Document:

<PAGE>

                                                                    EXHIBIT 10.3

                                                           Draft: 18 August 2000
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Commonwealth Bank of Australia
Party A

Perpetual Trustee Company Limited
Party B

Securitisation Advisory Services Pty. Limited
Manager

Series 2000-2G Medallion Trust
ISDA Master Agreement
(Interest Rate Swap Agreement)

              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>

Schedule to the ISDA Master Agreement

dated as of                           2000 between

Parties      Commonwealth Bank of Australia, ACN 123 123 124 ("Party A")

             Perpetual Trustee Company Limited, ACN 000 001 007, as trustee of
             the Series 2000-2G Medallion Trust ("Party B")

             Securitisation Advisory Services Pty. Limited, ACN 064 133 946 (the
             "Manager")

Part 1.  Termination provisions

(a)      "Specified Entity" in relation to

         (i)     Party A, is not applicable; and

         (ii)    Party B, is not applicable.

(b)      "Specified Transaction" means - not applicable.

(c)      (i)     The following provisions of Section 5 will not apply to Party A

<TABLE>
                 <S>                       <C>                <C>
                 Section 5(a)(ii)          Section 5(a)(v)    Section 5(a)(viii) Section 5(b)(iv)
                 Section 5(a)(iii)         Section 5(a)(vi)   Section 5(b)(ii)
                 Section 5(a)(iv)          Section 5(a)(vii)  Section 5(b)(iii)
</TABLE>

      (ii) The following provisions of Section 5 will not apply to Party B:

<TABLE>
                 <S>                       <C>                <C>
                 Section 5(a)(ii)          Section 5(a)(v)    Section 5(a)(viii) Section 5(b)(iv)
                 Section 5(a)(iii)         Section 5(a)(vi)   Section 5(b)(ii)
                 Section 5(a)(iv)          Section 5(a)(vii)  Section 5(b)(iii)
</TABLE>

(d)   The "Automatic Early Termination" provisions of Section 6(a) will not
      apply.

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

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

                 B.      in respect of the Fixed Rate Swap and the Interest Rate
                         Basis Cap, Market Quotation will apply; and

      (ii)       A.      in respect of the Basis Swap, neither the First Method
                         nor the Second Method will apply; and

                 B.      in respect of the Fixed Rate Swap and the Interest Rate
                         Basis Cap, the Second Method will apply;

      (iii)      the definition of "Loss" is amended by adding the following
                 sentence at the end of that definition:

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

(f)   "Termination Currency" means Australian dollars.

                                                                               1
<PAGE>

(g)      Additional Termination Event. The following is an Additional
         Termination Event in relation to which Party B is the only Affected
         Party and the Basis Swap is the only Affected Transaction:

         If, on any day on which the weighted average Mortgage Rate applicable
         to the Mortgage Loans forming part of the Assets of the Series Trust
         which are charged interest at a variable rate is equal to or greater
         than the then Threshold Rate, Party A notifies Party B and each Rating
         Agency of its intention to terminate the Basis Swap.

Part 2.  Tax Representations

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

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

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

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

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

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

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

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

                                                                               2
<PAGE>

Part 3.  Agreement to Deliver Documents

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

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

<TABLE>
<CAPTION>
Party required to       Form/Document/Certificate                 Date by which to be delivered
deliver document
<S>                     <C>                                       <C>
Party A and Party B     Any document or certificate reasonably    On the earlier of (a) learning that
                        required or reasonably requested by a     such document or certificate is
                        party in connection with its              required and (b) as soon as reasonably
                        obligations to make a payment under       practicable following a request by a
                        this Agreement which would enable that    party.
                        party to make the payment free from any
                        deduction or withholding for or on
                        account of Tax or which would reduce
                        the rate at which deduction or
                        withholding for or on account of Tax is
                        applied to that payment.
</TABLE>

(b)     Other documents to be delivered are:

<TABLE>
<CAPTION>
Party required     Form/Document/Certificate          Date by which to be delivered         Covered by
to deliver                                                                                 Section 3(d)
document                                                                                  Representation
<S>                <C>                                <C>                                 <C>
Party A            A certificate from Party A (or,    On execution and delivery of any          Yes
                   if available, Party A's current    Confirmation unless that
                   authorised signature book)         certificate has already been
                   specifying the names, title and    supplied for that purpose and
                   specimen signatures of the         remains true and in effect and
                   Authorised Officers of Party A.    when the list is updated or upon
                                                      request.

Party A, Party B   A legal opinion as to the          At any time prior to the Closing           No
and the Manager    validity and enforceability of     Date.
                   that party's obligations under
                   this Agreement in form and
                   substance (and issued by legal
                   counsel) reasonably acceptable
                   to the other party.

The Manager        A copy (certified by the           Not less than 5 Business Days             Yes
                   Manager) of the Credit Support     (or such lesser period as Party
                   Document and (without limiting     A agrees to) before the Trade
                   any obligation Party B may have    Date of the first occurring
                   under the terms of the Credit      Transaction and in the case of
                   Support Document to notify Party   any amending documents entered
                   A of amendments) a copy            into subsequent to that date,
                   (certified by the Manager) of      promptly after each amending
                   any document that amends in any    document (if any) has been
                   way the terms of                   entered into.
</TABLE>

                                                                               3
<PAGE>

               the Credit Support Document.

For the purposes of this paragraph (b) a copy of a document is taken to be
certified by the Manager if an Authorised Officer of the Manager has certified
it to be a true and complete copy of the document of which it purports to be a
copy.

Part 4.  Miscellaneous

(a)      Addresses for Notices. For the purpose of Section 12(a) of this
         Agreement, the address for notices or communications to a party is the
         address notified by that party to the other parties for this purpose
         from time to time.

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

         Party A appoints as its Process Agent - Not Applicable

         Party B appoints as its Process Agent - Not Applicable

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

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

         Party A is not a Multibranch Party.

         Party B is not a Multibranch Party.

(e)      Calculation Agent. The Calculation Agent is the Manager.

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

         (i)   in relation to Party A: Nil;

         (ii)  in relation to Party B: the Security Trust Deed.

(g)      Credit Support Provider.

         (i)   In relation to Party A: Not Applicable.

         (ii)  In relation to Party B: Not Applicable.

(h)      Governing Law. This Agreement will be governed by and construed in
         accordance with the laws in force in New South Wales and Section
         13(b)(i) is deleted and replaced by the following:

         "(i)  submits to the non-exclusive jurisdiction of the courts of New
               South Wales and courts of appeal from them; and"

(i)      Netting of Payments. Subparagraph (ii) of Section 2(c) of this
         Agreement will apply in respect of the following groups of
         Transactions:

         Group 1 - all Transactions being swaps

         Group 2 - all Transactions being interest rate options

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

                                                                               4
<PAGE>

Part 5.  Other Provisions.

(1)      Payments:  In Section 2:

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

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

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

                 "Unless specified otherwise in this Agreement, payments under
                 this Agreement will be made by 10.00am on the due date for
                 value on that date in the place of the account specified in the
                 relevant Confirmation or otherwise pursuant to this Agreement,
                 in freely transferable funds, free of any set-off,
                 counterclaim, deduction or withholding (except as expressly
                 provided in this Agreement) and in the manner customary for
                 payment in the required currency".

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

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

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

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

         (e)     In Section 2(c) insert the following words at the end of the
                 first paragraph:

                 "Subject to Section 2(f), the aggregate amount that would
                 otherwise be payable will not take into account amounts due on
                 that Payment Date pursuant to Sections 2(g), 17, 18 or 19."

         (f)     Delete Section 2(d)(i)(4) in its entirety.

         (g)     In Section 2(d)(ii)(1) delete the following where they appear:

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

         (h)     Insert new Sections 2(f) and 2(g) as follows:

                 "(f)     If on a Payment Date an amount would otherwise be
                          payable by Party A pursuant to Section 2(c):

                          (i)    in respect of a Fixed Rate Swap, then such
                                 amount will, unless otherwise agreed between
                                 Party A and Party B, be satisfied in part, or
                                 whole, from the then Fixed Rate Prepayment
                                 Balance; and

                          (ii)   in respect of the Basis Swap, then such amount
                                 will, unless otherwise agreed between Party A
                                 and Party B, be satisfied in

                                                                               5
<PAGE>

                                 part, or whole, from the then Basis Prepayment
                                 Balance.

                 (g)    On each Payment Date that a Fixed Rate Swap is existing:

                        (i)    Party B will pay Party A any Net Break Payment
                               determined by the Manager on the preceding
                               Determination Date in accordance with the Series
                               Supplement; and

                        (ii)   Party A will pay Party B any Net Break Receipt
                               determined by the Manager on the preceding
                               Determination Date in accordance with the Series
                               Supplement."

(2)       Representations:  In Section 3:

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

                 "(including in the case of a party being an ADI (as that term
                 is defined in the Reserve Bank Act, 1969 (Cth) and section
                 13A(3) of the Banking Act, 1959 (Cth)))."

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

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

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

                 (iii)  Status of Parties. No other party is acting as a
                        fiduciary or an adviser to it in respect of that
                        Transaction.

          (c)    after "Section 3(f)" in line 2 insert "3(g), 3(h) and 3(i)";

          (d)    insert the following new paragraphs (g), (h) and (i) in Section
                 3 immediately after Section 3(f):

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

                        (i)    Trust Validly Created. The Series Trust has been
                               validly

                                                                               6
<PAGE>

                         created and is in existence at the date of this
                         Agreement

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

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

                  (iv)   Power. It has power under the Master Trust Deed to:

                         (A)    enter into this Agreement and the Credit Support
                                Documents in its capacity as trustee of the
                                Series Trust; and

                         (B)    mortgage or charge the Assets of the Series
                                Trust in the manner provided in the Credit
                                Support Document in relation to Party B .

                  (v)    Good Title. It is the lawful owner of the Assets of the
                         Series Trust and, subject only to the Credit Support
                         Document in relation to Party B and any Security
                         Interest permitted under the Credit Support Document in
                         relation to Party B, those Assets are free of all other
                         Security Interests (except for Party B's right of
                         indemnity out of the Assets of the Series Trust).

        (e)    Non Assignment. It has not assigned (whether absolutely, in
               equity, by way of security or otherwise), declared any trust over
               or given any charge over any of its rights under this Agreement
               or any Transaction except, in the case of Party B, for the
               Security Interests created under any Credit Support Document
               specified in relation to Party B.

        (f)    Contracting as principal.  Each existing Transaction has been
               entered into by that party as principal and not otherwise."

(3)     Failure to Pay or Deliver: In Section 5(a)(i) delete the words "third
        Local" where they appear in line 3 and replace them with the word
        "tenth".

(4)     Termination:  In Section 6:

        (i)    Add the following sentence at the end of the first paragraph of
               Section 6(b)(ii):

               "However, if Party B is the Affected Party, then Party B will
               only be obliged to make such efforts to effect a transfer in
               accordance with this Section 6(b)(ii) as it is able to make by
               application of funds held by it as trustee of the Series Trust
               being funds available for such application in accordance with the
               provisions of the Master Trust Deed and the Series Supplement."

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

               "However, if Party A is that other party it must, if so requested
               by the Manager with the prior consent of the Rating Agencies, use
               reasonable efforts to make such a transfer to an Affiliate (as
               that expression is defined in Section 14 disregarding any
               modification made by this Agreement)."

                                                                               7
<PAGE>

      (iii)    Add the following sentence at the end of the last paragraph of
               Section 6(b)(ii):

               "However, consent may be withheld if the other party considers
               that its credit exposure to the transferee would be adversely
               affected by the transfer."

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

(5)    Facsimile Transmission:  In Section 12:

       (a)     Delete the following words where they appear on lines 2 and 3 of
               Section 12(a):

               "(except that a notice or other communication under Section 5 or
               Section 6 may not be given by facsimile transmission or
               electronic messaging system)";

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

               "(iii)    if sent by facsimile transmission, on the date a
                         transmission report is produced by the machine from
                         which the facsimile was sent which indicates that the
                         facsimile was sent in its entirety to the facsimile
                         number of the recipient notified for the purpose of
                         this Section unless the recipient notifies the sender
                         within one Local Business Day of the facsimile being
                         sent that the facsimile was not received in its
                         entirety in legible form;";

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

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

(6)    Definitions: In this Agreement, unless the contrary intention appears:

       (a)     Master Trust Deed and Series Supplement: Subject to Part
               |5(6)(h), unless otherwise defined in this Agreement, words and
               phrases defined in the Master Trust Deed or the Series Supplement
               have the same meaning in this Agreement. Where there is any
               inconsistency in a definition between this Agreement (on the one
               hand) and the Master Trust Deed or the Series Supplement (on the
               other hand), this Agreement prevails. Subject to Part |5(6)(h),
               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 the
               Series Trust. Where words or phrases used but not defined in this
               Agreement 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
               Agreement, where necessary, as being used only in relation to the
               Series Trust (as defined in the Series Supplement) and/or the CBA
               Trust, as the context requires.

      (b)      Trustee Capacity:

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

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

      (c)      Definitions: in Section 14:

               (i)       replace the definitions of "Affected Transactions" and
                         "Local

                                                                               8
<PAGE>

              Business Day" with the following:

              ""Affected Transactions" means, with respect to a Termination
              Event:

              (a)    where an Early Termination Date is designated pursuant to
                     Part 1(g), the Basis Swap; and

              (b)    where an Early Termination Date is designated following
                     the occurrence of any other Termination Event, all
                     Transactions."

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

       (ii)   insert the following new definitions:

              "Amounts Outstanding" in relation to a Mortgage Loan means,at any
              given time, the amount recorded at that time as the balance of the
              Mortgage Loan in the Mortgage Loan System which balance includes
              amounts which have been charged to the Mortgage Loan but excludes
              amounts which have been or are, accrued against the Mortgage Loan.

              "Basis Prepayment Balance" means the amount then standing to the
              credit of the Collections Account in respect of prepayments by
              Party A pursuant to Sections |18(c) or (d) and which has not been
              utilised pursuant to Section 2(f)(ii).

              "Basis Swap Administered Rate" means, in relation to a
              Distribution Date, the amount determined in accordance with the
              following calculation and expressed as a percentage:

                                     BSA
                     (SII x ---------------------) + VCI
                             FRSA + OFRSA + BSA            365
              BSAR = ----------------------------------- x ---
                                      BSA                   n

              where:

              BSAR  =   the Basis Swap Administered Rate for that Distribution
                        Date;

              SII   =   the Short-Term Investment Income in relation to that
                        Distribution Date;

              FRSA  =   the Fixed Rate Swap Amount for the Calculation Period
                        ending immediately before that Distribution Date;

              OFRSA =   the Other Fixed Rate Swap Amount for the Calculation
                        Period ending immediately before that Distribution Date;

              BSA   =   the Basis Swap Amount for the Calculation Period ending
                        immediately before that Distribution Date;

              VCI   =   the Variable Charged Interest in relation to that
                        Distribution Date; and

              n     =   the number of days in the Collection Period immediately
                        preceding that Distribution Date.

              "Basis Swap" means the Transaction entered into between Party A,
              Party B and the Manager on the terms specified in the form of the

                                                                               9
<PAGE>

                    Confirmation set out in Annexure 1 (or as otherwise agreed
                    between Party A, Party B and the Manager).

                    "Basis Swap Amount" in relation to a Calculation Period
                    means the aggregate Amounts Outstanding in relation to all
                    Mortgage Loans being charged a variable rate as at the
                    opening of business on the Determination Date falling within
                    the preceding Calculation Period.

                    "Conversion" means the conversion of a Mortgage Loan forming
                    part of the Assets of the Series Trust which is being
                    charged interest at a variable rate to a Mortgage Loan which
                    is being charged interest at a fixed rate.

                    "Eligible Account" means an account in the name of the
                    Trustee as trustee of the Series Trust held with a financial
                    institution with short term credit ratings of P-1 by
                    Moody's, F-1+ by Fitch and A-1+ by Standard & Poor's and
                    includes the Collections Account to the extent that the
                    holder of the Collections Account is rated in this manner.

                    "End Date" means the date on which a Mortgage Loan is to
                    cease being charged interest at a fixed rate.

                    "Fixed Charged Interest" in relation to a Distribution Date
                    means the aggregate of all debit entries made during the
                    Collection Period immediately preceding that Distribution
                    Date to the accounts established in the Servicer's records
                    for the Mortgage Loans forming part of the Assets of the
                    Series Trust representing interest charged at a fixed rate
                    (plus any interest off-set benefits in respect of Mortgage
                    Interest Saver Accounts which represents amounts which, if
                    not for the terms of the Mortgage Interest Saver Accounts,
                    would have been so debited during that Collection Period to
                    those accounts to the extent paid by the Seller pursuant to
                    clause 15.10 of the Series Supplement and deposited to the
                    Collections Account prior to that Distribution Date).

                    "Fixed Swap Administered Rate"  means in relation to a
                    Distribution Date, the amount determined in accordance with
                    the following calculation and expressed as a percentage:

                                    FRSA + OFRSA
                           SII x ------------------ + FCI
                                 FRSA + OFRSA + BSA         365
                    FRSA = ----------------------------- x -----
                                        FRSA                 n

                    where:

                    FSAR  =  the Fixed Swap Administered Rate for that
                             Distribution Date;

                    SII   =  the Short Term Investment Income in relation to
                             that Distribution Date;

                    FRSA  =  the Fixed Rate Swap Amount for the Calculation
                             Period ending immediately before that Distribution
                             Date; and

                    OFRSA =  the Other Fixed Rate Swap Amount for the
                             Calculation Period ending immediately before that
                             Distribution Date;

                    BSA   =  the Basis Swap Amount for the Calculation Period
                             ending

                                                                              10
<PAGE>

                             immediately before that Distribution Date;

                    FCI   =  the Fixed Charged Interest in relation to that
                             Distribution Date; and

                    n     =  the number of days in the Collection Period
                             immediately preceding that Distribution Date.

                    "Fixed Rate Prepayment Balance" means the amount then
                    standing to the credit of the Eligible Account in respect of
                    prepayments by Party A pursuant to Sections 17(a)(iii),
                    (b)(i), (d)(i) or (f) and which has not been utilised
                    pursuant to Section 2(f)(i) or repaid to Party A pursuant
                    to Sections 17(d)(ii) or (g).

                    "Fixed Rate Swap Amount" in relation to a Calculation Period
                    means:

                    (a)    the aggregate Amounts Outstanding in relation to all
                           Mortgage Loans (excluding Mortgage Loans being
                           charged a variable rate) as at the opening of
                           business on the Determination Date falling within the
                           preceding Calculation Period;

                    (b)    less the Other Fixed Rate Swap Amount in relation to
                           that Calculation Period.

                    "Fixed Rate Swap" means the Transaction entered into between
                    Party A, Party B and the Manager on the terms specified in
                    the form of the Confirmation set out in Annexure 2 (or as
                    otherwise agreed between Party A, Party B and the Manager)
                    and each Transaction entered into pursuant to Section 16.

                    "Fixed Swap Rate" means that the rate for a Reset Date will
                    be the rate calculated by taking the weighted average of the
                    interest rates charged in respect of each account
                    established in the Mortgage Loan System for the Mortgage
                    Loans charged a fixed rate of interest on that Reset Date,
                    rounded up to four decimal places.

                    "Interest Rate Basis Cap" means the interest rate cap, if
                    any, entered into between Party A, Party B and the Manager
                    on or prior to the Closing Date.

                    "Master Trust Deed" means the Master Trust Deed dated 8
                    October 1997 between Party B (as Trustee) and the Manager,
                    as amended from time to time.

                    "Other Fixed Rate Swap Amount" in relation to a Calculation
                    Period means the aggregate Amounts Outstanding as at the
                    opening of business on the Determination Date falling within
                    the preceding Calculation Period in respect of each Mortgage
                    Loan where a further Fixed Rate Swap has been entered into,
                    and is then current, to hedge the interest rate risk in
                    respect of the Mortgage Loan pursuant to Section 16(b).

                    "Outstanding Interest Rate Swap Prepayment Amount" means the
                    sum of the then Basis Prepayment Balance and the then Fixed
                    Rate Prepayment Balance.

                    "Prescribed Ratings" means:

                                                                              11
<PAGE>

                    (a)    in respect of the Fixed Rate Swaps, a long term
                           rating of A2 or higher by Moody's, a short term
                           rating of F1+ by Fitch and either a long term rating
                           of A or a short term rating of A-1 by S&P; and

                    (b)    in respect of the Basis Swap, short term ratings of
                           P-1 by Moody's and F1+ by Fitch and either a long
                           term rating of A or a short term rating of A-1 by
                           S&P.

                    "Series Supplement" means the Series Supplement dated on or
                    about the date of this Agreement between Party A, Party B
                    and the Manager.

                    "Series Trust" means the Series 2000-2G Medallion Trust
                    constituted by the Master Trust Deed and the Series
                    Supplement.

                    "Short-Term Investment Income" in relation to a Distribution
                    Date means interest and other income received by the Trustee
                    during the Collection Period immediately preceding that
                    Distribution Date in respect of:

                    (a)    the moneys standing to the credit of the Collections
                           Account (other than interest earned on the
                           Collections Account during the Collections Period in
                           respect of the Cash Advance Deposit, the Seller
                           Deposit or the Interest Rate Swap Provider Deposit as
                           calculated, respectively, in accordance with clauses
                           8.6, 15.5 and 8.8 of the Series Supplement);

                    (b)    amounts representing interest paid by the Servicer
                           pursuant to clause 22.5 of the Series Supplement;
                           and

                    (c)    Authorised Short-Term Investments held by the Series
                           Trust (whether or not reinvested).

                    "Variable Charged Interest" in relation to a Distribution
                    Date means the aggregate of all debit entries made during
                    the Collection Period immediately preceding that
                    Distribution Date to the accounts established in the
                    Servicer's records for the Mortgage Loans forming part of
                    the Assets of the Series Trust representing interest charged
                    at a variable rate (plus any interest off-set benefits in
                    respect of Mortgage Interest Saver Accounts which represents
                    amounts which, if not for the terms of the Mortgage Interest
                    Saver Accounts, would have been so debited during that
                    Collection Period to those accounts to the extent paid by
                    the Seller pursuant to clause 15.10 of the Series
                    Supplement and deposited to the Collections Account prior to
                    that Distribution Date).

                    "Variable Swap Rate" means that the rate for a Reset Date
                    will be the rate calculated by taking the weighted average
                    of the interest rates charged in respect of each account
                    established in the Mortgage Loan System for the Mortgage
                    Loans charged a variable interest rate on that Reset Date,
                    rounded up to four decimal places.

                    "Weighted Margin" in relation to a Distribution Date means
                    the amount, expressed as a percentage, determined by the
                    following calculation:

                                                                              12
<PAGE>

             CAI          CA2          CB          RB          SR
       WM= (--- X CAIM)+(--- X CA2M)+(--- X CBM)+(--- X RBM)+(--- X SRM)
             TSA          TSA          TSA         TSA         TSA

                    where:

                    WM   =  the Weighted Margin;

                    CA1  =  the A$ Equivalent of the aggregate Stated Amounts
                            of the Class A-1 Notes on the Determination Date
                            immediately preceding that Distribution Date;

                    CA1M =  the Spread specified in paragraph 5.2 of the
                            confirmations for the Class A-1 Currency Swaps on
                            that Distribution Date;

                    CA2  =  the aggregate of the Stated Amounts of the Class A-
                            2 Notes on the Determination Date immediately
                            preceding that Distribution Date;

                    CA2M =  the Issue Margin in respect of the Class A-2 Notes
                            during the Accrual Period ending immediately prior
                            to that Distribution Date;

                    CB   =  the aggregate of the Stated Amounts of the Class B
                            Notes on the Determination Date immediately
                            preceding that Distribution Date;

                    CBA  =  the Issue Margin in respect of the Class B Notes;

                    RB   =  the aggregate of the Stated Amounts of the Redraw
                            Bonds on the Determination Date immediately
                            preceding that Distribution Date;

                    RBM  =  the weighted average of the Issue Margins in respect
                            of the Redraw Bonds outstanding on the Determination
                            Date immediately prior to that Distribution Date
                            during the Accrual Period ending immediately prior
                            to that Distribution Date (based on the Stated
                            Amounts of those Redraw Bonds);

                    SR   =  the Standby Redraw Facility Principal on the
                            Determination Date immediately preceding that
                            Distribution Date; and

                    SRM  =  the Drawdown Margin as defined in the Standby Redraw
                            Facility Agreement.

                    TSA  =  the sum of CA1, CA2, CB, RB and SR.

      (d)  Interpretation:

           (i)      references to time are references to Sydney time;

           (ii)     a reference to "wilful default" in relation to Party B
                    means, subject to Part 5(6)(d)(iii) of this Schedule, any
                    wilful failure by Party B to comply with, or wilful breach
                    by Party B of, any of its obligations under any Transaction
                    Document, other than a failure or breach which:

                    A.     1)  arises as a result of a breach of a Transaction
                               Document by a person other than Party B or other

                                                                              13
<PAGE>

                               than any other person referred to in Part
                               5(6)(d)(iii); and

                           2)  the performance of the action (the non-
                               performance of which gave rise to such breach) is
                               a precondition to Party B performing the said
                               obligation;

                    B.     as in accordance with a lawful court order or
                           direction or is otherwise required by law; or

                    C.     is in accordance with any proper instruction or
                           direction of:

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

                           2)  the Investors given at a meeting convened under
                               the Master Trust Deed;

             (iii)  a reference to the "fraud", "negligence" or "wilful
                    default" of Party B means the fraud, negligence or wilful
                    default of Party B and of its officers, employees, agents
                    and any other person where Party B is liable for the acts or
                    omissions of such other person under the terms of any
                    Transaction Document;

             (iv)   a reference to "neither party" will be construed as a
                    reference to "no party"; and

             (v)    a reference to "other party" will be construed as a
                    reference to "other parties".

      (e)    ISDA Definitions:  The 1991 ISDA Definitions (as published by the
             International Swaps and Derivatives Association, Inc ("ISDA")), as
             supplemented by the 1998 Supplement to the 1991 ISDA Definitions
             (as published by ISDA) (the "1991 ISDA Definitions") as at the date
             of this Agreement are incorporated into this Agreement and each
             Confirmation.

      (f)    Inconsistency: Subject to Part 5(6)(a), unless specified
             otherwise, in the event of any inconsistency between any two or
             more of the following documents in respect of a Transaction they
             will take precedence over each other in the following order in
             respect of that Transaction:

             (i)    any Confirmation;
             (ii)   the Series Supplement;
             (iii)  the Master Trust Deed;
             (iv)   this Agreement; and
             (v)    the 1991 ISDA Definitions.

      (g)    Swap Transaction: Any reference to a:

             (i)    "Swap Transaction" in the 1991 ISDA Definitions is deemed to
                    be a reference to a "Transaction" for the purpose of
                    interpreting this Agreement or any Confirmation; and

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

                                                                              14
<PAGE>

                    1991 ISDA Definitions.

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

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

     "15.    Party B's Limitation of Liability

     (a)     (Limitation on Party B's liability):  Party B enters into this
             Agreement only in its capacity as trustee of the Series Trust and
             in no other capacity.  A liability incurred by Party B acting in
             its capacity as trustee of the Series Trust arising under or in
             connection with this Agreement is limited to and can be enforced
             against Party B only to the extent to which it can be satisfied out
             of the Assets of the Series Trust out of which Party B is actually
             indemnified for the liability.  This limitation of Party B's
             liability applies despite any other provision of this Agreement
             (other than Section 15(c)) and extends to all liabilities and
             obligations of Party B in any way connected with any
             representation, warranty, conduct, omission, agreement or
             transaction related to this Agreement.

     (b)     (Claims against Party B):  The parties other than Party B may not
             sue Party B in respect of liabilities incurred by Party B acting in
             its capacity as trustee of the Series Trust in any capacity other
             than as trustee of the Series Trust, including seek the appointment
             of a receiver (except in relation to Assets of the Series Trust),
             or a liquidator, or an administrator, or any similar person to
             Party B or prove in any liquidation, administration or similar
             arrangements of or affecting Party B (except in relation to the
             Assets of the Series Trust).

     (c)     (Breach of Trust):  The provisions of this Section 15 will not
             apply to any obligation or liability of Party B 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 Party B's indemnification out
             of the Assets of the Series Trust, as a result of Party B's fraud,
             negligence or wilful default.

     (d)     (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 Party B (including any related failure to satisfy its
             obligations or any breach of a representation or warranty under
             this Agreement) will be considered fraudulent, negligent or a
             wilful default of Party B for the purpose of paragraph (c) of this
             Section 15 to the extent to which the act or omission was caused
             or contributed to by any Relevant Person or any other person
             appointed by Party B under any Transaction Document (other than a
             person whose acts or omissions Party B 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.

     (e)     (No Obligation):  The Trustee is not obliged to enter into any
             commitment or obligation under this Agreement or any Transaction
             Document (including incur any further liability) unless the
             Trustee's liability is limited in a manner which is

                                                                              15
<PAGE>

             consistent with this Section 15 or otherwise in a manner
             satisfactory to the Trustee in its absolute discretion.

(8)   Quarterly Swap Statement:  Prior to each Distribution Date the Manager
      will prepare and deliver to Party A and Party B a quarterly payment notice
      containing the information specified in Annexure 3 of this Agreement.

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

(10)  Interest Rate Swap Agreement:  The parties acknowledge and agree that for
      the purposes of the Transaction Documents that this Agreement is an
      Interest Rate Swap Agreement and Party A is an Interest Rate Swap
      Provider.

(11)  Procedures for Entering into Transactions:

      (a)    For the purposes of Section 9(e)(ii), Party A will, by or promptly
             after the relevant Trade Date, send Party B and the Manager two
             Confirmations substantially in the form set out in Annexure 1 and 2
             respectively (or in such other form as may be agreed between Party
             A, Party B and the Manager), and Party B and the Manager must
             promptly then confirm the accuracy of and sign and return, or
             request the correction of each such Confirmation.

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

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

(13)  Recorded Conversations: Each party:

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

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

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

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

(14)  Further Fixed Rate Swaps and Downgrading of Party A:  Insert the following
      new Sections 16, 17, 18 and 19 after Section 15:

      "16.   Further Fixed Rate Swaps

             (a)    If, pursuant to clause 16.6(j) of the Series Supplement, in
                    order for the Servicer to permit a Conversion the Servicer
                    requests the Manager (and

                                                                              16
<PAGE>

                    the Manager directs Party B) to enter into a Fixed Rate Swap
                    in accordance with this Section 16 for a maximum term not
                    exceeding 10 years, Party B and the Manager will be deemed
                    to have satisfied their respective obligations to enter into
                    such Fixed Rate Swap if the calculation of the Fixed Rate
                    Swap Amount for the purposes of a Fixed Rate Swap then
                    existing includes the Amounts Outstanding in relation to the
                    Mortgage Loans the subject of the Conversion.

             (b)    If Section 16(a) does not apply and Party B and the Manager
                    enter into one or more further Fixed Rate Swaps pursuant to
                    clause 16.6(j) of the Series Supplement to hedge the
                    interest rate risk of one or more Mortgage Loans the subject
                    of a Conversion, each such further Fixed Rate Swap must:

                    (i)    (Notional Amount): have a Notional Amount for each
                           Calculation Period at least equal to the aggregate
                           Amounts Outstanding as at the first day of the
                           relevant Calculation Period in relation to the
                           Mortgage Loans the subject of the Conversion which
                           have the same fixed rate and End Date;

                    (ii)   (Effective Date): have as an Effective Date the
                           Distribution Date immediately following the last day
                           of the Collection Period in which the Conversion
                           occurs;

                    (iii)  (Termination Date): have a scheduled Termination Date
                           on or prior to the tenth anniversary of its Trade
                           Date unless the Rating Agencies confirm that entering
                           into the Fixed Rate Swap for a longer period will not
                           result in a reduction, qualification or withdrawal of
                           the credit ratings then assigned by them to the
                           Securities; and

                    (iv)   (Confirmation): in all other respects be confirmed as
                           a Fixed Rate Swap in accordance with this Agreement
                           and the sample Confirmation for Fixed Rate Swaps set
                           out in Annexure 2 to this Agreement.

             The Spread applicable to the Floating Amounts, if any, in respect
             of each Fixed Rate Swap entered into following a Conversion shall
             be the Weighted Margin in respect of the relevant Distribution Date
             plus [0.71]% per annum.

      17.    Ratings Downgrade of Party A - Fixed Rate Swaps: If, as a result of
             the reduction or withdrawal of its credit rating by a Rating
             Agency, Party A does not have the Prescribed Rating in relation to
             the Fixed Rate Swaps, Party A must:

             (a)    (Fitch or Moody's): where it ceases to have the Prescribed
                    Ratings from Fitch or Moody's in relation to the Fixed Rate
                    Swap:

                    (i)    within 30 Business Days of Party A ceasing to have
                           such Prescribed Ratings if and while Party A has a
                           long term credit rating of at least A3 by Moody's and
                           a short term credit rating of at least F1 by Fitch;
                           or

                    (ii)   otherwise, and if sooner, within 5 Business Days of
                           Party A ceasing to have a long term credit rating of
                           at least A3 by Moody's and a short term credit rating
                           of at least F1 by Fitch;

                    (or such greater period as is agreed to in writing by each
                    relevant Rating

                                                                              17
<PAGE>

                    Agency), at its cost alone and at its election:

                    (iii)  provided that Party A then has assigned to it a short
                           term credit rating of at least F1 by Fitch, lodge in
                           an Eligible Account as a prepayment of its
                           obligations in respect of the Fixed Rate Swaps an
                           amount equal to the Fixed Rate Prepayment Amount as
                           defined in Section 17(c); or

                    (iv)   enter into an agreement novating its rights and
                           obligations under this Agreement in respect of the
                           Fixed Rate Swaps to a replacement counterparty
                           acceptable to the Manager and 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

                    (v)    enter into such other arrangements in respect of all
                           Fixed Rate Swaps which are satisfactory to the
                           Manager and 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; and

             (b)    (S&P): where it ceases to have the Prescribed Rating in
                    relation to the Fixed Rate Swap from S&P at its cost alone:

                    (i)    immediately seek to enter into, and enter into by no
                           later than 60 days after Party A ceases to have the
                           Prescribed Ratings in respect of the Fixed Rate Swap
                           from S&P, an agreement novating its rights and
                           obligations under this Agreement in respect of the
                           Fixed Rate Swap to a replacement counterparty which
                           holds the Prescribed Ratings in respect of the Fixed
                           Rate Swap and, if a transfer in accordance with this
                           Section 17(b)(i) has not occurred within 30 days
                           after Party A ceases to have the Prescribed Ratings
                           in respect of the Fixed Rate Swap from S&P, lodge in
                           an Eligible Account as a prepayment of its
                           obligations in respect of the Fixed Rate Swaps an
                           amount equal to the Fixed Rate Prepayment Amount as
                           defined in Section 17(c); or

                    (ii)   (if Party A is unable to effect a transfer in
                           accordance with Section 17(b)(i) within 60 days of
                           Party A ceasing to have the Prescribed Rating in
                           respect of the Fixed Rate Swap from S&P or if Party A
                           otherwise elects) enter into such other arrangements
                           in respect of the Fixed Rate Swap which are
                           satisfactory to the Manager and which each Rating
                           Agency confirms in writing will not result in a
                           reduction, qualification or withdrawal of the credit
                           ratings then assigned by it to the Notes.

             Notwithstanding that Party A has elected to satisfy its obligations
             pursuant to this Section 17 in a particular manner, it may
             subsequently and from time to time vary the manner in which it
             satisfies its obligations pursuant to this Section 17 (but will
             not be entitled to any additional grace period in relation to such
             a variation).

             (c)    (Fixed Rate Prepayment Amount): For the purposes of this
                    Section 17 the Fixed Rate Prepayment Amount will be an
                    amount equal to the greater of the following:

                                                                              18
<PAGE>

                    (i)    where Party A does not have the Prescribed Rating in
                           respect of the Fixed Rate Swap from Fitch, an amount
                           acceptable to Fitch and sufficient to maintain the
                           credit ratings assigned to the Securities by Fitch
                           immediately prior to the review of Party A's credit
                           rating;

                    (ii)   where Party A does not have the Prescribed Rating in
                           respect of the Fixed Rate Swap from Moody's, an
                           amount acceptable to Moody's and sufficient to
                           maintain the credit ratings assigned to the
                           Securities by Moody's immediately prior to the review
                           of Party A's credit rating; and

                    (iii)  where Party A does not have the Prescribed Rating in
                           respect of the Fixed Rate Swap from S&P, the greater
                           of:

                           A.  zero;

                           B.  CR;

                           C.  an amount equal to 1 percent of the then Amounts
                               Outstanding of all Mortgage Loans then being
                               charged interest at a fixed rate; and

                           D.  the net amount (if any) as determined by the
                               Manager that is expected to be due by Party A to
                               Party B in respect of the Fixed Rate Swap on the
                               immediately following Distribution Date
                               (calculated on the basis that there will be no
                               prepayments made by the Mortgagors under the
                               Mortgage Loans then being charged interest at a
                               fixed rate and no conversion of the interest rate
                               payable under any Mortgage Loan from a fixed rate
                               to a variable rate or from a variable rate to a
                               fixed rate during the relevant Collection
                               Period).

                           Where:

                                                  CR = MM + V

                           "MM" means the aggregate of the mark-to-market value
                           (whether positive or negative) of all Fixed Rate
                           Swaps determined in accordance with Section 17(d) no
                           earlier than 3 Business Days prior to the date that
                           the Fixed Rate Prepayment Amount is lodged.

                           "V" means the volatility buffer, being the value
                           calculated by multiplying the aggregate Notional
                           Amounts (as defined in the relevant Confirmations) of
                           the Fixed Rate Swaps at the most recent Distribution
                           Date by the relevant percentage obtained from the
                           following table:

                                                                              19
<PAGE>

<TABLE>
                    ------------------------------------------------------------------------------------
                    <S>                              <C>                       <C>
                    Where the period                 Where the period          Where the period between
                    between the date of              between the date of       the date of
                    recalculation and the            recalculation and the     recalculation and the
                    weighted average of              weighted average of the   weighted average of the
                    the maturity dates of            maturity dates of the     maturity dates of the
                    the then fixed rate              then fixed rate periods   then fixed rate periods
                    periods in respect of            in respect of Mortgage    in respect of Mortgage
                    Mortgage Loans                   Loans forming part of     Loans forming part of
                    forming part of the              the Assets of the         the Assets of the Series
                    Assets of the Series             Series Trust which are    Trust which are charged
                    Trust which are                  charged a fixed rate of   a fixed rate of interest
                    charged a fixed rate             interest is greater       is greater than 10 years
                    of interest is less than         than 5 years and less
                    or equal to 5 years              than or equal to 10
                                                     years
                    ------------------------------------------------------------------------------------
                    1.5                              3.15                      6
                    ------------------------------------------------------------------------------------
</TABLE>

             (d)    (Mark to Market Value): Party A must calculate the mark-to-
                    market value of the Fixed Rate Swaps by obtaining 2 bids
                    from counterparties with the Prescribed Ratings willing to
                    provide the Fixed Rate Swaps in the absence of Party A. The
                    mark-to-market value may be a positive or a negative amount.
                    A bid has a negative value if the payment to be made is from
                    the counterparty to Party A and has a positive value if the
                    payment to be made is from Party A to the counterparty.  The
                    mark-to-market value is the higher of the bids (on the basis
                    that any bid of a positive value is higher than any bid of a
                    negative value).

             (e)    (Recalculation): Party A must recalculate the Fixed Rate
                    Prepayment Amount (including the CR and the mark-to-market
                    value) on a weekly basis.  If:

                    (i)    the recalculated Fixed Rate Prepayment Amount is
                           greater than the immediately preceding Fixed Rate
                           Prepayment Amount, Party A must make an additional
                           prepayment in accordance with Section 17(a)(iii) or
                           (b)(i) within 3 Business Days of such recalculation
                           so that the Fixed Rate Prepayment Balance equals the
                           recalculated Fixed Rate Prepayment Amount; or

                    (ii)   the recalculated Fixed Rate Prepayment Amount is less
                           than the immediately preceding Fixed Rate Prepayment
                           Amount, Party B must upon the direction of the
                           Manager withdraw an amount from the Eligible Account
                           referred to in Section 17(a)(iii) or (b)(i) and pay
                           it to Party A within 3 Business Days of receiving
                           notice of such recalculation so that the remaining
                           Fixed Rate Prepayment Balance after such withdrawal
                           equals the recalculated Fixed Rate Prepayment Amount.

             (f)    (Interest): Interest will be payable by Party B on any
                    prepayment by Party A under this Section 17 in accordance
                    with clause 8.8 of the Series Supplement.

             (g)    (Utilisation): If the Fixed Rate Prepayment Balance is
                    applied towards an amount payable by Party A in accordance
                    with Section 2(f) Party A must within 3 Business Days make
                    an additional prepayment in

                                                                              20

<PAGE>

                    accordance with Section 17(a)(iii) or (b)(i) equal to
                    the amount so applied.

             (h)    (Repayment):  If Party A regains the Prescribed Rating in
                    respect of the Fixed Rate Swaps Party B must, upon the
                    direction of the Manager, repay to Party A the then Fixed
                    Rate Prepayment Balance.

      18.    Downgrading of Party A - Basis Swap

             If, as a result of the reduction or withdrawal of its credit rating
             by a Rating Agency, Party A does not have the Prescribed Rating in
             respect of the Basis Swap, Party A must:

             (a)    (30 Business Days): within 30 Business Days of Party A
                    ceasing to have the Prescribed Rating if and while Party A
                    has short term credit ratings of at least P-1 by Moody's and
                    at least F1 by Fitch; or

             (b)    (5 Business Days): otherwise, and if sooner, within 5
                    Business Days of Party A ceasing to have a short term credit
                    rating of at least P-1 by Moody's or at least F1 by Fitch;

             (or such greater period as is agreed to in writing by each relevant
             Rating Agency) (the "Posting Period"), at its cost alone and at its
             election:

             (c)    (Prepayment):

                    (i)    on or before the last day of the Posting Period, pay
                           to Party B as a prepayment of its obligations under
                           the Basis Swap for the then Calculation Period, the
                           net amount (if any) that is expected to be due by
                           Party A to Party B at the end of that Calculation
                           Period; and

                    (ii)   on each of the following Distribution Dates, pay to
                           Party B as a prepayment of its obligations under the
                           Basis Swap for the Calculation Period commencing on
                           each such Distribution Date, the net amount (if any)
                           that is expected to be due by Party A to Party B at
                           the end of that Calculation Period less the then
                           Basis Prepayment Balance at the end of that
                           Distribution Date,

                    as determined by the Manager, by depositing such net amount
                    (if any) into the Collections Account in cleared funds; or

             (d)    (Other arrangements):  enter into some other arrangement
                    satisfactory to the Manager and Party B which the Rating
                    Agencies confirm will not result in a reduction,
                    qualification or withdrawal of the credit ratings then
                    assigned by them to the Securities.

             A prepayment on the first day of any Calculation Period by Party A
             under Section 18(c) will constitute a prepayment of Party A's
             payment obligations (to the extent thereof) in respect of the Basis
             Swap for the Calculation Period commencing on that Distribution
             Date.  Notwithstanding that Party A has elected to satisfy its
             obligations pursuant to this Section 18 in a particular manner, it
             may subsequently and from time to time vary the manner in which it
             satisfies its obligations pursuant to this Section 18 (but will
             not be entitled to any additional grace period in relation to such
             a variation). Interest will be payable by Party B on any prepayment
             by Party A under this Section 18 in accordance with clause 8.8

                                                                              21
<PAGE>

             of the Series Supplement.

      19.    Securities Repaid

             On the date that the Invested Amount in respect of the Securities
             has been reduced to zero, or the Securities are redeemed in full or
             are deemed to have been redeemed in full under the Series
             Supplement, whichever is the earlier, Party A's obligations under
             Sections 17 and 18 will cease and Party B must pay to Party A on
             that date the Outstanding Interest Rate Swap Prepayment Amount and
             interest on such payment."

(15)  Transfer:

      Section 7 is replaced with:

      "7.    Essential term: Transfer

      (a)    Neither the interests nor the obligations of either party in or
             under this Agreement (including any Transaction) are capable of
             being assigned or transferred (whether at law, in equity or
             otherwise), charged or the subject of any trust (other than the
             Series Trust or the trusts created pursuant to any Credit Support
             Document in relation to Party B) or other fiduciary obligation.
             Any action by a party which purports to do any of these things is
             void.

      (b)    Nothing in this Section 7:

             (i)    restricts a transfer by a party after the other party has
                    agreed to the variation of this Agreement to the extent
                    necessary to permit such transfer;

             (ii)   restricts a novation of the interests and obligations of a
                    party in or under this Agreement (including any Transaction)
                    including, but not limited to, for the purposes of giving
                    effect to a transfer under Section 6(b)(ii);

             (iii)  restricts a transfer by a party of all or any part of
                    its interest in any amount payable to it from a Defaulting
                    Party under Section 6(e); or

             (iv)   restricts Party B from granting security over a Transaction
                    or this Agreement pursuant to any Credit Support Document in
                    relation to Party B,

             provided that the Rating Agencies have confirmed that such
             transfer, variation or assignment by way of security (as the case
             may be) will not result in a reduction, qualification or withdrawal
             of the credit ratings then assigned by them to the Securities.

      (c)    Each party acknowledges that the other party enters into this
             Agreement and each Transaction on the basis that this Section 7
             must be strictly observed and is essential to the terms of this
             Agreement (including each Transaction)."

(16)  Addenda

      The following addendum to the Schedule to the Master Agreement of
      International Swap Dealers and Derivative Association, Inc in the form of
      the copy attached to this Agreement is incorporated in this Agreement:

      .      September 1991 Australian Addendum No. 1 (as amended in September
             1992 and March 1997) - Interest Rate Caps, Collars and Floors.

                                                                              22
<PAGE>

(17)  Knowledge or Awareness

      Subject to Section 12(a), each party will only be considered to have
      knowledge or awareness of, or notice of, a thing or grounds to believe
      anything by virtue of the officers of that party or any Related 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 the
      Transactions entered into under this Agreement having actual knowledge,
      actual awareness or actual notice of that thing, or grounds or reason to
      believe that thing (and similar references will be interpreted in this
      way).

(18)  Interest Rate Basis Cap

      The parties agree that any Interest Rate Basis Cap entered into between
      them pursuant to clause 16.6(k) of the Series Supplement will be entered
      into as a transaction governed by the terms of this Agreement.

                                                                              23
<PAGE>

Executed in Sydney.

Attorney for                                 Attorney for

_________________________________________    ___________________________________
Commonwealth Bank of Australia,              Perpetual Trustee Company Limited,
ACN 123 123 124                              ACN 000 001 007, as trustee of the
                                             Series 2000-2G Medallion Trust

Attorney for

_________________________________________
Securitisation Advisory Services Pty. Limited,
ACN 064 133 946

                                                                              24
<PAGE>

Annexure 1
Form of confirmation for Basis Swap - Series 2000-2G Medallion Trust

                  [Commonwealth Bank of Australia Letterhead]

[DATE]

<TABLE>
<S>                                                 <C>
To: Perpetual Trustee Company Limited               Securitisation Advisory Services Pty.  Limited
    ACN 000 001 007                                 ACN 064 133 946
    as trustee of the Series Trust                  Level 8
    Level 7                                         48 Martin Place
    39 Hunter Street                                SYDNEY NSW 2000
    SYDNEY NSW 2000
                                                    Attention: Manager, Securitisation
    Attention: Manager, Securitisation Services
</TABLE>

Swap Confirmation - Basis Swap

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

This Confirmation supplements, forms part of, and is subject to, the 1992 ISDA
Master Agreement dated as of [        ], as amended, novitiate or supplemented
from time to time (the "Agreement"), between Commonwealth Bank of Australia, ACN
123 123 124 ("Party A"), Perpetual Trustee Company Limited as trustee of the
Series Trust ("Party B") and Securitisation Advisory Services Pty. Limited (the
"Manager"). All provisions contained in the Agreement govern this Confirmation
except as expressly modified below.

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

Our Reference:             [      ]

Trade Date:                [      ]

Effective Date:            [      ]

Termination Date:          Means the earlier of:

                           (a)  the Call Date but only if :

                                (i)  the Issue Margins (as defined in the Class
                                     A-1 Note Conditions in respect of the Class
                                     A-1 Notes) in respect of the Class A-1
                                     Notes and Class A-2 Notes increase as and
                                     from the Call Date; and

                                (ii) the weighted average Mortgage Rate
                                     applicable to the Mortgage Loans forming
                                     part of the Assets of the Series Trust
                                     which are charged interest at a variable
                                     rate is equal to or greater than the then
                                     Threshold

                                                                              25
<PAGE>

                                              Rate.

                           (b)  the date that all the Securities have been
                                redeemed in full; and

                           (c)  the Termination Date for the Series Trust,

                           subject to the Following Business Day Convention

Notional Amount:           With respect to each Calculation Period means the
                           Basis Swap Amount for that Calculation Period
Floating Administered
Rate Amounts:

   Floating Administered   Party B
   Rate Payer:

   Floating Administered   Each Distribution Date
   Rate Payer Payment
   Dates:

   Floating Rate Option:   Basis Swap Administered Rate in relation to the
                           Distribution Date

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

Floating BBSW Weighted
Rate Amounts:

   Floating BBSW Rate      Party A
   Payer:

   Floating BBSW Rate      Each Distribution Date
   Payer Payment Dates:

   Floating Rate Option    Bank Bill Rate for the Accrual Period corresponding
                           Calculation Period

   Spread                  Weighted Margin in respect of the relevant
                           Distribution Date plus [0.71]% per annum

   Floating Rate Day       Actual/365 (Fixed)
   Count Fraction

Business Day:              Sydney

Business Day               Following
Convention:

Calculation Agent:         The Manager

Other Provisions:          For the purposes of the Agreement, the Transaction
                           to which this Confirmation relates is the Basis Swap

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

Executed documents will follow by mail.

                                                                              26
<PAGE>

Yours sincerely

SIGNED for and on behalf of PERPETUAL  SIGNED for and on behalf of COMMONWEALTH
TRUSTEE COMPANY LIMITED, ACN 000       BANK OF AUSTRALIA, ACN 123 123 124
001 007, as trustee of the Series
2000-2G Medallion Trust

By:    _________________________       By:    ___________________________
       Authorised Officer)                    (Authorised Officer)

Name:  _________________________       Name:  ___________________________

Title: _________________________       Title: ___________________________

SIGNED for and on behalf of
SECURITISATION ADVISORY SERVICES
PTY. LIMITED, ACN 064 133 946

By:    _________________________
       (Authorised Officer)

Name:  _________________________

Title: _________________________

                                                                              27
<PAGE>

Annexure 2
Form of Confirmation for Fixed Rate Swaps - Series 2000-2G Medallion Trust

                  [Commonwealth Bank of Australia Letterhead]

[DATE]

<TABLE>
<S>                                               <C>
To: Perpetual Trustee Company Limited             Securitisation Advisory Services Pty. Limited
    ACN 000 001 007                               ACN 064 133 946
    as trustee of the Series Trust                Level 8
    Level 7                                       48 Martin Place
    39 Hunter Street                              SYDNEY NSW 2000
    SYDNEY NSW 2000                               Attention: Manager, Securitisation
    Attention: Manager, Securitisation Services
</TABLE>

Swap Confirmation - Fixed Rate Swap

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

This Confirmation supplements, forms part of, and is subject to, the 1992 ISDA
Master Agreement dated as of [          ], as amended, novitiate or and
supplemented from time to time (the "Agreement"), between Commonwealth Bank of
Australia, ACN 123 123 124 ("Party A"), Perpetual Trustee Company Limited as
trustee of the Series Trust ("Party B") and Securitisation Advisory Services
Pty. Limited (the "Manager"). All provisions contained in the Agreement govern
this Confirmation except as expressly modified below.

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

Our Reference:                  [     ]
Trade Date:                     [     ]
Effective Date:                 [     ]
Termination Date:               Means the earlier of:

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

                                (b) the Termination Date for the Series Trust,

                                subject to the Following Business Day Convention

Notional Amount:                With respect to each Calculation Period means
                                the Fixed Rate Swap Amount for that Calculation
                                Period

Fixed Amounts:

    Fixed Rate Payer:           Party B

                                                                              28
<PAGE>

     Fixed Rate Payer Payment                Each Distribution Date
     Dates:

     Fixed Rate::                            The Fixed Swap Administered Rate in
                                             relation to the Distribution Date

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

Floating Amounts:

     Floating Rate Payer:                    Party A

     Floating Rate Payer Payment Dates:      Each Distribution Date

     Floating Rate Option:                   Bank Bill Rate for the Accrual
                                             Period corresponding to the
                                             Calculation Period

     Spread:                                 Weighted Margin in respect of the
                                             relevant Distribution Date plus
                                             [0.71]% per annum

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

Business Day:                                Sydney

Business Day Convention:                     Following

Calculation Agent:                           The Manager

Other Provisions:                            For the purposes of the Agreement,
                                             the Transaction to which this
                                             Confirmation relates is the Basis
                                             Swap

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

Executed documents will follow by mail.

Yours sincerely

SIGNED for and on behalf of PERPETUAL TRUSTEE     SIGNED for and on behalf of
COMPANY LIMITED, ACN 000 001 007, as trustee of   COMMONWEALTH BANK OF
the Series 2000-2G Medallion Trust                AUSTRALIA, ACN 123 123 124

By:    _______________________________            By:    _______________________
       (Authorised Officer)                              (Authorised Officer)

Name:  _______________________________            Name:  _______________________

Title: _______________________________            Title: _______________________

                                                                              29
<PAGE>

SIGNED for and on behalf of
SECURITISATION ADVISORY SERVICES
PTY. LIMITED, ACN 064 133 946

By:    _______________________________
       (Authorised Officer)

Name:  _______________________________

Title: _______________________________

                                                                              30
<PAGE>

Annexure 3

Monthly quarterly Payment Notice - Series 2000-2G Medallion Trust

To:     Commonwealth Bank Of Australia, ACN 123 123 124 ("Party A")

And To: Perpetual Trustee Company Limited, ACN 000 001 007, as trustee of the
        Series Trust, ("Party B")

From:   Securitisation Advisory Services Pty. Limited, ACN 064 133 946 (the
        "Manager")

ISDA MASTER AGREEMENT dated [       ] between Party A, Party B and the Manager
(the "Agreement")

Determination Date:

The Manager has determined and gives notice of the following:

1.      Basis Swap

        (a) Notional Amount for the current Calculation Period:

        (b) Basis Swap Administered Rate for the current Calculation Period just
            ended:

2.      Fixed Rate Swap

        (a) Notional Amount for the current Calculation Period:

        (b) Fixed Rate Administered Rate for the current Calculation Period just
            ended:

3.      Rate Set

Bank Bill Rate for the current Calculation Period:

Weighted Margin for the current Calculation Period:

4.      Net Break Receipts and Payments

        (a) The Net Break Receipt (if any) in respect of the Determination Date:

        (b) The Net Break Payment (if any) in respect of the Determination Date:

5.      Net Amount

        (a) Net amount due for payment by Party A on the immediately following
            Payment Date:

        (b) Net amount due for payment by Party B on the immediately following
            Payment Date:

Terms used and not otherwise defined in this notice have the same meaning as in
the Agreement, as amended, supplemented or novitiate from time to time.

                                                                              31
<PAGE>

SIGNED for and on behalf of
SECURITISATION ADVISORY SERVICES
PTY. LIMITED, ACN 064 133 946

By:    _______________________________
       (Authorised Officer)

Name:  _______________________________

Title: _______________________________

                                                                              32<PAGE>

                                                                    EXHIBIT 10.4

                                                          Draft:  18 August 2000
________________________________________________________________________________

Securitisation Advisory Services Pty. Limited
Manager

Commonwealth Bank of Australia
CBA and Party A

Perpetual Trustee Company Limited
Party B

Merrill Lynch International (Australia) Limited
MLIA and Standby Swap Provider

Series 2000-2G Medallion Trust
ISDA Master Agreement
(Currency Swap Agreement)

              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 - 164/642/1545256  Contact - Edward Nicholas

                 Sydney . Melbourne . Brisbane . Perth . Canberra . Darwin

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

<PAGE>

                                    Schedule

                                    to the

                               MASTER AGREEMENT

                    dated as of                2000 between

                 Securitisation Advisory Services Pty. Limited
                                ACN 064 133 946
                                  ("Manager")

                                      and

                        Commonwealth Bank of Australia
                                ACN 123 123 124
                             ("CBA" and "Party A")

                                      and

                       Perpetual Trustee Company Limited
                                ACN 000 001 007

     in its capacity as trustee of various Series Trusts from time to time
    established under the Master Trust Deed and various Series Supplements
                                  ("Party B")

                                      and

      Merrill Lynch International (Australia) Limited ABN 31 002 892 846
                     ("MLIA" and "Standby Swap Provider")

Part 1.   Termination provisions.

In this Agreement:

(a)       "Specified Entity" does not apply in relation to Party A or Party B.

(b)       The definition of "Specified Transaction" is not applicable.

(c)       (i)   The following provisions of Section 5 will not apply to Party A:

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

          (ii)  The following provisions of Section 5 will not apply to Party
                B:

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

                Section 5(b)(ii) will not apply to Party A as the Affected Party
                (subject to Part 5(6)(b) of this Schedule) and Section 5(b)(iii)
                will not apply to Party A as the Burdened Party.

                                                                               2
<PAGE>

(d)       The "Automatic Early Termination" provisions in Section 6(a) will not
          apply to Party A or Party B.

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

          (i)   Market Quotation will apply; and

          (ii)  the Second Method will apply.

(f)       "Termination Currency" means US$ provided that if an amount due in
          respect of an Early Termination Date will be payable by Party B to
          Party A the Termination Currency for the purpose of calculating and
          paying that amount is Australian Dollars.

(g)       "Additional Termination Event" applies. The following is an Additional
          Termination Event in relation to which both Party A and Party B are
          Affected Parties:

          "An Event of Default (as defined in the Relevant Security Trust Deed)
          occurs and the Security Trustee has declared, in accordance with the
          Relevant Security Trust Deed, the Relevant Notes immediately due and
          payable."

          For the purposes of calculating a payment due under Sections 6(d) and
          (e) when an Early Termination Date is designated under Section 6(b) as
          a result of such Additional Termination Event, Party B will be the
          only Affected Party.

Part 2.   Tax representations

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

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

          (i)   the accuracy of any representation made by that other party
                pursuant to Section 3(f) of this Agreement;

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

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

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

(b)       Payee Tax Representations. For the purpose of Section 3(f) of this
          Agreement CBA as Party A, Party B and MLIA as Standby Swap Provider
          and (on and from the Novation Date) as Party A makes the following
          representation:

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

                                                                               3
<PAGE>

Part 3.   Agreement to deliver Documents

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

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

<TABLE>
<CAPTION>
Party required to deliver     Form/Document/Certificate               Date by which to be delivered
document
<S>                           <C>                                     <C>
Party A, Party B, and the     Any document or certificate             On the earlier of (a) learning
Standby Swap Provider         reasonably required or reasonably       that such document or
                              requested by a party in connection      certificate is required and
                              with its obligations to make a          (b) as soon as reasonably
                              payment under this Agreement which      practicable following a request
                              would enable that party to make         by a party.
                              the payment free from any
                              deduction or withholding for or on
                              account of Tax or which would
                              reduce the rate at which deduction
                              or withholding for or on account
                              of Tax is applied to that payment
                              as requested by Party A with
                              respect to any payments received
                              by Party B.
</TABLE>

(b)       Other documents to be delivered are:

<TABLE>
<CAPTION>
Party required to deliver     Form/Document/Certificate               Date by which to be delivered
document
<S>                           <C>                                     <C>
Party A, Party B, the         A certificate specifying the            On the execution of this
Standby Swap Provider         names, title and specimen               Agreement and each
and the Manager               signatures of the persons               Confirmation unless that
                              authorised to execute this              certificate has already been
                              Agreement and each Confirmation or      supplied and remains true and
                              other communication in writing          in effect and when the
                              made pursuant to this Agreement on      certificate is updated.
                              its behalf.

Party A, Party B, the         A legal opinion as to the validity      Prior to the Closing Date.
Standby Swap Provider         and enforceability of its
and the Manager               obligations under this Agreement
                              in form and substance (and issued
                              by legal counsel) reasonably
                              acceptable to each other party.

Party B                       A certified copy to Party A of each     Not less than 5 Business Days
                              Credit Support Document specified       (or such lesser period as
                              in respect of Party B and (without      Party A agrees to) before the
                              limiting any obligation Party B may     Trade Date of the first
</TABLE>

                                                                               4
<PAGE>

<TABLE>
<S>                           <C>                                     <C>
                              have under the terms of that Credit     occurring Transaction and in
                              Support Document to notify Party        the case of any amending
                              A of amendments thereto) a              documents entered into
                              certified copy to Party A of any        subsequent  to that date,
                              document that amends in any way         promptly after each amending
                              the terms of that Credit Support        document (if any) has been
                              Document.                               entered into.

Standby Swap Provider         Original executed copies to Party B     Not less than 5 Business Days
                              and Party A and a certified copy to     (or such lesser period as
                              the Manager of each Credit Support      Party B and the Manager agree
                              Document (if any) specified in          to) before the Trade Date of
                              respect of the Standby Swap             the first occurring
                              Provider and (without limiting any      Transaction and in the case of
                              obligation the Standby Swap             any amending documents entered
                              Provider may have under the terms       into subsequent to that date,
                              of that Credit Support Documents        promptly after each amending
                              to notify Party B, Party A or the       document (if any) has been
                              Manager of amendments thereto)          entered into.
                              original executed copies to Party B
                              and Party A and a certified copy to
                              the Manager of any document that
                              amends in any way the terms of that
                              Credit Support Document.
</TABLE>

Other than the legal opinions, any Credit Support Document or any document
amending a Credit Support Document (but including any certifications in relation
to such documents), all documents delivered under this Part 3(b) are covered by
the Section 3(d) representation. For the purposes of this Part 3(b), a copy of a
document is taken to be certified if a director or secretary of the party
providing the document, or a person authorised to execute this Agreement or a
Confirmation on behalf of that party or a solicitor acting for that party has
certified it to be a true and complete copy of the document of which it purports
to be a copy.

Part 4.   Miscellaneous

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

          Address for notices or communications to MLIA as Standby Swap Provider
          and (on and from the Novation Date) as Party A:

          Address:

                         Merrill Lynch International (Australia) Limited
                         Level 49
                         19-29 Martin Place
                         Sydney NSW 2000
                         AUSTRALIA

          Attention:     Manager, Operations

          Telex          AA24498

          Answerback:    M Lynch

          Facsimile No.: 612 9225 6655Telephone No.:  612 9225 6500 Address for
          notices or

                                                                               5
<PAGE>

          communications to Party B:

          Address:       Perpetual Trustee Company Limited
                         Level 3
                         39 Hunter Street
                         Sydney NSW 2000
                         AUSTRALIA

          Attention:     Manager, Securitisation Services
                         Facsimile No.: 612 9221 7870

          Additionally, a copy of all notices as well as any changes to
          counterparty's address, telephone number or facsimile number should be
          sent to:

          Address:       Securitisation Advisory Services Pty. Limited
                         Level 8
                         48 Martin Place
                         Sydney NSW 2000
                         AUSTRALIA

          Attention:     Manager, Securitisation

          Facsimile No.: 612 9378 2481

          Address for notices or communications to CBA as Party A:

          Address:       Commonwealth Bank of Australia
                         Level 8
                         48 Martin Place
                         Sydney NSW 2000
                         AUSTRALIA

          Attention:     Manager, Securitisation

          Facsimile No.: 612 9378 2481

          Additionally, a copy of all notices pursuant to Sections 5, 6 and 7 as
          well as any changes to counterparty's address, telephone number or
          facsimile number should be sent to the Standby Swap Provider at the
          addresses set out above.

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

          MLIA as Standby Swap Provider and (on and from the Novation Date) as
          Party A appoints as its Process Agent: not applicable.

          Party B appoints as its Process Agent: not applicable.

          CBA as Party A appoints as its Process Agent: not applicable.

(c)       Offices. The provisions of Section 10(a) will apply to this Agreement.

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

          Party A is not a Multibranch Party.

          Party B is not a Multibranch Party.

                                                                               6
<PAGE>

(e)       Calculation Agent.

          (i)   The Calculation Agent is:

                (A)  in respect of all notices, determinations and calculations
                     in respect of amounts denominated in US$, the Agent Bank;
                     and

                (B)  in respect of all other notices, determinations and
                     calculations, the Manager.

          (ii)  All determinations and calculations by the Calculation Agent
                will:

                (A)  be made in good faith and in the exercise of its commercial
                     reasonable judgment; and

                (B)  be determined, where applicable, on the basis of then
                     prevailing market rates or prices.

          All such determinations and calculations will be binding on Party A
          and Party B in the absence of manifest error. The Manager (or, if the
          Manager fails to do so and Party A notifies Party B, Party B)
          covenants in favour of Party A to use reasonable endeavours
          (including, without limitation, taking such action as is reasonably
          necessary to promptly enforce the obligations of the Agent Bank under
          the Agency Agreement) to ensure that the Agent Bank performs its
          obligations as Calculation Agent under this Agreement.

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

          (i)   In relation to MLIA as Standby Swap Provider and (on and from
                the Novation Date) as Party A: A Guarantee from Merrill Lynch &
                Co. Inc ("M L & Co.") in respect of the Series Trust in the form
                attached hereto as Annexure 2.

          (ii)  In relation to Party B:  the Security Trust Deed.

          (iii) In relation to CBA as Party A: not applicable.

(g)       Credit Support Provider.

          (i)   In relation to MLIA as Standby Swap Provider and (on and from
                the Novation Date) as Party A: M L & Co.

          (ii)  In relation to Party B:  None.

          (iii) In relation to CBA as Party A: none.

(h)       Governing Law. This Agreement will be governed by and construed in
          accordance with the laws in force in New South Wales, except the
          Credit Support Annex, which will be governed by and construed in
          accordance with the laws in force in the State of New York as provided
          in Paragraph 13(m)(iv) of the Credit Support Annex. Section 13(b)(i)
          is deleted and replaced by the following:

                "(i) submits to the non-exclusive jurisdiction of the courts of
                     New South Wales and courts of appeal from them; and".

(i)       Netting of Payments. Subparagraph (ii) of Section 2(c) of this
          Agreement will apply in respect of all Transactions.

(j)       "Affiliate" will have the meaning specified in Section 14 of this
          Agreement. However, for the purposes of Section 3(c) Party B is deemed
          not to have any Affiliates.

                                                                               7
<PAGE>

Part 5.   Other Provisions

(1)       Payments: In Section 2:

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

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

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

                "Unless specified otherwise in this Agreement, payments under
                this Agreement by:

                (i)   Party A, will be made by 10.00 am (New York time); and

                (ii)  Party B, will be made by 4.00pm (Sydney time),

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

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

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

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

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

          (e)   Amend Section 2(d) as follows:

                (i)   Delete the word "if" at the beginning of Section
                      2(d)(i)(4) and insert the following words instead:

                      "if and only if X is Party A and".

                (ii)  In Section 2(d)(ii) insert the words "(if and only if Y is
                      Party A)" after the word "then" at the beginning of the
                      last paragraph.

                Without prejudice to the above amendments, it is agreed that
                Party B:

                (iii) is not obliged to pay:

                      (1)   any additional amount to Party A under Section
                            2(d)(i)(4); or

                      (2)   any amount to Party A under Section 2(d)(ii); and

                (iv)  will not receive payments under this Agreement or any
                      Transaction from which deductions or withholdings have
                      been made.

                                                                               8
<PAGE>

(2)       Party B's Payment Instructions: Party B irrevocably authorises and
          instructs Party A to make payment of:

          (i)   the Initial Exchange Amount due from Party A to Party B in
                respect of the Initial Exchange Date by paying that amount
                direct to the account notified in writing by Party B to Party A
                for that purpose; and

          (ii)  any other amount due from Party A to Party B under this
                Agreement by paying that amount direct to the Principal Paying
                Agent to the account outside Australia notified in writing by
                the Principal Paying Agent to Party A for that purpose.

(3)       Party A's Payment Instructions: Party A irrevocably authorises and
          instructs Party B to make payment of:

          (i)   any amount denominated in A$ due from Party B to the account in
                Sydney notified in writing by Party A to Party B from time to
                time; and

          (ii)  any amount denominated in US$ due from Party B to the account
                notified in writing by Party A to Party B from time to time.

(4)       Representations: In Section 3:

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

                "(including in the case of a party being an ADI (as that term is
                defined in the Reserve Bank Act, 1959 (Cth)) and section 13A(3)
                of the Banking Act, 1959 (Cth)).";

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

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

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

                (iii) Status of Parties. No other party is acting as a fiduciary
                      or an adviser to it in respect of that Transaction.

                                                                               9
<PAGE>

          (c)   insert the following new paragraphs (g), (h) and (i) in Section
                3 immediately after Section 3(f):

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

                      (i)   Trust Validly Created. The Series Trust has been
                            validly created and is in existence at the Trade
                            Date of the first occurring Transaction.

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

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

                      (iv)  Power.  It has power under the Master Trust Deed to:

                            (A)   enter into and perform its obligations under
                                  this Agreement and each Credit Support
                                  Document in relation to Party B in its
                                  capacity as trustee of the Series Trust; and

                            (B)   mortgage or charge the Assets of the Series
                                  Trust in the manner provided in the Credit
                                  Support Document in relation to Party B,

                            and its entry into this Agreement and each Credit
                            Support Document in relation to Party B is in the
                            interests of the beneficiaries of the Series Trust
                            and does not constitute a breach of trust.

                      (v)   Good Title. It is the lawful owner of the Assets of
                            the Series Trust and, subject only to the Credit
                            Support Document in relation to Party B and any
                            Security Interest permitted under the Credit Support
                            Document in relation to Party B, those Assets are
                            free of all other Security Interests (except for
                            Party B's right of indemnity out of the Assets of
                            the Series Trust).

                      (vi)  Eligible Swap Participant. The Series Trust was not
                            formed for the specific purpose of constituting an
                            eligible swap participant (as that term is used in
                            Part 35 of the General Regulations under the
                            Commodity Exchange Act).

                      (vii) Total Assets. As at close of business on the Trade
                            Date of the first occurring Transaction, following
                            the issue of the Relevant Notes and provided that
                            the aggregate Invested Amount of the Relevant Notes
                            upon issue exceeds USD10,000,000, the Series Trust
                            will have total assets exceeding USD10,000,000.

                (h)   Non-assignment. It has not assigned (whether absolutely,
                      in equity, by way of security or otherwise), declared any
                      trust over or given any charge over any of its rights
                      under this Agreement or any Transaction except, in the
                      case of Party B, for the Security Interests created under
                      each Credit Support Document in relation to Party B.

                                                                              10
<PAGE>

                (i)   Contracting as principal. Each existing Transaction has
                      been entered into by that party as principal and not
                      otherwise."

(5)       Event of Default: In Section 5(a):

          (a)   Failure to Pay or Deliver: delete paragraph (i) and replace it
                with the following:

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

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

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

          (b)   Consequential amendments:

                (i)   delete "or" at the end of Section 5(a)(vii); and

                (ii)  replace the full stop at the end of Section 5(a)(viii)
                      with "; or"; and

          (c)   Downgrade Obligations: insert the following new paragraph (ix):

                "(ix) Downgrade Obligations. In respect of Party A only, Party A
                      fails to comply with Part 5(22) of the Schedule if such
                      failure is not remedied on or before the tenth Business
                      Day (or such later day as Party B and the Manager may
                      agree and 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 Relevant Notes) after notice of such failure is given
                      to Party A.".

(6)       Termination Events:

          (a)   Illegality: In respect of each Transaction, the parties agree
                that the imposition by any Governmental Agency of an Australian
                jurisdiction of any exchange controls, restrictions or
                prohibitions which would otherwise constitute an Illegality for
                the purposes of Sections 5(b)(i) or 5(c) will not be an event
                which constitutes an Illegality for the purposes of those
                Sections so that, following the occurrence of that event:

                (i)   neither Party A nor Party B will be entitled to designate
                      an Early Termination Date in respect of that Transaction
                      as a result of that event occurring;

                (ii)  payment by Party B in accordance with Part 5(3) of the
                      Schedule will continue to constitute proper performance of
                      its payment obligations in respect of that Transaction;
                      and

                (iii) Party A's obligations in respect of that Transaction or
                      this Agreement will, to the extent permitted by law, be
                      unaffected by the occurrence of that event.

          (b)   Party A's limited rights in relation to Tax Event:

                (i)   Notwithstanding Part 1(c)(iii) of the Schedule, but
                      subject to Section 6(b)(ii), Party A may designate an
                      Early Termination Date if it is an Affected Party
                      following a Tax Event but only if the Relevant Note

                                                                              11
<PAGE>

                      Trustee has notified the parties in writing that it is
                      satisfied that all amounts owing to the Relevant
                      Noteholders will be paid in full on the date on which the
                      Relevant Notes are to be redeemed.

                (ii)  If a Tax Event occurs where Party A is the Affected Party
                      and Party A is unable to transfer all its rights and
                      obligations under this Agreement and each Transaction to
                      an Affiliate pursuant to Section 6(b)(ii), Party A may, at
                      its cost, transfer all its rights, powers and privileges
                      and all its unperformed and future obligations under this
                      Agreement and each Transaction to any person provided
                      that:

                      (A)   each Rating Agency has confirmed in writing that the
                            transfer will not result in a reduction,
                            qualification or withdrawal of the credit ratings
                            then assigned by them to the Relevant Notes; and

                      (B)   that person has a long term credit rating assigned
                            by each Rating Agency of at least the long term
                            credit rating assigned by that Rating Agency to CBA
                            as at the date of this Agreement or, otherwise, the
                            Standby Swap Provider provides its written consent
                            to the transfer.

(7)       Termination:

          (a)   Termination by Trustee: Party B must not designate an Early
                Termination Date without the prior written consent of the
                relevant Note Trustee.

          (b)   Termination by the Relevant Note Trustee: If following an Event
                of Default or Termination Event, Party B does not exercise its
                right to terminate a Transaction, then the relevant Note Trustee
                may designate an Early Termination Date in relation to that
                Transaction as if it were a party to this Agreement.

          (c)   Termination Payments by Party B: Notwithstanding Section
                6(d)(ii), any amount calculated as being due by Party B in
                respect of any Early Termination Date under Section 6(e) will be
                payable on the Distribution Date immediately following the date
                that such amount would otherwise be payable under Section
                6(d)(ii) (or will be payable on that date if that date is a
                Distribution Date) except to the extent that such amount may be
                satisfied from an earlier distribution under the relevant
                Security Trust Deed or the payment of an upfront premium in
                respect of a Replacement Currency Swap in accordance with Part
                5(17)(b).

          (d)   Transfers to avoid Termination: Section 6(b)(ii) is amended as
                follows:

                (i)   The following sentence is added at the end of the second
                      paragraph:

                      "However, if Party A is that other party it must, if so
                      requested by the Manager, use reasonable efforts (which
                      will not require Party A to incur a loss, excluding
                      immaterial, incidental expenses) to make such a transfer
                      to an Affiliate provided the Rating Agencies have given
                      prior written confirmation to the Manager that such a
                      transfer will not result in a reduction, qualification or
                      withdrawal of the credit ratings then assigned by them to
                      the relevant Notes."

                (ii)  The third paragraph is deleted and replaced with the
                      following:

                      "Any such transfer by a party under this Section 6(b)(ii)
                      will be subject to and conditional upon the prior written
                      consent of the other party, which consent will not be
                      withheld:

                                                                              12
<PAGE>

                      (1)   where the other party is Party A, if Party A's
                            policies in effect at such time would permit it to
                            enter into transactions with the transferee on the
                            terms proposed; or

                      (2)   where the other party is Party B, if the Rating
                            Agencies have confirmed in writing that such
                            transfer will not result in a reduction,
                            qualification or withdrawal of the credit ratings
                            then assigned by them to the Relevant Notes.

          (e)   Notice of Event of Default. For the purposes of Section 6(a) and
                (b):

                (i)   Party A may only provide a notice specifying an Event of
                      Default to Party B as the Defaulting Party and may only
                      designate an Early Termination Date following a
                      Termination Event where Party A or Party B (or both) is
                      the Affected Party or the Burdened Party; and

                (ii)  the Standby Swap Provider may not issue a notice
                      specifying an Event of Default or designating an Early
                      Termination Date (except as Party A on or after the
                      Novation Date).

(8)       No Set-Off: Section 6(e) is amended by deleting the last sentence of
          the first paragraph.

(9)       Transfer: Section 7 is replaced with:

          "7.   Essential term: Transfer

          (a)   Neither the interests nor the obligations of any party in or
                under this Agreement (including any Transaction) are capable of
                being assigned or transferred (whether at law, in equity or
                otherwise), charged or the subject of any trust (other than the
                Series Trust or the trusts created pursuant to the Credit
                Support Document in relation to Party B) or other fiduciary
                obligation. Any action by a party which purports to do any of
                these things is void.

          (b)   Nothing in this Section 7:

                (i)   restricts a transfer by a party after the other parties
                      have agreed to the variation of this Agreement in
                      accordance with Part 5(20) to the extent necessary to
                      permit such transfer;

                (ii)  restricts a novation of the interests and obligations of a
                      party in or under this Agreement (including any
                      Transaction) for the purposes of giving effect to a
                      transfer under Section 6(b)(ii);

                (iii) restricts a transfer by a party of all or any part of its
                      interest in any amount payable to it from a Defaulting
                      Party under Section 6(e);

                (iv)  restricts a transfer by Party B or the Manager to a
                      Substitute Trustee or Substitute Manager, respectively, in
                      accordance with the Master Trust Deed;

                (v)   restricts Party B from granting security over a
                      Transaction or this Agreement pursuant to any Credit
                      Support Document in relation to Party B; or

                (vi)  limits Parts 5(6)(b)(ii), 5(22), 5(23) or 5(24).

          (c)   Each party acknowledges that the other party enters into this
                Agreement and each Transaction on the basis that this Section 7
                must be strictly observed and is essential to the terms of this
                Agreement (including each Transaction)."

                                                                              13
<PAGE>

(10)  Facsimile Transmission:  In Section 12:

      (a)  delete Section 12(a)(ii); and

      (b)  replace Section 12(a)(iii) with:

           "(iii)   if sent by facsimile transmission:

                    (A)    in the case of any notice or other communication
                           pursuant to Parts 5(23) or (24), on the date that
                           transmission is received by a responsible employee of
                           the recipient in legible form (it being agreed that
                           the burden of proving receipt will be on the sender
                           and will not be met by a transmission report
                           generated by the sender's facsimile machine); or

                    (B)    otherwise, on the date a transmission report is
                           produced by the machine from which the facsimile was
                           sent which indicates that the facsimile was sent in
                           its entirety to the facsimile number of the recipient
                           notified for the purpose of this Section unless the
                           recipient notifies the sender within one Business Day
                           of the facsimile being sent that the facsimile was
                           not received in its entirety in legible form;".

(11)  Definitions

      In this Agreement, unless the contrary intention appears:

      (a)  Master Trust Deed: subject to Part 5(11)(h), unless defined in this
           Agreement words and phrases defined in the Master Trust Deed and the
           Series Supplement have the same meaning in this Agreement. Subject to
           Part 5(11)(h), where there is any inconsistency in a definition
           between this Agreement (on the one hand) and the Master Trust Deed or
           a Series Supplement (on the other hand), this Agreement prevails.
           Where there is any inconsistency in a definition between the Master
           Trust Deed (on the one hand) and the Series Supplement (on the other
           hand), the Series Supplement, prevails over the Master Trust Deed in
           respect of that Series Trust. Where words or phrases used but not
           defined in this Agreement are defined in the Master Trust Deed in
           relation to a Series Trust (as defined in the Master Trust Deed) such
           words or phrases are to be construed in this Agreement, where
           necessary, as being used only in relation to the Series Trust;

      (b)  Trustee Capacity:

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

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

      (c)  Definitions: in Section 14:

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

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

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

                                                                              14
<PAGE>

           (ii)     insert the following new definitions:

                    "BBSW" or "AUD-BBR-BBSW" in relation to a Calculation Period
                    means the rate appearing at approximately 10.00 am Sydney
                    time on the Reset Date for that Calculation 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:

                    (a)    on that Reset Date fewer than 4 banks are quoted on
                           the Reuters Screen page "BBSW"; or

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

                    then "BBSW" or "AUD-BBR-BBSW" means such rate as is
                    specified by the Calculation Agent having regard to
                    comparable indices then available.

                    "Credit Support Annex" means the Credit Support Annex
                    annexed to this Agreement.

                    'Distribution Date" has the meaning given in Section |16.

                    "Inconvertibility Event" means any event beyond the control
                    of CBA that makes it impossible for CBA to convert to U.S.
                    Dollars through customary legal channels an amount of
                    Australian Dollars sufficient to fulfil CBA's obligations
                    under this Agreement and each Transaction.

                    "Joint Ratings" means the highest possible jointly supported
                    short term credit rating or long term credit rating, as
                    applicable, that can be determined in relation to Party A
                    and the Standby Swap Provider by Moody's, S&P and Fitch in
                    accordance with Moody's, S&P's and Fitch's respective
                    approaches to jointly supported obligations provided that if
                    either Party A or the Standby Swap Provider has a long term
                    credit rating of less than BBB from S&P the Joint Ratings
                    from S&P will be the credit ratings of the other party.

                    "Master Trust Deed" means the Master Trust Deed dated 8
                    October 1997 between Party B and the Manager, as amended
                    from time to time.

                    "MLIA/CBA ISDA Master Agreement" means the ISDA Master
                    Agreement dated 20 November 1995 between MLIA and CBA, as
                    amended from time to time.

                    "Novation Date" means the date upon which the obligations of
                    CBA as Party A under this Agreement and each Transaction are
                    novated to the Standby Swap Provider pursuant to Part
                    5(24)(c).

                    "Prescribed Rating Period" means in relation to the Joint
                    Ratings determined by the Rating Agencies:

                    (a)    a period of 30 Business Days from the date of
                           determination of the relevant credit rating where any
                           Joint Rating immediately after that determination is
                           less than the relevant Prescribed Rating but greater
                           than or equal to a short term credit rating of A-1 by
                           S&P and long term credit ratings of A-

                                                                              15
<PAGE>

                           by S&P, A3 by Moody's and A- by Fitch , as the case
                           may be; and

                    (b)    a period of 5 Business Days from the date of
                           determination of the relevant credit rating where any
                           Joint Rating immediately after that determination is
                           less than a short term credit rating of A-1 by S&P or
                           less than a long term credit rating of A- by S&P, A3
                           by Moody's and A- by Fitch.

                    "Prescribed Ratings" means a short term credit rating of A-
                    1+ by S&P or a long term credit rating of AA- by S&P and
                    long term credit ratings of AA- by Fitch  and A2 by Moody's.

                    "Relevant Calculation Amount" has the meaning given in
                    Section 16.

                    "Relevant Notes" has the meaning given in Section 16.

                    "Relevant Note Trustee" has the meaning given in Section
                    16.

                    "Relevant Noteholders" has the meaning given in Section
                    16,

                    "Relevant Maturity Date" has the meaning given in Section
                    16.

                    "Series Supplement" has the meaning given in Section 16.

                    "Series Trust" has the meaning given in Section 16.

      (d)  Interpretation:

           (i)      references to time are references to Sydney time;

           (ii)     a reference to "wilful default" in relation to Party B
                    means, subject to Part 5(11)(d)(iii) of this Schedule, any
                    wilful failure by Party B to comply with, or wilful breach
                    by Party B of, any of its obligations under any Transaction
                    Document, other than a failure or breach which:

                    A.     (1)    arises as a result of a breach of a
                                  Transaction Document by a person other than:

                                  (a)  Party B; or

                                  (b)  any other person referred to in Part
                                       5(11)(d)(iii) of this Schedule; and

                           (2)    the performance of the action (the non-
                                  performance of which gave rise to such breach)
                                  is a precondition to Party B performing the
                                  said obligation;

                    B.     is in accordance with a lawful court order or
                           direction or required by law; or

                    C.     is in accordance with any proper instruction or
                           direction of the Investors given at a meeting
                           convened under the Master Trust Deed;

           (iii)    a reference to the "fraud", "negligence" or "wilful default"
                    of Party B means the fraud, negligence or wilful default of
                    Party B and of its officers, employees, agents and any other
                    person where Party B is liable

                                                                              16
<PAGE>

                    for the acts or omissions of such other person under the
                    terms of any Transaction Document;

           (iv)     a reference to "neither party" will be construed as a
                    reference to "no party";

           (v)      a reference to "other party" will be construed as a
                    reference to "other parties"; and

           (vi)     a reference to a credit rating of MLIA means the higher of
                    the relevant credit ratings of MLIA and M L & Co.

      (e)  ISDA Definitions: The 1991 ISDA Definitions (as published by the
           International Swaps and Derivatives Association, Inc ("ISDA")), as
           supplemented by the 1998 Supplement to the 1991 ISDA Definitions (as
           published by ISDA) (the "1991 ISDA Definitions") as at the date of
           this Agreement are incorporated into this Agreement and each
           Confirmation.

      (f)  Inconsistency: Subject to Part 5(11)(a), unless specified otherwise,
           in the event of any inconsistency between any two or more of the
           following documents in respect of a Transaction they will take
           precedence over each other in the following order in respect of that
           Transaction:

           (i)      any Confirmation;

           (ii)     this Schedule and Section 13 ("Elections and Variables") of
                    the Credit Support Annex (as applicable);

           (iii)    the 1991 ISDA Definitions; and

           (iv)     the printed form of the 1992 ISDA Master Agreement and the
                    printed form of the ISDA Credit Support Annex which form
                    part of this Agreement.

      (g)  Swap Transaction: Any reference to a:

           (i)      "Swap Transaction" in the 1991 ISDA Definitions is deemed to
                    be a reference to a "Transaction" for the purpose of
                    interpreting this Agreement or any Confirmation; and

           (ii)     "Transaction" in this Agreement or any Confirmation is
                    deemed to be a reference to a "Swap Transaction" for the
                    purpose of interpreting the 1991 ISDA Definitions.

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

(12)  Limitation of Liability: Insert the following as Sections 15 and 16, after
      Section 14:

      "15. Party B's Limitation of Liability

           (a)      (Limitation on Party B's liability):  Party B enters into
                    this Agreement only in its capacity as trustee of the
                    relevant Series Trust and in no other

                                                                              17
<PAGE>

                    capacity. A liability incurred by Party B acting in its
                    capacity as trustee of the relevant Series Trust arising
                    under or in connection with this Agreement is limited to and
                    can be enforced against Party B only to the extent to which
                    it can be satisfied out of the Assets of that Series Trust
                    out of which Party B is actually indemnified for the
                    liability. This limitation of Party B's liability applies
                    despite any other provision of this Agreement (other than
                    Section 15(c)) and extends to all liabilities and
                    obligations of Party B in any way connected with any
                    representation, warranty, conduct, omission, agreement or
                    transaction related to this Agreement.

           (b)      (Claims against Party B):  The parties other than Party B
                    may not sue Party B in respect of liabilities incurred by
                    Party B acting in its capacity as trustee of a Series Trust
                    in any other capacity other than as trustee of that Series
                    Trust, including seeking the appointment of a receiver
                    (except in relation to Assets of that Series Trust), or a
                    liquidator, or an administrator, or any similar person to
                    Party B or prove in any liquidation, administration or
                    similar arrangements of or affecting Party B (except in
                    relation to the Assets of that Series Trust).

           (c)      (Breach of trust):  The provisions of this Section 15 will
                    not apply to any obligation or liability of Party B to the
                    extent that it is not satisfied because under the Master
                    Trust Deed, the corresponding Series Supplement or any other
                    corresponding Transaction Document or by operation of law
                    there is a reduction in the extent of Party B's
                    indemnification out of the Assets of the relevant Series
                    Trust, as a result of Party B's fraud, negligence or wilful
                    default.

           (d)      (Acts or omissions):  It is acknowledged that the Relevant
                    Parties are responsible under the corresponding Transaction
                    Documents for performing a variety of obligations relating
                    to the relevant Series Trust.  No act or omission of Party B
                    (including any related failure to satisfy its obligations or
                    any breach of representation or warranty under this
                    Agreement) will be considered fraudulent, negligent or a
                    wilful default of Party B for the purpose of paragraph (c)
                    of this Section 15 to the extent to which the act or
                    omission was caused or contributed to by any failure by any
                    such Relevant Person or any other person appointed by Party
                    B under such a Transaction Document (other than a person
                    whose acts or omissions Party B is liable for in accordance
                    with any such Transaction Document) to fulfil its
                    obligations relating to the relevant Series Trust or by any
                    other act or omission of the Manager or the Servicer or any
                    other such person.

           (e)      (No obligation):

                    Party B is not obliged to enter into any commitment or
                    obligation under this Agreement or any Transaction Document
                    (including incur any further liability) unless Party B's
                    liability is limited in a manner which is consistent with
                    this Section 15 or otherwise

       in a manner satisfactory to Party B in its absolute discretion."16.
Segregation

           Party B will enter into each Transaction as trustee of a Series
           Trust. Each Confirmation in relation to a Transaction must specify
           the name of the Series Trust to which the Transaction relates.
           Notwithstanding anything else in this Agreement, but without limiting
           the generality of Section 15, the provisions of this Agreement
           (including, without limitation, the Credit Support Annex) shall have
           effect severally in respect of each Series Trust and shall be
           enforceable by or against Party B in its

                                                                              18
<PAGE>

           capacity as trustee of the relevant Series Trust as though a separate
           Agreement applied between Party A, Party B (in its capacity as
           trustee of the Series Trust specified in the relevant Confirmations),
           the Manager and the Standby Swap Provider for each of Party B's said
           several capacities, to the intent that (inter alia):

           (a)      (References to Party B): unless the context indicates a
                    contrary intention, each reference to "Party B" in this
                    Agreement shall be construed as a several reference to Party
                    B in its respective capacities as trustee of each Series
                    Trust;

           (b)      (Separate Agreements): this Master Agreement including,
                    without limitation, this Schedule and the Credit Support
                    Document together with each Confirmation relating to a
                    particular Series Trust will form a single separate
                    agreement between Party A, the Manager, the Standby Swap
                    Provider and Party B in its capacity as trustee of that
                    Series Trust and references to the respective obligations
                    (including references to payment obligations generally and
                    in the context of provisions for the netting of payments and
                    the calculation of amounts due on early termination) of
                    Party A, the Manager, the Standby Swap Provider or Party B
                    shall be construed accordingly as a several reference to
                    each mutual set of obligations arising under each such
                    separate agreement between Party A, the Manager, the Standby
                    Swap Provider and Party B in its several capacity as trustee
                    of the relevant Series Trust;

           (c)      (Representations): representations made and agreements
                    entered by the parties under this Agreement are made and
                    entered severally by Party B in its respective capacities as
                    trustee of each Series Trust and in respect of the relevant
                    Series Trust and may be enforced by Party B against Party A,
                    the Manager or the Standby Swap Provider severally in Party
                    B's said several capacities (and by Party A, the Manager or
                    the Standby Swap Provider against Party B in Party B's said
                    several capacities);

           (d)      (Termination): rights of termination, and obligations and
                    entitlements consequent upon termination, only accrue to
                    Party A against Party B severally in Party B's respective
                    capacities as trustee of each Series Trust, and only accrue
                    to Party B against Party A severally in Party B's said
                    several capacities;

           (e)      (Events of Default and Termination Events): without limiting
                    Section 15, the occurrence of an Event of Default or
                    Termination Event in respect of one Series Trust shall not
                    in itself constitute an Event of Default or Termination
                    Event in respect of any other Series Trust; and

           (f)      (Definitions):

                    (i)    the term "Series Trust":

                           (A)    in this Section 16, means each Series Trust
                                  (as defined in the Master Trust Deed)
                                  specified or to be specified, as the context
                                  requires, as the relevant Series Trust in the
                                  Confirmation for a Transaction; and

                           (B)    elsewhere in this Agreement, means each such
                                  Series Trust severally in accordance with the
                                  preceding provisions of this Section 16;

                    (ii)   the term "Transaction":

                                                                              19
<PAGE>

                           (A)    in this Section 16, means each Transaction
                                  governed by this Agreement; and

                           (B)    elsewhere in this Agreement, means each such
                                  Transaction entered into by the trustee as
                                  Trustee of the relevant Series Trust;

                    (iii)  the term "Agreement":

                           (A)    in this Section 16, means this Master
                                  Agreement, including, without limitation, this
                                  Schedule and the Credit Support Annex, and all
                                  Confirmations governed by this Master
                                  Agreement; and

                           (B)    elsewhere, means the separate agreement
                                  referred to in Section 16(b) in respect of
                                  each particular Series Trust;

                    (iv)   the terms "Distribution Date", "Relevant Calculation
                           Amount", "Relevant Note Trustee", "Relevant Notes",
                           "Relevant Noteholders", "Scheduled Maturity Date",
                           "Security Trust Deed" and "Series Supplement" in this
                           Agreement to the extent that it applies in relation
                           to a Series Trust have the respective meanings given
                           to them in the Confirmations for the Transactions of
                           that Series Trust."

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

(14)  Procedures for Entering into Transactions

      (a)  With respect to each Transaction entered into pursuant to this
           Agreement and for the purposes of Section 9(e)(ii), Party A will, by
           or promptly after the relevant Trade Date, send Party B, the Standby
           Swap Provider and the Manager a Confirmation substantially in the
           form set out in Annexure 1 (or in such other form as may be agreed
           between Party A, Party B, the Standby Swap Provider and the Manager),
           and Party B, the Standby Swap Provider and the Manager must promptly
           then confirm the accuracy of and sign and return, or request the
           correction of, such Confirmation; and

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

(15)  Authorised Officer:  Each party will be entitled to assume, in the absence
      of any knowledge to the contrary, that any Confirmation, notice or other
      written communication, which is issued in respect of this Agreement and
      which is purported to be signed on behalf of another party by a person
      specified in the certificate provided by that other party under Part 3(b),
      is authorised by that other party.

(16)  Recorded Conversations:  Each party:

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

                                                                              20
<PAGE>

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

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

(17)  Replacement Currency Swap Agreement:

      (a)  If any Transaction under this Agreement is terminated prior to the
           day upon which the Relevant Notes are redeemed in full, Party B may,
           at the direction of the Manager, enter into one or more currency
           swaps which replace that Transaction (collectively a "Replacement
           Currency Swap") provided that:

           (i)      the Rating Agencies confirm in writing that the entry into
                    the Replacement Currency Swap by Party B does not result in
                    a reduction, qualification or withdrawal of the credit
                    ratings then assigned by them to the Relevant Notes; and

           (ii)     the liability of Party B under the Replacement Currency Swap
                    is limited to at least the same extent that its liability is
                    limited under that Transaction.

      (b)  If Party B enters into a Replacement Currency Swap pursuant to
           paragraph (a) and a Settlement Amount is payable by Party B to Party
           A upon termination of the Transaction referred to in Part 5(17)(a),
           Party B must direct the Replacement Currency Swap provider to pay any
           upfront premium to enter into the Replacement Currency Swap due to
           Party B directly to Party A in satisfaction of and to the extent of
           Party B's obligation to pay the Settlement Amount to Party A, and to
           the extent such premium is not greater than or equal to the
           Settlement Amount, the balance may be satisfied by Party B as an
           Expense.

      (c)  If Party B enters into a Replacement Currency Swap pursuant to
           paragraph (a) and a Settlement Amount is payable by Party A to Party
           B upon termination of the Transaction referred to in Part 5(17)(a),
           Party B may direct Party A to pay that amount to the Replacement
           Currency Swap provider in satisfaction of or towards and to the
           extent of Party B's obligation (if any) to pay an upfront premium to
           the Replacement Currency Swap provider to enter into the Replacement
           Currency Swap.

      (d)  The obligations of Party B (and the rights of Party A) under this
           Part 5(17) will survive the termination of this Agreement.

(18)  Knowledge or Awareness:  Subject to Section 12(a), each party will only be
      considered to have knowledge or awareness of, or notice of, a thing or
      grounds to believe anything by virtue of the officers of that party or any
      Related 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 the Transactions entered into under this Agreement having
      actual knowledge, actual awareness or actual notice of that thing, or
      grounds or reason to believe that thing (and similar references will be
      interpreted in this way).

(19)  Restrictions on Party B's Rights:  Party B must at all times act in
      accordance with the instructions of the Manager in relation to this
      Agreement.

(20)  Amendment to this Agreement: None of Party A, Party B, the Standby Swap
      Provider or the Manager may amend this Agreement unless the Rating
      Agencies have confirmed in writing that the proposed amendment will not
      result in a reduction, qualification or withdrawal of the credit ratings
      then assigned by them to the Relevant Notes.

                                                                              21
<PAGE>

(21)  Appointment of Manager: Party B hereby exclusively appoints the Manager as
      its attorney to act on Party B's behalf and exercise all rights and powers
      of Party B with respect to this Agreement.  Without limiting the
      generality of the foregoing, the Manager may issue and receive on behalf
      of Party B all notices, certificates and other communications to or by
      Party A under this Agreement until such time as Party B serves written
      notice on Party A of the revocation of the Manager's authority to act on
      behalf of Party B in accordance with this Part 5(21) of the Schedule.

(22)  Ratings Downgrade:

      (a)  (Downgrade): If, as a result of the reduction or withdrawal of the
           credit rating of Party A or the Standby Swap Provider a Joint Rating
           is less than the relevant Prescribed Rating, Party A must by the
           expiry of the Prescribed Rating Period in relation to the credit
           ratings assigned by the Rating Agencies to Party A and the Standby
           Swap Provider at that time (or such greater period as is agreed to in
           writing by each relevant Rating Agency), at its cost alone and at its
           election:

           (i)      provided that the short term Joint Rating by S&P is greater
                    than or equal to A-1 or the long term Joint Rating by S&P is
                    greater than or equal to A- and the long term Joint Rating
                    by Fitch IBCA is greater than or equal to A-, lodge
                    collateral in accordance with the Credit Support Annex in an
                    amount equal to the Collateral Amount as defined in Part
                    5(22)(b); or

           (ii)     enter into, and procure that the Standby Swap Provider
                    enters into, an agreement novating Party A's and/or the
                    Standby Swap Providers' rights and obligations under this
                    Agreement and the Class  A-1 Currency Swap to a replacement
                    counterparty acceptable to the Manager and the Standby Swap
                    Provider and 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 Relevant
                    Notes; or

           (iii)    enter into, or procure that the Standby Swap Provider enters
                    into, such other arrangements in respect of each Transaction
                    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 Relevant Notes.

           Notwithstanding that Party A has elected to satisfy its obligations
           pursuant to this Part 5(22)(a) in a particular manner, it may
           subsequently and from time to time vary the manner in which it
           satisfies its obligations pursuant to this Part 5(22)(a) (but will
           not be entitled to any additional grace period in relation to such a
           variation).

      (b)  (Collateral Amount): For the purpose of this Part 5(23) the
           Collateral Amount will be an amount equal to the greater of the
           following:

           (i)      zero;

           (ii)     CCR; and

           (iii)    an amount acceptable to Moody's and Fitch  and sufficient to
                    maintain the credit rating assigned to the Relevant Notes by
                    Moody's and Fitch  immediately prior to the review of the
                    Joint Rating.

           Where:

           CCR = CR x 1.030

           CR = MTM + VB

                                                                              22
<PAGE>

           MTM means the mark-to-market value (whether positive or negative) of
           each Transaction determined in accordance with Part 5(22)(c) no
           earlier than 3 Business Days prior to the date that the Collateral
           Amount is lodged.

           VB means the volatility buffer, being the value calculated by
           multiplying the Relevant Calculation Amount as at the most recent
           Distribution Date by the relevant percentage obtained from the
           following table:

<TABLE>
<CAPTION>
           ----------------------------------------------------------------------------------------------------------
           Party A's and the    Where the period        Where the period between       Where the period between the
           Standby Swap         between the date of     the date of recalculation      date of recalculation and the
           Provider's jointly   recalculation and the   and the Scheduled              Scheduled Maturity Date is
           supported long       Scheduled Maturity      Maturity Date is greater       greater than 10 years
           term credit          Date is less than or    than 5 years and less than
           rating by S&P        equal to 5 years        or equal to 10 years
           ----------------------------------------------------------------------------------------------------------
           <S>                  <C>                     <C>                            <C>
           A+                   1.05                    1.75                           3.0
           ----------------------------------------------------------------------------------------------------------
           A                    1.35                    2.45                           4.5
           ----------------------------------------------------------------------------------------------------------
           A-                   1.5                     3.15                           6
           ----------------------------------------------------------------------------------------------------------
</TABLE>

      (c)  (Mark to Market Value): Party A must calculate the mark-to-market
           value of each Transaction by obtaining 2 bids from counterparties
           with the Prescribed Ratings willing to provide each Transaction in
           the absence of Party A. The mark-to-market value may be a positive or
           a negative amount. A bid has a negative value if the payment to be
           made is from the counterparty to Party A and has a positive value if
           the payment to be made is from Party A to the counterparty. The mark-
           to-market value is the higher of the bids (on the basis that any bid
           of a positive value is higher than any bid of a negative value).

      (d)  (Recalculation): Party A must recalculate the Collateral Amount
           (including the CCR and the mark-to-market value) on each Valuation
           Date. If:

           (i)      the Value on such Valuation Date of all Posted Credit
                    Support held by the Secured Party is less than the
                    recalculated Collateral Amount, the difference is the
                    Delivery Amount in relation to that Valuation Date; or

           (ii)     the Value on such Valuation Date of all Posted Credit
                    Support held by the Secured Party is greater than the
                    recalculated Collateral Amount, the difference is the Return
                    Amount in relation to that Valuation Date.

      (e)  (Definitions): For the purposes of this Part 5(22) "Delivery Amount",
           "Posted Credit Support", "Secured Party", "Value" and "Valuation
           Date" have the same meaning as in the Credit Support Annex.

(23)  Transfer: Notwithstanding the provisions of Section 7, MLIA as Standby
      Swap Provider or (on and from the Novation Date) as Party A  may transfer
      all its rights powers and privileges and all its unperformed and future
      obligations under this Agreement and each Transaction to any subsidiary of
      ML & Co ("Transferee") by delivering to Party B, the Manager and (where
      given prior to the Novation Date) CBA as Party A a notice expressed to be
      given under this provision signed by both MLIA, as Standby Swap Provider
      or as Party A, as applicable,  and the Transferee and an executed
      guarantee of the Transferee's transferred obligations in the form of
      Annexure 2.  Upon delivery of those documents to Party B:

      (a)  (Party A's rights terminate): MLIA's rights powers privileges and
           obligations as Standby Swap Provider or as Party A, as applicable,
           under this Agreement and each Transaction terminate;

      (b)  (Transfer and Assumption): MLIA will be taken to have transferred its
           rights powers and privileges under this Agreement and each
           Transaction to the Transferee and the Transferee will be taken to
           have assumed obligations equivalent to those of the Standby Swap
           Provider or Party A, as applicable, had under this Agreement and

                                                                              23
<PAGE>

           each Transaction;

      (c)  (Release): Party B will be taken to have released MLIA as Standby
           Swap Provider or as Party A, as applicable, from all its unperformed
           and future obligations under this Agreement and each Transaction; and

      (d)  (Documents): this Agreement and the Confirmation relating to each
           Transaction shall be construed as if the Transferee was a party to it
           in place of the Standby Swap Provider or Party A, as applicable.

      A Transferee may utilise this provision as Standby Swap Provider or Party
      A, as applicable.  A transfer under this Part 5(23) will be of no force or
      effect until each Rating Agency confirms in writing that such transfer
      will not result in a reduction, qualification or withdrawal of the credit
      ratings then assigned by them to the Relevant Notes.

(24)  Standby Swap Provider:

      (a)  (Commitment): Notwithstanding any other provision in this Agreement
           to the contrary, if MLIA as Party A fails to:

           (i)      make, when due, any payment required to be made by it to
                    Party B under a Transaction; or

           (ii)     comply with any obligation under Part 5(22) within the
                    required period,

           then:

           (iii)    as soon as practicable following such failure but, in
                    relation to a failure to pay under a Transaction, in any
                    event no later than 11.00 am (New York time) on the due date
                    for such payment or, in relation to a failure to comply with
                    an obligation under Part 5(22), no later than the Business
                    Day following the due date for compliance with such
                    obligation, Party B must notify CBA as Party A and the
                    Standby Swap Provider in writing of such failure and:

                    (A)   the amount of the defaulted payment and the basis of
                          calculation of the defaulted payment; or

                    (B)   details of the failure to comply with the obligation
                          under Part 5(22),

           as the case may be; and

           (iv)     as soon as reasonably practicable after its receipt of such
                    notice (and in any event, in relation to a failure to pay
                    under a Transaction, no later than 1.30 pm (New York time)
                    on the due date for such payment, and, in relation to a
                    failure to comply with an obligation under Part 5(22), no
                    later than 3 Business Days after the failure to comply with
                    such obligation, provided, in each case, that notice has
                    been given by Party B by the required times in accordance
                    with Part 5(24)(a)(iii)) the Standby Swap Provider must:

                    (A)       in relation to a failure to pay under a
                              Transaction, pay to Party B the amount then owing
                              by CBA as Party A to Party B under that
                              Transaction by depositing such amount into the
                              Collections Account in cleared funds; and

                                                                              24
<PAGE>

                    (B)       in relation to a failure to comply with an
                              obligation under Part 5(22), satisfy the
                              obligations of CBA as Party A under Part 5(22).

      (b)  (Reimbursement): If on any day the Standby Swap Provider:

           (i)      makes a payment pursuant to Part 5(24)(a)(iv)(A), CBA as
                    Party A must by 2.00 pm (New York time) on the next
                    following Business Day (or such other time as the Standby
                    Swap Provider may agree in writing) pay to the Standby Swap
                    Provider an amount equal to that payment by depositing such
                    amount into the account which the Standby Swap Provider
                    nominates for this purpose in cleared funds; or

           (ii)     satisfies the obligations of CBA as Party A pursuant to Part
                    5(24)(a)(iv)(B), CBA as Party A must:

                    (A)       within 3 Business Days, fulfil its obligations
                              under Part 5(220) such that any collateral lodged
                              by the Standby Swap Provider pursuant to Part
                              5(22)(a)(i) or any other arrangement made by the
                              Standby Swap Provider pursuant to Part
                              5(22)(a)(iii) is returned to the Standby Swap
                              Provider or will cease (but CBA as Party A will
                              have no obligations to the Standby Swap Provider
                              under this Part 5(24)(b)(ii)(A) in relation to any
                              novation pursuant to Part 5(22)(a)(ii)); and

                    (B)       upon demand by the Standby Swap Provider,
                              indemnify the Standby Swap Provider from and
                              against any cost or liability incurred by the
                              Standby Swap Provider in satisfying those
                              obligations.

      (c)  (Novation):  If:

           (i)      CBA as Party A defaults in its payment obligations under
                    Part 5(24)(b)(i) or (b)(ii)(B) for reasons other than solely
                    a technical, computer or similar error outside the control
                    of Party A and such default is not remedied on or before one
                    Business Day after such failure;

           (ii)     CBA as Party A fails to fulfil its obligations under Part
                    5(24)(b)(ii)(A); or

           (iii)    prior to the Novation Date, an Inconvertibility Event occurs
                    in respect of which CBA, as Party A, gives written notice to
                    the Standby Swap Provider, Party B and the Manager prior to
                    the Novation Date (as that term is defined in this
                    Agreement),

           then:

           (iv)     CBA's rights, powers, privileges and obligations as Party A
                    under this Agreement and each Transaction terminate other
                    than its rights, powers, privileges and obligations pursuant
                    to Part 5(24)(d) and Paragraph 13(m)(vii) of the Credit
                    Support Annex;

           (v)      subject to Part 5(24)(c)(vii), CBA will be taken to have
                    transferred its rights powers and privileges as Party A
                    under this Agreement and each Transaction to the Standby
                    Swap Provider and the Standby Swap Provider will be taken to
                    have assumed obligations equivalent to those that CBA as
                    Party A had under this Agreement and each Transaction;

                                                                              25
<PAGE>

           (vi)     Party B and the Standby Swap Provider will be taken to have
                    released CBA as Party A from all its unperformed and future
                    obligations under this Agreement and each Transaction other
                    than its present and future obligations pursuant to Part
                    5(24)(d);

           (vii)    this Agreement and the Confirmation relating to each
                    Transaction shall be construed as if the Standby Swap
                    Provider was a party to it in place of Party A except that:

                    (A)    references to "CBA as Party A" will not apply to the
                           Standby Swap Provider as Party A;

                    (B)    references to any jointly supported credit rating of
                           Party A and the Standby Swap Provider will be deemed
                           to be references to the relevant credit rating of the
                           Standby Swap Provider;

                    (C)    without limiting Part 5(24)(c)(vii)(A), Part 5(23),
                           this Part 5(24) and Paragraph 13(m)(vii) of the
                           Credit Support Annex will not apply to the Standby
                           Swap Provider as Party A;

                    (D)    the Standby Swap Provider must (if it has not already
                           done so) satisfy the obligations of Party A under
                           Part 5(22)(a) within 10 Business Days  of the
                           Novation Date on the basis that any collateral lodged
                           by CBA as Party A or any other arrangements made by
                           CBA as Party A pursuant to Part 5(22)(a)(iii) will be
                           returned to CBA as Party A or will cease (but such
                           collateral will only be returned and such
                           arrangements will only cease upon compliance by the
                           Standby Swap Provider with its obligations under this
                           Part 5(24)(c)(vii)(D) and otherwise, where
                           applicable, in accordance with Paragraph 13(m)(vii)
                           of the Credit Support Annex or the terms of such
                           arrangements).

      (d)  (Termination Payment): Following novation under Part 5(24)(c) CBA as
           Party A must pay the Standby Swap Provider or the Standby Swap
           Provider must pay CBA as Party A an amount (the "Novation Settlement
           Amount") being:

           (i)      in the case of payment by CBA as Party A to the Standby Swap
                    Provider, an amount equal to the amount (if any) that would
                    be payable by Party A to Party B; and

           (ii)     in the case of payment by the Standby Swap Provider to CBA
                    as Party A, an amount equal to the amount (if any) that
                    would be payable by Party B to Party A,

           if each Transaction had been terminated, calculated and payable in
           accordance with Sections 6(d) and (e) on the basis that:

           (i)      the Novation Date is the Early Termination Date and the
                    Novation Settlement Amount is due and payable on the day
                    that notice of the amount payable is effective except in the
                    case of novation following an Inconvertibility Event
                    (whether or not a failure referred to in Part 5(24)(a) has
                    occurred) where the Novation Settlement Amount is due and
                    payable on the day which is 2 Business Days after the day on
                    which notice of the amount payable is effective;

           (ii)     in the case of:

                                                                              26
<PAGE>

                   (A)     novation following an Inconvertibility Event (whether
                           or not a failure referred to in Part 5(24)(a) has
                           occurred), the Early Termination Date has resulted
                           from a Termination Event and there are two Affected
                           Parties;

                   (B)     otherwise, the Early Termination Date has resulted
                           from an Event of Default in respect of which Party A
                           is the Defaulting Party;

           (iii)   all calculations and determinations which would have been
                   done by Party B are done by the Standby Swap Provider and all
                   calculations and determinations that would have been done by
                   Party A are done by CBA;

           (iv)    a reference to Unpaid Amounts owing to Party B is a reference
                   to such amounts payable by Party A to the Standby Swap
                   Provider pursuant to Part 5(24)(b) and (e) and there are no
                   Unpaid Amounts owing to Party A;

           (v)     without limiting the foregoing, for the purposes of the
                   definition of "Market Quotation" in Section 14 each Reference
                   Market-maker would be required, upon entering into a
                   Replacement Transaction, to fulfil the obligations of Party A
                   under Part 5(22)(a) and to comply with Section 2(d) as
                   amended by Part (5)(1)(e); and

           (vi)    the Termination Currency is U.S. Dollars.

      (e)  (Default Interest): If CBA as Party A defaults in the performance of
           any payment obligations under Part 5(24)(b) or Part 5(24)(d), it must
           pay interest (before as well as after judgment) on the overdue amount
           to the Standby Swap Provider on demand in the same currency as such
           overdue amount, for the period from (and including) the original due
           date for payment to (but excluding) the date of actual payment, at
           the Default Rate. Such interest will be calculated on the basis of
           daily compounding and the actual number of days elapsed.

      (f)  (Irrevocable Notice): If the Standby Swap Provider satisfies the
           obligations of CBA as Party A under Part 5(24)(a)(iv)(B) by lodging
           collateral on behalf of CBA as Party A pursuant to Part 5(22)(a), CBA
           as Party A must promptly provide an irrevocable notice to Party B
           (copied to the Standby Swap Provider) directing Party B that any such
           collateral, and any Distribution or Interest Amount (as those terms
           are defined in the Credit Support Annex) with respect to such
           collateral, is to be returned or paid to the Standby Swap Provider
           and not to CBA as Party A.

                                                                              27
<PAGE>

                                  Annexure 1

                           FORM OF CONFIRMATION FOR
                            [NAME OF SERIES TRUST]

                            [Letterhead of Party A]

[DATE]

<TABLE>
<CAPTION>
<S>                                        <C>
To: Perpetual Trustee Company Limited      Securitisation Advisory Services Pty. Limited
    as trustee of the Series Trust         Level 8
    Level 3                                48 Martin Place
    39 Hunter Street                       Sydney NSW 2000
    Sydney  NSW  2000                      AUSTRALIA
    AUSTRALIA

    Attention: Manager, Securitisation     Attention: Manager, Securitisation
               Services

    Merrill Lynch International (Australia)
    Limited
    Level 49
    19-29 Martin Place
    Sydney NSW 2000
    AUSTRALIA
    Attention: Swaps Group
</TABLE>

CONFIRMATION - [NAME OF TRANSACTION]

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

This Confirmation is entered into by Perpetual Trustee Company Limited, ACN 000
001 007 as trustee of the Series [ ] Medallion Trust (the "Series Trust").

This Confirmation supplements, forms part of, and is subject to, the 1992 ISDA
Master Agreement dated as of [                   ], as amended, novated or
supplemented from time to time (the "Agreement"), between Commonwealth Bank of
Australia, ACN 123 123 124 ("Party A"), Perpetual Trustee Company Limited, ACN
000 001 007 as trustee of, inter alia,  the Series Trust ("Party B"),
Securitisation Advisory Services Pty. Limited, ACN 064 133 946 (the "Manager")
and Merrill Lynch International (Australia) Limited, ACN 002 892 846 (the
"Standby Swap Provider").  All provisions contained in the Agreement govern this
Confirmation except as expressly modified below.

This Confirmation incorporates the Definitions Schedule which forms part of, and
is subject to, this Confirmation.

The terms of the particular Transaction to which this Confirmation relates are
specified below:

1.  Our Reference:           [               ]

2.  Trade Date:              [               ]

                                                                              28
<PAGE>

3.  Effective Date:          Issue Date in respect of the Relevant Notes

4.  Termination Date:        The earlier of:

                             (a)  the date that the Notes have been redeemed in
                                  full in accordance with the Relevant Note
                                  Conditions; and

                             (b)  the Scheduled Maturity Date.

5.   Floating Amounts

5.1  Floating Amounts Payable
     by Party A (subject to
     Paragraph 9 of this
     Confirmation):

     Floating Rate Payer:    Party A

     Calculation Amount:     For each Floating Rate Payer Payment Date, one half
                             of the aggregate Invested Amount of the Relevant
                             Notes as at the first day of the Calculation Period
                             ending on but excluding that Floating Rate Payer
                             Payment Date

     Floating Rate Payer     Each Distribution Date during the period commencing
     Payment Dates:          on and including [ ] and ending on and including
                             the Termination Date, subject to adjustment in
                             accordance with the Following Business Day
                             Convention

     Floating Rate Option:   USD-LIBOR-BBA (except that references to "London
                             Banking Days" in section 7.1(ag)(ii) and (iv) of
                             the 1998 Supplement to the 1991 ISDA Definitions
                             will be replaced with references to "Banking Days"
                             as that expression is defined in the Note
                             Conditions)

     Designated Maturity:    [ ] months (except that Linear Interpolation using
                             [ ] and [ ] months will apply in respect of the
                             first Calculation Period)

     Spread:                 In respect of:

                             (a)  Floating Rate Payer Payment Dates on or prior
                                  to [ ] (or if that day is not a Business Day,
                                  the next following Business Day), [ ]; and

                             (b)  Floating Rate Payer Payment Dates after [ ]
                                  (or if that day is not a Business Day, the
                                  next following Business Day), [ ].

     Floating Rate Day Count      Actual/360
     Fraction:

     Reset Dates:                 The first day of each Calculation Period
     Compounding:                 Inapplicable

     Class A-1 Unpaid Coupon      On each Floating Rate Payer Payment Date,
                                  Party A

                                                                              29
<PAGE>

     Amount:                      will pay to Party B an amount calculated as
                                  follows:

                                  $US UC = AUC x LIBOR x $SUS Exchange Rate
                                                 -----
                                                 BBSW

                                  where:

                                  $US UC = the amount to be paid by Party A;

                                  $A UC =  the A$ Class A-1 Unpaid Interest
                                           Payment in relation to the
                                           Distribution Date which is the same
                                           day as that Floating Rate Payer
                                           Payment Date;

                                  LIBOR =  the Floating Rate Option under this
                                           paragraph 5.1 in respect of the Reset
                                           Date which is the same day as that
                                           Floating Rate Payer Payment Date;

                                  BBSW =   the Floating Rate Option under
                                           paragraph 5.2 in respect of the Reset
                                           Date which is the same day as that
                                           Floating Rate Payer Payment Date.
5.2  Floating Amounts Payable
     by Party B (subject to
     paragraph 9 of this
     Confirmation):

     Floating Rate Payer:                  Party B

     Calculation Amount:                   For each Floating Rate Payer Payment
                                           Date, the A$ Equivalent of one half
                                           of the aggregate Invested Amount of
                                           the Relevant Notes as at the first
                                           day of the Calculation Period ending
                                           on but excluding that Floating Rate
                                           Payer Payment Date

     Floating Rate Payer                   Each Distribution Date during the
     Payment Dates:                        period commencing on and including
                                           [ ] and ending on and including the
                                           Termination Date, subject to
                                           adjustment in accordance with the
                                           Following Business Day Convention

     Floating Rate Option:                 AUD-BBR-BBSW

     Designated Maturity:                  [ ] months (except that Linear
                                           Interpolation using [ ] and [ ]
                                           months will apply in respect of the
                                           first Calculation Period)

     Spread:                               In respect of:

                                           (a)  Floating Rate Payer Payment
                                                Dates on or prior to [ ] (or if
                                                that day is not a Business Day,
                                                the next following Business
                                                Day), [ ]; and

                                           (b)  Floating Rate Payer Payment
                                                Dates after [ ] (or if that day
                                                is not a Business Day, the next
                                                following Business Day), [ ].

                                                                              30
<PAGE>

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

     Reset Dates                           The first day of each Calculation
     Compounding:                          Period Inapplicable

     A$ Class A-1 Unpaid Interest          On each Floating Rate Payer Payment
     Amount:                               Date Party B will pay to Party A the
                                           A$ Class A-1Unpaid Interest Payment
                                           in relation to the Distribution Date
                                           which is the same day as that
                                           Floating Rate Payer Payment Date.

6.   Exchanges

6.1  Initial Exchange:

     Initial Exchange Date:                Issue Date

     Party A Initial Exchange Amount:      The A$ Equivalent of the Party B
                                           Initial Exchange Amount, being A$[ ]

     Party B Initial Exchange Amount:      One half of the Initial Invested
                                           Amount of the Relevant Notes on the
                                           Issue Date, being US$[ ]

                                           Notwithstanding Section 2(a)(ii) of
                                           the Agreement, Party A must pay the
                                           Party A Initial Exchange Amount to
                                           Party B by 4.00pm (Sydney time) on
                                           the Initial Exchange Date and Party B
                                           must pay Party A the Party B Initial
                                           Exchange Amount by 4.00pm (New York
                                           time) on the Initial Exchange Date.
6.2  Instalment Exchange:

     Instalment Exchange Date:             Each Distribution Date (other than
                                           the Final Exchange Date)

     Party A Instalment Exchange Amount:   In respect of an Instalment Exchange
                                           Date means the US$ Equivalent of one
                                           half of the A$ Class A-1 Principal
                                           Amount in relation to the
                                           Distribution Date occurring on that
                                           Instalment Exchange Date

     Party B Instalment Exchange Amount:   In respect of an Instalment Exchange
                                           Date means one half of the A$ Class A
                                           1 Principal Amount in relation to the
                                           Distribution Date occurring on that
                                           Instalment Exchange Date
6.3  Final Exchange:

     Final Exchange Date:                  Termination Date

     Party A Final Exchange Amount:        The US$ Equivalent of one half of the
                                           A$ Class A-1 Principal Amount in
                                           relation to the Distribution Date
                                           which is the Final Exchange Date

                                                                              31
<PAGE>

    Party B Final Exchange Amount:         One half of the A$ Class A-1
                                           Principal Amount in relation to the
                                           Distribution Date which is the Final
                                           Exchange Date

7.  Exchange Rates:

    For the purpose of the definitions
    of "A$ Equivalent" and "US$
    Equivalent":

    US$ Exchange Rate:                     [                 ]

    A$ Exchange Rate:                      [                 ]

8.  Account Details:

8.1 Payments to Party A

    Account for payment in US$             The account notified in writing by
                                           Part A to Party B in accordance with
                                           Part 5(3)(ii) of the Schedule to the
                                           Agreement

    Account for payment in A$              The account notified in writing by
                                           Party A to Party B in accordance with
                                           Part 5(3)(i) of the Schedule to the
                                           Agreement
8.2  Payments to Party B

     Account for payments in US$:           The account notified in writing by
                                            the Principal Paying Agent to Party
                                            A in accordance with Part 5(2)(ii)
                                            of the Schedule to the Agreement

     Account for payments in A$:            The account notified in writing by
                                            Party B to Party A in accordance
                                            with Part 5(2)(i) of the Schedule to
                                            the Agreement

9.  Notifications to Party A                On or before the Determination Time
                                            in respect of each Distribution Date
                                            the Manager must notify Party A and
                                            the Standby Swap Provider in writing
                                            of:

                                            (a)  the A$ Class A-1 Principal
                                                 Amount which the Manager has
                                                 directed Party B to pay to
                                                 Party A on that Distribution
                                                 Date pursuant to clause
                                                 10.5(b)(i) of the Series
                                                 Supplement;

                                            (b)  the A$ Class A-1 Interest
                                                 Payment in relation to that
                                                 Distribution Date;

                                            (c)  the amounts (if any) allocated
                                                 to the Class A-1 Notes in
                                                 respect of any Principal
                                                 Charge-off or Principal Charge
                                                 -off Reimbursement on the
                                                 immediately preceding
                                                 Determination Date in
                                                 accordance with Conditions 7.9
                                                 and 7.10 of the Note
                                                 Conditions; and

                                                                              32
<PAGE>

                                            (d)  the A$ Class A-1 Unpaid
                                                 Interest Payment (if any) in
                                                 relation to that Distribution
                                                 Date.

10.  Offices:                               The Office of CBA as Party A for
                                            each Transaction is Sydney.

                                            The Office of MLIA (on or from the
                                            Novation Date) as Party A is Sydney.

                                            The Office of Party B for each
                                            Transaction is Sydney.

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

Executed documents will follow by mail.

Yours sincerely

SIGNED for and on behalf of
COMMONWEALTH BANK
OF AUSTRALIA, ACN 123 123 124

By:
   (Authorised Officer)

Name:

Title:

Confirmed as at the date first            Confirmed as at the date first
written above:                            written above:
SIGNED for and on behalf of               SIGNED for and on behalf of
PERPETUAL TRUSTEE                         SECURITISATION ADVISORY SERVICES PTY.
COMPANY LIMITED, ACN 000 001 007          LIMITED, ACN 064 133 946
as trustee of the Series
2000-2G Medallion Trust

By:                                       By:
   (Authorised Officer)                     (Authorised Officer )

Name:                                     Name:

Title:                                    Title:

SIGNED for and on behalf of
MERRILL LYNCH INTERNATIONAL (AUSTRALIA)
LIMITED, ABN 31 002 892 846

By:
   (Authorised Officer)

Name:

Title:

                                                                              33
<PAGE>

                             Definitions Schedule

In this Confirmation and in the Agreement to the extent that it relates to the
Series Trust, unless the context otherwise requires:

"A$ Class A-1 Unpaid Interest Payment" means in relation to a Distribution Date
the amount available to be allocated towards payment to Party A in respect of A$
Class A-1 Unpaid Interest Amounts on that Distribution Date in accordance with
clause 10.2(k)(i) of the Series Supplement determined on the basis that all
amounts allocated towards payment of A$ Class A-1 Interest Amounts and A$ Class
A-1 Unpaid Interest Amounts pursuant to clause 10.2(k)(i) of the Series
Supplement are allocated first towards payment of A$ Class A-1 Interest Amounts
and then, once the A$ Class A-1 Interest Amounts are paid in full, towards
payment of A$ Class A-1 Unpaid Interest Amounts.

"Class A-1 Note Trust Deed" means the Class A-1 Note Trust Deed dated on or
about the date of this Confirmation between Party B, the Manager and the
Relevant Note Trustee.

"Determination Time" in relation to a Distribution Date means on or about
11.00am Sydney time 1 Business Day prior to that Distribution Date.

"Distribution Date" has the same meaning as in the Series Supplement.

"Note Conditions"  means the terms and conditions of the Relevant Notes annexed
to the Relevant Notes.

"Relevant Calculation Amount" means the Calculation Amount referred to in
paragraph |5.1 of this Confirmation.

"Relevant Notes" means the Class A-1 Notes issued by the Trustee under the Class
A-1 Note Trust Deed.

"Relevant Noteholders" means the Class A-1 Noteholders as that term is defined
in the Class A-1 Note Trust Deed.

"Relevant 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.

"Scheduled Maturity Date" has the same meaning as in the Series Supplement.

"Security Trust Deed" means the Security Trust Deed dated on or about the date
of this Confirmation between Party B, the Manager, the Relevant Note Trustee and
P.T. Limited, ACN 004 454 666.

"Series Supplement" means the Series Supplement dated on or about the date of
this Confirmation between CBA, Party B and the Manager.

Terms defined in the Note Conditions have the same meaning in this Confirmation
unless otherwise defined in this Confirmation.

                                                                              34
<PAGE>

                                  Annexure 2

                FORM OF GUARANTEE OF MERRILL LYNCH & CO., INC.

FOR VALUE RECEIVED, receipt of which is hereby acknowledged, MERRILL LYNCH &
CO., INC., a corporation duly organized and existing under the laws of the State
of Delaware ("ML & Co."), hereby unconditionally guarantees to:

(a) Perpetual Trustee Company Limited, ACN 000 001 007 (the "Company") as
    trustee of the Series  [ ] Medallion Trust (the "Series Trust"), the due and
    punctual payment of any and all amounts payable by Merrill Lynch
    International (Australia) Limited, ABN 31 002 892 846, a company
    incorporated in New South Wales, Australia ("MLIA") to the Company as
    trustee of the Series Trust under the terms of the ISDA Master Agreement
    (Currency Swap Agreement) between the Company, Securitisation Advisory
    Services Pty. Limited, ACN 064 133 946, Commonwealth Bank of Australia, ACN
    123 123 124 as Party A and MLIA as the Standby Swap Provider, dated as of
    [ ] as trustee of the Series Trust  (the "Agreement"), including, in case of
    default, interest on any amount due, when and as the same shall become due
    and payable, whether on the scheduled payment dates, at maturity, upon
    declaration of termination or otherwise, according to the terms thereof; and

(b) Commonwealth Bank of Australia, ACN 123 123 124 ("CBA") the due and punctual
    payment of any and all amounts payable by MLIA to CBA under the terms of the
    Agreement, including all amounts due under Parts 5(24)(b), (d) and (e) of
    the schedule to the Agreement.

In case of the failure of MLIA punctually to make any such payment, ML & Co.
hereby agrees to make such payment, or cause such payment to be made, promptly
upon demand made by the Company (in the case of amounts referred to in paragraph
(a)) or CBA (in the case of amounts referred to in paragraph (b)) to ML & Co.;
provided, however that delay by the Company or CBA (as the case may be) in
giving such demand shall in no event affect ML & Co.'s obligations under this
Guarantee.  This Guarantee shall remain in full force and effect or shall be
reinstated (as the case may be) if at any time any payment guaranteed hereunder,
in whole or in part, is rescinded or must otherwise be returned by the Company
or CBA upon the insolvency, bankruptcy or reorganization of MLIA or otherwise,
all as though such payment had not been made.

ML & Co. hereby agrees that its obligations hereunder shall be unconditional,
irrespective of the validity, regularity or enforceability of the Agreement; the
absence of any action to enforce the same; any waiver or consent by the Company
or CBA concerning any provisions thereof; the rendering of any judgment against
MLIA or any action to enforce the same; or any other circumstances that might
otherwise constitute a legal or equitable discharge of a guarantor or a defense
of a guarantor.  ML & Co. covenants that this guarantee will not be discharged
except by complete payment of the amounts payable under the Agreement.  This
Guarantee shall continue to be effective if MLIA merges or consolidates with or
into another entity, loses its separate legal identity or ceases to exist.

ML & Co. hereby waives diligence; presentment; protest; notice of protest,
acceleration, and dishonor; filing of claims with a court in the event of
insolvency or bankruptcy of MLIA; all demands whatsoever, except as noted in the
fourth paragraph hereof; and any right to require a proceeding first against
MLIA.

ML & Co. hereby certifies and warrants that this Guarantee constitutes the valid
obligation of ML & Co. and complies with all applicable laws.

This Guarantee shall be governed by, and construed in accordance with, the laws
of the State of New York.

This Guarantee may be terminated at any time by notice by ML & Co. to the
Company and CBA given in accordance with the notice provisions of the Agreement,
effective upon receipt of such notice by each of the Company and CBA or such
later date as may be specified in such notice; provided, however, that this
Guarantee shall continue in full force and effect with respect to any obligation
of MLIA under the Agreement entered into prior to the effectiveness of such
notice of termination.

                                                                              35
<PAGE>

This Guarantee becomes effective concurrent with the effectiveness of the
Agreement, according to its terms.

The obligations of ML & Co. to the Company and CBA under this Agreement are
several and may be enforced by each of the Company and CBA without reference to
the other.

IN WITNESS WHEREOF, ML & Co. has caused this Guarantee to be executed in its
corporate name by its duly authorized representative.

MERRILL LYNCH & CO., INC.

By:

Name:

Title:

Date:

                                                                              36
<PAGE>

Paragraph 13 to New York Law Credit Support Annex

(13)  Elections and Variables

      (a)  Security Interest for "Obligations"

           The term "Obligations" as used in this Annex includes the additional
           obligations referred to in Paragraph 13(m)(vii)(B).

           "Base Currency" means US$.

           "Eligible Currency" means the Base Currency and any other currency
           agreed from time to time between Party A, Party B, the Standby Swap
           Provider and each Rating Agency.

      (b)  Credit Support Obligations

           (i)  Delivery Amount and Return Amount

                "Delivery Amount" for a Valuation Date means the amount of
                 collateral calculated in accordance with Part 5(22)(d)(i) for
                 that Valuation Date.

                "Return Amount" for a Valuation Date means the amount of
                collateral calculated in accordance with Part 5(22)(d)(ii) for
                that Valuation Date.

           (ii) Eligible Collateral. The following items will qualify as
                "Eligible Collateral" for Party A provided that the items
                specified in paragraphs (E), (F), (G) and (H) will only qualify
                as "Eligible Collateral" of Party A upon receipt by Party B and
                the Standby Swap Provider of an opinion as to the perfection of
                the Secured Party's security interest in such items in form and
                substance (and issued by legal counsel) satisfactory to Party B
                and the Standby Swap Provider:

                                                               Valuation
                                                               Percentage
                (A) negotiable debt obligations issued by             98%
                    the U.S. Treasury Department having a
                    remaining maturity of not more than
                    one year

                (B) negotiable debt obligations issued by             95%
                    the U.S. Treasury Department having a
                    remaining maturity of more than one
                    year but not more than five years

                (C) negotiable debt obligations issued by             93%
                    the U.S. Treasury Department having a
                    remaining maturity of more than five
                    years but not more than ten years

                (D) negotiable debt obligations issued by             90%
                    the U.S. Treasury Department having a
                    remaining maturity of more than ten
                    years

                (E) Agency Securities having a remaining              97%
                    maturity of not more than one year

                (F) Agency Securities having a remaining              94%
                    maturity of more than one year but
                    not more than five years

                (G) Agency Securities having a remaining              92%
                    maturity of more than five years but

                                                                              37
<PAGE>

                       not more than ten years
               (H)     Agency Securities having a remaining     89%
                       maturity of more than ten years.
               (I)     cash in an Eligible Currency.           100%
               (J)     other Eligible Credit Support and
                       Valuation Percentage agreed by the
                       parties and acceptable to each Rating
                       Agency

               Notwithstanding the foregoing to the contrary, the Valuation
               Percentage with respect to all Eligible Credit Support shall be
               deemed to be 100% with respect to a Valuation Date which is an
               Early Termination Date.

               "Agency Securities" means negotiable debt obligations which are
               fully guaranteed as to both principal and interest by the Federal
               National Mortgage Association, the Government National Mortgage
               Corporation or the Federal Home Loan Mortgage Corporation and
               which have been assigned a short term credit rating of A-1+ by
               S&P, but exclude: (i) interest only and principal only
               securities; and (ii) collateralised mortgage obligations, real
               estate mortgage investment conduits and similar derivative
               securities.

         (iii) Other Eligible Support

               Not applicable.

         (iv)  Thresholds

               (A)  "Minimum Transfer Amount" means with respect to both Party A
                    and Party B:  US$100,000.

               (B)  Rounding.  The Delivery Amount and the Return Amount will be
                    rounded to the nearest integral multiple of US$10,000.

    (c)  Valuation and Timing

         (i)   "Valuation Agent" means Party A.

         (ii)  "Valuation Date" means the last Business Day of each week and, at
               the option of either Party A or the Standby Swap Provider, any
               Business Day between Valuation Dates.

         (iii) "Valuation Time" means the close of business on the Business
               Day before the Valuation Date; provided that the calculations of
               Value and Exposure will be made as of approximately the same time
               on the same date.

         (iv)  "Notification Time" means 11:00 am New York time on the second
               Business Day after the Valuation Date.

    (d)  Conditions Precedent and Secured Party's Rights and Remedies

         There are no "Specified Conditions" applicable to Party A. The
         following is a Specified Condition with respect to Party B:

         "If an Early Termination Date has been designated in respect of the
         each Transaction provided that if an amount is due by Party A to Party
         B in respect of that Early Termination Date pursuant to Section 6,
         that amount has been paid in full."

                                                                              38
<PAGE>

    (e)  Substitution

         (i)   "Substitution Date" has the meaning specified in paragraph
               4(d)(ii).

         (ii)  Consent.  Not applicable.

    (f)  Dispute Resolution

         (i)   "Resolution Time"" means 11:00 am New York time.

         (ii)  "Value".  Not applicable.

         (iii) "Alternative".  The provisions of Paragraph 5 will apply.

    (g)  Holding and Using Posted Collateral

         (i) Eligibility to Hold Posted Collateral; Custodians.

             Party A: Not Applicable.

             Party B is not entitled to hold Posted Collateral. It must appoint
             a Custodian to hold Posted Collateral on its behalf pursuant to
             paragraph 6(b). Party B may only appoint a Custodian to hold Posted
             Collateral on its behalf if the following conditions are satisfied:

             (A)  Party B is not a Defaulting Party;

             (B)  Party B's Custodian will always be the Principal Paying
                  Agent, unless that party is Party A; and

             (C)  if the Principal Paying Agent is Party A, then Party B must
                  appoint a Custodian which is a Bank (as defined in the Federal
                  Deposit Insurance Act, as amended) outside Australia, whose
                  rating (with respect to its long term unsecured,
                  unsubordinated indebtedness) is at all times at least Aa2 by
                  Moody's and its short term debt rating is A-1+/F-1+ (S&P/
                  Fitch ), and Party B must notify Party A in writing of this
                  appointment and of the relevant account for Paragraph 13(l).

             (D)  Posted Collateral may only be held in one or more accounts in
                  the name of Party B in the United States and any account
                  established by Party B's Custodian to hold Posted Collateral
                  shall be established and maintained for the sole purpose of
                  receiving deliveries of and holding Posted Collateral.

         (ii) Use of Posted Collateral. The provisions of paragraph 6(c) will
              not apply to Party B and its Custodian. Party B's Custodian will
              permit Party B to secure Party B's obligations under the relevant
              Class A-1 Notes by granting to the Security Trustee the charge
              under the Security Trust Deed over Party B's rights in relation to
              the Posted Collateral, but subject to Paragraph 13(m)(vi) of this
              Annex.

    (h)  Distributions and Interest Amount

         (i)   Interest Rate. The "Interest Rate", in respect of Posted
               Collateral which is denominated in US$, for any day means the
               Federal Funds Overnight Rate. For the purposes hereof, "Federal
               Funds Overnight Rate" means, for any day, an interest rate per
               annum equal to the rate published as the Federal Funds Effective
               Rate that appears on Telerate Page 118 for such day. The
               "Interest Rate" in respect of Posted Collateral denominated in
               any other Eligible Currency means the rate as agreed between the
               parties.

                                                                              39
<PAGE>

         (ii)  Transfer of Interest Amount. The Transfer of Interest Amount will
               be made monthly on the second Business Day of each calendar
               month.

         (iii) Alternative to Interest Amount. The provisions of Paragraph
               6(d)(ii) will apply.

    (i)  Additional Representation(s)

         None.

    (j)  Other Eligible Support and Other Posted Support

         "Value" and "Transfer" with respect to Other Eligible Support and
         Other Posted Support means:  not applicable.

    (k)  Demands and Notices

         All demands, specifications and notices under this Annex will be made
         pursuant to the Section 12 of this Agreement; provided, that any such
         demand, specification or notice may be made by telephone ("Telephone
         Notice") between duly authorised employees of each party if such
         Telephone Notice is confirmed by a subsequent written instruction
         (which may be delivered via facsimile) by the close of business of the
         same day that such Telephone Notice is given.

    (l)  Addresses for Transfers

         Party A:  Party A to specify account for returns of collateral.

         Party B:  Party B must notify Party A of its Custodian's account.

    (m)  Other Provisions

         (i)   Paragraph 4(b) of the Annex is replaced by the following:

               "(b)  Transfer Timing. Subject to Paragraph 4(a) and 5 and unless
                     otherwise specified, if a demand for the Transfer of
                     Eligible Credit Support or Posted Credit Support is made by
                     the Notification Time, then the relevant Transfer will be
                     made within three Business Days of receipt of the demand;
                     if a demand is made after the Notification Time, then the
                     relevant Transfer will be made within four Business Days of
                     receipt of the demand."

         (ii)  Event of Default

               Joint Ratings below specified levels

               Paragraph 7(i) of the Annex is amended, on line 3, by replacing
               "two Business Days" with "three Business Days".

         (iii)  Party B's expenses

                Subject to Section 15 of the Agreement, Party B agrees to pay
                Party A's costs and expenses in relation to or caused by any
                breach by Party B of its obligations under this Annex. Party A
                acknowledges and agrees that its obligations under this Annex
                will not be affected by a failure by Party B to comply with its
                obligations under this paragraph (m)(iii).

         (iv)   Governing Law notwithstanding

                Notwithstanding that the Agreement is expressed to be governed
                by the laws of

                                                                              40
<PAGE>

               New South Wales, this Annex (but not any other provisions of the
               Agreement) shall be governed by and construed in accordance with
               the laws of the state of New York without giving effect to choice
               of law doctrine and parties hereto agree that proceedings
               relating to any dispute arising out of or in connection with this
               Annex shall be subject to the non-exclusive jurisdiction of the
               federal or state courts of competent jurisdiction in the Borough
               of Manhattan in New York City, State of New York.

         (v)   No trial by jury

               Each party waives, to the fullest extent permitted by applicable
               law, any right it may have to a trial by jury in respect of any
               suit, action or proceeding relating to this Annex.

         (vi)  No pooling of Collateral with other Security Trust security

               Notwithstanding any provision in the Master Trust Deed, the
               relevant Series Supplement or the relevant Security Trust Deed,
               but without prejudice to Party B's rights under Paragraph 8(a) of
               this Annex, no party shall be entitled to deal with the Posted
               Collateral in any manner inconsistent with the rights of the
               Pledgor under Paragraphs 3(d), 4(b) or 8(b)(iii) of this Annex,
               and each party covenants to the other that it shall not permit
               any other person to gain any rights in relation to the Posted
               Collateral that are inconsistent with the rights of the Pledgor.

         (vii) Rights in Relation to CBA's Posted Collateral Following Novation

               (A)  The Secured Party will hold its security interest in, lien
                    on and right of Set- Off against all Posted Collateral
                    Transferred or received by the Secured Party from CBA as
                    Party A (or from the Standby Swap Provider on behalf of CBA
                    as Party A but not from the Standby Swap Provider in its
                    capacity as Party A) hereunder on trust for the benefit of:

                    (1)    the Series Trust as security for the Obligations of
                           CBA as Party A to the Secured Party as trustee of the
                           Series Trust (other than pursuant to Paragraph
                           13(m)(vii)(B)); and

                    (2)    the Standby Swap Provider as security for the
                           Obligations of CBA as Party A to the Standby Swap
                           Provider pursuant to Parts 5(24)(d) and (e) of the
                           Schedule to this Agreement and all CBA's present and
                           future obligations to the Standby Swap Provider under
                           Paragraph 13(m)(v) of the credit support annex to the
                           MLIA/CBA ISDA Master Agreement,

                    in accordance with the provisions of this Paragraph
                    13(m)(vii), and Paragraph 2 is varied accordingly.

              (B)   CBA as Party A covenants in favour of the Secured Party that
                    it will duly and punctually pay to the Secured Party:

                    (1)   all its Obligations to the Standby Swap Provider
                          pursuant to Part 5(24)(d) and (e) of the Schedule to
                          this Agreement; and

                    (2)   all its present and future obligations to the Standby
                          Swap Provider under Paragraph 13(m)(v) of the credit
                          support annex to the MLIA/CBA ISDA Master Agreement,

                    as and when the same fall due for payment. Notwithstanding
                    the foregoing, every payment by CBA as Party A, or the
                    Secured Party in

                                                                              41
<PAGE>

                    accordance with Paragraph 13(m)(vii)(C)(2)(b), to the
                    Standby Swap Provider will operate as a payment by CBA as
                    Party A to the Secured Party in satisfaction of CBA's
                    obligations as Party A pursuant to this Paragraph
                    13(m)(vii)(B). The Secured Party will hold the benefit of
                    its rights under this Paragraph 13(m)(vii)(B) on trust for
                    the Standby Swap Provider in accordance with the provisions
                    of this Paragraph 13(m)(vii).

              (C)   The Secured Party must deal with all Posted Collateral
                    Transferred or received by the Secured Party from CBA as
                    Party A (or from the Standby Swap Provider on behalf of CBA
                    as Party A but not from the Standby Swap Provider in its
                    capacity as Party A) hereunder:

                    (1)    prior to the Novation Date, in accordance with the
                           provisions of this Agreement other than this
                           Paragraph 13(m)(vii);

                    (2)    on or after the Novation Date:

                           (a)    until the date upon which the Standby Swap
                                  Provider has initially fulfilled its
                                  obligations as Party A pursuant to Part
                                  5(22)(a) of the Schedule to this Agreement,
                                  such Posted Collateral must be held by the
                                  Secured Party and not Transferred or otherwise
                                  applied;

                           (b)    on or after the date upon which the Standby
                                  Swap Provider has initially fulfilled its
                                  obligations as Party A pursuant to Part
                                  5(22)(a) of the Schedule to this Agreement and
                                  until CBA as Party A has paid in full all of
                                  its Obligations to the Standby Swap Provider
                                  pursuant to Parts 5(24)(d) and (e) of the
                                  Schedule to this Agreement and all its present
                                  and future obligations to the Standby Swap
                                  Provider under Paragraph 13(m)(v) of the
                                  credit support annex to the MLIA/CBA ISDA
                                  Master Agreement, the Secured Party must, upon
                                  the instructions of the Standby Swap Provider,
                                  exercise the rights and remedies pursuant to
                                  Paragraph 8(a) in respect of such Posted
                                  Collateral, and Party A agrees that the
                                  Secured Party may exercise such rights and
                                  remedies under Paragraph 8(a) to the same
                                  extent and with the same effect as if an Event
                                  of Default or Specified Condition had occurred
                                  with respect to Party A, and apply the
                                  proceeds of the exercise of such rights and
                                  remedies in satisfaction of CBA's Obligations
                                  as Party A to the Standby Swap Provider
                                  pursuant to Parts 5(24)(d) and (e) of the
                                  Schedule to this Agreement and CBA's  present
                                  and future obligations to the Standby Swap
                                  Provider under Paragraph 13(m)(v) of the
                                  credit support annex to the MLIA/CBA ISDA
                                  Master Agreement (and to the Secured Party
                                  pursuant to Paragraph 13(m)(vii)(B)) until all
                                  such Obligations have been paid in full; and

                           (c)    on or after the date upon which the Standby
                                  Swap Provider has initially fulfilled its
                                  obligations as Party A pursuant to Part
                                  5(22)(a) of the Schedule

                                                                              42
<PAGE>

                                  to this Agreement and CBA as Party A has paid
                                  in full all its Obligations to the Standby
                                  Swap Provider pursuant to Parts 5(24)(d) and
                                  (e) of the Schedule to this Agreement and all
                                  its present and future obligations to the
                                  Standby Swap Provider under Paragraph 13(m)(v)
                                  of the credit support annex to the MLIA/CBA
                                  ISDA Master Agreement (including by virtue of
                                  Paragraph 13(m)(vii)(C)(2)(b)), the Secured
                                  Party must Transfer to CBA as Party A all such
                                  Posted Collateral and the Interest Amount in
                                  relation to such Posted Collateral, if any.

              (D)   The Standby Swap Provider indemnifies the Secured Party from
                    and against any cost or liability incurred by the Secured
                    Party in complying with the instructions of the Standby Swap
                    Provider pursuant to Paragraph 13(m)(vii)(C)(2)(b). The
                    Standby Swap Provider acknowledges and agrees that the
                    Secured Party may not, and is not required, to take any
                    action to exercise its rights and remedies in relation to
                    the Posted Collateral in respect of the Obligations of CBA
                    as Party A to the Standby Swap Provider except upon the
                    directions of the Standby Swap Provider and in accordance
                    with this Paragraph 13(m)(vii).

              (E)   Following the Novation Date, the Secured Party must ensure
                    that any Posted Collateral Transferred or received by the
                    Secured Party from CBA as Party A is held by the Custodian
                    separately from, and is not co-mingled with, Posted
                    Collateral Transferred or received by the Secured Party from
                    the Standby Swap Provider as Party A.

              (F)   This paragraph 13(m)(vii) applies notwithstanding any other
                    provision of this Agreement.

      (viii)  Pledgor and Secured Party

              In this Annex:

              (a)   "Pledgor" means only Party A; and

              (b)   "Secured Party" means only Party B.

      (ix)    Non-Australian Assets

              CBA as Party A must only Transfer Posted Collateral to the
              Secured Party from its assets held outside Australia.

      (x)     Dispute Resolution

              Paragraph 5(i) is amended by:

              (A)   replacing the word "Exposure" with the words "the Delivery
                    Amount  or the Return Amount, as the case may be" in the
                    first paragraph of Paragraph 5(i);

              (B)   adding the word "and" at the end of Paragraph 5(i)(A) and
                    deleting Paragraph 5(i)(B).

      (xi)    Specified Condition

              (A)   In Paragraph 4(a)(ii) the words "or Specified Condition" are
                    deleted.

                                                                              43
<PAGE>

              (B)   In Paragraph 8(b) the words "or Specified Condition" are
                    deleted and replaced with the following "with respect to the
                    Secured Party or a Specified Condition has occurred".

                                                                              44

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