CLAYTON UTZ

Medallion Trust Series 2005-2G
Agency Agreement

Perpetual Trustee Company Limited
ABN 42 000 001 007

Securitisation Advisory Services Pty. Limited
ABN 88 064 133 946

The Bank of New York

If you have any questions about the details of this document
PLEASE CONTACT LOUISE MCCOACH ON +61 2 9353 4679

Clayton Utz
Lawyers
Levels 19-35 No. 1 O'Connell Street Sydney NSW 2000 Australia
PO Box H3 Australia Square Sydney NSW 1215
T + 61 2 9353 4000 F + 61 2 8220 6700

WWW.CLAYTONUTZ.COM

Our reference 174/657/80023761



TABLE OF CONTENTS

1.    DEFINITIONS AND INTERPRETATION...........................................1

      1.1     Definitions......................................................1
      1.2     Series Supplement and Master Trust Deed Definitions..............3
      1.3     Interpretation...................................................3
      1.4     Issuer Capacity..................................................5
      1.5     Transaction Document.............................................5
      1.6     Incorporated Definitions and other Transaction Documents and
                 provisions....................................................5

2.    APPOINTMENT OF PAYING AGENTS.............................................5

      2.1     Appointment......................................................5
      2.2     Several Obligations of Paying Agents.............................5

3.    PAYMENTS.................................................................5

      3.1     Payment by Issuer................................................5
      3.2     Payments by Paying Agents........................................6
      3.3     Method of Payment for Offered Book-Entry Notes...................6
      3.4     Method of Payment for Offered Definitive Notes...................6
      3.5     Non-Payment......................................................6
      3.6     Late Payment.....................................................6
      3.7     Reimbursement....................................................7
      3.8     Payment under Currency Swaps.....................................7
      3.9     Paying Agent holds funds on trust................................7
      3.10    Principal Paying Agent may deal with funds.......................7
      3.11    No Set-Off.......................................................7
      3.12    Holders of Offered Notes.........................................7
      3.13    Repayment of Moneys..............................................8
      3.14    Paying Agents to Record, Notify Payments and Deliver
                 Surrendered Notes.............................................8

4.    APPOINTMENT AND DUTIES OF THE AGENT BANK.................................9

      4.1     Appointment......................................................9
      4.2     Determinations by Agent Bank.....................................9
      4.3     Notification by Agent Bank.......................................9
      4.4     Offered Note Trustee to Perform Agent Bank's Function............9
      4.5     Documents to Agent Bank..........................................9

5.    APPOINTMENT AND DUTIES OF THE OFFERED NOTE REGISTRARS....................9

      5.1     Offered Note Registrars..........................................9
      5.2     Offered Note Registers to be Kept................................9
      5.3     Transfer or Exchange of Offered Notes...........................10
      5.4     Replacement of Lost or Mutilated Offered Notes..................10
      5.5     Obligations upon Transfer, Exchange or Replacement of Offered
                 Notes........................................................10
      5.6     No Charge for Transfer or Exchange..............................11
      5.7     Restricted Period...............................................11
      5.8     Cancellation of Offered Notes...................................11
      5.9     Provision of Information and Inspection of Registers............11
      5.10    Correctness of Register and Information.........................12
      5.11    Non-recognition of Equitable Interests..........................12
      5.12    Rectification of an Offered Note Register.......................12


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6.    OFFERED NOTE TRUSTEE'S REQUIREMENTS REGARDING AGENTS....................13

      6.1     Following Enforcement of the Charge or issue of Definitive
                 Notes........................................................13
      6.2     Good Discharge to Issuer........................................13
      6.3     Change of Authorised Officers...................................13

7.    REDEMPTION OF OFFERED NOTES.............................................14

      7.1     Part Redemption of Offered Notes on Distribution Dates..........14
      7.2     Early Redemption................................................14

8.    GENERAL AGENT MATTERS...................................................14

      8.1     Notices to Offered Noteholders..................................14
      8.2     Copies of Documents for Inspection..............................15
      8.3     Notice of any Withholding or Deduction..........................15
      8.4     Information and Forms...........................................15

9.    INDEMNITY...............................................................15

      9.1     Indemnity by Issuer.............................................15
      9.2     Indemnity by Agent..............................................15

10.   CHANGES IN AGENTS.......................................................16

      10.1    Appointment and Removal.........................................16
      10.2    Resignation.....................................................16
      10.3    Limitation of Appointment and Termination.......................16
      10.4    Payment of amounts held by the Paying Agent.....................17
      10.5    Records held by an Offered Note Registrar.......................17
      10.6    Successor to Principal Paying Agent, Paying Agent, Agent Bank
                 or an Offered Note Registrar.................................17
      10.7    Notice to Offered Noteholders...................................18
      10.8    Change in Specified Office......................................18

11.   MISCELLANEOUS DUTIES AND PROTECTION.....................................19

      11.1    Agents are agents of the Issuer.................................19
      11.2    Agency..........................................................19
      11.3    Reliance........................................................19
      11.4    Entitled to Deal................................................19
      11.5    Consultation....................................................19
      11.6    Duties and Obligations..........................................19
      11.7    Income Tax Returns..............................................20
      11.8    Representation by each Agent....................................20

12.   FEES AND EXPENSES.......................................................20

      12.1    Payment of Fee..................................................20
      12.2    Payment of Expenses.............................................20
      12.3    No Other Fees...................................................20
      12.4    Payment of Fees.................................................20
      12.5    No Commission...................................................21
      12.6    Fees are expenses of the Series Trust...........................21
      12.7    Timing of Payments..............................................21

13.   NOTICES.................................................................21

      13.1    Method of Delivery..............................................21
      13.2    Deemed Receipt..................................................21
      13.3    Email...........................................................22
      13.4    Communications through Principal Paying Agent...................22


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14.   ISSUER'S LIMITATION OF LIABILITY........................................22

      14.1    Limitation on Issuer's Liability................................22
      14.2    Claims against Issuer...........................................22
      14.3    Breach of Trust.................................................22
      14.4    Acts or omissions...............................................22
      14.5    No Authority....................................................23
      14.6    No obligation...................................................23

15.   GENERAL.................................................................23

      15.1    Waiver..........................................................23
      15.2    Written Waiver, Consent and Approval............................23
      15.3    Severability....................................................23
      15.4    Survival of Indemnities.........................................23
      15.5    Assignments.....................................................23
      15.6    Successors and Assigns..........................................24
      15.7    Moratorium Legislation..........................................24
      15.8    Amendments......................................................24
      15.9    Governing Law...................................................24
      15.10   Jurisdiction....................................................24
      15.11   Counterparts....................................................24
      15.12   Limitation of Offered Note Trustee's Liability..................24
      15.13   Contra proferentem..............................................25


                                                                             iii



THIS AGENCY AGREEMENT MADE AT SYDNEY ON 22 APRIL 2005

PARTIES   PERPETUAL TRUSTEE COMPANY LIMITED ABN 42 000 001 007 of Level 7, 9
          Castlereagh Street, Sydney, Australia, in its capacity as trustee of
          the Series Trust (as hereinafter defined) (hereinafter included in the
          expression the "ISSUER")

          SECURITISATION ADVISORY SERVICES PTY LIMITED ABN 88 064 133 946 of
          Level 7, 48 Martin Place, Sydney, Australia (hereinafter included by
          incorporation in the expression the "MANAGER")

          THE BANK OF NEW YORK of 101 Barclay Street, 21W, New York, New York
          10286 as trustee of the Offered Note Trust (as hereinafter defined)
          (hereinafter included by incorporation in the expression the "OFFERED
          NOTE TRUSTEE")

          THE BANK OF NEW YORK of 101 Barclay Street, 21W, New York, New York
          10286 (hereinafter included in the expression the "US DOLLAR NOTE
          REGISTRAR")

          THE BANK OF NEW YORK of 101 Barclay Street, 21W, New York, New York
          10286 (hereinafter included in the expression the "PRINCIPAL PAYING
          AGENT")

          THE BANK OF NEW YORK of 101 Barclay Street, 21W, New York, New York
          10286 (hereinafter included in the expression the "AGENT BANK")

BACKGROUND

A.   The Issuer, in its capacity as trustee of the Series Trust, proposes to
     issue Offered Notes.

B.   The Offered Notes will be constituted pursuant to the Offered Note Trust
     Deed.

C.   The Issuer wishes to appoint The Bank of New York as the initial Principal
     Paying Agent, the initial US Dollar Note Registrar and the initial Agent
     Bank in respect of the Offered Notes and The Bank of New York has accepted
     these appointments on the terms and conditions of this Agreement.

BACKGROUND

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1.   DEFINITIONS AND INTERPRETATION

1.1  DEFINITIONS

     In this Agreement, unless the contrary intention appears:

     "AGENT" means a several reference to each Paying Agent, each Offered Note
     Registrar, and the Agent Bank.

     "AGENT BANK" means initially The Bank of New York or, if The Bank of New
     York resigns or its appointment is terminated as the Issuer's reference
     agent in respect of the Offered Notes, the person from time to time
     appointed in its place to perform the functions of such reference agent
     under this Agreement.

     "AUTHORISED OFFICER" in relation to:

     (a)  the Issuer and the Manager, has the same meaning as in the Master
          Trust Deed;

     (b)  the Offered Note Trustee, the US Dollar Note Registrar, the Agent Bank
          and the Principal Paying Agent while these are the same person as the
          Offered Note Trustee, has the same meaning as the term "Authorised
          Officer" in relation to the


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          Offered Note Trustee has in the Offered Note Trust Deed; and

     (c)  any other Agent, means the persons appointed from time to time by that
          Agent to act as its Authorised Officers for the purposes of this
          Agreement as certified in writing by 2 directors or a director and
          secretary of that Agent to the other parties to this Agreement.

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

     "MASTER TRUST DEED" means the Master Trust Deed dated 8 October 1997
     between the Issuer and the Manager, as amended from time to time.

     "OFFERED BOOK ENTRY NOTE" has the same meaning as in the Offered Note Trust
     Deed.

     "OFFERED DEFINITIVE NOTE" has the same meaning as in the Offered Note Trust
     Deed.

     "OFFERED NOTE" has the same meaning as in the Offered Note Trust Deed.

     "OFFERED NOTE REGISTER" means the US Dollar Note Register.

     "OFFERED NOTE REGISTRAR" means the US Dollar Note Registrar.

     "OFFERED NOTE TRUST" means the trust of that name constituted by the
     Offered Note Trust Deed.

     "OFFERED NOTEHOLDERS" has the same meaning as in the Offered Note Trust
     Deed.

     "PAYING AGENT" means:

     (a)  except where the context otherwise requires, the Principal Paying
          Agent; and

     (b)  each other person from time to time appointed hereunder to perform the
          functions of a paying agent.

     "PRINCIPAL PAYING AGENT" means The Bank of New York or, if The Bank of New
     York resigns or its appointment is terminated as principal paying agent,
     the person from time to time appointed in its place to perform the
     functions of the principal paying agent under this Agreement.

     "QUARTERLY SERVICING REPORT" has the same meaning as in the Offered Note
     Conditions.

     "SERIES SUPPLEMENT" means a Series Supplement dated on or about the date of
     this Agreement between Commonwealth Bank of Australia ABN 48 123 123 124,
     Homepath Pty Limited ABN 35 081 986 530, the Manager and the Issuer.

     "SERIES TRUST" means the trust known as the Medallion Trust Series 2005-2G
     established pursuant to the Master Trust Deed and the Series Supplement.

     "SPECIFIED OFFICE" in relation to:

     (a)  the US Dollar Note Registrar, means the offices of the US Dollar Note
          Registrar as specified in the Offered Note Conditions or otherwise
          under this Agreement as the offices of the US Dollar Note Registrar
          where surrenders of Class A Notes for transfer, exchange, replacement
          or redemption will occur and where, in respect of one of such offices,
          the US Dollar Note Register will be kept, as varied from time


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          to time in accordance with this Agreement;

     (b)  a Paying Agent, means the office of the Paying Agent specified in the
          Offered Note Conditions or otherwise under this Agreement as the
          office at which payments in respect of the Offered Notes will be made,
          as varied from time to time in accordance with this Agreement; and

     (c)  the Agent Bank, means the office of the Agent Bank specified in the
          Offered Note Conditions or otherwise under this Agreement as the
          office at which the Agent Bank will carry out its duties under this
          Agreement, as varied from time to time in accordance with this
          Agreement.

     "STAMP" means the Securities Transfer Agents Medallion Program.

     "UCC" means the Uniform Commercial Code of New York.

     "US DOLLAR NOTE REGISTER" means the register established by the US Dollar
     Note Registrar in respect of the Class A Notes in accordance with clause
     5.2.

     "US DOLLAR NOTE REGISTRAR" means The Bank of New York or if The Bank of New
     York resigns or its appointment is terminated as note registrar in respect
     of the Class A Notes, the person from time to time appointed in its place
     to perform the functions of such note registrar under this Agreement.

1.2  SERIES SUPPLEMENT AND MASTER TRUST DEED DEFINITIONS

     Subject to clause 1.6, unless defined in this Agreement, words and phrases
     defined in either or both of the Master Trust Deed and 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. Where there is any inconsistency in a definition
     between the Master Trust Deed and the Series Supplement, the Series
     Supplement prevails over the Master Trust Deed in respect of this
     Agreement. Subject to clause 1.6, 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 this Agreement) and/or the CBA Trust, as the context requires.

1.3  INTERPRETATION

     In this Agreement, unless the contrary intention appears:

     (a)  headings are for convenience only and do not affect the interpretation
          of this Agreement;

     (b)  a reference to this "AGREEMENT" includes the Background;

     (c)  the expression "PERSON" includes an individual, the estate of an
          individual, a body politic, a corporation and a statutory or other
          authority or association (incorporated or unincorporated);

     (d)  a reference to a person includes that person's executors,
          administrators, successors, substitutes and assigns, including any
          person taking by way of novation;

     (e)  subject to clause 1.6, a reference to any document or agreement is to
          such document or agreement as amended, novated, supplemented, varied
          or replaced from time to time;


                                                                               3



     (f)  a reference to any legislation or to any section or provision of any
          legislation includes any statutory modification or re-enactment or any
          statutory provision substituted for that legislation and all
          ordinances, by-laws, regulations and other statutory instruments
          issued under that legislation, section or provision;

     (g)  words importing the singular include the plural (and vice versa) and
          words denoting a given gender include all other genders;

     (h)  a reference to a clause is a reference to a clause of this Agreement;

     (i)  a reference to "WILFUL DEFAULT" in relation to a party means, subject
          to clause 1.3(j), any wilful failure by that party to comply with, or
          wilful breach by that party of, any of its obligations under any
          Transaction Document, other than a failure or breach which:

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

                    (1)  that party; or

                    (2)  any other person referred to in clause 1.3(j); and

               B.   the performance of the action (the non-performance of which
                    gave rise to such breach) is a pre-condition to that party
                    performing the said obligation; or

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

          (iii) is in accordance with a proper instruction or direction of
               Investors given at a meeting convened under any Transaction
               Document;

     (j)  a reference to the "FRAUD", "NEGLIGENCE" or "WILFUL DEFAULT" of a
          party means the fraud, negligence or wilful default of that party and
          of its officers, employees, agents and any other person where that
          party is liable for the acts or omissions of such other person under
          the terms of any Transaction Document;

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

     (l)  where any day on which a payment is due to be made or a thing is due
          to be done under this Agreement is not a Business Day, that payment
          must be made or that thing must be done on the immediately succeeding
          Business Day;

     (m)  a reference to the "CLOSE OF BUSINESS" on any day is a reference to
          5.00 pm on that day;

     (n)  a reference to time is to local time in Sydney;

     (o)  subject to clause 13.2, each party will only be considered to have
          knowledge or awareness of, or notice of, a thing or grounds to believe
          anything by virtue of the officers of that party (or any Related Body
          Corporate of that party) having day to day responsibility for the
          administration or management of that party's (or a Related Body
          Corporate of that party's) obligations in relation to the Series Trust
          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


                                                                               4



          this way); and

     (p)  a reference to the enforcement of the Charge means that the Security
          Trustee appoints (or the Voting Secured Creditors as contemplated by
          clause 8.4 of the Security Trust Deed appoint) a Receiver over any
          Charged Property, or takes possession of any Charged Property,
          pursuant to the Security Trust Deed (expressions used in this clause
          have the same meanings as in the Security Trust Deed).

1.4  ISSUER CAPACITY

     In this Agreement, except where provided to the contrary:

     (a)  (REFERENCES TO ISSUER): a reference to the Issuer is a reference to
          the Issuer in its capacity as trustee of the Series Trust only, and in
          no other capacity; and

     (b)  (REFERENCES TO ASSETS OF THE ISSUER): a reference to the undertaking,
          assets, business or money of the Issuer is a reference to the
          undertaking, assets, business or money of the Issuer in the capacity
          referred to in paragraph (a).

1.5  TRANSACTION DOCUMENT

     For the purposes of the Master Trust Deed and the Series Supplement, this
     Agreement is a Transaction Document.

1.6  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.

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2.   APPOINTMENT OF PAYING AGENTS

2.1  APPOINTMENT

     The Issuer, at the direction of the Manager, hereby appoints the Principal
     Paying Agent as its initial principal paying agent, and each other Paying
     Agent from time to time as its paying agent, for making payments in respect
     of the Offered Notes pursuant to the Transaction Documents at their
     respective Specified Offices in accordance with the terms and conditions of
     the Agreement. The Principal Paying Agent, and each other Paying Agent,
     hereby accepts that appointment.

2.2  SEVERAL OBLIGATIONS OF PAYING AGENTS

     While there is more than one Paying Agent, the obligations of the Paying
     Agents under this Agreement are several and not joint.

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3.   PAYMENTS

3.1  PAYMENT BY ISSUER

     Subject to clause 3.8, the Issuer must on each Distribution Date, pay to or
     to the order of the


                                                                               5



     Principal Paying Agent to an account specified by the Principal Paying
     Agent in same day funds not later than 10.00 am (New York time) the amount
     in US$ as may be required (after taking account of any money then held by
     the Principal Paying Agent and available for the purpose) to be paid on
     that Distribution Date in respect of the Class A Notes under the Offered
     Note Conditions.

3.2  PAYMENTS BY PAYING AGENTS

     Subject to payment being duly made as provided in clause 3.1 (or the
     Principal Paying Agent otherwise being satisfied that the relevant payment
     will be duly made on the due date), and subject to clause 6, the Paying
     Agents will pay or cause to be paid to the Offered Noteholders on behalf of
     the Issuer on each Distribution Date the relevant amounts of principal and
     interest due in respect of the Offered Notes in accordance with this
     Agreement and the Offered Note Conditions.

3.3  METHOD OF PAYMENT FOR OFFERED BOOK-ENTRY NOTES

     The Principal Paying Agent will cause all payments of principal or interest
     (as the case may be) due in respect of Offered Book-Entry Notes to be made
     to the relevant Depository or, if applicable, to that Depository's nominee
     in whose name Offered Book-Entry Notes are registered, to the account or
     accounts designated by that Depository or, if applicable, that nominee and
     otherwise in accordance with Condition 8.1 of the Offered Note Conditions.

3.4  METHOD OF PAYMENT FOR OFFERED DEFINITIVE NOTES

     The Paying Agents will cause all payments of principal or interest (as the
     case may be) due in respect of Offered Definitive Notes to be made in
     accordance with Condition 8.1 of the Offered Note Conditions.

3.5  NON-PAYMENT

     (a)  (NO OBLIGATION ON PAYING AGENTS): If the Issuer fails to make any
          payment, unless and until the full amount of the payment has been made
          under the terms of this Agreement (except as to the time of making the
          payment) or other arrangements satisfactory to the Principal Paying
          Agent have been made, none of the Principal Paying Agent nor any of
          the other Paying Agents is bound to make any payment in accordance
          with this clause 3 (but may, in its discretion, make any such
          payment).

     (b)  (NOTICE OF NON-RECEIPT): The Principal Paying Agent will immediately
          notify by facsimile the other Paying Agents, the Offered Note Trustee,
          the Issuer, the Security Trustee and the Manager if the full amount of
          any payment of principal or interest in respect of the Offered Notes
          required to be made pursuant to the Offered Note Conditions is not
          unconditionally received by it or to its order in accordance with this
          Agreement.

3.6  LATE PAYMENT

     (a)  (LATE PAYMENTS TO BE PAID IN ACCORDANCE WITH THIS AGREEMENT): If any
          payment under clause 3.1 is made late but otherwise in accordance with
          the provisions of this Agreement, each Paying Agent will make the
          payments required to be made by it in respect of the Offered Notes as
          provided in this clause 3.

     (b)  (NOTICE): If the Principal Paying Agent does not receive on a
          Distribution Date the full amount of principal and interest then
          payable on any Offered Note in accordance with the Offered Note
          Conditions, but receives the full amount later, it will:


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          (i)  forthwith upon receipt of the full amount notify the other Paying
               Agents, the Issuer, the Offered Note Trustee, the Security
               Trustee and the Manager; and

          (ii) as soon as practicable after receipt of the full amount give
               notice, in accordance with Condition 11.1 of the Offered Note
               Conditions, to the Offered Noteholders that it has received the
               full amount.

3.7  REIMBURSEMENT

     The Principal Paying Agent will (provided that it has been placed in funds
     by the Issuer) on demand promptly reimburse each other Paying Agent for
     payments of principal and interest properly made by that Paying Agent in
     accordance with the Offered Note Conditions and this Agreement. The Issuer
     will not be responsible for the apportionment of any moneys between the
     Principal Paying Agent and the other Paying Agents and a payment to the
     Principal Paying Agent of any moneys due to the Paying Agents will operate
     as a good discharge to the Issuer in respect of such moneys.

3.8  PAYMENT UNDER CURRENCY SWAPS

     The payment by the Issuer of its Australian dollar payment obligations
     under the Series Supplement on each Distribution Date to the Currency Swap
     Provider in respect of the Class A Currency Swap will be a good discharge
     of its corresponding US Dollar obligations under clause 3.1 but will not
     relieve the Issuer of any liability in respect of any default in payment in
     respect of an Offered Note under any other Transaction Document.

3.9  PAYING AGENT HOLDS FUNDS ON TRUST

     Each Paying Agent will hold in a separate account on trust for the Offered
     Note Trustee and the Offered Noteholders all sums held by such Paying Agent
     for the payment of principal and interest with respect to Offered Notes
     until such sums are paid to the Offered Note Trustee or the applicable
     Offered Noteholders in accordance with the Offered Note Trust Deed or the
     Offered Note Conditions or repaid under clause 3.13.

3.10 PRINCIPAL PAYING AGENT MAY DEAL WITH FUNDS

     Subject to the terms of this Agreement, the Principal Paying Agent is
     entitled to deal with moneys paid to it under this Agreement in the same
     manner as other moneys paid to it as a banker by its customers. The
     Principal Paying Agent is entitled to retain for its own account any
     interest earned on such moneys, except as required by law.

3.11 NO SET-OFF

     No Paying Agent is entitled to exercise any right of set-off, withholding,
     counterclaim or lien against, or make any deduction in any payment to, any
     person entitled to receive amounts of principal or interest on the Offered
     Notes in respect of moneys payable by it under this Agreement.

3.12 HOLDERS OF OFFERED NOTES

     Except as ordered by a court of competent jurisdiction or as required by
     law, each Paying Agent is entitled to treat the person:

     (a)  (OFFERED BOOK-ENTRY NOTES): who is, while an Offered Book-Entry Note
          remains outstanding, the registered owner of that Offered Book-Entry
          Note as recorded in the applicable Offered Note Register as the
          absolute owner of that Offered Book-Entry Note and as the person
          entitled to receive payments of principal or


                                                                               7



          interest (as applicable) and each person shown in the records of the
          applicable Depository as the holder of any Offered Note represented by
          that Offered Book-Entry Note will be entitled to receive from the
          registered owner of that Offered Book-Entry Note any payment so made
          only in accordance with the respective rules and procedures of that
          Depository;

     (b)  (OFFERED DEFINITIVE NOTES): who is the registered owner of any Offered
          Definitive Note as recorded in the applicable Offered Note Register as
          the absolute owner or owners of that Offered Definitive Note (whether
          or not that Offered Definitive Note is overdue and despite any notice
          of ownership or writing on it or any notice of previous loss or theft
          or of any trust or other interest in it); and

     (c)  (OFFERED NOTE TRUSTEE): who, when an Offered Book-Entry Note in
          respect of any Offered Note is no longer outstanding but Offered
          Definitive Notes in respect of the Offered Notes have not been issued,
          is for the time being the Offered Note Trustee, as the person
          entrusted with the receipt of principal or interest, as applicable, on
          behalf of the relevant Offered Noteholders,

     in all cases and for all purposes, despite any notice to the contrary, and
     will not be liable for so doing.

3.13 REPAYMENT OF MONEYS

     (a)  (PRESCRIPTION): Immediately on any entitlement to receive principal or
          interest under any Offered Note becoming void under the Offered Note
          Conditions, the Principal Paying Agent will repay to the Issuer the
          amount which would have been due in respect of that principal or
          interest if it had been paid before the entitlement became void,
          together with any fees applicable to that payment or entitlement (pro
          rated as to the amount and time) to the extent already paid under
          clause 12.

     (b)  (NO REPAYMENT WHILE OUTSTANDING AMOUNTS DUE): Notwithstanding clause
          3.13(a) the Principal Paying Agent is not obliged to make any
          repayment to the Issuer while any fees and expenses which should have
          been paid to or to the order of the Principal Paying Agent or, if
          applicable, the Offered Note Trustee, by the Issuer remain unpaid.

3.14 PAYING AGENTS TO RECORD, NOTIFY PAYMENTS AND DELIVER SURRENDERED NOTES

     Each Paying Agent must:

     (a)  (NOTIFY OFFERED NOTE REGISTRARS): promptly notify the applicable
          Offered Note Registrar of each payment made by it, or at its
          direction, to Offered Noteholders in respect of the Offered Notes;

     (b)  (RECORDS): keep a full and complete record of each payment made by it,
          or at its direction, to Offered Noteholders and provide copies of such
          records to the Issuer, the Manager, the Offered Note Trustee or the
          applicable Offered Note Registrar upon request; and

     (c)  (DELIVER): promptly deliver to the applicable Offered Note Registrar
          any Offered Notes surrendered to it pursuant to Condition 8.2 of the
          Offered Note Conditions.

     A record by a Paying Agent under this clause 3.14 is sufficient evidence,
     unless the contrary is proved, of the relevant payments having been made or
     not made.


                                                                               8



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4.   APPOINTMENT AND DUTIES OF THE AGENT BANK

4.1  APPOINTMENT

     The Issuer, at the direction of the Manager, hereby appoints the Agent Bank
     as its initial reference agent in respect of the Offered Notes upon the
     terms and conditions contained in this Agreement and the Agent Bank hereby
     accepts that appointment.

4.2  DETERMINATIONS BY AGENT BANK

     The Agent Bank must perform such duties, and make such calculations,
     determinations, notifications and publications at its Specified Office as
     are set forth in the Offered Note Conditions and the Currency Swap
     Agreement (in respect of the Class A Currency Swap as defined in the Series
     Supplement) to be performed or made by it until the Offered Notes are
     redeemed (or deemed to be redeemed) in full in accordance with the Offered
     Note Conditions and must perform any other duties as requested by the
     Issuer, the Manager or the Principal Paying Agent which are reasonably
     incidental to those duties.

4.3  NOTIFICATION BY AGENT BANK

     If the Agent Bank fails to perform any duty or to make any calculation,
     determination, notification or publication as provided in clause 4.2, it
     must forthwith notify the Issuer, the Manager, the Offered Note Trustee,
     the Principal Paying Agent and the Currency Swap Provider thereof.

4.4  OFFERED NOTE TRUSTEE TO PERFORM AGENT BANK'S FUNCTION

     If the Agent Bank at any time for any reason does not determine an Interest
     Rate for the Offered Notes, or calculate a Class A Interest Amount (as
     defined in the Offered Note Conditions), the Offered Note Trustee must do
     so and each such determination or calculation will be as if made by the
     Agent Bank for the purposes of the Offered Note Conditions. In doing so,
     the Offered Note Trustee will apply the provisions of Condition 6 of the
     Offered Note Conditions, with any necessary consequential amendments, to
     the extent that it can and, in all other respects it will do so in such a
     manner as it considers fair and reasonable in all the circumstances.

4.5  DOCUMENTS TO AGENT BANK

     The Manager and the Issuer will provide to the Agent Bank such documents
     and other information as the Agent Bank reasonably requires in order for
     the Agent Bank to properly fulfil its duties in respect of the Offered
     Notes and the Currency Swap Agreement.

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5.   APPOINTMENT AND DUTIES OF THE OFFERED NOTE REGISTRARS

5.1  OFFERED NOTE REGISTRARS

     The Issuer, at the direction of the Manager, hereby appoints the US Dollar
     Note Registrar as its initial note registrar in respect of the Class A
     Notes upon the terms and conditions contained in this Agreement and the US
     Dollar Note Registrar hereby accepts that appointment

5.2  OFFERED NOTE REGISTERS TO BE KEPT

     The US Dollar Note Registrar must, subject to such reasonable regulations
     as the US Dollar Note Registrar may prescribe, keep a full and complete
     record at one of its Specified Offices of:


                                                                               9



     (a)  (OFFERED NOTEHOLDER DETAILS): the name, address and, where applicable,
          taxation, social security or other identifying number of each Offered
          Noteholder, the details of the Offered Notes held by that Offered
          Noteholder and the details of the account to which any payments due to
          the Offered Noteholder are to be made in each case as notified by that
          Offered Noteholder from time to time;

     (b)  (EXCHANGE ETC. OF OFFERED NOTES): the issue and any exchange,
          transfer, replacement, redemption (in whole or part) or cancellation
          of an Offered Note;

     (c)  (PAYMENTS): all payments made in respect of the Offered Notes (as
          notified to it by each Paying Agent pursuant to clause 3.14(a));

     (d)  (PRINCIPAL): the Invested Amount and the Stated Amount of each Offered
          Note from time to time (as notified to it by the Manager pursuant to
          clause 7.1); and

     (e)  (OTHER INFORMATION): such other information as the Manager reasonably
          requires or the applicable Offered Note Registrar considers
          appropriate or desirable.

5.3  TRANSFER OR EXCHANGE OF OFFERED NOTES

     Offered Notes held by an Offered Noteholder may be transferred or may be
     exchanged for other Offered Notes of the same class in any authorised
     denominations and a like Invested Amount, provided in each case that the
     requirements of Section 8-401(a) of the UCC are met, by that Offered
     Noteholder upon:

     (a)  (SURRENDER AND INSTRUMENT OF TRANSFER OR EXCHANGE): the surrender of
          the Offered Notes to be transferred or exchanged duly endorsed with,
          or accompanied by, a written instrument of transfer or exchange in the
          form, in the case of a transfer, annexed to the Offered Notes or
          otherwise in a form satisfactory to the applicable Offered Note
          Registrar duly executed by the Offered Noteholder, or its attorney
          duly authorised in writing, with such signature guaranteed by an
          "eligible guarantor institution" meeting the requirements of that
          Offered Note Registrar which requirements include membership of, or
          participation in, STAMP or such other "signature guarantee program" as
          may be determined by that Offered Note Registrar in addition to, or in
          substitution for, STAMP, all in accordance with the Exchange Act; and

     (b)  (OTHER DOCUMENTS): the provision of such other documents as that
          Offered Note Registrar may reasonably require,

     to the applicable Offered Note Registrar at a Specified Office of that
     Offered Note Registrar.

5.4  REPLACEMENT OF LOST OR MUTILATED OFFERED NOTES

     If any Offered Note is lost, stolen, mutilated, defaced or destroyed it
     may, provided that the requirements of Section 8-405 of the UCC are met, be
     replaced with other Offered Notes of the same class in any authorised
     denominations, and a like Invested Amount, upon surrender to the applicable
     Offered Note Registrar of the Offered Notes to be replaced (where the
     Offered Notes have been mutilated or defaced) at a Specified Office of that
     Offered Note Registrar, the provision of such evidence and indemnities as
     that Offered Note Registrar or the Issuer may reasonably require and
     payment of that Offered Note Registrar's and the Issuer's expenses
     incurred, and any tax or governmental charge that may be imposed, in
     connection with such replacement.

5.5  OBLIGATIONS UPON TRANSFER, EXCHANGE OR REPLACEMENT OF OFFERED NOTES

     Subject to this Deed, upon compliance by the relevant Offered Noteholder
     with the provisions


                                                                              10



     of clauses 5.3 or 5.4, as applicable, in relation to the transfer, exchange
     or replacement of any Offered Notes:

     (a)  (ADVISE ISSUER): the applicable Offered Note Registrar must within 3
          Business Days so advise the Issuer and the Offered Note Trustee (if it
          is not the Offered Note Registrar) in writing and provide details of
          the new Offered Notes to be issued in place of those Offered Notes;

     (b)  (EXECUTION AND AUTHENTICATION): the Issuer must, within 3 Business
          Days of such advice, execute and deliver to the Offered Note Trustee
          for authentication in the name of the relevant Offered Noteholder or
          the designated transferee or transferees, as the case may be, one or
          more new Offered Notes of the same class in any authorised
          denominations, and a like Invested Amount as those Offered Notes (in
          each case as specified by the applicable Offered Note Registrar) and
          the Offered Note Trustee must within 3 Business Days of receipt of
          such executed Offered Notes authenticate them and (if it is not that
          Offered Note Registrar) deliver those Offered Notes to that Offered
          Note Registrar; and

     (c)  (DELIVERY TO OFFERED NOTEHOLDER): the applicable Offered Note
          Registrar must, within 3 Business Days of receipt of such new Offered
          Notes (or authentication of such Offered Notes if that Offered Note
          Registrar is the Offered Note Trustee), forward to the relevant
          Offered Noteholder (being the transferee in the case of a transfer of
          an Offered Note) such new Offered Notes.

5.6  NO CHARGE FOR TRANSFER OR EXCHANGE

     No service charge may be made to an Offered Noteholder for any transfer or
     exchange of Offered Notes, but the applicable Offered Note Registrar may
     require payment by the Offered Noteholder of a sum sufficient to cover any
     tax or other governmental charge that may be imposed in connection with any
     transfer or exchange of Offered Notes.

5.7  RESTRICTED PERIOD

     Notwithstanding the preceding provisions of this clause 5, an Offered Note
     Registrar need not register transfers or exchanges of Offered Notes, and
     the Issuer is not required to execute nor the Offered Note Trustee to
     authenticate any Offered Notes, for a period of 30 days preceding the due
     date for any payment with respect to the Offered Notes or for such period,
     not exceeding 30 days, as is specified by the Offered Note Trustee prior to
     any meeting of Relevant Investors, which includes Offered Noteholders,
     under the Master Trust Deed or prior to any meeting of Voting Secured
     Creditors, which includes Offered Noteholders, under the Security Trust
     Deed.

5.8  CANCELLATION OF OFFERED NOTES

     Each Offered Note Registrar must cancel or destroy all Offered Notes that
     have been surrendered to it for transfer, exchange or replacement
     (including any Offered Book Entry Notes surrendered pursuant to clause
     3.4(b) of the Offered Note Trust Deed) or surrendered to a Paying Agent for
     redemption and delivered to that Offered Note Registrar and must, upon
     request, provide a certificate to the Issuer, the Offered Note Trustee or
     the Manager with the details of all such Offered Notes.

5.9  PROVISION OF INFORMATION AND INSPECTION OF REGISTERS

     Each Offered Note Registrar must:

     (a)  (INFORMATION): provide to the Issuer, the Manager, the Offered Note
          Trustee and each other Agent such information as is contained in the
          Offered Note Register


                                                                              11



          maintained by it and is required by them in order to perform any
          obligation pursuant to a Transaction Documents;

     (b)  (INSPECTION): make the Offered Note Register maintained by it:

          (i)  available for inspection or copying by the Issuer, the Manager,
               the Offered Note Trustee and each other Agent or their agents or
               delegates; and

          (ii) available for inspection by each applicable Offered Noteholder
               but only in respect of information relating to that Offered
               Noteholder,

     at one of that Offered Note Registrar's Specified Offices during local
     business hours.

5.10 CORRECTNESS OF REGISTER AND INFORMATION

     The Issuer, the Offered Note Trustee, the Manager and each Agent (other
     than each Offered Note Registrar) may accept the correctness of an Offered
     Note Register and any information provided to it by an Offered Note
     Registrar and is not required to enquire into its authenticity. None of the
     Issuer, the Offered Note Trustee, the Manager or any Agent (including each
     Offered Note Registrar) is liable for any mistake in an Offered Note
     Register or in any purported copy except to the extent that the mistake is
     attributable to its own fraud, negligence or wilful default.

5.11 NON-RECOGNITION OF EQUITABLE INTERESTS

     Except as required by Statute or as ordered by a court of competent
     jurisdiction, no notice of any trust, whether express, implied or
     constructive, is to be entered in an Offered Note Register and except as
     otherwise provided in any Transaction Document, or required by Statute or
     ordered by a court of competent jurisdiction, none of the Offered Note
     Registrars, the Offered Note Trustee, the Issuer, the Manager or any other
     Agent is to be affected by or compelled to recognise (even when having
     notice of it) any right or interest in any Offered Notes other than the
     registered Offered Noteholder's absolute right to the entirety of them and
     the receipt of a registered Offered Noteholder is a good discharge to the
     Issuer, the Manager, the Offered Note Trustee and each Agent.

5.12 RECTIFICATION OF AN OFFERED NOTE REGISTER

     If:

     (a)  (ENTRY OMITTED): an entry is omitted from an Offered Note Register;

     (b)  (ENTRY MADE OTHERWISE THAN IN ACCORDANCE WITH THIS DEED): an entry is
          made in an Offered Note Register otherwise than in accordance with
          this Agreement;

     (c)  (WRONG ENTRY EXISTS): an entry wrongly exists in an Offered Note
          Registrar;

     (d)  (ERROR OR DEFECT EXISTS IN REGISTER); there is an error or defect in
          any entry in an Offered Note Register; or

     (e)  (DEFAULT MADE): default is made or unnecessary delay takes place in
          entering in an Offered Note Register that any person has ceased to be
          the holder of Offered Notes,

     then the applicable Offered Note Registrar may rectify the same.


                                                                              12



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6.   OFFERED NOTE TRUSTEE'S REQUIREMENTS REGARDING AGENTS

6.1  FOLLOWING ENFORCEMENT OF THE CHARGE OR ISSUE OF DEFINITIVE NOTES

     At any time after either an Event of Default (unless waived by the Security
     Trustee pursuant to clause 9.5 of the Security Trust Deed) or the
     enforcement of the Charge or at any time after Offered Definitive Notes
     have not been issued when required in accordance with the Offered Note
     Trust Deed, the Offered Note Trustee may:

     (a)  (REQUIRE AGENTS): by notice in writing to the Issuer, the Manager, and
          each Agent require any one or more of the Agents either:

          (i)  A.   to act as the Agent of the Offered Note Trustee on the terms
                    and conditions of this Agreement in relation to payments to
                    be made by or on behalf of the Offered Note Trustee under
                    the terms of the Offered Note Trust Deed, except that the
                    Offered Note Trustee's liability under any provision of this
                    Agreement for the indemnification of the Principal Paying
                    Agent, the Paying Agents and the Agent Bank will be limited
                    to any amount for the time being held by the Offered Note
                    Trustee on the trust of the Offered Note Trust Deed and
                    which is available to be applied by the Offered Note Trustee
                    for that purpose; and

               B.   hold all Offered Notes, and all amounts, documents and
                    records held by them in respect of the Offered Notes, on
                    behalf of the Offered Note Trustee; or

          (ii) to deliver up all Offered Notes and all amounts, documents and
               records held by them in respect of the Offered Notes, to the
               Offered Note Trustee or as the Offered Note Trustee directs in
               that notice, other than any documents or records which an Agent
               is obliged not to release by any law; and

     (b)  (REQUIRE ISSUER): by notice in writing to the Issuer require it to
          make (or arrange to be made) all subsequent payments in respect of the
          Offered Notes to the order of the Offered Note Trustee and not to the
          Principal Paying Agent and, with effect from the issue of that notice
          to the Issuer and until that notice is withdrawn, clause 6.1(b) of the
          Offered Note Trust Deed will not apply.

6.2  GOOD DISCHARGE TO ISSUER

     The payment by or on behalf of the Issuer of its payment obligations on
     each Distribution Date under the Series Supplement and the Offered Note
     Conditions to the Offered Note Trustee in accordance with clause 6.1 is a
     good discharge to the Issuer and the Issuer will not be liable for any act
     or omission or default of the Offered Note Trustee during the period it is
     required to make payments to the Offered Note Trustee under clause 6.1.

6.3  CHANGE OF AUTHORISED OFFICERS

     The Offered Note Trustee will forthwith give notice to the Manager, the
     Issuer, the Security Trustee and each Agent of any change in the Authorised
     Officers of the Offered Note Trustee.


                                                                              13



--------------------------------------------------------------------------------
7.   REDEMPTION OF OFFERED NOTES

7.1  PART REDEMPTION OF OFFERED NOTES ON DISTRIBUTION DATES

     (a)  (MANAGER TO MAKE DETERMINATIONS ETC): Two Business Days prior to each
          Distribution Date, the Manager will make the determinations referred
          to in Condition 7.11(a) of the Offered Note Conditions in relation to
          that Distribution Date and will give to the Issuer, the Offered Note
          Trustee, the Principal Paying Agent, the Agent Bank and each Offered
          Note Registrar the notifications, and will cause to be made to the
          Offered Noteholders the publication, required by Condition 7.11(b) of
          the Offered Note Conditions. If the Manager does not at any time for
          any reason make the determinations referred to in Condition 7.11(a) of
          the Offered Note Conditions it must forthwith advise the Offered Note
          Trustee and the Agent Bank and such determinations must be made by the
          Agent Bank, or failing the Agent Bank, by the Offered Note Trustee in
          accordance with such Condition 7.11(c) of the Offered Note Conditions
          (but based on the information in its possession) and each such
          determination will be deemed to have been made by the Manager.

     (b)  (NOTIFY EACH DEPOSITORY): If any Offered Book-Entry Notes are
          outstanding, on receipt of a notification under Condition 7.11(b) of
          the Offered Note Conditions, the Principal Paying Agent must notify
          each Depository of any proposed redemption in accordance with that
          Depository's applicable procedures, specifying the principal amount of
          each Offered Book-Entry Note to be redeemed and the date on which the
          redemption is to occur and must provide a copy to each Depository of
          the notification received under Condition 7.11(b) of the Offered Note
          Conditions.

7.2  EARLY REDEMPTION

     (a)  (NOTICE TO PAYING AGENT ETC): If the Issuer intends to redeem all (but
          not some only) of the Offered Notes prior to the Scheduled Maturity
          Date (as defined in the Offered Note Conditions) pursuant to
          Conditions 7.3 or 7.4 of the Offered Note Conditions, the Manager will
          direct the Issuer to give the requisite notice to the Sellers, the
          Offered Note Trustee, the Principal Paying Agent, each Offered Note
          Registrar, the Agent Bank and the Offered Noteholders in accordance
          with Conditions 7.3 or 7.4 (as the case may be) of the Offered Note
          Conditions and stating the date on which such Offered Notes are to be
          redeemed.

     (b)  (NOTICE TO EACH DEPOSITORY): The Principal Paying Agent will, on
          receipt of a notice under clause 7.2(a), and if any Offered Book Entry
          Notes are outstanding, notify each Depository of the proposed
          redemption in accordance with that Depository's applicable procedures,
          specifying the Invested Amount and Stated Amount of each Offered
          Book-Entry Note to be redeemed, the amount of principal to be repaid
          in relation to each Offered Book-Entry Note and the date on which the
          Offered Book-Entry Notes are to be redeemed.

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8.   GENERAL AGENT MATTERS

8.1  NOTICES TO OFFERED NOTEHOLDERS

     (a)  (NOTICES TO BE GIVEN BY OFFERED NOTE REGISTRARS): At the request of
          the Issuer, the Offered Note Trustee, the Manager, the Security
          Trustee or any other Agent, and at the expense of the Issuer, each
          Offered Note Registrar will arrange for the delivery of all notices
          and the Quarterly Servicing Report to the applicable Offered
          Noteholders in accordance with the Offered Note Conditions.


                                                                              14



     (b)  (COPY TO OFFERED NOTE TRUSTEE): Each Offered Note Registrar will
          promptly send to the Offered Note Trustee one copy of the form of
          every notice given to the applicable Offered Noteholders in accordance
          with the Offered Note Conditions (unless such notice is given at the
          request of the Offered Note Trustee).

     An Offered Note Registrar will not be responsible for, or liable to any
     person in respect of, the contents of any notices or reports delivered by
     it at the request of the Issuer, the Offered Note Trustee, the Manager, the
     Security Trustee or any other Agent pursuant to this clause 8.1.

8.2  COPIES OF DOCUMENTS FOR INSPECTION

     The Manager will provide to each Offered Note Registrar sufficient copies
     of all documents required by the Offered Note Conditions or the Offered
     Note Trust Deed to be available to the applicable Offered Noteholders for
     issue or inspection.

8.3  NOTICE OF ANY WITHHOLDING OR DEDUCTION

     If the Issuer or any Paying Agent is, in respect of any payment in respect
     of the Offered Notes, compelled to withhold or deduct any amount for or on
     account of any taxes, duties or charges as contemplated by Condition 8.4 of
     the Offered Note Conditions, the Issuer must give notice to the Principal
     Paying Agent, the Offered Note Trustee and the Offered Noteholders in
     accordance with Condition 11.1 of the Offered Note Conditions immediately
     after becoming aware of the requirement to make the withholding or
     deduction and must give to the Principal Paying Agent and the Offered Note
     Trustee such information as they require to enable each of them to comply
     with the requirement.

8.4  INFORMATION AND FORMS

     The Issuer and the Manager each severally covenants in favour of each Agent
     that it will, following a request by an Agent, provide to that Agent, as
     that Agent may reasonably require to enable it to perform its duties and
     functions under this Agreement, such information, forms and other documents
     that are in the possession of the Issuer or the Manager, as the case may
     be, or which it is otherwise entitled to obtain from any person.

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9.   INDEMNITY

9.1  INDEMNITY BY ISSUER

     Subject to clause 15, the Issuer undertakes to indemnify each Agent and its
     directors, officers, employees and controlling persons against all losses,
     liabilities, costs, claims, actions, damages, expenses or demands which any
     of them may incur or which may be made against any of them as a result of
     or in connection with the appointment of or the exercise of the powers and
     duties by the Agent under this Agreement except as may result from its
     fraud, negligence or wilful default or that of its directors, officers,
     employees or controlling persons or any of them, or breach by it of the
     terms of this Agreement and notwithstanding the resignation or removal of
     that Agent pursuant to clause 10.

9.2  INDEMNITY BY AGENT

     Each Agent undertakes to indemnify on a several basis the Issuer, the
     Manager and each of their respective directors, officers, employees and
     controlling persons against all losses, liabilities, costs, claims,
     actions, damages, expenses or demands which any of them may incur or which
     may be made against any of them as a result of (but not including any
     consequential, indirect, punitive or special damages to the extent
     resulting from) its wilful default, negligence or fraud or that of its
     directors, officers, employees or controlling persons or any of them, or
     breach by it of the terms of this Agreement.


                                                                              15



--------------------------------------------------------------------------------
10.  CHANGES IN AGENTS

10.1 APPOINTMENT AND REMOVAL

     The Issuer (on the direction of the Manager) may with the prior written
     approval of the Offered Note Trustee (which approval must not be
     unreasonably withheld or delayed):

     (a)  (APPOINT NEW AGENTS): appoint:

          (i)  additional or alternative Paying Agents (other than the Principal
               Paying Agent); or

          (ii) an alternative Agent Bank, Offered Note Registrar or Principal
               Paying Agent; and

     (b)  (TERMINATE APPOINTMENT OF AGENTS): subject to this clause 10,
          terminate the appointment of any Agent by giving written notice to
          that effect to the Agent whose appointment is to be terminated copied
          to each Rating Agency, the Offered Note Trustee and (if it is not the
          Agent whose appointment is to be terminated) the Principal Paying
          Agent:

          (i)  with effect immediately on the giving of that notice, if any of
               the following occurs in relation to the Agent (as the case may
               be):

               A.   an Insolvency Event;

               B.   it ceases to conduct business or proposes to cease conduct
                    of its business or a substantial part of that business; or

               C.   it fails to remedy within five Business Days after prior
                    written notice by the Issuer or Manager any material breach
                    of this Agreement on the part of the Agent (as the case may
                    be); and

          (ii) otherwise, with effect on a date not less than 60 days' from that
               notice (which date must be not less than 30 days before any due
               date for payment on any Offered Notes).

10.2 RESIGNATION

     Subject to this clause 10, an Agent may resign its appointment under this
     Agreement at any time by giving to the Issuer, the Manager, each Rating
     Agency and (where the Agent resigning is not the Principal Paying Agent)
     the Principal Paying Agent not less than 90 days' written notice to that
     effect (which notice must expire not less than 30 days before, any due date
     for payment on any Offered Notes).

10.3 LIMITATION OF APPOINTMENT AND TERMINATION

     Notwithstanding clauses 10.1 and 10.2:

     (a)  (PRINCIPAL PAYING AGENT AND OFFERED NOTE REGISTRARS): the resignation
          by, or the termination of, the appointment of the Principal Paying
          Agent or an Offered Note Registrar will not take effect until a new
          Principal Paying Agent or Offered Note Registrar, as the case may be,
          approved in writing by the Offered Note Trustee has been appointed on
          terms previously approved in writing by the Offered Note Trustee (in
          each case, the approval not to be unreasonably withheld or delayed)
          and with, in the case of the US Dollar Note Registrar, a Specified
          Office in New York;


                                                                              16



     (b)  (APPOINTMENT BY RETIRING AGENT): if any Agent resigns in accordance
          with clause 10.2 but, by the day falling 15 days before the expiry of
          any notice under clause 10.2 the Issuer has not appointed a new Agent,
          then the relevant Agent may appoint in its place any reputable bank or
          trust company of good standing approved in writing by the Offered Note
          Trustee and appointed on terms previously approved in writing by the
          Offered Note Trustee (in each case, the approval not to be
          unreasonably withheld or delayed);

     (c)  (SPECIFIED OFFICE OF PAYING AGENT IN NEW YORK): the resignation by, or
          the termination of the appointment of, any Paying Agent will not take
          effect if, as a result of the resignation or termination, there would
          not be a Paying Agent which has a Specified Office in New York City;

     (d)  (SPECIFIED OFFICE OF AGENT BANK): the resignation by, or the
          termination of the appointment of the Agent Bank will not take effect
          until a new Agent Bank having its Specified Office in New York has
          been appointed; and

     (e)  (TERMS OF APPOINTMENT OF ADDITIONAL PAYING AGENTS): the appointment of
          any additional Paying Agent will be on the terms and the conditions of
          this Agreement and each of the parties to this Agreement must
          co-operate fully to do all further acts and things and execute any
          further documents as may be necessary or desirable to give effect to
          the appointment of the Paying Agent (which will not, except in the
          case of an appointment under clause 10.1(a) or a termination under
          clause 10.1(b)(ii), be at the cost of the Issuer or Manager).

10.4 PAYMENT OF AMOUNTS HELD BY THE PAYING AGENT

     If the appointment of a Paying Agent is terminated, that Paying Agent must,
     on the date on which that termination takes effect, pay to the successor
     Paying Agent any amount held by it for payment of principal or interest in
     respect of any Offered Note and must deliver to the successor Paying Agent
     all records maintained by it and all documents (including any Offered
     Notes) held by it pursuant to this Agreement.

10.5 RECORDS HELD BY AN OFFERED NOTE REGISTRAR

     If the appointment of an Offered Note Registrar is terminated, that Offered
     Note Registrar must, on the date on which that termination takes effect,
     deliver to its successor Offered Note Registrar the applicable Offered Note
     Register and all records maintained by it and all documents (including any
     applicable Offered Notes) held by it pursuant to this Agreement.

10.6 SUCCESSOR TO PRINCIPAL PAYING AGENT, PAYING AGENT, AGENT BANK OR AN OFFERED
     NOTE REGISTRAR

     (a)  (APPOINTMENT AND RELEASE): On the execution by the Issuer, the Manager
          and any successor Principal Paying Agent, Paying Agent, Agent Bank or
          Offered Note Registrar of an instrument effecting the appointment of
          that successor Principal Paying Agent, Paying Agent, Agent Bank or
          Offered Note Registrar that successor Principal Paying Agent, Paying
          Agent, Agent Bank or Offered Note Registrar, as the case may be, will,
          without any further act, deed or conveyance, become vested with all
          the authority, rights, powers, trusts, immunities, duties and
          obligations of its predecessor as if originally named as Principal
          Paying Agent, Paying Agent, Agent Bank or Offered Note Registrar, as
          the case may be, in this Agreement and that predecessor, on payment to
          it of the pro rata proportion of its administration fee and
          disbursements then unpaid (if any), will have no further liabilities
          under this Agreement, except for any accrued liabilities arising from
          or relating to any act or omission occurring prior to the date on
          which the successor Principal Paying


                                                                              17



          Agent, Paying Agent, Agent Bank or Offered Note Registrar was
          appointed.

     (b)  (MERGER): Any corporation:

          (i)  into which the Principal Paying Agent, a Paying Agent, the Agent
               Bank or an Offered Note Registrar is merged;

          (ii) with which the Principal Paying Agent, a Paying Agent, the Agent
               Bank or an Offered Note Registrar is consolidated;

          (iii) resulting from any merger or consolidation to which the
               Principal Paying Agent, a Paying Agent, the Agent Bank or an
               Offered Note Registrar is a party; or

          (iv) to which the Principal Paying Agent, a Paying Agent, the Agent
               Bank or an Offered Note Registrar sells or otherwise transfers
               all or substantially all the assets of its corporate trust
               business,

          must, on the date when that merger, conversion, consolidation, sale or
          transfer becomes effective and to the extent permitted by applicable
          law, become the successor Principal Paying Agent, Paying Agent, Agent
          Bank or applicable Offered Note Registrar, as the case may be, under
          this Agreement without the execution or filing of any agreement or
          document or any further act on the part of the parties to this
          Agreement, unless otherwise required by the Issuer or the Manager, and
          after that effective date all references in this Agreement to the
          Principal Paying Agent, Paying Agent, Agent Bank or US Dollar Note
          Registrar, as the case may be, will be references to that corporation.

10.7 NOTICE TO OFFERED NOTEHOLDERS

     The Manager on behalf of the Issuer will, within 5 days of:

     (a)  (TERMINATION): the termination of the appointment of any Agent;

     (b)  (RESIGNATION): the resignation of any Agent; or

     (c)  (APPOINTMENT): the appointment of a new Agent,

     give to the Offered Noteholders notice of the termination, appointment or
     resignation in accordance with Condition 11.1 of the Offered Note
     Conditions (in the case of a termination under clause 10.1(b)(i) or 10.2 at
     the cost of the outgoing Agent). Notwithstanding clauses 10.1 and 10.2,
     neither the termination of the appointment of an Agent, nor the resignation
     of an Agent, will take effect until notice thereof is given to the Offered
     Noteholders in accordance with this clause 10.7.

10.8 CHANGE IN SPECIFIED OFFICE

     (a)  (AGENTS CHANGE): If any Agent proposes to change its Specified Office
          (which must be within the same city as its previous Specified Office),
          it must give to the Issuer the Manager, the Offered Note Trustee and
          the other Agents not less than 30 days' prior written notice of that
          change, giving the address of the new Specified Office and stating the
          date on which the change is to take effect. No change of a Specified
          Office may occur in the period 30 days before any due date for payment
          on any Offered Notes.

     (b)  (NOTICE TO OFFERED NOTEHOLDERS): The Manager must, within 14 days of
          receipt of a notice under clause 10.8(a) (unless the appointment is to
          terminate pursuant to


                                                                              18



          clause 10.1 or 10.2 on or prior to the date of that change) give to
          the Offered Noteholders notice in accordance with Condition 11.1 of
          the Offered Note Conditions of that change and of the address of the
          new Specified Office, but the cost of giving that notice must be borne
          by the Agent which is changing its Specified Office and not by the
          Issuer or the Manager.

-------------------------------------------------------------------------------
11.  MISCELLANEOUS DUTIES AND PROTECTION

11.1 AGENTS ARE AGENTS OF THE ISSUER

     (a)  (AGENT OF THE SERIES TRUST): Subject to clause 6.1, each Agent is the
          agent of the Issuer in its capacity as trustee of the Series Trust
          only.

     (b)  (ISSUER NOT RESPONSIBLE FOR AGENTS): Notwithstanding any other
          provision contained in this Agreement, any other Transaction Document
          or at law, the Issuer in its personal capacity is not responsible for
          any act or omission of any Agent.

11.2 AGENCY

     Subject to any other provision of this Agreement, each Agent acts solely
     for and as agent of the Issuer and does not have any obligations towards or
     relationship of agency or trust with any person entitled to receive
     payments of principal and/or interest on the Offered Notes and is
     responsible only for the performance of the duties and obligations imposed
     on it pursuant to clause 11.6.

11.3 RELIANCE

     Each Agent is protected and will incur no liability for or in respect of
     any action taken, omitted or suffered by it in reliance upon any
     instruction, request or order from the Issuer or the Manager or in reliance
     upon any Offered Note or upon any notice, resolution, direction, consent,
     certificate, affidavit, statement or other paper or document reasonably
     believed by it to be genuine and to have been delivered, signed or sent by
     the proper party or parties.

11.4 ENTITLED TO DEAL

     An Agent is not precluded from acquiring, holding or dealing in any Offered
     Notes or from engaging or being interested in any contract or other
     financial or other transaction with the Issuer or the Manager as freely as
     if it were not an agent of the Issuer under this Agreement and in no event
     whatsoever (other than fraud, wilful default or negligence) will any Agent
     be liable to account to the Issuer or any person entitled to receive
     amounts of principal or interest on the Offered Notes for any profit made
     or fees or commissions received in connection with this agreement or any
     Offered Notes.

11.5 CONSULTATION

     Each Agent may, after 5 days' prior notice to the Issuer and the Manager,
     consult as to legal matters with lawyers selected by it, who may be
     employees of or lawyers to the Issuer, the Manager or the relevant Agent.
     An Agent is not required to provide 5 days' prior notice of the
     consultation specified above if, in the reasonable opinion of that Agent,
     to do so would be contrary to the performance by it of its obligations
     under this Agreement, provided that such Agent must provide written notice
     to the Issuer and the Manager as soon as practicable after that
     consultation.

11.6 DUTIES AND OBLIGATIONS

     Each Agent will perform the duties and obligations, and only the duties and
     obligations,


                                                                              19



     contained in or reasonably incidental to this Agreement and the Offered
     Note Conditions and no implied duties or obligations (other than general
     laws as to agency) will be read into this Agreement or the Offered Note
     Conditions against any Agent. An Agent is not required to take any action
     under this Agreement which would require it to incur any expense or
     liability for which (in its reasonable opinion) either it would not be
     reimbursed within a reasonable time or in respect of which it has not been
     indemnified to its satisfaction.

11.7 INCOME TAX RETURNS

     The Principal Paying Agent will deliver to each Offered Noteholder such
     information as may be reasonably required to enable such Offered Noteholder
     to prepare its federal and state income tax returns.

11.8 REPRESENTATION BY EACH AGENT

     Each Agent represents and warrants that it is duly qualified to assume its
     obligations under this Agreement and has obtained all necessary approvals
     required to execute, deliver and perform its obligations under this
     Agreement.

--------------------------------------------------------------------------------
12.  FEES AND EXPENSES

12.1 PAYMENT OF FEE

     The Issuer will pay to each Agent during the period that any of the Offered
     Notes remain outstanding the administration fee separately agreed by that
     Agent and the Manager from time to time.

12.2 PAYMENT OF EXPENSES

     The Issuer must pay or reimburse to each Agent all reasonable costs,
     expenses, charges, stamp duties and other Taxes and liabilities properly
     incurred by that Agent in the performance of the obligations of that Agent
     under this Agreement including, without limitation, all costs and expenses
     (including legal costs and expenses) incurred by that Agent in the
     enforcement of any obligations under this Agreement. Nothing in this clause
     12.2 entitles or permits an Agent to be reimbursed or indemnified for
     general overhead costs and expenses (including, without limitation, rents
     and any amounts payable by that Agent to its employees in connection with
     their employment) incurred directly or indirectly in connection with the
     business activities of that Agent or in the exercise of its rights, powers
     and discretions or the performance of its duties and obligations under this
     Agreement.

12.3 NO OTHER FEES

     Except as provided in clauses 12.1 and 12.2, or as expressly provided
     elsewhere in this Agreement, neither the Issuer nor the Manager has any
     liability in respect of any fees or expenses of any Agent in connection
     with this Agreement.

12.4 PAYMENT OF FEES

     The above fees, payments and expenses will be paid in United States
     dollars. The Issuer will in addition pay any value added tax which may be
     applicable. The Principal Paying Agent will arrange for payment of
     commissions to the other Paying Agents and arrange for the reimbursement of
     their expenses promptly upon demand, supported by evidence of that
     expenditure, and provided that payment is made as required by clause 12.1
     the Issuer will not be concerned with or liable in respect of that payment.


                                                                              20



12.5 NO COMMISSION

     Subject to this clause 12, no Paying Agent may charge any commission or fee
     in relation to any payment by it under this Agreement.

12.6 FEES ARE EXPENSES OF THE SERIES TRUST

     Notwithstanding any other provision of this Agreement, the fees referred to
     in clause 12.1 (including any value added tax on such fees) and other
     amounts payable by the Issuer under clause 12.2 are an Expense of the
     Series Trust and will be paid in accordance with the Series Supplement.

12.7 TIMING OF PAYMENTS

     All payments by the Issuer to an Agent under this clause 12 are payable on
     the first Distribution Date following demand by that Agent from funds
     available for this purpose in accordance with the Series Supplement.

--------------------------------------------------------------------------------
13.  NOTICES

13.1 METHOD OF DELIVERY

     Subject to clause 13.4, any notice, request, certificate, approval, demand,
     consent or other communication to be given under this Agreement (other than
     notices to the Offered Noteholders) must:

     (a)  (IN WRITING AND SIGNED BY AN AUTHORISED OFFICER): except in the case
          of communication by email, be in writing and signed by an Authorised
          Officer of the party giving the same; and

     (b)  (DELIVERY): be:

          (i)  left at the address of the addressee;

          (ii) sent by prepaid ordinary post to the address of the addressee;

          (iii) sent by facsimile to the facsimile number of the addressee; and

          (iv) sent by email by an Authorised Officer of the party giving the
               same in accordance with the addressee's email address,

          as notified by that addressee from time to time to the other parties
          to this Agreement as its address for service pursuant to this
          Agreement.

13.2 DEEMED RECEIPT

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

     (a)  (DELIVERY): where delivered in person, upon receipt;

     (b)  (POST): where sent by post, on the 3rd (7th if outside Australia) day
          after posting;

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


                                                                              21



     (d)  (EMAIL): where sent by email, on the date the email is received.

     However, if the time of deemed receipt of any notice is not before 5.30 pm
     local time on a Business Day at the address of the recipient it is deemed
     to have been received at the commencement of business on the next Business
     Day.

13.3 EMAIL

     A notice, request, certificate, approval, demand, consent or other
     communication to be given under this Agreement may only be given by email
     where the recipient has separately agreed that that communication or
     communications of that type, may be given by email.

13.4 COMMUNICATIONS THROUGH PRINCIPAL PAYING AGENT

     All communications relating to this Agreement between the Issuer and the
     Agent Bank and any of the other Paying Agents or between the Paying Agents
     themselves will, except as otherwise provided in this Agreement, be made
     through the Principal Paying Agent.

--------------------------------------------------------------------------------
14.  ISSUER'S LIMITATION OF LIABILITY

14.1 LIMITATION ON ISSUER'S LIABILITY

     The Issuer enters into this Agreement only in its capacity as trustee of
     the Series Trust and in no other capacity. A liability incurred by the
     Issuer 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 the Issuer only to the extent to which it can be satisfied out of
     the Assets of the Series Trust out of which the Issuer is actually
     indemnified for the liability. This limitation of the Issuer's liability
     applies despite any other provision of this Agreement (other than clauses
     12.6 and 14.3) and extends to all liabilities and obligations of the Issuer
     in any way connected with any representation, warranty, conduct, omission,
     agreement or transaction related to this Agreement.

14.2 CLAIMS AGAINST ISSUER

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

14.3 BREACH OF TRUST

     The provisions of this clause 14 will not apply to any obligation or
     liability of the Issuer to the extent that it is not satisfied because
     under the Master Trust Deed, the Series Supplement or any other Transaction
     Document or by operation of law there is a reduction in the extent of the
     Issuer's indemnification out of the Assets of the Series Trust as a result
     of the Issuer's fraud, negligence or wilful default and will not apply to
     any obligation or liability of the Issuer to pay amounts from its personal
     funds pursuant to clause 12.6.

14.4 ACTS OR OMISSIONS

     It is acknowledged that the Relevant Parties are responsible under the
     Transaction Documents for performing a variety of obligations relating to
     the Series Trust. No act or omission of the Issuer (including any related
     failure to satisfy its obligations or any breach of representations or
     warranties under this Agreement) will be considered fraudulent, negligent
     or a wilful default


                                                                              22



     for the purposes of clause 14.3 to the extent to which the act or omission
     was caused or contributed to by any failure by any Relevant Party or any
     other person appointed by the Issuer under any Transaction Document (other
     than a person whose acts or omissions the Issuer 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.

14.5 NO AUTHORITY

     No Agent appointed in accordance with this Agreement has authority to act
     on behalf of the Issuer in a way which exposes the Issuer to any personal
     liability and no act or omission of any such person will be considered
     fraudulent, negligent or wilful default of the Issuer for the purposes of
     clause 14.3.

14.6 NO OBLIGATION

     The Issuer is not obliged to enter into any commitment or obligation under
     or in relation to this Agreement or any Transaction Document (including
     incur any further liability) unless the Issuer's liability is limited in a
     manner which is consistent with this clause 14 or otherwise in a manner
     satisfactory to the Issuer in its absolute discretion.

--------------------------------------------------------------------------------
15.  GENERAL

15.1 WAIVER

     A failure to exercise or enforce or a delay in exercising or enforcing or
     the partial exercise or enforcement of any right, remedy, power or
     privilege under this Agreement by a party will not in any way preclude or
     operate as a waiver of any further exercise or enforcement of such right,
     remedy, power or privilege of the exercise or enforcement of any other
     right, remedy, power or privilege under this Agreement or provided by law.

15.2 WRITTEN WAIVER, CONSENT AND APPROVAL

     Any waiver, consent or approval given by a party under this Agreement will
     only be effective and will only bind that party if it is given in writing,
     or given verbally and subsequently confirmed in writing, and executed by
     that party or on its behalf by two Authorised Officers of that party.

15.3 SEVERABILITY

     Any provision of this Agreement which is illegal, void or unenforceable in
     any jurisdiction is ineffective in such jurisdiction to the extent only of
     such illegality, voidness or unenforceability without invalidating the
     remaining provisions of this Agreement.

15.4 SURVIVAL OF INDEMNITIES

     The indemnities contained in this Agreement are continuing, and survive the
     termination of this Agreement.

15.5 ASSIGNMENTS

     No party may assign or transfer any of its rights or obligations under this
     Agreement without the prior written consent of the other parties and
     confirmation from the Rating Agencies that such assignment will not lead to
     a reduction, qualification or reduction of its then rating of the Offered
     Notes.


                                                                              23



15.6 SUCCESSORS AND ASSIGNS

     This Agreement is binding upon and ensures to the benefit of the parties to
     this Agreement and their respective successors and permitted assigns.

15.7 MORATORIUM LEGISLATION

     To the fullest extent permitted by law, the provisions of all statutes
     whether existing now or in the future operating directly or indirectly:

     (a)  (TO AFFECT OBLIGATIONS): to lessen or otherwise to vary or affect in
          favour of any party any obligation under this Agreement; or

     (b)  (TO AFFECT RIGHTS): to delay or otherwise prevent or prejudicially
          affect the exercise of any rights or remedies conferred on a party
          under this Agreement,

     are hereby expressly waived, negatived and excluded.

15.8 AMENDMENTS

     The parties to this Agreement may only amend this Agreement in accordance
     with clause 33.1(b) of the Series Supplement.

15.9 GOVERNING LAW

     This Agreement is governed by and must be construed in accordance with the
     laws of the State of New South Wales.

15.10 JURISDICTION

     Each party irrevocably and unconditionally:

     (a)  (SUBMISSIONS TO JURISDICTION): submits to the non-exclusive
          jurisdiction of the courts of the State of New South Wales;

     (b)  (WAIVER OF INCONVENIENT FORUM): waives any objection it may now or in
          the future have to the bringing of proceedings in those courts and any
          claim that any proceedings have been brought in an inconvenient forum;
          and

     (c)  (SERVICE OF NOTICE): agrees, without preventing any other mode of
          service permitted by law, that any document required to be served in
          any proceedings may be served in the manner in which notices and other
          written communications may be given under clause 13.

15.11 COUNTERPARTS

     This Agreement may be executed in a number of counterparts and all such
     counterparts taken together will constitute one and the same instrument.

15.12 LIMITATION OF OFFERED NOTE TRUSTEE'S LIABILITY

     The Offered Note Trustee is a party to this Agreement in its capacity as
     trustee of the Offered Note Trust. The liability of the Offered Note
     Trustee under this Agreement is limited in the manner and to the same
     extent as under the Offered Note Trust Deed.


                                                                              24



15.13 CONTRA PROFERENTEM

     Each provision of this Agreement will be interpreted without disadvantage
     to the party who (or whose representative) drafted that provision.


                                                                              25



EXECUTED as an agreement.

SIGNED for and on behalf of PERPETUAL TRUSTEE COMPANY
LIMITED ABN 42 000 001 007
by                                                      ------------------------
its Attorney under a Power of Attorney dated and who    Signature of Attorney
declares that he or she has not received any notice
of the revocation of such Power of Attorney, in the
presence of:


-----------------------------------------------------   ------------------------
Signature of Witness                                    Name of Attorney in full

-----------------------------------------------------
Name of Witness in full

SIGNED for and on behalf of SECURITISATION ADVISORY
SERVICES PTY LIMITED ABN 88 064 133 946
by                                                      ------------------------
its Attorney under a Power of Attorney dated and who    Signature of Attorney
declares that he or she has not received any notice
of the revocation of such Power of Attorney, in the
presence of:


-----------------------------------------------------
Signature of Witness


-----------------------------------------------------
Name of Witness in full


                                                                              26



SIGNED for THE BANK OF NEW YORK by its Authorised
Signatory:                                              ------------------------
                                                        Authorised Signatory


-----------------------------------------------------
Signature of Witness


-----------------------------------------------------
Name of Witness in full


                                                                              27