in exercising its powers or has a
            direct or personal interest in the means or result of that exercise
            of powers; and

       (g)  (Further acts): perform and execute all such further and other acts
            deeds matters and things which will become necessary or be regarded
            by the Security Trustee or the said attorney as necessary for more
            satisfactorily securing the payment of the Secured Moneys or as
            expedient in relation to the Charged Property,

       as effectually as the Trustee could or might do and for all or any of the
       purposes described in paragraphs (a) to (g) above appoint any substitute
       or substitutes for any such attorney and to remove at pleasure any
       attorney or substitute.  The Trustee ratifies and confirms and agrees to
       allow, ratify and confirm all and whatsoever its attorney lawfully does
       or causes to be done under and by virtue of this power of attorney and
       declares that this power of attorney is to continue to be of full force
       and effect until all such acts, deeds, payments, matters and things as
       the Security Trustee thinks proper to execute, perform, make, institute
       or carry through have been done, made and completed notwithstanding the
       determination of this Deed or of the agreements and arrangements referred
       to in this Deed.

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<PAGE>

       The Trustee declares that this power of attorney is
       irrevocable and is given as security.

11.8   Security Trustee May Make Good Default

       If the Trustee defaults in duly performing, observing and fulfilling any
       covenant on the part of the Trustee in this Deed contained or implied it
       will be lawful for, but not obligatory upon the Security Trustee, without
       prejudice to any other power of the Security Trustee, to do all things
       and pay all moneys necessary or expedient in the opinion of the Security
       Trustee to make good or to attempt to make good such default to the
       satisfaction of the Security Trustee and all such moneys will form part
       of the Secured Moneys.

11.9   Notice for Exercise of Powers

       (a)  (No notice required): The powers conferred on the Security Trustee
            or the Receiver by this Deed, by any Statute or by the general law
            may be exercised by the Security Trustee, the Receiver or any
            attorney of the Trustee under this Deed, immediately upon or at any
            time after the Charge becomes enforceable without any notice or
            expiration of time being necessary.

       (b)  (Where notice is mandatory): 1 day is fixed as the period:

            (i)      for which an Event of Default must continue before the
                     Security Trustee may serve any notice in writing as may be
                     specified in any Statute affecting the Security Trustee's
                     powers; and
            (ii)     for which an Event of Default must continue after the
                     service of notice before any power of sale given by any
                     such Statute may be exercised.

11.10  Benefit for Receiver etc.

       The Security Trustee will be deemed to have accepted the benefit of this
       clause 11 as agent for the Receiver and any attorney, agent or other
       person appointed under this Deed or by the Security Trustee who are not
       parties to this Deed and the Security Trustee will hold the benefit of
       such provisions on trust for the benefit of those grantees.

12.    PROTECTION OF PERSONS DEALING WITH SECURITY TRUSTEE OR RECEIVER

12.1   No Enquiry

       No purchaser or other person dealing with the Security Trustee, the
       Receiver or any attorney appointed under this Deed or to whom is tendered
       for registration an instrument executed by the Security Trustee, the
       Receiver or any attorney appointed under this Deed, will be bound to
       inquire as to whether any Event of Default has occurred or whether the
       Charge has become enforceable or whether any Secured Moneys are owing or
       payable or whether the Receiver or attorney has been properly appointed
       or the propriety or regularity of the exercise or purported exercise of
       any power by the Security Trustee, the Receiver or such attorney or any
       other matter or thing or be affected by actual or constructive notice
       that any lease, sale, dealing or instrument is unnecessary or improper
       and notwithstanding any irregularity or impropriety in any lease, sale,
       dealing or instrument the same will as regards the protection and title
       of the lessee, purchaser or such other person be deemed to be authorised
       by the aforesaid powers and will be valid and effectual accordingly.

12.2   Receipts

       The receipt of the Security Trustee, the Receiver or any attorney
       appointed under this Deed of any moneys or assets which come into the
       hands of the Security Trustee, the Receiver or such attorney by virtue of
       the powers of the Security Trustee, the Receiver or the attorney will as
       to the moneys or assets paid or handed over effectually discharge the
       person, other than the Trustee, paying or handing over the money or
       assets from being concerned to see to the application or being answerable
       or accountable for any loss or misapplication thereof and from any
       liability to inquire whether the Charge has become enforceable or whether
       the Secured Moneys have become payable pursuant to the provisions of this
       Deed or otherwise

                                       25
<PAGE>

       as to the propriety or regularity of the appointment of such Receiver or
       attorney or the propriety or regularity of the exercise of such powers by
       the Security Trustee, the Receiver or the attorney (as the case may be).

13.    APPLICATION OF MONEYS

13.1   Priority of Payments

       Subject to clause [ ]13.6, all moneys received in connection with this
       Deed by the Security Trustee or by the Receiver in relation to the
       Charged Property pursuant to the provisions of this Deed are to be
       applied as follows:

       (a)  (Security Trustee's indemnity and the Prior Interest): first,
            rateably towards satisfaction of amounts which become owing or
            payable under clauses [ ]16.1, 16.2 and 16.3 (except the Receiver's
            remuneration) and in payment of the Prior Interest;

       (b)  (Fees): second, in payment rateably of any fees and any liabilities,
            losses, costs, claims, actions, damages, expenses, demands, charges,
            stamp duties and other Taxes due to the Security Trustee, the Class
            A-1 Note Trustee or any Agent and the Receiver's remuneration;

       (c)  (Outgoings): third, in payment rateably of such other outgoings
            and/or liabilities that the Receiver, the Security Trustee or the
            Class A-1 Note Trustee has incurred in performing their obligations,
            or exercising their powers, under this Deed and, in the case of the
            Class A-1 Note Trustee, under the Class A-1 Note Trust Deed;

       (d)  (Payment of prior Security Interest): fourth, in payment of other
            Security Interests (if any) over the Charged Property of which the
            Security Trustee is aware having priority to the Charge (other than
            the Prior Interest), in the order of their priority (and the
            Security Trustee and the Receiver are entitled to rely upon a
            certificate from the holder of the prior Security Interest as to the
            amount so secured and will not be bound to enquire further as to the
            accuracy of that amount or as to whether that amount or any part
            thereof is validly secured by such other prior Security Interest);

       (e)  (Payment of Class A-1 Currency Swap Termination Proceeds to Class A-
            1 Noteholders): fifth, in payment to the Class A-1 Noteholders of
            the Class A-1 Currency Swap Termination Proceeds (if any) toward
            satisfaction of any Secured Moneys owing in relation to the Class A-
            1 Notes (such Secured Moneys for this purpose will be denominated in
            US dollars);

      (f)  (Payment of Outstanding Cash Advance Deposit): sixth, in payment to
           the Liquidity Facility Provider of the Outstanding Cash Advance
           Deposit;

      (g)  (Payment of Accrued Interest Adjustment, Collateral and Prepayments):
           seventh, in payment rateably to:

           (i)    the Seller of so much of the Accrued Interest Adjustment in
                  respect of the Mortgage Loans forming part of the Assets of
                  the Series Trust that has not then been paid to the Seller;

           (ii)   the Seller of the then Seller Deposit; and

           (iii)  the Interest Rate Swap Provider of the Outstanding Interest
                  Rate Swap Prepayment Amount

      (h)  (Payment of Secured Moneys to Senior Securityholders, the Hedge
           Providers, the Liquidity Facility Provider, the Standby Redraw
           Facility Provider and the Seller): eighth, in payment rateably:

           (i)  subject to clause [ ]13.5(b) in the case of the Class A-1
                Noteholders, to the Senior Securityholders of all other Secured
                Moneys owing in relation to the Senior Securities (the Secured
                Moneys owing in respect of the principal component of the Senior
                Securities for this purpose will be calculated based on their
                Stated Amount and such Secured Moneys in respect of the Class A-
                1 Notes will be converted from US dollars to Australian dollars
                in accordance with clause [ ]13.5(a)), to be applied amongst
                them:

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<PAGE>

                A.     first, towards all interest accrued but unpaid on the
                       Senior Securities at that time (to be distributed
                       rateably amongst the Senior Securities); and
                B.     second, in reduction of the Stated Amount in respect of
                       the Senior Securities at that time (to be distributed
                       rateably amongst the Senior Securities);
           (ii)  to the Liquidity Facility Provider of any other Secured Moneys
                 owing to the Liquidity Facility Provider under the Liquidity
                 Facility Agreement;
           (iii) to the Standby Redraw Facility Provider of any Secured Moneys
                 owing to the Standby Redraw Facility Provider under the Standby
                 Redraw Facility Agreement (the Secured Moneys owing in respect
                 of the principal component of the Standby Redraw Facility
                 Agreement for this purpose will be calculated by reference to
                 the Standby Redraw Facility Principal);
           (iv)  to each Hedge Provider rateably of any other Secured Moneys
                 owing to that Hedge Provider under the Hedge Agreements; and
           (v)   to the Seller of the amount of all then Seller Advances which
                 have not been repaid to the Seller in accordance with the
                 Series Supplement;

      (i)  (Payment of other Secured Moneys for Senior Securityholders): ninth,
           subject to clause [ ]13.5(b) in the case of the Class A-1
           Noteholders, to the Senior Securityholders and the Standby Redraw
           Facility Provider of all Unreimbursed Principal Charge-Offs
           constituting remaining Secured Moneys owing in respect of the Senior
           Securities or Standby Redraw Facility Agreement (such Secured Moneys
           in respect of the Class A-1 Notes will be converted from US dollars
           to Australian dollars in accordance with clause [ ]13.5(a)) to be
           distributed rateably amongst the Senior Securityholders and the
           Standby Redraw Facility Provider;

      (j)  (Payment of Exchange Rate differential to Class A-1 Noteholders):
           tenth, if after the application of clause [ ]13.5(b) in respect of
           any Australian dollar payments under clauses [ ]13.1(h) and (i), and
           after the application of clause [ ]13.1(e), there are still Secured
           Moneys owing in respect of the Class A-1 Notes (denominated in US
           dollars), in payment, subject to clause [ ]13.5(b), amongst the Class
           A-1 Notes of such remaining Secured Moneys owing in relation to the
           Class A-1 Notes until, after the further application of clause [
           ]13.5(b), all Secured Moneys owing in respect of the Class A-1 Notes
           (denominated in US dollars) are paid to the Class A-1 Noteholders;

      (k)  (Payment of Secured Moneys to Class B Noteholders): eleventh, to the
           Class B Noteholders of all Secured Moneys owing in relation to the
           Class B Notes to be applied amongst them:
           (1)  first, towards all interest accrued but unpaid on the Class B
                Notes at that time (to be distributed equally amongst such Class
                B Notes); and
           (2)  second, in reduction of the Invested Amount in respect of the
                Class B Notes at that time (to be distributed equally amongst
                the Class B Notes);

      (l)  (Other Secured Moneys): twelfth, to pay rateably to each Secured
           Creditor any remaining amounts forming part of the Secured Moneys and
           owing to that Secured Creditor;

      (m)  (Subsequent Security Interests): thirteenth, in payment of subsequent
           Security Interests over the Charged Property of which the Security
           Trustee is aware, in the order of their priority and the Security
           Trustee and the Receiver will be entitled to rely upon a certificate
           from the holder of any subsequent Security Interests as to the amount
           so secured and will not be bound to enquire further as to the
           accuracy of that amount or as to whether that amount or any part
           thereof is validly secured by the subsequent Security Interests; and

      (n)  (Surplus): fourteenth, to pay the surplus (if any) to the Trustee to
           be distributed

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<PAGE>

           by the Trustee in accordance with the terms of the Master Trust Deed
           and the Series Supplement, but will not carry interest as against the
           Security Trustee.

13.2   Moneys Received

       In applying any moneys towards satisfaction of the Secured Moneys, the
       Trustee will be credited only with so much of the moneys available for
       that purpose as the Security Trustee or the Receiver has actually
       received and is not required for whatever reason to be disgorged, such
       credit to date from the time of such receipt.

13.3   Application of Moneys

       Notwithstanding any principle or presumption of law to the contrary or
       any direction given at the time of it being received by the Security
       Trustee or the Receiver, the Security Trustee and the Receiver each has,
       subject to this Deed, an absolute discretion without the need to
       communicate its election to any person to apply any payment or credit
       received by it under this Deed in reduction of any part or parts of the
       Secured Moneys, whenever and on whatever account the same became secured.

13.4   Investment of Funds

       Unless expressly provided in this Deed, all moneys received by the
       Security Trustee following the Charge becoming enforceable and not
       required to be immediately applied under this Deed will be invested by
       the Security Trustee as it thinks appropriate in Authorised Short-Term
       Investments on the following terms and conditions:

       (a)  (May vary): the Security Trustee may from time to time vary and deal
            with or dispose of such investments; and

       (b)  (Maturity): the Security Trustee must invest only in Authorised
            Short-Term Investments that mature such that the Security Trustee is
            able to distribute the proceeds of those investments in or towards
            discharge of the Secured Moneys as they become due and payable.

13.5   Conversion into A$ of Class A-1 Notes denominated in US$

       (a)  (Conversion for the purposes of clauses [ ]13.1(h)(i) and 13.1(i)):
            in calculating the amount of any Secured Moneys to be distributed to
            the Class A-1 Noteholders in accordance with clauses [ ]13.1(h)(i)
            and 13.1(i), the Security Trustee will convert the amount of such
            Secured Moneys from US dollars to Australian dollars at the exchange
            rate below which produces the lowest amount in Australian dollars:

            (i)  the A$ Exchange Rate; or
            (ii) the spot exchange rate as advised to the Security Trustee by
                 the Manager between US dollars and Australian dollars used for
                 the calculation of any amounts payable on the occurrence of an
                 "Early Termination Date" (if any) under the Class A-1 Currency
                 Swaps (or, if different, the average of such rates).

       (b)  (Payments in US$): All actual payments to the Class A-1 Noteholders
            by the Security Trustee pursuant to this Deed must be made in US
            dollars. The Security Trustee must convert (and pay to the Class A-1
            Noteholders) all Australian dollar amounts payable to the Class A-1
            Noteholders under clauses [ ]13.1(h) and (i) (and, if applicable,
            clause [ ]13.1(j)) at the rate that it is able to acquire US dollars
            in the Australian spot foreign exchange market. It need only apply
            so many Australian dollars for this purpose as is sufficient to
            acquire the necessary US dollars, when combined with the US dollars
            (if any) from the application of clause [ ]13.1(e), as equals the
            Secured Moneys (denominated in US dollars) owing in respect of the
            Class A-1 Notes. If, after the application of this clause
            [ ]13.5(b), there is any surplus of Australian dollars these are to
            be applied in accordance with clause [ ]13.1(h) to the other Secured
            Creditors

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<PAGE>

            referred to therein (if necessary) and clauses [ ]13.1(k)-(n) (as
            applicable);

       (c)  (Voting Entitlements): In calculating the Secured Moneys in respect
            of the Class A-1 Notes for the purposes of the definitions of
            "Voting Entitlements" and "Voting Secured Creditors" and the Secured
            Moneys for the Annexure, such Secured Moneys will be converted to
            Australian dollars from US dollars in accordance with clause
            [ ]13.5(a).

13.6   Application of Class A-1 Currency Swap Termination Proceeds

       Any Class A-1 Currency Swap Termination Proceeds received by the Security
       Trustee must be retained by the Security Trustee in US dollars and must
       be invested by it in a US dollar interest bearing account with a bank or
       other financial institution selected by it and must be applied, if there
       are any Secured Moneys owing in respect of the Class A-1 Notes, first in
       accordance with clause [_]13.1(e).  If there are no such Secured Moneys
       owing in respect of the Class A-1 Notes, or only part of the Class A-1
       Swap Termination Proceeds are sufficient to pay all Secured Moneys
       (denominated in US dollars) owing in respect of the Class A-1 Notes, the
       balance may be converted to Australian dollars for application in
       accordance with clause [_]13.1.

13.7   Satisfaction of Debts

       Each Secured Creditor will accept the distribution of money to it under
       clause [_]13.1 in full and final satisfaction of all Secured Moneys owing
       to it and any debt represented by any shortfall after any final
       distribution under clause [_]13.1 will thereupon be extinguished.

14.    SUPPLEMENTAL SECURITY TRUSTEE PROVISIONS

14.1   Limitations on Powers and Duties of Security Trustee

       Notwithstanding any other provision of this Deed, unless and until there
       is an Event of Default, the Security Trustee has no powers, rights,
       duties or responsibilities other than:

       (a)  (To hold on Trust): the duty to hold the Security Trust Fund on
            trust;

       (b)  (To take the benefit of the Charge): the power to take the benefit
            of the Charge (but not to take any action to enforce the Charge);
            and

       (c)  (Pre-Default Action): the power to perform a Pre-Default Action.

       Prior to the Security Trustee becoming aware of the occurrence of an
       Event of Default, the Security Trustee is not required to take and may
       not take any action under this Deed other than Pre-Default Actions.

14.2   Limitation on Security Trustee's Actions

       Notwithstanding knowledge by or notice to the Security Trustee of any
       breach, anticipatory or actual, of, or default under, any covenant,
       obligation, condition or provision by the Trustee or the Manager
       contained in or imposed by any Transaction Document, the Security Trustee
       is only required to take all such steps and do all such things as it is
       empowered to do having regard to the powers, authorities and discretions
       vested in it pursuant to this Deed and the obligations imposed on the
       Security Trustee by this Deed.

14.3   Additional Powers, Protections, etc.

       By way of supplement to any Statute regulating the Security Trust and in
       addition to the powers, rights and protections which may from time to
       time be vested in or available to the Security Trustee by the general
       law, it is expressly declared, notwithstanding anything to the contrary
       in this Deed (and subject only to clause [_]15.2) as follows:

       (a)  (Liability to account): The Security Trustee is under no obligation
            to account to any Interested Person for any moneys received pursuant
            to this Deed other than

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            those received by the Security Trustee from the Trustee or received
            or recovered by the Security Trustee or the Receiver under this
            Deed, subject always to such deductions and withholdings by the
            Security Trustee or the Receiver as are authorised by this Deed.
            Subject to clauses [ ]14.4 and 15.3, the liabilities of the Security
            Trustee to any Interested Person or any other person under or in
            connection with this Deed can only be enforced against the Security
            Trustee to the extent to which they can be satisfied out of such
            moneys in accordance with this Deed.

       (b)  (Act on professional advice): The Security Trustee may act on the
            opinion or advice of, or information obtained from, any lawyer,
            valuer, banker, broker, accountant or other expert appointed by the
            Security Trustee or by a person other than Security Trustee where
            that opinion, advice or information is addressed to the Security
            Trustee or by its terms is expressed to be capable of being relied
            upon by the Security Trustee. The Security Trustee will not be
            responsible to any Interested Person for any loss occasioned by so
            acting. Any such opinion, advice or information may be sent or
            obtained by letter, telex or facsimile transmission and the Security
            Trustee will not be liable to any Interested Person for acting in
            good faith on any opinion, advice or information purporting to be
            conveyed by such means even though it contains some error which is
            not a manifest error or is not authentic.

       (c)  (No enquiry): The Security Trustee is not bound to give notice to
            any person of the execution of this Deed or to take any steps to
            ascertain whether there has occurred any Event of Default or event
            which, with the giving of notice or the lapse of time would
            constitute an Event of Default or to keep itself informed about the
            circumstances of the Trustee or the Manager and, until it has
            knowledge or express notice to the contrary, the Security Trustee
            may assume that no Event of Default has occurred and that the
            Trustee and the Manager and any other party to the Transaction
            Documents (other than the Security Trustee) are observing and
            performing all the obligations on their part contained in the
            Transaction Documents and need not inquire whether that is, in fact,
            the case.

       (d)  (Notice of Event of Default): The Security Trustee is not obliged to
            notify the Secured Creditors of the happening of any Event of
            Default except in the circumstances set out in clause [ ]8.1.

       (e)  (Acts pursuant to resolutions): The Security Trustee will not be
            responsible for having acted in good faith upon any resolution
            purporting to have been passed at any meeting of the Voting Secured
            Creditors 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 such meeting or the passing of such resolution
            or that for any reason such resolution was not valid or binding upon
            the Secured Creditors or upon the Security Trustee.

       (f)  (Reliance): The Security Trustee is, for any purpose and at any
            time, entitled to rely on, act upon, accept and regard as conclusive
            and sufficient (without being in any way bound to call for further
            evidence or information or being responsible for any loss that may
            be occasioned by such reliance, acceptance or regard) any of the
            following:

            (i)      any information, report, balance sheet, profit and loss
                     account, certificate or statement supplied by the Trustee
                     or the Manager or by any officer, auditor or solicitor of
                     the Trustee or the Manager;
            (ii)     all statements (including statements made or given to the
                     best of the maker's knowledge and belief or similarly
                     qualified) contained in any information, report, balance
                     sheet, profit and loss account, certificate or statement
                     given pursuant to or in relation to this Deed, the Master
                     Trust Deed or the Series Supplement;
            (iii)    all accounts supplied to the Security Trustee pursuant to
                     this Deed and all reports of the Auditor supplied to the
                     Security Trustee pursuant to this Deed; and

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            (iv)     notices and other information supplied to the Security
                     Trustee under this Deed,

            save, in each case, when it is aware that the information supplied
            pursuant to subclauses (i) to (iv) is incorrect or incomplete.

       (g)  (Director's certificates): The Security Trustee may call for and may
            accept as sufficient evidence of any fact or matter or of the
            expediency of any dealing, transaction, step or thing a certificate
            signed by any two directors or duly authorised officers of the
            Trustee or the Manager as to any fact or matter upon which the
            Security Trustee may, in the exercise of any of its duties, powers,
            authorities and discretions under this Deed, require to be satisfied
            or to have information to the effect that in the opinion of the
            person or persons so certifying any particular dealing, transaction,
            step or thing is expedient and the Security Trustee will not be
            bound to call for further evidence and will not be responsible for
            any loss that may be occasioned by acting on any such certificate.

       (h)  (Custody of documents): The Security Trustee may hold or deposit
            this Deed and any deed or documents relating to this Deed or to the
            Transaction Documents with any banker or banking company or entity
            whose business includes undertaking the safe custody of deeds or
            documents or with any lawyer or firm of lawyers believed by it to be
            of good repute and the Security Trustee will not be responsible for
            any loss incurred in connection with any such holding or deposit and
            may pay all sums to be paid on account of or in respect of any such
            deposit.

       (i)  (Discretion): The Security Trustee, as regards all the powers,
            trusts, authorities and discretions vested in it, has, subject to
            any express provision to the contrary contained in this Deed,
            absolute and uncontrolled discretion as to the exercise of such
            powers, authorities, trusts and discretions and, in the absence of
            fraud, negligence or wilful default on its part, will be in no way
            responsible to any Interested Person or any other person for any
            loss, costs, damages, expenses or inconvenience which may result
            from the exercise or non-exercise of such powers, authorities,
            trusts and discretions.

       (j)  (Employ agents): Wherever it considers it expedient in the interests
            of the Secured Creditors, the Security Trustee may, instead of
            acting personally, employ and pay an agent selected by it, whether
            or not a lawyer or other professional person, to transact or
            conduct, or concur in transacting or conducting any business and to
            do or concur in doing all acts required to be done by the Security
            Trustee (including the receipt and payment of money under this
            Deed). The Security Trustee will not be responsible to any
            Interested Person for any misconduct, or default on the part of any
            such person appointed by it under this Deed or be bound to supervise
            the proceedings or acts of any such person, provided that any such
            person will be a person who is in the opinion of the Security
            Trustee appropriately qualified to do any such things and is
            otherwise selected with reasonable care and in good faith. Any such
            agent being a lawyer, banker, broker or other person engaged in any
            profession or business will be entitled to charge and be paid all
            usual professional and other charges for business transacted and
            acts done by him or her or any partner of his or her or by his or
            her firm in connection with this Deed and also his or her reasonable
            charges in addition to disbursements for all other work and business
            done and all time spent by him or her or his or her partners or firm
            on matters arising in connection with this Deed including matters
            which might or should have been attended to in person by a trustee
            not being a lawyer, banker, broker or other professional person.

       (k)  (Delegation): Subject to clause [ ]14.7, the Security Trustee may
            whenever it thinks it expedient in the interests of Secured
            Creditors, delegate to any person or fluctuating body of persons
            selected by it all or any of the duties, powers, authorities, trusts
            and discretions vested in the Security Trustee by this Deed provided
            that, except as provided in any Transaction Documents, the Security

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            Trustee may not delegate to such third parties any material part of
            its powers, duties or obligations as Security Trustee. Any such
            delegation may be by power of attorney or in such other manner as
            the Security Trustee may think fit and may be made upon such terms
            and conditions (including power to sub-delegate) and subject to such
            regulations as the Security Trustee may think fit. Provided that the
            Security Trustee has exercised reasonable care and good faith in the
            selection of such delegate, it will not be under any obligation to
            any Interested Person to supervise the proceedings or be in any way
            responsible for any loss incurred by reason of any misconduct or
            default on the part of any such delegate or sub-delegate.

       (l)  (Apply to court): The Security Trustee may, whenever it thinks it
            expedient in the interests of the Secured Creditors, apply to any
            court for directions in relation to any question of law or fact
            arising either before or after an Event of Default and assent to, or
            approve, any applications of any Secured Creditor, the Trustee or
            the Manager.

       (m)  (Disclosure): Subject to this Deed, any applicable laws and any duty
            of confidentiality owed by any Interested Person to any other
            person, the Security Trustee may, for the purpose of meeting its
            obligations under this Deed, disclose to any Secured Creditor any
            confidential, financial or other information made available to the
            Security Trustee by the Trustee, the Manager, any other Interested
            Person or any other person in connection with this Deed.

       (n)  (Determination): The Security Trustee, as between itself and the
            Secured Creditors, has full power to determine (acting reasonably
            and in good faith) all questions and doubts arising in relation to
            any of the provisions of this Deed and every such determination,
            whether made upon such a question actually raised or implied in the
            acts or proceedings of the Security Trustee, will be conclusive and
            will bind the Security Trustee and the Secured Creditors.

       (o)  (Defect in title): The Security Trustee is not bound or concerned to
            examine or enquire into nor be liable for any defect or failure in
            the title of the Trustee to the Charged Property and is entitled to
            accept any such title without requisition or objection.

       (p)  (Notice of Charge or enforcement): The Security Trustee is under no
            obligation to give any notice of the Charge to any debtors of the
            Trustee or to any purchaser or any other person whomsoever or,
            subject to this Deed, to enforce payment of any moneys payable to
            the Trustee or to realise any of the Charged Property or to take any
            steps or proceedings for that purpose unless the Security Trustee
            thinks fit to do so.

       (q)  (Give up possession of Charged Property): The Security Trustee,
            acting in accordance with this Deed or the terms of any
            Extraordinary Resolution passed by the Voting Secured Creditors in
            accordance with this Deed, may give up possession of the Charged
            Property at any time.

       (r)  (No duty as chargee): Nothing in this Deed imposes a duty upon the
            Security Trustee to exercise its powers as chargee under this Deed
            or at law in circumstances where a motion at a meeting of Voting
            Secured Creditors that a receiver be appointed is put and is not
            passed.

       (s)  (Other Security Interests): If the Security Trustee sees fit to
            redeem or take any transfer of any Security Interest ranking in
            priority to or pari passu with the Charge including the Prior
            Interest (the "Other Security Interest") wholly or in part then,
            notwithstanding any provision as to interest contained in the Other
            Security Interest or any presumption of law to the contrary all
            moneys expended by the Security Trustee in so doing including the
            consideration paid to the holder of the Other Security Interest,
            stamp duty and legal costs and disbursements will be deemed to be
            principal moneys secured by the Other Security Interest, and also
            part of the Secured Moneys and moneys the payment of which forms
            part of

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<PAGE>

            the obligations of the Trustee under this Deed, and the provisions
            of this Deed will be deemed incorporated in the Other Security
            Interest and will prevail over the terms and conditions of the Other
            Security Interest in the case of any inconsistency.

       (t)  (Liability limited): Except for the obligations imposed on it under
            this Deed, the Security Trustee is not obliged to do or omit to do
            any thing including enter into any transaction or incur any
            liability unless the Security Trustee=s liability is limited in a
            manner satisfactory to the Security Trustee in its absolute
            discretion.

       (u)  (No duty to provide information): Subject to the express
            requirements of this Deed and any requirement of applicable law, the
            Security Trustee has no duty (either initially, or on a continuing
            basis) to consider or provide any Secured Creditors with any
            information with respect to the Trustee or the Manager (whenever
            coming into its possession).

       (v)  (Exercise of rights subject to Extraordinary Resolution): Without
            limiting its rights, powers and discretions, but subject to its
            express duties or obligations under this Deed (including, without
            limiting the generality of the foregoing, clause 8) the Security
            Trustee will not be required to exercise any right, power or
            discretion (including to require anything to be done, form any
            opinion or give any notice, consent or approval) without the
            specific instructions of the Voting Secured Creditors given by
            Extraordinary Resolution.

       (w)  (No liability for acting in accordance with directions): The
            Security Trustee is not to be under any liability whatsoever for
            acting in accordance with any direction obtained from Voting Secured
            Creditors at a meeting convened under clause [ ]8.

       (x)  (No liability for breach): The Security Trustee is not to be under
            any liability whatsoever for a failure to take any action in respect
            of any breach by the Trustee of its duties as trustee of the Series
            Trust of which the Security Trustee is not aware or in respect of
            any Event of Default of which the Security Trustee is not aware.

       (y)  (Dispute or Ambiguity): In the event of any dispute or ambiguity as
            to the construction or enforceability of this Deed or any other
            Transaction Document, or the Security Trustee=s powers or
            obligations under or in connection with this Deed or the
            determination or calculation of any amount or thing for the purpose
            of this Deed or the construction or validity of any direction from
            Voting Secured Creditors, provided the Security Trustee is using
            reasonable endeavours to resolve such ambiguity or dispute, the
            Security Trustee, in its absolute discretion, may (but will have no
            obligation to) refuse to act or refrain from acting in relation to
            matters affected by such dispute or ambiguity.

14.4   Limitation of Liability

       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 Secured Creditors, the Trustee, the
       Manager or any other person) other than to the extent to which the
       liability is able to be satisfied out of the property of the Security
       Trust Fund from which the Security Trustee is actually indemnified 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 or by operation by law, there is a reduction in the extent of
       the Security Trustee=s indemnification as a result of the Security
       Trustee=s fraud, negligence or wilful default.  Nothing in this clause
       14.4 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 Charged Property.

14.5   Dealings with Trust

       None of the:

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       (a)  (Security Trustee): Security Trustee in any capacity;

       (b)  (Related Bodies Corporate): Related Bodies Corporate of the Security
            Trustee;

       (c)  (Directors etc.): directors or officers of the Security Trustee or
            its Related Bodies Corporate; or

       (d)  (Shareholders): shareholders of the Security Trustee or its Related
            Bodies Corporate,

       is prohibited from:

       (e)  (Subscribing for): subscribing for, purchasing, holding, dealing in
            or disposing of Securities;

       (f)  (Contracting with): at any time:

            (i)    contracting with;
            (ii)   acting in any capacity as representative or agent for; or
            (iii)  entering into any financial, banking, agency or other
                   transaction with,

            any other of them or any Secured Creditor; or

       (g)  (Being interested in): being interested in any contract or
            transaction referred to in paragraphs (e) or (f).

       None of the persons mentioned is liable to account to the Secured
       Creditors for any profits or benefits (including, without limitation,
       bank charges, commission, exchange brokerage and fees) derived in
       connection with any contract or transaction referred to in paragraphs (e)
       or (f).  The preceding provisions of this clause [_]14.5 only apply if
       the relevant person, in connection with the action, contract or
       transaction, acts in good faith to all Secured Creditors.

14.6   Discretion of Security Trustee as to Exercise of Powers

       Subject to any express provision to the contrary contained in this Deed,
       the Security Trustee will, as regards all the powers, authorities and
       discretions vested in it by this Deed have absolute discretion as to the
       exercise of them in all respects and, in the absence of fraud, negligence
       or wilful default on its part, the Security Trustee will not be in any
       way responsible for any loss, costs, damages, claims or obligations that
       may result from the exercise or non-exercise of them.

14.7   Delegation of Duties of Security Trustee

       The Security Trustee must not delegate to any person any of its trusts,
       duties, powers, authorities or discretions under this Deed except:

       (a)  (To Manager, Servicer, Seller, Trustee): to the Manager, the
            Servicer, the Seller or the Trustee in accordance with the
            provisions of this Deed or any other Transaction Document;

       (b)  (Related Body Corporate): subject to clause [ ]14.8, to a Related
            Body Corporate of the Security Trustee; or

       (c)  (As otherwise permitted): in accordance with the provisions of this
            Deed.

14.8   Related Body Corporate of the Security Trustee

       Where the Security Trustee delegates any of its trusts, duties, powers,
       authorities and discretions to any person who is a Related Body Corporate
       of the Security Trustee, the Security Trustee at all times remains liable
       for the acts or omissions of such Related Body

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       Corporate and for the payment of fees of that Related Body Corporate when
       acting as delegate.

15.    DUTIES OF THE SECURITY TRUSTEE

15.1   Duties of the Security Trustee limited to duties in this Deed

       The Security Trustee has no duties or responsibilities in its capacity as
       trustee other than those expressly set out in this Deed.

15.2   Security Trustee's Further Duties

       Subject to clause [_]14.1, the Security Trustee must comply with the
       duties and responsibilities imposed on it by this Deed and must:

       (a)  (Act continuously): act continuously as trustee of the Security
            Trust until the Security Trust is terminated in accordance with this
            Deed or until it has retired or been removed in accordance with this
            Deed;

       (b)  (Exercise diligence etc.): exercise all due diligence and vigilance
            in carrying out its functions and duties and in protecting the
            rights and interests of the Secured Creditors;

       (c)  (Have regard to the Interests of Secured Creditors): in the exercise
            of all discretions vested in it by this Deed and all other
            Transaction Documents, except where expressly provided otherwise,
            have regard to the interest of the Secured Creditors as a class;

       (d)  (Retain the Trust Fund): subject to this Deed, retain the Security
            Trust Fund in safe custody and hold it on trust for the Secured
            Creditors upon the terms of this Deed; and

       (e)  (Not sell etc.): not sell, mortgage, charge or part with the
            possession of any part or the whole of the Security Trust Fund (or
            permit any of its officers, agents and employees to do so) except as
            permitted or contemplated by this Deed.

15.3   Trustee Liable for Negligence etc.

       Nothing in this Deed will in any case in which the Security Trustee has
       failed to show the degree of care and diligence required of it as
       Security Trustee (having regard to the provisions of this Deed conferring
       on the Security Trustee any duties, powers, trusts, authorities or
       discretions, including any provisions relieving the Security Trustee of
       specified responsibilities) relieve or indemnify it from or against any
       liability for fraud, negligence or wilful default.

15.4   No Liability for Transaction Documents

       The Security Trustee has no responsibility for the form or content of
       this Deed or any other Transaction Document and will have no liability
       arising in connection with any inadequacy, invalidity or unenforceability
       (other than as a result of a breach of this Deed by the Security Trustee)
       of any provision of this Deed or any Transaction Document.

15.5   Resolution of Conflicts

       (a)  (Resolve Conflicts in favour of the Securityholders): Subject to the
            provisions of this Deed, if there is at any time in the Security
            Trustee's opinion, with respect to enforcement or the exercise of
            any of the Security Trustee's duties, powers or discretions, a
            conflict between the interests of any Secured Creditor or class of
            Secured Creditor (on the one hand) and the interests of the
            Securityholders as a whole (on the other hand), the Security Trustee
            must give priority to the interests of the Securityholders as a
            whole.

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       (b)  (Resolve Conflicts in favour of the Senior Securityholders): Subject
            to the provisions of this Deed (other than clause [_]15.5(a)), the
            Security Trustee must give priority to the interests only of the
            Senior Securityholders as a class if, in the Security Trustee's
            opinion, there is a conflict between the interests of the Senior
            Securityholders (on the one hand) and the Class B Noteholders or the
            other persons entitled to the benefit of the Charge (on the other
            hand) (in relation to which in determining the interests of the
            Class A-1 Noteholders the Security Trustee may rely on a
            determination of the Class A-1 Note Trustee).

       (c)  (No Liability): Provided that the Security Trustee acts in good
            faith, it will not incur any liability to any Secured Creditor for
            giving effect to paragraph (a) or (b).

16.    INDEMNITY BY TRUSTEE

16.1   Indemnity

       Subject to this Deed and without prejudice to any right of indemnity
       given by law, the Security Trustee, the Manager, the Class A-1 Note
       Trustee, the Receiver or attorney or other person appointed under this
       Deed (including, without limitation, any person appointed by the Security
       Trustee, the Manager, the Class A-1 Note Trustee or the Receiver or any
       person to whom any duties, powers, trusts, authorities or discretions may
       be delegated by the Security Trustee, the Manager, the Class A-1 Note
       Trustee or the Receiver) ("appointee") will be indemnified by the Trustee
       against all loss, liabilities and expenses properly incurred by the
       Security Trustee, the Manager, the Class A-1 Note Trustee, the Receiver,
       attorney or appointee (as the case may be) in the execution or purported
       execution of any duties, powers, trusts, authorities or discretions
       vested in such persons pursuant to this Deed, including, without
       limitation, all liabilities and expenses consequent upon any mistake or
       oversight, error of judgment or want of prudence on the part of such
       persons and against all actions, proceedings, costs, claims and demands
       in respect of any matter or thing properly done or omitted in any way
       relating to this Deed, unless any of the foregoing is due to actual
       fraud, negligence or wilful default on the part of the Security Trustee,
       the Manager, the Class A-1 Note Trustee, the Receiver, attorney or
       appointee (as the case may be).  The Security Trustee may in priority to
       any payment to the Secured Creditors retain and pay out of any moneys in
       its hands upon the trusts of this Deed all sums necessary to effect such
       indemnity including, without limitation, the amount of any such
       liabilities and expenses, and also any remuneration outstanding to the
       Security Trustee under clause [_]19.1.

16.2   Extent of Security Trustee's Indemnity

       The Security Trustee is entitled to be indemnified by the Trustee for:

       (a)  (Registration etc. costs): the costs, charges and expenses
            (including legal costs and expenses at the usual commercial rates of
            the relevant legal services provider) of the Security Trustee in
            connection with the negotiation, preparation, execution, stamping,
            registration and completion of this Deed, any deed amending this
            Deed and the Charge;

       (b)  (Costs of waiver etc.): the costs, charges and expenses (including
            legal costs and expenses at the usual commercial rates of the
            relevant legal services provider) of the Security Trustee in
            connection with any consent, exercise or non-exercise of rights or
            powers or performance of obligations (including, without limitation,
            in connection with the contemplated or actual enforcement or
            preservation of any rights or powers or performance of obligations
            under this Deed), production of title documents, waiver, variation,
            release or discharge in connection with the Charge or the Charged
            Property;

       (c)  (Taxes): Taxes and fees (including, without limitation, registration
            fees) and fines and penalties in respect of fees, which may be
            payable or determined to be payable in connection with this Deed or
            a payment or receipt or any other transaction contemplated by this
            Deed; and

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       (d)  (Legal costs): without limiting the generality of clause [ ]16.2(b),
            all legal costs and disbursements (at the usual commercial rates of
            the relevant legal services provider) and all other costs,
            disbursements, outgoings and expenses of the Security Trustee in
            connection with the initiation, carriage and settlement of any court
            proceedings (including, without limitation, proceedings against the
            Trustee arising from any neglect, breach or default by the Trustee
            under this Deed) in respect of this Deed.

16.3   Costs of experts

       The liabilities and expenses referred to in clause [ ]16.2 include,
       without limitation, those payable to any independent consultant or other
       person appointed to evaluate any matter of concern (including, without
       limitation, any person consulted by the Security Trustee pursuant to
       clause [ ]14.3(b)), any agent of the Security Trustee, any Receiver or
       any attorney appointed under this Deed, and, in the case of the Security
       Trustee, its administration costs in connection with any event referred
       to in clause [ ]16.2.

16.4   Non-Discharge

       Unless otherwise specifically stated in any discharge of the Security
       Trust, the provisions of this clause [ ]16 will continue in full force
       and effect despite such discharge.

16.5   Retention of Lien

       Notwithstanding any release of the outgoing Security Trustee under this
       clause, the outgoing Security Trustee will remain entitled to the benefit
       of the indemnities granted by this Deed to the outgoing Security Trustee
       in respect of any liability, cost or other obligation incurred by it
       while acting as Security Trustee, as if it were still the Security
       Trustee under this Deed.

17.    MEETINGS OF VOTING SECURED CREDITORS

17.1   Meetings Regulated by the Annexure

       The provisions of the Annexure will apply to all meetings of Voting
       Secured Creditors and to the passing of resolutions at those meetings.

17.2   Limitation on Security Trustee's Powers

       Save as provided for in this Deed, the Security Trustee will not assent
       or give effect to any matter which a meeting of Voting Secured Creditors
       is empowered by Extraordinary Resolution to do, unless the Security
       Trustee has previously been authorised to do so by an Extraordinary
       Resolution of Voting Secured Creditors.  Nothing in this Deed prevents
       the Security Trustee taking such action as it considers appropriate to
       enforce any rights of indemnity or reimbursement.

18.    CONTINUING SECURITY AND RELEASES

18.1   Liability Preserved

       Notwithstanding any payout figure quoted or other form of account stated
       by the Security Trustee and notwithstanding the rule in Groongal Pastoral
       Company Limited (In Liquidation) v. Falkiner (35 CLR 157), no grant of
       full or partial satisfaction of or discharge from this Deed by the
       Security Trustee will release the Trustee under this Deed until all the
       Secured Moneys have in fact been received by the Security Trustee and are
       not liable for whatever reason to be disgorged notwithstanding that such
       quotation or statement of account may have arisen from the mistake,
       negligence, error of law or error of fact of the Security Trustee its
       servants or agents.

18.2   Trustee's Liability Not Affected

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       This Deed and the liability of the Trustee under this Deed will not be
       affected or discharged by any of the following:

       (a)  (Indulgence): the granting to the Trustee or to any other person of
            any time or other indulgence or consideration;

       (b)  (Delay in recovery): the Security Trustee failing or neglecting to
            recover by the realisation of any other security or otherwise any of
            the Secured Moneys;

       (c)  (Laches): any other laches, acquiescence, delay, act, omission or
            mistake on the part of the Security Trustee or any other person; or

       (d)  (Release): the release, discharge, abandonment or transfer whether
            wholly or partially and with or without consideration of any other
            security judgment or negotiable instrument held from time to time or
            recovered by the Security Trustee from or against the Trustee or any
            other person.

18.3   Waiver by Trustee

       The Trustee waives in favour of the Security Trustee:

       (a)  (All rights necessary to give effect to Deed): all rights whatsoever
            against the Security Trustee and any other person estate or assets
            to the extent necessary to give effect to anything in this Deed;

       (b)  (Promptness and diligence): promptness and diligence on the part of
            the Security Trustee and any other requirement that the Security
            Trustee take any action or exhaust any right against any other
            person before enforcing this Deed; and

       (c)  (All rights inconsistent with Deed): all rights inconsistent with
            the provisions of this Deed including any rights as to contribution
            or subrogation which the Trustee might otherwise be entitled to
            claim or enforce .

19.    REMUNERATION AND RETIREMENT OF SECURITY TRUSTEE

19.1   Remuneration

       Subject to clause [_]28, the Security Trustee is to be remunerated by the
       Trustee for acting as trustee under this Deed whether before or after the
       occurrence of an Event of Default, at the rate agreed from time to time
       between the Manager, the Security Trustee and the Trustee.

19.2   Retirement of Security Trustee

       The Security Trustee covenants that it will retire as Security Trustee
       if:

       (a)  (Insolvency): an Insolvency Event occurs in relation to the Security
            Trustee in its personal capacity or in respect of its personal
            assets (and not in its capacity as trustee of any trust or in
            respect of any assets it holds as trustee);

       (b)  (Ceases to carry on business): it ceases to carry on business;

       (c)  (Related Trustee retires): a Related Body Corporate of it retires as
            trustee of the Series Trust under clause [ ]19.1, clause [ ]19.2 or
            clause [ ]19.4 of the Master Trust Deed or is removed as trustee of
            the Series Trust under clause [ ]19.3 of the Master Trust Deed and
            the Manager requires the Security Trustee by notice in writing to
            retire;

       (d)  (Voting Secured Creditors require retirement): an Extraordinary
            Resolution requiring its retirement is passed at a meeting of Voting
            Secured Creditors;

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       (e)  (Breach of duty): when required to do so by the Manager or the
            Trustee by notice in writing, it fails or neglects within 14 days
            after receipt of such notice to carry out or satisfy any material
            duty imposed on it by this Deed in respect of the Security Trust; or

       (f)  (Change in ownership): there is a change in ownership of 50% or more
            of the issued equity share capital of the Security Trustee from the
            position as at the date of this Deed or effective control of the
            Security Trustee alters from the position as at the date of this
            Deed unless in either case approved by the Manager (whose approval
            must not be unreasonably withheld).

19.3   Removal by Manager

       If an event referred to in clause [_]19.2 occurs and the Security Trustee
       does not retire immediately after that event, the Manager is entitled to,
       and must forthwith, remove the Security Trustee from office immediately
       by notice in writing to the Security Trustee.  On the retirement or
       removal of the Security Trustee under the provisions of clause [_]19.2 or
       this clause [_]19.3:

       (a)  (Notify Rating Agencies): the Manager must promptly notify the
            Rating Agencies and the Class A-1 Note Trustee of such retirement or
            removal; and

       (b)  (Appoint Substitute Security Trustee): subject to any approval
            required by law, the Trustee is entitled to and must use its best
            endeavours to appoint in writing some other Authorised Trustee
            Corporation which is approved by the Rating Agencies to be the
            Substitute Security Trustee. If the Trustee does not appoint a
            Substitute Security Trustee, the Manager may appoint a Substitute
            Security Trustee who is approved by the Rating Agencies.

19.4   Security Trustee May Retire

       The Security Trustee may retire as trustee under this Deed upon giving 3
       months notice in writing to the Trustee, the Manager, the Class A-1 Note
       Trustee and the Rating Agencies or such lesser time as the Manager, the
       Trustee, the Security Trustee and the Class A-1 Note Trustee agree.  Upon
       such retirement, the Security Trustee, subject to any approval required
       by law, may appoint in writing any other Authorised Trustee Corporation
       who is approved by the Rating Agencies and the Manager, which approval
       must not be unreasonably withheld by the Manager, as Security Trustee in
       its stead.  If the Security Trustee does not propose a replacement by the
       date which is 1 month prior to the date of its proposed retirement, the
       Manager is entitled to appoint a Substitute Security Trustee, which must
       be an Authorised Trustee Company who is approved by the Rating Agencies,
       as of the date of the proposed retirement.

19.5   Retirement of Trustee under Master Trust Deed

       The retiring Security Trustee must use its best endeavours to appoint in
       writing some other Authorised Trustee Corporation who is approved by the
       Manager and the Rating Agencies as Security Trustee in its place. If the
       retiring Security Trustee does not appoint a Substitute Security Trustee
       by the date which is 1 month prior to the date of its proposed
       retirement, the Manager may appoint a Substitute Security Trustee, which
       must be an Authorised Trustee Company approved by the Rating Agencies.
       The retirement of the retiring Security Trustee will take effect upon the
       earlier to occur of:

       (a)  (Expiry of 3 month period): the expiry of a 3 month period
            commencing on the retirement or removal of the trustee of the Series
            Trust under the Master Trust Deed; and

       (b)  (Appointment of a Substitute Security Trustee): the appointment of a
            Substitute Security Trustee.

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19.6   Appointment of Substitute Security Trustee by Voting Secured Creditors

       If a Substitute Security Trustee has not been appointed under clauses
       [ ]19.3, 19.4 or 19.5 at a time when the position of Security Trustee
       becomes vacant in accordance with those clauses, the Manager must act as
       Security Trustee in accordance with the terms of this Deed and must
       promptly convene a meeting of Voting Secured Creditors at which Voting
       Secured Creditors, holding or representing between them Voting
       Entitlements comprising in aggregate a number of votes which is not less
       than 75% of the aggregate number of votes comprised in the total Voting
       Entitlements at the time, appoint any person nominated by any of them to
       act as Security Trustee.  The Manager is entitled to receive the fee
       payable in accordance with clause [ ]19.1 for the period during which the
       Manager acts as Security Trustee pursuant to this clause  [ ]19.

19.7   Release of Security Trustee

       Upon retirement or removal of the Security Trustee as trustee of the
       Security Trust, the Security Trustee is released from all obligations
       under this Deed arising after the date of the retirement or removal
       except for its obligation to vest the Security Trust Fund in the
       Substitute Security Trustee and to deliver all books and records relating
       to the Security Trust to the Substitute Security Trustee (at the cost of
       the Security Trust Fund).  The Manager and the Trustee may settle with
       the Security Trustee the amount of any sums payable by the Security
       Trustee to the Manager or the Trustee or by the Manager or the Trustee to
       the Security Trustee and may give to or accept from the Security Trustee
       a discharge in respect of those sums which will be conclusive and binding
       as between the Manager, the Trustee and the Security Trustee but not as
       between the Security Trustee and the Secured Creditors.

19.8   Vesting of Security Trust Fund in Substitute Security Trustee

       The Security Trustee, on its retirement or removal, must vest the
       Security Trust Fund or cause it to be vested in the Substitute Security
       Trustee and must deliver and assign to such Substitute Security Trustee
       as appropriate all books, documents, records and other property
       whatsoever relating to the Security Trust Fund.

19.9   Substitute Security Trustee to Execute Deed

       Each Substitute Security Trustee must upon its appointment execute a deed
       in such form as the Manager may require whereby such Substitute Security
       Trustee must undertake to the Secured Creditors jointly and severally to
       be bound by all the covenants on the part of the Security Trustee under
       this Deed from the date of such appointment.

19.10  Rating Agencies Advised

       The Manager must promptly:

       (a)  (Retirement): approach and liaise with the Rating Agencies in
            respect of any consents required from it to the replacement of the
            Security Trustee pursuant to clause [ ]19.5;

       (b)  (Change of ownership): notify the Rating Agencies of it becoming
            aware of a change in ownership of 50% or more of the issued equity
            share capital of the Security Trustee from the position as at the
            date of this Deed or effective control of the Security Trustee
            altering from the date of this Deed; and

       (c)  (Approval for change in ownership): notify the Rating Agencies and
            the Class A-1 Note Trustee of any approvals given by the Manager
            pursuant to clause [ ]19.2(f).

20.    ASSURANCE

20.1   Further Assurance

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<PAGE>

       The Trustee will and will procure that all persons having or claiming any
       estate or interest in the Charged Property will at any time now or in the
       future upon the request of the Security Trustee and at the cost of the
       Trustee, make, do and execute or cause to be made, done and executed all
       such actions, documents and assurances which are necessary or
       appropriate:

       (a)  (To secure the Secured Moneys): to more satisfactorily secure to the
            Security Trustee the payment of the Secured Moneys;

       (b)  (To assure the Charged Property): to assure or more satisfactorily
            assure the Charged Property to the Security Trustee;

       (c)  (As directed): as the Security Trustee may direct; or

       (d)  (Appointment of Substitute Security Trustee): for a Substitute
            Security Trustee appointed under clause [ ]19 to obtain the benefit
            of this Deed,

       and in particular will, whenever requested by the Security Trustee,
       execute in favour of the Security Trustee such legal mortgages,
       transfers, assignments or other assurances of all or any part of the
       Charged Property in such form and containing such powers and provisions
       as the Security Trustee requires.

20.2   Postponement or Waiver of Security Interests

       The Trustee will (and the Manager will give all necessary directions to
       enable the Trustee to) if required by the Security Trustee immediately
       cause:

       (a)  (Postpone other Security Interests): any Security Interest (other
            than the Prior Interest) which has arisen or which arises from time
            to time by operation of law over the Charged Property in favour of
            any person including the Trustee to be at the Security Trustee's
            option postponed in all respects after and subject to this Deed or
            to be otherwise discharged released or terminated; and

       (b)  (Discharge of Secured Moneys): any Borrowing or other obligation
            secured by any such Security Interest at the Security Trustee's
            option to be waived, released, paid or performed.

20.3   Registration of Charge

       The Manager will at its own expense ensure that this Deed is promptly
       registered as a charge on any appropriate register to the extent and
       within such time limits as may be prescribed by law so as to ensure the
       full efficacy of this Deed as a security to the Security Trustee in all
       jurisdictions in which any part of the Charged Property may now or at any
       time during the continuance of this Deed be located, in which the Trustee
       may carry on any business or in which the Trustee is or may become
       resident or registered.

20.4   Caveats

       The Trustee is not obliged to do anything under this clause [_]20 to
       enable the Security Trustee to, and the Security Trustee must not, lodge
       a caveat to record its interest in the Charged Property at the land
       titles office in any State or Territory, unless the Charge has taken
       effect as a fixed charge and the Trustee would, under the terms of the
       Master Trust Deed, be entitled to lodge caveats.

21.    PAYMENTS

21.1   Moneys Repayable as Agreed or on Demand

       Unless otherwise agreed pursuant to the terms of any Secured Moneys, such
       Secured Moneys are payable by the Trustee to the Security Trustee in
       Australian dollars immediately upon demand by the Security Trustee.

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<PAGE>

21.2   No Set-Off or Deduction

       All payments by the Trustee of any moneys forming part of the Secured
       Moneys are to be free of any set-off or counterclaim and without
       deduction or withholding for any present or future Taxes unless the
       Trustee is compelled by law to deduct or withhold the same, in which
       event the Trustee will pay to the Security Trustee such additional
       amounts necessary to enable the Security Trustee to receive after all
       deductions and withholdings for such Taxes a net amount equal to the full
       amount which would otherwise have been payable under this Deed had no
       such deduction or withholding been required to be made.

22.    DISCHARGE OF THE CHARGE

22.1   Release

       Upon proof being given to the reasonable satisfaction of the Security
       Trustee that all Secured Moneys have been paid in full, including that
       all costs, charges, moneys and expenses incurred by or payable to or at
       the direction of the Security Trustee, the Receiver or any attorney
       appointed under this Deed have been paid and upon adequate provision
       having been made to the reasonable satisfaction of the Security Trustee
       of all costs, charges, moneys and expenses reasonably likely thereafter
       to be incurred by or payable to or at the direction of the Security
       Trustee, the Receiver or any attorney appointed under this Deed in
       respect of the Series Trust, then the Security Trustee will at the
       request of the Manager or the Trustee, and at the cost of the Trustee,
       release the Charged Property from the Charge and this Deed.

22.2   Contingent Liabilities

       The Security Trustee is under no obligation to grant a release of the
       Charge or this Deed unless at the time such release is sought:

       (a)  (No Secured Moneys owing): none of the Secured Moneys are
            contingently or prospectively owing except where there is no
            reasonable likelihood of the contingent or prospective event
            occurring; and

       (b)  (No liabilities): the Security Trustee has no contingent or
            prospective liabilities whether or not there is any reasonable
            likelihood of such liabilities becoming actual liabilities in
            respect of any bills, notes, drafts, cheques, guarantees, letters of
            credit or other instruments or documents issued, drawn, endorsed or
            accepted by the Security Trustee for the account or at the request
            of the Trustee for the Series Trust.

22.3   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, without limit, any law relating to preferences,
       bankruptcy, insolvency or the winding up of bodies corporate) and the
       Charge has already been discharged, the Trustee will, at the Trustee=s
       expense, promptly do, execute and deliver, and cause any relevant person
       to do, execute and deliver, all such acts and instruments as the Security
       Trustee may require to reinstate this Charge.  This clause will survive
       the discharge of the Charge unless the Security Trustee agrees otherwise
       in writing.

23.    CLASS A-1 NOTE TRUSTEE

23.1   Capacity

       The Class A-1 Note Trustee is a party to this Deed in its capacity as
       trustee for the Class A-1 Noteholders from time to time under the Class
       A-1 Note Trust Deed.

23.2   Exercise of rights

       Except as otherwise provided in this Deed and in the Class A-1 Note Trust
       Deed:

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<PAGE>

       (a)  (Only by Class A-1 Note Trustee): the rights, remedies and
            discretions of the Class A-1 Noteholders under this Deed including
            all rights to vote or give instructions or consent to the Security
            Trustee and to enforce any undertakings or warranties under this
            Deed, may only be exercised by the Class A-1 Note Trustee on behalf
            of the Class A-1 Noteholders in accordance with the Class A-1 Note
            Trust Deed; and

       (b)  (Limited Right of Enforcement by Class A-1 Noteholders): the
            Class A-1 Noteholders may only exercise enforcement rights in
            respect of the Charged Property through the Class A-1 Note Trustee
            and only in accordance with this Deed.

23.3   Instructions or directions

       The Security Trustee may rely on any instructions or directions given to
       it by the Class A-1 Note Trustee as being given on behalf of all the
       Class A-1 Noteholders from time to time and need not inquire whether any
       such instructions or directions are in accordance with the Class A-1 Note
       Trust Deed, whether the Class A-1 Note Trustee or the Class A-1
       Noteholders from time to time have complied with any requirements under
       the Class A-1 Note Trust Deed or as to the reasonableness or otherwise of
       the Class A-1 Note Trustee.

23.4   Payments

       Any payment to be made to a Class A-1 Noteholder under this Deed may be
       made to the Class A-1 Note Trustee or a Paying Agent on behalf of that
       Class A-1 Noteholder.

23.5   Notices

       Any notice to be given to a Class A-1 Noteholder under this Deed may be
       given to the Class A-1 Note Trustee on behalf of that Class A-1
       Noteholder.  Any costs to the Class A-1 Note Trustee of publishing such
       notice to the Class A-1 Noteholders will, subject to clause [ ]28, be
       reimbursed by the Trustee to the Class A-1 Note Trustee.

23.6   Limitation of Class A-1 Note Trustee's Liability

       The liability of the Class A-1 Note Trustee under this Deed is limited in
       the manner and to the same extent as under the Class A-1 Note Trust Deed.

24.    AMENDMENT

24.1   Amendment by Security Trustee

       Subject to this clause [ ]24 and to any approval or consent required by
       law (including, without limitation, the United States Trust Indenture Act
       of 1939) and under clause [ ]24.2, the Security Trustee, the Manager, the
       Class A-1 Note Trustee and the Trustee may together agree by way of
       supplemental deed to alter, add to or revoke any provision of this Deed
       (including this clause [ ]24) so long as such alteration, addition or
       revocation:

       (a)  (Necessary or expedient): in the opinion of the Security Trustee or
            of a barrister or solicitor instructed by the Security Trustee is
            necessary or expedient to comply with the provisions of any Statute
            or regulation or with the requirements of any Governmental Agency;

       (b)  (Manifest error): in the opinion of the Security Trustee is made to
            correct a manifest error or ambiguity or is of a formal, technical
            or administrative nature only;

       (c)  (Amendment to law): in the opinion of the Security Trustee is
            appropriate or expedient as a consequence of an amendment to any
            Statute or regulation or altered requirements of any Governmental
            Agency or any decision of any court (including, without limitation,
            an alteration, addition or modification which is in

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<PAGE>

            the opinion of the Security Trustee appropriate or expedient as a
            consequence of the enactment of a Statute or regulation or an
            amendment to any Statute or regulation or ruling by the Commissioner
            or Deputy Commissioner of Taxation or any governmental announcement
            or statement or any decision of any court, 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 Security Trust); or

       (d)  (Otherwise desirable): in the opinion of the Security Trustee and
            the Trustee is otherwise desirable for any reason,

       provided that the Security Trustee, the Manager, the Class A-1 Note
       Trustee and the Trustee may not alter, add to or revoke any provision of
       this Deed unless the Manager has notified the Rating Agencies and the
       Class A-1 Note Trustee 5 Business Days in advance.

24.2   Consent required Generally

       If any alteration, addition or revocation referred to in clause
       [ ]24.1(d) would, if it were an Extraordinary Resolution of the Voting
       Secured Creditors require any consent to be effective under clause [ ]14
       of the Annexure, the alteration, addition or revocation may be effected
       only if the relevant consent is obtained in accordance with such clause.
       Nothing in this clause limits the operation of the proviso in clause
       [ ]24.1.

24.3   Consent to Payment Modification in relation to Class A-1 Notes

       If any alteration, addition or revocation referred to in clause [ ]24.1
       effects or purports to effect a Payment Modification (as defined in the
       Class A-1 Note Trust Deed) it will not be effective as against a given
       Class A-1 Noteholder unless consented to by that Class A-1 Noteholder.

24.4   No Rating Agency Downgrade

       The Security Trustee will be entitled to assume that any proposed
       alteration, addition or revocation referred to in clause [ ]24.1 (other
       than a Payment Modification) will not be materially prejudicial to the
       interests of a Class of Securityholders or all Securityholders if each of
       the Rating Agencies confirms in writing that if the alteration, addition
       or revocation is effected this will not lead to a reduction,
       qualification or withdrawal of the then rating given, respectively, to
       the Class of Securities, or to each Class of the Securities, by the
       Rating Agency.  The Class A-1 Note Trustee will be entitled to assume
       that any proposed alteration, addition or revocation will not be
       materially prejudicial to the interests of Class A-1 Noteholders if each
       of the Rating Agencies confirms in writing that if the alteration,
       addition or revocation is effected this will not lead to a reduction,
       qualification or withdrawal of the then rating given, respectively, to
       the Class A-1 Notes by the Rating Agency.

24.5   Distribution of Amendments

       The Manager must distribute to all Secured Creditors a copy of any
       amendment made pursuant to clause [ ]24.1 as soon as reasonably
       practicable after the amendment has been made.

25.    EXPENSES AND STAMP DUTIES

25.1   Expenses

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       Subject to clause 28, the Trustee will on demand reimburse the
       Security Trustee and the Class A-1 Note Trustee for and keep the Security
       Trustee and the Class A-1 Note Trustee indemnified against all expenses
       including legal costs and disbursements (at the usual commercial rates of
       the relevant legal services provider) incurred by the Security Trustee or
       the Class A-1 Note Trustee (as the case may be) in connection with:

       (a)  (Preparation): the preparation and execution of this Deed and any
            subsequent consent, agreement, approval or waiver under this Deed or
            amendment to this Deed;

       (b)  (Enforcement): the exercise, enforcement, preservation or attempted
            exercise enforcement or preservation of any rights under this Deed
            including without limitation any expenses incurred in the evaluation
            of any matter of material concern to the Security Trustee or the
            Class A-1 Note Trustee; and

       (c)  (Inquiries of Governmental Agency): any inquiry by a Governmental
            Agency concerning the Trustee or the Charged Property or a
            transaction or activity the subject of the Transaction Documents.

25.2   Stamp Duties

       (a)  (Trustee must pay): The Trustee will pay all stamp, loan,
            transaction, registration and similar Taxes including fines and
            penalties, financial institutions duty and federal debits tax which
            may be payable to or required to be paid by any appropriate
            authority or determined to be payable in connection with the
            execution, delivery, performance or enforcement of this Deed or any
            payment, receipt or other transaction contemplated in this Deed.

       (c)  (Trustee must indemnify): The Trustee will indemnify and keep
            indemnified each of the Security Trustee and the Class A-1 Note
            Trustee against any loss or liability incurred or suffered by it as
            a result of the delay or failure by the Trustee to pay such Taxes.

25.3   Goods and Services Tax

       Notwithstanding any other provision of this Deed or the Master Trust
       Deed, if the Security Trustee becomes liable to remit to a Governmental
       Agency an amount of GST in connection with its supplies under this Deed,
       the Security Trustee is not entitled to any reimbursement of that GST
       from the Trustee out of the Assets of the Series Trust or the Security
       Trust Fund.  Nothing in this clause [ ]25.3 prevents the time in
       attendance costs of the Security Trustee charged pursuant to clause
       [ ]12.4 of the Series Supplement from including a component that
       represents or is referable to GST.

26.    GOVERNING LAW AND JURISDICTION

26.1   Governing Law

       This Deed is governed by and construed in accordance with the laws of the
       State of New South Wales.

26.2   Jurisdiction

       (a)  (Submission to jurisdiction): The Trustee, the Security Trustee, the
            Manager and each of the Secured Creditors each irrevocably submits
            to and accepts generally and unconditionally the non-exclusive
            jurisdiction of the Courts and appellate Courts of the State of New
            South Wales with respect to any legal action or proceedings which
            may be brought at any time relating in any way to this Deed.

       (b)  (Waiver of inconvenient forum): The Trustee, the Security Trustee,
            the Manager and each of the Secured Creditors each irrevocably
            waives any objection it may now or in the future have to the venue
            of any such action or

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<PAGE>

            proceedings brought in such courts and any claim it may now or in
            the future have that any such action or proceedings have been
            brought in an inconvenient forum.

27.    NOTICES

27.1   Method of Delivery

       Subject to this clause, any notice, request, certificate, approval,
       demand, consent or other communication to be given under this Deed must:

       (a)  (Authorised Officer): be signed by an Authorised Officer of the
            party giving the same;

       (b)  (In writing): be in writing; and

       (c)  (Delivery): be in the case of a party to this Deed or any Secured
            Creditor, other than a Securityholder:

              (i)  left at the address of the addressee;
             (ii)  sent by prepaid ordinary post to the address of the
                   addressee;
                   or
            (iii)  sent by facsimile to the facsimile number of the addressee,

            notified by that addressee from time to time to the other parties
            to this Deed as its address for service pursuant to this Deed.

       Any notice, request, certificate, approval, demand, consent or other
       communication to be given under this Deed to a Class A-1 Noteholder will
       be effectively given if it is given to the Class A-1 Note Trustee in
       accordance with this clause and to a Class A-2 Noteholder, a Class B
       Noteholder or a Redraw Bondholder will be effectively given if sent to
       the address thereof then appearing in the Register.

27.2   Deemed Receipt

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

       (a)  (Delivery): where delivered in person, upon receipt;

       (b)  (Post): where sent by post, on the 3rd (7th if outside Australia)
            day after posting; and

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

       However, if the time of deemed receipt of any notice is not before 5.30
       pm 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.

28.    TRUSTEE'S LIMITED LIABILITY

28.1   Limitation on Trustee's Liability

       The Trustee enters into this Deed only in its capacity as trustee of the
       Series Trust and in no other capacity.  A liability incurred by the
       Trustee acting in its capacity as trustee of the Series Trust arising
       under or in connection with this Deed is limited to and can be enforced
       against the Trustee only to the extent to which it can be satisfied out
       of Assets of the Series Trust out of which the Trustee is actually
       indemnified for the liability.  This limitation of the Trustee=s
       liability applies despite any other provision of this Deed (other than
       clause

                                       46
<PAGE>

       [ ]28.3) and extends to all liabilities and obligations of the
       Trustee in any way connected with any representation, warranty, conduct,
       omission, agreement or transaction related to this Deed.

28.2   Claims against Trustee

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

28.3   Breach of Trustee

       The provisions of this clause [ ]28 will not apply to any obligation or
       liability of the Trustee to the extent that it is not satisfied because
       under the Master Trust Deed, the Series Supplement or any other
       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 Series
       Trust, as a result of the Trustee=s fraud, negligence or wilful default.

28.4   Acts or omissions

       It is acknowledged that the Relevant Parties are responsible under the
       Transaction Documents for performing a variety of obligations relating to
       the Series Trust.  No act or omission of the Trustee (including any
       related failure to satisfy its obligations or any breach of
       representation or warranty under this Deed) will be considered
       fraudulent, negligent or a wilful default for the purpose of clause
       [ ]28.3 to the extent to which the act or omission was caused or
       contributed to by any failure by any Relevant Party or any other person
       appointed by the Trustee under any Transaction Document (other than a
       person whose acts or omissions the Trustee is liable for in accordance
       with any Transaction Document) to fulfil its obligations relating to the
       Series Trust or by any other act or omission of a Relevant Party or any
       other such person.

28.5   No Authority

       No attorney, agent, receiver or receiver and manager appointed in
       accordance with this Deed 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 purposes of clause [ ]28.3.

28.6   No Obligation

            The Trustee is not obliged to enter into any commitment or
            obligation under this Deed or any Transaction Document (including
            incur any further liability) unless the Trustee's liability is
            limited in a manner which is consistent with this clause [ ]28 or
            otherwise in a manner satisfactory to the Trustee in its absolute
            discretion.

       (b)  or otherwise in a manner satisfactory to the Trustee in its absolute
            discretion.

29.    MISCELLANEOUS

29.1   Assignment by Trustee

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       The Trustee will not assign or otherwise transfer the benefit of this
       Deed or any of its rights, duties or obligations under this Deed except
       to a Substitute Trustee which is appointed as a successor trustee of the
       Series Trust under and in accordance with the Master Trust Deed.

29.2   Assignment by Manager

       The Manager will not assign or otherwise transfer the benefit of this
       Deed or any of its rights, duties or obligations under this Deed except
       to a Substitute Manager which is appointed as a successor manager of the
       Series Trust under and in accordance with the Master Trust Deed.

29.3   Assignment by Security Trustee

       The Security Trustee will not assign or otherwise transfer all or any
       part of the benefit of this Deed or any of its rights, duties and
       obligations under this Deed except to a Substitute Security Trustee which
       is appointed as a successor security trustee under and in accordance with
       this Deed.

29.4   Assignment by Class A-1 Note Trustee

       The Class A-1 Note Trustee will not assign or otherwise transfer all or
       any part of the benefit of this Deed or any of its rights, duties and
       obligations under this Deed except to a successor trustee appointed under
       and in accordance with the Class A-1 Note Trust Deed.

29.5   Certificate of Security Trustee

       A certificate in writing signed by an Authorised Officer of the Security
       Trustee certifying the amount payable by the Trustee to the Security
       Trustee or to the Secured Creditors or certifying that a person
       identified therein is a Secured Creditor or certifying any other act,
       matter, thing or opinion relating to this Deed is conclusive and binding
       on all Interested Persons in the absence of manifest error on the face of
       the certificate or evidence to the contrary.

29.6   Continuing Obligation

       This Deed is a continuing obligation notwithstanding any settlement of
       account intervening payment express or implied revocation or any other
       matter or thing whatsoever until a final discharge of this Deed has been
       given to the Trustee.

29.7   Settlement Conditional

       Any settlement or discharge between the Trustee and the Security Trustee
       is conditional upon any security or payment given or made to the Security
       Trustee by the Trustee or any other person in relation to the Secured
       Moneys not being avoided repaid or reduced by virtue of any provision or
       enactment relating to bankruptcy insolvency or liquidation for the time
       being in force and, in the event of any such security or payment being so
       avoided repaid or reduced the Security Trustee is entitled to recover the
       value or amount of such security or payment avoided, repaid or reduced
       from the Trustee subsequently as if such settlement or discharge had not
       occurred.

29.8   No Merger

       Neither this Deed nor any of the Security Trustee's or the Receiver's
       powers will merge or prejudicially affect nor be merged in or
       prejudicially affected by and the Trustee=s obligations under this Deed
       will not in any way be abrogated or released by any other security any
       judgment or order any contract any cause of action or remedy or any other
       matter or thing existing now or in the future in respect of the Secured
       Moneys.

                                       48
<PAGE>

29.9   Interest on Judgment

       If a liability under this Deed (other than a liability for negligence,
       fraud or wilful default of the Trustee under the Transaction Documents)
       becomes merged in a judgment or order then the Trustee as an independent
       obligation will pay interest to the Security Trustee on the amount of
       that liability at a rate being the higher of the rate payable pursuant to
       the judgment or order and the highest rate payable on the Secured Moneys
       from the date it becomes payable until it is paid.

29.10  No Postponement

       The Security Trustee's rights under this Deed will not be discharged,
       postponed or in any way prejudiced by any subsequent Security Interest
       nor by the operation of the rules known as the rule in Hopkinson v. Rolt
       or the rule in Claytons Case.

29.11  Severability of Provisions

       Any provision of this Deed which is illegal, void or unenforceable in any
       jurisdiction is ineffective in that jurisdiction to the extent only of
       such illegality, voidness or unenforceability without invalidating the
       remaining provisions of this Deed or the enforceability of that provision
       in any other jurisdiction.

29.12  Remedies Cumulative

       The rights and remedies conferred by this Deed upon the Security Trustee
       and the Receiver are cumulative and in addition to all other rights or
       remedies available to the Security Trustee or the Receiver by Statute or
       by general law.

29.13  Waiver

       A failure to exercise or enforce or a delay in exercising or enforcing or
       the partial exercise or enforcement of any right, remedy, power or
       privilege under this Deed by the Security Trustee will not in any way
       preclude or operate as a waiver of any further exercise or enforcement of
       such right, remedy, power or privilege or the exercise or enforcement of
       any other right, remedy, power or privilege under this Deed or provided
       by law.

29.14  Consents and Approvals

       Where any act matter or thing under this Deed depends on the consent or
       approval of the Security Trustee then unless expressly provided otherwise
       in this Deed such consent or approval may be given or withheld in the
       absolute and unfettered discretion of the Security Trustee and may be
       given subject to such conditions as the Security Trustee thinks fit in
       its absolute and unfettered discretion.

29.15  Written Waiver, Consent and Approval

       Any waiver, consent or approval given by the Security Trustee under this
       Deed will only be effective and will only be binding on the Security
       Trustee if it is given in writing or given verbally and subsequently
       confirmed in writing and executed by the Security Trustee or on its
       behalf by an Authorised Officer for the time being of the Security
       Trustee.

29.16  Time of Essence

       Time is of the essence in respect of the Trustee=s obligations under this
       Deed.

29.17  Moratorium Legislation

       To the fullest extent permitted by law, the provisions of all Statutes
       operating directly or indirectly:

                                       49
<PAGE>

       (a)  (Lessen Obligations): to lessen or otherwise to vary or affect in
            favour of the Trustee any obligation under this Deed; or

       (b)  (Delay Exercise of Powers): to delay or otherwise prevent or
            prejudicially affect the exercise of any powers conferred on the
            Security Trustee or the Receiver under this Deed,

       are expressly waived negatived and excluded.

29.18  Debit Accounts

       The Trustee authorises the Security Trustee at any time after the Charge
       becomes enforceable pursuant to the provisions of this Deed, to apply
       without prior notice any credit balance whether or not then due to which
       the Trustee is at any time entitled on any account at any office of the
       Security Trustee in or towards satisfaction of any sum then due and
       unpaid from the Trustee to the Security Trustee under this Deed or on any
       other account whatsoever and the Trustee further authorises the Security
       Trustee without prior notice to set-off any amount owing whether present
       or future actual contingent or prospective and on any account whatsoever
       by the Security Trustee to the Trustee against any of the Secured Moneys.
       The Security Trustee is not obliged to exercise any of its rights under
       this clause, which are without prejudice and in addition to any right of
       set-off, combination of accounts, lien or other right to which it is at
       any time otherwise entitled whether by operation of law contract or
       otherwise.

29.19  Set-Off

       No Secured Creditor may set-off or apply any sum or debt in any currency
       (whether or not matured) in any account comprised in the Charged Property
       towards satisfaction of any amount that would otherwise form part of the
       Secured Moneys.

29.20  Binding on Each Signatory

       This Deed binds each of the signatories to this Deed notwithstanding that
       any one or more of the named parties to this Deed does not execute this
       Deed, that there is any invalidity forgery or irregularity touching any
       execution of this Deed or that this Deed is or becomes unenforceable void
       or voidable against any such named party.

29.21  Counterparts

       This Deed may be executed in a number of counterparts and all such
       counterparts taken together is deemed to constitute one and the same
       instrument.

EXECUTED as a deed.

SIGNED SEALED AND DELIVERED              )
for and on behalf of P.T. LIMITED,       )
ACN 004 454 666, by                      )
its Attorney under a Power of Attorney   )
dated                   and registered   )    ................................
Book       No.       and who declares    )    (Signature of Attorney)
that he or she has not received any      )
notice of the revocation of such Power   )
of Attorney in the presence of:          )

 ................................
(Signature of Witness)

                                       50
<PAGE>

 ................................
(Name of Witness in Full)

THE COMMON SEAL of THE BANK OF              )
NEW YORK was  affixed to this Deed          )
in the presence of:                         )

 ................................
(Signature of Witness)

 ................................
(Name of Witness in Full)

SIGNED SEALED AND DELIVERED                 )
for and on behalf of SECURITISATION         )
ADVISORY SERVICES PTY. LIMITED, ACN 064     )
133 946, by                                 )
its Attorney under a Power of Attorney      )   ................................
dated                     and registered    )   (Signature of Attorney)
Book      No.      and who declares that    )
he or she has not received any notice of    )
the revocation of such Power of Attorney    )
in the presence of:

 ................................
(Signature of Witness)

 ................................
(Name of Witness in Full)

SIGNED SEALED AND DELIVERED                 )
for and on behalf of                        )
PERPETUAL TRUSTEE COMPANY                   )
LIMITED, ACN 000 001 007, by                )
            its Attorney under a Power of   )   ...............................
Attorney dated        and registered        )   (Signature of Attorney)
Book      No.      and who declares that    )
he or she has not received any notice of    )
the revocation of such Power of Attorney    )
in the presence of:                         )

 ................................
(Signature of Witness)

 ................................
(Name of Witness in Full)

                                       51
<PAGE>

THIS IS THE ANNEXURE REFERRED TO IN A SECURITY TRUST DEED
BETWEEN P.T. LIMITED, THE BANK OF NEW YORK, NEW YORK BRANCH, SECURITISATION
ADVISORY SERVICES PTY. LIMITED AND PERPETUAL TRUSTEE COMPANY LIMITED
CREDITORS
--------------------------------------------------------------------------------

     PROVISIONS FOR MEETINGS OF VOTING SECURED CREDITORS

1.     Definitions and Incorporation of Terms

       In this Annexure, unless specified otherwise or the context indicates a
       contrary intention:

       (a)  words and expressions which are defined in or by virtue of clause
            [ ]1 of the abovementioned Security Trust Deed (the "Security Trust
            Deed") have the same meanings in this Annexure;

       (b)  a "holder" in relation to Secured Moneys will be construed as
            including a Securityholder in relation to any outstanding
            Securities; and

       (c)  references to clauses are references to clauses in this Annexure.

2.     Convening of Meetings

       (a)  (Meeting at any time): The Security Trustee, the Trustee or the
            Manager at any time may convene a meeting of the Voting Secured
            Creditors.

       (b)  (Meeting on request): Subject to the Security Trustee being
            indemnified to its reasonable satisfaction against all costs and
            expenses occasioned thereby, the Security Trustee will convene a
            meeting of the Voting Secured Creditors if requested to do so by
            Voting Secured Creditors who hold between them Voting Entitlements
            comprising an aggregate number of votes which is no less than 10% of
            the aggregate number of votes comprising the Voting Entitlements of
            all Voting Secured Creditors at that time.

       (c)  (Time and place approved by Security Trustee):

            (i)  Every meeting of Voting Secured Creditors will be held at such
                 time and place as the Security Trustee approves (or, failing
                 such approval by the Security Trustee within a reasonable
                 period, as approved by the Manager), provided that, subject to
                 paragraphs (ii) and (iii) and clause [ ]4, any such meeting
                 shall not be held until the Class A-1 Note Trustee has had, in
                 its opinion, sufficient time to either seek directions from the
                 Class A-1 Noteholders or to determine that it need not seek
                 those directions, in each case in accordance with clause [ ]7
                 of the Class A-1 Note Trust Deed.
           (ii)  Upon receiving notice of a meeting of the Voting Secured
                 Creditors, the Class A-1 Note Trustee (if applicable) will as
                 soon as practicable comply with clause [ ]7 of the Class A-1
                 Note Trust Deed.
          (iii)  The proviso in sub-paragraph (i) does not apply if:
                 A.     the Class A-1 Note Trustee, in its absolute discretion,
                        so decides; or
                 B.     there are then no Class A-1 Notes outstanding.

       (d)  (Meetings in more than one place): A meeting of Voting Secured
            Creditors may, if the Security Trustee so determines, be held at two
            or more meeting venues linked together by audio-visual communication
            equipment which, by itself or in conjunction with other
            arrangements:

            (i)  gives the Voting Secured Creditors in the separate venues a
                 reasonable opportunity to participate in the proceedings;

                                       1
<PAGE>

           (ii)  enables the chairman to be aware of proceedings in each such
                 venue; and
          (iii)  enables the Voting Secured Creditors in each such venue to vote
                 on a show of hands and on a poll.

             A Voting Secured Creditor at one of the separate meeting venues is
             taken to be present at the meeting of the Voting Secured Creditors
             and is entitled to exercise all rights which a Voting Secured
             Creditor has under the Security Trust Deed and this Annexure in
             relation to a meeting of Voting Secured Creditors.  Where a
             meeting of Voting Secured Creditors is held at two or more meeting
             venues pursuant to this clause [_]2(d), that meeting will be
             regarded as having been held at the venue determined by the
             chairman of the meeting.

       (e)   (Meetings only in accordance with the Security Trust Deed): A
             meeting of Voting Secured Creditors may only be convened in
             accordance with the Security Trust Deed and this Annexure.

3.     Notice of Meetings

       (a)  (Notice): Subject to clauses [ ]2(c)(i) and 4, at least 14 days=
            notice (inclusive of the day on which the notice is given and of the
            day on which the meeting is held) of a meeting of the Voting Secured
            Creditors must be given to the Voting Secured Creditors.

       (b)  (Accidental omission does not invalidate): The accidental omission
            to give notice to or the non-receipt of notice by any Voting Secured
            Creditor does not invalidate the proceedings at any meeting.

       (c)  (Copies of notices): A copy of a notice convening a meeting must be
            given by the Security Trustee to the Manager and the Trustee.

       (d)  (Manner of notice): Notice of a meeting must be given in the manner
            provided in the Security Trust Deed.

       (e)  (Details to be included in notice): A notice of a meeting of the
            Voting Secured Creditors must specify:

            (i)   the day, time and place of the proposed meeting;
            (ii)  the reason for the meeting being convened;
            (iii) the agenda of the business to be transacted at the meeting;
            (iv)  the terms of any proposed resolution;
            (v)   that appointments of proxies must be lodged no later than 24
                  hours prior to the time fixed for the meeting; and
            (vi)  such additional information as the person giving the notice
                  thinks fit.

4.     Shorter Notice of Meeting

       A meeting of the Voting Secured Creditors may be held on shorter notice
       than provided by clause [ ]3 if so agreed by a resolution of Voting
       Secured Creditors at the meeting who:

       (a)  (Majority in number): are a majority in number of Voting Secured
            Creditors (present in person or by proxy) having the right to attend
            and vote at the meeting; and

       (b)  (95% Voting Entitlements): hold or represent between them Voting
            Entitlements comprising in aggregate a number of votes which is not
            less than 95% of the aggregate number of votes comprised in all
            Voting Entitlements at the time.

                                       2
<PAGE>

5.     Chairman

       At a meeting of Voting Secured Creditors, some person (whether or not a
       Secured Creditor or a representative of the Security Trustee) nominated
       in writing by the Security Trustee must preside as chairman.  If no such
       nomination is made or no such nominated person is present within 15
       minutes after the time appointed for the holding of the meeting, the
       Voting Secured Creditors present must choose one of their number to be
       chairman.

6.     Quorum

       At any such meeting, any 2 or more persons present in person holding, or
       being Representatives holding or representing between them, in the
       aggregate 67% or more of the aggregate number of votes comprised in all
       Voting Entitlements at that time will form a quorum for the transaction
       of business and no business (other than the choosing of a chairman) is to
       be transacted at any meeting unless the requisite quorum is present at
       the commencement of business.

7.     Adjournment

       (a)  (Adjournment): If within 15 minutes from the time appointed for any
            such meeting a quorum is not present, the meeting must, if convened
            upon the requisition of Voting Secured Creditors, be dissolved. In
            any other case it must 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
            such adjourned meeting, two or more persons present in person
            holding, or being Representatives holding or representing between
            them, Voting Entitlements comprising in aggregate a number of votes
            which is not less than 50% of the aggregate number of votes
            comprised in all Voting Entitlements at the time must (except for
            the purpose of passing an Extraordinary Resolution) form a quorum
            and will have the power to pass any resolution and to decide upon
            all matters which could properly have been dealt with at the
            meetings from which the adjournment took place had a quorum been
            present at such meeting. The quorum at any such adjourned meeting
            for passing an Extraordinary Resolution will be as specified in
            clause [ ]6.

       (b)  (Place and time of adjourned meeting): The chairman may with the
            consent of (and must if directed by) any meeting adjourn the same
            from time to time and from place to place but no business may 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 is to be given in the
            same manner as of an original meeting and such notice must state the
            quorum required at such adjourned meeting. It will not, however,
            otherwise be necessary to give any notice of an adjourned meeting.

8.     Voting Procedure

       (a)  (Casting votes): Every question submitted to a meeting must be
            decided in the first instance by a show of hands and in case of
            equality of votes the chairman must 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 or she may be entitled as a Voting Secured Creditor or
            as a Representative.

       (b)  (Evidence of votes): 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 Trustee, the Manager, the Class A-1 Note Trustee or
            the Security Trustee or by one or more persons holding, or being
            Representatives holding or representing between them, in aggregate a
            number of votes which is not less than 2% of the

                                       3
<PAGE>

            aggregate number of votes comprised in all Voting Entitlements at
            the time, a declaration by the chairman that a resolution has been
            carried by a particular majority or lost or not carried by any
            particular majority will be conclusive evidence of the fact without
            proof of the number or proportion of the votes recorded in favour of
            or against such resolution.

       (c)  (Polls): If at any meeting a poll is so demanded, it must be taken
            in such manner and (subject to the provisions of this Annexure)
            either at once or after such an adjournment as the chairman directs
            and the result of such poll will 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 must not prevent the
            continuance of the meeting for the transaction of any business other
            than the question on which the poll has been demanded. Any poll
            demanded at any meeting on the election of a chairman or on any
            question of adjournment must be taken at the meeting without
            adjournment.

       (d)  (Voting by Secured Creditors):

            (i)   On a show of hands every Voting Secured Creditor who is
                  present in person or by proxy and has the right to vote at the
                  relevant meeting on that resolution has one vote except that
                  the Class A-1 Note Trustee has one vote for each then Class A-
                  1 Noteholder.
            (ii)  On a poll every Voting Secured Creditor who is present in
                  person or by proxy and has the right to vote has the number of
                  votes comprised in their Voting Entitlement.

       (e)  (Person May Cast Votes Differently): Any person entitled to more
            than one vote need not use or cast all of the votes to which he or
            she is entitled in the same way.

       (f)  (Voting by corporation): A corporation being a Voting Secured
            Creditor may vote by any officer or representative duly authorised
            in writing who is entitled to speak, demand a poll, vote, act as a
            proxy and in all other respects exercise the rights of a Voting
            Secured Creditor and must be reckoned as a Voting Secured Creditor
            for all purposes.

       (g)  (Voting by person of unsound mind): A Voting Secured Creditor of
            unsound mind or in respect of whom an order has been made by any
            court having jurisdiction in respect of mental health may vote
            whether on a show of hands or on a poll by his committee curator
            bonis or other person in the nature of a committee curator bonis
            appointed by such court.

       (h)  (Objection to voter's qualification): No objection is to be raised
            as to the qualification of any voter except at the meeting or
            adjourned meeting at which the vote objected to is given or tendered
            and every vote not disallowed at such meeting will be valid for all
            purposes. Any such objection made in due time will be referred to
            the chairman of the meeting and his decision will be final and
            conclusive.

9.     Right to Attend and Speak

       The Trustee, the Manager and the Security Trustee (through their
       respective representatives) and their respective financial and legal
       advisers will be entitled to attend and speak at any meeting of Voting
       Secured Creditors.  No person will otherwise be entitled to attend or
       vote at any meeting of the Voting Secured Creditors or to join with
       others in requesting the convening of such a meeting unless he or she is
       a Voting Secured Creditor or is a Representative.

                                       4
<PAGE>

10.    Appointment of Proxies

       (a)  (Proxy): Each appointment of a proxy must be in writing and,
            together (if required by the Security Trustee) with proof
            satisfactory to the Security Trustee of its due execution, must be
            deposited at the registered office of the Security Trustee or at
            such other place designated 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 will not be treated as valid unless the
            chairman of the meeting decides otherwise before such meeting or
            adjourned meeting proceeds to business. A notarially certified copy
            of proof (if applicable) of due execution must if required by the
            Security Trustee be produced by the proxy at the meeting or
            adjourned meeting. The Security Trustee will be under no obligation
            to investigate or be concerned with the validity of, or the
            authority of, the proxy named in any such appointment. The proxy
            named in any appointment of proxy need not be a Voting Secured
            Creditor.

       (b)  (Proxy valid): Any vote given in accordance with the terms of an
            appointment of proxy conforming with clause [ ]10(a) will be valid
            notwithstanding the previous revocation or amendment of the
            appointment of proxy or of any of the Voting Secured Creditor=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 not less than 24 hours before
            the commencement of the meeting or adjourned meeting at which the
            appointment of proxy is used.

11.    Corporate Representatives

       A person authorised under sections 250D of the Corporations Law by a
       Voting Secured Creditor being a body corporate to act for it at any
       meeting will, in accordance with his or her authority until his or her
       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 Secured Creditor
       and will be entitled to produce evidence of his or her 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 or
       she proposes to vote.

12.    Rights of Representatives

       A Representative has the right to demand or join in demanding a poll and
       (except and to the extent to which the Representative is specially
       directed to vote for or against any proposal) has power generally to act
       at a meeting for the Voting Secured Creditor concerned.  The Security
       Trustee and any officer of the Security Trustee may be appointed a
       Representative.

13.    Powers of a Meeting of Voting Secured Creditors

       (a)  (Powers): subject to clauses [ ]13(b) and 14 and, to the extent
            applicable, the mandatory provisions of the United States Trust
            Indenture Act of 1939, a meeting of Voting Secured Creditors has,
            without prejudice to any rights or powers conferred on other persons
            by the Security Trust Deed, 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;
            (ii)   to sanction any action that the Security Trustee or a
                   Receiver proposes to take to enforce the provisions of the
                   Security Trust Deed;
            (iii)  to sanction any proposal by the Manager, the Trustee or the
                   Security Trustee for any modification, abrogation, variation
                   or compromise of, or arrangement in respect of, the rights of
                   the Secured Creditors against the Trustee or the Manager
                   whether such rights arise under the
                                       5
<PAGE>

                   Security Trust Deed, the other
                   Transaction Documents or otherwise;
            (iv)   to postpone the day when the Secured Moneys become payable
                   and to suspend or postpone for a time the payment of the
                   Secured Moneys;
            (v)    to sanction the exchange or substitution of the Secured
                   Moneys for, or the conversion of the Secured Moneys into,
                   notes or other obligations or securities of the Trustee or
                   any other body corporate formed or to be formed;
            (vi)   to assent to any modification of the provisions contained in
                   the Security Trust Deed or the Securities which will be
                   proposed by the Trustee, the Manager or the Security Trustee;
            (vii)  to give any authority, direction, guidance or sanction sought
                   by the Security Trustee from the Voting Secured Creditors;
            (viii) to appoint any persons (whether Voting Secured Creditors or
                   not) as a committee or committees to represent the interests
                   of the Secured Creditors and to confer upon such committee or
                   committees any powers or discretions which the Voting Secured
                   Creditors could themselves exercise by Extraordinary
                   Resolution;
            (ix)   to approve a person proposed to be appointed as a Substitute
                   Security Trustee under the Security Trust Deed and power to
                   remove any Security Trustee for the time being thereof;
            (x)    to discharge or exonerate the Security Trustee from any
                   liability in respect of any act or omission for which it may
                   become responsible under the Security Trust Deed;
            (xi)   to do any other thing which under the Security Trust Deed is
                   required to be given by an Extraordinary Resolution of the
                   Voting Secured Creditors; and
            (xii)  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.

(b)  (Limitations): A meeting of Voting Secured Creditors does not have power
     to, nor will any resolution submitted to the meeting propose or have the
     effect of:

     (i)    removing the Security Trustee or the Manager from office, other than
            in accordance with the terms of the Security Trust Deed or the
            Series Supplement;
     (ii)   interfering with the management of the Series Trust;
     (iii)  winding up or terminating the Series Trust; or
     (iv)   disposing of, or otherwise dealing with, the Assets of the Series
            Trust.

(c)  (Class B Noteholders): No Extraordinary Resolution of a separate meeting of
     the Class B Noteholders (other than one referred to in clause [ ]14(a))
     shall be effective for any purpose unless:

     (i)    there are then no Senior Securities outstanding;
     (ii)   it has been sanctioned by an Extraordinary Resolution of the Voting
            Secured Creditors representing or being the Senior Securityholders;
            or
     (iii)  the Security Trustee is of the opinion that its becoming effective
            will not be materially prejudicial to the interests of the Senior
            Securityholders or any class of Senior Securityholders.

(d)  (Assumptions): The Security Trustee is entitled to assume that a Class B
     Basic Term Modification referred to in clause [ ]14(a) of this Annexure
     will not be materially prejudicial to the interests of the Class B
     Noteholders and that an Extraordinary Resolution of the Class B Noteholders
     in clause [ ]13(c) will not be materially prejudicial to the interests of
     the Senior Securityholders, if each of the Rating Agencies confirm in
     writing that the Class B Basic Term Modification or the Extraordinary
     Resolution (respectively) upon coming into effect will not lead to

                                       6
<PAGE>

       a reduction, qualification or withdrawal of the then rating by that
       Rating Agency of the Class B Notes or any of the Senior Securities.

14.    Extraordinary Resolution Binding on Secured Creditors

       Subject to clause [ ]13(b), an Extraordinary Resolution of the Voting
       Secured Creditors is binding upon all Secured Creditors and each of the
       Secured Creditors, the Trustee, the Manager and the Security Trustee is
       bound to give effect to the Extraordinary Resolution, provided that:

       (a)  (Class B Basic Term Modification): an Extraordinary Resolution of
            the Voting Secured Creditors to sanction a Class B Basic Term
            Modification will not be effective for any purpose unless its
            becoming effective has been sanctioned by an Extraordinary
            Resolution of the Class B Noteholders or the Security Trustee is of
            the opinion that its becoming effective will not be materially
            prejudicial to the interests of the Class B Noteholders;

       (b)  (Extraordinary Resolution affecting Class A-1 Noteholders): subject
            to clause [ ]14(c) in the case of an Extraordinary Resolution
            purporting to effect a Payment Modification (as defined in the Class
            A-1 Note Trust Deed), an Extraordinary Resolution which by its
            terms, in the opinion of the Class A-1 Note Trustee in accordance
            with, and subject to, the Class A-1 Note Trust Deed, affects the
            Class A-1 Noteholders only, or in a manner different to the rights
            of Secured Creditors generally, or alters the terms of the Class A-1
            Notes, or is materially prejudicial to the interests of the Class A-
            1 Noteholders will not be effective unless a Special Majority (as
            defined in the Class A-1 Note Trust Deed) of the Class A-1
            Noteholders has consented, in accordance with the Class A-1 Note
            Trust Deed, to such Extraordinary Resolution of the Voting Secured
            Creditors or, if the Class A-1 Noteholders have become entitled to
            attend a meeting of Voting Secured Creditors, the Class A-1
            Noteholders at a separate meeting pass an Extraordinary Resolution
            consenting to such Extraordinary Resolution of the Voting Secured
            Creditors;

       (c)  (Payment Modification in relation to Class A-1 Notes): an
            Extraordinary Resolution which by its terms effects or purports to
            effect a Payment Modification (as that expression is defined in the
            Class A-1 Note Trust Deed) will not be effective as against a given
            Class A-1 Noteholder unless consented to by that Class A-1
            Noteholder;

       (d)  (Extraordinary Resolution affecting Class A-2 Noteholders): an
            Extraordinary Resolution, which by its terms, in the opinion of the
            Security Trustee, affects the Class A-2 Noteholders only, or in a
            manner different to the rights of the Secured Creditors generally,
            or alters the terms of the Class A-2 Notes, or is materially
            prejudicial to the interests of the Class A-2 Noteholders will not
            be effective unless the Class A-2 Noteholders at a separate meeting
            pass an Extraordinary Resolution consenting to such Extraordinary
            Resolution of the Voting Secured Creditors;

       (e)  (Extraordinary Resolution affecting Redraw Bondholders): such an
            Extraordinary Resolution, which by its terms, in the opinion of the
            Security Trustee, affects the Redraw Bondholders only, or in a
            manner different to the rights of the Secured Creditors generally,
            or alters the terms of the Redraw Bonds, or is materially
            prejudicial to the interests of the Redraw Bondholders will not be
            effective unless the Redraw Bondholders at a separate meeting pass
            an Extraordinary Resolution consenting to such Extraordinary
            Resolution of the Voting Secured Creditors.

       (f)  (Extraordinary Resolution affecting other Secured Creditors): such
            an Extraordinary Resolution which by its terms, in the opinion of
            the Security Trustee, affects the Standby Redraw Facility Provider,
            the Liquidity Facility Provider, a Hedge Provider and/or the Seller
            (each in its capacity as a Secured

                                       7
<PAGE>

            Creditor) (a "Relevant Secured Creditor") only, or in a manner
            different to the rights of Secured Creditors generally, or is
            materially prejudicial to the interests of a Relevant Secured
            Creditor will not be effective unless the Relevant Secured Creditor
            consents in writing to the Extraordinary Resolution.

15.    Minutes and Records

       Minutes of all resolutions and proceedings at every meeting must be made
       and duly entered in the books to be provided for that purpose by the
       Security Trustee.  Any such minutes if purporting to be signed by the
       chairman of the meeting at which such resolutions were passed or
       proceedings transacted or by the chairman of the next succeeding meeting
       (if any) of Voting Secured Creditors, are conclusive evidence of the
       matters stated in them.  Until the contrary is provided, every such
       meeting in respect of the proceedings of which minutes have been made and
       signed are deemed to have been duly convened and held and all resolutions
       passed and proceedings conducted at such meetings are deemed to have been
       duly passed and conducted.

16.    Written Resolutions

       Notwithstanding the preceding provisions of this Annexure, a resolution
       of all the Voting Secured Creditors or a class of Voting Secured
       Creditors (including an Extraordinary Resolution of the Voting Secured
       Creditors or a class of Voting Secured Creditors) 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 Secured Creditors, been signed by all the Voting
            Secured Creditors and, in the case of a resolution (including an
            Extraordinary Resolution) of a class of Voting Secured Creditors,
            been signed by all the Voting Secured Creditors in the class; and

       (b)  any such instrument shall be effective upon presentation to the
            Security Trustee for entry in the records referred to in clause
            [ ]15.

17.    Invalid Resolutions

       Any resolution of the Voting Secured Creditors which purports to direct
       the Security Trustee or a Receiver to take any action which would hinder
       the performance of any party under the Master Trust Deed or a Transaction
       Document (except to the extent that enforcement action is taken against
       the Trustee or in respect of the Charged Property) is invalid.

18.    Further Procedures for Meetings

       Subject to all other provisions of the Security Trust Deed, the Security
       Trustee may without the consent of the Voting Secured Creditors prescribe
       such further regulations regarding the holding of meetings of the Voting
       Secured Creditors and attendance and voting at such meetings as the
       Security Trustee may in its sole discretion determine including
       particularly (but without prejudice to the generality of the foregoing)
       such regulations and requirements as the Security Trustee thinks
       reasonable:

       (a)  (Regarding entitlement to vote): so as to satisfy itself that
            persons who purport to attend or vote at any meeting of Voting
            Secured Creditors are entitled to do so in accordance with this
            Annexure and the other provisions of the Security Trust Deed; and

       (b)  (Regarding Representatives): as to the form of appointment of a
            Representative.

19.    Class of Secured Creditors

                                       8
<PAGE>

       The provisions of this Annexure apply, mutatis mutandis, to a meeting of
       any class of Voting Secured Creditors under this Annexure or the Security
       Trust Deed.  If the Class A-1 Noteholders become entitled to attend a
       meeting of Voting Secured Creditors or to have their own separate
       meeting, the evidence of the entitlement of such Class A-1 Noteholders to
       attend such meeting and to vote thereat, and any other relevant matters,
       will be determined in accordance with the Class A-1 Note Trust Deed and
       the Agency Agreement, with such amendments as determined by the Security
       Trustee.

                  __________________________________________

                                       9

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