Document:

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                                                           Seller Loan Agreement

                                         PERPETUAL TRUSTEES CONSOLIDATED LIMITED
                                                                       (Trustee)

                                                          ST.GEORGE BANK LIMITED
                                                               (Approved Seller)

                                                      CRUSADE MANAGEMENT LIMITED
                                                                       (Manager)

                                              Crusade Global Trust No. 2 of 2001

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

                                       (C) Copyright Allens Arthur Robinson 2001
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Seller Loan Agreement                                     Allens Arthur Robinson
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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                                            4

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                           8

15.   MORATORIUM LEGISLATION                                           8

16.   CONSENTS AND OPINIONS                                            8

17.   ASSIGNMENTS                                                      8

18.   NOTICES                                                          8

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Seller Loan Agreement                                     Allens Arthur Robinson
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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  10
      23.3                                         Unrestricted remedies  11
      23.4                                           Restricted remedies  11

24.   APPROVED SELLER'S OBLIGATIONS                                   11

25.   SUCCESSOR TRUSTEE                                               11

ANNEXURE A                                                               14
      DRAWDOWN NOTICE                                                    14

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Seller Loan Agreement                                     Allens Arthur Robinson
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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. 2 of 2001 (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. 2 of 2001
           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.

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IT IS AGREED as follows.

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

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

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

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

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

     TRUST means the Crusade Global Trust No. 2 of 2001 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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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
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     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
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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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Seller Loan Agreement                                     Allens Arthur Robinson
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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
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     No interest or fees are payable by the Trustee in relation to the Advance
     or this agreement.

5.   REPAYMENT
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     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
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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
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     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
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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
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9.   UNDERTAKINGS
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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
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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
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     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
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     (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
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     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
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     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
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     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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     (d)   survives termination or discharge of this agreement.

15.  MORATORIUM LEGISLATION
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     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
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     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
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     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
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     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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19.  AUTHORISED SIGNATORIES
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     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
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     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
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     This agreement may be executed in any number of counterparts. All
     counterparts together will be taken to constitute one instrument.

22.  ACKNOWLEDGEMENT BY TRUSTEE
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     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
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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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     (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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     (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
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     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
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     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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Seller Loan Agreement                                     Allens Arthur Robinson
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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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SIGNED on behalf of                    )
CRUSADE MANAGEMENT LIMITED             )
                                       )
by its attorney under the Power of     )
Attorney dated                         )
in the presence of:                    )

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

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

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Seller Loan Agreement                                     Allens Arthur Robinson
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ANNEXURE A

DRAWDOWN NOTICE
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To:  St.George Bank Limited

                 SELLER LOAN AGREEMENT - DRAWDOWN NOTICE NO. [*]

We refer to the Seller Loan Agreement dated on or about [*] 2001 (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<PAGE>   1
                                                                    EXHIBIT 10.1

                    SETTLEMENT AGREEMENT AND GENERAL RELEASE

         THIS SETTLEMENT AGREEMENT AND GENERAL RELEASE (the "RELEASE") is made
and entered into as of this 25th day of July, 2001, by and between Security
Associates International, Inc., a Delaware corporation (the "Company"), and
James S. Brannen ("BRANNEN").

         FOR VALUABLE CONSIDERATION, the receipt and sufficiency of which is
hereby acknowledged, the parties agree as follows:

         1. Termination of Employment. Effective the close of business on August
31, 2001, Brannen and the Company agree that (a) Brannen's employment with the
Company will terminate and (b) Brannen will resign from his positions as an
officer and director of the Company. Brannen further agrees that he will not
hereafter seek reinstatement, recall or re-employment with the Company.

         2. Settlement Payment.

            (a) As a settlement payment, the Company shall pay Brannen (i) the
sum of $225,000, in installments of $56,250 on each of September 1, 2001,
December 1, 2001, March 1, 2002 and June 1, 2002; (ii) the sum of $200,000, in
installments of $50,000 on each of September 1, 2002, December 1, 2002, March 1,
2003 and June 1, 2003; and (iii) the sum of $175,000, in installments of $43,750
on each of September 1, 2003, December 1, 2003, March 1, 2004 and June 1, 2004.

            (b) To the extent Brannen is subject to any lockups or other
restrictions on the transfer of his shares of the Company's common stock (other
than any restrictions imposed by law), the Company shall seek to remove such
lockups and other restrictions as soon as practicable after this Release becomes
effective in accordance with Paragraph 10(c) hereof.

            (c) The Company shall issue Brannen a nonstatutory stock option to
purchase 150,000 shares of the Company's common stock in the form as attached
hereto as Exhibit A, with an exercise price of $2.50 per share and an expiration
date three years from the date of issuance.

            (d) The Company also shall pay Brannen the sum of $60,000, payable
in a single sum on the date this Release become effective in accordance with
Paragraph 10(c) hereof.

            (e) All payments made hereunder shall be considered "wages" subject
to FICA, FUTA and income tax withholding. Twenty-five thousand dollars ($25,000)
of the settlement payments hereunder shall be in consideration of the release of
any claim under the Age Discrimination in Employment Act of 1967, as amended,
and as described in Paragraph 3(a) hereof, and Brannen agrees that such
consideration is in addition to anything of value to which he is already
entitled. The remainder of the settlement payments, and the release described
below in Paragraph 3(b), shall be in consideration of both the release of all
other claims described below in Paragraph 3(a) and the Protective Agreement
described in Paragraph 7.

<PAGE>   2

Brannen agrees that he has been paid the full amount of earned but unused
vacation pay to which he is entitled and that he is not owed any amounts as
reimbursement for expenses incurred during the course of his employment.

            (f) No other sums (contingent or otherwise) shall be paid to Brannen
in respect of his employment by the Company, and any such sums (whether or not
owed) are hereby expressly waived by Brannen. The foregoing notwithstanding,
Brannen may elect to continue his health and dental insurance coverage, which
shall continue until Brannen (i) attains the age of 65, or (ii) becomes eligible
for coverage under another group health plan that does not impose preexisting
condition limitations on Brannen's coverage, whichever is earlier. Such coverage
shall be provided through the Company's group health plans under COBRA, and, if
the Company is unable to extend COBRA continuation coverage until the earlier of
(i) or (ii) above, the Company shall pay the full cost of the premiums for the
most comparable health and dental insurance coverage that Brannen may be able to
purchase through the individual or group insurance market. In addition, Brannen
shall be entitled to receive his account balance, if any, under the Company's
Section 401(k) Plan in accordance with the terms of such Plan.

         3. General Release.

            (a) As a material inducement to the Company to enter into this
Release and in consideration of the payments to be made by the Company to
Brannen in Paragraph 2 above and the release contained in Paragraph 3(b) below,
Brannen, with full understanding of the contents and legal effect of this
Release and having the right and opportunity to consult with his counsel,
releases and discharges the Company, its shareholders, officers, directors,
supervisors, members, managers, employees, agents, representatives, attorneys,
parent companies, divisions, subsidiaries and affiliates, and all related
entities of any kind or nature, and its and their predecessors, successors,
heirs, executors, administrators, and assigns (collectively, the "COMPANY
RELEASED PARTIES") from any and all claims, actions, causes of action,
grievances, suits, charges, or complaints of any kind or nature whatsoever, that
he ever had or now has, whether fixed or contingent, liquidated or unliquidated,
known or unknown, suspected or unsuspected, and whether arising in tort,
contract, statute, or equity, before any federal, state, local, or private
court, agency, arbitrator, mediator, or other entity, regardless of the relief
or remedy. Without limiting the generality of the foregoing, it being the
intention of the parties to make this Release as broad and as general as the law
permits, this Release specifically includes any and all subject matter and
claims arising from any alleged violation by the Company Released Parties under
the Age Discrimination in Employment Act of 1967, as amended; Title VII of the
Civil Rights Act of 1964, as amended; the Civil Rights Act of 1866, as amended
by the Civil Rights Act of 1991 (42 U.S.C. ss. 1981); the Rehabilitation Act of
1973, as amended; the Employee Retirement Income Security Act of 1974, as
amended; the Illinois Wage Payment and Collection Act; the Illinois Human Rights
Act, the Cook County Human Rights Ordinance, and other similar state or local
laws; the Americans with Disabilities Act; the Family and Medical Leave Act; the
Equal Pay Act; Executive Order 11246; Executive Order 11141; and any other
statutory claim, employment or other contract or implied contract claim
(including, but not limited to, any claims arising under that certain Employment
Agreement dated August 29, 1996 by and between the Company and Brannen, as
amended on July 15, 1999 (the "EMPLOYMENT AGREEMENT")), or common law claim for
wrongful discharge, breach of an implied covenant of

                                       2
<PAGE>   3

good faith and fair dealing, defamation, or invasion of privacy arising out of
or involving his employment with the Company, the termination of his employment
with the Company, or involving any continuing effects of his employment with the
Company or termination of employment with the Company. Brannen further
acknowledges that he is aware that statutes exist that render null and void
releases and discharges of any claims, rights, demands, liabilities, action and
causes of action which are unknown to the releasing or discharging party at the
time of execution of the release and discharge. Brannen hereby expressly waives,
surrenders and agrees to forego any protection to which he would otherwise be
entitled by virtue of the existence of any such statute in any jurisdiction
including, but not limited to, the State of Illinois.

            (b) As a material inducement to Brannen to enter into this Release
and in consideration of his releases and other items of value provided by him
hereunder, the Company, with full understanding of the contents and legal effect
of this Release, and having the right and opportunity to consult with its
counsel, releases and discharges Brannen and his successors, heirs, executors,
administrators, representatives and assigns (collectively, the "BRANNEN RELEASED
PARTIES") from any and all claims, actions, causes of action, grievances, suits,
charges, or complaints of any kind or nature whatsoever, that it ever had or now
has or have, whether fixed or contingent, liquidated or unliquidated, known or
unknown, suspected or unsuspected, and whether arising in tort, contract,
statute, or equity, before any federal, state, local, or private court, agency,
arbitrator, mediator, or other entity, regardless of the relief or remedy.
Without limiting the generality of the foregoing, it being the intention of the
parties to make this Release as broad and as general as the law permits, this
Release specifically includes any and all claims arising from any alleged
violation by the Brannen Released Parties under any statute, law, ordinance,
regulation, or contract, and any other statutory claim, employment or other
contract claim or implied contract claim (including, but not limited to, claims
arising under the Employment Agreement), or common law claim for defamation, or
invasion of privacy, or arising out of or involving his employment with the
Company, the termination of his employment with the Company, or involving any
continuing effects of his employment with the Company or termination of his
employment with the Company. The Company further acknowledges that it is aware
that statutes exist that render null and void releases and discharges of any
claims, rights, demands, liabilities, action and causes of action which are
unknown to the releasing or discharging party at the time of execution of the
release and discharge. The Company hereby expressly waives, surrenders and
agrees to forego any protection to which it otherwise would be entitled by
virtue of the existence of any such statute in any jurisdiction including, but
not limited to, the State of Illinois.

         4. Covenant Not to Sue.

            (a) Brannen, for himself, his heirs, executors, administrators,
successors and assigns agrees not to bring, file, charge, claim, sue or cause,
assist, or permit to be brought, filed, charged or claimed any action, cause of
action, or proceeding regarding or in any way related to any of the claims
described in Paragraph 3(a) hereof, and further agrees that this Release is,
will constitute and may be pleaded as, a bar to any such claim, action, cause of
action or proceeding. If any government agency or court assumes jurisdiction of
any charge, complaint, or cause of action covered by this Release, Brannen will
not seek and will not accept any personal equitable or monetary relief in
connection with such investigation, civil action, suit or legal proceeding.

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<PAGE>   4

            (b) The Company, for itself, its successors and it assigns, agrees
not to bring, file, charge, claim, sue or cause, assist, or permit to be
brought, filed, charged or claimed any action, cause of action, or proceeding
regarding or in any way related to any of the claims released under Paragraph
3(b) hereof, and further agrees that this Release is, will constitute and may be
pleaded as, a bar to any such claim, action, cause of action or proceeding. If
any government agency or court assumes jurisdiction of any charge, complaint, or
cause of action covered by this Release, the Company will not seek and will not
accept any personal equitable or monetary relief in connection with such
investigation, civil action, suit or legal proceeding.

         5. Indemnification. Brannen will fully indemnify the Company and its
shareholders, members, managers, officers, directors, employees and independent
contractors against and will hold its shareholders, members, managers, officers,
directors, employees and independent contractors harmless from any and all
claims, costs, damages, demands, expenses (including without limitation
attorneys' fees), judgments, losses or other liabilities of any kind or nature
whatsoever arising from or directly or indirectly related to any or all of this
Release and the conduct of Brannen hereunder, including without limitation any
material breach or failure to comply with any or all of the provisions of this
Release.

         6. No Disparaging, Untrue Or Misleading Statements. From and after
July 25, 2001, Brannen represents that he has not made, and agrees that he will
not make, to any third party any disparaging, untrue, or misleading written or
oral statements about or relating to the Company or its products or services (or
about or relating to any officer, director, agent, employee, or other person
acting on the Company's behalf). Brannen acknowledges that his continuing
entitlement to payments under Paragraph 2 of the Release shall be conditioned
upon his continuing compliance with Paragraphs 6, 7 and 10(a) of the Release and
any violation of Paragraphs 6, 7 or 10(a) by Brannen shall terminate the
Company's obligation to continue to make payments under Paragraph 2.

         7. Protective Agreement.

            (a) Brannen agrees that he will not, for any reason whatsoever,
whether voluntarily or involuntarily, use for himself or disclose to any person
any "CONFIDENTIAL INFORMATION" of the Company acquired by Brannen during his
relationship with the Company. Confidential Information includes but is not
limited to: (a) any financial, business, planning, operations, services,
potential services, products, potential products, technical information and/or
know-how, formulas, production, purchasing, marketing, sales, personnel,
customer, broker, supplier or other information of the Company; (b) any papers,
data, records, processes, methods, techniques, systems, models, samples,
devices, equipment, compilations, invoices, customer lists or documents of the
Company; (c) any confidential information or trade secrets of any third party
provided to the Company in confidence or subject to other use or disclosure
restrictions or limitations; and (d) any other information, written, oral or
electronic, whether existing now or at some time in the future, which pertains
to the Company's affairs or interests or with whom or how the Company does
business. The Company acknowledges and agrees that Confidential Information does
not include (i) information properly in the public domain, or (ii) information
in Brannen's possession prior to the date of his original employment with the
Company and its predecessors, except to the extent that such information is or
has become a trade secret of the

                                       4
<PAGE>   5

Company or is or otherwise has become the property of the Company. Brannen
further acknowledges and agrees that he is estopped from and will not dispute in
any proceeding the enforceability of this Paragraph 7.

            (b) Brannen agrees that, through August 31, 2004, he will not,
directly or indirectly, except on behalf of the Company:

                (i) contact, solicit or direct any person or entity to contact
or solicit, any of the Company's customers or prospective customers for the
purpose of providing any products and/or services that are the same as or
similar to the products and services provided by the Company to its customers
both during the term of his employment, and through August 31, 2004, or for the
purpose of otherwise interfering with the business relationships between the
Company and its customers or prospective customers; or

                (ii) solicit or accept if offered to him, with or without
solicitation, on his own behalf or on behalf of any other person or entity, the
services of any person who is a current employee of the Company (or was an
employee of the Company during the year preceding such solicitation), nor
solicit any of the Company's current employees (or any individual who was an
employee of the Company during the year preceding such solicitation) to
terminate employment or an engagement with the Company, nor agree to hire any
current employee (or any individual who was an employee of the Company during
the year preceding such hire) of the Company into employment with him or any
other person or entity; or

                (iii) enter into any agreement with any of the Company's
customers, prospective customers or suppliers to provide services or products
that are the same as or similar to the services or products sold or made
available by the Company; or

                (iv) become associated with any business, whether as an investor
(excluding investments representing less than one percent (1%) of the common
stock of a public company), lender, owner, stockholder, officer, director,
employee, agent or in any other capacity, involved in the marketing or providing
of services or products then constituting ten percent (10%) or more of the
current year's (or most recent completed year's) annual revenues of the Company.

            (c) Brannen acknowledges and agrees that the scope described above
is necessary and reasonable in order to protect the Company in the conduct of
its business and that, if he becomes employed by another employer, he will be
required to disclose the existence of this Paragraph 7 to such employer and he
consents to and the Company is given permission to disclose the existence of
this Paragraph 7 to such employer.

            (d) For purposes of this Paragraph 7: (i) "CUSTOMER" is defined as
any person or entity that purchased any type of product and/or service from the
Company or is or was doing business with the Company or Brannen within the
twelve (12) month period immediately preceding termination of Brannen's
employment; (ii) "PROSPECTIVE CUSTOMER" is defined as any person or entity
contacted or solicited by the Company or Brannen (whether directly or
indirectly) or who contacted the Company or Brannen (whether directly or
indirectly) within the twelve (12) month period immediately preceding
termination of Brannen's employment for the purpose of having such persons or
entities become a customer of the Company; and (iii) "SUPPLIER" is defined

                                       5
<PAGE>   6

as any person or entity who is or was supplying products or services to the
Company within the twelve (12) month period immediately preceding termination of
Brannen's employment.

            (e) It is agreed that breach of this Paragraph 7 will result in
irreparable harm and continuing damages to the Company and its business and that
the Company's remedy at law for any such breach or threatened breach, will be
inadequate and, accordingly, in addition to such other remedies as may be
available to the Company at law or in equity in such event, any court of
competent jurisdiction may issue a temporary and permanent injunction, without
the necessity of the Company posting bond and without proving special damages or
irreparable injury, enjoining and restricting the breach, or threatened breach,
of this Paragraph 7, including, but not limited to, any injunction restraining
the breaching party from disclosing, in whole or part, any Confidential
Information. Brannen will pay all of the Company's costs and expenses, including
reasonable attorneys' and accountants' fees, incurred in successfully enforcing
this Paragraph 7.

         8. Severability. If any provision of this Release shall be found by a
court to be invalid or unenforceable, in whole or in part, then such provision
shall be construed and/or modified or restricted to the extent and in the manner
necessary to render the same valid and enforceable, or shall be deemed excised
from this Release, as the case may require, and this Release shall be construed
and enforced to the maximum extent permitted by law, as if such provision had
been originally incorporated herein as so modified or restricted, or as if such
provision had not been originally incorporated herein, as the case may be. The
parties further agree to seek a lawful substitute for any provision found to be
unlawful; provided, that, if the parties are unable to agree upon a lawful
substitute, the parties desire and request that a court or other authority
called upon to decide the enforceability of this Release modify the Release so
that, once modified, the Release will be enforceable to the maximum extent
permitted by the law in existence at the time of the requested enforcement.

         9. Waiver. A waiver by the Company of a breach of any provision of this
Release by Brannen shall not operate or be construed as a waiver or estoppel of
any subsequent breach by Brannen. No waiver shall be valid unless in writing and
signed by an authorized officer of the Company.

         10. Miscellaneous Provisions.

            (a) Brannen agrees that he will keep the terms and amounts set forth
in this Release completely confidential and will not disclose any information
concerning this Release's terms and amounts to any person other than his
attorney, accountant, tax advisor, or immediate family.

            (b) Brannen represents and certifies that he has carefully read and
fully understands all of the provisions and effects of this Release, has
knowingly and voluntarily entered into this Release freely and without coercion,
and acknowledges that on July 25, 2001, the Company advised him to consult with
an attorney prior to executing this Release and further advised him that he had
twenty-one (21) days (until August 15, 2001) within which to consider this
Release. Brannen is voluntarily entering into this Release and neither the
Company nor its

                                       6
<PAGE>   7

agents, representatives, or attorneys made any representations concerning the
terms or effects of this Release other than those contained in the Release
itself.

            (c) Brannen acknowledges that he has seven (7) days from the date
this Release is executed in which to revoke his acceptance of this Release, and
this Release will not be effective or enforceable until such seven (7)-day
period has expired.

         11. Complete Agreement. This Release sets forth the entire agreement
between the parties, and fully supersedes any and all prior agreements or
understandings between the parties pertaining to actual or potential claims
arising from Brannen's employment with the Company or the termination of
Brannen's employment with the Company.

         12. Reimbursement. If Brannen or his heirs, executors, administrators,
successors or assigns (a) breaches Paragraphs 6, 7 or 10(a) of this Release, or
(b) attempts to challenge the enforceability of this Release, or (c) files a
charge of discrimination, a lawsuit, or a claim of any kind for any matter
released herein, Brannen or his heirs, executors, administrators, successors or
assigns shall be obligated to tender back to the Company all payments made to
him or them under this Release (except for $25,000, which represents the
consideration received by Brannen in exchange for the release and waiver of
rights or claims under the Age Discrimination in Employment Act of 1967, as
amended), and to indemnify and hold harmless the Company from and against all
liability, costs and expenses, including attorneys' fees, arising out of said
breach, challenge or action by Brannen, his heirs, executors, administrators,
successors or assigns.

         13. Future Cooperation. Brannen agrees that, during a period following
the termination of his employment as agreed upon by Brannen and the Company (but
in any event not to exceed twenty-six (26) weeks and not to exceed ten (10)
hours in any one week), he shall reasonably cooperate with the Company to ensure
an orderly transition of all projects and related business matters. In addition,
in connection with any and all claims, disputes, negotiations, investigations,
lawsuits or administrative proceedings involving the Company, Brannen agrees to
make himself available, upon reasonable notice from the Company and without the
necessity of subpoena, to provide information or documents, provide declarations
or statements to the Company, meet with attorneys or other representatives of
the Company, prepare for and give depositions or testimony, and/or otherwise
cooperate in the investigation, defense or prosecution of any or all such
matters.

         14. Survivor Benefits. In the event of Brannen's death prior to June 1,
2004, the Company shall continue to pay the settlement payments as set forth in
Paragraph 2(a) hereof to Brannen's surviving spouse, if his spouse survives him.
If his spouse pre-deceases him, no further payments shall be made hereunder. In
addition, in the event of Brannen's death prior to the date he (i) attains the
age 65, or (ii) becomes eligible for coverage under another group health plan
that does not impose preexisting condition limitations on his coverage,
whichever is earlier, Brannen's surviving spouse shall be entitled to receive
health and dental insurance benefits as set forth in Paragraph 2(f) hereof until
such date as Brannen would have attained age 65.

         15. Amendment. This Release may not be altered, amended, or modified
except in writing signed by both Brannen and the Company.

                                       7
<PAGE>   8

         16. Joint Participation. The parties hereto participated jointly in the
negotiation and preparation of this Release, and each party has had the
opportunity to obtain the advice of legal counsel and to review and comment upon
the Release. Accordingly, it is agreed that no rule of construction shall apply
against any party or in favor of any party. This Release shall be construed as
if the parties jointly prepared this Release, and any uncertainty or ambiguity
shall not be interpreted against one party and in favor of the other.

         17. Applicable Law. This Release shall be governed by, and construed in
accordance with, the laws of the State of Illinois, and any court action
commenced to enforce this Release shall have as its sole and exclusive venue the
County of Cook, Illinois.

         18. Execution of Release. This Release may be executed in several
counterparts, each of which shall be considered an original, but which when
taken together, shall constitute one Release.

         PLEASE READ THIS AGREEMENT AND CAREFULLY CONSIDER ALL OF ITS PROVISIONS
BEFORE SIGNING IT. THIS AGREEMENT CONTAINS A RELEASE OF ALL KNOWN AND UNKNOWN
CLAIMS, INCLUDING THOSE UNDER THE FEDERAL AGE DISCRIMINATION IN EMPLOYMENT ACT,
AND OTHER FEDERAL, STATE AND LOCAL LAWS PROHIBITING DISCRIMINATION IN
EMPLOYMENT.

         IN WITNESS WHEREOF, Brannen and the Company have voluntarily signed
this Settlement Agreement and General Release consisting of eight (8) pages on
the date set forth above.

Security Associates International, Inc.                James S. Brannen

By:  /s/ Thomas J. Salvatore                           /s/ James S. Brannen
   -----------------------------------------           -------------------------
Its:  Chairman of Compensation Committee
     ---------------------------------------

                                       8

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