Document:

<PAGE>

                                    SCHEDULE
                                     to the
                                MASTER AGREEMENT

                         dated as of ____________, _____

                                     between

        JPMorgan Chase Bank                                          ("Party A")

        and

        Perpetual Trustees Consolidated Limited (ABN 81
        004 029 841) in its capacity as trustee of the
        Crusade Global Trust No. 2 of 2001                           ("Party B")

        and

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

                                    PART 1

               TERMINATION PROVISIONS AND CERTAIN OTHER MATTERS

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

(2)     "SPECIFIED TRANSACTION" will have the meaning specified in Section 14.

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

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

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

        (iii)    Section 5(b)(ii) will not apply to Party A as the Affected
                 Party (subject to Part 5(15)(iii) of this Schedule).

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

<PAGE>

(5)      The "AUTOMATIC EARLY TERMINATION" provisions of Section 6(a) will not:

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

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

         (i)      Market Quotation (as amended by Part 5(q)(ii)) will apply; and

         (ii)     the Second Method will apply.

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

(8)      "ADDITIONAL TERMINATION EVENT" means:

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

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

<PAGE>

                                     PART 2
                               TAX REPRESENTATIONS

(1)      PAYER TAX REPRESENTATIONS

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

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

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

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

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

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

(2)      PAYEE TAX REPRESENTATIONS

         For the purpose of Section 3(f) of this Agreement:

         Party A makes the following representation:

         None

         Party B makes the following representation:

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

<PAGE>

                                     PART 3

                         AGREEMENT TO DELIVER DOCUMENTS

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

                (a)

<TABLE>
<CAPTION>
PARTY REQUIRED TO
DELIVER DOCUMENT              FORM/DOCUMENT/CERTIFICATE                  DATE BY WHICH TO BE        COVERED BY SECTION
                                                                              DELIVERED             3(D) REPRESENTATION
<S>                     <C>                                         <C>                            <C>
        Party B          Legal opinions as to the validity and       Upon execution and delivery            No
                         enforceability of the obligations of        of this Agreement
                         Party B and the Manager under this
                         Agreement, the Trust Deed, the Security
                         Trust Deed and the Notes in form and
                         substance and issued by legal counsel
                         reasonably acceptable to Party A

  Party A and Party B    Certified copies of all corporate           Upon execution and delivery            Yes
                         authorisations and any other documents      of this Agreement
                         with respect to the execution, delivery
                         and performance of this Agreement

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

                                     PART 4

                                  MISCELLANEOUS

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

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

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

                  JPMorgan Chase Bank
                  Attention:  Head of Legal Department-Capital Markets Group
                  125 London Wall
                  London EC2Y 5AJ
                  Facsimile No.: (207) 777-4758

                  Address for notice or communications to Party B:

<PAGE>

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

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

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

         Party A appoints as its Process Agent: [JP Morgan to confirm]. Party B
         appoints as its Process Agent: CT Corporation, 111 Eighth Avenue, 13th
         Floor, New York NY 10011. Phone: 212 590 9100. Fax: 212 590 9190

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

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

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

         Party B is not a Multibranch Party

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

(6)      CREDIT SUPPORT DOCUMENTS.

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

(7)      CREDIT SUPPORT PROVIDER.

         Not Applicable.

(8)      GOVERNING LAW: This Agreement and each Confirmation will be governed
         by, and construed and enforced in accordance with, the law of the State
         of New York (without reference to its choice of law doctrine) and each
         party herby submits to the jurisdiction of the courts of the State of
         New York.

(9)      NETTING OF PAYMENTS. Section 2(c)(ii) of this Agreement will apply.

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

(11)     All payments to be made to Party B under this Agreement by Party A must
         be made to the US$Account.

<PAGE>

                                     PART 5

                                OTHER PROVISIONS

[(1)     MUTUAL SUSPENSION CLAUSE. Section 2(a)(iii)(1) of the Agreement is
         replaced in its entirety with the following:

         "(1) the condition precedent that no Event of Default, Potential Event
         of Default or Additional Termination Event with respect to the other
         party has occurred and is continuing,".]

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

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

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

(4)      Insert new Sections 2(a)(iv) and 2(a)(v) as follows;

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

         (b)      Where:

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

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

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

                  (iii)    the Party B Payment; or

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

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

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

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

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

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

(8)      EXCHANGE OF CONFIRMATIONS. For each Transaction entered into hereunder,
         Party A shall promptly send to Party B a Confirmation, via telex or
         facsimile transmission. Party B agrees to respond to such

<PAGE>

         Confirmation within 10 Local Business Days, either confirming agreement
         thereto or requesting a correction of any error(s) contained therein.
         Failure by Party B to respond within such period shall not affect the
         validity or enforceability of such Transaction and shall be deemed to
         be an affirmation of the terms contained in such Confirmation, absent
         manifest error. The parties agree that any such exchange of telexes or
         facsimile transmissions shall constitute a Confirmation for all
         purposes hereunder.

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

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

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

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

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

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

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

         (e)      GOOD TITLE. Party B is the equitable owner of the assets of
                  the Trust and has power under the Trust Deed to mortgage or
                  charge them in the manner provided in the Security Trust Deed
                  and, subject only to the Trust Deed, the Security Trust Deed
                  and any Security Interest permitted under the Trust Deed, as
                  far as Party B is aware, those assets are free from all other
                  Security Interests.

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

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

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

<PAGE>

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

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

         (ii)     delivery by Party B of Australian dollar amounts required to
                  be paid by it under any relevant Confirmation to the bank
                  account specified in that confirmation will constitute proper
                  payment of those amounts by Party B and Party A's obligations
                  under this Agreement will be unaffected by any such exchange
                  controls."

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

         "(aa)    RESTRICTED TERMINATION RIGHTS

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

                  (ii)     [Reserved]

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

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

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

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

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

                  (iv)     TRANSFER WHERE PARTY B DOES NOT GROSS-UP: If any
                           payment by Party B to Party A under this Agreement
                           is, or is likely to be, made subject to any deduction
                           or withholding on account of Tax, Party B will
                           endeavour to procure the substitution as principal
                           obligor under this Agreement in respect of each
                           affected Transaction of a Party B incorporated in
                           another jurisdiction approved by Party A, DLJ and the
                           Note Trustee and in respect of which the Designated

<PAGE>

                           Rating Agencies confirm that the substitution will
                           not cause a reduction or withdrawal of the rating of
                           Notes".

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

(o)      In Section 6(e), delete the sentence "The amount, if any, payable in
         respect of an Early Termination Date and determined pursuant to this
         Section will be subject to any Set-off." At the end of the first
         paragraph.

(p)      Section 12 is amended as follows:

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

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

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

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

         "(aa)    RESTRICTED TERMINATION RIGHTS

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

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

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

                  (ii) ASSESSMENT AND UNDERSTANDING. It is capable of assessing
         the merits of and understanding (on its own behalf or through
         independent professional advice), and understands and accepts, the
         terms, conditions and risks of that Transaction. It is also capable of
         assuming, and assumes (in the case of Party B, subject to section (5)),
         the risks of that Transaction.

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

(17)     ISDA DEFINITIONS. Reference is hereby made to the 2000 ISDA Definitions
         (the "2000 Definitions") and the 1998 FX and Currency Option
         Definitions (the "FX Definitions")

<PAGE>

         (collectively the "ISDA Definitions") each as published by the
         International Swaps and Derivatives Association, Inc., which are hereby
         incorporated by reference herein. Any terms used and not otherwise
         defined herein which are contained in the ISDA Definitions shall have
         the meaning set forth therein.

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

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

(20)     [Reserved]

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

         (a)      New definitions are inserted as follows:

                  "FUTURE OBLIGATIONS" means all payment or delivery obligations
                  (whether the underlying obligation was absolute or contingent
                  and assuming the satisfaction of each applicable condition
                  precedent) of a party under Section 2(a)(i) in respect of a
                  Terminated Transaction or group of Terminated Transactions,
                  that would, but for the occurrence of the relevant Early
                  Termination Date, have been required after that date. (For
                  this purpose, Unpaid Amounts in respect of the Terminated
                  Transaction or group of Terminated Transactions are to be
                  excluded but, without limitation, any payment or delivery that
                  would, but for the relevant Early Termination Date, have been
                  required (assuming satisfaction of each applicable condition
                  precedent) after that Early Termination Date is to be
                  included).

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

                  "TRUST DEED" means the Master Trust Deed dated 14 March 1998
                  as amended by the Crusade Global Trust No. 2 of 2001
                  Supplementary Terms Notice dated on or about the date of this
                  Agreement between (amongst others) Party B, St George Bank
                  Limited and the Manager ("SUPPLEMENTARY TERMS NOTICE") and
                  each of the following expressions has the meanings given to
                  them in the Trust Deed and the Supplementary Terms Notice.

                  "AGENCY AGREEMENT"
                  "ASSET"

<PAGE>

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

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

                  "MARKET QUOTATION" means with respect to one or more
                  Terminated Transactions and a party making the determination,
                  an amount determined on the basis of quotations from Reference
                  Market-makers. Each quotation will take into account any
                  existing Credit Support Documents with respect to the
                  obligations of such party.

                  Each quotation will, at the option of the party making the
                  determination, be determined as either:

                  (i)     the amount, if any, that would be paid to such party
                          (expressed as a negative number) or any such party
                          (expressed as a positive number) in consideration of
                          an agreement between such party and the quoting
                          Reference Market-maker to enter into a transaction
                          (the "Replacement Transaction") that would have the
                          effect of preserving for such party the economic
                          equivalent of the Future Obligations of both parties;
                          or

                  (ii)    the present value (calculated using commercially
                          reasonable discount rates) of the difference or the
                          differences on each Scheduled Payment Date that would
                          have occurred after the Early Termination Date between
                          (a) the Future Obligations of the other party to the
                          Terminated Transaction or Termination Transactions and
                          (b) the obligations that a quoting Reference
                          Market-maker would have under a transaction
                          ("Replacement Transaction") that would preserve for
                          the party making the determination that party's Future
                          Obligations, with such present value being positive if
                          (a) is greater than (b) and negative if (a) is less
                          than (b).

                  The Replacement Transaction would be subject to such
                  documentation as such party and the Reference Market-maker
                  may, in good faith, agree. The party making the determination
                  (or its agent) will request each Reference Market-maker to
                  provide it's quotation to the extent reasonably practicable as
                  of the same day and time (without regard to different time
                  zones) on or as soon as reasonably practicable after the
                  relevant Early Termination Date. The day and time as of which
                  the quotation or quotations are to be obtained will be
                  selected in god faith by the party obliged to make a
                  determination under Section 6(e), and, if each party is so
                  obliged, after consultation with the other.

<PAGE>

                  If more than three quotations are provided, the Market
                  Quotation will be the arithmetic mean of the quotations,
                  without regard to the quotations having the highest and lowest
                  values. If exactly three such quotations are provided, the
                  Market Quotation will be the quotation remaining after
                  disregarding the highest and lowest quotations. For this
                  purpose, if more than one quotation has the same highest value
                  or lowest value, then one of such quotations shall be
                  disregarded. If fewer than three quotations are provided, it
                  will be deemed that the Market Quotation in respect of such
                  Terminated Transaction or group of Terminated Transactions
                  cannot be determined."

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

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

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

(22)     New Sections 15, 16 and 17 are added as follows:

         "15.     TRUSTEE PROVISIONS

                  (a)      (A)      General

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

                           (B)      Limitation of Trustee's Liability

                           (1)      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 (3) 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.

                           (2)      Subject to subparagraph (3) 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
                                    this agreement), 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.

                           (3)      The provisions of this section 15 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.

                           (4)      It is acknowledged that the Relevant Parties
                                    are responsible under the Transaction
                                    Documents for performing a variety of
                                    obligations relating

<PAGE>

                                    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 subparagraph (3) above to the
                                    extent to which the act or omission was
                                    caused or contributed to by any failure by
                                    any Relevant Party or any person who has
                                    been delegated or appointed by the Trustee
                                    in accordance with this agreement or any
                                    other Transaction Document to fulfil its
                                    obligations relating to the Trust or by any
                                    other act or omission of a Relevant Party or
                                    any such person.

                           (5)      In exercising their powers under the
                                    Transaction Documents, each of 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 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 subparagraph
                                    (3) above.

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

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

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

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

                           (ii)     obtaining declaratory relief; or

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

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

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

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

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

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

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

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

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

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

<PAGE>

                  "16.     REPLACEMENT CURRENCY SWAP

                  (a)      If this Agreement or any Transaction under this
                           Agreement is terminated, Party B must, at the
                           direction of the Manager, enter into one or more
                           currency swaps which replace the Transactions under
                           this Agreement (collectively a "REPLACEMENT CURRENCY
                           SWAP") but only on the following conditions:

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

                  (ii)     the Designated Ratings Agencies confirm that the
                           Replacement Currency Swap will not cause a reduction
                           or withdrawal of the ratings of the Notes; and

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

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

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

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

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

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

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

         "18.     RATINGS DOWNGRADE

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

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

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

                          (C)      a long term rating of less than AA- by Fitch
                                   and a short term credit rating of at least
                                   F1+ by Fitch,

<PAGE>

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

                          (D)      30 Business Days of a downgrade of its long
                                   term credit rating by S&P to not lower than
                                   A- together with a downgrade of its short
                                   term credit rating by S&P to not lower than
                                   A-1, or the downgrade of its long term credit
                                   rating by Moody's to not lower than A3, or a
                                   downgrade of its long term credit rating by
                                   Fitch to not lower than A- together with a
                                   downgrade of its short term credit rating by
                                   Fitch to not lower than F1; or

                          (E)      5 Business Days of any other such withdrawal
                                   or downgrade and for the avoidance of doubt,
                                   if Party A's long term credit rating by S&P
                                   is not lower than A- and Party A's short term
                                   credit rating by S&P is not lower than A-1,
                                   and Party A's long term credit rating by
                                   Moody's is not lower than A3, and Party A's
                                   long term credit rating by Fitch is not lower
                                   than A- and Party A's short term credit
                                   rating by Fitch is not lower than F1, then
                                   paragraph (D) above shall apply and not this
                                   paragraph (E),

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

                           (F)      (in the case of paragraph (i)(D) only) lodge
                                    cash collateral in US$ in the Swap
                                    Collateral Account (as defined in paragraph
                                    (v)(C) below) in an amount equivalent to the
                                    Cash Collateral Amount as defined in Section
                                    (18)(v)(A) below. Any interest earned on it
                                    is payable to Party A. Party A will pay any
                                    costs associated with lodgment of the
                                    collateral; or

                           (G)      at the cost of Party A or in return for any
                                    monies payable to Party A in accordance with
                                    Clause 5.21 of the Supplementary Terms
                                    Notice (as the case may be), enter into an
                                    agreement novating this Agreement to a
                                    replacement counterparty proposed by any of
                                    Party A, Party B or the Manager (if any) and
                                    in respect of which each Designated Rating
                                    Agency has confirmed will result in there
                                    not being a withdrawal or downgrade of any
                                    credit rating, assigned by it, to the Notes;
                                    or

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

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

                  (iii)    Where Party B has not established a Swap Collateral
                           Account and Party A is required to deposit monies
                           into a Swap Collateral Account, the Manager must
                           direct Party B to establish, as soon as is
                           practicable, and maintain, in the name of Party B a
                           Swap Collateral Account.

                  (iv)     Party B may only make withdrawals from the Swap
                           Collateral Account if directed to do so by the
                           Manager and then only for the purpose of:

                           (A)      novating obligations under this Agreement in
                                    accordance with Section 18(i)(G) above or
                                    entering into any other arrangement in
                                    accordance with Section 18(i)(H) above;

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

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

                           (D)      paying financial institutions duty, bank
                                    accounts debit tax or other equivalent Taxes
                                    payable in respect of the Swap Collateral
                                    Account; or

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

                  (v)      For the purpose of Sections 18 and 19:

                           (A)      the CASH COLLATERAL AMOUNT shall be an
                                    amount equal to the greater of the
                                    following:

                                    (1)      zero;

                                    (2)      CCR; and

                                    (3)      an amount acceptable to Moody's and
                                             Fitch and sufficient to maintain
                                             the credit rating assigned to the
                                             Notes by Moody's and Fitch
                                             immediately prior to the review of
                                             Party A's credit rating; and

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

                           (C)      SWAP COLLATERAL ACCOUNT means an account
                                    established by Party B with an Approved Bank
                                    outside Australia.

                  (vi)     For the purpose of Section 18(v)(A), the formula for
                           calculating CCR is as follows.

                           CCR = CR x 1.030

                           where

                           CR means MTM + VB

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

                           VB means the value calculated by multiplying the
                           Invested Amount at the time of the calculation by the
                           relevant percentage calculated from the following
                           table (for the purposes of interpreting the table,
                           "Counterparty rating" is the credit

<PAGE>

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

                              VOLATILITY BUFFER (%)

      COUNTERPARTY     MATURITIES UP      MATURITIES UP     MATURITIES MORE
      RATING           TO 5 YEARS         TO 10 YEARS       THAN 10 YEARS
      A+               1.05               1.75              3.0
      A                1.35               2.45              4.5
      A-1*             1.5                3.15              6.0

                  *        The A-1 rating will be taken to be the counterparty's
                           short term rating.

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

JPMORGAN CHASE BANK                         PERPETUAL TRUSTEES CONSOLIDATED
                                            LIMITED as trustee of Crusade Global
                                            Trust No. 1 of 2002

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

Title:                                      Title:

CRUSADE MANAGEMENT LIMITED

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

Title:<PAGE>

                                                           Seller Loan Agreement

                                         PERPETUAL TRUSTEES CONSOLIDATED LIMITED
                                                                       (Trustee)

                                                          ST.GEORGE BANK LIMITED
                                                               (Approved Seller)

                                                      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>

Seller Loan Agreement                              [ALLENS ARTHUR ROBINSON LOGO]

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TABLE OF CONTENTS

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

2.   PURPOSE                                                                  3

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

4.   INTEREST AND FEES                                                        4

5.   REPAYMENT                                                                4

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

7.   CONDITIONS PRECEDENT                                                     5

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

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

10.  CONTROL ACCOUNTS                                                         7

11.  WAIVERS, REMEDIES CUMULATIVE                                             7

12.  SEVERABILITY OF PROVISIONS                                               7

13.  SURVIVAL OF REPRESENTATIONS                                              7

14.  INDEMNITY AND REIMBURSEMENT OBLIGATION                                   7

15.  MORATORIUM LEGISLATION                                                   8

16.  CONSENTS AND OPINIONS                                                    8

17.  ASSIGNMENTS                                                              8

18.  NOTICES                                                                  8

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                                                                        Page (i)

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Seller Loan Agreement                              [ALLENS ARTHUR ROBINSON LOGO]

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19.  AUTHORISED SIGNATORIES                                                   9

20.  GOVERNING LAW AND JURISDICTION                                           9

21.  COUNTERPARTS                                                             9

22.  ACKNOWLEDGEMENT BY TRUSTEE                                               9

23.  LIMITED RECOURSE                                                         9
     23.1  General                                                            9
     23.2  Liability of Trustee limited to its right to indemnity             9
     23.3  Unrestricted remedies                                             10
     23.4  Restricted remedies                                               10

24.  APPROVED SELLER'S OBLIGATIONS                                           11

25.  SUCCESSOR TRUSTEE                                                       11

ANNEXURE A                                                                   14
     DRAWDOWN NOTICE                                                         14

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                                                                       Page (ii)

<PAGE>

Seller Loan Agreement                              [ALLENS ARTHUR ROBINSON LOGO]

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DATE                                        2001.
----------

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
           APPROVED SELLER); 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 the
           Supplementary Terms Notice.

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

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

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

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

1.1      DEFINITIONS

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

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

         DRAWDOWN NOTICE means a notice under clause 3.1.

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

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

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Seller Loan Agreement                              [ALLENS ARTHUR ROBINSON LOGO]

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

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

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

         SECURITY TRUST DEED means the Security Trust Deed dated on or before
         the date of this agreement between, among others, the Trustee, the
         Manager and P.T. Limited.

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

         TRUST means the Crusade Global Trust No. 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.

         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.

1.4      DETERMINATION, STATEMENT AND CERTIFICATE SUFFICIENT EVIDENCE

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

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Seller Loan Agreement                              [ALLENS ARTHUR ROBINSON LOGO]

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1.5      TRANSACTION DOCUMENT

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

1.6      LIMITED TO TRUST

         The rights and obligations of the parties under this agreement relate
         only to the Trust, and do not relate to any other Trust (as defined in
         the Master Trust Deed). Without limitation, the Approved Seller has no
         obligation under this agreement to provide financial accommodation to
         the Trustee as trustee of any other such Trust.

1.7      TRUSTEE AS TRUSTEE

         In this agreement, except where provided to the contrary;

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

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

1.8      KNOWLEDGE OF TRUSTEE

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

1.9      UNSECURED LOAN

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

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

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

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

3.1      ADVANCE

         (a)      Subject to this agreement, the Manager may direct the Trustee
                  to request the Advance by giving to the Trustee a duly
                  completed but unsigned Drawdown Notice by no later than 10 am
                  on the Closing Date (Sydney time).

         (b)      The Drawdown Notice must be:

                  (i)      in writing;

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

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                                                                          Page 3

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Seller Loan Agreement                              [ALLENS ARTHUR ROBINSON LOGO]

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                  (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 Closing Date (Sydney
                  time).

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

3.2      MAKING OF ADVANCE

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

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

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

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

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

6.       PAYMENTS
--------------------------------------------------------------------------------

6.1      MANNER

         The Trustee shall make all payments under this agreement:

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

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

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

6.2      PAYMENT TO BE MADE ON BUSINESS DAY

         If any payment is due on a day which is not a Business Day, the due
         date will be the next Business Day.

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

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

         (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; and

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

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

8.1      REPRESENTATIONS AND WARRANTIES

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

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

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

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

                  (i)      the Master Trust Deed; or

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

                  which has not been remedied or waived in writing.

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

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

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

8.2      RELIANCE ON REPRESENTATIONS AND WARRANTIES

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

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Seller Loan Agreement                              [ALLENS ARTHUR ROBINSON LOGO]

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9.       UNDERTAKINGS
--------------------------------------------------------------------------------

9.1      GENERAL UNDERTAKINGS

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

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

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

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

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

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

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

                  (i)      under the Trust Documents; or

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

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

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

9.2      UNDERTAKINGS RELATING TO TRUST

         Each of the Trustee, as trustee of the Trust, and the Manager severally
         undertakes to the Approved Seller as follows, except to the extent that
         the Approved Seller consents.

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

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

                  (ii)     Clause 5.7 of the Supplementary Terms Notice; or

                  (iii)    the basis of calculation or order of application of
                           any amount to be paid or applied under clause 5 of
                           the Supplementary Terms Notice unless the change
                           would not be adverse to the Approved Seller in
                           respect of the Advance.

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Seller Loan Agreement                              [ALLENS ARTHUR ROBINSON LOGO]

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

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

9.3      TERM OF UNDERTAKINGS

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

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

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

11.      WAIVERS, REMEDIES CUMULATIVE
--------------------------------------------------------------------------------

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

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

12.      SEVERABILITY OF PROVISIONS
--------------------------------------------------------------------------------

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

13.      SURVIVAL OF REPRESENTATIONS
--------------------------------------------------------------------------------

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

14.      INDEMNITY AND REIMBURSEMENT OBLIGATION
--------------------------------------------------------------------------------

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

         (a)      is a continuing obligation;

         (b)      is a separate and independent obligation;

         (c)      is payable on demand; and

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Seller Loan Agreement                              [ALLENS ARTHUR ROBINSON LOGO]

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         (d)      survives termination or discharge of this agreement.

15.      MORATORIUM LEGISLATION
--------------------------------------------------------------------------------

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

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

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

         is excluded from this agreement.

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

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

17.      ASSIGNMENTS
--------------------------------------------------------------------------------

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

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

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

         (a)      must be in writing;

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

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

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

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

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

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

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Seller Loan Agreement                              [ALLENS ARTHUR ROBINSON LOGO]

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

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

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

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

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

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

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

         The Trustee confirms that:

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

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

         except as expressly set out in this agreement.

23.      LIMITED RECOURSE
--------------------------------------------------------------------------------

23.1     GENERAL

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

23.2     LIABILITY OF TRUSTEE LIMITED TO ITS RIGHT TO INDEMNITY

         (a)      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.

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Seller Loan Agreement                              [ALLENS ARTHUR ROBINSON LOGO]

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

         (c)      The provisions of this clause 23.2 shall not apply to any
                  obligation or liability of the Trustee to the extent that it
                  is not satisfied because under a Transaction Document or by
                  operation of law there is a reduction in the extent of the
                  Trustee's indemnification or exoneration out of the Assets of
                  the Trust as a result of the Trustee's fraud, negligence, or
                  Default.

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

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

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

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

23.3     UNRESTRICTED REMEDIES

         Nothing in clause 23.2 limits the Approved Seller in:

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

         (b)      obtaining declaratory relief; or

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

23.4     RESTRICTED REMEDIES

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

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

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Seller Loan Agreement                              [ALLENS ARTHUR ROBINSON LOGO]

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

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

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

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

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

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

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

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

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

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

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

EXECUTED in Sydney.

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

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                                                                         Page 11

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Seller Loan Agreement                              [ALLENS ARTHUR ROBINSON LOGO]

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

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

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

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

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

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

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                                                                         Page 12

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Seller Loan Agreement                              [ALLENS ARTHUR ROBINSON LOGO]

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

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

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

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                                                                         Page 13

<PAGE>

Seller Loan Agreement                              [ALLENS ARTHUR ROBINSON LOGO]

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ANNEXURE A

DRAWDOWN NOTICE
--------------------------------------------------------------------------------
To:      St.George Bank Limited

                 SELLER LOAN AGREEMENT - DRAWDOWN NOTICE NO. [*]

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

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

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

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

(5)      all representations and warranties under clause 8 of the Facility
         Agreement are true as though they had been made at the date of this
         Drawdown Notice and the Drawdown Date specified above in respect of the
         facts and circumstances then subsisting.

Definitions in the Facility Agreement apply in this Drawdown Notice.

PERPETUAL TRUSTEES CONSOLIDATED LIMITED

By:                     [Authorised Signatory]

DATED

Verified by Crusade Management Limited

By:                     [Authorised Signatory]

Dated

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                                                                         Page 14

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