<PAGE>

REDRAW FACILITY AGREEMENT
-------------------------------------------------------------------


PERPETUAL TRUSTEES CONSOLIDATED LIMITED
(Trustee)

ST.GEORGE BANK LIMITED
(Redraw Facility Provider)

CRUSADE MANAGEMENT LIMITED
(Manager)


Crusade Global Trust No. 1 of 2001







ALLEN ALLEN & HEMSLEY
The Chifley Tower
2 Chifley Square
Sydney  NSW  2000
Australia
Tel  61  2 9230 4000
Fax  61  2 9230 5333



(C)Copyright Allen Allen & Hemsley 2001

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REDRAW FACILITY AGREEMENT                                  ALLEN ALLEN & HEMSLEY
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TABLE OF CONTENTS

<TABLE>
<CAPTION>
<S>      <C>                                                                                    <C>
1.       DEFINITIONS AND INTERPRETATION                                                         1

         1.1    Definitions                                                                     1

         1.2    Master Trust Deed definitions                                                   4

         1.3    Interpretation                                                                  4

         1.4    Determination, statement and certificate sufficient evidence                    4

         1.5    Transaction Document                                                            4

         1.6    Limited to Trust                                                                4

         1.7    Trustee as trustee                                                              5

         1.8    Knowledge of Trustee                                                            5

2.       PURPOSE                                                                                5

3.       DRAWINGS                                                                               5

         3.1    Redraw Advance                                                                  5

         3.2    Making of Redraw Advances                                                       6

4.       FEES                                                                                   6

         4.1    Availability fee                                                                6

         4.2    Draw Margin                                                                     7

         4.3    Capitalisation                                                                  7

         4.4    GST                                                                             7

5.       CANCELLATION OF REDRAW LIMIT                                                           8

         5.1    During Term                                                                     8

         5.2    At end of Term                                                                  8

         5.3    Cancellation by Redraw Facility Provider                                        8

         5.4    Rollover Term renewal                                                           8

6.       REPAYMENT                                                                              9

         6.1    Repayment of Redraw Advances                                                    9

         6.2    Final repayment                                                                 9

7.       PREPAYMENTS                                                                            9

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                                                                        Page (i)

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REDRAW FACILITY AGREEMENT                                  ALLEN ALLEN & HEMSLEY
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         7.1    Voluntary prepayments                                                           9

         7.2    Draw Margin                                                                     9

         7.3    Limitation on prepayments                                                       9

8.       PAYMENTS                                                                              10

         8.1    Manner                                                                         10

         8.2    Payment to be made on Business Day                                             10

         8.3    Appropriation where insufficient moneys available                              10

9.       CHANGES IN LAW                                                                        10

         9.1    Additional payments                                                            10

         9.2    Minimisation                                                                   11

         9.3    Survival                                                                       11

10.      CONDITIONS PRECEDENT                                                                  12

         10.1   Conditions precedent to initial Drawdown Notice                                12

         10.2   Conditions precedent to each Redraw Advance                                    12

11.      REPRESENTATIONS AND WARRANTIES                                                        12

         11.1   Representations and warranties                                                 12

         11.2   Reliance on representations and warranties                                     13

12.      UNDERTAKINGS                                                                          13

         12.1   General undertakings                                                           13

         12.2   Undertakings relating to Trust                                                 14

         12.3   Term of undertakings                                                           14

13.      EVENTS OF DEFAULT                                                                     15

         13.1   Events of Default                                                              15

         13.2   Consequences                                                                   15

14.      CONTROL ACCOUNTS                                                                      15

15.      WAIVERS, REMEDIES CUMULATIVE                                                          15

16.      SEVERABILITY OF PROVISIONS                                                            16

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                                                                       Page (ii)
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REDRAW FACILITY AGREEMENT                                  ALLEN ALLEN & HEMSLEY
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17.      SURVIVAL OF REPRESENTATIONS                                                           16

18.      INDEMNITY AND REIMBURSEMENT OBLIGATION                                                16

19.      MORATORIUM LEGISLATION                                                                16

20.      CONSENTS AND OPINIONS                                                                 16

21.      ASSIGNMENTS                                                                           17

22.      NOTICES                                                                               17

23.      AUTHORISED SIGNATORIES                                                                17

24.      GOVERNING LAW AND JURISDICTION                                                        18

25.      COUNTERPARTS                                                                          18

26.      ACKNOWLEDGEMENT BY TRUSTEE                                                            18

27.      LIMITED RECOURSE                                                                      18

         27.1   General                                                                        18

         27.2   Liability of Trustee limited to its right to indemnity                         18

         27.3   Unrestricted remedies                                                          19

         27.4   Restricted remedies                                                            19

28.      REDRAW FACILITY PROVIDER'S OBLIGATIONS                                                20

29.      SUCCESSOR TRUSTEE                                                                     20

ANNEXURE A                                                                                     22

         DRAWDOWN NOTICE                                                                       22
</TABLE>

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                                                                      Page (iii)

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REDRAW FACILITY AGREEMENT                                  ALLEN ALLEN & HEMSLEY
--------------------------------------------------------------------------------

DATE                                                            2001
-------------

PARTIES
-------------
1.              PERPETUAL TRUSTEES CONSOLIDATED LIMITED (ABN 81 004 029 841) of
                Level 3, 39 Hunter Street, Sydney, New South Wales 2000 in its
                capacity as trustee of the Crusade Global Trust No. 1 of 2001
                (the TRUSTEE);

2.              ST.GEORGE BANK LIMITED (ABN 92 055 513 070) incorporated in New
                South Wales of 4-16 Montgomery Street, Kogarah, New South Wales
                2217 (the REDRAW FACILITY PROVIDER); and

3.              CRUSADE MANAGEMENT LIMITED (ABN 90 072 715 916) incorporated in
                the Australian Capital Territory of 4-16 Montgomery Street,
                Kogarah, New South Wales 2217 (the MANAGER).

RECITALS
-------------
A               The Trustee is the trustee of the Crusade Global Trust No. 1 of
                2001 and proposes to issue Notes pursuant to the Master Trust
                Deed.

B               The Redraw Facility Provider has agreed to provide the Redraw
                Facility to the Trustee on the terms and conditions contained in
                this agreement.

C               The Manager has arranged for the Redraw Facility Provider to
                provide the Trustee with the Redraw Facility under which loans
                of up to [2%] of the sum of the aggregate of the Stated Amounts
                of the Notes may be made available to the Trustee.

--------------------------------------------------------------------------------

IT IS AGREED as follows.


1.       DEFINITIONS AND INTERPRETATION
--------------------------------------------------------------------------------
1.1      DEFINITIONS

         In this agreement the following definitions apply unless the context
         requires otherwise, or unless otherwise defined.

         AVAILABLE REDRAW AMOUNT means at any time the greater of:

         (a) the Redraw Limit at that time less the Redraw Principal Outstanding
             at that time; and

         (b) zero.

         DRAWDOWN DATE means, in relation to a Redraw Advance, the date on which
         the Redraw Advance is or is to be made under this agreement in
         accordance with the Drawdown Notice.

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                                                                          Page 1
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REDRAW FACILITY AGREEMENT                                  ALLEN ALLEN & HEMSLEY
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         DRAWDOWN NOTICE means a notice under clause 3.1.

         EVENT OF DEFAULT means any of the events specified in clause 13.

         FINAL REPAYMENT DATE means the Final Maturity Date.

         MASTER TRUST DEED means the deed entitled "Master Trust Deed" between,
         among others, the Trustee and the Manager dated 14 March 1998.

         NOTICE OF CREATION OF TRUST means the Notice of Creation of Trust dated
         on or before the date of this agreement issued under the Master Trust
         Deed in relation to the Trust.

         ONE MONTH BANK BILL RATE on any date means the rate calculated by
         taking the simple average of the rates quoted on the Reuters Screen
         BBSW Page at approximately 10.00am, Sydney time, on each of that date
         and the preceding two Business Days (each a CALCULATION DAY) for each
         Reference Bank so quoting (but not fewer than five) as being the mean
         buying and selling rate for a bill (which for the purpose of this
         definition means a bill of exchange of the type specified for the
         purpose of quoting on the Reuters Screen BBSW Page) having a tenor of
         30 days eliminating the highest and lowest mean rates and taking the
         average of the remaining mean rates and then (if necessary) rounding
         the resultant figure upwards to four decimal places. If on any
         Calculation Day fewer than five Reference Banks have quoted rates on
         the Reuters Screen BBSW Page, the rate for that Calculation Day shall
         be calculated as above by taking the rates otherwise quoted by five of
         the Reference Banks on application by the parties for such a bill of
         the same tenor. If in respect of any Calculation Day the rate for that
         date cannot be determined in accordance with the foregoing procedures
         then the rate for that Calculation Day shall mean such rate as is
         agreed between the Manager and the Trustee having regard to comparable
         indices then available, PROVIDED THAT on the first Reset Date of any
         Redraw Advance and the two Business Days preceding that Reset Date the
         ONE MONTH BANK BILL RATE shall be an interpolated rate calculated with
         reference to the tenor of the period from that Reset Date to (but not
         including) the next Reset Date.

         REDRAW ADVANCE means any advance made or to be made under this
         agreement.

         REDRAW FACILITY means the redraw facility provided by the Redraw
         Facility Provider under this agreement.

         REDRAW LIMIT means 2% of the sum of the aggregate of the Stated Amounts
         of the Class A Notes, Class B Notes and Class C Notes (as adjusted by
         the Manager on each anniversary of this agreement) or any other amount
         as agreed in writing between the Redraw Facility Provider, the Trustee
         and the Manager, as reduced or cancelled under this agreement, provided
         that the Redraw Limit may not be increased unless the Designated Rating
         Agency for each Class of Notes has confirmed in writing that the
         increase would not result in a downgrading of the rating given to any
         Note of the relevant Class or the withdrawal of the rating of any Note
         of the relevant Class.

         REDRAW PRINCIPAL OUTSTANDING means, at any time, the total principal
         amount of all outstanding Redraw Advances at that time less the
         Carryover Redraw Charge Offs at that time.

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                                                                          Page 2
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REDRAW FACILITY AGREEMENT                                  ALLEN ALLEN & HEMSLEY
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         REFERENCE BANK means the financial institutions authorized to quote on
         the Reuters Screen BBSW Page.

         RESET DATE means in relation to a Redraw Advance:

         (a)  the Drawdown Date for that Redraw Advance; and

         (b)  each Payment Date while that Redraw Advance is outstanding.

         ROLLOVER TERM means:

         (a)  the period from the date of this agreement to the date which is
              364 days after the date of this agreement; but

         (b)  if the Redraw Facility Provider has agreed to extend the term of
              this agreement in accordance with clause 5.4, the period from the
              commencement of that extended term to the date which is 364 days
              after the date of that commencement, in each case subject to
              clause 5.4.

         SUPPLEMENTARY TERMS NOTICE means the Supplementary Terms Notice issued
         by the Manager on or about the date of this agreement under the Master
         Trust Deed.

         TERM means the period commencing on the date of this agreement and
         expiring on the earlier of:

         (a)  the date on which the Notes are redeemed in full in accordance
              with the Master Trust Deed and the Supplementary Terms Notice;

         (b)  the date declared by the Redraw Facility Provider under clause
              13.2;

         (c)  the date on which the Trustee enters into a redraw facility, to
              replace this agreement with any person to enable it to fund Redraw
              Shortfalls;

         (d)  the date on which Crusade Management Limited retires or is removed
              as Manager under the Master Trust Deed;

         (e)  the date on which the Redraw Limit is cancelled in full by the
              Trustee under clause 5.1;

         (f)  the date which is one year after the Final Maturity Date;

         (g)  the date on which the Redraw Limit is cancelled in full by the
              Redraw Facility Provider under clause 5.3; and

         (h)  the expiry of the Rollover Term.

         TRUST means the Crusade Global Trust No. 1 of 2001 constituted under
         the Master Trust Deed on the terms of the Supplementary Terms Notice.

         TRUST DOCUMENT means:

         (a)  this agreement;

         (b)  the Master Trust Deed;

         (c)  the Notice of Creation of Trust;

         (d)  the Supplementary Terms Notice;

         (e)  the Custodian Agreement;

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                                                                          Page 3

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REDRAW FACILITY AGREEMENT                                  ALLEN ALLEN & HEMSLEY
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         (f)  the Security Trust Deed;

         (g)  the Servicing Agreement;

         (h)  the Note Trust Deed;

         (i)  the Agency Agreement; and

         (j)  the Support Facilities.

         TRUSTEE means the trustee of the Trust at the date of this agreement or
         any person which becomes a successor trustee under clause 20 of the
         Master Trust Deed.

1.2      MASTER TRUST DEED DEFINITIONS

         Words and expressions which are defined in the Master Trust Deed (as
         amended by the Supplementary Terms Notice) and the Supplementary Terms
         Notice (including in each case by reference to another agreement) have
         the same meanings when used in this agreement, unless the context
         otherwise requires or unless otherwise defined in this agreement.

1.3      INTERPRETATION

         Clause 1.2 of the Master Trust Deed applies to this agreement as if set
         out in full, except that references to THIS DEED are references to THIS
         AGREEMENT and:

         (a)  a reference to an ASSET includes any real or personal, present or
              future, tangible or intangible property or asset and any right,
              interest, revenue or benefit in, under or derived from the
              property or asset;

         (b)  an Event of Default SUBSISTS until it has been waived in writing
              by the Redraw Facility Provider; and

         (c)  a reference to an amount for which a person is CONTINGENTLY LIABLE
              includes an amount which that person may become actually or
              contingently liable to pay if a contingency occurs, whether or not
              that liability will actually arise.

1.4      DETERMINATION, STATEMENT AND CERTIFICATE SUFFICIENT EVIDENCE

         Except where otherwise provided in this agreement any determination,
         statement or certificate by the Redraw Facility Provider or an
         Authorised Signatory of the Redraw Facility Provider provided for in
         this agreement is sufficient evidence unless proven wrong.

1.5      TRANSACTION DOCUMENT

         This agreement is a TRANSACTION DOCUMENT for the purposes of the Master
         Trust Deed.

1.6      LIMITED TO TRUST

         The rights and obligations of the parties under this agreement relate
         only to the Trust, and do not relate to any other Trust (as defined in
         the Master Trust Deed). Without limitation, the Redraw Facility
         Provider has no obligation

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                                                                          Page 4
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REDRAW FACILITY AGREEMENT                                  ALLEN ALLEN & HEMSLEY
--------------------------------------------------------------------------------

         under this agreement to provide financial accommodation to the Trustee
         as trustee of any other such Trust.

1.7      TRUSTEE AS TRUSTEE

         In this agreement, except where provided to the contrary;

         (a)  a reference to the Trustee is a reference to the Trustee in its
              capacity as trustee of the Trust and in no other capacity; and

         (b)  a reference to the undertaking, property, assets, business or
              money of the Trustee is a reference to the undertaking, property,
              assets, business or money of the Trustee in its capacity referred
              to in paragraph (a).

1.8      KNOWLEDGE OF TRUSTEE

         In relation to the Trust, the Trustee will be considered to have
         knowledge or notice of or be aware of any matter or thing if the
         Trustee has knowledge, notice or awareness of that matter or thing by
         virtue of the actual notice or awareness of the officers or employees
         of the Trustee who have day to day responsibility for the
         administration of the Trust.

2.       PURPOSE
--------------------------------------------------------------------------------

         The Manager directs the Trustee to, and the Trustee shall, apply the
         proceeds of each Redraw Advance to fund Redraw Shortfalls in relation
         to the Trust by paying it to the Approved Seller or to repay a previous
         Redraw Advance in accordance with clause 3.2(a) of this agreement and
         clause 5.8 of the Supplementary Terms Notice, and for no other purpose.

3.       DRAWINGS
--------------------------------------------------------------------------------

3.1      REDRAW ADVANCE

         (a)  Subject to this agreement, if at any time during the Term the
              Manager determines that there is a Redraw Shortfall, the Manager
              may direct the Trustee to request a Redraw Advance by giving to
              the Trustee a duly completed but unsigned Drawdown Notice by no
              later than 10 am on the Business Day following the Determination
              Date on which the Redraw Shortfall is determined.

         (b)  A Drawdown Notice must be:

              (i)     in writing;

              (ii)    in or substantially in the form of Annexure A; and

              (iii)   signed by the Trustee.

              The Trustee must sign and return the Drawdown Notice to the
              Manager by no later than 2 pm on the Business Day following the

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                                                                          Page 5

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REDRAW FACILITY AGREEMENT                                  ALLEN ALLEN & HEMSLEY
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              Determination Date on which the Redraw Shortfall is determined for
              delivery to the Redraw Facility Provider.

         (c)  The amount requested in a Drawdown Notice must be the lesser of:

              (i)     the relevant Redraw Shortfall; and

              (ii)    the Available Redraw Amount at that time (but assuming the
                      repayment of all Redraw Advances due to be repaid on or
                      before the relevant Drawdown Date).

         (d)  A Drawdown Notice may specify that the Drawdown Date is to be the
              same date as the Drawdown Notice only if:

              (i)     the Drawdown Notice is given to the Redraw Facility
                      Provider in accordance with this agreement before 10am on
                      that date; and

              (ii)    the Redraw Advance is payable no earlier than 2pm on that
                      date.

3.2      MAKING OF REDRAW ADVANCES

         (a)  Subject to the terms of this agreement, a Redraw Advance requested
              in a Drawdown Notice shall be made available by the Redraw
              Facility Provider paying the proceeds of that Redraw Advance to
              the Approved Seller.

         (b)  The Redraw Facility Provider is not obliged to provide a Redraw
              Advance if as a result the aggregate of Redraw Principal
              Outstanding and the Carryover Redraw Charge Offs would exceed the
              Redraw Limit.

4.       FEES
--------------------------------------------------------------------------------

4.1      AVAILABILITY FEE

         (a)  An availability fee accrues at 0.10% per annum on the daily amount
              of the Available Redraw Amount (if any) due from day to day from
              the date of this agreement. [ST.GEORGE TO CONFIRM]

         (b)  The availability fee is calculated on the actual number of days
              elapsed and a year of 365 days.

         (c)  The Manager must direct the Trustee to, and the Trustee shall, pay
              to the Redraw Facility Provider any accrued availability fee in
              arrears on:

              (i)     each Quarterly Payment Date; and

              (ii)    at the end of the Term.

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                                                                          Page 6

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REDRAW FACILITY AGREEMENT                                  ALLEN ALLEN & HEMSLEY
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4.2      DRAW MARGIN

         (a)  A draw margin accrues due from day to day on the daily amount of
              each Redraw Advance at the following rates:

              (i)     the sum of 0.30% per annum and the One Month Bank Bill
                      Rate calculated as of the Reset Date immediately before
                      that date, if the Redraw Advance has been outstanding for
                      less than 12 months; and [ST.GEORGE TO CONFIRM]

              (ii)    the sum of 0.40% per annum and the One Month Bank Bill
                      Rate calculated as of the Reset Date immediately before
                      that date, if the Redraw Advance has been outstanding for
                      12 months or more. [ST.GEORGE TO CONFIRM]

         (b)  Each draw margin is calculated on the actual number of days
              elapsed and a year of 365 days.

         (c)  The Manager must direct the Trustee to, and the Trustee shall, pay
              to the Redraw Facility Provider any accrued draw margin in arrears
              on:

              (i)     each Payment Date; and

              (ii)    at the end of the Term.

         (d)  The One Month Bank Bill Rate as at any date will be the One Month
              Bank Bill Rate determined:

              (i)     if that date is a Payment Date, on that Payment Date; and

              (ii)    on any other date, on the Payment Date immediately
                      preceding that date.

4.2      CAPITALISATION

         Any draw margin payable under this clause 4 which is not paid when due
         will immediately be capitalised. The draw margin is payable on any
         capitalised amount at the rate and in the manner referred to in this
         clause 4.

4.3      GST

         Neither the Availability Fee nor the draw margin specified in this
         clause 4 are to be increased by reference to any goods and services tax
         unless:

         (a)  the Trustee, the Manager and the Redraw Facility Provider
              otherwise agree (that agreement not to be unreasonably withheld);
              and

         (b)  the increase will not result in a downgrading or withdrawal of the
              rating of any Notes.

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                                                                          Page 7
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REDRAW FACILITY AGREEMENT                                  ALLEN ALLEN & HEMSLEY
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5.       CANCELLATION OF REDRAW LIMIT
--------------------------------------------------------------------------------

5.1      DURING TERM

         (a)  On giving not less than 5 Business Days irrevocable notice to the
              Redraw Facility Provider the Trustee:

              (i)     may, in its absolute discretion and with no obligation to
                      do so; or

              (ii)    must, at the direction of the Manager, cancel all or part
                      of the Redraw Limit during the Term.

         (b)  A partial cancellation must be in a minimum of A$250,000 and a
              whole multiple of A$50,000 unless the Redraw Facility Provider
              agrees otherwise.

5.2      AT END OF TERM

         At the close of business (Sydney time) on the last day of the Term the
         Redraw Limit will be cancelled.

5.3      CANCELLATION BY REDRAW FACILITY PROVIDER

         (a)  The Redraw Facility Provider may cancel all or part of the Redraw
              Limit during the Term immediately on giving notice to the Trustee
              and the Manager. The Redraw Limit shall be reduced by the amount
              of that cancellation on that notice.

         (b)  On each Payment Date following that cancellation, the Trustee
              shall pay to the Redraw Facility Provider the lesser of:

              (i)     an amount equal to the Redraw Principal Outstanding at
                      that Payment Date less the Redraw Limit at that Payment
                      Date (if positive); and

              (ii)    any amount available for distribution to the Redraw
                      Facility Provider under clauses 5.1(c)(iv) and 5.4(a)(iv)
                      of the Supplementary Terms Notice.

         (c)  Repayments under paragraph (b) will be applied against Redraw
              Advances in chronological order of their Drawdown Dates.

         (d)  This clause does not affect the Redraw Facility Provider's rights
              under clause 13 of this agreement or under clause 5.2(a)(ii)(C) of
              the Supplementary Terms Notice.

5.4      ROLLOVER TERM RENEWAL

         If the Rollover Term will expire before the Final Repayment Date, then
         not later than 90 days before the expiry of the Rollover Term, the
         Redraw Facility Provider will notify the Trustee as to whether it will
         or will not renew the Redraw Facility for 364 days (unless the Final
         Repayment Date falls before the end of those 364 days, in which case
         the renewal will apply up until the Final Repayment Date) commencing on
         the date the notice of renewal is

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                                                                          Page 8
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REDRAW FACILITY AGREEMENT                                  ALLEN ALLEN & HEMSLEY
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         given. If the Redraw Facility Provider fails to provide such notice, it
         will be deemed NOT to have renewed the Redraw Facility.

6.       REPAYMENT
--------------------------------------------------------------------------------

6.1      REPAYMENT OF REDRAW ADVANCES

         The Trustee shall, at the direction of the Manager, repay the Redraw
         Principal Outstanding on each Payment Date, to the extent that amounts
         are available for that purpose under clause 5.4(c)(iv) of the
         Supplementary Terms Notice. Those repayments will be applied against
         Redraw Advances in chronological order of their Drawdown Dates.

6.2      FINAL REPAYMENT

         If following the Final Repayment Date, any Redraw Principal Outstanding
         or Carryover Redraw Charge Off or interest thereon has not been repaid
         after the distribution of all Assets of the Trust in accordance with
         the Supplementary Terms Notice, that Redraw Principal Outstanding or
         Carryover Redraw Charge Off or interest and any other amounts due
         hereunder will be cancelled and the Trustee will have no further
         obligation to pay that amount under this agreement.

7.       PREPAYMENTS
--------------------------------------------------------------------------------

7.1      VOLUNTARY PREPAYMENTS

         Subject to clause 7.3, if directed by the Manager, the Trustee must
         prepay all or part of the Redraw Principal Outstanding with the consent
         of the Redraw Facility Provider and on at least 5 Business Days'
         notice. The Trustee shall prepay in accordance with that notice.

7.2      DRAW MARGIN

         When the Trustee prepays any amount of the Redraw Principal
         Outstanding, it shall also pay any draw margin accrued on that amount.

7.3      LIMITATION ON PREPAYMENTS

         The Trustee may not, and the Manager must not direct the Trustee to,
         prepay all or any part of the Redraw Principal Outstanding except as
         set out in this agreement and in accordance with the Supplementary
         Terms Notice and the Security Trust Deed.

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                                                                          Page 9
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REDRAW FACILITY AGREEMENT                                  ALLEN ALLEN & HEMSLEY
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8.       PAYMENTS
--------------------------------------------------------------------------------

8.1      MANNER

         The Trustee shall make all payments under this agreement:

         (a)  by cheque, electronic funds transfer or other agreed methods,
              provided to the Redraw Facility Provider at its address for
              service of notices or by transfer of immediately available funds
              to the account specified by the Redraw Facility Provider and, in
              either case, by 4.00 pm (local time) on the due date; and

         (b)  without set-off, counterclaim or other deduction, except any
              compulsory deduction for Tax; and

         (c)  in accordance with, and only at the directions of the Manager,
              Master Trust Deed, the Security Trust Deed and the Supplementary
              Terms Notice.

8.2      PAYMENT TO BE MADE ON BUSINESS DAY

         If any payment is due on a day which is not a Business Day, the due
         date will be adjusted in accordance with the Modified Following
         Business Day Convention.

8.3      APPROPRIATION WHERE INSUFFICIENT MONEYS AVAILABLE

         The Redraw Facility Provider may appropriate amounts it receives as
         between principal, interest and other amounts then payable as it sees
         fit. This will override any appropriation made by the Trustee.


9.       CHANGES IN LAW
--------------------------------------------------------------------------------

9.1      ADDITIONAL PAYMENTS

         Whenever the Redraw Facility Provider determines that:

         (a)  the effective cost to the Redraw Facility Provider of making,
              funding or maintaining any Redraw Advance or the Redraw Limit is
              increased in any way;

         (b)  any amount paid or payable to the Redraw Facility Provider or
              received or receivable by the Redraw Facility Provider, or the
              effective return to the Redraw Facility Provider, under or in
              respect of this agreement is reduced in any way;

         (c)  the return of the Redraw Facility Provider on the capital which is
              or becomes directly or indirectly allocated by the Redraw Facility
              Provider to any Redraw Advance or the Redraw Limit is reduced in
              any way; or

         (d)  to the extent any relevant law, official directive or request
              relates to or affects the Redraw Limit, any Redraw Advance or this
              agreement, the

--------------------------------------------------------------------------------
                                                                         Page 10
<PAGE>

REDRAW FACILITY AGREEMENT                                  ALLEN ALLEN & HEMSLEY
--------------------------------------------------------------------------------

              overall return on capital of the Redraw Facility Provider or any
              of its holding companies is reduced in any way,

         as a result of any change in, any making of or any change in the
         interpretation or application by any Government Agency of, any law,
         official directive or request in each case, after the date of this
         agreement, then:

         (e)  (when it has calculated the effect of the above and the amount to
              be charged to the Trustee under this clause) the Redraw Facility
              Provider shall promptly notify the Manager and the Trustee; and

         (f)  on the following Payment Date from time to time the Trustee shall,
              subject to the Supplementary Terms Notice, pay for the account of
              the Redraw Facility Provider the amount, absent manifest error,
              certified by an Authorised Signatory of the Redraw Facility
              Provider to be necessary to compensate the Redraw Facility
              Provider for the increased cost or the reduction (from the date of
              the notice).

         Without limiting the above in any way, this clause applies:

         (g)  to any law, official directive or request with respect to Tax
              (other than any Tax on the net income of any person) or reserve,
              redraw, capital adequacy, special deposit or similar requirements;

         (h)  to official directives or requests which do not have the force of
              law where it is the practice of responsible bankers or financial
              institutions in the country concerned to comply with them; and

         (i)  where the increased cost or the reduction arises because the
              Redraw Facility Provider is restricted in its capacity to enter
              other transactions, is required to make a payment, or forgoes or
              earns reduced interest or other return on any capital or on any
              sum calculated by reference in any way to the amount of any Redraw
              Advance, the Redraw Limit or to any other amount paid or payable
              or received or receivable under this agreement or allocates
              capital to any such sum.

1.28     MINIMISATION

         (a)  (NO DEFENCE) If the Redraw Facility Provider has acted in good
              faith it will not be a defence that any cost, reduction or payment
              referred to in this clause could have been avoided.

         (b)  (MINIMISATION) The Redraw Facility Provider shall use reasonable
              endeavours to minimise any cost, reduction or payment referred to
              in this clause.

9.2      SURVIVAL

         This clause survives the repayment of any relevant Redraw Advance and
         the termination of this agreement.

--------------------------------------------------------------------------------
                                                                         Page 11
<PAGE>

REDRAW FACILITY AGREEMENT                                  ALLEN ALLEN & HEMSLEY
--------------------------------------------------------------------------------

10.      CONDITIONS PRECEDENT
--------------------------------------------------------------------------------

10.1     CONDITIONS PRECEDENT TO INITIAL DRAWDOWN NOTICE

         The right of the Trustee to give the initial Drawdown Notice and the
         obligations of the Redraw Facility Provider under this agreement are
         subject to the condition precedent that the Redraw Facility Provider
         receives all of the following in form and substance satisfactory to the
         Redraw Facility Provider:

         (a)  (TRUST DOCUMENTS) from the Manager a certified copy of each duly
              executed and (where relevant) stamped Trust Document;

         (b)  (MASTER TRUST DEED CONDITIONS PRECEDENT) from the Manager evidence
              that the conditions precedent referred to in clause 6 of the
              Master Trust Deed have been satisfied;

         (c)  (SECURITY TRUST DEED) from the Manager evidence that the Security
              Trust Deed has been or will be registered with each relevant
              Government Agency free from all prior Security Interests and third
              party rights and interests; and

         (d)  (NOTES) evidence that the Notes have been issued.

10.2     CONDITIONS PRECEDENT TO EACH REDRAW ADVANCE

         The obligations of the Redraw Facility Provider to make available each
         Redraw Advance are subject to the further conditions precedent that:

         (a)  (NO DEFAULT) no Event of Default subsists at the date of the
              relevant Drawdown Notice and the relevant Drawdown Date or will
              result from the provision of the Redraw Advance; and

         (b)  (REPRESENTATIONS TRUE) the representations and warranties by the
              Trustee in this agreement are true as at the date of the relevant
              Drawdown Notice and the relevant Drawdown Date as though they had
              been made at that date in respect of the facts and circumstances
              then subsisting.

11.      REPRESENTATIONS AND WARRANTIES
--------------------------------------------------------------------------------

11.1     REPRESENTATIONS AND WARRANTIES

         The Trustee (in its capacity as trustee of the Trust) makes the
         following representations and warranties (so far as they relate to the
         Trust).

         (A)  (DOCUMENTS BINDING) This agreement constitutes (or will, when
              executed and delivered, constitute) its legal, valid and binding
              obligations (subject to laws generally affecting creditors' rights
              and to general principles of equity).

         (B)  (TRANSACTIONS PERMITTED) The execution of this agreement did not
              and will not contravene any applicable law or authorisation which
              affects the Trustee in its capacity as trustee of the Trust.

--------------------------------------------------------------------------------
                                                                         Page 12

<PAGE>

         (C)  (EVENT OF DEFAULT) It has no actual knowledge of any Event of
              Default having occurred which has not been remedied or waived in
              writing.

         (D)  (OTHER DEFAULT) It has no actual knowledge of any default by it or
              the Manager under either:

              (i)     the Master Trust Deed; or

              (ii)    any law, authorisation, agreement or obligation applicable
                      to the Assets of the Trust,

                           which has not been remedied or waived in writing.

         (E)  (TRUST) The Trust has been validly created and is in existence at
              the date of this agreement.

         (F)  (SOLE TRUSTEE) It is the sole trustee of the Trust at the date of
              this agreement.

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

11.2     RELIANCE ON REPRESENTATIONS AND WARRANTIES

         The Trustee acknowledges that the Redraw Facility Provider has entered
         into the Trust Documents in reliance on the representations and
         warranties in this clause.

12.      UNDERTAKINGS
--------------------------------------------------------------------------------

12.1     GENERAL UNDERTAKINGS

         Each of the Trustee and the Manager undertake to the Redraw Facility
         Provider as follows in relation to the Trust, except to the extent that
         the Redraw Facility Provider consents.

         (a)  (AUTHORISATIONS) It will ensure that each Authorisation (which, in
              the case of the Trustee, is limited to any Authorisation relating
              to the Trustee in its capacity as trustee of the Trust and not to
              the Trust generally) required for:

              (i)     the execution, delivery and performance by it of the Trust
                      Documents to which it is expressed to be a party and the
                      transactions contemplated by those documents;

              (ii)    the validity and enforceability of those documents; and

              (iii)   the carrying on by it of its business as now conducted or
                      contemplated,

         is obtained and promptly renewed and maintained in full force and
         effect. It will pay all applicable fees for them. It will provide
         copies promptly to the Redraw Facility Provider when they are obtained
         or renewed.

--------------------------------------------------------------------------------
                                                                         Page 13
<PAGE>

REDRAW FACILITY AGREEMENT                                  ALLEN ALLEN & HEMSLEY
--------------------------------------------------------------------------------

         (b)  (NEGATIVE PLEDGE) It will not create or allow to exist a Security
              Interest over the Assets of the Trust other than:

              (i)     under the Trust Documents; or

              (ii)    a lien arising by operation of law in the ordinary course
                      of day-to-day trading and not securing indebtedness in
                      respect of financial accommodation where it duly pays the
                      indebtedness secured by that lien other than indebtedness
                      contested in good faith.

         (c)  (COMPLY WITH OBLIGATIONS) It will duly and punctually comply with
              its obligations under the Trust Documents.

         (d)  (NOTICE TO REDRAW FACILITY PROVIDER) It will notify the Redraw
              Facility Provider as soon as it becomes actually aware of:

              (i)     any Event of Default; and

              (ii)    any proposal by a Government Agency to acquire
                      compulsorily any Assets of the Trust.

12.2     UNDERTAKINGS RELATING TO TRUST

         Each of the Trustee, as trustee of the Trust, and the Manager severally
         undertakes to the Redraw Facility Provider as follows, except to the
         extent that the Redraw Facility Provider consents.

         (a)  (AMENDMENT TO MASTER TRUST DEED) It will not consent to any
              amendment to the Master Trust Deed, the Supplementary Terms Notice
              or any other Trust Document which would change:

              (i)     the basis upon which the amount of any Redraw Advance to
                      be made is calculated;

              (ii)    Clause 5.8 of the Supplementary Terms Notice; or

              (iii)   the basis of calculation or order of application of any
                      amount to be paid or applied under clause 5 of the
                      Supplementary Terms Notice unless the change would not be
                      adverse to the Redraw Facility Provider.

         (b)  (RESETTLEMENT) It will not take any action that will result in a
              resettlement, setting aside or transfer of any asset of the Trust
              other than a transfer which complies with the Master Trust Deed,
              the Supplementary Terms Notice and the other Trust Documents.

         (c)  (NO ADDITIONAL TRUSTEE) It will act continuously as trustee or
              manager (as the case may be) of the Trust in accordance with the
              Master Trust Deed until the Trust has been terminated or until it
              has retired or been removed in accordance with the Master Trust
              Deed.

12.3     TERM OF UNDERTAKINGS

         Each undertaking in this clause continues from the date of this
         agreement until all moneys actually or contingently owing under this
         agreement are fully and finally repaid or cease to be outstanding.

--------------------------------------------------------------------------------
                                                                         Page 14
<PAGE>

REDRAW FACILITY AGREEMENT                                  ALLEN ALLEN & HEMSLEY
--------------------------------------------------------------------------------

13.      EVENTS OF DEFAULT
--------------------------------------------------------------------------------

13.1     EVENTS OF DEFAULT

         Each of the following is an Event of Default (whether or not it is in
         the control of the Trustee).

         (a)  (PAYMENTS) An amount is available for payment under this agreement
              under clause 6 and the Trustee does not pay that amount within 10
              Business Days of its due date.

         (b)  (INSOLVENCY EVENT) An Insolvency Event occurs:

              (i)     in relation to the Trust (as if it was a RELEVANT
                      CORPORATION for the purposes of the definition of
                      INSOLVENCY EVENT); or

              (ii)    in relation to the Trustee, and a successor trustee of the
                      Trust is not appointed within 30 days of that Insolvency
                      Event.

         (c)  (TERMINATION DATE) The Termination Date occurs in relation to the
              Trust.

         (d)  (ENFORCEMENT OF SECURITY TRUST DEED) An Event of Default (as
              defined in the Security Trust Deed) occurs and any action is taken
              to enforce the Security Interest under the Security Trust Deed
              over the Assets of the Trust (including appointing a receiver or
              receiver and manager or selling any of those Assets).

13.2     CONSEQUENCES

         At any time after an Event of Default (whether or not it is continuing)
         the Redraw Facility Provider may do all or any of the following:

         (a)  subject to the Trust Documents, by notice to the Trustee and the
              Manager declare all moneys actually or contingently owing under
              this agreement immediately due and payable, and the Trustee will
              immediately pay the Redraw Principal Outstanding together with
              accrued interest and fees and all such other moneys; and

         (b)  by notice to the Trustee and the Manager cancel the Redraw Limit
              with effect from any date specified in that notice.


14.      CONTROL ACCOUNTS
--------------------------------------------------------------------------------

         The accounts kept by the Redraw Facility Provider constitute sufficient
         evidence, unless proven wrong, of the amount at any time due from the
         Trustee under this agreement.


15.      WAIVERS, REMEDIES CUMULATIVE
--------------------------------------------------------------------------------

         (a)  No failure to exercise and no delay in exercising any right, power
              or remedy under this agreement operates as a waiver. Nor does any
              single or partial exercise of any right, power or remedy preclude
              any other or further exercise of that or any other right, power or
              remedy.

--------------------------------------------------------------------------------
                                                                         Page 15
<PAGE>

REDRAW FACILITY AGREEMENT                                  ALLEN ALLEN & HEMSLEY
--------------------------------------------------------------------------------

         (b)  The rights, powers and remedies provided to the Redraw Facility
              Provider in this agreement are in addition to, and do not exclude
              or limit, any right, power or remedy provided by law.

16.      SEVERABILITY OF PROVISIONS
--------------------------------------------------------------------------------

         Any provision of this agreement which is prohibited or unenforceable in
         any jurisdiction is ineffective as to that jurisdiction to the extent
         of the prohibition or unenforceability. That does not invalidate the
         remaining provisions of this agreement nor affect the validity or
         enforceability of that provision in any other jurisdiction.

17.      SURVIVAL OF REPRESENTATIONS
--------------------------------------------------------------------------------

         All representations and warranties in this agreement survive the
         execution and delivery of this agreement and the provision of advances
         and accommodation.

18.      INDEMNITY AND REIMBURSEMENT OBLIGATION
--------------------------------------------------------------------------------

         Unless stated otherwise, each indemnity, reimbursement or similar
         obligation in this agreement:

         (a)  is a continuing obligation;

         (b)  is a separate and independent obligation;

         (c)  is payable on demand; and

         (d)  survives termination or discharge of this agreement.


19.      MORATORIUM LEGISLATION
--------------------------------------------------------------------------------

         To the full extent permitted by law all legislation which at any time
         directly or indirectly:

         (a)  lessens, varies or affects in favour of the Trustee any obligation
              under a Trust Document; or

         (b)  delays, prevents or prejudicially affects the exercise by the
              Redraw Facility Provider of any right, power or remedy conferred
              by this agreement,

         is excluded from this agreement.

20.      CONSENTS AND OPINIONS
--------------------------------------------------------------------------------

         Except where expressly stated the Redraw Facility Provider may give or
         withhold, or give conditionally, approvals and consents, may be
         satisfied or

--------------------------------------------------------------------------------
                                                                         Page 16
<PAGE>

REDRAW FACILITY AGREEMENT                                  ALLEN ALLEN & HEMSLEY
--------------------------------------------------------------------------------

         unsatisfied, may form opinions, and may exercise its rights, powers and
         remedies, at its absolute discretion.

21.      ASSIGNMENTS
--------------------------------------------------------------------------------

         Neither party may assign or transfer any of its rights or obligations
         under this agreement without the prior written consent of the other
         party or if the rating of the Notes would be withdrawn or reduced as a
         result of the assignment, except for the creation of a charge by the
         Trustee under the Security Trust Deed.

22.      NOTICES
--------------------------------------------------------------------------------

         All notices, requests, demands, consents, approvals, agreements or
         other communications to or by a party to this agreement:

         (a)  must be in writing;

         (b)  must be signed by an Authorised Signatory of the sender; and

         (c)  will be taken to be duly given or made:

              (i)     (in the case of delivery in person or by post) when
                      delivered, received or left at the address of the
                      recipient shown in this agreement or to any other address
                      which it may have notified the sender;

              (ii)    (in the case of facsimile transmission) on receipt of a
                      transmission report confirming successful transmission;
                      and

              (iii)   (in the case of a telex) on receipt by the sender of the
                      answerback code of the recipient at the end of
                      transmission,

              but if delivery or receipt is on a day on which business is not
              generally carried on in the place to which the communication is
              sent or is later than 4.00 pm (local time), it will be taken to
              have been duly given or made at the commencement of business on
              the next day on which business is generally carried on in that
              place.

23.      AUTHORISED SIGNATORIES
--------------------------------------------------------------------------------

         The Trustee irrevocably authorises the Redraw Facility Provider to rely
         on a certificate by persons purporting to be its directors and/or
         secretaries as to the identity and signatures of its Authorised
         Signatories. The Trustee warrants that those persons have been
         authorised to give notices and communications under or in connection
         with this agreement.

--------------------------------------------------------------------------------
                                                                         Page 17
<PAGE>

REDRAW FACILITY AGREEMENT                                  ALLEN ALLEN & HEMSLEY
--------------------------------------------------------------------------------

24.      GOVERNING LAW AND JURISDICTION
--------------------------------------------------------------------------------

         This agreement is governed by the laws of New South Wales. The Trustee
         submits to the non-exclusive jurisdiction of courts exercising
         jurisdiction there.

25.      COUNTERPARTS
--------------------------------------------------------------------------------

         This agreement may be executed in any number of counterparts. All
         counterparts together will be taken to constitute one instrument.

26.      ACKNOWLEDGEMENT BY TRUSTEE
--------------------------------------------------------------------------------

         The Trustee confirms that:

         (a)  it has not entered into this agreement in reliance on, or as a
              result of, any statement or conduct of any kind of or on behalf of
              the Redraw Facility Provider (including any advice, warranty,
              representation or undertaking); and

         (b)  the Redraw Facility Provider is not obliged to do anything
              (including disclose anything or give advice),

         except as expressly set out in this agreement.


27.      LIMITED RECOURSE
--------------------------------------------------------------------------------

27.1     GENERAL

         Clause 30 of the Master Trust Deed applies to the obligations and
         liabilities of the Trustee and the Manager under this agreement.

27.2    LIABILITY OF TRUSTEE LIMITED TO ITS RIGHT TO INDEMNITY

         (a)  The Trustee enters into this agreement only in its capacity as
              trustee of the Trust and in no other capacity (except where the
              Transaction Documents provide otherwise). Subject to paragraph (c)
              below, a liability arising under or in connection with this
              agreement or the Trust can be enforced against the Trustee only to
              the extent to which it can be satisfied out of the assets and
              property of the Trust which are available to satisfy the right of
              the Trustee to be exonerated or indemnified for the liability.
              This limitation of the Trustee's liability applies despite any
              other provision of this agreement and extends to all liabilities
              and obligations of the Trustee in any way connected with any
              representation, warranty, conduct, omission, agreement or
              transaction related to this agreement or the Trust.

         (b)  Subject to paragraph (c) below, no person (including any Relevant
              Party) may take action against the Trustee in any capacity other
              than as trustee of the Trust or seek the appointment of a receiver
              (except under the Security Trust Deed), or a liquidator, an
              administrator or

--------------------------------------------------------------------------------
                                                                         Page 18
<PAGE>

REDRAW FACILITY AGREEMENT                                  ALLEN ALLEN & HEMSLEY
--------------------------------------------------------------------------------

              any similar person to the Trustee or prove in any liquidation,
              administration or arrangements of or affecting the Trustee.

         (c)  The provisions of this clause 27.2 shall not apply to any
              obligation or liability of the Trustee to the extent that it is
              not satisfied because under a Transaction Document or by operation
              of law there is a reduction in the extent of the Trustee's
              indemnification or exoneration out of the Assets of the Trust as a
              result of the Trustee's fraud, negligence, or Default.

         (d)  It is acknowledged that the Relevant Parties are responsible under
              this agreement or the other Transaction Documents for performing a
              variety of obligations relating to the Trust. No act or omission
              of the Trustee (including any related failure to satisfy its
              obligations under this agreement) will be considered fraud,
              negligence or Default of the Trustee for the purpose of paragraph
              (c) above to the extent to which the act or omission was caused or
              contributed to by any failure by any Relevant Party or any person
              who has been delegated or appointed by the Trustee in accordance
              with the Transaction Documents to fulfil its obligations relating
              to the Trust or by any other act or omission of a Relevant Party
              or any such person.

         (e)  In exercising their powers under the Transaction Documents, each
              of the Trustee, the Security Trustee and the Noteholders must
              ensure that no attorney, agent, delegate, receiver or receiver and
              manager appointed by it in accordance with this agreement or any
              other Transaction Documents has authority to act on behalf of the
              Trustee in a way which exposes the Trustee to any personal
              liability and no act or omission of any such person will be
              considered fraud, negligence, or Default of the Trustee for the
              purpose of paragraph (c) above.

         (f)  In this clause, RELEVANT PARTIES means each of the Manager, the
              Servicer, the Custodian, the Calculation Agent, each Paying Agent,
              the Note Trustee and the provider of any Support Facility.

         (g)  Nothing in this clause limits the obligations expressly imposed on
              the Trustee under the Transaction Documents.

27.3     UNRESTRICTED REMEDIES

         Nothing in clause 27.2 limits the Redraw Facility Provider in:

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

         (b)  obtaining declaratory relief; or

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

27.4     RESTRICTED REMEDIES

         Except as provided in clause 27.3, the Redraw Facility Provider shall
         not:

--------------------------------------------------------------------------------
                                                                         Page 19
<PAGE>

REDRAW FACILITY AGREEMENT                                  ALLEN ALLEN & HEMSLEY
--------------------------------------------------------------------------------

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

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

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

         (d)  (EXECUTION) levy or enforce any distress or other execution to,
              on, or against any assets of the Trustee;

         (e)  (COURT APPOINTED RECEIVER) apply for the appointment by a court of
              a receiver to any of the assets of the Trustee;

         (f)  (SET-OFF OR COUNTERCLAIM) exercise or seek to exercise any set-off
              or counterclaim against the Trustee; or

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

         or take proceedings for any of the above and the Redraw Facility
         Provider waives its rights to make those applications and take those
         proceedings.

28.      REDRAW FACILITY PROVIDER'S OBLIGATIONS
--------------------------------------------------------------------------------

         The Trustee shall have no recourse to the Redraw Facility Provider in
         relation to this agreement beyond its terms, and the Redraw Facility
         Provider's obligations under this agreement are separate from, and
         independent to, any obligations the Redraw Facility Provider may have
         to the Trustee for any other reason (including under any other Trust
         Document).

29.      SUCCESSOR TRUSTEE
--------------------------------------------------------------------------------

         The Redraw Facility Provider shall do all things reasonably necessary
         to enable any successor Trustee appointed under clause 20 of the Master
         Trust Deed to become the Trustee under this agreement.

EXECUTED in Sydney.

Each attorney executing this agreement states that he or she has no notice of,
alteration to, or revocation or suspension of, his or her power of attorney.

--------------------------------------------------------------------------------
                                                                         Page 20
<PAGE>

REDRAW FACILITY AGREEMENT                                  ALLEN ALLEN & HEMSLEY
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
<S>                                                  <C>
SIGNED by                                        )
PERPETUAL TRUSTEES CONSOLIDATED LIMITED          )
                                                 )
by its attorney under Power of Attorney dated    )
                                                 )
in the presence of:                              )
                                                     ----------------------------------------------
                                                     Signature


--------------------------------------------------   ----------------------------------------------
Witness                                              Print name


--------------------------------------------------
Print name




SIGNED on behalf of                              )
ST.GEORGE BANK LIMITED                           )
by its attorney under Power of                   )
Attorney dated                                   )
in the presence of:                              )
                                                     ----------------------------------------------
                                                     Signature


--------------------------------------------------   ----------------------------------------------
Witness                                              Print name


--------------------------------------------------
Print name




SIGNED on behalf of                              )
CRUSADE MANAGEMENT LIMITED                       )
                                                 )
by its attorney under Power of                   )
Attorney dated                                   )
in the presence of:                              )
                                                     ----------------------------------------------
                                                     Signature


--------------------------------------------------   ----------------------------------------------
Witness                                              Print name


--------------------------------------------------
Print name

</TABLE>

<PAGE>

REDRAW FACILITY AGREEMENT                                  ALLEN ALLEN & HEMSLEY
--------------------------------------------------------------------------------

ANNEXURE A

DRAWDOWN NOTICE
--------------------------------------------------------------------------------

To:      St.George Bank Limited

               REDRAW FACILITY AGREEMENT - DRAWDOWN NOTICE NO. [*]

We refer to the Redraw Facility Agreement dated [*] 2001 (the FACILITY
AGREEMENT).

Under clause 3.1 of the Facility Agreement we give you irrevocable notice as
follows:

(1)      we wish to draw on [*] (the DRAWDOWN DATE); [NOTE: DATE IS TO BE A
         BUSINESS DAY.]

(2)      the principal amount of the Redraw Advance is A$[*]; [NOTE: AMOUNT TO
         COMPLY WITH THE LIMITS IN CLAUSE 3.]

(3)      we request that the proceeds be remitted to account number [*] at [*];

[NOTE: THE ACCOUNT(S) TO BE COMPLETED ONLY IF FUNDS NOT REQUIRED IN REPAYMENT OF
ANY PREVIOUS REDRAW ADVANCE(S).]

(4)      to the best of our knowledge and, relying on the information provided
         by the Manager, the proceeds of the advance will be used for the
         purposes contemplated in the Facility Agreement;

(5)      to the best of our knowledge and relying on the information provided by
         the Manager, no Event of Default under the Facility Agreement, and no
         Event of Default as defined in the Security Trust Deed, remains
         unremedied or has not been waived in writing or will result from the
         drawing; and

(6)      all representations and warranties under clause 11 of the Facility
         Agreement are true as though they had been made at the date of this
         Drawdown Notice and the Drawdown Date specified above in respect of
         the facts and circumstances then subsisting.

Definitions in the Facility Agreement apply in this Drawdown Notice.

PERPETUAL TRUSTEES CONSOLIDATED LIMITED

By:                                         Authorised Signatory

DATED

Verified by Crusade Management Limited

By:                                         Authorised Signatory

Dated

--------------------------------------------------------------------------------
                                                                         Page 22