Document:

(MULTICURRENCY--CROSS BORDER)

                                     ISDA(R)

                  International Swap Dealers Association, Inc.

                                MASTER AGREEMENT

                         dated as of              2005

ST.GEORGE BANK LIMITED                    PERPETUAL TRUSTEES
(ABN 92 055 513 070)("PARTY A")           CONSOLIDATED LIMITED

                                          (ABN 81 004 029 841)

                                          IN ITS CAPACITY AS TRUSTEE OF
                                          THE CRUSADE GLOBAL TRUST NO. 1 OF 2005
                                          (IN THAT CAPACITY, "PARTY B")

                                      AND

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have entered and/or anticipate entering into one or more transactions (each a
"Transaction") that are or will be governed by this Master Agreement, which
includes the schedule (the "Schedule"), and the documents and other confirming
evidence (each a "Confirmation") exchanged between the parties confirming those
Transactions.

Accordingly, the parties agree as follows:--

1.   INTERPRETATION

(a) DEFINITIONS. The terms defined in Section 14 and in the Schedule will have
the meanings therein specified for the purpose of this Master Agreement.

(b) INCONSISTENCY. In the event of any inconsistency between the provisions of
the Schedule and the other provisions of this Master Agreement, the Schedule
will prevail. In the event of any inconsistency between the provisions of any
Confirmation and this Master Agreement (including the Schedule), such
Confirmation will prevail for the purpose of the relevant Transaction.

(c) SINGLE AGREEMENT. All Transactions are entered into in reliance on the fact
that this Master Agreement and all Confirmations form a single agreement between
the parties (collectively referred to as this "Agreement"), and the parties
would not otherwise enter into any Transactions.

2.   OBLIGATIONS

(a)  GENERAL CONDITIONS.

     (i) Each party will make each payment or delivery specified in each
     Confirmation to be made by it, subject to the other provisions of this
     Agreement.

     (ii) Payments under this Agreement will be made on the due date for value
     on that date in the place of the account specified in the relevant
     Confirmation or otherwise pursuant to this Agreement, in freely
     transferable funds and in the manner customary for payments in the required
     currency. Where settlement is by delivery (that is, other than by payment),
     such delivery will be made for receipt on the due date in the manner
     customary for the relevant obligation unless otherwise specified in the
     relevant Confirmation or elsewhere in this Agreement.

     (iii) Each obligation of each party under Section 2(a)(i) is subject to (1)
     the condition precedent that no Event of Default or Potential Event of
     Default with respect to the other party has occurred and is continuing, (2)
     the condition precedent that no Early Termination Date in respect of the
     relevant Transaction has occurred or been effectively designated and (3)
     each other applicable condition precedent specified in this Agreement.

(b) CHANGE OF ACCOUNT. Either party may change its account for receiving a
payment or delivery by giving notice to the other party at least five Local
Business Days prior to the scheduled date for the payment or delivery to which
such change applies unless such other party gives timely notice of a reasonable
objection to such change.

(c) NETTING. If on any date amounts would otherwise be payable:--

     (i) in the same currency; and

     (ii) in respect of the same Transaction,

by each party to the other, then, on such date, each party's obligation to make
payment of any such amount will be automatically satisfied and discharged and,
if the aggregate amount that would otherwise have been payable by one party
exceeds the aggregate amount that would otherwise have been payable by the other
party, replaced by an obligation upon the party by whom the larger aggregate
amount would have been payable to pay to the other party the excess of the
larger aggregate amount over the smaller aggregate amount.

The parties may elect in respect of two or more Transactions that a net amount
will be determined in respect of all amounts payable on the same date in the
same currency in respect of such Transactions, regardless of whether such
amounts are payable in respect of the same Transaction. The election may be made
in the Schedule or a Confirmation by specifying that subparagraph (ii) above
will not apply to the Transactions identified as being subject to the election,
together with the starting date (in which case subparagraph (ii) above will not,
or will cease to, apply to such Transactions from such date). This election may
be made separately for different groups of Transactions and will apply
separately to each pairing of Offices through which the parties make and receive
payments or deliveries.

(d)  DEDUCTION OR WITHHOLDING FOR TAX.

     (i) GROSS-UP. All payments under this Agreement will be made without any
     deduction or withholding for or on account of any Tax unless such deduction
     or withholding is required by any applicable law, as modified by the
     practice of any relevant governmental revenue authority, then in effect. If
     a party is so required to deduct or withhold, then that party ("X") will:--

          (1) promptly notify the other party ("Y") of such requirement;

          (2) pay to the relevant authorities the full amount required to be
          deducted or withheld (including the full amount required to be
          deducted or withheld from any additional amount paid by X to Y under
          this Section 2(d)) promptly upon the earlier of determining that such
          deduction or withholding is required or receiving notice that such
          amount has been assessed against Y;

          (3) promptly forward to Y an official receipt (or a certified copy),
          or other documentation reasonably acceptable to Y, evidencing such
          payment to such authorities; and

          (4) if such Tax is an Indemnifiable Tax, pay to Y, in addition to the
          payment to which Y is otherwise entitled under this Agreement, such
          additional amount as is necessary to ensure that the net amount
          actually received by Y (free and clear of Indemnifiable Taxes, whether
          assessed against X or Y) will equal the full amount Y would have
          received had no such deduction or withholding been required. However,
          X will not be required to pay any additional amount to Y to the extent
          that it would not be required to be paid but for:--

               (A)the failure by Y to comply with or perform any agreement
          contained in Section 4(a)(i), 4(a)(iii) or 4(d); or

               (B)the failure of a representation made by Y pursuant to Section
          3(f) to be accurate and true unless such failure would not have
          occurred but for (I) any action taken by a taxing authority, or
          brought in a court of competent jurisdiction, on or after the date on
          which a Transaction is entered into (regardless of whether such action
          is taken or brought with respect to a party to this Agreement) or (II)
          a Change in Tax Law.

     (ii) LIABILITY. If:--

               (1) X is required by any applicable law, as modified by the
          practice of any relevant governmental revenue authority, to make any
          deduction or withholding in respect of which X would not be required
          to pay an additional amount to Y under Section 2(d)(i)(4);

               (2) X does not so deduct or withhold; and

               (3) a liability resulting from such Tax is assessed directly
          against X,

     then, except to the extent Y has satisfied or then satisfies the liability
     resulting from such Tax, Y will promptly pay to X the amount of such
     liability (including any related liability for interest, but including any
     related liability for penalties only if Y has failed to comply with or
     perform any agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d)).

(e) DEFAULT INTEREST; OTHER AMOUNTS. Prior to the occurrence or effective
designation of an Early Termination Date in respect of the relevant Transaction,
a party that defaults in the performance of any payment obligation will, to the
extent permitted by law and subject to Section 6(c), be required to pay interest
(before as well as after judgment) on the overdue amount to the other party on
demand in the same currency as such overdue amount, for the period from (and
including) the original due date for payment to (but excluding) the date of
actual payment, at the Default Rate. Such interest will be calculated on the
basis of daily compounding and the actual number of days elapsed. If, prior to
the occurrence or effective designation of an Early Termination Date in respect
of the relevant Transaction, a party defaults in the performance of any
obligation required to be settled by delivery, it will compensate the other
party on demand if and to the extent provided for in the relevant Confirmation
or elsewhere in this Agreement.

3.   REPRESENTATIONS

Each party represents to the other party (which representations will be deemed
to be repeated by each party on each date on which a Transaction is entered into
and, in the case of the representations in Section 3(f), at all times until the
termination of this Agreement) that:--

(a)  BASIC REPRESENTATIONS.

          (i)STATUS. It is duly organized and validly existing under the laws of
     the jurisdiction of its organization or incorporation and, if relevant
     under such laws, in good standing;

          (ii) POWERS. It has the power to execute this Agreement and any other
     documentation relating to this Agreement to which it is a party, to deliver
     this Agreement and any other documentation relating to this Agreement that
     it is required by this Agreement to deliver and to perform its obligations
     under this Agreement and any obligations it has under any Credit Support
     Document to which it is a party and has taken all necessary action to
     authorize such execution, delivery and performance;

          (iii) NO VIOLATION OR CONFLICT. Such execution, delivery and
     performance do not violate or conflict with any law applicable to it, any
     provision of its constitutional documents, any order or judgment of any
     court or other agency of government applicable to it or any of its assets
     or any contractual restriction binding on or affecting it or any of its
     assets;

          (iv) CONSENTS. All governmental and other consents that are required
     to have been obtained by it with respect to this Agreement or any Credit
     Support Document to which it is a party have been obtained and are in full
     force and effect and all conditions of any such consents have been complied
     with; and

          (v)OBLIGATIONS BINDING. Its obligations under this Agreement and any
     Credit Support Document to which it is a party constitute its legal, valid
     and binding obligations, enforceable in accordance with their respective
     terms (subject to applicable bankruptcy, reorganization, insolvency,
     moratorium or similar laws affecting creditors' rights generally and
     subject, as to enforceability, to equitable principles of general
     application (regardless of whether enforcement is sought in a proceeding in
     equity or at law)).

(b) ABSENCE OF CERTAIN EVENTS. No Event of Default or Potential Event of Default
or, to its knowledge, Termination Event with respect to it has occurred and is
continuing and no such event or circumstance would occur as a result of its
entering into or performing its obligations under this Agreement or any Credit
Support Document to which it is a party.

(c) ABSENCE OF LITIGATION. There is not pending or, to its knowledge, threatened
against it or any of its Affiliates any action, suit or proceeding at law or in
equity or before any court, tribunal, governmental body, agency or official or
any arbitrator that is likely to affect the legality, validity or enforceability
against it of this Agreement or any Credit Support Document to which it is a
party or its ability to perform its obligations under this Agreement or such
Credit Support Document.

(d) ACCURACY OF SPECIFIED INFORMATION. All applicable information that is
furnished in writing by or on behalf of it to the other party and is identified
for the purpose of this Section 3(d) in the Schedule is, as of the date of the
information, true, accurate and complete in every material aspect.

(e) PAYER TAX REPRESENTATION. Each representation specified in the Schedule as
being made by it for the purpose of this Section 3(e) is accurate and true.

(f) PAYEE TAX REPRESENTATIONS. Each representation specified in the Schedule as
being made by it for the purpose of this Section 3(f) is accurate and true.

4.   AGREEMENTS

Each party agrees with the other that, so long as either party has or may have
any obligation under this Agreement or under any Credit Support Document to
which it is a party:--

(a) FURNISH SPECIFIED INFORMATION. It will deliver to the other party or, in
certain cases under subparagraph (iii) below, to such government or taxing
authority as the other party reasonably directs:--

          (i)any forms, documents or certificates relating to taxation specified
     in the Schedule or any Confirmation;

          (ii) any other documents specified in the Schedule or any
     Confirmation; and

          (iii) upon reasonable demand by such other party, any form or document
     that may be required or reasonably requested in writing in order to allow
     such other party or its Credit Support Provider to make a payment under
     this Agreement or any applicable Credit Support Document without any
     deduction or withholding for or on account of any Tax or with such
     deduction or withholding at a reduced rate (so long as the completion,
     execution or submission of such form or document would not materially
     prejudice the legal or commercial position of the party in receipt of such
     demand), with any such form or document to be accurate and completed in a
     manner reasonably satisfactory to such other party and to be executed and
     to be delivered with any reasonably required certification,

in each case by the date specified in the Schedule or such Confirmation or, if
none is specified, as soon as reasonably practicable.

(b) MAINTAIN AUTHORIZATIONS. It will use all reasonable efforts to maintain in
full force and effect all consents of any governmental or other authority that
are required to be obtained by it with respect to this Agreement or any Credit
Support Document to which it is a party and will use all reasonable efforts to
obtain any that may become necessary in the future.

(c) COMPLY WITH LAWS. It will comply in all material respects with all
applicable laws and orders to which it may be subject if failure so to comply
would materially impair its ability to perform its obligations under this
Agreement or any Credit Support Document to which it is a party.

(d) TAX AGREEMENT. It will give notice of any failure of a representation made
by it under Section 3(f) to be accurate and true promptly upon learning of such
failure.

(e) PAYMENT OF STAMP TAX. Subject to Section 11, it will pay any Stamp Tax
levied or imposed upon it or in respect of its execution or performance of this
Agreement by a jurisdiction in which it is incorporated, organized, managed and
controlled, or considered to have its seat, or in which a branch or office
through which it is acting for the purpose of this Agreement is located ("Stamp
Tax Jurisdiction") and will indemnify the other party against any Stamp Tax
levied or imposed upon the other party or in respect of the other party's
execution or performance of this Agreement by any such Stamp Tax Jurisdiction
which is not also a Stamp Tax Jurisdiction with respect to the other party.

5.   EVENTS OF DEFAULT AND TERMINATION EVENTS

(a) EVENTS OF DEFAULT. The occurrence at any time with respect to a party or, if
applicable, any Credit Support Provider of such party or any Specified Entity of
such party of any of the following events constitutes an event of default (an
"Event of Default") with respect to such party:--

          (i)FAILURE TO PAY OR DELIVER. Failure by the party to make, when due,
     any payment under this Agreement or delivery under Section 2(a)(i) or 2(e)
     required to be made by it if such failure is not remedied on or before the
     third Local Business Day after notice of such failure is given to the
     party;

          (ii) BREACH OF AGREEMENT. Failure by the party to comply with or
     perform any agreement or obligation (other than an obligation to make any
     payment under this Agreement or delivery under Section 2(a)(i) or 2(e) or
     to give notice of a Termination Event or any agreement or obligation under
     Section 4(a)(i), 4(a)(iii) or 4(d)) to be complied with or performed by the
     party in accordance with this Agreement if such failure is not remedied on
     or before the thirtieth day after notice of such failure is given to the
     party;

          (iii) CREDIT SUPPORT DEFAULT.

               (1) Failure by the party or any Credit Support Provider of such
          party to comply with or perform any agreement or obligation to be
          complied with or performed by it in accordance with any Credit Support
          Document if such failure is continuing after any applicable grace
          period has elapsed;

               (2) the expiration or termination of such Credit Support Document
          or the failing or ceasing of such Credit Support Document to be in
          full force and effect for the purpose of this Agreement (in either
          case other than in accordance with its terms) prior to the
          satisfaction of all obligations of such party under each Transaction
          to which such Credit Support Document relates without the written
          consent of the other party; or

               (3) the party or such Credit Support Provider disaffirms,
          disclaims, repudiates or rejects, in whole or in part, or challenges
          the validity of, such Credit Support Document;

     (iv) MISREPRESENTATION. A representation (other than a representation under
     Section 3(e) or (f)) made or repeated or deemed to have been made or
     repeated by the party or any Credit Support Provider of such party in this
     Agreement or any Credit Support Document proves to have been incorrect or
     misleading in any material respect when made or repeated or deemed to have
     been made or repeated;

     (v) DEFAULT UNDER SPECIFIED TRANSACTION. The party, any Credit Support
     Provider of such party or any applicable Specified Entity of such party (1)
     defaults under a Specified Transaction and, after giving effect to any
     applicable notice requirement or grace period, there occurs a liquidation
     of, an acceleration of obligations under, or an early termination of, that
     Specified Transaction, (2) defaults, after giving effect to any applicable
     notice requirement or grace period, in making any payment or delivery due
     on the last payment, delivery or exchange date of, or any payment on early
     termination of, a Specified Transaction (or such default continues for at
     least three Local Business Days if there is no applicable notice
     requirement or grace period) or (3) disaffirms, disclaims, repudiates or
     rejects, in whole or in part, a Specified Transaction (or such action is
     taken by any person or entity appointed or empowered to operate it or act
     on its behalf);

     (vi) CROSS DEFAULT. If "Cross Default" is specified in the Schedule as
     applying to the party, the occurrence or existence of (1) a default, event
     of default or other similar condition or event (however described) in
     respect of such party, any Credit Support Provider of such party or any
     applicable Specified Entity of such party under one or more agreements or
     instruments relating to Specified Indebtedness of any of them (individually
     or collectively) in an aggregate amount of not less than the applicable
     Threshold Amount (as specified in the Schedule) which has resulted in such
     Specified Indebtedness becoming, or becoming capable at such time of being
     declared, due and payable under such agreements or instruments, before it
     would otherwise have been due and payable or (2) a default by such party,
     such Credit Support Provider or such Specified Entity (individually or
     collectively) in making one or more payments on the due date thereof in an
     aggregate amount of not less than the applicable Threshold Amount under
     such agreements or instruments (after giving effect to any applicable
     notice requirement or grace period);

     (vii) BANKRUPTCY. The party, any Credit Support Provider of such party or
     any applicable Specified Entity of such party:--

          (1) is dissolved (other than pursuant to a consolidation, amalgamation
          or merger); (2) becomes insolvent or is unable to pay its debts or
          fails or admits in writing its inability generally to pay its debts as
          they become due; (3) makes a general assignment, arrangement or
          composition with or for the benefit of its creditors; (4) institutes
          or has instituted against it a proceeding seeking a judgment of
          insolvency or bankruptcy or any other relief under any bankruptcy or
          insolvency law or other similar law affecting creditors' rights, or a
          petition is presented for its winding-up or liquidation, and, in the
          case of any such proceeding or petition instituted or presented
          against it, such proceeding or petition (A) results in a judgment of
          insolvency or bankruptcy or the entry of an order for relief or the
          making of an order for its winding-up or liquidation or (B) is not
          dismissed, discharged, stayed or restrained in each case within 30
          days of the institution or presentation thereof; (5) has a resolution
          passed for its winding-up, official management or liquidation (other
          than pursuant to a consolidation, amalgamation or merger); (6) seeks
          or becomes subject to the appointment of an administrator, provisional
          liquidator, conservator, receiver, trustee, custodian or other similar
          official for it or for all or substantially all its assets; (7) has a
          secured party take possession of all or substantially all its assets
          or has a distress, execution, attachment, sequestration or other legal
          process levied, enforced or sued on or against all or substantially
          all its assets and such secured party maintains possession, or any
          such process is not dismissed, discharged, stayed or restrained, in
          each case within 30 days thereafter; (8) causes or is subject to any
          event with respect to it which, under the applicable laws of any
          jurisdiction, has an analogous effect to any of the events specified
          in clauses (1) to (7) (inclusive); or (9) takes any action in
          furtherance of, or indicating its consent to, approval of, or
          acquiescence in, any of the foregoing acts; or

     (viii) MERGER WITHOUT ASSUMPTION. The party or any Credit Support Provider
     of such party consolidates or amalgamates with, or merges with or into, or
     transfers all or substantially all its assets to, another entity and, at
     the time of such consolidation, amalgamation, merger or transfer:--

               (1)the resulting, surviving or transferee entity fails to assume
          all the obligations of such party or such Credit Support Provider
          under this Agreement or any Credit Support Document to which it or its
          predecessor was a party by operation of law or pursuant to an
          agreement reasonably satisfactory to the other party to this
          Agreement; or

               (2)the benefits of any Credit Support Document fail to extend
          (without the consent of the other party) to the performance by such
          resulting, surviving or transferee entity of its obligations under
          this Agreement.

(b) TERMINATION EVENTS. The occurrence at any time with respect to a party or,
if applicable, any Credit Support Provider of such party or any Specified Entity
of such party of any event specified below constitutes an Illegality if the
event is specified in (i) below, a Tax Event if the event is specified in (ii)
below or a Tax Event Upon Merger if the event is specified in (iii) below, and,
if specified to be applicable, a Credit Event Upon Merger if the event is
specified pursuant to (iv) below or an Additional Termination Event if the event
is specified pursuant to (v) below:--

          (i)ILLEGALITY. Due to the adoption of, or any change in, any
     applicable law after the date on which a Transaction is entered into, or
     due to the promulgation of, or any change in, the interpretation by any
     court, tribunal or regulatory authority with competent jurisdiction of any
     applicable law after such date, it becomes unlawful (other than as a result
     of a breach by the party of Section 4(b)) for such party (which will be the
     Affected Party):--

               (1) to perform any absolute or contingent obligation to make a
          payment or delivery or to receive a payment or delivery in respect of
          such Transaction or to comply with any other material provision of
          this Agreement relating to such Transaction; or

               (2) to perform, or for any Credit Support Provider of such party
          to perform, any contingent or other obligation which the party (or
          such Credit Support Provider) has under any Credit Support Document
          relating to such Transaction;

          (ii) TAX EVENT. Due to (x) any action taken by a taxing authority, or
     brought in a court of competent jurisdiction, on or after the date on which
     a Transaction is entered into (regardless of whether such action is taken
     or brought with respect to a party to this Agreement) or (y) a Change in
     Tax Law, the party (which will be the Affected Party) will, or there is a
     substantial likelihood that it will, on the next succeeding Scheduled
     Payment Date (1) be required to pay to the other party an additional amount
     in respect of an Indemnifiable Tax under Section 2(d)(i)(4) (except in
     respect of interest under Section 2(e), 6(d)(ii) or 6(e)) or (2) receive a
     payment from which an amount is required to be deducted or withheld for or
     on account of a Tax (except in respect of interest under Section 2(e),
     6(d)(ii) or 6(e)) and no additional amount is required to be paid in
     respect of such Tax under Section 2(d)(i)(4) (other than by reason of
     Section 2(d)(i)(4)(A) or (B));

          (iii) TAX EVENT UPON MERGER. The party (the "Burdened Party") on the
     next succeeding Scheduled Payment Date will either (1) be required to pay
     an additional amount in respect of an Indemnifiable Tax under Section
     2(d)(i)(4) (except in respect of interest under Section 2(e), 6(d)(ii) or
     6(e)) or (2) receive a payment from which an amount has been deducted or
     withheld for or on account of any Indemnifiable Tax in respect of which the
     other party is not required to pay an additional amount (other than by
     reason of Section 2(d)(i)(4)(A) or (B)), in either case as a result of a
     party consolidating or amalgamating with, or merging with or into, or
     transferring all or substantially all its assets to, another entity (which
     will be the Affected Party) where such action does not constitute an event
     described in Section 5(a)(viii);

          (iv) CREDIT EVENT UPON MERGER. If "Credit Event Upon Merger" is
     specified in the Schedule as applying to the party, such party ("X"), any
     Credit Support Provider of X or any applicable Specified Entity of X
     consolidates or amalgamates with, or merges with or into, or transfers all
     or substantially all its assets to, another entity and such action does not
     constitute an event described in Section 5(a)(viii) but the
     creditworthiness of the resulting, surviving or transferee entity is
     materially weaker than that of X, such Credit Support Provider or such
     Specified Entity, as the case may be, immediately prior to such action
     (and, in such event, X or its successor or transferee, as appropriate, will
     be the Affected Party); or

          (v)ADDITIONAL TERMINATION EVENT. If any "Additional Termination Event"
     is specified in the Schedule or any Confirmation as applying, the
     occurrence of such event (and, in such event, the Affected Party or
     Affected Parties shall be as specified for such Additional Termination
     Event in the Schedule or such Confirmation).

(c)  EVENT OF DEFAULT AND ILLEGALITY. If an event or circumstance which would
     otherwise constitute or give rise to an Event of Default also constitutes
     an Illegality, it will be treated as an Illegality and will not constitute
     an Event of Default.

6.   EARLY TERMINATION

(a) RIGHT TO TERMINATE FOLLOWING EVENT OF DEFAULT. If at any time an Event of
Default with respect to a party (the "Defaulting Party") has occurred and is
then continuing, the other party (the "Non-defaulting Party") may, by not more
than 20 days notice to the Defaulting Party specifying the relevant Event of
Default, designate a day not earlier than the day such notice is effective as an
Early Termination Date in respect of all outstanding Transactions. If, however,
"Automatic Early Termination" is specified in the Schedule as applying to a
party, then an Early Termination Date in respect of all outstanding Transactions
will occur immediately upon the occurrence with respect to such party of an
Event of Default specified in Section 5(a)(vii)(1), (3), (5), (6) or, to the
extent analogous thereto, (8), and as of the time immediately preceding the
institution of the relevant proceeding or the presentation of the relevant
petition upon the occurrence with respect to such party of an Event of Default
specified in Section 5(a)(vii)(4) or, to the extent analogous thereto, (8).

(b) RIGHT TO TERMINATE FOLLOWING TERMINATION EVENT.

          (i)NOTICE. If a Termination Event occurs, an Affected Party will,
     promptly upon becoming aware of it, notify the other party, specifying the
     nature of that Termination Event and each Affected Transaction and will
     also give such other information about that Termination Event as the other
     party may reasonably require.

          (ii) TRANSFER TO AVOID TERMINATION EVENT. If either an Illegality
     under Section 5(b)(i)(1) or a Tax Event occurs and there is only one
     Affected Party, or if a Tax Event Upon Merger occurs and the Burdened Party
     is the Affected Party, the Affected Party will, as a condition to its right
     to designate an Early Termination Date under Section 6(b)(iv), use all
     reasonable efforts (which will not require such party to incur a loss,
     excluding immaterial, incidental expenses) to transfer within 20 days after
     it gives notice under Section 6(b)(i) all its rights and obligations under
     this Agreement in respect of the Affected Transactions to another of its
     Offices or Affiliates so that such Termination Event ceases to exist.

          If the Affected Party is not able to make such a transfer it will give
     notice to the other party to that effect within such 20 day period,
     whereupon the other party may effect such a transfer within 30 days after
     the notice is given under Section 6(b)(i).

          Any such transfer by a party under this Section 6(b)(ii) will be
     subject to and conditional upon the prior written consent of the other
     party, which consent will not be withheld if such other party's policies in
     effect at such time would permit it to enter into transactions with the
     transferee on the terms proposed.

          (iii) TWO AFFECTED PARTIES. If an Illegality under Section 5(b)(i)(1)
     or a Tax Event occurs and there are two Affected Parties, each party will
     use all reasonable efforts to reach agreement within 30 days after notice
     thereof is given under Section 6(b)(i) on action to avoid that Termination
     Event.

          (iv) RIGHT TO TERMINATE. If:--

          (1) a transfer under Section 6(b)(ii) or an agreement under Section
          6(b)(iii), as the case may be, has not been effected with respect to
          all Affected Transactions within 30 days after an Affected Party gives
          notice under Section 6(b)(i); or

          (2) an Illegality under Section 5(b)(i)(2), a Credit Event Upon Merger
          or an Additional Termination Event occurs, or a Tax Event Upon Merger
          occurs and the Burdened Party is not the Affected Party,

     either party in the case of an Illegality, the Burdened Party in the case
     of a Tax Event Upon Merger, any Affected Party in the case of a Tax Event
     or an Additional Termination Event if there is more than one Affected
     Party, or the party which is not the Affected Party in the case of a Credit
     Event Upon Merger or an Additional Termination Event if there is only one
     Affected Party may, by not more than 20 days notice to the other party and
     provided that the relevant Termination Event is then continuing, designate
     a day not earlier than the day such notice is effective as an Early
     Termination Date in respect of all Affected Transactions.

(c)  EFFECT OF DESIGNATION.

          (i)If notice designating an Early Termination Date is given under
     Section 6(a) or (b), the Early Termination Date will occur on the date so
     designated, whether or not the relevant Event of Default or Termination
     Event is then continuing.

          (ii) Upon the occurrence or effective designation of an Early
     Termination Date, no further payments or deliveries under Section 2(a)(i)
     or 2(e) in respect of the Terminated Transactions will be required to be
     made, but without prejudice to the other provisions of this Agreement. The
     amount, if any, payable in respect of an Early Termination Date shall be
     determined pursuant to Section 6(e).

(d)  CALCULATIONS.

          (i)STATEMENT. On or as soon as reasonably practicable following the
     occurrence of an Early Termination Date, each party will make the
     calculations on its part, if any, contemplated by Section 6(e) and will
     provide to the other party a statement (1) showing, in reasonable detail,
     such calculations (including all relevant quotations and specifying any
     amount payable under Section 6(e)) and (2) giving details of the relevant
     account to which any amount payable to it is to be paid. In the absence of
     written confirmation from the source of a quotation obtained in determining
     a Market Quotation, the records of the party obtaining such quotation will
     be conclusive evidence of the existence and accuracy of such quotation.

          (ii) PAYMENT DATE. An amount calculated as being due in respect of any
     Early Termination Date under Section 6(e) will be payable on the day that
     notice of the amount payable is effective (in the case of an Early
     Termination Date which is designated or occurs as a result of an Event of
     Default) and on the day which is two Local Business Days after the day on
     which notice of the amount payable is effective (in the case of an Early
     Termination Date which is designated as a result of a Termination Event).
     Such amount will be paid together with (to the extent permitted under
     applicable law) interest thereon (before as well as after judgment) in the
     Termination Currency, from (and including) the relevant Early Termination
     Date to (but excluding) the date such amount is paid, at the Applicable
     Rate. Such interest will be calculated on the basis of daily compounding
     and the actual number of days elapsed.

(e) PAYMENTS ON EARLY TERMINATION. If an Early Termination Date occurs, the
following provisions shall apply based on the parties' election in the Schedule
of a payment measure, either "Market Quotation" or "Loss", and a payment method,
either the "First Method" or the "Second Method". If the parties fail to
designate a payment measure or payment method in the Schedule, it will be deemed
that "Market Quotation" or the "Second Method", as the case may be, shall apply.
The amount, if any, payable in respect of an Early Termination Date and
determined pursuant to this Section will be subject to any Set-off.

     (i) EVENTS OF DEFAULT. If the Early Termination Date results from an Event
     of Default:--

          (1) First Method and Market Quotation. If the First Method and Market
          Quotation apply, the Defaulting Party will pay to the Non-defaulting
          Party the excess, if a positive number, of (A) the sum of the
          Settlement Amount (determined by the Non-defaulting Party) in respect
          of the Terminated Transactions and the Termination Currency Equivalent
          of the Unpaid Amounts owing to the Non-defaulting Party over (B) the
          Termination Currency Equivalent of the Unpaid Amounts owing to the
          Defaulting Party.

          (2) First Method and Loss. If the First Method and Loss apply, the
          Defaulting Party will pay to the Non-defaulting Party, if a positive
          number, the Non-defaulting Party's Loss in respect of this Agreement.

          (3) Second Method and Market Quotation. If the Second Method and
          Market Quotation apply, an amount will be payable equal to (A) the sum
          of the Settlement Amount (determined by the Non-defaulting Party) in
          respect of the Terminated Transactions and the Termination Currency
          Equivalent of the Unpaid Amounts owing to the Non-defaulting Party
          less (B) the Termination Currency Equivalent of the Unpaid Amounts
          owing to the Defaulting Party. If that amount is a positive number,
          the Defaulting Party will pay it to the Non-defaulting Party; if it is
          a negative number, the Non-defaulting Party will pay the absolute
          value of that amount to the Defaulting Party.

          (4) Second Method and Loss. If the Second Method and Loss apply, an
          amount will be payable equal to the Non-defaulting Party's Loss in
          respect of this Agreement. If that amount is a positive number, the
          Defaulting Party will pay it to the Non-defaulting Party; if it is a
          negative number, the Non-defaulting Party will pay the absolute value
          of that amount to the Defaulting Party.

     (ii) TERMINATION EVENTS. If the Early Termination Date results from a
     Termination Event:--

          (1) One Affected Party. If there is one Affected Party, the amount
          payable will be determined in accordance with Section 6(e)(i)(3), if
          Market Quotation applies, or Section 6(e)(i)(4), if Loss applies,
          except that, in either case, references to the Defaulting Party and to
          the Non-defaulting Party will be deemed to be references to the
          Affected Party and the party which is not the Affected Party,
          respectively, and, if Loss applies and fewer than all the Transactions
          are being terminated, Loss shall be calculated in respect of all
          Terminated Transactions.

          (2) Two Affected Parties. If there are two Affected Parties:--

          (A)  if Market Quotation applies, each party will determine a
               Settlement Amount in respect of the Terminated Transactions, and
               an amount will be payable equal to (I) the sum of (a) one-half of
               the difference between the Settlement Amount of the party with
               the higher Settlement Amount ("X") and the Settlement Amount of
               the party with the lower Settlement Amount ("Y") and (b) the
               Termination Currency Equivalent of the Unpaid Amounts owing to X
               less (II) the Termination Currency Equivalent of the Unpaid
               Amounts owing to Y; and

          (B)  if Loss applies, each party will determine its Loss in respect of
               this Agreement (or, if fewer than all the Transactions are being
               terminated, in respect of all Terminated Transactions) and an
               amount will be payable equal to one-half of the difference
               between the Loss of the party with the higher Loss ("X") and the
               Loss of the party with the lower Loss ("Y").

          If the amount payable is a positive number, Y will pay it to X; if it
          is a negative number, X will pay the absolute value of that amount to
          Y.

          (iii) ADJUSTMENT FOR BANKRUPTCY. In circumstances where an Early
          Termination Date occurs because "Automatic Early Termination" applies
          in respect of a party, the amount determined under this Section 6(e)
          will be subject to such adjustments as are appropriate and permitted
          by law to reflect any payments or deliveries made by one party to the
          other under this Agreement (and retained by such other party) during
          the period from the relevant Early Termination Date to the date for
          payment determined under Section 6(d)(ii).

          (iv) PRE-ESTIMATE. The parties agree that if Market Quotation applies
          an amount recoverable under this Section 6(e) is a reasonable
          pre-estimate of loss and not a penalty. Such amount is payable for the
          loss of bargain and the loss of protection against future risks and
          except as otherwise provided in this Agreement neither party will be
          entitled to recover any additional damages as a consequence of such
          losses.

7.   TRANSFER

Subject to Section 6(b)(ii), neither this Agreement nor any interest or
obligation in or under this Agreement may be transferred (whether by way of
security or otherwise) by either party without the prior written consent of the
other party, except that:--

(a) a party may make such a transfer of this Agreement pursuant to a
consolidation or amalgamation with, or merger with or into, or transfer of all
or substantially all its assets to, another entity (but without prejudice to any
other right or remedy under this Agreement); and

(b) a party may make such a transfer of all or any part of its interest in any
amount payable to it from a Defaulting Party under Section 6(e).

Any purported transfer that is not in compliance with this Section will be void.

8.   CONTRACTUAL CURRENCY

(a) PAYMENT IN THE CONTRACTUAL CURRENCY. Each payment under this Agreement will
be made in the relevant currency specified in this Agreement for that payment
(the "Contractual Currency"). To the extent permitted by applicable law, any
obligation to make payments under this Agreement in the Contractual Currency
will not be discharged or satisfied by any tender in any currency other than the
Contractual Currency, except to the extent such tender results in the actual
receipt by the party to which payment is owed, acting in a reasonable manner and
in good faith in converting the currency so tendered into the Contractual
Currency, of the full amount in the Contractual Currency of all amounts payable
in respect of this Agreement. If for any reason the amount in the Contractual
Currency so received falls short of the amount in the Contractual Currency
payable in respect of this Agreement, the party required to make the payment
will, to the extent permitted by applicable law, immediately pay such additional
amount in the Contractual Currency as may be necessary to compensate for the
shortfall. If for any reason the amount in the Contractual Currency so received
exceeds the amount in the Contractual Currency payable in respect of this
Agreement, the party receiving the payment will refund promptly the amount of
such excess.

(b) JUDGMENTS. To the extent permitted by applicable law, if any judgment or
order expressed in a currency other than the Contractual Currency is rendered
(i) for the payment of any amount owing in respect of this Agreement, (ii) for
the payment of any amount relating to any early termination in respect of this
Agreement or (iii) in respect of a judgment or order of another court for the
payment of any amount described in (i) or (ii) above, the party seeking
recovery, after recovery in full of the aggregate amount to which such party is
entitled pursuant to the judgment or order, will be entitled to receive
immediately from the other party the amount of any shortfall of the Contractual
Currency received by such party as a consequence of sums paid in such other
currency and will refund promptly to the other party any excess of the
Contractual Currency received by such party as a consequence of sums paid in
such other currency if such shortfall or such excess arises or results from any
variation between the rate of exchange at which the Contractual Currency is
converted into the currency of the judgment or order for the purposes of such
judgment or order and the rate of exchange at which such party is able, acting
in a reasonable manner and in good faith in converting the currency received
into the Contractual Currency, to purchase the Contractual Currency with the
amount of the currency of the judgment or order actually received by such party.
The term "rate of exchange" includes, without limitation, any premiums and costs
of exchange payable in connection with the purchase of or conversion into the
Contractual Currency.

(c) SEPARATE INDEMNITIES. To the extent permitted by applicable law, these
indemnities constitute separate and independent obligations from the other
obligations in this Agreement, will be enforceable as separate and independent
causes of action, will apply notwithstanding any indulgence granted by the party
to which any payment is owed and will not be affected by judgment being obtained
or claim or proof being made for any other sums payable in respect of this
Agreement.

(d) EVIDENCE OF LOSS. For the purpose of this Section 8, it will be sufficient
for a party to demonstrate that it would have suffered a loss had an actual
exchange or purchase been made.

9.   MISCELLANEOUS

(a) ENTIRE AGREEMENT. This Agreement constitutes the entire agreement and
understanding of the parties with respect to its subject matter and supersedes
all oral communication and prior writings with respect thereto.

(b) AMENDMENTS. No amendment, modification or waiver in respect of this
Agreement will be effective unless in writing (including a writing evidenced by
a facsimile transmission) and executed by each of the parties or confirmed by an
exchange of telexes or electronic messages on an electronic messaging system.

(c) SURVIVAL OF OBLIGATIONS. Without prejudice to Sections 2(a)(iii) and
6(c)(ii), the obligations of the parties under this Agreement will survive the
termination of any Transaction.

(d) REMEDIES CUMULATIVE. Except as provided in this Agreement, the rights,
powers, remedies and privileges provided in this Agreement are cumulative and
not exclusive of any rights, powers, remedies and privileges provided by law.

(e) COUNTERPARTS AND CONFIRMATIONS.

     (i) This Agreement (and each amendment, modification and waiver in respect
     of it) may be executed and delivered in counterparts (including by
     facsimile transmission), each of which will be deemed an original.

     (ii) The parties intend that they are legally bound by the terms of each
     Transaction from the moment they agree to those terms (whether orally or
     otherwise). A Confirmation shall be entered into as soon as practicable and
     may be executed and delivered in counterparts (including by facsimile
     transmission) or be created by an exchange of telexes or by an exchange of
     electronic messages on an electronic messaging system, which in each case
     will be sufficient for all purposes to evidence a binding supplement to
     this Agreement. The parties will specify therein or through another
     effective means that any such counterpart, telex or electronic message
     constitutes a Confirmation.

(f) NO WAIVER OF RIGHTS. A failure or delay in exercising any right, power or
privilege in respect of this Agreement will not be presumed to operate as a
waiver, and a single or partial exercise of any right, power or privilege will
not be presumed to preclude any subsequent or further exercise, of that right,
power or privilege or the exercise of any other right, power or privilege.

(g) HEADINGS. The headings used in this Agreement are for convenience of
reference only and are not to affect the construction of or to be taken into
consideration in interpreting this Agreement.

10.  OFFICES; MULTIBRANCH PARTIES

(a) If Section 10(a) is specified in the Schedule as applying, each party that
enters into a Transaction through an Office other than its head or home office
represents to the other party that, notwithstanding the place of booking office
or jurisdiction of incorporation or organization of such party, the obligations
of such party are the same as if it had entered into the Transaction through its
head or home office. This representation will be deemed to be repeated by such
party on each date on which a Transaction is entered into.

(b) Neither party may change the Office through which it makes and receives
payments or deliveries for the purpose of a Transaction without the prior
written consent of the other party.

(c) If a party is specified as a Multibranch Party in the Schedule, such
Multibranch Party may make and receive payments or deliveries under any
Transaction through any Office listed in the Schedule, and the Office through
which it makes and receives payments or deliveries with respect to a Transaction
will be specified in the relevant Confirmation.

11.  EXPENSES

A Defaulting Party will, on demand, indemnify and hold harmless the other party
for and against all reasonable out-of-pocket expenses, including legal fees and
Stamp Tax, incurred by such other party by reason of the enforcement and
protection of its rights under this Agreement or any Credit Support Document to
which the Defaulting Party is a party or by reason of the early termination of
any Transaction, including, but not limited to, costs of collection.

12.  NOTICES

(a) EFFECTIVENESS. Any notice or other communication in respect of this
Agreement may be given in any manner set forth below (except that a notice or
other communication under Section 5 or 6 may not be given by facsimile
transmission or electronic messaging system) to the address or number or in
accordance with the electronic messaging system details provided (see the
Schedule) and will be deemed effective as indicated:--

     (i) if in writing and delivered in person or by courier, on the date it is
     delivered;

     (ii) if sent by telex, on the date the recipient's answerback is received;

     (iii) if sent by facsimile transmission, on the date that transmission is
     received by a responsible employee of the recipient in legible form (it
     being agreed that the burden of proving receipt will be on the sender and
     will not be met by a transmission report generated by the sender's
     facsimile machine);

     (iv) if sent by certified or registered mail (airmail, if overseas) or the
     equivalent (return receipt requested), on the date that mail is delivered
     or its delivery is attempted; or

     (v) if sent by electronic messaging system, on the date that electronic
     message is received,

unless the date of delivery (or attempted delivery) or that receipt, as
applicable, is not a Local Business Day or that communication is delivered (or
attempted) or received, as applicable, after the close of business on a Local
Business Day, in which case that communication shall be deemed given and
effective on the first following day that is a Local Business Day.

(b) CHANGE OF ADDRESSES. Either party may by notice to the other change the
address, telex or facsimile number or electronic messaging system details at
which notices or other communications are to be given to it.

13.  GOVERNING LAW AND JURISDICTION

(a) GOVERNING LAW. This Agreement will be governed by and construed in
accordance with the law specified in the Schedule.

(b) JURISDICTION. With respect to any suit, action or proceedings relating to
this Agreement ("Proceedings"), each party irrevocably:--

     (i) submits to the jurisdiction of the English courts, if this Agreement is
     expressed to be governed by English law, or to the non-exclusive
     jurisdiction of the courts of the State of New York and the United States
     District Court located in the Borough of Manhattan in New York City, if
     this Agreement is expressed to be governed by the laws of the State of New
     York; and

     (ii) waives any objection which it may have at any time to the laying of
     venue of any Proceedings brought in any such court, waives any claim that
     such Proceedings have been brought in an inconvenient forum and further
     waives the right to object, with respect to such Proceedings, that such
     court does not have any jurisdiction over such party.

Nothing in this Agreement precludes either party from bringing Proceedings in
any other jurisdiction (outside, if this Agreement is expressed to be governed
by English law, the Contracting States, as defined in Section 1(3) of the Civil
Jurisdiction and Judgments Act 1982 or any modification, extension or
re-enactment thereof for the time being in force) nor will the bringing of
Proceedings in any one or more jurisdictions preclude the bringing of
Proceedings in any other jurisdiction.

(c) SERVICE OF PROCESS. Each party irrevocably appoints the Process Agent (if
any) specified opposite its name in the Schedule to receive, for it and on its
behalf, service of process in any Proceedings. If for any reason any party's
Process Agent is unable to act as such, such party will promptly notify the
other party and within 30 days appoint a substitute process agent acceptable to
the other party. The parties irrevocably consent to service of process given in
the manner provided for notices in Section 12. Nothing in this Agreement will
affect the right of either party to serve process in any other manner permitted
by law.

(d) WAIVER OF IMMUNITIES. Each party irrevocably waives, to the fullest extent
permitted by applicable law, with respect to itself and its revenues and assets
(irrespective of their use or intended use), all immunity on the grounds of
sovereignty or other similar grounds from (i) suit, (ii) jurisdiction of any
court, (iii) relief by way of injunction, order for specific performance or for
recovery of property, (iv) attachment of its assets (whether before or after
judgment) and (v) execution or enforcement of any judgment to which it or its
revenues or assets might otherwise be entitled in any Proceedings in the courts
of any jurisdiction and irrevocably agrees, to the extent permitted by
applicable law, that it will not claim any such immunity in any Proceedings.

14.  DEFINITIONS

As used in this Agreement:--

"ADDITIONAL TERMINATION EVENT" has the meaning specified in Section 5(b).

"AFFECTED PARTY" has the meaning specified in Section 5(b).

"AFFECTED TRANSACTIONS" means (a) with respect to any Termination Event
consisting of an Illegality, Tax Event or Tax Event Upon Merger, all
Transactions affected by the occurrence of such Termination Event and (b) with
respect to any other Termination Event, all Transactions.

"AFFILIATE" means, subject to the Schedule, in relation to any person, any
entity controlled, directly or indirectly, by the person, any entity that
controls, directly or indirectly, the person or any entity directly or
indirectly under common control with the person. For this purpose, "control" of
any entity or person means ownership of a majority of the voting power of the
entity or person.

"APPLICABLE RATE" means:--

(a) in respect of obligations payable or deliverable (or which would have been
but for Section 2(a)(iii)) by a Defaulting Party, the Default Rate;

(b) in respect of an obligation to pay an amount under Section 6(e) of either
party from and after the date (determined in accordance with Section 6(d)(ii))
on which that amount is payable, the Default Rate;

(c) in respect of all other obligations payable or deliverable (or which would
have been but for Section 2(a)(iii)) by a Non-defaulting Party, the Non-default
Rate; and

(d) in all other cases, the Termination Rate.

"BURDENED PARTY" has the meaning specified in Section 5(b).

"CHANGE IN TAX LAW" means the enactment, promulgation, execution or ratification
of, or any change in or amendment to, any law (or in the application or official
interpretation of any law) that occurs on or after the date on which the
relevant Transaction is entered into.

"CONSENT" includes a consent, approval, action, authorization, exemption,
notice, filing, registration or exchange control consent.

"CREDIT EVENT UPON MERGER" has the meaning specified in Section 5(b).

"CREDIT SUPPORT DOCUMENT" means any agreement or instrument that is specified as
such in this Agreement.

"CREDIT SUPPORT PROVIDER" has the meaning specified in the Schedule.

"DEFAULT RATE" means a rate per annum equal to the cost (without proof or
evidence of any actual cost) to the relevant payee (as certified by it) if it
were to fund or of funding the relevant amount plus 1% per annum.

"DEFAULTING PARTY" has the meaning specified in Section 6(a).

"EARLY TERMINATION DATE" means the date determined in accordance with Section
6(a) or 6(b)(iv).

"EVENT OF DEFAULT" has the meaning specified in Section 5(a) and, if applicable,
in the Schedule.

"ILLEGALITY" has the meaning specified in Section 5(b).

"INDEMNIFIABLE TAX" means any Tax other than a Tax that would not be imposed in
respect of a payment under this Agreement but for a present or former connection
between the jurisdiction of the government or taxation authority imposing such
Tax and the recipient of such payment or a person related to such recipient
(including, without limitation, a connection arising from such recipient or
related person being or having been a citizen or resident of such jurisdiction,
or being or having been organised, present or engaged in a trade or business in
such jurisdiction, or having or having had a permanent establishment or fixed
place of business in such jurisdiction, but excluding a connection arising
solely from such recipient or related person having executed, delivered,
performed its obligations or received a payment under, or enforced, this
Agreement or a Credit Support Document).

"LAW" includes any treaty, law, rule or regulation (as modified, in the case of
tax matters, by the practice of any relevant governmental revenue authority) and
"LAWFUL" and "UNLAWFUL" will be construed accordingly.

"LOCAL BUSINESS DAY" means, subject to the Schedule, a day on which commercial
banks are open for business (including dealings in foreign exchange and foreign
currency deposits) (a) in relation to any obligation under Section 2(a)(i), in
the place(s) specified in the relevant Confirmation or, if not so specified, as
otherwise agreed by the parties in writing or determined pursuant to provisions
contained, or incorporated by reference, in this Agreement, (b) in relation to
any other payment, in the place where the relevant account is located and, if
different, in the principal financial centre, if any, of the currency of such
payment, (c) in relation to any notice or other communication, including notice
contemplated under Section 5(a)(i), in the city specified in the address for
notice provided by the recipient and, in the case of a notice contemplated by
Section 2(b), in the place where the relevant new account is to be located and
(d) in relation to Section 5(a)(v)(2), in the relevant locations for performance
with respect to such Specified Transaction.

"LOSS" means, with respect to this Agreement or one or more Terminated
Transactions, as the case may be, and a party, the Termination Currency
Equivalent of an amount that party reasonably determines in good faith to be its
total losses and costs (or gain, in which case expressed as a negative number)
in connection with this Agreement or that Terminated Transaction or group of
Terminated Transactions, as the case may be, including any loss of bargain, cost
of funding or, at the election of such party but without duplication, loss or
cost incurred as a result of its terminating, liquidating, obtaining or
reestablishing any hedge or related trading position (or any gain resulting from
any of them). Loss includes losses and costs (or gains) in respect of any
payment or delivery required to have been made (assuming satisfaction of each
applicable condition precedent) on or before the relevant Early Termination Date
and not made, except, so as to avoid duplication, if Section 6(e)(i)(1) or (3)
or 6(e)(ii)(2)(A) applies. Loss does not include a party's legal fees and
out-of-pocket expenses referred to under Section 11. A party will determine its
Loss as of the relevant Early Termination Date, or, if that is not reasonably
practicable, as of the earliest date thereafter as is reasonably practicable. A
party may (but need not) determine its Loss by reference to quotations of
relevant rates or prices from one or more leading dealers in the relevant
markets.

"MARKET QUOTATION" means, with respect to one or more Terminated Transactions
and a party making the determination, an amount determined on the basis of
quotations from Reference Market-makers. Each quotation will be for an amount,
if any, that would be paid to such party (expressed as a negative number) or by
such party (expressed as a positive number) in consideration of an agreement
between such party (taking into account any existing Credit Support Document
with respect to the obligations of such party) and the quoting Reference
Market-maker to enter into a transaction (the "Replacement Transaction") that
would have the effect of preserving for such party the economic equivalent of
any payment or delivery (whether the underlying obligation was absolute or
contingent and assuming the satisfaction of each applicable condition precedent)
by the parties under Section 2(a)(i) in respect of such Terminated Transaction
or group of Terminated Transactions that would, but for the occurrence of the
relevant Early Termination Date, have been required after that date. For this
purpose, Unpaid Amounts in respect of the Terminated Transaction or group of
Terminated Transactions are to be excluded but, without limitation, any payment
or delivery that would, but for the relevant Early Termination Date, have been
required (assuming satisfaction of each applicable condition precedent) after
that Early Termination Date is to be included. The Replacement Transaction would
be subject to such documentation as such party and the Reference Market-maker
may, in good faith, agree. The party making the determination (or its agent)
will request each Reference Market-maker to provide its quotation to the extent
reasonably practicable as of the same day and time (without regard to different
time zones) on or as soon as reasonably practicable after the relevant Early
Termination Date. The day and time as of which those quotations are to be
obtained will be selected in good faith by the party obligated to make a
determination under Section 6(e), and, if each party is so obliged, after
consultation with the other. If more than three quotations are provided, the
Market Quotation will be the arithmetic mean of the quotations, without regard
to the quotations having the highest and lowest values. If exactly three such
quotations are provided, the Market Quotation will be the quotation remaining
after disregarding the highest and lowest quotations. For this purpose, if more
than one quotation has the same highest value or lowest value, then one of such
quotations shall be disregarded. If fewer than three quotations are provided, it
will be deemed that the Market Quotation in respect of such Terminated
Transaction or group of Terminated Transactions cannot be determined.

"NON-DEFAULT RATE" means a rate per annum equal to the cost (without proof or
evidence of any actual cost) to the Non-defaulting party (as certified by it) if
it were to fund the relevant amount.

"NON-DEFAULTING PARTY" has the meaning specified in Section 6(a).

"OFFICE" means a branch or office of a party, which may be such party's head or
home office.

"POTENTIAL EVENT OF DEFAULT" means any event which, with the giving of notice or
the lapse of time or both, would constitute an Event of Default.

"REFERENCE MARKET-MAKERS" means four leading dealers in the relevant market
selected by the party determining a Market Quotation in good faith (a) from
among dealers of the highest credit standing which satisfy all the criteria that
such party applies generally at the time in deciding whether to offer or to make
an extension of credit and (b) to the extent practicable, from among such
dealers having an office in the same city.

"RELEVANT JURISDICTION" means, with respect to a party, the jurisdictions (a) in
which the party is incorporated, organized, managed and controlled or considered
to have its seat, (b) where an Office through which the party is acting for
purposes of this Agreement is located, (c) in which the party executes this
Agreement and (d) in relation to any payment, from or through which such payment
is made.

"SCHEDULED PAYMENT DATE" means a date on which a payment or delivery is to be
made under Section 2(a)(i) with respect to a Transaction.

"SET-OFF" means set-off, offset, combination of accounts, right of retention or
withholding or similar right or requirement to which the payer of an amount
under Section 6 is entitled or subject (whether arising under this Agreement,
another contract, applicable law or otherwise) that is exercised by, or imposed
on, such payer.

"SETTLEMENT AMOUNT" means, with respect to a party and any Early Termination
Date, the sum of:--

(a) the Termination Currency Equivalent of the Market Quotations (whether
positive or negative) for each Terminated Transaction or group of Terminated
Transactions for which a Market Quotation is determined; and

(b) such party's Loss (whether positive or negative and without reference to any
Unpaid Amounts) for each Terminated Transaction or group of Terminated
Transactions for which a Market Quotation cannot be determined or would not (in
the reasonable belief of the party making the determination) produce a
commercially reasonable result.

"SPECIFIED ENTITY" has the meaning specified in the Schedule.

"SPECIFIED INDEBTEDNESS" means, subject to the Schedule, any obligation (whether
present or future, contingent or otherwise, as principal or surety or otherwise)
in respect of borrowed money.

"SPECIFIED TRANSACTION" means, subject to the Schedule, (a) any transaction
(including an agreement with respect thereto) now existing or hereafter entered
into between one party to this Agreement (or any Credit Support Provider of such
party or any applicable Specified Entity of such party) and the other party to
this Agreement (or any Credit Support Provider of such other party or any
applicable Specified Entity of such other party) which is a rate swap
transaction, basis swap, forward rate transaction, commodity swap, commodity
option, equity or equity index swap, equity or equity index option, bond option,
interest rate option, foreign exchange transaction, cap transaction, floor
transaction, collar transaction, currency swap transaction, cross-currency rate
swap transaction, currency option or any other similar transaction (including
any option with respect to any of these transactions), (b) any combination of
these transactions and (c) any other transaction identified as a Specified
Transaction in this Agreement or the relevant confirmation.

"STAMP TAX" means any stamp, registration, documentation or similar tax.

"TAX" means any present or future tax, levy, impost, duty, charge, assessment or
fee of any nature (including interest, penalties and additions thereto) that is
imposed by any government or other taxing authority in respect of any payment
under this Agreement other than a stamp, registration, documentation or similar
tax.

"TAX EVENT" has the meaning specified in Section 5(b).

"TAX EVENT UPON MERGER" has the meaning specified in Section 5(b).

"TERMINATED TRANSACTIONS" means with respect to any Early Termination Date (a)
if resulting from a Termination Event, all Affected Transactions and (b) if
resulting from an Event of Default, all Transactions (in either case) in effect
immediately before the effectiveness of the notice designating that Early
Termination Date (or, if "Automatic Early Termination" applies, immediately
before that Early Termination Date).

"TERMINATION CURRENCY" has the meaning specified in the Schedule.

"TERMINATION CURRENCY EQUIVALENT" means, in respect of any amount denominated in
the Termination Currency, such Termination Currency amount and, in respect of
any amount denominated in a currency other than the Termination Currency (the
"Other Currency"), the amount in the Termination Currency determined by the
party making the relevant determination as being required to purchase such
amount of such Other Currency as at the relevant Early Termination Date, or, if
the relevant Market Quotation or Loss (as the case may be), is determined as of
a later date, that later date, with the Termination Currency at the rate equal
to the spot exchange rate of the foreign exchange agent (selected as provided
below) for the purchase of such Other Currency with the Termination Currency at
or about 11:00 a.m. (in the city in which such foreign exchange agent is
located) on such date as would be customary for the determination of such a rate
for the purchase of such Other Currency for value on the relevant Early
Termination Date or that later date. The foreign exchange agent will, if only
one party is obliged to make a determination under Section 6(e), be selected in
good faith by that party and otherwise will be agreed by the parties.

"TERMINATION EVENT" means an Illegality, a Tax Event or a Tax Event Upon Merger
or, if specified to be applicable, a Credit Event Upon Merger or an Additional
Termination Event.

"TERMINATION RATE" means a rate per annum equal to the arithmetic mean of the
cost (without proof or evidence of any actual cost) to each party (as certified
by such party) if it were to fund or of funding such amounts.

"UNPAID AMOUNTS" owing to any party means, with respect to an Early Termination
Date, the aggregate of (a) in respect of all Terminated Transactions, the
amounts that became payable (or that would have become payable but for Section
2(a)(iii)) to such party under Section 2(a)(i) on or prior to such Early
Termination Date and which remain unpaid as at such Early Termination Date and
(b) in respect of each Terminated Transaction, for each obligation under Section
2(a)(i) which was (or would have been but for Section 2(a)(iii)) required to be
settled by delivery to such party on or prior to such Early Termination Date and
which has not been so settled as at such Early Termination Date, an amount equal
to the fair market value of that which was (or would have been) required to be
delivered as of the originally scheduled date for delivery, in each case
together with (to the extent permitted under applicable law) interest, in the
currency of such amounts, from (and including) the date such amounts or
obligations were or would have been required to have been paid or performed to
(but excluding) such Early Termination Date, at the Applicable Rate. Such
amounts of interest will be calculated on the basis of daily compounding and the
actual number of days elapsed. The fair market value of any obligation referred
to in clause (b) above shall be reasonably determined by the party obliged to
make the determination under Section 6(e) or, if each party is so obliged, it
shall be the average of the Termination Currency Equivalents of the fair market
values reasonably determined by both parties.

IN WITNESS WHEREOF the parties have executed this document on the respective
dates specified below with effect from the date specified on the first page of
this document.

PARTY A

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

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

-----------------------------------------
Witness

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

PARTY B

SIGNED on behalf of                       )
PERPETUAL TRUSTEES CONSOLIDATED LIMITED   )
                                             -----------------------------------
by its attorney under power of attorney   )  Signature
in the presence of:                       )

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

-----------------------------------------
Witness

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

                                                     ISDA Schedule to the Master
                                                     Agreement for Interest Rate
                                                                            Swap

                                                          ST.GEORGE BANK LIMITED

               PERPETUAL TRUSTEES CONSOLIDATED LIMITED AS TRUSTEE OF THE CRUSADE
                                                      GLOBAL TRUST NO. 1 OF 2005

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

                                       (C) Copyright Allens Arthur Robinson 2005

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

DATE                                                          2005
-----------

PARTIES
-----------

     1.   ST.GEORGE BANK LIMITED (ABN 92 055 513 070) (PARTY A); and

     2.   PERPETUAL TRUSTEES CONSOLIDATED LIMITED (ABN 81 004 029 841) in its
          capacity as trustee of the CRUSADE GLOBAL TRUST NO. 1 OF 2005 (PARTY
          B).
--------------------------------------------------------------------------------

PART 1. TERMINATION PROVISIONS

     (a)  SPECIFIED ENTITY is not applicable in relation to Party A or Party B:

     (b)  Sections 5(a)(ii), (iii), (iv), (v), (vi), (viii), 5(b)(ii), (iii) and
          (iv) will not apply to Party A or Party B.

     (c)  The "BANKRUPTCY" provisions of Section 5(a)(vii) are replaced by "An
          Insolvency Event under the Master Trust Deed has occurred in respect
          of Party A or Party B" (the party the subject of the Insolvency Event
          will be the Defaulting Party); or in relation to Party A, the events
          described in the definition of Insolvency Event (under the Master
          Trust Deed) shall apply to it as if Party A were a relevant
          corporation referred to in that definition. The occurrence of an
          Insolvency Event under the Security Trust Deed in respect of Party B
          in its personal capacity will not constitute an Event of Default
          provided that within 30 Local Business Days of that occurrence, Party
          A and Party B are able to procure the novation of this Agreement and
          all Transactions to a third party in respect of which the Designated
          Rating Agencies confirm that the novation will not cause a reduction
          or withdrawal of the rating of the Notes, and Party A and Party B
          agree to execute such a novation agreement in standard International
          Swaps and Derivatives Association ("ISDA") form.

     (d)  Section 5(a)(i) is amended to replace THIRD with TENTH.

          For the avoidance of doubt, but without limiting Section 17, Party B
          is not obliged to pay any amount attributable to any Break Payment
          which is due by, but not received from, an Obligor or any Loan Offset
          Interest Amount which is due by, but not received from, the Approved
          Seller, and the failure by Party B to pay that amount shall not be an
          Event of Default.

     (e)  The AUTOMATIC EARLY TERMINATION provision of Section 6(a):

          will not apply to Party A
          will not apply to Party B

          Any event which, upon its occurrence, constitutes an Event of Default,
          is deemed not to be an essential term of the Transaction so that the
          occurrence of any Event of Default shall not be implied to constitute
          a repudiation of this Agreement. This does not in any way restrict

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                                                                          Page 1

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          or limit the right of a Non-Defaulting Party under Section 6(a) to
          terminate following an Event of Default.

     (f)  PAYMENTS ON EARLY TERMINATION. Subject to Section 15(j) only, for the
          purpose of Section 6(e) of this Agreement, neither Party A nor Party B
          is required to make any payment if this Agreement is terminated and
          Section 6(e) shall not apply.

     (g)  There is no Termination Currency.

     (h)  An ADDITIONAL TERMINATION EVENT set out in Part 5(p) of this Schedule
          (under Section 15(j)), will apply.

     (i)  In the TRANSFER provision of Section 7, add a new paragraph (c):

          (c)  Party B may transfer to a Successor Trustee (as defined below) or
               to avoid an illegality as specified in Section 5(b)(i).

     (j)  Add a new paragraph to Section 7 immediately below paragraph (c):

          In the event that a trustee is appointed as a successor to Party B
          under the Trust Deed ("Successor Trustee"), Party A undertakes that it
          shall (unless, at the time the Successor Trustee is so appointed,
          Party A is entitled to terminate the Transaction under Section 6, in
          which case it may) novate to the Successor Trustee the Transaction on
          the same terms or on other terms to be agreed between Party A, Party B
          and the Successor Trustee, and give written notice to the Designated
          Rating Agencies of such novation.

PART 2. TAX REPRESENTATIONS

(a)  PAYER TAX REPRESENTATIONS.

     For the purpose of Section 3(e) of this Agreement each of Party A and Party
     B will make the following representation.

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

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

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

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

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

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                                                                          Page 2

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(b)  PAYEE TAX REPRESENTATIONS.

     For the purpose of Section 3(f) of this Agreement, each of Party A and
     Party B represents that it is an Australian resident and does not derive
     the payments under this Agreement in whole or in part in carrying on
     business in a country outside Australia at or through a permanent
     establishment of itself in that country.

     Party A and Party B also represent that Crusade Global Trust No. 1 of 2005
     is a non-U.S. branch of a foreign person for U.S. federal income tax
     purposes.

(c)  DEDUCTION OR WITHHOLDING FOR TAX. SECTION 2(d) is replaced with the
     following Section:

          All payments under this Agreement will be made subject to deduction or
          withholding for or on account of any Tax. If a party is so required to
          deduct or withhold, then that party ("X") will:

               (i)    promptly notify the other party ("Y") of such requirement;

               (ii)   pay to the relevant authorities the full amount required
                      to be deducted or withheld promptly upon the earlier of
                      determining that such deduction or withholding is required
                      or receiving notice that such amount has been assessed
                      against Y;

               (iii)  promptly forward to Y an official receipt (or a certified
                      copy), or other documentation reasonably acceptable to Y,
                      evidencing such payment to such authorities;

               (iv)   pay to Y the amount Y would have received had no deduction
                      or withholding been required.

               Paragraph (iv) shall not apply to payments to be made by Party B.

PART 3. AGREEMENT TO DELIVER DOCUMENTS

For the purpose of Section 4(a)(i) and (ii) of this Agreement, each party agrees
to deliver to the other as soon as reasonably practicable following a request by
the other party, any document or certificate reasonably required by a party in
connection with its obligations to make a payment under this Agreement which
would enable that party to make the payment free from any deduction or
withholding for or on account of Tax or as would reduce the rate at which the
deduction or withholding for or on account of Tax is applied to that payment.

PART 4. MISCELLANEOUS

(a)  ADDRESSES FOR NOTICES. For the purpose of Section 12(a) of this Agreement:

     Address for notices or communications to Party A:

     Address:       Level 12, 55 Market Street, Sydney NSW 2000
     Attention:     Middle Office Compliance Manager
     Facsimile No:  (02) 9320 5589   Telephone No: (02) 9320 5526

     Address for notices or communications to Party B:

     Address:       Level 7, 9 Castlereagh Street, Sydney NSW 2000
     Attention:     Manager, Securitisation

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                                                                          Page 3

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     Facsimile No:  (02) 9221 7870      Telephone No: (02) 9229 9000

     With a copy to the Manager:

     Address:       Level 12, 55 Market Street, Sydney NSW 2000
     Attention:     Middle Office Compliance Manager
     Facsimile No:  (02) 9320 5589   Telephone No: (02) 9320 5526

(b)  PROCESS AGENT. For the purpose of Section 13(c) of this Agreement:

     Party A appoints as its Process Agent: None.

     Party B appoints as its Process Agent: None.

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

(d)  MULTIBRANCH PARTY. For the purpose of Section 10(c) of this Agreement:

     Party A is not a Multibranch Party.

     Party B is not a Multibranch Party.

(e)  CALCULATION AGENT. The Calculation Agent is Party A.

(f)  CREDIT SUPPORT DOCUMENT. Details of any Credit Support Document:

     In relation to Party A:  Nil.

     In relation to Party B:  Security Trust Deed

(g)  CREDIT SUPPORT PROVIDER. Credit Support Provider means:

     In relation to Party A: Nil.

     In relation to Party B:  Nil.

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

     each party submits to the non-exclusive jurisdiction of the courts of New
     South Wales and Court of Appeal from them.

(i)  NETTING OF PAYMENTS. Sub-paragraph (ii) of Section 2(c) of this Agreement
     will apply to net Transactions in the same Confirmation and will not apply
     to net Transactions specified in different Confirmations.

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

PART 5. OTHER PROVISIONS

(A)  ISDA DEFINITIONS: This Agreement, each Confirmation and each Transaction
     are subject to the 2000 ISDA Definitions (published by the International
     Swap and Derivatives Association, Inc.) as amended from time to time (the
     "ISDA DEFINITIONS"), and will be governed in all respects by any provisions
     set forth in the ISDA Definitions, without regard to any amendments to the
     ISDA Definitions made after the date of this Agreement. The ISDA
     Definitions are incorporation by reference in, and shall be deemed to be
     part of this Agreement and each Confirmation.

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                                                                          Page 4

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

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

(c)  In Section 2(a)(ii), after freely transferable funds add free of any
     set-off, counterclaim, deduction or withholding (except as expressly
     provided in this Agreement).

(d)  A new Section 2(a)(iv) is inserted as follows:

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

(e)  For the purpose of Section 2(b) of this Agreement, CHANGE OF ACCOUNT, any
     new account so designated shall be in the same tax jurisdiction as the
     original account.

(F)  ADDITIONAL REPRESENTATIONS: In Section 3 add the following immediately
     after paragraph (f):

          (g)  Non Assignment. It has not assigned (whether absolutely, in
               equity or otherwise) or declared any trust over any of its rights
               under any Transaction (other than, in respect of Party B, the
               trusts created pursuant to the Trust Deed) and has not given any
               charge over its assets, in the case of Party A, or the assets of
               the Trust (other than as provided in the Security Trust Deed), in
               the case of Party B.

(g)  Party B also represents to Party A (which representations will be deemed to
     be repeated by Party B on each date on which a Transaction is entered into)
     that:

     (i)    TRUST VALIDLY CREATED. The Trust has been validly created and is in
            existence at the date of this Agreement.

     (ii)   SOLE TRUSTEE. Party B has been validly appointed as trustee of the
            Trust and is presently the sole trustee of the Trust.

     (iii)  NO PROCEEDINGS TO REMOVE. No notice has been given to Party B and to
            Party B's knowledge no resolution has been passed, or direction or
            notice has been given, removing Party B as trustee of the Trust.

     (iv)   POWER. Party B has power under the Trust Deed to enter into this
            Agreement and the Security Trust Deed in its capacity as trustee of
            the Trust.

     (v)    GOOD TITLE. To the best of its knowledge, Party B has acquired
            equitable title (in its capacity as trustee of the Trust) to the
            Assets of the Trust from the Approved Seller and has power under the
            Trust Deed to mortgage or charge them in the manner provided in the
            Security Trust Deed, and, subject only to the Trust Deed, the
            Security Trust Deed and any Security Interest (as defined in the
            Trust Deed) permitted under the Security Trust Deed, as far as Party
            B is aware, those assets are free from all other Security Interests
            (other than its indemnity from the Assets of the Trust).

(h)  In Section 3(c):

     (i)    delete the words AGENCY OR OFFICIAL; and

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                                                                          Page 5

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     (ii)   in the third line, insert "materially" before the word "affect".

(i)  In Section 4 add a new paragraph as follows:

     (f)    CONTRACTING AS PRINCIPAL. Party A will enter into all Transactions
            as principal and not otherwise and Party B will enter into all
            Transactions in its capacity as trustee of the Trust and not
            otherwise.

(j)  In Section 6(d)(i), in the last line, insert "in the absence of manifest
     error" after the word EVIDENCE.

(k)  CONFIRMATIONS. Notwithstanding the provisions of Section 9(e)(ii), each
     Confirmation in respect of a Swap Transaction which is confirmed by
     electronic messaging system, an exchange of telexes or an exchange of
     facsimiles will be further evidenced by an original Confirmation signed by
     the parties, however any failure to sign an original Confirmation will not
     affect the validity or enforceability of any Swap Transaction.

(l)  Section 12 is amended as follows:

     (i)    in Section 12(a), insert and settlement instructions requiring
            payment to an entity other than the original counterparty after
            Section 5 or 6 in line 2.

     (ii)   Section 12(a)(iii) is replaced with:

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

(m)  Any reference to a:

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

     (ii)   TRANSACTION in this Agreement or any Confirmation is deemed to be a
            reference to a SWAP TRANSACTION for the purpose of interpreting the
            ISDA Definitions.

(n)  TRUST DEED means the Master Trust Deed dated 14 March 1998 as amended by
     the Crusade Global Trust No. 1 of 2005 Supplementary Terms Notice dated on
     or about the date of this Agreement between (among others) Party B, Party A
     and the Manager (the SUPPLEMENTARY TERMS NOTICE), and each of the following
     expressions shall have the meanings given to them in the Trust Deed and the
     Supplementary Terms Notice:

               APPROVED BANK
               APPROVED SELLER
               ASSETS
               BANK
               BREAK PAYMENT
               CLASS

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                                                                          Page 6

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               DESIGNATED RATING AGENCY
               FINAL MATURITY DATE
               FIXED RATE LOAN
               HOUSING LOAN PRINCIPAL
               INSOLVENCY EVENT
               LOAN OFFSET INTEREST AMOUNT
               MANAGER
               MASTER TRUST DEED
               NOTE
               OBLIGOR
               PAYMENT DATE
               PURCHASED RECEIVABLE
               REDRAW FACILITY PROVIDER
               SECURITY TRUST DEED
               SERVICER
               SUPPORT FACILITY PROVIDER
               TRUST

(o)  TRUST DEED: The Parties acknowledge and agree that for the purposes of the
     Trust Deed, this Agreement is an HEDGE AGREEMENT and Party A are SUPPORT
     FACILITY PROVIDERS.

(p)  A new Section 15 is added as follows:

     15.  DOWNGRADE

     (a)  For the purpose of this Section 15 the following additional
          definitions apply:

          ACCEPTABLE ARRANGEMENT means an arrangement which each relevant
          Designated Rating Agency has confirmed in writing will result in the
          avoidance or reversal of any Note Downgrade.

          APPROVED BANK means a Bank which has a short term rating of at least
          A-1+ (S&P), P-1 (short term) and A2 (long term) (Moody's) and F1
          (short term) (Fitch Ratings).

          DOWNGRADE means Party A's rating by a Designated Rating Agency has
          been withdrawn or reduced resulting in Party A having:

          (i)    a short term credit rating of less than A-1 (short term) by
                 S&P;

          (ii)   a credit rating by Moody's of less than P-1(short term) or A2
                 (long term); or

          (iii)  a credit rating by Fitch Ratings of less than F1 (short term)
                 or A (long term).

          MAJOR PARTY A DOWNGRADE means a Party A Downgrade resulting in Party A
          having:

          (i)    a short term credit rating by S&P of less than A-1 (short
                 term);

          (ii)   a credit rating by Moody's of less than P-1 (short term); or

          (iii)  a credit rating by Fitch Ratings of less than F2 (short term)
                 or BBB+ (long term).

          MINOR PARTY A DOWNGRADE means any Party A Downgrade which is not a
          Major Party A Downgrade.

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                                                                          Page 7

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          NOTE DOWNGRADE means any actual or proposed withdrawal or downgrade of
          the ratings assigned to any Class of Notes by a Designated Rating
          Agency which results or would result in any rating assigned to that
          Class of Notes being less than that stipulated in Section 4.2(f) of
          the Supplementary Terms Notice.

          REPLACEMENT PROVIDER means a party that has agreed to replace Party A
          as Interest Rate Swap Provider, and has a rating greater than or equal
          to:

          (i)    A-1 by S&P;

          (ii)   who is suitably rated such that its appointment as Interest
                 Rate Swap Provider does not result in a Note Downgrade by
                 Moody's; and

          (iii)  F1 (short term) and A (long term) by Fitch Ratings.

          SWAP COLLATERAL ACCOUNT means an account established by Party B with
          an Approved Bank.

     (b)  If, at any time, Party A is Downgraded and the Downgrade constitutes a
          Minor Party A Downgrade, Party A shall, within 30 days (or such
          greater period as agreed by the relevant Designated Rating Agency),
          comply with Section 15(d).

     (c)  If at any time Party A is Downgraded and the Downgrade constitutes a
          Major Party A Downgrade, Party A shall, within 5 Business Days (or
          such greater period as agreed by the relevant Designated Rating
          Agency) comply with Section 15(d), however, where the Major Party A
          Downgrade relates to the credit rating by Fitch Ratings of less than
          F2 (short term) or BBB+ (long term) then Party A must comply with
          either Section 15(d)(ii) or (iii).

     (d)  Where Party A is required to comply with this Section 15(d) it shall,
          at its cost, and at its election do one of the following:

          (i)    (CASH COLLATERALISE) deposit into a Swap Collateral Account and
                 maintain in the Swap Collateral Account (whilst the relevant
                 Downgrade subsists) sufficient funds to ensure that the amount
                 standing to the credit of the Swap Collateral Account is equal
                 to the greater of the following (the CASH COLLATERAL AMOUNT):

                 (A)  zero;

                 (B)  CCR; and

                 (C)  an amount acceptable to Moody's and Fitch Ratings (as the
                      case may be) sufficient to ensure that the ratings given
                      to the Notes by Moody's and Fitch Ratings (as the case may
                      be) are not adversely affected and that any Note Downgrade
                      is avoided or reversed (as the case may be).

          (ii)   (NOVATE) enter into an agreement novating this Agreement to a
                 Replacement Provider proposed by any of Party A or Party B
                 which each Designated Rating Agency has confirmed will not
                 result in a withdrawal or downgrade of any credit rating
                 assigned, by it, to the Notes; or

          (iii)  (OTHER ARRANGEMENTS) enter into or procure entry into any
                 Acceptable Arrangement.

          For the purpose of this paragraph (d), the formula for calculating CCR
          is as follows.

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                                                                          Page 8

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          CCR = CR

          where

          CR means MTM + VB

          MTM means the mark-to-market value of the Transactions outstanding
          under the Agreement. Party A will have to mark the Transactions to
          market and post collateral on a weekly basis, with a cure period of 3
          days. The mark-to-market value should reflect the higher of 2 bids
          from counterparties that will be eligible and willing to assume Party
          A's role in the Transactions in place of Party A. The mark-to-market
          value may be a positive or negative amount. A bid has a negative value
          if the payment would be from the counterparty to Party A and has a
          positive value if the payment would be from Party A to the
          counterparty (for the purposes of determining a higher bid, any bid of
          positive value is higher than any bid of a negative value).

          VB means the value calculated by multiplying the Invested Amount at
          the time of the calculation by the relevant percentage calculated from
          the following table (for the purposes of interpreting the table,
          "Counterparty rating" is the credit rating assigned to Party A by S&P
          and "Maturities" is the period from and including the date of
          calculation to but excluding the scheduled maturity of the last
          expiring Transaction outstanding under this Agreement):

                              VOLATILITY BUFFER (%)

COUNTERPARTY     MATURITIES UP TO   MATURITIES UP TO     MATURITIES MORE THAN
RATING           5 YEARS            10 YEARS             10 YEARS

     A-2               6.50               8.25                 11.75
     A-3              10.00              14.50                 31.75
 BB+ or lower         13.00              25.75                 68.50

          In addition to complying with its obligations under this Section 15,
          if there is a Downgrade to Party A's long term debt rating below BBB-
          by S&P, Party A must immediately post collateral in accordance with
          Section 15(d)(i) and be immediately substituted for a Replacement
          Provider.

     (e)  Where Party A procures a Replacement Provider in accordance with
          Section 15(d)(ii), each party to this Agreement shall do all things
          necessary to novate the relevant obligations to the Replacement
          Provider.

     (f)  If, at any time, Party A's obligations under this Agreement are
          novated in accordance with Section 15(d)(ii) or any Acceptable
          Arrangement is entered into in accordance with Section 15(d)(iii),
          Party A shall be immediately entitled to any cash collateral amount
          which it has deposited in the Swap Collateral Account less any amounts
          applied pursuant to paragraph (h)(i) or (h)(v).

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                                                                          Page 9

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

     (g)  All interest on the Swap Collateral Account will accrue and be payable
          monthly to the party which provides the relevant Cash Collateral
          Amount.

     (h)  Party B may only make withdrawals from the Swap Collateral Account
          only for the purpose of:

          (i)    novating obligations under this Agreement in accordance with
                 Section 15(d)(ii) or entering into any other Acceptable
                 Arrangement in accordance with 15(d)(iii);

          (ii)   refunding to Party A the amount of any reduction in the Swap
                 Collateral Amount, from time to time and providing the
                 Designated Rating Agencies have confirmed, in writing, that
                 such refund will not result in a Note Downgrade;

          (iii)  withdrawing any amount which has been incorrectly deposited
                 into the Swap Collateral Account;

          (iv)   paying any applicable bank account taxes or equivalent payable
                 in respect of the Swap Collateral Account; or

          (v)    funding the amount of any payment due to be made by Party A
                 under this Agreement following the failure by Party A to make
                 that payment.

     (i)  Party A's obligations under this Section 15 shall:

          (i)    survive the termination of this Agreement; and

          (ii)   terminate upon Party A complying with its obligations (if any)
                 under Section 15(d).

     (j)  Where Party A fails to comply with Section 15(d), this shall
          constitute an Additional Termination Event and Party A shall be the
          Affected Party for this purpose.

(q)  A new Section 16 is added as follows:

          16.  Party B provisions

               (a)  Limitation of liability

               (A)  General

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

               (B)  Limitation of Party B's Liability

                    (1)    Party B 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 (3) below, a
                           liability arising under or in connection with this
                           agreement or the Trust can be enforced against Party
                           B 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 Party B to be
                           exonerated or indemnified for the liability. This
                           limitation of Party B's liability applies despite any
                           other

--------------------------------------------------------------------------------
                                                                         Page 10

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

                           provision of this agreement and extends to all
                           liabilities and obligations of Party B in any way
                           connected with any representation, warranty, conduct,
                           omission, agreement or transaction related to this
                           agreement or the Trust.

                    (2)    Subject to subparagraph (3) below, no person
                           (including any Relevant Party) may take action
                           against Party B in any capacity other than as trustee
                           of the Trust or seek the appointment of a receiver
                           (except under this agreement), or a liquidator, an
                           administrator or any similar person to Party B or
                           prove in any liquidation, administration or
                           arrangements of or affecting Party B.

                    (3)    The provisions of this section 16 shall not apply to
                           any obligation or liability of Party B 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 Party B's indemnification or
                           exoneration out of the Assets of the Trust as a
                           result of Party B's fraud, negligence, or Default.

                    (4)    It is acknowledged that the Relevant Parties are
                           responsible under the Transaction Documents for
                           performing a variety of obligations relating to the
                           Trust. No act or omission of Party B (including any
                           related failure to satisfy its obligations under this
                           agreement) will be considered fraud, negligence or
                           Default of Party B for the purpose of subparagraph
                           (3) 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 Party B in accordance with this
                           agreement or any other Transaction Document to fulfil
                           its obligations relating to the Trust or by any other
                           act or omission of a Relevant Party or any such
                           person.

                    (5)    In exercising their powers under the Transaction
                           Documents, each of Party B, 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 has authority
                           to act on behalf of Party B in a way which exposes
                           Party B to any personal liability and no act or
                           omission of any such person will be considered fraud,
                           negligence, or Default of Party B for the purpose of
                           subparagraph (3) above.

                    (6)    In this clause, RELEVANT PARTIES means each of the
                           Manager, the Redraw Facility Provider, the Servicer,
                           the Calculation Agent, the Note Registrar, each
                           Paying Agent, the Note Trustee, and the provider of a
                           Support Facility.

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                                                                         Page 11

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

                    (7)    Nothing in this clause limits the obligations
                           expressly imposed on Party B under the Transaction
                           Documents.

               (b)  Nothing in paragraph (a) or (c) limits Party A in:

                    (i)    obtaining an injunction or other order to restrain
                           any breach of this Agreement by Party B;

                    (ii)   obtaining declaratory relief;

                    (iii)  relation to its rights under the Security Trust Deed;
                           or

                    (iv)   taking any legal action against Party B in its
                           personal capacity under or as a result of the
                           operation of Section 16(a)(B)(3).

               (c)  Except as provided in paragraphs (a) and (b), Party A shall
                    not:

                    (i)    (JUDGMENT) obtain a judgment for the payment of money
                           or damages by Party B;

                    (ii)   (STATUTORY DEMAND) issue any demand under section
                           459E(1) of the Corporations Act 2001 (Cth) (or any
                           analogous provision under any other law) against
                           Party B;

                    (iii)  (WINDING UP) apply for the winding up or dissolution
                           of Party B;

                    (iv)   (EXECUTION) levy or enforce any distress or other
                           execution to, on or against any assets of Party B;

                    (v)    (COURT APPOINTED RECEIVER) apply for the appointment
                           by a court of a receiver to any of the assets of
                           Party B;

                    (vi)   (SET-OFF OR COUNTERCLAIM) exercise or seek to
                           exercise any set-off or counterclaim against Party B;
                           or

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

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

(r)  A new Section 17 is added as follows:

          17.  Break Payments

               (a)  Party B shall pay Break Payments which it receives to Party
                    A in accordance with 5.1(c) of the Supplementary Terms
                    Notice, to the extent that amounts are available to make
                    that payment.

               (b)  Subject to paragraph (c), if Party A in any capacity
                    (including in its capacity as Servicer) waives or reduces
                    the amount of any Break Payment otherwise due from an
                    Obligor, Party A agrees that Party B's obligation under
                    paragraph (a) is reduced in respect of the Break Payment so
                    waived or to the extent of the reduction of the Break
                    Payment (as the case may be).

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                                                                         Page 12

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

               (c)  Party A and Party B agree that (unless Party A otherwise
                    notifies Party B in writing) Party A will waive all Break
                    Payments otherwise payable by an Obligor if the total
                    principal prepayments by that Obligor under the relevant
                    Purchased Receivable (excluding scheduled principal
                    repayments) does not exceed $5,000 in any calendar year.

IN WITNESS WHEREOF the parties have executed this schedule on the respective
dates specified below with effect from the date specified on the first page of
this document.

ST.GEORGE BANK LIMITED

By:                                       By:
       -----------------------------              ------------------------------

Name:                                     Name:
       -----------------------------              ------------------------------

Title:                                    Title:
       -----------------------------              ------------------------------

Date:                                     Date:
       -----------------------------              ------------------------------

PERPETUAL TRUSTEES CONSOLIDATED LIMITED

By:                                       Witness:
       -----------------------------              ------------------------------

Name:                                     Name:
       -----------------------------              ------------------------------

Title:                                    Title:
       -----------------------------              ------------------------------

Date:                                     Date:
       -----------------------------              ------------------------------

--------------------------------------------------------------------------------
                                                                         Page 13SELLER LOAN AGREEMENT

                           PERPETUAL TRUSTEES CONSOLIDATED LIMITED
                                                         (Trustee)

                                            ST.GEORGE BANK LIMITED
                                                 (Approved Seller)

                                        CRUSADE MANAGEMENT LIMITED
                                                         (Manager)

                                Crusade Global Trust No. 1 of 2005

                                            ALLENS ARTHUR ROBINSON
                                                 The Chifley Tower
                                                  2 Chifley Square
                                                 Sydney  NSW  2000
                                                         Australia
                                               Tel  61 2 9230 4000
                                               Fax  61 2 9230 5333

                           (C) Copyright Allens Arthur Robinson 2005

SELLER LOAN AGREEMENT                                     Allens Arthur Robinson
--------------------------------------------------------------------------------

TABLE OF CONTENTS

TABLE OF CONTENTS

1.       DEFINITIONS AND INTERPRETATION                                                                    1
         1.1      Definitions                                                                              1
         1.2      Master Trust Deed definitions                                                            2
         1.3      Interpretation                                                                           3
         1.4      Determination, statement and certificate sufficient evidence                             3
         1.5      Transaction Document                                                                     3
         1.6      Limited to Trust                                                                         3
         1.7      Trustee as trustee                                                                       3
         1.8      Knowledge of Trustee                                                                     3
         1.9      Unsecured loan                                                                           3

2.       PURPOSE                                                                                           3

3.       DRAWINGS                                                                                          4
         3.1      Advance                                                                                  4
         3.2      Making of Advance                                                                        4

4.       INTEREST AND FEES                                                                                 4

5.       REPAYMENT                                                                                         4

6.       PAYMENTS                                                                                          4
         6.1      Manner                                                                                   4
         6.2      Payment to be made on Business Day                                                       5

7.       CONDITIONS PRECEDENT                                                                              5

8.       REPRESENTATIONS AND WARRANTIES                                                                    5
         8.1      Representations and warranties                                                           5
         8.2      Reliance on representations and warranties                                               6

9.       UNDERTAKINGS                                                                                      6
         9.1      General undertakings                                                                     6
         9.2      Undertakings relating to Trust                                                           7
         9.3      Term of undertakings                                                                     7

10.      CONTROL ACCOUNTS                                                                                  7

11.      WAIVERS, REMEDIES CUMULATIVE                                                                      7

12.      SEVERABILITY OF PROVISIONS                                                                        8

13.      SURVIVAL OF REPRESENTATIONS                                                                       8

14.      INDEMNITY AND REIMBURSEMENT OBLIGATION                                                            8

15.      MORATORIUM LEGISLATION                                                                            8

16.      CONSENTS AND OPINIONS                                                                             8

17.      ASSIGNMENTS                                                                                       8

SELLER LOAN AGREEMENT                                     Allens Arthur Robinson
--------------------------------------------------------------------------------

18.      NOTICES                                                                                           9

19.      AUTHORISED SIGNATORIES                                                                            9

20.      GOVERNING LAW AND JURISDICTION                                                                    9

21.      COUNTERPARTS                                                                                      9

22.      ACKNOWLEDGEMENT BY TRUSTEE                                                                       10

23.      LIMITED RECOURSE                                                                                 10
         23.1     General                                                                                 10
         23.2     Liability of Trustee limited to its right to indemnity                                  10
         23.3     Unrestricted remedies                                                                   11
         23.4     Restricted remedies                                                                     11

24.      APPROVED SELLER'S OBLIGATIONS                                                                    12

25.      SUCCESSOR TRUSTEE                                                                                12

ANNEXURE A                                                                                                15
         Drawdown Notice                                                                                  15

SELLER LOAN AGREEMENT                                     Allens Arthur Robinson
--------------------------------------------------------------------------------

DATE                                  2005
-------------
PARTIES
-------------
1.              PERPETUAL TRUSTEES CONSOLIDATED LIMITED (ABN 81 004 029 841) of
                Level 7, 9 Castlereagh Street, Sydney, New South Wales 2000 in
                its capacity as trustee of the Crusade Global Trust No. 1 of
                2005 (the TRUSTEE);

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

3.              CRUSADE MANAGEMENT LIMITED (ABN 90 072 715 916) incorporated in
                Australia and registered in New South Wales 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
                2005 and proposes to issue Notes pursuant to the Master Trust
                Deed and the Supplementary Terms Notice.

B               The Manager has arranged for the Approved Seller to provide the
                Trustee with a loan of A$[*] for the purchase of Receivables by
                the Trustee.

C               The Approved Seller has agreed to provide the loan to the
                Trustee on the terms and conditions contained in this agreement.

--------------------------------------------------------------------------------
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.

         ADVANCE means the advance made or to be made under this agreement.

         DRAWDOWN NOTICE means a notice under clause 3.1.

         LIMIT means A$[*], or such greater amount as may be agreed by the
         Trustee, Approved Seller and Manager.

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

SELLER LOAN AGREEMENT                                     Allens Arthur Robinson
--------------------------------------------------------------------------------

         NOTICE OF CREATION OF TRUST means the Notice of Creation of Trust dated
         [*] 2005 issued under the Master Trust Deed in relation to the Trust.

         PRINCIPAL OUTSTANDING means, at any time, the total principal amount of
         the Advance at that time.

         SECURED MONEYS has the meaning given in the Security Trust Deed.

         SECURITY TRUST DEED means the Security Trust Deed dated [*] 2005
         between the Trustee, the Manager, the Note Trustee and P.T. Limited.

         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.

         TRUST means the Crusade Global Trust No. 1 of 2005 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 Redraw Facility Agreement;

         (f)     the Deed of Indemnity to the extent it relates to the Trust;

         (g)     the Custodian Agreement;

         (h)     the Security Trust Deed to the extent it relates to the Trust;

         (i)     the Servicing Agreement;

         (j)     the Note Trust Deed;

         (k)     the Dealer Agreement;

         (l)     the Agency Agreement;

         (m)     each Note; and

         (n)     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.

SELLER LOAN AGREEMENT                                     Allens Arthur Robinson
--------------------------------------------------------------------------------

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.

1.4      DETERMINATION, STATEMENT AND CERTIFICATE SUFFICIENT EVIDENCE

         Except where otherwise provided in this agreement any determination,
         statement or certificate by the Approved Seller or an Authorised
         Signatory of the Approved Seller 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 Approved Seller has no
         obligation 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 only 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.

1.9      UNSECURED LOAN

         The Approved Seller acknowledges that the Advance is an unsecured loan,
         and does not have the benefit of any Security Interest under the
         Security Trust Deed.

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

         The Manager directs the Trustee to, and the Trustee shall, apply the
         proceeds of the Advance to purchase Receivables specified in any Sale
         Notice and for no other purpose.

SELLER LOAN AGREEMENT                                     Allens Arthur Robinson
--------------------------------------------------------------------------------

3.       DRAWINGS
--------------------------------------------------------------------------------
3.1      ADVANCE

         (a)     Subject to this agreement, the Manager may direct the Trustee
                 to request the Advance by giving to the Trustee a duly
                 completed but unsigned Drawdown Notice by no later than 10.00
                 am on the Closing Date (Sydney time).

         (b)     The Drawdown Notice delivered by the Trustee to the Approved
                 Seller 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, at the direction of the Manager, and
                 return the Drawdown Notice to the Manager by no later than
                 2.00 pm on the Closing Date (Sydney time).

         (c)     The amount requested in a Drawdown Notice must not exceed the
                 Limit.

3.2      MAKING OF ADVANCE

         Subject to the terms of this agreement, the Advance shall be made
         available by the Approved Seller applying that amount to the purchase
         price for Receivables under a Sale Notice.

4.       INTEREST AND FEES
--------------------------------------------------------------------------------

         No interest or fees are payable by the Trustee in relation to the
         Advance or this agreement.

5.       REPAYMENT
--------------------------------------------------------------------------------

         The Trustee shall, at the direction of the Manager, repay the Principal
         Outstanding on the Business Day immediately following the date on which
         the Secured Moneys are fully and finally repaid, but only to the extent
         that amounts are available for that purpose under clause 5.7 of the
         Supplementary Terms Notice. That payment shall be in full and final
         settlement of the obligations of the Trustee under this agreement.

6.       PAYMENTS
--------------------------------------------------------------------------------
6.1      MANNER

         The Trustee shall make all payments under this agreement:

         (a)     by cheque, electronic funds transfer or other agreed methods,
                 provided to the Approved Seller at its address for service of
                 notices or by transfer of immediately available funds to the
                 account specified by the Approved Seller;

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

SELLER LOAN AGREEMENT                                     Allens Arthur Robinson
--------------------------------------------------------------------------------

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

6.2      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 the next Business Day.

7.       CONDITIONS PRECEDENT
--------------------------------------------------------------------------------

         (a)     The right of the Trustee to give the initial Drawdown Notice
                 and the obligations of the Approved Seller under this agreement
                 are subject to the condition precedent that the Approved Seller
                 receives all of the following in form and substance
                 satisfactory to the Approved Seller:

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

                 (ii)     (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; and

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

         (b)     The obligations of the Approved Seller to make available the
                 Advance is subject to the further conditions precedent that:

                 (i)      (REPRESENTATIONS TRUE) the representations and
                          warranties by the Trustee in clause 8 are true as at
                          the date of the Drawdown Notice and the date of the
                          Advance as though they had been made at that date in
                          respect of the facts and circumstances then
                          subsisting; and

                 (ii)     (NO DEFAULT) no Event of Default is subsisting at the
                          date of the Drawdown Notice or of the Advance or will
                          result from the provision of the Advance.

8.       REPRESENTATIONS AND WARRANTIES
--------------------------------------------------------------------------------
8.1      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.

SELLER LOAN AGREEMENT                                     Allens Arthur Robinson
--------------------------------------------------------------------------------

         (c)     (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.

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

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

         (f)     (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.

8.2      RELIANCE ON REPRESENTATIONS AND WARRANTIES

         The Trustee acknowledges that the Approved Seller has entered into the
         Trust Documents in reliance on the representations and warranties in
         this clause.

9.       UNDERTAKINGS
--------------------------------------------------------------------------------
9.1      GENERAL UNDERTAKINGS

         Each of the Trustee and the Manager severally undertake to the Approved
         Seller as follows in relation to the Trust, except to the extent that
         the Approved Seller 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 Approved Seller when they are
                  obtained or renewed.

         (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.

SELLER LOAN AGREEMENT                                     Allens Arthur Robinson
--------------------------------------------------------------------------------

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

         (d)     (NOTICE TO APPROVED SELLER) It will notify the Approved Seller
                 as soon as it becomes actually aware of any proposal by a
                 Government Agency to acquire compulsorily any Assets of the
                 Trust.

9.2      UNDERTAKINGS RELATING TO TRUST

         Each of the Trustee, as trustee of the Trust, and the Manager severally
         undertakes to the Approved Seller as follows, except to the extent that
         the Approved Seller 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 the Advance to be
                          made is calculated;

                 (ii)     clause 5.7 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 Approved Seller in respect of the
                          Advance.

         (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.

9.3      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.

10.      CONTROL ACCOUNTS
--------------------------------------------------------------------------------

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

11.      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.

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

SELLER LOAN AGREEMENT                                     Allens Arthur Robinson
--------------------------------------------------------------------------------

12.      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.

13.      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.

14.      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.

15.      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
                 Approved Seller of any right, power or remedy conferred by this
                 agreement,

         is excluded from this agreement.

16.      CONSENTS AND OPINIONS
--------------------------------------------------------------------------------

         Except where expressly stated the Approved Seller may give or withhold,
         or give conditionally, approvals and consents, may be satisfied or
         unsatisfied, may form opinions, and may exercise its rights, powers and
         remedies, at its absolute discretion.

17.      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.

SELLER LOAN AGREEMENT                                     Allens Arthur Robinson
--------------------------------------------------------------------------------

18.      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.

19.      AUTHORISED SIGNATORIES
--------------------------------------------------------------------------------

         The Trustee irrevocably authorises the Approved Seller 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.

20.      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.

21.      COUNTERPARTS
--------------------------------------------------------------------------------

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

22.      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 Approved Seller (including any advice, warranty,
                 representation or undertaking); and

         (b)     the Approved Seller is not obliged to do anything (including
                 disclose anything or give advice),

         except as expressly set out in this agreement.

23.      LIMITED RECOURSE
--------------------------------------------------------------------------------
23.1     GENERAL

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

23.2     LIABILITY OF TRUSTEE LIMITED TO ITS RIGHT TO INDEMNITY

         (a)     This agreement applies to Trustee 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 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 23.2 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

SELLER LOAN AGREEMENT                                     Allens Arthur Robinson
--------------------------------------------------------------------------------

                 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 any Support Facility Provider.

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

23.3             UNRESTRICTED REMEDIES

         Nothing in clause 23.2 or 23.4 limits the Approved Seller in:

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

         (b)     obtaining declaratory relief;

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

         (d)     taking any legal action against the Trustee in its personal
                 capacity under or as a result of the operation of clause
                 23.2(c).

23.4     RESTRICTED REMEDIES

         Except as provided in clause 23.3, the Approved Seller shall not:

         (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 Act 2001 (Cth) (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,

SELLER LOAN AGREEMENT                                     Allens Arthur Robinson
--------------------------------------------------------------------------------

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

24.      APPROVED SELLER'S OBLIGATIONS
--------------------------------------------------------------------------------

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

25.      SUCCESSOR TRUSTEE
--------------------------------------------------------------------------------

         The Approved Seller 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
revocation or suspension of his or her power of attorney.

SELLER LOAN AGREEMENT                                     Allens Arthur Robinson
--------------------------------------------------------------------------------

SIGNED for                                   )
PERPETUAL TRUSTEES CONSOLIDATED LIMITED      )
by its attorney under the Power of Attorney  )
dated                                        )
the presence of:                             )
                                                 -------------------------------
                                                 Signature

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

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

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

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

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

SELLER LOAN AGREEMENT                                     Allens Arthur Robinson
--------------------------------------------------------------------------------

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

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

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

SELLER LOAN AGREEMENT                                     Allens Arthur Robinson
--------------------------------------------------------------------------------

ANNEXURE A

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

To:      St.George Bank Limited

                 SELLER LOAN AGREEMENT - DRAWDOWN NOTICE NO. [*]

We refer to the Seller Loan Agreement dated on or about [*] 2005 (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 Closing Date;

(2)      the principal amount of the 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 [*];

(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)      all representations and warranties under clause 8 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

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00078-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00078-of-00352.parquet"}]]