Document:

<PAGE>

                                    SCHEDULE
                                     to the
                                MASTER AGREEMENT

                         dated as of ____________, _____

                                     between

         JPMorgan Chase Bank                                         ("Party A")

         and

         Perpetual Trustees Consolidated Limited (ABN 81 004 029 841)
         in its capacity as trustee of the Crusade Global Trust No. 2
         of 2003                                                     ("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" will have the meaning specified in Section 14.

(3)      (i)      Sections 5(a)(ii), (iii), (iv), (v), (vi), 5(b)(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;"

         (iii)    Section 5(b)(ii) will not apply to Party A as the Affected
                  Party (subject to Part 5(12)(iii) of this Schedule).

(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 in respect of which the Designated Rating
         Agencies confirm that the novation will not cause a reduction or
         withdrawal of the rating of the Notes, and Party A and Party B agree to
         execute such a novation agreement in standard ISDA form.

--------------------------------------------------------------------------------
                                                                          Page 1

<PAGE>

(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 (as amended by Part 5(18)(b)) will apply; and

         (ii)     the Second Method will apply.

(7)      "TERMINATION CURRENCY" means the currency selected by the party which
         is not the Defaulting Party or the Affected Party, as the case may be,
         or where there is more than one Affected Party the currency agreed by
         Party A and Party B. However, the Termination Currency shall be one of
         the currencies in which payments are required to be made in respect of
         Transactions. If the currency selected is not freely available, or
         where there are two Affected Parties and they cannot agree on a
         Termination Currency, the Termination Currency shall be United States
         Dollars.

(8)      "ADDITIONAL TERMINATION EVENT" means:

         (i)      An Event of Default (as defined in the Security Trust Deed)
                  occurs and the Security Trustee has declared, in accordance
                  with the Security Trust Deed, the Notes immediately due and
                  payable (and Party B is the Affected Party);

         (ii)     Party B becomes obliged to make a withholding or deduction in
                  respect of any Notes and the Notes are redeemed as a result
                  (and Party B is the Affected Party). Notwithstanding Section
                  6(b)(iv) of the Agreement, as a result thereof, Party B must,
                  at the direction of the Manager, give a notice designating an
                  Early Termination Date in respect of this Agreement and all
                  Transactions.

--------------------------------------------------------------------------------
                                                                          Page 2

<PAGE>

                                     PART 2
                                     ------
                               TAX REPRESENTATIONS
                               -------------------

(1)      PAYER TAX REPRESENTATIONS

         For the purpose of Section 3(e) of the Agreement, Party A and Party B
         will make the following representations:

         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 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 A makes the following representation:

         None

         Party B makes the following representations:

         (i)      Crusade Global Trust No.2 of 2003 is a non-U.S. branch of a
                  foreign person for U.S. federal income tax purposes; and

         (ii)     Crusade Global Trust No. 2 of 2003 is not a bank.

--------------------------------------------------------------------------------
                                                                          Page 3

<PAGE>

                                     PART 3
                                     ------

                         AGREEMENT TO DELIVER DOCUMENTS
                         ------------------------------

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

<TABLE>
<CAPTION>
<S>     <C>                 <C>                                      <C>                                      <C>
(a)

        Trustee            Two complete and accurate United          (1) Upon execution and delivery of       Yes
                           States Revenue Form W-8BEN (or any        this Agreement, (2) promptly upon
                           applicable successor forms), in a         reasonable demand by Party A and
                           manner reasonably satisfactory to         (3) promptly upon learning that any
                           Party A                                   such form previously provided has
                                                                     become obsolete or incorrect.

  Party B or Manager       Two complete and accurate United          (1) Upon execution and delivery of       Yes
                           States Revenue Form W-8IMY (or any        this Agreement, (2) promptly upon
                           applicable successor forms), with         reasonable demand by Party A and
                           respect to Crusade Global Trust No.       (3) promptly upon learning that any
                           2 of 2003, in a manner reasonably         such form previously provided has
                           satisfactory to Party A                   become obsolete or incorrect.

(b)

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

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

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

--------------------------------------------------------------------------------
                                                                          Page 4

<PAGE>

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

</TABLE>

--------------------------------------------------------------------------------
                                                                          Page 5

<PAGE>

                                     PART 4
                                     ------

                                  MISCELLANEOUS
                                  -------------

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

         (a)      Address for notice or communications to Party A:

                  Any notice relating to a particular Transaction shall be
                  delivered to the address or facsimile or telex number
                  specified in the Confirmation of such Transaction. Any notice
                  delivered for purposes of Sections 5 and 6 of this Agreement
                  shall be delivered to the following address:

                  JPMorgan Chase Bank
                  Attention:  Legal Department - Capital Markets Group
                  270 Park Avenue, 40th Floor
                  New York, New York 10017-2070
                  Facsimile No.  (212) 270-7468
                  Telex:  232337;  Answerback:  CBC UR

                  Copy to

                  JPMorgan Chase Bank
                  Attention:  Legal Department - Capital Markets Group
                  Level 26 Grosvenor Place
                  225 George Street
                  Sydney  NSW  2000
                  Facsimile No.  (612) 9220 3107

                  Address for notice or communications to Party B:

                  Level 7, 9 Castlereagh Street, Sydney  NSW  2000
                  Attention:        Manager, Securitisation
                  Telephone:        (02) 9229 9000
                  Facsimile:        (02) 9221 7870
                  Telex:            N/A

                  Address for Notices to the Manager:
                  Level 12, 55 Market Street, Sydney  NSW  2000
                  Attention:        Middle Office Compliance Manager
                  Telephone:        (03) 9320 5526
                  Facsimile:        (03) 9320 5589
                  Telex:            N/A

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

         Party A appoints as its Process Agent:  JPMorgan Chase Bank, London
         address.
         Party B appoints as its Process Agent: CT Corporation, 111 Eighth
         Avenue, 13th Floor, New York NY 10011.
         Phone:  212 590 9100.  Fax:  212 590 9190

(3)      OFFICES. The provisions of Section 10(a) will apply to this Agreement.

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

         Party A is a Multibranch Party and may act through any Office specified
         in a Confirmation.

--------------------------------------------------------------------------------
                                                                          Page 6

<PAGE>

         Party B is not a Multibranch Party

(5)      CALCULATION AGENT. The Calculation Agent is Party A, unless otherwise
         specified in a Confirmation in relation to the relevant Transaction.

(6)      CREDIT SUPPORT DOCUMENTS.

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

(7)      CREDIT SUPPORT PROVIDER.

         Not Applicable.

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

(9)      NETTING OF PAYMENTS. Section 2(c)(ii) of this Agreement will not apply.

(10)     "AFFILIATE" will have the meaning specified in Section 14 of this
         Agreement.

(11)     All payments to be made to Party B under this Agreement by Party A must
         be made to the US$Account. Any payment so made will, to the extent of
         that payment, satisfy the relevant party's obligation to Party B in
         respect of that payment.

--------------------------------------------------------------------------------
                                                                          Page 7

<PAGE>

                                     PART 5
                                     ------

                                OTHER PROVISIONS
                                ----------------

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

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

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

(3)      Insert new Sections 2(a)(iv) and 2(a)(v) as follows:

         (a)      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 it 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).

         (b)      Where:

                  (i)      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

                  (ii)     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:

                  (iii)    the Party B Payment; or

                  (iv)     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)      WAIVER OF JURY TRIAL. Each party waives, to the fullest extent
         permitted by applicable law, any right it may have to a trial by jury
         in respect of any suit, action or proceeding relating to this Agreement
         or any Credit Support Document. Each party (i) certifies that no
         representative, agent or attorney of the other party or any Credit
         Support Provider has represented, expressly or otherwise, that such
         other party would not, in the event of such a suit, action or
         proceeding, seek to enforce the foregoing waiver and (ii) acknowledges
         that it and the other party have been

--------------------------------------------------------------------------------
                                                                          Page 8

<PAGE>

         induced to enter into this Agreement and provide for any Credit
         Support Document, as applicable, by, among other things, the mutual
         waivers and certifications in this Section.

(8)      TELEPHONIC RECORDING. Each party (i) consents to the recording of the
         telephone conversations of trading, marketing and operations personnel
         of the parties and their Affiliates in connection with this Agreement
         or any potential Transaction and (ii) agrees to obtain any necessary
         consent of, and give notice of such recording to, such personnel of it
         and its Affiliates.

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

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

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

         (c)      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.

         (d)      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.

         (e)      GOOD TITLE. Party B is the equitable owner of 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 aware, those assets are free from all other
                  Security Interests.

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

(11)     CONFIRMATIONS. For the purposes of Section 9(e)(ii) Party B (either
         itself or through the Manager) will, on or promptly after the relevant
         Trade Date, send Party A a Confirmation confirming that Transaction and
         Party A must promptly then confirm the accuracy of and sign and return
         or request the correction of such Confirmation. Notwithstanding the
         provisions of Section 9(e)(ii), each Confirmation in respect of a
         Transaction which is confirmed by electronic messaging system, an
         exchange of telexes or an exchange of facsimiles will be further
         evidenced by an original Confirmation signed by the parties, however
         any failure to sign an original Confirmation will not affect the
         validity or enforcement of any Swap Transaction.

(12)     Add a new Section 6(aa):

         "(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)    CONSULTATION: Each party may only designate an Early
                          Termination Date following prior consultation with
                          the other party as to the timing of the Early
                          Termination Date. Subject to its duties under the
                          Trust Deed and the Supplementary Terms Notice, Party
                          B may exercise any rights in its capacity as holder
                          of the Purchased Receivables only on the instructions
                          of the Note Trustee and only after consultation
                          between Party A and the Note Trustee.

                  (iii)   PARTY A'S LIMITED RIGHTS IN RELATION TO TAX EVENT:

--------------------------------------------------------------------------------
                                                                          Page 9

<PAGE>

                           (a)     Notwithstanding Part 1(3)(iii) of this
                                   Schedule, Party A may designate an Early
                                   Termination Date if it is an Affected Party
                                   following a Tax Event but only if all Notes
                                   will be redeemed at their Invested Amount
                                   (or, if the Noteholders by Extraordinary
                                   Resolution have so agreed, at their Stated
                                   Amount) together with accrued interest to
                                   (but excluding) the date of redemption.

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

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

                                   (B)      that person has a long term credit
                                            rating assigned by each of the
                                            Designated Rating Agencies of at
                                            least the long term credit rating
                                            assigned by that Designated Rating
                                            Agency to Party A as at the date of
                                            this Agreement and the Standby Swap
                                            Provider provides its written
                                            consent to the transfer.

                  (iv)     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, the Manger on
                           behalf of Party B will endeavour to procure the
                           substitution of Party B 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 Notes".

(n)      In Section 6(b)(ii), add the words "so long as the transfer in respect
         of that Transaction would not lead to a rating downgrade of any rated
         debt of Party B that is secured under the Security Trust Deed" after
         the words "ceases to exist" at the end of the first paragraph.

(o)      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.

(p)      Section 12 is amended as follows:

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

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

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

(13)     RELATIONSHIP BETWEEN PARTIES. The following representation shall be
         inserted as a new Section 3(g) of this Agreement:

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

<PAGE>

         "(g)   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
         section (1)), 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)."

(14)     ISDA DEFINITIONS. Reference is hereby made to the 2000 ISDA Definitions
         (the "2000 Definitions") and the 1998 FX and Currency Option
         Definitions (the "FX Definitions") (collectively the "ISDA
         Definitions") each as published by the International Swaps and
         Derivatives Association, Inc., which are hereby incorporated by
         reference herein. Any terms used and not otherwise defined herein which
         are contained in the ISDA Definitions shall have the meaning set forth
         therein.

(15)     SCOPE OF AGREEMENT. Notwithstanding anything contained in this
         Agreement to the contrary, any transaction which may otherwise
         constitute a "Specified Transaction" for purposes of this Agreement
         which has been or will be entered into between the parties shall
         constitute a "Transaction" which is subject to, governed by, and
         construed in accordance with the terms of this Agreement, unless any
         Confirmation with respect to a Transaction entered into after the
         execution of this Agreement expressly provides otherwise.

(16)     INCONSISTENCY. In the event of any inconsistency between any of the
         following documents, the relevant document first listed below shall
         govern: (i) a Confirmation; (ii) the Schedule and an ISDA Credit
         Support Annex (as applicable); (iii) the ISDA Definitions; and (iv) the
         printed form of ISDA Master Agreement and ISDA Credit Support Annex (as
         applicable). In the event of any inconsistency between provisions
         contained in the 2000 Definitions and the FX Definitions, the FX
         Definitions shall prevail.

(17)     CONSULTATION. Each party may only designate an Early Termination Date
         following prior consultation with the other party as to the timing of
         the Early Termination Date. Subject to its duties under the Trust Deed
         and the Supplementary Terms Notice, Party B may exercise any rights in
         its capacity as holder of the Purchased Receivables only in accordance
         with the Transaction Documents.

(18)     Section 14 of the Agreement is modified as follows :

         (a)      New definitions are inserted as follows:

--------------------------------------------------------------------------------
                                                                         Page 11

<PAGE>

                  "FUTURE OBLIGATIONS" means all payment or delivery obligations
                  (whether the underlying obligation was absolute or contingent
                  and assuming the satisfaction of each applicable condition
                  precedent) of a party under Section 2(a)(i) in respect of a
                  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).

                  `SECURITY TRUST DEED" means the Security Trust Deed dated on
                  or about the date of this Agreement between Party B as issuing
                  trustee, Crusade Management Limited as Manager, P.T. Limited
                  as security trustee and Wilmington Trust Company as note
                  trustee.

                  "TRUST DEED" means the Master Trust Deed dated 14 March 1998
                  as amended by the Crusade Global Trust No. 2 of 2003
                  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.

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

         (b)      The definition of "Market Quotation" is replaced with:

                  "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 take into account any
                  existing Credit Support Documents with respect to the
                  obligations of such party.

                  Each quotation will be determined as either the 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 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 the
                  Future Obligations of

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

<PAGE>

                  both parties, and where applicable (but without limiting the
                  foregoing) the present value of the difference or the
                  differences on each Scheduled Payment Date that would have
                  occurred after the Early Termination Date between (a) the
                  Future Obligations of the other party to the Terminated
                  Transaction or Termination Transactions and (b) the
                  obligations that a quoting Reference Market-maker would have
                  under a transaction ("Replacement Transaction") that would
                  preserve for the party making the determination that party's
                  Future Obligations, with such present value being positive
                  if (a) is greater than (b) and negative if (a) is less than
                  (b).

                  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 it's 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
                  the quotation or quotations are to be obtained will be
                  selected in god faith by the party obliged 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."

         (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",

(19)     New Sections 15, 16 and 17 are added 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,

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

<PAGE>

                                   conduct, omission, agreement or transaction
                                   related to this agreement or the Trust.

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

                          (3)      The provisions of this section 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 the Party
                                   B's fraud, negligence, or Default.

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

                         (5)       In exercising their powers under the
                                   Transaction Documents, each of Party B, the
                                   Security Trustee and the Noteholders must
                                   ensure that no attorney, agent, delegate,
                                   receiver or receiver and manager appointed
                                   by it in accordance with this agreement has
                                   authority to act on behalf of Party B in a
                                   way which exposes Party B to any personal
                                   liability and no act or omission of any such
                                   person will be considered fraud, negligence,
                                   or Default of Party B for the purpose of
                                   subparagraph (3) above.

                         (6)       In this clause, RELEVANT PARTIES means each
                                   of the Manager, the Servicer, the
                                   Calculation Agent, the Note Registrar, 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;

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

<PAGE>

                         (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, Party B must, 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 the
                         Replacement Currency Swap will not cause a reduction or
                         withdrawal of the ratings of the Notes; 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.

                  (b)    If Party B enters into the Replacement Currency Swap
                         pursuant to paragraph (a) 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 Party B enters into a Replacement Currency Swap
                         pursuant to paragraph (a), Party B must direct Party A
                         to pay any Settlement Amount payable by Party A to
                         Party B on termination of this Agreement or any
                         Transaction directly to the Replacement Currency Swap
                         provider as payment and to the extent of any premium
                         payable by Party B to enter into the Replacement
                         Currency Swap, in satisfaction of and to the extent of
                         Party A's obligation to pay that part of the Settlement
                         Amount to Party B.

         "(17)    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:

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

<PAGE>

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

                  (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."

(20)     New Sections 18 and 19 are added as follows:

         "18.     RATINGS DOWNGRADE

                  (i)    If, as a result of the withdrawal or downgrade of its
                         credit rating by a Designated Rating Agency, Party A
                         has:-

                         (A)       a long term credit rating of less than AA- by
                                   S&P and a short term credit rating of less
                                   than A-1+ by S&P; or

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

                         (C)       a long term rating of less than A by Fitch
                                   and a short term credit rating of less than
                                   F1 by Fitch,

                         (and, in the case of Fitch, such a withdrawal or
                         downgrade would, except for this Section adversely
                         affect the rating of the Notes), Party A shall within:

                         (D)       30 Business Days of a downgrade of its long
                                   term credit rating by S&P to not lower than
                                   A- together with a downgrade of its short
                                   term credit rating by S&P to not lower than
                                   A-1, or the downgrade of its long term credit
                                   rating by Moody's to not lower than A3, or a
                                   downgrade of its short term credit rating by
                                   Fitch to not lower than F2; or

                         (E)       5 Business Days of any other such withdrawal
                                   or downgrade and for the avoidance of doubt,
                                   if Party A's long term credit rating by S&P
                                   is not lower than A- and Party A's short term
                                   credit rating by S&P is not lower than A-1,
                                   and Party A's long term credit rating by
                                   Moody's is not lower than A3, and Party A's
                                   short term credit rating by Fitch is not
                                   lower than F2, then paragraph (D) above shall
                                   apply and not this paragraph (E),

                         (or, in either case, such greater period as is agreed
                         to in writing by the relevant Designated Rating
                         Agency) at its cost alone and at its election:

                         (F)       (in the case of paragraph (i)(D) only) lodge
                                   collateral pursuant to the terms of the
                                   Credit Support Annex that forms part of this
                                   Agreement:

                                   (i)      where that collateral is cash, to
                                            the Swap Collateral Account; or

                                   (ii)     where that collateral is securities,
                                            to the [Trustee]

                                   and provided S&P and Fitch has affirmed the
                                   rating on the notes after reviewing the
                                   collateral to be lodged; or

                         (G)       at the cost of Party A or in return for any
                                   monies payable to Party A in accordance with
                                   Clause 5.21 of the Supplementary Terms Notice
                                   (as the case may be), enter into an agreement
                                   novating this Agreement to a replacement
                                   counterparty proposed by any of Party A,
                                   Party B or the Manager (if any) and in
                                   respect of which each Designated Rating
                                   Agency

--------------------------------------------------------------------------------
                                                                         Page 16

<PAGE>

                                   has confirmed will result in there not
                                   being a withdrawal or downgrade of any credit
                                   rating, assigned by it, to the Notes; or

                         (H)       enter into such other arrangements which each
                                   Designated Rating Agency has confirmed will
                                   result in there not being a withdrawal or
                                   downgrade of any credit rating assigned by it
                                   to the Notes.

                  (ii)   Where Party A procures a replacement counterparty in
                         accordance with Section 18(i)(G) above, each party to
                         this Agreement shall do all things reasonably
                         necessary to novate the relevant rights and
                         obligations to the replacement counterparty.

                  (iii)  For the purposes of this Section 18, SWAP COLLATERAL
                         ACCOUNT means an account established by Party B with
                         an Approved Bank outside Australia

--------------------------------------------------------------------------------
                                                                         Page 17

<PAGE>

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

<TABLE>
<CAPTION>
<S>          <C>                                      <C>
JPMORGAN CHASE BANK                                   PERPETUAL TRUSTEES CONSOLIDATED LIMITED as
                                                      trustee of Crusade Global Trust No. 2 of 2003

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

Name:                                                 Name:

Title:                                                Title:

CRUSADE MANAGEMENT LIMITED

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

Name:

Title:

</TABLE>

--------------------------------------------------------------------------------
                                                                         Page 18

<PAGE>

                              CREDIT SUPPORT ANNEX

                             to the Schedule to the
                              ISDA Master Agreement

                                   dated as of

                                     between

                               JPMorgan Chase Bank

                                   ("Party A")

                                       and

       Perpetual Trustees Consolidated Limited (ABN 81 004 029 841) in its
         capacity as trustee of the Crusade Global Trust No. 2 of 2003
                                   ("Party B")

                                       and

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

PARAGRAPH 11 - ELECTIONS AND VARIABLES

(a)      Base Currency and Eligible Currency.
         -----------------------------------

         (i)   "Base Currency" means U.S. Dollars.

         (ii)  "Eligible Currency" means the Base Currency.

(b)      Credit Support Obligations.
         --------------------------

         (i)   Delivery Amount, Return Amount and Credit Support Amount.

               (A)  "Delivery Amount" has the meaning specified in Paragraph
                    2(a).

               (B)  "Return Amount" has the meaning specified in Paragraph 2(b).

               (C)  "Credit Support Amount" means for any Valuation Date will be
                    the greatest of the amounts as calculated by Party A in
                    accordance with either:

                    (1)  paragraph (I) below as required by Moody's,
                    (2)  paragraph (II) below as required by S&P or
                    (3)  paragraph (III) below as required by Fitch

                    in each case to ensure the rating on the Class A Notes is
                    not reduced, downgraded or withdrawn by the relevant agency.

                    For the purposes of paragraph (C) above, the Credit Support
                    Amount will be calculated as follows:

                    I.   Moody Credit Support Amount

                         With respect to Party B as the Transferee the greater
                         amount of:,

--------------------------------------------------------------------------------
                                                                        Page (1)

<PAGE>

                            (1)   Zero or,
                            (2)   the Peak Exposure for that Valuation Date plus
                                  the Additional Spread.

                         For the purposes of (I) above,

                         "PEAK EXPOSURE" means the amount equal to Party B's
                         maximum credit exposure in the Base Currency in respect
                         of a Replacement Transaction entered into on a date one
                         month after the Valuation Date, calculated by the
                         Valuation Agent using a market standard swap credit
                         exposure methodology to the Confidence Interval, as
                         that methodology is updated to reflect, without
                         limitation, the levels of volatility current as at the
                         Valuation Time for USD-LIBOR-BBA and AUD-BBR-BBSW (each
                         rate with a Designated Maturity of one month ) and the
                         A$ - US$ forward exchange rates, and assuming that from
                         that Valuation Date the Floating Rate Payer Amounts and
                         Exchange Amounts are calculated on the basis that:

                    (A)  the Call Option (as defined below) will not be
                         exercised thereafter; and
                    (B)  the A$ Equivalent of the aggregate of the Invested
                         Amount of the Notes has an amortisation schedule based
                         on a constant prepayment rate of 10% per annum
                         thereafter,

                    as each of those terms are defined for the Transaction.

                    "CALL OPTION" means, for the purposes of subparagraph (A) of
                    the definition of Peak Exposure, the call option granted to
                    Party B in respect of the Notes pursuant to the Class A
                    Notes Conditions.

                    "CONFIDENCE INTERVAL" shall be 99%.

                    "ADDITIONAL SPREAD" represents the excess of the Benefit
                    Exposure over Party B's Exposure, as calculated on the same
                    Valuation Date.

                    "BENEFIT EXPOSURE" means that amount equal to Party B's
                    Exposure, except calculated on the basis that an additional
                    spread of 0.25% is added to the spread on the USD side of
                    the Replacement Transaction.

                    For the avoidance of doubt, the Additional Spread is
                    intended to represent a maximum additional bid/offer spread
                    of 25 basis points (as the case may be) running payable if
                    the bid/offer swap rates quoted to the Transferee were
                    adjusted from market rates to the benefit of the Reference
                    Market-Makers.

                    II. S&P Credit Support Amount

                        The greater amount of:

                             (1)  Zero or,
                             (2)  CCR.

                        For the purposes of (II) above, the formula for
                        calculating CCR is as follows.

                             CCR = CR x 1.030

                        where

                             CR means Party B's Exposure + VB

                             VB means the Volatility buffer that equals the
                             amount of any given currency derived by taking the
                             appropriate percentage of the Transaction's
                             outstanding notional balance. See the following
                             table (for the purposes of interpreting the table,

--------------------------------------------------------------------------------
                                                                        Page (2)

<PAGE>

                         "Counterparty rating" the credit rating assigned to
                         Party A by S&P and "Maturities" is the period from and
                         including the date of calculation to but excluding the
                         scheduled maturity of the last expiring Transaction
                         outstanding under the Agreement):

                         VB. VOLATILITY BUFFER (%)

<TABLE>
<CAPTION>

                         --------------------- -------------------- -------------------- -------------------
                         Counterparty rating   MATURITIES UP TO 5   MATURITIES UP TO     MATURITIES MORE
                                               YRS                  10 YRS               THAN 10 YRS
                         --------------------- -------------------- -------------------- -------------------
                         <S>                    <C>                  <C>                  <C>
                         A+                    1.05                 1.75                 3.00
                         --------------------- -------------------- -------------------- -------------------
                         A                     1.35                 2.45                 4.50
                         --------------------- -------------------- -------------------- -------------------
                         A-1                   1.50                 3.15                 6.00
                         --------------------- -------------------- -------------------- -------------------
</TABLE>

                    III. Fitch Credit Support Amount

                         The greater amount of:

                             (1)   Zero or,
                             (2)   CCR.

                         For the purposes of (III) above, the formula for
                         calculating CCR is as follows.

                             CCR = CR x 1.000

                         where

                             CR means Party B's Exposure + VB

                             VB means the Volatility buffer that equals the
                             amount of any given currency derived by taking the
                             appropriate percentage of the Transaction's
                             outstanding notional balance. See the following
                             table (for the purposes of interpreting the table,
                             "Counterparty rating" is the short term credit
                             rating assigned to Party A by Fitch and
                             "Maturities" is the period from and including the
                             date of calculation to but excluding the scheduled
                             maturity of the last expiring Transaction
                             outstanding under the Agreement):

                             VB. VOLATILITY BUFFER (%)

<TABLE>
<CAPTION>

                             --------------------- -------------------- -------------------- -------------------
                             Counterparty rating   MATURITIES UP TO     MATURITIES UP TO     MATURITIES MORE
                                                   5 YRS                10 YRS               THAN 10 YRS
                             --------------------- -------------------- -------------------- -------------------
                             <S>                   <C>                  <C>                  <C>
                             F2                    4.75                 5.25                 6.50
                             --------------------- -------------------- -------------------- -------------------
</TABLE>

                         provided, however, that the Credit Support Amount will
                         be deemed to be zero whenever the calculation of the
                         Credit Support Amount yields a number less than zero.

--------------------------------------------------------------------------------
                                                                        Page (3)

<PAGE>

         (ii)  Eligible Credit Support.  The following items will qualify as
               "Eligible Credit Support":
<TABLE>
<CAPTION>

-------------------------------------------------------------- ------------------------------ ---------------------
                TYPE OF ELIGIBLE CREDIT SUPPORT                  TIME REMAINING TO MATURITY    VALUATION PERCENTAGE
-------------------------------------------------------------- ------------------------------ ---------------------
<S>                                                            <C>                            <C>
Cash in an Eligible Currency                                   N/A                                    100%
-------------------------------------------------------------- ------------------------------ ---------------------
Negotiable debt obligations issued by the U.S Treasury         Not more than 1yr                      98%
Department                                                     More than 1yr (less than) 5 yrs        95%
                                                               More than 5 (less than) 10 yrs         93%
                                                               More than 10 yrs                       90%
-------------------------------------------------------------- ------------------------------ ---------------------
Agency Securities                                              Not more than 1yr                      97%
                                                               More than 1yr (less than) 5 yrs        94%
                                                               More than 5 (less than) 10 yrs         92%
                                                               More than 10 yrs                       89%
-------------------------------------------------------------- ------------------------------ ---------------------
</TABLE>

               As used herein:

               "Agency Securities" means negotiable debt obligations which are
               fully guaranteed as to both principal and interest by the Federal
               National Mortgage Association, the Government National Mortgage
               Association or the Federal Home Loan Mortgage Corporation, but
               excluding (I) interest only and principle only securities and
               (ii) Collateralised Mortgage Obligations, Real Estate Mortgage
               Investment Conduits and similar derivative securities.

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

         (iii) Thresholds.

               (A)  "Independent Amount" means with respect to Party A:  zero.

               "Independent Amount" means with respect to Party B: Zero.

               (B)  "Threshold" shall not apply with respect to Party B and,
               with respect to Party A, shall mean the amounts determined on the
               basis of the lower of the Credit Ratings set forth in the
               following table.

               CREDIT RATING                                  THRESHOLD
               -------------                                  ---------

               (S & P / Moody's)                              Party A
               -----------------                              -------

               S & P: AA- and A-1+ or above                   Infinity

               and

               Moody's: A2 and P-1 or above                   Infinity

               and

               Fitch: A and F1 or above                       Infinity

               -----------------------------------------------------------------
               S & P: Below AA- and A-1+                      Zero

               or

               Moody's: Below A2 or P-1                       Zero

               or

               Fitch: Below A and F1                          Zero

--------------------------------------------------------------------------------
                                                                        Page (4)

<PAGE>

         As used herein:
         ---------------

         "Credit Rating" means, with respect to (a) S & P, the rating assigned
         by S & P to the long-term or short-term senior unsecured debt of Party
         A (b) Moody's, the rating assigned to the short-term senior unsecured
         debt of Party A or the long-term senior unsecured debt of Party A (c)
         Fitch, the rating assigned to the short-term senior unsecured debt of
         Party A or the long-term senior unsecured debt of Party A.

         "S & P" means Standard & Poor's (Australia) Pty Limited) or its
         equivalent.

         "Moody's" means Moody's Investors Service Inc.

         "Fitch" means Fitch Australia Pty Limited.

               (C)  "Minimum Transfer Amount" means, with respect to a party,
                    USD250,000 provided, however, that if an Event of Default
                    has occurred and is continuing with respect to a party, the
                    Minimum Transfer Amount with respect to such party shall be
                    US$0.

               (D)  Rounding. The Delivery Amount and the Return Amount will be
                    rounded up and down respectively to the nearest integer
                    multiple of U.S.$10,000.

(c)      Valuation and Timing.

         (i)   "Valuation Agent" means, for purposes of Paragraphs 2 and 4, the
               party making the demand under Paragraph 2, and, for purposes of
               Paragraph 5(c), the Transferee, as applicable, unless there has
               occurred and is continuing any Event of Default, Potential Event
               of Default or Termination Event with respect to a party, in such
               case the other party shall be the Valuation Agent.

         (ii)  "Valuation Date" means any Local Business Day.

         (iii) "Valuation Time" means the close of business in the place of
               location of the Valuation Agent on the Local Business Day
               preceding the Valuation Date or date of calculation, as
               applicable; provided that the calculations of Value and Exposure
               will, as far as practicable, be made as of approximately the same
               time on the same date.

         (iv)  "Notification Time" means 1:00 p.m., Sydney time, on a Local
               Business Day.

(d)      Exchange Date. "Exchange Date" has the meaning specified in
         Paragraph 3(c)(ii).

(e)      Dispute Resolution.

         (i)   "Resolution Time" means 1:00 p.m., Sydney time, on the Local
               Business Day following the date on which the notice is given that
               gives rise to a dispute under Paragraph 4.

         (ii)  Value. Notwithstanding the definition of "Value", the "Value" of
               any security enumerated in clause (b)(ii) above (referred to
               herein as "Government Obligations") shall be the Base Currency
               Equivalent of the sum of (I) (x) the mean of the high bid and low
               asked prices quoted on such date by any principal market maker
               for such Government Obligations chosen by the Disputing Party, or
               (y) if no quotations are available from a principal market maker
               for such date, the mean of such high bid and low asked prices as
               of the day, next preceding such date, on which such quotations
               were available, plus (II) the accrued interest on such Government
               Obligations (except to the extent Transferred to a party pursuant
               to any applicable provision of this Agreement or included in the
               applicable price referred to in (I) of this clause (e)(ii)) as of
               such date.

         (iii) Alternative. The provisions of Paragraph 4 will apply.

(f)      Distributions and Interest Amount.

         Interest Rate means, for any day, with respect to Eligible Credit
         Support in the form of USD, the rate set forth for that day opposite
         the caption "Federal Funds (Effective)" in the weekly statistical
         release designated "H.15(519)", or any successor publication,
         published by the Board of Governors of the Federal Reserve System.

--------------------------------------------------------------------------------
                                                                        Page (5)

<PAGE>

         Provided, that, if the relevant Interest Rate source is unavailable
         for any reason, then the Interest Rate shall be as published by such
         source on the preceding Local Business Day, unless Party A and Party B
         agree on an alternative source.

         Transfer of Interest Amount. The transfer of the Interest Amount will
         be made monthly on the second Local Business Day of each calendar
         month.

(g)      Demands and Notices

         All demands, specifications and notices under this Annex will be made
         pursuant to the Notices Section of this Agreement, unless otherwise
         specified here:

         Party A:

         JPMorgan Chase Bank
         Collateral Middle Office
         24th Floor, Grosvenor Place
         225 George Street,
         Sydney
         NSW 2000
         AUSTRALIA

         TELEPHONE: 61-2-9220-3044
         FACSIMILE: 61-2-9220-3063

         Party B:

               Perpetual Trustees Consolidated Limited
               Attention:        Manager, Securitisation
               Address:          Level 7, 9 Castlereagh Street Sydney NSW 2000
               Telephone:        (02) 9229 9000
               Facsimile:        (02) 9221 7870

         All notices or communications to Party B to be copied to the Manager at
the address below:

               Crusade Management Limited
               Attention:        Middle Office Compliance Manager
               Address:          Level 22, 55 Market Street, Sydney NSW 2000
               Telephone:        (02) 9320 5526
               Facsimile:        (02) 9320 5589

(h)      Other Provisions

         (i)   Party A and Party B agree notwithstanding anything to the
               contrary set out within this Annex, Party B is under no
               obligation to make any transfer under this Annex in support of
               any Transaction under the ISDA Master Agreement. Party A will
               make any and all transfers required under this Annex in support
               of any Transactions undertaken under the ISDA Master Agreement.
               All references in this Annex to the "Transferor" will be to Party
               A and all corresponding references to "Transferee" will be to
               Party B.

         (ii)  Party B will not at any time be expected to make any transfers to
               Party A save where Party B is under an obligation to Party A to
               deliver a Return Amount.

         (iii) Party B may only deal with the Credit Support Amount if directed
               to do so by the Manager and then only for the purpose of:

               (A)  novating obligations under this Agreement in accordance with
                    Section 18(i)(G) of the ISDA Master Agreement as amended by
                    Part 5 of the Schedule or entering into any

--------------------------------------------------------------------------------
                                                                        Page (6)

<PAGE>

                    other arrangement in accordance with Section 18(i)(H)of the
                    ISDA Master Agreement as amended by Part 5 of the Schedule;

               (B)  refunding to Party A the amount of any reduction in the
                    Credit Support Amount, from time to time and providing the
                    Designated Rating Agencies have confirmed, in writing, that
                    such refund will not result in a withdrawal or downgrade of
                    any credit rating assigned by it to the Notes;

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

               (D)  paying Taxes payable in respect of the Swap Collateral
                    Account; or

               (E)  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.

         (iv)  For the purposes of this Paragraph 11, "Swap Collateral
               Account" means an account established by Party B with an
               Approved Bank outside Australia.

Please confirm your agreement to the terms of the foregoing Paragraph 11 by
signing below.

                                    JPMORGAN CHASE BANK

                                             By: _________________________
                                                 Name:
                                                 Title:

                                    PERPETUAL TRUSTEES CONSOLIDATED LIMITED
                                    ("Party B") under Power of Attorney
                                    dated      2003.

                                             By: _________________________
                                                 Name:

                                    In the presence of:

                                             By: _________________________
                                                 Name:

                                    CRUSADE MANAGEMENT LIMITED
                                    ("Manager") under Power of Attorney
                                    dated  _____ 2003

                                             By: _________________________
                                                 Name:

                                    In the presence of:

                                             By: _________________________
                                                 Name:

--------------------------------------------------------------------------------
                                                                        Page (7)<PAGE>

                                             Seller Loan Agreement

                           PERPETUAL TRUSTEES CONSOLIDATED LIMITED
                                                         (Trustee)

                                            ST.GEORGE BANK LIMITED
                                                 (Approved Seller)

                                        CRUSADE MANAGEMENT LIMITED
                                                         (Manager)

                                Crusade Global Trust No. 2 of 2003

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

                         (C) Copyright Allens Arthur Robinson 2003

<PAGE>

Seller Loan Agreement                              [Allens Arthur Robinson logo]

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

TABLE OF CONTENTS
<TABLE>
<CAPTION>
<S>    <C>                                                                   <C>
1.       DEFINITIONS AND INTERPRETATION                                        1
       1.1      Definitions                                                    1
       1.2      Master Trust Deed definitions                                  2
       1.3      Interpretation                                                 2
       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                                                              3
       3.1      Advance                                                        3
       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                             4

7.       CONDITIONS PRECEDENT                                                  5

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

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

10.      CONTROL ACCOUNTS                                                      7

11.      WAIVERS, REMEDIES CUMULATIVE                                          7

12.      SEVERABILITY OF PROVISIONS                                            8

13.      SURVIVAL OF REPRESENTATIONS                                           8

14.      INDEMNITY AND REIMBURSEMENT OBLIGATION                                8

15.      MORATORIUM LEGISLATION                                                8

16.      CONSENTS AND OPINIONS                                                 8

17.      ASSIGNMENTS                                                           8

18.      NOTICES                                                               9
</TABLE>

--------------------------------------------------------------------------------
                                                                        Page (i)

<PAGE>

Seller Loan Agreement                              [Allens Arthur Robinson logo]

--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S>     <C>                                                                <C>
19.      AUTHORISED SIGNATORIES                                              9

20.      GOVERNING LAW AND JURISDICTION                                      9

21.      COUNTERPARTS                                                        9

22.      ACKNOWLEDGEMENT BY TRUSTEE                                          9

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
</TABLE>

--------------------------------------------------------------------------------
                                                                       Page (ii)

<PAGE>

Seller Loan Agreement                              [Allens Arthur Robinson logo]

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

DATE                                                2003
-------------

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. 2
                  of 2003 (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. 2
                  of 2003 and proposes to issue Notes pursuant to the Master
                  Trust Deed and the Supplementary Terms Notice.

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

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

--------------------------------------------------------------------------------
IT IS AGREED as follows.

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

1.1    DEFINITIONS

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

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

       DRAWDOWN NOTICE means a notice under clause 3.1.

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

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

--------------------------------------------------------------------------------
                                                                          Page 1

<PAGE>

Seller Loan Agreement                              [Allens Arthur Robinson logo]

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

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

       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 on or before
       the date of this agreement between, among others, the Trustee, the
       Manager 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. 2 of 2003 constituted under
       the Master Trust Deed and 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.

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.

--------------------------------------------------------------------------------
                                                                          Page 2

<PAGE>

Seller Loan Agreement                              [Allens Arthur Robinson logo]

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

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.

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).

--------------------------------------------------------------------------------
                                                                          Page 3

<PAGE>

Seller Loan Agreement                              [Allens Arthur Robinson logo]

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

       (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

       (a)      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

       (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.

--------------------------------------------------------------------------------
                                                                          Page 4

<PAGE>

Seller Loan Agreement                              [Allens Arthur Robinson logo]

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

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:

                (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.

--------------------------------------------------------------------------------
                                                                          Page 5

<PAGE>

Seller Loan Agreement                              [Allens Arthur Robinson logo]

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

       (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.

       (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.

--------------------------------------------------------------------------------
                                                                          Page 6

<PAGE>

Seller Loan Agreement                              [Allens Arthur Robinson logo]

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

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.

--------------------------------------------------------------------------------
                                                                          Page 7

<PAGE>

Seller Loan Agreement                              [Allens Arthur Robinson logo]

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

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.

--------------------------------------------------------------------------------
                                                                          Page 8

<PAGE>

Seller Loan Agreement                              [Allens Arthur Robinson logo]

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

18.    NOTICES
--------------------------------------------------------------------------------

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

       (a)      must be in writing;

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

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

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

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

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

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

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

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

20.    GOVERNING LAW AND JURISDICTION
--------------------------------------------------------------------------------

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

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

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

22.    ACKNOWLEDGEMENT BY TRUSTEE
--------------------------------------------------------------------------------

       The Trustee confirms that:

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

--------------------------------------------------------------------------------
                                                                          Page 9

<PAGE>

Seller Loan Agreement                              [Allens Arthur Robinson logo]

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

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

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

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

<PAGE>

Seller Loan Agreement                              [Allens Arthur Robinson logo]

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

                delegate, receiver or receiver and manager appointed by it
                in accordance with this agreement or any other Transaction
                Documents has authority to act on behalf of the Trustee in a
                way which exposes the Trustee to any personal liability and
                no act or omission of any such person will be considered
                fraud, negligence, or Default of the Trustee for the purpose
                of paragraph (c) above.

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

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

23.3   UNRESTRICTED REMEDIES

       Nothing in clause 23.2 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 section 459E(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.

--------------------------------------------------------------------------------
                                                                         Page 11

<PAGE>

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.

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

<PAGE>

Seller Loan Agreement                              [Allens Arthur Robinson logo]

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

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.

TRUSTEE

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

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

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

APPROVED SELLER

SIGNED on behalf of                              )
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

<PAGE>

Seller Loan Agreement                              [Allens Arthur Robinson logo]

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

MANAGER

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

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

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

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

<PAGE>

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 [*] 2003 (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

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00055-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00055-of-00352.parquet"}]]