Document:

SCHEDULE
                                     to the
                                MASTER AGREEMENT

                                 dated as of [*]

                                     between

     [*]                                                            ("Party A")

     and

     Perpetual Trustees Consolidated Limited (ABN 81 004 029 841)
     in its capacity as trustee of the Crusade Global
     Trust No. [*] of [*]                                           ("Party B")

     and

     Crusade Management Limited (ABN 90 072 715 916)                ("Manager")

                                     PART 1

                TERMINATION PROVISIONS AND CERTAIN OTHER MATTERS

(1)  "SPECIFIED ENTITY" is not applicable in relation to Party A and Party B.

(2)  "SPECIFIED TRANSACTION" is not applicable.

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

     (ii) Replace Section 5(a)(i) with:

          "(i) FAILURE TO PAY OR DELIVER. Failure by the party to make when due
               any payment under this Agreement or delivery under Section
               2(a)(i) or 2(e) required to be made by it if such failure is not
               remedied at or before 10.00am on the tenth Local Business Day
               after the due date."

(4)  The "BANKRUPTCY" provisions of Section 5(a)(vii) are replaced by "An
     Insolvency Event under the Security 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 Security Trust Deed) shall
     apply to it as if Party A was 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 thirty Local Business Days of that
     occurrence, Party A, Party B and the Manager are able to procure the
     novation of this Agreement and all Transactions to a third party (who is
     notified to Party A) in respect of which the Designated Rating Agencies
     confirm that the novation will not cause a reduction or withdrawal of the
     ratings of the [Class A-1] Notes, and Party A and Party B agree to execute
     such a novation agreement in standard ISDA form.

                                                                          Page 1

(5)  The "AUTOMATIC EARLY TERMINATION" provisions of Section 6(a):

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

(6)  PAYMENTS ON EARLY TERMINATION. For the purpose of Section 6(e) of this
     Agreement:

     (i)  Market Quotation will apply; and

     (ii) the Second Method will apply.

(7)  "TERMINATION CURRENCY" means US$.

(8)  Section 6(a) is amended by replacing "20 days" in line 3 with "10 Local
     Business Days".

(9)  The following is an ADDITIONAL TERMINATION EVENT:

     Party A fails to comply with the requirements of Section 17 (in which case
     Party A is the Affected Party).

(10) Add a new Section 6(aa) after Section 6(a):

               "(aa) RESTRICTED TERMINATION RIGHTS

                    (i)  TERMINATION BY PARTY B: Party B must not designate an
                         Early Termination Date without the prior written
                         consent of the Note Trustee.

                    (ii) TRANSFER WHERE PARTY B DOES NOT GROSS-UP: If any
                         payment by Party B to Party A under this Agreement is,
                         or is likely to be, made subject to any deduction or
                         withholding on account of Tax, Party B will endeavour
                         to procure the substitution as principal obligor under
                         this Agreement in respect of each affected Transaction
                         of a Party B incorporated in another jurisdiction
                         approved by Party A and the Note Trustee and in respect
                         of which the Designated Rating Agencies confirm that
                         the substitution will not cause a reduction or
                         withdrawal of the rating of any Notes."

(11) In Section 6(b)(ii), add the words "or to any other person approved by
     Party A" after the word "Affiliates" in the second last line of the first
     paragraph and add the words "so long as the transfer in respect of that
     Transaction would not lead to a downgrade or withdrawal of the then current
     rating of any Notes" after the words "ceases to exist" at the end of the
     first paragraph.

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

     "However, consent may be withheld if the other party considers (acting
     reasonably) that its credit exposure to the transferor would be adversely
     affected by the transfer."

(13) (i) Replace paragraph (a) of Section 7 with the following:

          "(a) (i) (subject to sub-paragraph (ii)) Party A may make such a
          transfer, without the prior consent of any Designated Rating Agency or
          the other parties, pursuant to a consolidation, amalgamation with, or
          merger with or into, or transfer of all or substantially all of its
          assets to, or reorganisation, incorporation, reincorporation or
          reconstitution into or as another entity (but without prejudice to any
          other right or remedy under this Agreement); and

                                                                          Page 2

               (ii) the transfer referred to in sub-paragraph (i) may only be
          made where the transferee of all of Party A's interest or obligation
          in or under this Agreement has a short term credit rating of A-1+ from
          S&P and a long term credit rating of at least A2, a short term credit
          rating of P-1 from Moody's and a short term credit rating of F1 from
          Fitch Ratings and a long term credit rating of A+ from Fitch Ratings;
          and"

     (ii) Add a new paragraph to Section 7, immediately below paragraph (b):

     "(c) in the event that a trustee is appointed as a successor to Party B
          under the Trust Deed and the Supplementary Terms Notice (the
          "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)
          execute a novation agreement novating 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
          each Designated Rating Agency of such novation."

                                                                          Page 3

                                     PART 2
                               TAX REPRESENTATIONS

(1)  PAYER TAX REPRESENTATIONS

     For the purpose of Section 3(e) of the Agreement, Party A will make the
     following representation 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); and

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

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

(2)  PAYEE TAX REPRESENTATIONS

     For the purpose of Section 3(f) of this Agreement, Party B makes the
     following representations:

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

     For the purpose of Section 3(f) of this Agreement, Party A makes the
     following representation:

     It is fully eligible for the benefits of the "Business Profits" or
     "Industrial and Commercial Profits" provision, as the case may be, the
     "Interest" provision or the "Other Income" provision, if any, of the
     Specified Treaty with respect to any payment described in such provisions
     and received or to be received by it in connection with this Agreement and
     no such payment is attributable to a trade or business carried on by it
     through a permanent establishment in Australia.

     "Specified Treaty" means the tax treaty applicable between the United
     Kingdom and the Commonwealth of Australia.

                                                                          Page 4

                                     PART 3

                         AGREEMENT TO DELIVER DOCUMENTS

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

(a)  Other documents to be delivered are:

 PARTY REQUIRED TO                                                                                 COVERED BY SECTION 3(D)
  DELIVER DOCUMENT           FORM/DOCUMENT/CERTIFICATE           DATE BY WHICH TO BE DELIVERED         REPRESENTATION
-------------------   --------------------------------------   ---------------------------------   -----------------------

Manager               Legal opinions as to the validity and    Upon execution and delivery of                 No
                      enforceability of the obligations of     this Agreement
                      Party B and the Manager under this
                      Agreement, the Trust Deed, the
                      Security Trust Deed and the [Class
                      A-1] Notes in form and substance and
                      issued by legal counsel reasonably
                      acceptable to Party A

Party B and the       Certified copies of all corporate        Upon execution and delivery of                 Yes
Manager               authorisations (to be certified by an    this Agreement or any relevant
                      Authorised Officer of the relevant       Confirmation
                      party) and any other documents with
                      respect to the execution, delivery and
                      performance of this Agreement and each
                      Confirmation

Party A and Party B   Certificate of authority and specimen    Upon execution and delivery of                 Yes
                      signatures of individuals executing      this Agreement and thereafter
                      this Agreement, Confirmations and each   upon request of the other party
                      Credit Support Document (as
                      applicable)

Manager               Copies (certified to be true copies by   Upon execution and delivery of                 Yes
                      an authorised signatory of the           this Agreement
                      Manager) of the Trust Deed, the
                      Security Trust Deed, the Note Trust
                      Deed, the Supplementary Terms Notice,
                      the Notice of Creation of Trust and
                      the Agency Agreement.

Manager               A copy (certified to be a true copy by   Promptly upon any such document                Yes
                      an authorised signatory of the           becoming effective in accordance
                      Manager) of any document amending or     with its terms
                      varying the terms of the Trust Deed,
                      the Security Trust Deed, the Note
                      Trust Deed or the Supplementary Terms
                      Notice where such amendment affects
                      this Agreement or Party A's rights or
                      obligations under this Agreement

                                                                          Page 5

Party A               A legal opinion as to the capacity and   Upon execution and delivery of                 Yes
                      authority of Party A to enter into,      this Agreement
                      and perform its obligations under this
                      Agreement and each Confirmation.

Manager               A copy of any notice provided by the     At such time as the relevant                   Yes
                      Manager to [Class A-1] Noteholders.      notice is provided by the Manager
                                                               to [Class A-1] Noteholders.

                                                                          Page 6

                                     PART 4

                                  MISCELLANEOUS

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

     (a)  For notices regarding operation, payment and confirmation matters
          only, notices should be sent to the branch set out in the relevant
          Confirmation (as may be amended from time to time) with a copy, in the
          case of notices or communications relating to Sections 5, 6, 7, 11 or
          13, to:

          [*]

          Attention: [*]
          Telephone: [*]
          Facsimile: [*]

     (b)  All notices or communications to Party B under this Agreement shall be
          sent to:

          Level 7, 9 Castlereagh Street, Sydney NSW 2000
          Attention: Manager, Securitisation
          Telephone: (+61) 2 9229 9000
          Facsimile: (+61) 2 9221 7870
          Telex:     N/A

     (c)  All notices or communications to the Manager under this Agreement
          shall be sent to:

          Level 12, 55 Market Street, Sydney NSW 2000
          Attention: Middle Office Compliance Manager
          Telephone: +61 2 9320 5526
          Facsimile: +61 2 9320 5589
          Telex:     N/A

(2)  PROCESS AGENT. For the purpose of Section 13(c):

     Party A appoints as its Process Agent: Not applicable

     Party B appoints as its Process Agent: [*]

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

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

     Party A is not a Multibranch Party and will act through its office in
     London.

     Party B is not a Multibranch Party.

(5)  CALCULATION AGENT. The Calculation Agent is Party A, unless:

     (i)  otherwise specified in a Confirmation in relation to the relevant
          Transaction; or

     (ii) an Event of Default (where Party A is the Defaulting Party) has
          occurred, in which case the Calculation Agent will be the Manager.

                                                                          Page 7

     All calculations made by the Calculation Agent must be made in good faith
     and through the exercise of the Calculation Agent's commercially reasonable
     judgment. If any party objects in good faith to any calculation made by the
     Calculation Agent, the parties must negotiate in good faith to agree on an
     independent lead dealer to make such calculation, and if they cannot so
     agree within three Business Days, they will each promptly choose an
     independent leading dealer and instruct such dealers to agree on another
     independent leading dealer to make such calculation. The calculation of any
     such dealer so appointed will be binding on the parties in the absence of
     manifest error and the costs of such appointment will be shared equally
     between Party A and Party B.

(6)  CREDIT SUPPORT DOCUMENTS. Details of any Credit Support Document:

     (i)  In relation to Party A: Nil

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

(7)  CREDIT SUPPORT PROVIDER.

     Credit Support Provider means in relation to Party A: Not applicable

     Credit Support Provider means in relation to Party B: Not applicable

(8)  NETTING OF PAYMENTS. Sub-paragraph (ii) of Section 2(c) will apply to
     Transactions entered into under this Agreement unless specified otherwise
     in a Confirmation.

(9)  GOVERNING LAW. This Agreement and each Confirmation will be governed by,
     and construed and enforced in accordance with, the laws in force in England
     and Wales.

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

(11) All payments other than payments of Eligible Credit Support to be made to
     Party B under this Agreement by Party A must be made to the account
     specified in the Confirmation (the 'US$ Account').

Any payment so made will, to the extent of that payment, satisfy Party A's
obligation to Party B in respect of that payment.

                                                                          Page 8

                                     PART 5

                                OTHER PROVISIONS

(1)  REDUCTION OF PAYMENT OBLIGATIONS. In the event that a payment made by Party
     B to Party A under a Transaction is less than the amount which Party B
     would be required to pay Party A, the payment obligation of Party A to
     Party B shall be rateably reduced to the extent of the reduction in the
     amount paid by Party B to Party A. For the avoidance of doubt the payment
     of a reduced amount by Party A under this Agreement shall not constitute a
     breach of the payment obligations specified in Section 2(a)(i).

(2)  In Section 2(a)(ii), after "freely transferable funds" add the words and
     "save as required by law, free of any set-off, counterclaim, deduction or
     withholding (and except as expressly provided in this Agreement)."

(3)  Insert new Sections 2(a)(iv) and 2(a)(v) immediately after Section
     2(a)(iii) as follows:

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

     "(v) Where:

          (1)  payments are due pursuant to Section 2(a)(i) by Party A to Party
               B (the "PARTY A PAYMENT") and by Party B to Party A (the "PARTY B
               PAYMENT") on the same day; and

          (2)  the Security Trust Deed has become, and remains at that time,
               enforceable,

          then Party A's obligation to make the Party A Payment to Party B shall
          be subject to the condition precedent (which shall be an "applicable
          condition precedent" for the purpose of Section 2(a)(iii)(3)) that
          Party A first receives either:

          (3)  the Party B Payment; or

          (4)  confirmation from Party B's bank that it holds irrevocable
               instructions to effect payment of the Party B Payment and that
               cleared funds are available to make that payment."

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

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

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

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

(6)  In Section 2(d)(ii) insert the words "(if and only if Y is Party A)" after
     the word "then" at the beginning of the last paragraph. Party B will have
     no obligation to pay any amount to Party A under Section 2(d)(ii), and may
     make any payment under or in connection with this Agreement net of any
     deduction or withholding referred to in Section 2(d)(i).

(7)  TELEPHONE RECORDING: Each party consents to the recording of the telephone
     conversations of trading and marketing personnel in connection with this
     Agreement or any potential Transaction and consents to such recording being
     used as evidence in court proceedings.

(8)  FURTHER REPRESENTATIONS. Insert new Sections 3(g), 3(h) and 3(i)
     immediately after Section 3(f) as follows:

                                                                          Page 9

     "(g) NON ASSIGNMENT. It has not assigned (whether absolutely, in equity or
          otherwise) or declared any trust over any of its rights under this
          Agreement or any Transaction (other than, in respect of Party B, the
          trust created pursuant to the Trust Deed and the Supplementary Terms
          Notice) and has not given any charge over its rights under this
          Agreement or any Transaction in the case of Party A, or any charge
          over the assets of the Trust (other than under the Security Trust
          Deed), in the case of Party B."

     (h)  RELATIONSHIP BETWEEN PARTIES. Each party will be deemed to represent
          to the other party on the date on which it enters into a Transaction
          that (absent a written agreement between the parties that expressly
          imposes affirmative obligations to the contrary for that Transaction):

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

          (ii) ASSESSMENT AND UNDERSTANDING. It is capable of assessing the
               merits of and understanding (on its own behalf or through
               independent professional advice), and understands and accepts,
               the terms, conditions and risks of that Transaction. It is also
               capable of assuming, and assumes (in the case of Party B, subject
               to sub-paragraph (i)), the risks of that Transaction.

          (iii) STATUS OF PARTIES. The other party is not acting as a fiduciary
               for or an adviser to it in respect of that Transaction (other
               than in the case of Party B, the Manager)."

     (i)  TRUST. Party B represents to Party A, in respect of Party B only
          (which representations will be deemed to be repeated by Party B on
          each date on which a Transaction is entered into) that (absent a
          written agreement between the parties that expressly imposes
          affirmative obligations to the contrary for that Transaction):

          (i)  TRUST VALIDLY CREATED. The Trust has been validly created under
               the laws by which it is stated to be governed 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. Party B has equitable title to the Assets of the
               Trust 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 permitted under the Trust Deed, as far as Party
               B is

                                                                         Page 10

               aware, those Assets are free from all other Security Interests
               (except for Party B's right of indemnity out of the Assets of the
               Trust)."

(9)  In Section 4, add the following new paragraph immediately after Section
     4(e):

     "(f) CONTRACTING AS PRINCIPAL. Party A will enter into each Transaction as
          principal and not otherwise and, subject to Section 15, Party B will
          enter into each Transaction in its capacity as trustee of the Trust
          and not otherwise. Any reference to Party B in this Agreement is in
          its capacity as trustee of the Trust."

(10) CONFIRMATIONS. With respect to each Transaction entered into pursuant to
     this Agreement and for the purposes of Section 9(e)(ii), Party A will, on
     or promptly after the relevant Trade Date, send Party B (with a copy to the
     Manager) a Confirmation confirming that Transaction and both Party B and
     the Manager must promptly then confirm the accuracy of or request the
     correction of such Confirmation. Notwithstanding the provisions of Section
     9(e)(ii), where a Transaction is confirmed by means of facsimile or an
     electronic messaging system, such message will constitute a Confirmation
     even where not so specified in that Confirmation.

(11) Section 12 is amended as follows:

     (i)  In Section 12(a), delete the words "(except that a notice or other
          communication under Section 5 or 6 may not be given by facsimile
          transmission or electronic messaging system)" in lines 2 and 3.

     (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".

     (iii) In Section 12(a)(v), replace the words "electronic message is
          received" with "the facsimile transmission confirming the electronic
          message is sent and deemed effective in accordance with sub-paragraph
          (iii)".

(12) ISDA DEFINITIONS. This Agreement, each Confirmation and each Transaction
     are subject to the 2000 ISDA Definitions (as published by the International
     Swaps and Derivatives Association, Inc) (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 incorporated by
     reference in, and shall be deemed to be part of, this Agreement and each
     Confirmation.

(13) SCOPE OF AGREEMENT.

     Any reference to a:

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

     (b)  "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.

                                                                         Page 11

(14) INCONSISTENCY. In the event of any inconsistency between any two or more of
     the following documents in respect of a Transaction, they will take
     precedence over each other in the following descending order in respect of
     that Transaction:

     (i)  any Confirmation;

     (ii) the Schedule to the Agreement and Credit Support Annex;

     (iii) the printed form of the ISDA Master Agreement and the ISDA Credit
          Support Annex;

     (iv) the 2000 ISDA Definitions.

(15) DEFINITIONS AND INTERPRETATION

     Section 14 of the Agreement is modified as follows:

     (a)  New definitions are inserted as follows:

          "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 credit rating of
          [A-1+] from S&P, [P-1] from Moody's and [F1] from Fitch Ratings.

          "DOWNGRADE" means in relation to a Currency Swap, the withdrawal or
          downgrade of Party A's credit rating by a Designated Rating Agency
          resulting in Party A not having the Required Rating for that Currency
          Swap.

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

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

          (ii) a short term credit rating of less than [P-2] by Moody's or a
               long term credit rating of less than [A-3] by Moody's; or

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

          "MINOR DOWNGRADE" means in relation to a Currency Swap, any Downgrade
          which is not a Major Downgrade for that Currency Swap.

          "MORTGAGED PROPERTY" has the meaning given in the Security Trust Deed.

          "NOTE DOWNGRADE" means any actual or proposed withdrawal or downgrade
          of the rating assigned to the [Class A-1] Notes by a Designated Rating
          Agency which results or would result in any rating assigned to the
          [Class A-1] Notes being less than that specified in clause 4.2(f) of
          the Supplementary Terms Notice.

          "REPLACEMENT CURRENCY SWAP PROVIDER" means, at any time, a person that
          has agreed to replace Party A at that time and has a credit rating not
          less than the Required Rating.

          "REQUIRED RATING" means a credit rating of not less than:

          (i)  [A-1+] (short term) by S & P;

          (ii) [P-1] (short term) and [A2] (long term) by Moody's; and

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

                                                                         Page 12

          "RELEVANT SWAP TRANSACTION" means each Transaction which is a currency
          swap for the [Class A-1] Notes only.

          "SECURITY TRUST DEED" means the Security Trust Deed dated [*] between
          Party B as issuing trustee, Crusade Management Limited as Manager,
          P.T. Limited as security trustee and The Bank of New York as note
          trustee.

          The definition of Tax is replaced with:

          "TAX" has the meaning given in the Trust Deed.

          "TRUST DEED" means the Master Trust Deed dated 14 March 1998 as
          amended by the Crusade Global Trust No. [*] of [*] Supplementary Terms
          Notice dated on or about the date of this Agreement between (amongst
          others) Party B, St.George Bank Limited and the Manager
          ("SUPPLEMENTARY TERMS NOTICE") and each of the following expressions
          has the meanings given to them in the Trust Deed and the Supplementary
          Terms Notice.

     (b)  Each of the following expressions has the meanings given to them in
          the Trust Deed and the Security Trust Deed (as the case may be):

          "AGENCY AGREEMENT"
          "ASSET"
          "BANK"
          "CURRENCY SWAP"
          "[CLASS A-1] NOTES"
          "[CLASS A-1] NOTEHOLDER"
          "CURRENCY SWAP"
          "DESIGNATED RATING AGENCY"
          "EXTRAORDINARY RESOLUTION"
          "FINAL MATURITY DATE"
          "HEDGE AGREEMENT"
          "INSOLVENCY EVENT"
          "INVESTED AMOUNT"
          "MORTGAGED PROPERTY"
          "NOTEHOLDER"
          "NOTE TRUSTEE"
          "PRINCIPAL PAYING AGENT"
          "PURCHASED RECEIVABLES"
          "SECURITY TRUST DEED"
          "SECURITY TRUSTEE"
          "STATED AMOUNT"
          "SUPPORT FACILITY PROVIDER"
          "TRUST"
          "TRUST EXPENSE"

     (c)  TRUST DEED AND SECURITY TRUST DEED: The parties acknowledge and agree
          and for the purposes of the Trust Deed and Security Trust Deed

          (i)  all Transactions under this Agreement are "Hedge Agreements";

          (ii) Party A is a "Support Facility Provider",

          (iii) all obligations of Party B under this Agreement and any/all
               Transactions under it are Secured Moneys.

     (d)  Unless defined in this Agreement, words and phrases defined in the
          Trust Deed, the Security Trust Deed and the Supplementary Terms Notice
          (each in the form as at the date of this Agreement) have the same
          meaning in this Agreement. Where there is any

                                                                         Page 13

          inconsistency in a definition between this Agreement (on the one hand)
          and the Trust Deed, Security Trust Deed or the Supplementary Terms
          Notice (on the other hand), this Agreement prevails. Where words or
          phrases used but not defined in this Agreement are defined in the
          Trust Deed in relation to a Trust (as defined in the Trust Deed) such
          words or phrases are to be construed in this Agreement, where
          necessary, as being used only in relation to the Trust (as defined in
          the Supplementary Terms Notice).

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

(16) New Sections 15 and 16 are inserted immediately after Section 14 as
     follows:

     "15. PARTY B PROVISIONS

          (a)  (A) General

               Clause 30 of the Trust Deed applies to the obligations and
               liabilities of Party B under this Agreement. Clause 16 of the
               Security Trust Deed applies to govern Party A's priority to
               monies received from the sale of Assets of the Trust or other
               enforcement of the Charge under the Security Trust Deed (as
               defined in the Security Trust Deed).

               (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 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 (except in relation to
                    the assets of the Trust).

               (3)  The provisions of this Section 15 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 the
                    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 (other than Party A in its
                    capacity as currency swap provider under this Agreement, in
                    respect of which its obligations are limited to this
                    Agreement). No act or omission of Party B (including any
                    related failure to satisfy its obligations under this
                    Agreement) will

                                                                         Page 14

                    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 Servicer, the Calculation Agent, each Paying Agent, the
                    Note Trustee, and the provider of a Support Facility.

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

          (b)  Nothing in paragraph (a) 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; or

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

          (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 s459E(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."

     "16. REPLACEMENT CURRENCY SWAP

          (a)  If this Agreement or any Transaction under this Agreement is
               terminated prior to the day upon which the [Class A-1] Notes are
               repaid in full, Party B must,

                                                                         Page 15

               subject to paragraph (b) and at the direction of the Manager,
               enter into one or more currency swaps which replace the
               Transactions under this Agreement (collectively a "REPLACEMENT
               CURRENCY SWAP") but only on the following conditions:

               (i)  the Settlement Amount payable (if any) by Party B to Party A
                    upon termination of this Agreement or any Transaction will
                    be paid in full when due in accordance with the
                    Supplementary Terms Notice and this Agreement;

               (ii) the Designated Ratings Agencies confirm that entry into the
                    Replacement Currency Swap by Party B will not cause a Note
                    Downgrade; and

               (iii) the liability of Party B under the Replacement Currency
                    Swap is limited to at least the same extent that its
                    liability is limited under this Agreement or the relevant
                    Transaction under this Agreement.

          (b)  If the conditions in Section 16(a) are satisfied, Party B must,
               at the direction of the Manager, enter into the Replacement
               Currency Swap and if it does so it must direct the Replacement
               Currency Swap Provider to pay any upfront premium to enter into
               the Replacement Currency Swap due to Party B directly to Party A
               in satisfaction of and to the extent of Party B's obligation to
               pay the Settlement Amount to Party A as referred to in Section
               16(a) and to the extent that such premium is not greater than or
               equal to the Settlement Amount, the balance must be satisfied by
               Party B as a Trust Expense.

          (c)  If the conditions in Section 16(a) are satisfied and Party B has
               entered into the Replacement Currency Swap, Party B must direct
               Party A to pay any Settlement Amount payable by Party A to Party
               B on termination of this Agreement directly to the Replacement
               Currency Swap Provider as payment of any premium (to the extent
               of the Settlement Amount) payable by Party B to enter into the
               Replacement Currency Swap. Such payment by Party A to the
               Replacement Currency Swap Provider shall be in full discharge of
               Party A's obligation to make any payment to Party B in respect of
               the termination of this Agreement and no further amounts shall be
               due from Party A in respect of such termination. If such premium
               is greater than the Settlement Amount, the balance must be
               satisfied by Party B as a Trust Expense payable to the
               Replacement Currency Swap Provider in accordance with clause 5.1
               of the Supplementary Terms Notice."

(17) NOVATION

     Notwithstanding Section 7 as amended herein, Party A may at any time novate
     its obligations under this Agreement to any of its Affiliates (the "NEW
     COUNTERPARTY") provided that:

     (a)  the New Counterparty provides a legal opinion to Party B that this
          Agreement, as novated, is valid, binding and enforceable against it
          (subject to equitable doctrines and creditors' rights generally); and

     (b)  the New Counterparty has the Required Rating.

     Party B and the Manager will execute all such documents (each in a form
     reasonably satisfactory to Party B) as are reasonably necessary to give
     effect to that novation."

(18) APPOINTMENT OF MANAGER: Party A acknowledges that under the Trust Deed
     Party B has appointed the Manager as manager of the Trust with the powers
     set out in and upon and subject to the terms of, the Trust Deed.
     Accordingly, subject to the terms of the Trust Deed, the Manager:

          (i)  may arrange, enter into, and monitor Transactions, execute
               Confirmations and exercise all other rights and powers of Party B
               under this Agreement; and

                                                                         Page 16

          (ii) without limiting the generality of the foregoing, the Manager
               shall, issue and receive, on behalf of Party B all notices,
               Confirmations, certificates and other communications to or by
               Party A under this Agreement.

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

"17  RATING DOWNGRADE

     (a)  If, at any time, a Downgrade occurs and the downgrade constitutes a
          Minor Downgrade, Party A shall, within 30 days (or such greater period
          as agreed to in writing by the relevant Designated Rating Agency),
          comply with Section 17(c).

     (b)  If, at any time, a Downgrade occurs and the downgrade constitutes a
          Major Downgrade, Party A shall immediately (or such greater period as
          agreed by the relevant Designated Rating Agency) comply with Section
          17(c)(i). Party A must continue to comply with Section 17(c)(i) until
          such time (no later than 30 days of the Major Downgrade occurring (or
          such greater period as agreed by the relevant Designated Rating
          Agency)) that it complies with Section 17(c)(ii), (iii) or (iv).

     (c)  Where Party A is required to comply with this Section 17(c) it must,
          subject to paragraph (b), at its cost do one of the following:

          (i)  transfer Eligible Credit Support to Party B in accordance with
               the Credit Support Annex attached to this Agreement (including by
               the deposit of US$ to the credit of a Swap Collateral Account);

          (ii) procure a novation of its rights and obligations under each
               Transaction to a Replacement Currency Swap Provider;

          (iii) procure another person to become co-obligor in respect of the
               obligations of Party A under each Transaction. Such co-obligor
               may be either:

               (A)  a person with the Required Rating domiciled in the same
                    legal jurisdiction as Party A or Party B; or

               (B)  a person otherwise acceptable to each Designated Rating
                    Agency; or

          (iv) enter, or procure entry, into an Acceptable Arrangement.

     (d)  Where Party B has not established a Swap Collateral Account and Party
          A is required to deposit monies into a Swap Collateral Account, the
          Manager must direct Party B to, and Party B must, establish, as soon
          as practicable, and maintain, in the name of Party B an account with
          an Approved Bank, which account shall be, for the purposes of this
          Section 17, the "SWAP COLLATERAL ACCOUNT".

     (e)  Party B, at the direction of the Manager, may only dispose of any
          Eligible Credit Support acquired or transferred to it under Section
          17(c)(i) or make withdrawals from the Swap Collateral Account: (i) in
          accordance with the terms of the Credit Support Annex attached to this
          Agreement; or (ii) otherwise if directed to do so by the Manager and
          in such latter case only for the purpose of:

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

          (ii) paying any bank accounts debit tax or other equivalent Taxes
               payable in respect of the Swap Collateral Account; or

                                                                         Page 17

          (iii) 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.

     (f)  Party B, at the direction of the Manager, may only invest any amounts
          standing to the credit of a Swap Collateral Account in Eligible Credit
          Support that matures on or prior to the next Payment Date.

     (g)  The Credit Support Amount must be denominated in US$, pounds sterling,
          Australian dollars or in such other currency as approved by each
          Designated Rating Agency."

(20) EXCHANGE CONTROLS

     Section 5(b)(i) (ILLEGALITY) is amended by adding the following paragraph
     at the end:-

     "This sub-paragraph (i) does not apply to the imposition by the Australian
     government or any agency of the Australian government of any exchange
     control restrictions or prohibitions ("EXCHANGE CONTROLS")." For the
     avoidance of doubt:

     (A)  exchange controls do not constitute an Illegality or other Termination
          Event or an Event of Default under this Agreement, and do not entitle
          a party to terminate a Transaction or otherwise refuse to make any
          payments it is obliged to make under a Transaction: and

     (B)  if and for so long as exchange controls are imposed, delivery by Party
          B of Australian dollar amounts required to be paid by it under any
          relevant Confirmation to the bank account in Australia notified in
          writing by Party A to Party B from time to time specified in that
          Confirmation will constitute proper payment of those amounts by Party
          B and Party A's obligations under this Agreement will be unaffected by
          any such exchange controls."

(21) PARTY B'S PAYMENT INSTRUCTIONS. Party B irrevocably authorises and
     instructs Party A to make payment of:

     (i)  the "Initial Exchange Amount" payable by Party A under a currency swap
          transaction by paying that amount direct to the account notified in
          writing by Party B to Party A for that purpose; and

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

(22) NO AMENDMENT. Each of Party B and the Manager agrees that it will not
     consent to any amendment to any provision in any Transaction Document
     dealing with the ranking, priority or entitlement of Party A in respect of
     any security or moneys without the prior written consent of Party A (which
     will not be unreasonably withheld).

(23) In Section 6(e), delete the sentence "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." At the end of the first paragraph.

(24) COMPLIANCE WITH REGULATION AB. The [Currency Swap Provider] [Party A]
     acknowledges and agrees that to the extent it agrees with the Manager that
     the [Currency Swap Provider] [Party A] is "participating in the servicing
     function" in relation to the Trust within the meaning of Item 1122 of
     Regulation AB, clauses [___] [(b) and (d)] of the Supplementary Terms
     Notice will apply to this Agreement as if references to "the Servicer" in
     those clauses were references to the [Currency Swap Provider] [Party A] and
     the definition of "Subcontractor" in clause 2.1 of the Supplementary Terms
     Notice will be construed accordingly.

                                                                         Page 18

Please confirm your agreement to the terms of the foregoing Schedule by signing
below.

Date: [*]

[*]                                      PERPETUAL TRUSTEES CONSOLIDATED LIMITED
                                         as trustee of Crusade Global Trust No.
                                         [*] of [*]

By:                                      By:
    ------------------------------           -----------------------------------
Name:                                    Name:
Title:                                   Title:

CRUSADE MANAGEMENT LIMITED

By:
    ------------------------------
Name:
Title:

                                                                         Page 19

                                              FORM OF CURRENCY SWAP CONFIRMATION

[          ], 20[   ]

Perpetual Trustees Consolidated Limited        Crusade Management Limited
as trustee of the Crusade Global               as manager of the Crusade Global
Trust No. [  ] of [    ]                       Trust No. [  ] of [    ]
Level 7                                        Level 12
9 Castlereagh Street                           55 Market Street
SYDNEY NSW 2000                                SYDNEY NSW 2000
ATTENTION:  Manager, Securitisation            ATTENTION:  Middle Office
                                               Compliance Manager
Facsimile No. [___________]                    Facsimile No. [___________]

Dear Sir/Madam

AUD/US$ CROSS CURRENCY SWAP TRANSACTION FOR CLASS [A-1] NOTES / OUR REFERENCE:
CRUSADE GLOBAL TRUST NO. [ ] OF [ ]

The purpose of this facsimile (this "Confirmation") is to confirm the terms and
conditions of the Transaction entered into between us on the Trade Date
specified below (the "Transaction"). This Confirmation supersedes any previous
Confirmation or other communication with respect to the Transaction and
evidences a complete and binding agreement between us as to the terms of the
Transaction. This Confirmation constitutes a "Confirmation" as referred to in
the ISDA Master Agreement referred to below.

The definitions and provisions contained in the 2000 ISDA Definitions (the "2000
Definitions"), as published by the International Swaps and Derivatives
Association, Inc. ("ISDA") are incorporated into this Confirmation. In the event
of any inconsistency between the 2000 Definitions and this Confirmation, this
Confirmation will prevail for the purposes of the Transaction. References herein
to a "Transaction" shall be deemed to be references to a "Swap Transaction" for
the purposes of the 2000 Definitions. Capitalized terms used in this
Confirmation and not defined in this Confirmation or the 2000 Definitions shall
have the respective meanings assigned in the Agreement. Each party hereto agrees
to make payment to the other party hereto in accordance with the provisions of
this Confirmation and of the Agreement.

This Confirmation supplements. forms a part of, and is subject to the ISDA
Master Agreement dated as of [ ], 20[ ], as amended and supplemented from time
to time (the "Agreement") between you and us. All provisions contained in the
Agreement govern this Confirmation except as expressly modified below.

Each party represents to the other party that (absent a written agreement
between the parties that expressly imposes affirmative obligations to the
contrary): -

(a)  NON-RELIANCE. It is acting for its own account, and it has made its own
     independent decisions to enter into the Transaction and as to whether the
     Transaction is appropriate or proper based upon its own judgement and upon
     advice from such advisers as it has deemed necessary. It is not relying on
     any communication (written or oral) of the other party as investment advice
     or as a recommendation to enter into the Transaction: it being understood
     that information and explanations related to the terms and conditions of
     the Transaction shall not be considered investment advice or a
     recommendation to enter into the Transaction. No communication (written or
     oral) received from the other party shall be deemed to be an assurance or
     guarantee as to the expected results of the Transaction.

(b)  ASSESSMENT AND UNDERSTANDING. It is capable of assessing the merits of and
     understanding (on its own behalf or through independent professional
     advice), and understands and accepts, the terms, conditions and risks of
     the Transaction. It is also capable of assuming, and assumes, the risks of
     the Transaction.

(c)  STATUS OF PARTIES. The other party is not acting as a fiduciary for or an
     adviser to it in respect of the Transaction.

(d)  PURPOSE. It is entering into the Transaction for the purposes of hedging
     its assets or liabilities or in connection with a line of business.

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

PARTY A:   [______________]

PARTY B:   Party B: Crusade Management Limited (ABN 90 072 715 916) as manager
           ("Manager") for Itself and for Perpetual Trustees Consolidated
           Limited (ABN 81 004 029 841) as trustee for the Crusade Global Trust
           No. [ ] of [ ]

1.   OUR REFERENCE:               [          ]

2.   TRADE DATE:                  [      ], 20[ ]

3.   EFFECTIVE DATE:              [      ], 20[ ] (the "Closing Date")

4.   [QUARTERLY] PAYMENT DATE:    The [14th day of February, May, August and
                                  November], with the first payment date
                                  occurring on [14th _________], subject to
                                  adjustment in accordance with the Modified
                                  Following Business Day Convention.

5.   TERMINATION DATE:            The earlier of:

                                  (i) [    ], 20[ ] (the "Final Maturity Date");

                                  (ii) the date upon which the Security Trustee
                                  enforces the security under the Security Trust
                                  Deed following an Event of Default (as defined
                                  in the Security Trust Deed);

                                  (iii) the date upon which the [A-1] Notes are
                                  redeemed pursuant to Condition 5(i) of the
                                  Class [A-1] Note Conditions; or

                                  (iv) the date upon which the Class [A-1] Notes
                                  are redeemed or written off in full in
                                  accordance with the Class [A-1] Note
                                  Conditions, other than as a result of
                                  redemption pursuant to Condition [5(j)].

                                  subject in each case to adjustment in
                                  accordance with the Modified Following
                                  Business Day Convention.

6.   FLOATING AMOUNTS

6.1. FLOATING AMOUNTS PAYABLE BY PARTY A:

     FLOATING RATE PAYER:         Party A

     PARTY A FLOATING RATE
     PAYER CURRENCY AMOUNT:       For a Party A Floating Rate Payer Payment Date
                                  an amount equal to the aggregate Invested
                                  Amount for all Class [A-1] Notes as at the
                                  first day of the Calculation Period ending on,
                                  but excluding, the relevant Party A Floating
                                  Rate Payer Payment Date.

     FLOATING RATE PAYER PAYMENT
     DATES:                       Each [Quarterly] Payment Date up to and
                                  including the Termination Date.

                                       2

     PARTY A FLOATING RATE
     OPTION:                      USD-LIBOR-BBA

     DESIGNATED MATURITY:         [3 months (except that in the case of the
                                  first Calculation Period, the Party A Floating
                                  Rate will be determined by linear
                                  interpolation of 1 and 2 months)].

     PARTY A SPREAD:              For all Calculation Periods:

                                  (a) up to but excluding the Call Date, plus
                                      [0. ]% per annum; and

                                  (b) from and including the Call Date, plus
                                      [0. ]% per annum.

     PERIOD END DATES:            Each [Quarterly] Payment Date

     FLOATING RATE DAY COUNT
     FRACTION:                    Actual/360

     RESET DATES :                The first day of each Calculation Period

     BUSINESS DAYS:               [London, New York and Sydney]

6.2. FLOATING AMOUNTS PAYABLE BY PARTY B:

     FLOATING RATE PAYER:         Party B

     PARTY B FLOATING RATE
     PAYER CURRENCY AMOUNT:       For a Party B Floating Rate Payer Payment
                                  Date, an amount equal to the A$ Equivalent of
                                  the Party A Floating Rate Payer Currency
                                  Amount for that Party B Floating Rate Payer
                                  Payment Date.

     FLOATING RATE PAYER PAYMENT
     DATES:                       Each [Quarterly] Payment Date up to and
                                  including the Termination Date

     PARTY B FLOATING RATE
     OPTION:                      AUD-BBB-BBSW

     DESIGNATED MATURITY:         [3 months (except that in the case of the
                                  first Calculation Period, the Party B Floating
                                  Rate will be determined by linear
                                  interpolation of 1] and 2 months)]

     PARTY B SPREAD:              For all Calculation Periods:

                                  (a) up to but excluding the Call Date, plus
                                      [   ]% per annum; and

                                  (b) from and including the Call Date, plus
                                      [   ]% per annum

     PERIOD END DATES:            Each [Quarterly] Payment Date

     FLOATING RATE DAY COUNT
     FRACTION:                    Actual/365(Fixed)

                                       3

     RESET DATES:                 The first day of each Calculation Period

     BUSINESS DAYS:               [London, New York and Sydney]

7.   EXCHANGES

7.1. INITIAL EXCHANGE

     INITIAL EXCHANGE DATE:       [       ], 20[  ]

     PARTY A
     INITIAL EXCHANGE AMOUNT:     An amount in AUD equal to the A$ Equivalent of
                                  the aggregate Initial Invested Amount for all
                                  Class [A-1] Notes on the Effective Date being
                                  AUD [       ].

     PARTY B
     INITIAL EXCHANGE AMOUNT:     The aggregate Initial Invested Amount for all
                                  Class [A-1] Notes on the Effective Date being
                                  US$ [       ].

7.2. INTERIM EXCHANGE:

     INTERIM EXCHANGE DATE:       Each [Quarterly] Payment Date

     PARTY A INTERIM EXCHANGE
     AMOUNT:                      An amount equal to the US$ Equivalent of the
                                  Party B Interim Exchange Amount

     PARTY B INTERIM EXCHANGE
     AMOUNT:                      The AUD amounts due to Party A, pursuant to
                                  clauses [5.5(a)(iii)(A) or 5.6(a)(iii)(A) (as
                                  the case may be) and 5.2(a)(iv)(A)] of the
                                  Supplementary Terms Notice, paid by Party B on
                                  the relevant Interim Exchange Date.

7.3. FINAL EXCHANGE:              NONE

7.4. CALCULATION AGENT:           Party A

8.   EXCHANGE RATES

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

       A$ Exchange Rate:          AUD1 = US$ [         ]

9.   ACCOUNT DETAILS

9.1. PAYMENTS TO PARTY A:

Account for payments in AUD:

Bank:                             [     ]
Swift:                            [     ]
A/C:                              [     ]
Swift:                            [     ]
A/C No:                           [     ]

                                       4

Account for payments in US$:

Bank:                             [     ]
ABA No.:                          [     ]
A/C:                              [     ]
Favor:                            [     ]
                                  [     ]

9.2. PAYMENTS TO PARTY B:

Account for payments in AUD:

Pay to::                          [St George Bank Limited
                                  Level 12, 55 Market Street
                                  Sydney, NSW, 2000]
Swift Code:                       [     ]
BSB:                              [     ]

Account for payments in US$:

Pay to:                           [     ]
                                  [     ]
Account Name:                     [     ]
ABA No.                           [     ]
Account No.:                      [     ]
Ref:                              [     ]
                                  [     ]
                                  [     ]

10.  OFFICES:                     The office of Party A for this Transaction is
                                  [London] Head Office The office for Party B
                                  for this Transaction is Sydney The office for
                                  the Manager for this Transaction is Sydney

11.  NOTIFICATION OF
     CALCULATIONS:                The Manager must notify Party A of all of the
                                  matters which the Manager is required to
                                  notify the Currency Swap Provider of under
                                  clause [5.23] of the Supplementary Terms
                                  Notice, by the time required under that clause
                                  for the notification.

12.  ADDRESS FOR NOTICES IN CONNECTION WITH THIS TRANSACTION

(a)  Party A

     [       ]
     [       ]
     [       ]
     [       ]
     [       ]
     [       ]

                                       5

     Attention:  [       ]
                 [       ]
     Telephone:  [       ]
     Facsimile:  [       ]
     E-mail:     [       ]

(b) Party B:

     Perpetual Trustees Consolidated Limited
     as trustee of the Crusade Global Trust No. [  ] of [  ]
     Level 7
     9 Castlereagh Street
     Sydney NSW 2000
     Attn:  Manager, Securitisation
     Telephone:  [         ]
     Facsimile:  [         ]

(c)  Manager:

     Crusade Management Limited
     Level 12
     55 Market Street
     Sydney NSW 2000
     Attn:  Middle Office Compliance Manager
     Telephone:  [         ]
     Facsimile:  [         ]

13.  DOCUMENTS TO BE DELIVERED

     Each party shall deliver to the other, at the time of its execution of this
     Confirmation, evidence of the specimen signature and incumbency of each
     person who is executing the Confirmation on the party's behalf, unless such
     evidence has previously been supplied in connection with this Agreement and
     remains true and in effect.

                                       6

The time of dealing will be confirmed by [       ] upon written request.

Yours faithfully,
for and on behalf of

[          ],
("Party A")

By:
    ---------------------------------
Name:
Title:
Date:

Confirmed as of he date first written above
For and on behalf of
Perpetual Trustees Consolidated
Limited, ABN 81 004 029 841 as Trustee
for the Crusade Global Trust No. [  ] of [  ] ("Party B")

By:                                         By:
    ---------------------------------           --------------------------------
Name: [           ]                             Name: [           ]
Title: [           ]                            Title: [           ]
Date: [           ]                             Date: [           ]

Crusade Management Limited,
ABN 90 072 715 916 as Manager
for the Crusade Global Trust No. [  ] of [  ]

By:
    ---------------------------------
Name: [           ]
Title: [           ]
Date: [         ], 20[  ]

                                       7

                              DEFINITIONS SCHEDULE

In this Confirmation and in the Agreement unless the context otherwise requires,

To the extent not defined in this Confirmation, ["Call Date", "Class A-1 Notes",
"Invested Amount", "Quarterly Determination Date", "Quarterly Payment Date", "A$
Equivalent", "US$ Equivalent', "Condition", "Note", "Note Trustee", "Principal
Paying Agent", and "Currency Swap Provider"] and all other capitalised terms
have the same meanings given to those terms in the Supplementary Terms Notice.

"Class [A-1] Note Conditions" has the meaning ascribed to the term "Conditions"
as defined in the Supplementary Terms Notice.

"Supplementary Terms Notice" means the document entitled "Supplementary Terms
Notice" dated on [       ], 20[ ] executed by Crusade Management Limited,
Perpetual Trustees Consolidated Limited, St. George Bank Limited, St. George
Custodial Pty Limited, P.T Limited and [        ].

                                       8

(MULTICURRENCY--CROSS BORDER)

                                     ISDA(R)

                  International Swap Dealers Association, Inc.

                                MASTER AGREEMENT

                                 dated as of [*]

[*]                                  PERPETUAL TRUSTEES
("PARTY A")                          CONSOLIDATED LIMITED
                                     (ABN 81 004 029 841)
                                     IN ITS CAPACITY AS TRUSTEE OF THE CRUSADE
                                     GLOBAL TRUST NO. [*] OF [*] (IN THAT
                                     CAPACITY, "PARTY B")

                               AND

CRUSADE MANAGEMENT
LIMITED (ABN 90 072 715 916)
"MANAGER"

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

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.

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                                                                          Page 1

     (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;

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                                                                          Page 2

          (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;

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                                                                          Page 3

     (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

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                                                                          Page 4

     (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.

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                                                                          Page 5

          (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

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                                                                          Page 6

          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;

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                                                                          Page 7

     (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).

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                                                                          Page 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.

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     (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

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                                                                         Page 10

          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

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                                                                         Page 11

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.

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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.

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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.

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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).

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"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.

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"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.

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                                                                         Page 17

"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).

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                                                                         Page 18

"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.

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                                                                         Page 19

PARTY A

SIGNED on behalf of                      )
[*]                                      )
by its authorised signatory              ) -------------------------------------
in the presence of:                      ) Signature

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

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

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

PARTY B

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

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

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

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

MANAGER

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

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

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

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

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                                                                         Page 20Seller Loan Agreement

                                         PERPETUAL TRUSTEES CONSOLIDATED LIMITED
                                                                       (Trustee)

                                                          ST.GEORGE BANK LIMITED
                                                               (Approved Seller)

                                                      CRUSADE MANAGEMENT LIMITED
                                                                       (Manager)

                                             Crusade Global Trust No. [*] of [*]

                                                          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 LOGO]
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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

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16.   CONSENTS AND OPINIONS                                                    8

17.   ASSIGNMENTS                                                              8

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

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                                                                       Page (ii)

Seller Loan Agreement                              [Allens Arthur Robinson LOGO]
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DATE                                        [*]

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. [*] of [*] (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. [*] of [*]
           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$[*].

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

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     NOTICE OF CREATION OF TRUST means the Notice of Creation of Trust dated [*]
     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 [*] 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. [*] of [*] 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.

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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.

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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

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     (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.

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

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                                                                          Page 5

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          (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.

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

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     (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.

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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.

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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.

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Seller Loan Agreement                              [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

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
          appointed by the

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                                                                         Page 10

Seller Loan Agreement                              [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

          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; or

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

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,

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

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                                                                         Page 11

Seller Loan Agreement                              [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

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.

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                                                                         Page 12

Seller Loan Agreement                              [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

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

--------------------------------------------------------------------------------
                                                                         Page 13

Seller Loan Agreement                              [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

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

                                            ------------------------------------
                                            Signature

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

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

--------------------------------------------------------------------------------
                                                                         Page 14

Seller Loan Agreement                              [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

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 [*] (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

--------------------------------------------------------------------------------
                                                                         Page 15

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