Document:

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                                                                Agency Agreement

                                         PERPETUAL TRUSTEES CONSOLIDATED LIMITED
                                                                       (Trustee)

                                                      CRUSADE MANAGEMENT LIMITED
                                                                       (Manager)

                                                           BANKERS TRUST COMPANY
                                                        (Principal Paying Agent)

                                                        WILMINGTON TRUST COMPANY
                                                                  (Note Trustee)

                                                           BANKERS TRUST COMPANY
                                                             (Calculation Agent)

                                                           BANKERS TRUST COMPANY
                                                                (Note Registrar)

                                              Crusade Global Trust No. 1 of 2002
                                                               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 2002

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                                                                     Allen Allen
Agency Agreement                                                       & Hemsley
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TABLE OF CONTENTS

1.       DEFINITIONS AND INTERPRETATION                                       2
         1.1      Definitions                                                 2
         1.2      Note Trust Deed definitions                                 3
         1.3      Interpretation                                              3
         1.4      Document or agreement                                       3
         1.5      Transaction Document                                        3
         1.6      Trustee as trustee                                          3

2.       APPOINTMENT OF PAYING AGENTS                                         4

3.       PAYMENT                                                              4
         3.1      Payment by Trustee                                          4
         3.2      Confirmation                                                4
         3.3      Payments by Paying Agents                                   5
         3.4      Method of Payment - Book-Entry Notes                        5
         3.5      Method of payment - Definitive Notes                        5
         3.6      Late payment                                                5
         3.7      Notice of non-receipt                                       5
         3.8      Reimbursement                                               6
         3.9      Method of payment                                           6
         3.10     No fee                                                      6
         3.11     Trust                                                       6

4.       REPAYMENT                                                            7

5.       APPOINTMENT OF THE CALCULATION AGENT                                 7

6.       DUTIES OF THE CALCULATION AGENT                                      7

7.       NOTE TRUSTEE                                                         8

8.       EARLY REDEMPTION OF NOTES                                            9

9.       PRO RATA REDEMPTION, PURCHASES AND CANCELLATION OF NOTES            10

10.      NOTICES TO NOTEHOLDERS                                              11

11.      DOCUMENTS AND FORMS                                                 11

12.      AUTHENTICATION                                                      11

13.      INDEMNITY                                                           11

14.      THE NOTE REGISTER                                                   12
         14.1     Appointment of Note Registrar                              12
         14.2     Details to be kept on the Note Register                    13
         14.3     Payments of Principal and Interest                         13
         14.4     Place of keeping Register, copies and access               13
         14.5     Details on Note Register conclusive                        14
         14.6     Alteration of details on Note Register                     14
         14.7     Rectification of Note Register                             14

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                                                                     Allen Allen
Agency Agreement                                                       & Hemsley
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         14.8     Correctness of Note Register                               15

15.      CHANGES OF NOTE REGISTRAR                                           15
         15.1     Removal                                                    15
         15.2     Resignation                                                15
         15.3     Limitation                                                 15

16.      GENERAL                                                             15
         16.1     Communications to Class A Noteholders                      15
         16.2     Agency                                                     16
         16.3     Identity                                                   16
         16.4     No set-off                                                 16
         16.5     Reliance                                                   16
         16.6     Entitled to deal                                           17
         16.7     Consultation                                               17
         16.8     Duties                                                     17
         16.9     Income Tax Returns                                         17
         16.10    Obligations of Note Parties                                17

17.      CHANGES IN PAYING AGENTS AND CALCULATION AGENT                      17
         17.1     Removal                                                    17
         17.2     Resignation                                                18
         17.3     Limitation                                                 18
         17.4     Delivery of amounts                                        19
         17.5     Successor to Principal Paying Agent                        19
         17.6     Successor to Calculation Agent                             20
         17.7     Notice to Noteholders                                      20
         17.8     Change in Paying Office or Specified Office                21

18.      FEES AND EXPENSES                                                   21

19.      WAIVERS, REMEDIES CUMULATIVE                                        22

20.      SEVERABILITY OF PROVISIONS                                          22

21.      ASSIGNMENTS                                                         22

22.      NOTICES                                                             23
         22.1     General                                                    23
         22.2     Details                                                    23
         22.3     Communication through Principal Paying Agent               25

23.      LIMITED RECOURSE                                                    25
         23.1     General                                                    25
         23.2     Liability of Trustee limited to its right to indemnity     25
         23.3     Unrestricted remedies                                      26
         23.4     Restricted remedies                                        26

24.      COUNTERPARTS                                                        27

25.      GOVERNING LAW                                                       27

26.      SUCCESSOR TRUSTEE                                                   27

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Agency Agreement                                         Allens Arthur Robinson+
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DATE
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PARTIES
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         1.       PERPETUAL TRUSTEES CONSOLIDATED LIMITED (ABN 81 004 029 841)
                  incorporated in Victoria of Level 7, 39 Hunter Street, Sydney,
                  New South Wales 2000 in its capacity as trustee of the Crusade
                  Global Trust No. 1 of 2002 (the TRUSTEE);

         2.       CRUSADE MANAGEMENT LIMITED (ABN 90 072 715 916) incorporated
                  in New South Wales of 4-16 Montgomery Street, Kogarah, New
                  South Wales 2217, as Manager in relation to the Crusade Global
                  Trust No. 1 of 2002 (the MANAGER);

         3.       BANKERS TRUST COMPANY acting through its office 123 Washington
                  Street, New York, New York 10006, as principal paying agent
                  for the Notes described below (the PRINCIPAL PAYING AGENT,
                  which expression shall, wherever the context requires, include
                  any successor principal paying agent from time to time and,
                  except where the context otherwise requires, the Principal
                  Paying Agent and any additional paying agent or paying agents
                  are PAYING AGENTS);

         4.       WILMINGTON TRUST COMPANY acting through its office at Rodney
                  Square North, 1100 North Market Street, Wilmington, Delaware
                  19890-0001, as trustee for the Noteholders (the NOTE TRUSTEE,
                  which expression shall, wherever the context requires, include
                  any other trustee or trustees from time to time under the Note
                  Trust Deed); and

         5.       BANKERS TRUST COMPANY acting through its office at 1761 East
                  St. Andrew Place, Santa Ana California 92705, as reference
                  agent in relation to the Notes described below (the
                  CALCULATION AGENT) which expression shall, whenever the
                  context requires, include any successor reference agent from
                  time to time).

         6.       BANKERS TRUST COMPANY acting through its office at 123
                  Washington Street, New York, New York 10006, as note registrar
                  in relation to the Notes described below (the NOTE REGISTRAR)
                  which expression shall, whenever the context requires, include
                  any successor note registrar from time to time).

RECITALS
-------------

         A        The Trustee proposes to issue US$875,000,000 of Class A
                  mortgage backed pass through floating rate Notes (the CLASS A
                  NOTES) each with a Final Maturity Date falling in [June 2033]
                  and [A$45,500,000 of mortgage backed pass through floating
                  rates Notes comprising $31,500,000 Class B Notes and
                  $[14,000,000] Class C Notes (together the $A NOTES)] each with
                  a Final Maturity Date falling in [*].

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         B        The Class A Notes will be represented initially by one or more
                  Book-Entry Notes (the BOOK-ENTRY NOTES).

         C        The Class A Notes, upon original issue, will be issued in the
                  form of typewritten Book-Entry Notes representing the
                  Book-Entry Notes. The Trustee shall, on the date of this deed,
                  deliver or arrange the delivery on its behalf of the
                  Book-Entry Notes to the Principal Paying Agent, as agent for
                  the Clearing Agency. The Book-Entry Notes shall initially be
                  registered on the Note Register in the name of the Common
                  Depository, as nominee of the Clearing Agency, and no Class A
                  Note Owner will receive a Definitive Note representing such
                  Class A Note Owner's interest in such Class A Note, except as
                  provided in the Note Trust Deed.

         D        The Class A Notes will be constituted by the Note Trust Deed,
                  the Supplementary Terms Notice and the Master Trust Deed.

         E        The Class A Notes will be secured on the terms of the Security
                  Trust Deed.

         F        The Trustee wishes to appoint the Principal Paying Agent as
                  principal paying agent in respect of the Class A Notes only
                  and has entered into this agreement to provide for the terms
                  and conditions of that appointment.

         G        The Trustee wishes to appoint the Calculation Agent as its
                  reference agent in respect of the Class A Notes only and has
                  entered into this agreement to provide for the terms and
                  conditions of that appointment.

         H        The Trustee wishes to appoint the Note Registrar in respect of
                  the Class A Notes only and has entered into this agreement to
                  provide for the terms and conditions of that appointment.

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IT IS AGREED as follows.

1.       DEFINITIONS AND INTERPRETATION
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1.1      DEFINITIONS

         The following definitions apply unless the context requires otherwise.

         MASTER TRUST DEED means the Master Trust Deed for the Crusade Euro
         Trusts dated 14 March 1998 between the Trustee as trustee, St.George
         Bank Limited and the Manager.

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

         PAYING OFFICE means, in relation to a Paying Agent, the office of the
         Paying Agent specified in the Class A Notes or otherwise under this
         agreement or the Note Trust Deed as the office at which payments in
         respect of the Class A Notes will be made as changed from time to time
         in accordance with this agreement.

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         SUPPLEMENTARY TERMS NOTICE means the Supplementary Terms Notice dated
         on or about the date of this agreement relating to the Trust.

         SPECIFIED OFFICE means, in relation to the Calculation Agent, the
         office of the Calculation Agent specified under this Agreement as the
         office at which the Calculation Agent will carry out its duties under
         this agreement, and initially means its office at 1761 East St. Andrew
         Place, Santa Ana, California 92705 (ATTN: Santa Ana Trust
         Administration - [*]).

         TRUST means the trust known as the Crusade Global Trust No. 1 of 2002
         established under the Notice of Creation of Trust, the Master Trust
         Deed and the Supplementary Terms Notice.

1.2      NOTE TRUST DEED DEFINITIONS

         Words and expressions which are defined in the Note Trust Deed
         (including by reference to another agreement and including the
         Conditions) 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 and:

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

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

1.4      DOCUMENT OR AGREEMENT

         A reference to:

         (a)      an AGREEMENT includes a Security Interest, Guarantee,
                  undertaking, deed, agreement or legally enforceable
                  arrangement whether or not in writing; and

         (b)      a DOCUMENT includes an agreement (as so defined) in writing or
                  a certificate, notice, instrument
                  or document.

         A reference to a specific agreement or document includes it as amended,
         novated, supplemented or replaced from time to time, except to the
         extent prohibited by this agreement.

1.5      TRANSACTION DOCUMENT

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

1.6      TRUSTEE AS TRUSTEE

         (a)      In this agreement, except where provided to the contrary:

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

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Agency Agreement                                         Allens Arthur Robinson+
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                  (ii)     a reference to the assets, business, property or
                           undertaking of the Trustee is a reference to the
                           assets, business, property or undertaking of the
                           Trustee only in the capacity described in
                           sub-paragraph (i) above.

         (b)      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).

2.       APPOINTMENT OF PAYING AGENTS
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         (a)      Subject to the terms of this agreement, the Trustee (acting on
                  the direction of the Manager) appoints the Principal Paying
                  Agent as its principal paying agent, and each other Paying
                  Agent as its paying agent, for making payments in respect of
                  the Class A Notes in accordance with the Transaction Documents
                  and the Conditions at their respective Paying Offices. The
                  Principal Paying Agent, and each other Paying Agent appointed
                  under this agreement accepts that appointment.

         (b)      Except in clause 17 and as the context otherwise requires,
                  references to the Principal Paying Agent are to it acting
                  solely through its Paying Office.

         (c)      If at any time there is more than one Paying Agent, the
                  obligations of the Paying Agents under this agreement shall be
                  several and not joint.

         It is acknowledged and agreed that:

                  (i)      each of the Principal Paying Agent and the other
                           Paying Agents is the agent of the Trustee in its
                           capacity as trustee of the Trust only, and

                  (ii)     despite anything else in this agreement, any other
                           Transaction Document or at law, the Trustee in its
                           personal capacity is not responsible for any act or
                           omission of the Principal Paying Agent or any other
                           Paying Agent except to the extent of losses, costs,
                           claims or damages caused by the fraud, negligence or
                           Default of the Trustee.

3.       PAYMENT
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3.1      PAYMENT BY TRUSTEE

         The Trustee shall, with the assistance of and, at the direction of the
         Manager, not later than 10.00 am (New York time) on each Payment Date,
         pay to or to the order of, or procure payment to or to the order of,
         the Principal Paying Agent (including where relevant in clause 3.9) the
         amount in US$ as may be required (after taking account of any cash then
         held by the Principal Paying Agent and available for the purpose) to be
         made on each Class A Note on that Payment Date under the Supplementary
         Terms Notice and the Conditions.

3.2      CONFIRMATION

         Not later than 4.00 pm (Sydney time) on each Determination Date, the
         Manager on behalf of the Trustee shall notify, or procure notification
         to, the Principal Paying Agent and the Note Trustee of the amount of
         interest or principal payable in respect of the Class A Notes on the
         Payment Date following that Determination Date. The Trustee or if
         required by the Trustee, the Manager on its behalf shall also forward
         to the Principal Paying Agent at that time confirmation that all
         amounts

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         required to be paid to the Currency Swap Provider under any
         Confirmation relating to the Class A Notes on the Payment Date
         following that Determination Date will be made unconditionally.

3.3      PAYMENTS BY PAYING AGENTS

         Subject to payment being duly made as provided in clause 3.1 (or to the
         Principal Paying Agent otherwise being satisfied that the payment will
         be duly made on the due date), and subject to clause 7, the Paying
         Agents shall pay or cause to be paid on behalf of the Trustee on each
         Payment Date the relevant amounts of principal and interest due in
         respect of the Class A Notes in accordance with the Supplementary Terms
         Notice and the Conditions.

3.4      METHOD OF PAYMENT - BOOK-ENTRY NOTES

         The Principal Paying Agent shall cause all payments of principal or
         interest (as the case may be) due in respect of Class A Notes
         represented by a Book-Entry Note to be made to the Common Depository
         for credit to the account of the persons appearing from time to time in
         the records of the Common Depository as account holder with respect to
         the Book-Entry Note.

3.5      METHOD OF PAYMENT - DEFINITIVE NOTES

         Payments of principal or interest on the Definitive Notes, if any,
         shall be made in accordance with the Conditions and the Supplementary
         Terms Notice.

3.6      LATE PAYMENT

         (a)      If any payment under clause 3.1 is made late but otherwise in
                  accordance with the provisions of this agreement, each Paying
                  Agent shall make payments required to be made by it in respect
                  of the Class A Notes as provided in this clause 3. However,
                  unless and until the full amount of any payment in respect of
                  the Class A Notes required to be made under the Transaction
                  Documents has been made under clause 3.1 to or to the order of
                  the Principal Paying Agent, no Paying Agents shall be bound to
                  make a payment under clause 3 except to the extent that
                  non-payment is caused by fraud, wilful misconduct, negligence
                  or bad faith on the part of that Paying Agent or of any of its
                  directors, officers, employees or servants.

         (b)      If the Principal Paying Agent has not received on a Payment
                  Date the full amount of principal and interest then payable on
                  any Class A Note in accordance with the Supplementary Terms
                  Notice and the Conditions, but receives the full amount later,
                  it shall:

                  (i)      forthwith upon full receipt notify the other Paying
                           Agents (if any), the Trustee, the Note Trustee, the
                           Security Trustee and the Manager; and

                  (ii)     as soon as practicable after such full receipt give
                           due notice, in accordance with Condition 12 (unless
                           the Note Trustee agrees otherwise), to the Class A
                           Noteholders that it has received the full amount.

3.7      NOTICE OF NON-RECEIPT

         The Principal Paying Agent shall immediately notify by telex or
         facsimile (if appropriate) the other Paying Agents (if any), the Note
         Trustee, the Trustee, the Security Trustee, the Standby Currency Swap
         Provider and the Manager if the full amount of any payment of principal
         or interest required to

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         be made by the Supplementary Terms Notice and Conditions in respect of
         the Class A Notes is not unconditionally received by it or to its order
         in accordance with this agreement.

3.8      REIMBURSEMENT

         The Principal Paying Agent shall (provided that it has been placed in
         funds by the Trustee) on demand promptly reimburse the other Paying
         Agents (if any) for payments of principal and interest properly made by
         that Paying Agent in accordance with the Supplementary Terms Notice,
         the Conditions and this agreement. The Trustee shall not be concerned
         with the apportionment of any moneys between the Principal Paying
         Agent, the other Paying Agents (if any) and payment to the Principal
         Paying Agent of any moneys due to the Paying Agents shall operate as a
         good discharge to the Trustee in respect of such moneys.

3.9      METHOD OF PAYMENT

         (a)      All sums payable by the Trustee to the Principal Paying Agent
                  under this agreement shall, unless otherwise provided by and
                  subject to the Currency Swap, be paid by the Currency Swap
                  Provider on behalf of the Trustee in US$ to the account, with
                  the bank outside Australia as the Principal Paying Agent may
                  from time to time notify to the Trustee and the Note Trustee.
                  Those sums shall be held in an account for payment to the
                  Class A Noteholders, as the case may be, and, failing that
                  payment within the designated periods of prescription
                  specified in Condition 8, or upon the bankruptcy, insolvency,
                  winding up or liquidation of the Principal Paying Agent or
                  default being made by the Principal Paying Agent in the
                  payment of any amounts in respect of principal or interest in
                  accordance with this agreement, on trust for repayment to the
                  Trustee (subject to clause 4). On repayment in accordance with
                  clause 4 to the Trustee that trust shall terminate and all
                  liabilities of the Principal Paying Agent with respect to
                  those moneys shall cease. The Principal Paying Agent shall,
                  promptly after each Payment Date, confirm to the Trustee that
                  the Principal Paying Agent has paid the relevant amount to the
                  Common Depository.

         (b)      Subject to the terms of this agreement, the Principal Paying
                  Agent shall be entitled to deal with moneys paid to it under
                  this agreement in the same manner as other moneys paid to it
                  as a banker by its customers. The Principal Paying Agent shall
                  be entitled to retain for its own account any interest earned
                  on the sums from time to time credited to the separate account
                  referred to in paragraph (a) and it need not segregate such
                  sums from other amounts held by it.

3.10     NO FEE

         Subject to clause 18, no Paying Agent will charge any commission or fee
         in relation to any payment under this agreement.

3.11     TRUST

         The Principal Paying Agent shall hold in trust for the Note Trustee and
         the Class A Noteholders all sums held by it for the payment of
         principal and interest with respect to the Class A Notes until all
         relevant sums are paid to the Note Trustee or the Class A Noteholders
         or otherwise disposed of in accordance with the Note Trust Deed.

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4.       REPAYMENT
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         (a)      Immediately on any entitlement to receive principal or
                  interest under any Class A Note becoming void under the
                  Conditions, the Principal Paying Agent shall repay to the
                  Trustee the amount which would have been due in respect of
                  that principal or interest if it had been paid before the
                  entitlement became void, together with any fees applicable to
                  that payment or entitlement (pro rated as to the amount and
                  time) to the extent already paid under clause 18.

         (b)      Despite paragraph (a) the Principal Paying Agent shall not be
                  obliged to make any repayment to the Trustee so long as any
                  amounts which should have been paid to or to the order of the
                  Principal Paying Agent or, if applicable, the Note Trustee by
                  the Trustee remain unpaid.

5.       APPOINTMENT OF THE CALCULATION AGENT
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         (a)      The Trustee (acting on the direction of the Manager) appoints
                  the Calculation Agent as its reference agent in respect of the
                  Class A Notes upon the terms and conditions set forth in this
                  agreement and the Calculation Agent accepts that appointment.

         (b)      It is acknowledged and agreed that:

                  (i)      the Calculation Agent is the agent of the Trustee in
                           its capacity as trustee of the Trust only, and

                  (ii)     despite anything else in this agreement, any other
                           Transaction Document or at law, the Trustee in its
                           personal capacity is not responsible for any act or
                           omission of the Calculation Agent except to the
                           extent of losses, costs, claims or damages caused by
                           the fraud, negligence or Default of the Trustee.

6.       DUTIES OF THE CALCULATION AGENT
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         (a)      The Calculation Agent shall, in relation to the Class A Notes,
                  until their final maturity or such earlier date on which the
                  Class A Notes are due and payable in full and in either case
                  until the Trustee has paid all amounts in relation to the
                  Class A Notes to the Principal Paying Agent or, if applicable,
                  the Note Trustee:

                  (i)      perform such duties at its Specified Office as are
                           set forth in this agreement and in the Conditions and
                           any other duties which are reasonably incidental at
                           the request of the Trustee, the Manager, the Note
                           Trustee or the Principal Paying Agent;

                  (ii)     determine LIBOR for each Interest Period, and
                           calculate the relevant Interest and Interest Rate on
                           Notes, in the manner set out in Condition 4 and
                           confirm with the Currency Swap Provider that the
                           LIBOR determined under this Agreement is the same as
                           LIBOR determined by the Currency Swap Provider under
                           the Currency Swap;

                  (iii)    notify the Trustee, the Manager, the Note Trustee and
                           the Paying Agents by telex or facsimile transmission
                           on or as soon as possible after the first day of that
                           Interest

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                           Period, of the Interest Rate and the Interest so
                           determined by it in relation to that Interest Period,
                           specifying to the Trustee and the Manager the rates
                           upon which they are based and (where relevant) the
                           names of the banks quoting those rates; and

                  (iv)     cause the Interest and Interest Rates applicable to
                           the Class A Notes for each Interest Period together
                           with the relevant Payment Date, to be published (at
                           the expense of the Trustee) in accordance with the
                           provisions of Conditions 4 and 12, on or as soon as
                           possible after the commencement of the relevant
                           Interest Period, provided that the Trustee and the
                           Manager and the Note Trustee shall co-operate with
                           the Calculation Agent in order to effect that
                           publication.

         (b)      The Interest, Interest Rate and relevant Payment Date
                  published under sub-paragraph (iv) may subsequently be amended
                  (or appropriate alternative arrangements made by way of
                  adjustment) without notice to Class A Noteholders in the event
                  of a shortening of the Interest Period.

         (c)      If the Calculation Agent at any time for any reason does not
                  determine the Interest Rate or calculate the Interest for the
                  Class A Notes, the Manager shall do so and each such
                  determination or calculation shall be deemed to have been made
                  by the Calculation Agent. In doing so, the Manager shall apply
                  the provisions of this clause 6, with any necessary
                  consequential amendments, to the extent that, in its opinion,
                  it can do so, and, in all other respects it shall do so in
                  such a manner as it shall deem fair and reasonable in all the
                  circumstances.

         (d)      If the Manager does not at any time for any reason determine a
                  Principal Payment, the Invested Amount or the Stated Amount
                  applicable to Class A Notes in accordance with the Transaction
                  Documents, the Principal Payment, Invested Amount and the
                  Stated Amount shall be determined by the Calculation Agent in
                  accordance with the Transaction Documents (but based solely on
                  the information in its possession) and each such determination
                  or calculation shall be deemed to have been made by the
                  Manager. The Calculation Agent may appoint any person as its
                  agent for the purpose of making any such calculation or
                  determination.

7.       NOTE TRUSTEE
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         (a)      At any time after an Event of Default has occurred in relation
                  to a Class A Note or at any time after Definitive Notes have
                  not been issued when required in accordance with the
                  provisions of the Transaction Documents, the Note Trustee may:

                  (i)      by notice in writing to the Trustee, the Manager the
                           Calculation Agent, the Principal Paying Agent and any
                           other Paying Agents require the Principal Paying
                           Agent, the other Paying Agents and the Calculation
                           Agent either:

                           (A)

                                    (1)      to act as Principal Paying Agent,
                                             Paying Agents and Calculation
                                             Agent, respectively, of the Note
                                             Trustee on the terms of this
                                             agreement in relation to payments
                                             to be made by or on behalf of the
                                             Trustee under the terms of the Note
                                             Trust Deed, except that

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                                             the Note Trustee's liability under
                                             any provisions of this agreement
                                             for the indemnification of the
                                             Calculation Agent and the Paying
                                             Agents shall be limited to any
                                             amount for the time being held by
                                             the Note Trustee on the trusts of
                                             the Note Trust Deed and which is
                                             available to be applied by the Note
                                             Trustee for that purpose; and

                                    (2)      to hold all Definitive Notes and
                                             all amounts, documents and records
                                             held by them in respect of the
                                             Class A Notes on behalf of the Note
                                             Trustee; or

                           (B)      to deliver up all Definitive Notes, and all
                                    amounts, documents and records held by them
                                    in respect of the Class A Notes, to the Note
                                    Trustee or as the Note Trustee directs in
                                    that notice, other than any documents or
                                    records which the Calculation Agent or
                                    Paying Agent (as the case may be) is obliged
                                    not to release by any law or regulation; and

                  (ii)     by notice in writing to the Trustee require it to
                           make (or arrange to be made) all subsequent payments
                           in respect of the Class A Notes to the order of the
                           Note Trustee and not to the Principal Paying Agent
                           and, with effect from the issue of that notice to the
                           Trustee and until that notice is withdrawn clause 2.3
                           of the Note Trust Deed shall not apply.

         (b)      The payment by the Trustee of its payment obligations on each
                  Payment Date under the Supplementary Terms Notice and the
                  Conditions to the Note Trustee in accordance with this
                  paragraph (b) shall be a good discharge to the Trustee and the
                  Trustee shall not be liable for any act or omission or default
                  of the Note Trustee during the period it is required to make
                  payment to the Note Trustee under this paragraph (b).

         (c)      The Note Trustee shall forthwith upon request give notice to
                  the Manager, the Trustee, the Security Trustee, the
                  Calculation Agent and the Principal Paying Agent of any change
                  in the Authorised Signatories of the Note Trustee.

         (d)      If the Calculation Agent at any time for any reason does not
                  determine the Interest Rate or calculate the Interest for a
                  Class A Note, the Note Trustee shall do so and each such
                  determination or calculation shall be deemed to have been made
                  by the Calculation Agent. In doing so, the Note Trustee shall
                  apply the provisions of clause 6, with any necessary
                  consequential amendments, to the extent that, in its opinion,
                  it can do so, and, in all other respects it shall do so in
                  such a manner as it shall deem fair and reasonable in all the
                  circumstances.

8.       EARLY REDEMPTION OF NOTES
--------------------------------------------------------------------------------

         (a)      If the Trustee intends to redeem all (but not some only) of
                  the Class A Notes prior to its Final Maturity Date pursuant to
                  Condition 5(j) (which it may only do at the direction of the
                  Manager), the Manager shall give not less than 5 days' prior
                  notice to the Principal Paying Agent and the Note Trustee
                  before giving the requisite period of notice to the Class A

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                  Noteholders in accordance with Condition 5(i) or 5(j) and
                  stating the date on which the Class A Notes are to be
                  redeemed.

         (b)      The Principal Paying Agent shall, on receipt of a notice under
                  paragraph (a):

                  (i)      notify the Common Depository of the proposed
                           redemption, specifying:

                           (A)      the aggregate Invested Amount or Stated
                                    Amount (as the case may be) of the Class A
                                    Notes to be redeemed;

                           (B)      the amount of principal to be repaid in
                                    relation to the Class A Notes; and

                           (C)      the date on which the Class A Notes are to
                                    be redeemed; and

                  (ii)     promptly and in accordance with the relevant
                           Conditions on behalf of and at the expense of the
                           Trustee publish the notices required in connection
                           with that redemption.

9.       PRO RATA REDEMPTION, PURCHASES AND CANCELLATION OF NOTES
--------------------------------------------------------------------------------

         (a)      If the Trustee is required to redeem some (but not all) of the
                  Class A Notes prior to its Final Maturity Date pursuant to
                  Condition 5(a) the Manager shall on each Determination Date
                  give prior notice to the Calculation Agent, the Principal
                  Paying Agent and the Note Trustee, as provided in Condition 5.

         (b)      On receipt of a notice under paragraph (a), the Principal
                  Paying Agent shall notify the Common Depository of the
                  proposed redemption, specifying in each case the aggregate
                  principal amount of the Class A Notes to be redeemed and the
                  date on which such Class A Notes are to be redeemed.

         (c)      The Manager shall, on (or as soon as practicable after) each
                  Quarterly Determination Date in respect of the Class A Notes,
                  calculate:

                  (i)      the amount of principal to be repaid in respect of
                           the Class A Notes due on the Payment Date next
                           following that Determination Date;

                  (ii)     the Stated Amount and Invested Amount of the Class A
                           Note on the first day of the next following Interest
                           Period (after deducting any principal due to be made
                           on the next Payment Date); and

                  (iii)    the Class A Bond Factor on each Quarterly
                           Determination Date in respect of the Collection
                           Period ending before that Quarterly Determination
                           Date,

                  and shall forthwith notify or cause to be notified to the
                  Trustee, the Calculation Agent, the Note Trustee and the
                  Principal Paying Agent of each of those determinations in
                  accordance with the Supplementary Terms Notice. On receipt of
                  that notice, the Principal Paying Agent shall give a copy of
                  that notice to the Common Depository in accordance with the
                  requirements of the Note Depository Agreement.

         (d)      The Manager will immediately cause details of each
                  determination under paragraph (c) to be published in
                  accordance with Condition 12 by one Business Day before the
                  relevant Payment Date.

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         (e)      If no principal is due to be repaid on the Class A Notes on
                  any Payment Date, the Manager shall give notice or shall cause
                  a notice to this effect to be given to the Class A Noteholders
                  in accordance with Condition 12.

         (f)      If the Class A Notes are redeemed in whole or in part in
                  accordance with the Conditions and the Transaction Documents,
                  the Principal Paying Agent will, if any Book-Entry Notes are
                  still outstanding in relation to that Class, cause the Note
                  Registrar to record all relevant details in the Note Register.
                  The Principal Paying Agent shall as soon as possible, and in
                  any event within three months after the date of any redemption
                  or purchase, furnish to each of the Trustee and the Note
                  Trustee a certificate setting out the aggregate Invested
                  Amount and Stated Amount of Class A Notes which have been
                  redeemed or the aggregate Invested Amount and Stated Amount of
                  Class A Notes which have been purchased. If the Invested
                  Amount of a Book-Entry Note is reduced to nil, the Principal
                  Paying Agent shall destroy the relevant Book-Entry Note and
                  issue a destruction certificate forthwith to the Note Trustee
                  and shall send a copy of that certificate to the Trustee, the
                  Manager and the Note Trustee.

10.      NOTICES TO NOTEHOLDERS
--------------------------------------------------------------------------------

         (a)      Subject to clause 23 at the expense of the Trustee, the
                  Principal Paying Agent shall arrange for the publication of
                  all notices to Class A Noteholders in accordance with the
                  Conditions.

         (b)      The Principal Paying Agent shall promptly send to the Note
                  Trustee one copy of the form of every notice given to Class A
                  Noteholders in accordance with the Conditions.

11.      DOCUMENTS AND FORMS
--------------------------------------------------------------------------------

         (a)      The Manager shall provide to the Principal Paying Agent for
                  distribution to each Paying Agent sufficient copies of all
                  documents required by the Conditions or the Note Trust Deed to
                  be available to the Class A Noteholders for issue or
                  inspection (including the Note Trust Deed, the Master Trust
                  Deed and the Supplementary Terms Notice).

         (b)      The Manager and the Trustee shall provide to the Calculation
                  Agent such documents as the Calculation Agent may reasonably
                  require from the Manager or the Trustee (and in the case of
                  the Trustee only those documents that are in the Trustee's
                  possession or power) in order for the Calculation Agent
                  properly to fulfil its duties in respect of the Class A Notes.

12.      AUTHENTICATION
--------------------------------------------------------------------------------

         The Principal Paying Agent upon written direction of the Manager shall
         authenticate or cause to be authenticated the Book-Entry Notes and (if
         required) the Definitive Notes (whether on initial issue or on
         replacement).

13.      INDEMNITY
--------------------------------------------------------------------------------

         (a)      Subject to paragraph (b) and clause 23, the Trustee shall
                  indemnify each Paying Agent, the Note Registrar and the
                  Calculation Agent against any loss, damages, proceeding,
                  liability,

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                  cost, claim, action, demand or expense (in this clause 13,
                  each, an EXPENSE) which the Paying Agent, the Note Registrar
                  or the Calculation Agent, as the case may be, may incur or
                  which may be made against the Paying Agent, the Note Registrar
                  or the Calculation Agent (as the case may be), as a result of
                  or in connection with the Paying Agent's, the Note Registrar's
                  or the Calculation Agent's, as the case may be, appointment or
                  the proper exercise of the Paying Agent's, the Note
                  Registrar's or the Calculation Agent's, as the case may be,
                  powers and proper performance of the Paying Agent's, the Note
                  Registrar's or the Calculation Agent's, as the case may be,
                  duties under this agreement, notwithstanding the resignation
                  or removal of that Paying Agent, the Note Registrar's or the
                  Calculation Agent in accordance with clause 17 (including any
                  liability in respect of payment of a cheque drawn by that
                  Paying Agent where the cheque is collected or sued upon or an
                  attempt at collection is made after the amount in respect of
                  which it is paid has been returned to the Trustee under clause
                  4).

         (b)      The indemnity in paragraph (a) applies to any Expense of a
                  Paying Agent, the Note Registrar or the Calculation Agent (as
                  the case may be) only:

                  (i)      to the extent the Expense does not result from the
                           breach by the Paying Agent, the Note Registrar or the
                           Calculation Agent (as the case may be) of the terms
                           of this agreement or which breach arises out of the
                           Paying Agent's, the Note Registrar's or the
                           Calculation Agent's (as the case may be) own fraud,
                           wilful misconduct, negligence or bad faith or that of
                           its directors, officers or employees or servants;

                  (ii)     if the Paying Agent, the Note Registrar or the
                           Calculation Agent (as the case may be) gives notice
                           of the Expense to the Trustee and the Manager
                           promptly upon the Paying Agent, the Note Registrar or
                           the Calculation Agent (as the case may be) becomes
                           aware of the Expense; and

                  (iii)    if and whenever the Trustee or the Manager so
                           requires, the Paying Agent, the Note Registrar or the
                           Calculation Agent (as the case may be) takes any
                           actions or proceedings under the control and at the
                           expense of the Trustee as the Trustee may reasonably
                           require to avoid, resist or compromise that Expense.

         (c)      Each of the Calculation Agent, the Note Registrar and the
                  Paying Agents severally indemnifies the Trustee and the
                  Manager against any Expense which the Trustee or the Manager
                  (as the case may be) may incur or which may be made against it
                  as a result of a breach by the Calculation Agent, the Note
                  Registrar or the Paying Agent (as the case may be) of the
                  terms of this agreement or its own fraud, wilful misconduct,
                  negligence or bad faith or that of its directors, officers or
                  employees or servants, including any failure to obtain and
                  maintain in existence any Authorisation required by it for the
                  assumption, exercise and performance of its powers and duties
                  under this agreement.

14.      THE NOTE REGISTER
--------------------------------------------------------------------------------

14.1     APPOINTMENT OF NOTE REGISTRAR

         The Trustee appoints Bankers Trust Company to be the initial Note
         Registrar. Bankers Trust Company accepts that appointment.

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14.2     DETAILS TO BE KEPT ON THE NOTE REGISTER

         The Note Registrar shall keep the Note Register with respect to the
         Trust in accordance with the Note Trust Deed, on which shall be entered
         the following information relating to the Trust:

         (a)      (NAME) the name of the Trust;

         (b)      (CREATION) the date of the creation of the Trust;

         (c)      (ISSUE DATES) the Issue Dates for Class A Notes issued in
                  relation to the Trust;

         (d)      (INITIAL INVESTED AMOUNT) the total Initial Invested Amount of
                  Class A Notes issued on each such Issue Date;

         (e)      (INVESTED AMOUNT) the Invested Amount of each Class A Note
                  from time to time;

         (f)      (STATED AMOUNT) the Stated Amount of each Class A Note from
                  time to time;

         (g)      (SERIES) details of relevant Classes of Class A Notes;

         (h)      (DETAILS OF NOTEHOLDERS) the name and address of each Class A
                  Noteholder;

         (i)      (NUMBER OF NOTES) the number of Class A Notes held by each
                  Class A Noteholder;

         (j)      (DATE OF ENTRY) the date on which a person was entered as the
                  holder of Class A Notes;

         (k)      (DATE OF CESSATION) the date on which a person ceased to be a
                  Class A Noteholder;

         (l)      (ACCOUNT) the account to which any payments due to a Class A
                  Noteholder are to be made (if applicable);

         (m)      (PAYMENTS) a record of each payment in respect of the Class A
                  Notes; and

         (n)      (ADDITIONAL INFORMATION) such other information as:

                  (i)      is required by the Supplementary Terms Notice;

                  (ii)     the Note Registrar considers necessary or desirable;
                           or

                  (iii)    the Manager or the Trustee reasonably requires in
                           writing with respect to Class A Notes.

14.3     PAYMENTS OF PRINCIPAL AND INTEREST

         (a)      Any payment of principal or interest on any Class A Note shall
                  be endorsed by the Note Registrar on the Note Register. In the
                  case of payments of principal, the Invested Amount of the
                  Class A Notes shall be reduced for all purposes by the amount
                  so paid and endorsed on the Note Register. Any such record
                  shall be prima facie evidence that the payment in question has
                  been made.

         (b)      If the amount of principal or interest (as the case may be)
                  due for payment on any Class A Note is not paid in full
                  (including Carryover Charge Offs and by reason of a deduction
                  or withholding) the Note Registrar shall endorse a record of
                  that shortfall on the Note Register.

14.4     PLACE OF KEEPING REGISTER, COPIES AND ACCESS

         The Note Register shall be:

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         (a)      (PLACE KEPT) kept at the principal office of the Note
                  Registrar or at such place as the Trustee, the Manager and the
                  Note Registrar may agree;

         (b)      (ACCESS TO MANAGER AND AUDITOR) open to the Trustee, the
                  Manager and the Auditor of the Trust to inspect during normal
                  business hours;

         (c)      (INSPECTION BY CLASS A NOTEHOLDERS) open for inspection by a
                  Class A Noteholder during normal business hours but only in
                  respect of information relating to that Class A Noteholder;
                  and

         (d)      (NOT FOR COPYING) not available to be copied by any person
                  (other than the Trustee or the Manager) except in compliance
                  with such terms and conditions (if any) as the Manager, the
                  Trustee and the Note Registrar in their absolute discretion
                  nominate from time to time.

14.5     DETAILS ON NOTE REGISTER CONCLUSIVE

         (a)      (RELIANCE ON REGISTER) The Trustee shall be entitled to rely
                  on the Note Register as being a correct, complete and
                  conclusive record of the matters set out in it at any time and
                  whether or not the information shown in the Note Register is
                  inconsistent with any other document, matter or thing. The
                  Trustee is not liable to any person in any circumstances
                  whatsoever for any inaccuracy in, or omission from, the Note
                  Register.

         (b)      (NO TRUSTS ETC) The Note Registrar shall not be obliged to
                  enter on the Note Register notice of any trust, Security
                  Interest or other interest whatsoever in respect of any Class
                  A Notes and the Trustee shall be entitled to recognise a Class
                  A Noteholder as the absolute owner of Class A Notes and the
                  Trustee shall not be bound or affected by any trust affecting
                  the ownership of any Class A Notes unless ordered by a court
                  or required by statute.

14.6     ALTERATION OF DETAILS ON NOTE REGISTER

         On the Note Registrar being notified of any change of name or address
         or payment or other details of a Class A Noteholder by the Class A
         Noteholder, the Note Registrar shall alter the Note Register
         accordingly.

14.7     RECTIFICATION OF NOTE REGISTER

         If:

         (a)      an entry is omitted from the Note Register;

         (b)      an entry is made in the Note Register otherwise than in
                  accordance with this deed;

         (c)      an entry wrongly exists in the Note Register;

         (d)      there is an error or defect in any entry in the Note Register;
                  or

         (e)      default is made or unnecessary delay takes place in entering
                  in the Note Register that any person has ceased to be the
                  holder of Class A Notes,

         the Note Registrar may rectify the same.

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14.8     CORRECTNESS OF NOTE REGISTER

         The Note Registrar shall not be liable for any mistake, error or
         omission on the Note Register or in any purported copy except to the
         extent that the mistake, error or omission is attributable to its
         fraud, negligence or wilful default.

15.      CHANGES OF NOTE REGISTRAR
--------------------------------------------------------------------------------

15.1     REMOVAL

         The Trustee (or the Manager on its behalf after advising the Trustee)
         may terminate the appointment of the Note Registrar with the prior
         written approval of the Note Trustee (which approval must not be
         unreasonably withheld or delayed), with effect not less than 60 days
         from that notice.

15.2     RESIGNATION

         Subject to this clause 15 the Note Registrar may resign its appointment
         at any time by giving to the Trustee, the Manager and the Note
         Registrar not less than 60 days written notice to that effect.

15.3     LIMITATION

         Despite clauses 15.1 and 15.2:

         (a)      no resignation by or termination of the appointment of the
                  Note Registrar shall take effect until a new Note Registrar
                  approved in writing by the Note Trustee has been appointed on
                  terms previously approved in writing by the Note Trustee (in
                  each case, that approval not to be unreasonably withheld or
                  delayed); and

         (b)      the appointment of a new Note Registrar shall be on terms the
                  terms and subject to the conditions of this agreement and the
                  outgoing Note Registrar shall co-operate fully to do all
                  further acts and things and execute any further documents as
                  may be necessary or desirable to give effect to the
                  appointment of the new Note Registrar.

16.      GENERAL
--------------------------------------------------------------------------------

16.1     COMMUNICATIONS TO CLASS A NOTEHOLDERS

         The Principal Paying Agent shall, upon receipt from the Trustee,
         Manager, Security Trustee or Note Trustee of any communication to be
         delivered to Class A Noteholders or Class A Note Owners, including any
         communications pursuant to clauses 3.3, 7.1 18(a), 22.1, 23.2 or
         32.2(b) of the Note Trust Deed or any other solicitation of notice from
         or consent of the Class A Noteholders or Class A Note Owners pursuant
         to or relating to the Note Trust Deed or this agreement, forward such
         communications to the Class A Noteholders, along with instructions that
         the responses relating to such communications be returned to the
         Principal Paying Agent. Such communication shall include the date upon
         which the response to such solicitation shall be delivered (the
         RESPONSE DATE). The Principal Paying Agent shall treat any Class A
         Noteholder who has not delivered its response as of the Response Date
         as having withheld its consent to the proposed action. The Principal
         Paying Agent shall notify the Trustee, Manager and Note Trustee of the
         results of any such solicitations of consent.

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16.2     AGENCY

         Subject to any other provision of this agreement, each of the Paying
         Agents, the Calculation Agent and the Note Registrar (each a NOTE
         PARTY) shall act solely for and as agent of the Trustee and shall not
         have any obligations towards or relationship of agency or trust with
         any person entitled to receive payments of principal and/or interest on
         the Class A Notes and shall be responsible only for performance of the
         duties and obligations expressly imposed upon it in this agreement.

16.3     IDENTITY

         Each Paying Agent shall (except as ordered by a court of competent
         jurisdiction or as required by law) be entitled to treat the person:

         (a)      who is, while a Book-Entry Note remains outstanding, the
                  registered owner of that Book-Entry Note as the person
                  entitled to receive payments of principal or interest (as
                  applicable) and each person shown in the records of the Common
                  Depository as the holder of any Class A Note represented by a
                  Book-Entry Note shall be entitled to receive from the
                  registered owner of that Book-Entry Note any payment so made
                  in accordance with the respective rules and procedures of the
                  Common Depository and on the terms and subject to the
                  conditions of that Book-Entry Note;

         (b)      who is the registered owner of any relevant Definitive Note,
                  as the absolute owner or owners of that Definitive Note,
                  (whether or not that Definitive Note, is overdue and despite
                  any notice of ownership or writing on it or any notice of
                  previous loss or theft or of any trust or other interest in
                  it); or

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

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

16.4     NO SET-OFF

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

16.5     RELIANCE

         Each of the Calculation Agent, the Note Registrar and the Paying
         Agent(s) shall be protected and shall incur no liability for or in
         respect of any action taken, omitted or suffered by it in reliance upon
         any instruction, request or order from the Trustee or the Manager or in
         reliance upon any Class A Note or upon any notice, resolution,
         direction, consent, certificate, affidavit, statement or other paper or
         document reasonably believed by it to be genuine and to have been
         delivered, signed or sent by the proper party or parties.

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16.6     ENTITLED TO DEAL

         A Note Party shall not be precluded from acquiring, holding or dealing
         in any Class A Notes or from engaging or being interested in any
         contract or other financial or other transaction with the Trustee, the
         Manager or the Servicer as freely as if it were not an agent of the
         Trustee under this agreement and in no event whatsoever (other than
         fraud, wilful misconduct, negligence or bad faith) shall any Note Party
         be liable to account to the Trustee or any person entitled to receive
         amounts of principal or interest on the Class A Notes for any profit
         made or fees or commissions received in connection with this agreement
         or any Class A Notes.

16.7     CONSULTATION

         Each Note Party may, with the consent of the Trustee and the Manager
         (such consent not to be unreasonably withheld), consult as to legal
         matters with lawyers selected by it, who may be employees of or lawyers
         to the Trustee, the Manager or the relevant Paying Agent or the
         Calculation Agent.

16.8     DUTIES

         Each Note Party shall perform the duties, and only the duties,
         contained in or reasonably incidental to this agreement and the
         Conditions and in the Class A Notes, and no implied duties or
         obligations (other than general laws as to agency) shall be read into
         this agreement, the Class A Notes against any Note Party. A Note Party
         shall not be required to take any action under this agreement which
         would require it to incur any expense or liability, for which (in its
         reasonable opinion) either it would not be reimbursed within a
         reasonable time or in respect of which it has not been indemnified to
         its satisfaction.

16.9     INCOME TAX RETURNS

         The Principal Paying Agent shall deliver to each Class A Noteholder
         such information as may be reasonably required to enable such Class A
         Noteholder to prepare its income tax returns.

16.10    OBLIGATIONS OF NOTE PARTIES

         Each Note Party represents and warrants that it is duly qualified to
         assume its obligations under this agreement and has obtained all
         necessary approvals required to perform its obligations under this
         agreement.

17.      CHANGES IN PAYING AGENTS AND CALCULATION AGENT
--------------------------------------------------------------------------------

17.1     REMOVAL

         The Trustee (or the Manager with the consent of the Trustee (such
         consent not to be unreasonably withheld)) may at any time:

         (a)      with the prior written approval of the Note Trustee appoint:

                  (i)      additional or alternative Paying Agents; or

                  (ii)     an alternative Calculation Agent;

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         (b)      subject to this clause 17, terminate the appointment of any
                  Paying Agent or the Calculation Agent by giving written notice
                  to that effect to each Designated Rating Agency, the
                  Calculation Agent (if its appointment is to be terminated),
                  the Principal Paying Agent and (if different) the Paying Agent
                  whose appointment is to be terminated:

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

                           (A)      an Insolvency Event has occurred in relation
                                    to the Paying Agent or Calculation Agent;

                           (B)      the Paying Agent or Calculation Agent has
                                    ceased its business;

                           (C)      the Paying Agent or Calculation Agent fails
                                    to comply with any of its obligations under
                                    this Agreement and, if capable of remedy,
                                    such failure is not remedied within five
                                    days after the earlier of (x) the Paying
                                    Agent or the Calculation Agent, as the case
                                    may be, having become aware of that failure
                                    and (y) the receipt by the Paying Agent or
                                    the Calculation Agent, as the case may be,
                                    of written notice with respect thereto from
                                    the Trustee or Manager; or

                  (ii)     otherwise, with the prior written approval of the
                           Note Trustee (which approval must not be unreasonably
                           withheld or delayed) with effect not less than 60
                           days' from that notice, which date shall be not less
                           than 30 days before nor 30 days after any due date
                           for payment of any Class A Notes.

17.2     RESIGNATION

         Subject to this clause 17, a Paying Agent or the Calculation Agent may
         resign its appointment under this agreement at any time by giving to
         the Trustee, the Manager, each Designated Rating Agency and (where a
         Paying Agent is resigning and the Paying Agent is not the Principal
         Paying Agent) the Principal Paying Agent not less than 60 days' written
         notice to that effect, which notice shall expire not less than 30 days
         before or 30 days after any due date for payment of any Class A Notes.

17.3     LIMITATION

         Despite clauses 17.1 and 17.2:

         (a)      no resignation by or termination of the appointment of the
                  Principal Paying Agent shall take effect until a new Principal
                  Paying Agent approved in writing by the Note Trustee has been
                  appointed on terms previously approved in writing by the Note
                  Trustee (in each case, that approval not to be unreasonably
                  withheld or delayed);

         (b)      subject to clause 17.3(a), if any Paying Agent or the
                  Calculation Agent resigns in accordance with clause 17.2, but
                  by the day falling 15 days before the expiry of any notice
                  under clause 17.2 the Trustee or the Manager has not appointed
                  a new Paying Agent or Calculation Agent then the relevant
                  Paying Agent or Calculation Agent (as the case may be) may
                  appoint in its place any reputable bank or trust company of
                  good standing approved in writing by the Note Trustee and
                  appointed on terms previously approved in writing by the Note
                  Trustee (in each case, that approval not to be unreasonably
                  withheld or delayed);

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         (c)      no resignation by or termination of the appointment of any
                  Paying Agent shall take effect if as a result of that
                  resignation or termination there would cease to be a Paying
                  Agent which has a Paying Office in New York City, California
                  or such other jurisdiction as the Paying Agent, the Manager
                  and the Trustee may agree from time to time;

         (d)      no appointment or termination of the appointment of any Paying
                  Agent or the Calculation Agent (as the case may be) shall take
                  effect unless and until notice has been given to the Class A
                  Noteholders in accordance with the Conditions; and

         (e)      no resignation by or termination of the appointment of the
                  Calculation Agent shall take effect until a new Calculation
                  Agent having its Specified Office in New York City, California
                  or such other jurisdiction as the Calculation Agent, the
                  Manager and the Trustee may agree from time to time has been
                  appointed; and

         (f)      the appointment of any additional Paying Agent shall be on the
                  terms and subject to the conditions of this agreement and each
                  of the parties to this agreement shall co-operate fully to do
                  all further acts and things and execute any further documents
                  as may be necessary or desirable to give effect to the
                  appointment of the Paying Agent (which shall be, in the case
                  of an appointment under clause 17.1(a) or a termination under
                  clause 17.1(b)(ii), at the cost of the relevant Paying Agent).

         In addition, the Trustee shall forthwith appoint a Paying Agent in New
         York City in the circumstances described in Condition 6(b) in any Note
         (if there is no such Paying Agent at the time) and while such
         circumstances subsist maintain such a Paying Agent. Notice of any such
         termination or appointment and of any change in the office through
         which any Paying Agent will act will be given in accordance with
         Condition 12.

17.4     DELIVERY OF AMOUNTS

         If the appointment of the Principal Paying Agent terminates, the
         Principal Paying Agent shall, on the date on which that termination
         takes effect, pay to the successor Principal Paying Agent any amount
         held by it for payment of principal or interest in respect of any Class
         A Note and shall deliver to the successor Principal Paying Agent all
         records maintained by it pursuant to this agreement and all documents
         (including any Definitive Notes) held by it.

17.5     SUCCESSOR TO PRINCIPAL PAYING AGENT

         (a)      On the execution by the Trustee, the Manager and any successor
                  Principal Paying Agent of an instrument effecting the
                  appointment of that successor Principal Paying Agent, that
                  successor Principal Paying Agent shall, without any further
                  act, deed or conveyance, become vested with all the authority,
                  rights, powers, trusts, immunities, duties and obligations of
                  its predecessor with effect as if originally named as
                  Principal Paying Agent in this agreement and that predecessor,
                  on payment to it of the pro rata proportion of its
                  administration fee and disbursements then unpaid (if any),
                  shall have no further liabilities under this agreement, except
                  for any accrued liabilities arising from or relating to any
                  act or omission occurring prior to the date on which the
                  successor Principal Paying Agent is appointed.

         (b)      Any corporation:

--------------------------------------------------------------------------------
                                                                         Page 19
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Agency Agreement                                         Allens Arthur Robinson+
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                  (i)      into which the Principal Paying Agent is merged;

                  (ii)     with which the Principal Paying Agent is
                           consolidated;

                  (iii)    resulting from any merger or consolidation to which
                           the Principal Paying Agent is a party;

                  (iv)     to which the Principal Paying Agent sells or
                           otherwise transfers all or substantially all the
                           assets of its corporate trust business,

                  shall, on the date when that merger, conversion,
                  consolidation, sale or transfer becomes effective and to the
                  extent permitted by applicable law, become the successor
                  Principal Paying Agent under this agreement without the
                  execution or filing of any agreement or document or any
                  further act on the part of the parties to this agreement,
                  unless otherwise required by the Trustee or the Manager, and
                  after that effective date all references in this agreement to
                  the Principal Paying Agent shall be references to that
                  corporation.

17.6     SUCCESSOR TO CALCULATION AGENT

         (a)      On the execution by the Trustee, the Manager and any successor
                  Calculation Agent of an instrument effecting the appointment
                  of that successor Calculation Agent, that successor
                  Calculation Agent shall, without any further act, deed or
                  conveyance, become vested with all the authority, rights,
                  powers, trusts, immunities, duties and obligations of its
                  predecessor with effect as if originally named as Calculation
                  Agent in this agreement and that predecessor, on payment to it
                  of the pro rata proportion of its administration fee and
                  disbursements then unpaid (if any), shall have no further
                  liabilities under this agreement, except for any accrued
                  liabilities arising from or relating to any act or omission
                  occurring prior to the date on which the successor Calculation
                  Agent is appointed.

         (b)      Any corporation:

                  (i)      into which the Calculation Agent is merged;

                  (ii)     with which the Calculation Agent is consolidated;

                  (iii)    resulting from any merger or consolidation to which
                           the Calculation Agent is a party;

                  (iv)     to which the Calculation Agent sells or otherwise
                           transfers all or substantially all the assets of its
                           corporate trust business,

                  shall, on the date when that merger, conversion,
                  consolidation, sale or transfer becomes effective and to the
                  extent permitted by applicable law, become the successor
                  Calculation Agent under this agreement without the execution
                  or filing of any agreement or document or any further act on
                  the part of the parties to this agreement, unless otherwise
                  required by the Trustee or the Manager, and after that
                  effective date all references in this agreement to the
                  Calculation Agent shall be references to that corporation.

17.7     NOTICE TO NOTEHOLDERS

         The Manager on behalf of the Trustee shall, within 14 days of:

         (a)      the termination of the appointment of any Paying Agent or the
                  Calculation Agent;

--------------------------------------------------------------------------------
                                                                         Page 20
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Agency Agreement                                         Allens Arthur Robinson+
--------------------------------------------------------------------------------

         (b)      the appointment of a new Paying Agent or Calculation Agent; or

         (c)      the resignation of any Paying Agent or Calculation Agent,

         give to the Class A Noteholders notice of the termination, appointment
         or resignation in accordance with Condition 12 (in the case of a
         termination under clause 17.1(b)(i) or 17.2 at the cost of the outgoing
         Paying Agent or the Calculation Agent, as the case may be).

17.8     CHANGE IN PAYING OFFICE OR SPECIFIED OFFICE

         (a)      If any Paying Agent proposes to change its Paying Office or to
                  nominate a further Paying Office (which must be in New York
                  City, California or such other jurisdiction as the Paying
                  Agent, the Manager and the Trustee may agree from time to
                  time), it must give to the Trustee, the Manager, the Note
                  Trustee, the Class A Noteholders (which notice, in the case of
                  the Class A Noteholders, must be given in accordance with
                  Condition 12) and, in the case of a change in the Paying
                  Office of a Paying Agent other than the Principal Paying
                  Agent, the Principal Paying Agent, not less than 30 days'
                  prior written notice of that change, giving the address of the
                  new Paying Office and stating the date on which the change is
                  to take effect. No change of Paying Office may occur within
                  the period between 30 days before and 30 days after any due
                  date for payment of any Notes.

         (b)      If the Calculation Agent proposes to change its Specified
                  Office (which must be in New York City, California or such
                  other jurisdiction as the Calculation Agent, the Manager and
                  the Trustee may agree from time to time), or to nominate a
                  further Specified Office, it must give to the Trustee, the
                  Manager, the Class A Noteholders (which notice, in the case of
                  the Class A Noteholders, must be given in accordance with
                  Condition 12) and the Note Trustee, not less than 30 days'
                  prior written notice of that change, giving the address of the
                  new Specified Office and stating the date on which the change
                  is to take effect. No change of specified office may occur
                  within the period between 30 days before and 30 days after any
                  due date for payment of any Class A Notes.

         (c)      The Manager, on behalf of the Trustee, must, within 14 days of
                  receipt of a notice under paragraph (a) (unless the
                  appointment is to terminate pursuant to clause 17.1 or 17.2 on
                  or prior to the date of that change) give to the Class A
                  Noteholders notice in accordance with the Conditions of that
                  change and of the address of the new Paying Office or
                  Specified Office (as the case may be) but the costs of giving
                  that notice shall be borne by the Paying Agent or the
                  Calculation Agent (as the case may be) which is changing its
                  Paying Office and not by the Trustee or the Manager.

18.      FEES AND EXPENSES
--------------------------------------------------------------------------------

         (a)      The Trustee shall pay to the Principal Paying Agent during the
                  period when any of the Class A Notes remain outstanding the
                  administration fee separately agreed by the Principal Paying
                  Agent, the Manager and the Trustee, together with any
                  out-of-pocket expenses reasonably incurred (including any
                  legal fees and expenses). If the appointment of the Principal
                  Paying Agent is terminated under this agreement, the Principal
                  Paying Agent must refund to the Trustee that proportion of the
                  fee (if any) which relates to the period during which the
                  Principal Paying Agent will not be the Principal Paying Agent.

--------------------------------------------------------------------------------
                                                                         Page 21
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Agency Agreement                                         Allens Arthur Robinson+
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         (b)      The Trustee shall pay to the Calculation Agent during the
                  period when any of the Class A Notes remain outstanding the
                  fee separately agreed by the Calculation Agent, the Manager
                  and the Trustee, together with any out-of-pocket expenses
                  reasonably incurred (including any legal fees and expenses).
                  If the appointment of the Calculation Agent is terminated
                  under this agreement, the Calculation Agent must refund to the
                  Trustee that proportion of the fee (if any) which relates to
                  the period during which the Calculation Agent will not be the
                  Calculation Agent.

         (c)      The Trustee shall pay to the Note Registrar during the period
                  when any of the Class A Notes remain outstanding the fee
                  separately agreed by the Note Registrar and the Trustee,
                  together with any out-of-pocket expenses reasonably incurred
                  (including any legal fees and expenses). If the appointment of
                  the Note Registrar is terminated under this agreement, the
                  Note Registrar must refund to the Trustee that proportion of
                  the fee (if any) which relates to the period during which the
                  Note Registrar will not be the Note Registrar.

         (d)      Save as provided in paragraphs (a), (b) and (c), or as
                  expressly provided elsewhere in this agreement, neither the
                  Trustee nor the Manager shall have any liability in respect of
                  any fees or expenses of the Calculation Agent, Principal
                  Paying Agent, any other Paying Agent or the Note Registrar in
                  connection with this agreement.

         (e)      The above fees, payments and expenses shall be paid in
                  Australian dollars and the Trustee shall in addition pay any
                  goods and services tax which may be applicable. The Principal
                  Paying Agent shall arrange for payment of commissions to the
                  other Paying Agents and arrange for the reimbursement of their
                  expenses promptly upon demand, supported by evidence of that
                  expenditure, and provided that payment is made as required by
                  paragraph (a) the Trustee shall not be concerned with or
                  liable in respect of that payment.

19.      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 a party in this
                  agreement are in addition to, and do not exclude or limit, any
                  right, power or remedy provided by law.

20.      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.

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

         No party may assign or transfer any of its rights or obligations under
         this agreement without the prior written consent of the other parties,
         or if the rating of the Class A Notes would be withdrawn or

--------------------------------------------------------------------------------
                                                                         Page 22
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Agency Agreement                                         Allens Arthur Robinson+
--------------------------------------------------------------------------------

         reduced as a result of the assignment, except for the creation of a
         charge by the Trustee under the Security Trust Deed. A party who
         assigns or transfers any of its rights or obligations under this
         agreement must promptly notify each Designated Rating Agency of that
         assignment.

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

22.1     GENERAL

         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 facsimile transmission) on receipt of
                           a transmission report confirming successful
                           transmission to the number shown in clause 22.2 or
                           any other number notified by the recipient to the
                           sender under this clause 22; and

                  (ii)     (in the case of a telex) on receipt by the sender of
                           the answerback code of the recipient at the end of
                           transmission to the number shown in clause 22.2 or
                           any other number notified by the recipient to the
                           sender under this clause 22,

                  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 5.00 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.

         Any party may by notice to each party change its address, facsimile,
         telex or telephone number under this clause 22.1.

22.2     DETAILS

         The address, facsimile and telex of each party at the date of this
         agreement are as follows:

         THE TRUSTEE

         PERPETUAL TRUSTEES CONSOLIDATED LIMITED
         Level 3, 39 Hunter Street,
         Sydney, New South Wales 2000
         Tel:              612 9229 9000
         Fax:              612 9221 7870
         Attention:        Manager Securitisation

--------------------------------------------------------------------------------
                                                                         Page 23
<PAGE>

Agency Agreement                                         Allens Arthur Robinson+
--------------------------------------------------------------------------------

         THE MANAGER

         CRUSADE MANAGEMENT LIMITED
         4-16 Montgomery Street
         Kogarah  New South Wales 2217
         Tel:              612 9320 5605
         Fax:              612 9320 5586
         Attention:        Executive Manager, Securitisation

         THE PRINCIPAL PAYING AGENT

         BANKERS TRUST COMPANY
         123 Washington Street
         New York
         NEW YORK  10006,
         Tel:              714 247 6000
         Fax:              714 247 6468
         Attention:        Santa Ana Trust Administration - ST0102

         THE CALCULATION AGENT
         BANKERS TRUST COMPANY
         1761 East St. Andrew Place
         SANTA ANA  California  92705
         Tel:              714 247 6000
         Fax:              714 247 6468
         Attention:        Santa Ana Trust Administration - [*]

         THE NOTE TRUSTEE

         WILMINGTON TRUST COMPANY
         Rodney Square North
         1100 North Market Street
         WILMINGTON  DELAWARE 19890-0001
         Tel:              302 651 8631
         Fax:              302 651 8882
         Attention:        Ann E Roberts

         THE NOTE REGISTRAR
         BANKERS TRUST COMPANY
         123 Washington Street
         New York
         NEW YORK   10006,

--------------------------------------------------------------------------------
                                                                         Page 24
<PAGE>

Agency Agreement                                         Allens Arthur Robinson+
--------------------------------------------------------------------------------

         Tel:              714 247 6000
         Fax:              714 247 6468
         Attention:        Santa Ana Trust Administration - ST0102

22.3     COMMUNICATION THROUGH PRINCIPAL PAYING AGENT

         All communications relating to this agreement between the Trustee or
         the Manager, Note Registrar and the Calculation Agent and any of the
         Paying Agents or between the Paying Agents themselves shall, save as
         otherwise provided in this agreement, be made through the Principal
         Paying Agent.

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

--------------------------------------------------------------------------------
                                                                         Page 25
<PAGE>

Agency Agreement                                         Allens Arthur Robinson+
--------------------------------------------------------------------------------

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

         (f)      In this clause, RELEVANT PARTIES means each of the Manager,
                  the Servicer, the Custodian, the Calculation Agent, each
                  Paying Agent, the Note Trustee, the Note Registrar 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 a Paying Agent or the Calculation Agent
         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 clauses 23.3 and 23.2(iii) neither any Paying
         Agent nor the Calculation Agent shall:

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

         (b)      (STATUTORY DEMAND) issue any demand under s459E(1) of the
                  Corporations Act 2001 (Cth) (or any analogous provision under
                  any other law) against the Trustee;

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

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

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

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

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

         or take proceedings for any of the above and each Paying Agent and the
         Calculation Agent waives its rights to make those applications and take
         those proceedings.

--------------------------------------------------------------------------------
                                                                         Page 26
<PAGE>

Agency Agreement                                         Allens Arthur Robinson+
--------------------------------------------------------------------------------

24.      COUNTERPARTS
--------------------------------------------------------------------------------

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

25.      GOVERNING LAW
--------------------------------------------------------------------------------

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

26.      SUCCESSOR TRUSTEE
--------------------------------------------------------------------------------

         Each Paying Agent 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.

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

<TABLE>
<CAPTION>
<S>                                                 <C>
TRUSTEE

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

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

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

--------------------------------------------------------------------------------
                                                                         Page 27
<PAGE>

Agency Agreement                                         Allens Arthur Robinson+
--------------------------------------------------------------------------------

MANAGER

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

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

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

NOTE TRUSTEE

SIGNED                                           )
by                                               )
WILMINGTON TRUST COMPANY                         )
dated                                            )
in the presence of:                              )
                                                     ----------------------------------------------
                                                     Signature

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

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

--------------------------------------------------------------------------------
                                                                         Page 28
<PAGE>

Agency Agreement                                         Allens Arthur Robinson+
--------------------------------------------------------------------------------

PRINCIPAL PAYING AGENT

SIGNED                                           )
by                                               )
BANKERS TRUST COMPANY                            )
dated                                            )
in the presence of:                              )
                                                     ----------------------------------------------
                                                     Signature

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

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

CALCULATION AGENT

SIGNED                                           )
by                                               )
BANKERS TRUST COMPANY                            )
dated                                            )
in the presence of:                              )
                                                     ----------------------------------------------
                                                     Signature

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

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

--------------------------------------------------------------------------------
                                                                         Page 29
<PAGE>

Agency Agreement                                         Allens Arthur Robinson+
--------------------------------------------------------------------------------

NOTE REGISTRAR

SIGNED                                           )
by                                               )
BANKERS TRUST COMPANY                            )
dated                                            )
in the presence of:                              )
                                                     ----------------------------------------------
                                                     Signature

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

--------------------------------------------------
Print name
</TABLE>

--------------------------------------------------------------------------------
                                                                         Page 30<PAGE>

                                                       Redraw Facility Agreement

                                         PERPETUAL TRUSTEES CONSOLIDATED LIMITED
                                                                       (Trustee)

                                                          ST.GEORGE BANK LIMITED
                                                      (Redraw Facility Provider)

                                                      CRUSADE MANAGEMENT LIMITED
                                                                       (Manager)

                                              Crusade Global Trust No. 1 of 2002

                                                               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 2002

<PAGE>

Redraw Facility Agreement                          [ALLENS ARTHUR ROBINSON LOGO]

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

TABLE OF CONTENTS

1.  DEFINITIONS AND INTERPRETATION                                            1
    1.1   Definitions                                                         1
    1.2   Master Trust Deed definitions                                       4
    1.3   Interpretation                                                      4
    1.4   Determination, statement and certificate sufficient evidence        4
    1.5   Transaction Document                                                4
    1.6   Limited to Trust                                                    4
    1.7   Trustee as trustee                                                  4
    1.8   Knowledge of Trustee                                                5

2.  PURPOSE                                                                   5

3.  DRAWINGS                                                                  5
    3.1   Redraw Advance                                                      5
    3.2   Making of Redraw Advances                                           6

4.  FEES                                                                      6
    4.1   Availability fee                                                    6
    4.2   Draw Margin                                                         6
    4.3   Capitalisation                                                      7
    4.4   GST                                                                 7

5.  CANCELLATION OF REDRAW LIMIT                                              7
    5.1   During Term                                                         7
    5.2   At end of Term                                                      7
    5.3   Cancellation by Redraw Facility Provider                            7
    5.4   Rollover Term renewal                                               8

6.  REPAYMENT                                                                 8
    6.1   Repayment of Redraw Advances                                        8
    6.2   Final repayment                                                     8

7.  PREPAYMENTS                                                               8
    7.1   Voluntary prepayments                                               8
    7.2   Draw Margin                                                         8
    7.3   Limitation on prepayments                                           8

8.  PAYMENTS                                                                  9
    8.1   Manner                                                              9
    8.2   Payment to be made on Business Day                                  9
    8.3   Appropriation where insufficient moneys available                   9

9.  CHANGES IN LAW                                                            9
    9.1   Additional payments                                                 9
    9.2   Minimisation                                                       10
    9.3   Survival                                                           10

10. CONDITIONS PRECEDENT                                                     10
    10.1  Conditions precedent to initial Drawdown Notice                    10

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

<PAGE>
Redraw Facility Agreement                          [ALLENS ARTHUR ROBINSON LOGO]

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

    10.2  Conditions precedent to each Redraw Advance                        11

11. REPRESENTATIONS AND WARRANTIES                                           11
    11.1     Representations and warranties                                  11
    11.2     Reliance on representations and warranties                      12

12. UNDERTAKINGS                                                             12
    12.1  General undertakings                                               12
    12.2  Undertakings relating to Trust                                     13
    12.3  Term of undertakings                                               13

13. EVENTS OF DEFAULT                                                        13
    13.1  Events of Default                                                  13
    13.2  Consequences                                                       14

14. CONTROL ACCOUNTS                                                         14

15. WAIVERS, REMEDIES CUMULATIVE                                             14

16. SEVERABILITY OF PROVISIONS                                               14

17. SURVIVAL OF REPRESENTATIONS                                              14

18. INDEMNITY AND REIMBURSEMENT OBLIGATION                                   14

19. MORATORIUM LEGISLATION                                                   15

20. CONSENTS AND OPINIONS                                                    15

21. ASSIGNMENTS                                                              15

22. NOTICES                                                                  15

23. AUTHORISED SIGNATORIES                                                   16

24. GOVERNING LAW AND JURISDICTION                                           16

25. COUNTERPARTS                                                             16

26. ACKNOWLEDGEMENT BY TRUSTEE                                               16

27. LIMITED RECOURSE                                                         16
    27.1  General                                                            16
    27.2  Liability of Trustee limited to its right to indemnity             16
    27.3  Unrestricted remedies                                              17
    27.4  Restricted remedies                                                18

28. REDRAW FACILITY PROVIDER'S OBLIGATIONS                                   18

29. SUCCESSOR TRUSTEE                                                        18

ANNEXURE A                                                                   21
    Drawdown Notice                                                          21

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

<PAGE>

Redraw Facility Agreement                          [ALLENS ARTHUR ROBINSON LOGO]

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

DATE                                      2002
-------------

PARTIES
-------------
     1.         PERPETUAL TRUSTEES CONSOLIDATED LIMITED (ABN 81 004 029 841) of
                Level 7, 39 Hunter Street, Sydney, New South Wales 2000 in its
                capacity as trustee of the Crusade Global Trust No. 1 of 2002
                (the TRUSTEE);

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

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

RECITALS
-------------
     A.         The Trustee is the trustee of the Crusade Global Trust No. 1 of
                2002 and proposes to issue Notes pursuant to the Master Trust
                Deed and Supplementary Terms Notice.

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

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

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

1.     DEFINITIONS AND INTERPRETATION

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

1.1    DEFINITIONS

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

       AVAILABLE REDRAW AMOUNT means at any time the greater of:

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

       (b)    zero.

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

       DRAWDOWN NOTICE means a notice under clause 3.1.

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

<PAGE>

Redraw Facility Agreement                          [ALLENS ARTHUR ROBINSON LOGO]

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

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

       FINAL REPAYMENT DATE means the Final Maturity Date.

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

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

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

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

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

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

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

       REFERENCE BANK means the financial institutions authorized to quote on
       the Reuters Screen BBSW Page.

       RESET DATE means in relation to a Redraw Advance:

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

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

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       ROLLOVER TERM means:

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

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

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

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

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

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

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

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

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

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

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

       (h)    the expiry of the Rollover Term.

       TRUST means the Crusade Global Trust No. 1 of 2002 constituted under the
       Master Trust Deed on the terms of the Supplementary Terms Notice.

       TRUST DOCUMENT means:

       (a)    this agreement;

       (b)    the Master Trust Deed;

       (c)    the Notice of Creation of Trust;

       (d)    the Supplementary Terms Notice;

       (e)    the Custodian Agreement;

       (f)    the Security Trust Deed;

       (g)    the Servicing Agreement;

       (h)    the Note Trust Deed;

       (i)    the Agency Agreement; and

       (j)    the Support Facilities.

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

1.2    MASTER TRUST DEED DEFINITIONS

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

1.3    INTERPRETATION

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

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

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

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

1.4    DETERMINATION, STATEMENT AND CERTIFICATE SUFFICIENT EVIDENCE

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

1.5    TRANSACTION DOCUMENT

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

1.6    LIMITED TO TRUST

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

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1.8    KNOWLEDGE OF TRUSTEE

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

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

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

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

3.1    REDRAW ADVANCE

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

       (b)    A Drawdown Notice must be:

              (i)    in writing;

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

              (iii)  signed by the Trustee.

              The Trustee must sign and return the Drawdown Notice to the
              Manager by no later than 2 pm on the Business Day following the
              Determination Date on which the Redraw Shortfall is determined for
              delivery to the Redraw Facility Provider.

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

              (i)    the relevant Redraw Shortfall; and

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

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

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

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

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3.2    MAKING OF REDRAW ADVANCES

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

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

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

4.1    AVAILABILITY FEE

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

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

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

              (i)    each Quarterly Payment Date; and

              (ii)   at the end of the Term.

4.2    DRAW MARGIN

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

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

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

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

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

              (i)    each Payment Date; and

              (ii)   at the end of the Term.

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

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

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

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4.3    CAPITALISATION

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

4.4    GST

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

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

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

5.     CANCELLATION OF REDRAW LIMIT
--------------------------------------------------------------------------------

5.1    DURING TERM

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

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

              (ii)   must, at the direction of the Manager,

              cancel all or part of the Redraw Limit during the Term.

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

5.2    AT END OF TERM

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

5.3    CANCELLATION BY REDRAW FACILITY PROVIDER

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

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

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

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

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

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

5.4    ROLLOVER TERM RENEWAL

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

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

6.1    REPAYMENT OF REDRAW ADVANCES

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

6.2    FINAL REPAYMENT

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

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

7.1    VOLUNTARY PREPAYMENTS

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

7.2    DRAW MARGIN

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

7.3    LIMITATION ON PREPAYMENTS

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

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8.     PAYMENTS
--------------------------------------------------------------------------------

8.1    MANNER

       The Trustee shall make all payments under this agreement:

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

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

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

8.2    PAYMENT TO BE MADE ON BUSINESS DAY

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

8.3    APPROPRIATION WHERE INSUFFICIENT MONEYS AVAILABLE

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

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

9.1    ADDITIONAL PAYMENTS

       Whenever the Redraw Facility Provider determines that:

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

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

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

       (d)    to the extent any relevant law, official directive or request
              relates to or affects the Redraw Limit, any Redraw Advance or this
              agreement, the overall return on capital of the Redraw Facility
              Provider or any of its holding companies is reduced in any way,

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

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

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

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

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

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

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

9.2    MINIMISATION

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

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

9.3    SURVIVAL

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

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

10.1   CONDITIONS PRECEDENT TO INITIAL DRAWDOWN NOTICE

       The right of the Trustee to give the initial Drawdown Notice and the
       obligations of the Redraw Facility Provider under this agreement are
       subject to the condition precedent that the Redraw Facility

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       Provider receives all of the following in form and substance satisfactory
       to the Redraw Facility Provider:

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

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

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

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

10.2   CONDITIONS PRECEDENT TO EACH REDRAW ADVANCE

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

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

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

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

11.1   REPRESENTATIONS AND WARRANTIES

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

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

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

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

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

              (i)    the Master Trust Deed; or

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

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              which has not been remedied or waived in writing.

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

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

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

11.2   RELIANCE ON REPRESENTATIONS AND WARRANTIES

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

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

12.1   GENERAL UNDERTAKINGS

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

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

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

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

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

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

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

              (i)    under the Trust Documents; or

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

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

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

              (i)    any Event of Default; and

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

12.2   UNDERTAKINGS RELATING TO TRUST

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

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

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

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

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

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

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

12.3   TERM OF UNDERTAKINGS

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

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

13.1   EVENTS OF DEFAULT

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

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

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

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

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

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

       (d)    (ENFORCEMENT OF SECURITY TRUST DEED) An Event of Default (as
              defined in the Security Trust Deed) occurs and any action is taken
              to enforce the Security Interest under the

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              Security Trust Deed over the Assets of the Trust (including
              appointing a receiver or receiver and manager or selling any of
              those Assets).

13.2   CONSEQUENCES

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

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

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

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

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

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

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

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

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

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

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

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

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

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

       (a)    is a continuing obligation;

       (b)    is a separate and independent obligation;

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       (c)    is payable on demand; and

       (d)    survives termination or discharge of this agreement.

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

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

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

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

       is excluded from this agreement.

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

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

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

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

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

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

       (a)    must be in writing;

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

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

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

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

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

              but if delivery or receipt is on a day on which business is not
              generally carried on in the place to which the communication is
              sent or is later than 4.00 pm (local time), it will be

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              taken to have been duly given or made at the commencement of
              business on the next day on which business is generally carried on
              in that place.

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

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

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

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

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

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

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

       The Trustee confirms that:

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

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

       except as expressly set out in this agreement.

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

27.1   GENERAL

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

27.2   LIABILITY OF TRUSTEE LIMITED TO ITS RIGHT TO INDEMNITY

       (a)    The Trustee enters into this agreement only in its capacity as
              trustee of the Trust and in no other capacity (except where the
              Transaction Documents provide otherwise). Subject to paragraph (c)
              below, a liability arising under or in connection with this
              agreement or the Trust can be enforced against the Trustee only to
              the extent to which it can be satisfied out of the assets and
              property of the Trust which are available to satisfy the right of
              the Trustee to be exonerated or indemnified for the liability.
              This limitation of the Trustee's liability

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

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

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

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

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

27.3   UNRESTRICTED REMEDIES

       Nothing in clause 27.2 limits the Redraw Facility Provider in:

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

       (b)    obtaining declaratory relief; or

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

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27.4   RESTRICTED REMEDIES

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

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

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

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

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

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

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

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

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

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

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

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

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

EXECUTED in Sydney.

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

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

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

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

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

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

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

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

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

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

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ANNEXURE A

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

To:      St.George Bank Limited

               REDRAW FACILITY AGREEMENT - DRAWDOWN NOTICE NO. [*]

We refer to the Redraw Facility Agreement dated [*] 2002 (the FACILITY
AGREEMENT).

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

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

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

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

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

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

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

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

Definitions in the Facility Agreement apply in this Drawdown Notice.

PERPETUAL TRUSTEES CONSOLIDATED LIMITED

By:                                         Authorised Signatory

DATED

Verified by Crusade Management Limited

By:                                         Authorised Signatory

Dated

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