Document:

SCHEDULE
                                     to the
                                MASTER AGREEMENT

                         dated as of 19 September 2006,

                                     between

      Credit Suisse (USA), Inc.                                      ("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 2006  ("Party B")

      and

      Crusade Management Limited (ABN 90 072 715 916) but only for the purpose
      of Sections 4(a)(i), 4(a)(ii), 7, 9(e)(ii) and 12(a), 17, Part 1(4), Part
      5(1), Part 5(4) and Part 5(17).                                ("Manager")

                                     PART 1

                TERMINATION PROVISIONS AND CERTAIN OTHER MATTERS

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

(2)   "SPECIFIED TRANSACTION" is not applicable.

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

            Notwithstanding the disapplication of Section 5(b)(ii) and
            5(b)(iii), Sections 6(b)(ii) and 6(b)(iii) shall be construed as if
            provision had not been disapplied.

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

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

(4)   The "BANKRUPTCY" provisions of Section 5(a)(vii) are replaced by "An
      Insolvency Event under the Security Trust Deed has occurred in respect of
      Party A or Party B (the party the subject of the Insolvency Event will be
      the Defaulting Party); or ". In relation to Party A, the events described
      in the definition of Insolvency Event (under the Security Trust Deed)
      shall apply to it as if Party A was a relevant corporation referred to in
      that definition. The occurrence of an Insolvency Event under the Security
      Trust Deed in respect of Party B in its personal capacity will not
      constitute an Event of Default provided that within thirty Local Business
      Days of that occurrence, Party A, Party B and the Manager are able to
      procure the novation of this Agreement and all Transactions to a third
      party (who is notified to Party A) in respect of which the Designated
      Rating Agencies confirm that the novation will not cause a reduction or
      withdrawal of the ratings of the Class A-1

                                                                          Page 1

      Notes, and Party A and Party B agree to execute such a novation agreement
      in standard ISDA form with each amendment thereto as are required by the
      parties.

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

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

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

      (i)   Market Quotation will apply; and

      (ii)  the Second Method will apply.

(7)   "TERMINATION CURRENCY" means USD.

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

(9)   Each of the following is an ADDITIONAL TERMINATION EVENT:

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

      (ii) REDEMPTION FOR TAXATION OR OTHER REASONS. In the event that the Notes
      are redeemed in full at any time for tax or other reasons pursuant to
      Condition 5(j) (Redemption for Taxation or Other Reasons). In respect of
      such Additional Termination Event, Party B shall be the sole Affected
      Party.

      (iii) SECURITY TRUST DEED. An Event of Default occurs under the Security
      Trust Deed and the Security Trustee has declared the Notes immediately due
      and payable. In respect of such Additional Termination Event, Party B
      shall be the sole Affected Party.

      If any Early Termination Date is designated or occurs, "MARKET QUOTATION"
in respect of the Terminated Transactions shall be determined based on a CPR
rate with that rate determined by Party A as Calculation Agent based on the
actual rate of prepayment from the Settlement Date or if prior to the first
interest payment date then a CPR rate based on the amortisation schedule used in
the prehedging, provided that the CPR rate determined by the Calculation Agent
may not reflect such actual rate of prepayment if the Calculation Agent, acting
in a commercially reasonable manner, so determines in light of the prevailing
and expected economic conditions, but must reflect the expected rate of
prepayment determined by the Calculation Agent acting in a commercially
reasonable manner in light of the prevailing and expected economic conditions.

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

                  "(aa) RESTRICTED TERMINATION RIGHTS

                        (i)   TERMINATION BY PARTY B: Party B must not designate
                              an Early Termination Date without the prior
                              written consent of the Note Trustee. In the event
                              that Party B were to designate an Early
                              Termination Date and there would be a payment due
                              to Party A, Party B may only designate such an
                              Early Termination Date in respect of an Additional
                              Termination Event under Section 17 (Rating
                              Downgrade) if Party B has found a replacement
                              counterparty willing to enter a new transaction on
                              terms that reflect as closely as reasonably

                                                                          Page 2

                              possible the economic, legal and credit terms of
                              the Terminated Transactions with Party A or the
                              Designated Rating Agencies otherwise confirm that
                              the designation of the Early Termination Event
                              would not lead to a downgrade or withdrawal of the
                              rating of any Notes.

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

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

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

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

(13)  Section 6(d)(ii) is amended by deleting the words "(in the case of an
      Early Termination Date which is designated or occurs as a result of an
      Event of Default) and on the day which is two Local Business Days after
      the day on which notice of the amount payable is effective (in the case of
      an Early Termination Date which is designated as a result of a Termination
      Event)".

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

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

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

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

            "(c)  in the event that a trustee is appointed as a successor to
                  Party B under the Trust Deed and the Supplementary Terms
                  Notice (the "SUCCESSOR TRUSTEE"), Party A undertakes that it
                  shall (unless, at the time the Successor Trustee is so
                  appointed, Party A is entitled to terminate the Transaction
                  under Section 6, in which case it may) execute a novation
                  agreement novating to the Successor Trustee the Transaction
                  (provided that the policies of Party A in effect at such time
                  would permit it to enter transactions with the Successor
                  Trustee on the terms proposed) on the same terms or on other
                  terms to be agreed between Party A, Party B and the Successor
                  Trustee, and give written notice to each Designated Rating
                  Agency of such novation."

                                                                          Page 3

                                     PART 2
                               TAX REPRESENTATIONS

(1)   PAYER TAX REPRESENTATIONS

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

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

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

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

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

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

(2)   PAYEE TAX REPRESENTATIONS

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

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

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

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

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

                                                                          Page 4

                                     PART 3

                         AGREEMENT TO DELIVER DOCUMENTS

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

(a)   Other documents to be delivered are:

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

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

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

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

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

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

                                                                          Page 5

                           obligations under this Agreement

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

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

                                                                          Page 6

                                     PART 4

                                  MISCELLANEOUS

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

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

            Credit Suisse (USA) Inc.
            11 Madison Avenue
            New York
            New York 10010
            USA

            Attention:        Tim W. Blake
            Telephone:        +1 (212) 325 5942
            Facsimile:        +1 (212) 743 5833

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

            Level 12, Angel Place, 123 Pitt Street, Sydney  NSW  2000
            Attention:        Manager, Securitisation
            Telephone:        (+61) 2 9229 9000
            Facsimile:        (+61) 2 9221 7870
            Telex:            N/A

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

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

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

      Party A appoints as its Process Agent:      Not applicable

      Party B appoints as its Process Agent:      Mallesons Stephen Jaques
                                                  6th Floor
                                                  Alder Castle
                                                  10 Noble Street
                                                  London  EC2V 7JX
                                                  United Kingdom

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

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

      Party A is not a Multibranch Party.
      Party B is not a Multibranch Party.

                                                                          Page 7

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

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

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

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

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

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

(7)   CREDIT SUPPORT PROVIDER.

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

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

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

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

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

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

                                                                          Page 8

                                     PART 5

                                OTHER PROVISIONS

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

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

            "Each payment will be by way of exchange for the corresponding
            payment or payments payable by the other party and, in the case of
            any payment payable by Party A to Party B, will be discharged by
            Party A depositing that payment by 4:00 pm New York time into the
            US$ Account."

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

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

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

      "(v)  Where:

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

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

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

            (3)   the Party B Payment; or

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

(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

                                                                          Page 9

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

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

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

      (h)   RELATIONSHIP BETWEEN PARTIES. 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 including, in the case of
                  Party B, the advice of the Manager), and understands and
                  accepts, the terms, conditions and risks of that Transaction.
                  It is also capable of assuming, and assumes, the risks of that
                  Transaction.

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

      (i)   TRUST. Party B represents to Party A, in respect of Party B only
            that:

            (i)   TRUST VALIDLY CREATED. The Trust has been validly created
                  under the laws by which it is stated to be governed and is in
                  existence at the date of this Agreement.

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

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

                                                                         Page 10

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

            (v)   GOOD TITLE. Party B has equitable title to the Assets of the
                  Trust and has power under the Trust Deed to mortgage or charge
                  them in the manner provided in the Security Trust Deed and,
                  subject only to the Trust Deed, the Security Trust Deed and
                  any Security Interest permitted under the Trust Deed, as far
                  as Party B is aware, those Assets are free from all other
                  Security Interests (except for Party B's right of indemnity
                  out of the Assets of the Trust)."

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

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

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

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

(13)  ISDA DEFINITIONS. This Agreement, each Confirmation and each Transaction
      are subject to the 2000 ISDA Definitions (as published by the
      International Swaps and Derivatives Association, Inc) (the "ISDA
      Definitions"), and will be governed in all respects by any provisions set
      forth in the ISDA Definitions, without regard to any amendments to the
      ISDA Definitions made after the date of this Agreement unless, in respect
      of any Confirmation, such Confirmation incorporates the 2000 ISDA
      Definitions with amendments thereto that have been made after the date of
      this Agreement. The ISDA Definitions are incorporated by reference in, and
      shall be deemed to be part of, this Agreement and each Confirmation
      unless, in respect of any Confirmation, such Confirmation incorporates the
      2000 ISDA Definitions with amendments thereto that have been made after
      the date of this Agreement.

(14)  SCOPE OF AGREEMENT.

      Any reference to a:

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

      (b)   "Transaction" in this Agreement or any Confirmation is deemed to be
            a reference to a "Swap Transaction" for the purpose of interpreting
            the ISDA Definitions.

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

      (i)   any Confirmation;

                                                                         Page 11

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

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

      (iv)  the 2000 ISDA Definitions (unless they are incorporated into a
            Confirmation, in which case, they shall take precedence in
            accordance with sub-paragraph(i) above).

(16)  DEFINITIONS AND INTERPRETATION

      Section 14 of the Agreement is modified as follows:

      (a)   New definitions are inserted as follows:

            "ACCEPTABLE ARRANGEMENT" means an arrangement which each relevant
            Designated Rating Agency has confirmed in writing will result in the
            avoidance or reversal of any Note Downgrade.

            "APPROVED BANK" means a Bank which has a short term credit rating of
            A-1+ from S&P, P-1 from Moody's and F1 from Fitch Ratings.

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

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

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

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

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

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

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

            "NOTE DOWNGRADE" means any actual or proposed withdrawal or
            downgrade of the rating assigned to the Class A-1 Notes by a
            Designated Rating Agency.

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

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

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

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

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

            "SECURITY TRUST DEED" means the Security Trust Deed dated 14
            September 2006 between Party B as issuing trustee, Crusade
            Management Limited as Manager, P.T. Limited as security trustee and
            The Bank of New York as note trustee.

            The definition of Tax is replaced with:

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

                                                                         Page 12

            "TRUST DEED" means the Master Trust Deed dated 14 March 1998 as
            amended by the Crusade Global Trust No. 2 of 2006 Supplementary
            Terms Notice dated on or about the date of this Agreement between
            (amongst others) Party B, St.George Bank Limited and the Manager
            ("SUPPLEMENTARY TERMS NOTICE") and each of the following expressions
            has the meanings given to them in the Trust Deed and the
            Supplementary Terms Notice.

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

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

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

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

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

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

      (d)   Unless defined in this Agreement, words and phrases defined in the
            Trust Deed, the Security Trust Deed and the Supplementary Terms
            Notice (each in the form as at the date of this Agreement) have the
            same meaning in this Agreement. Where there is any inconsistency in
            a definition between this Agreement (on the one hand) and the Trust
            Deed, Security Trust Deed or the Supplementary Terms Notice (on the
            other hand), this Agreement prevails. Where words or phrases used
            but not defined in this Agreement are defined in the Trust Deed in
            relation to a Trust (as defined in the Trust Deed) such words or
            phrases are to be construed in this Agreement, where necessary, as
            being used only in relation to the Trust (as defined in the
            Supplementary Terms Notice).

      (e)   Where in this Agreement a word or expression is defined by reference
            to its meaning in another Transaction Document or there is a
            reference to another Transaction Document

                                                                         Page 13

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

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

      "15. PARTY B PROVISIONS

            (a)   (A)   General

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

                  (B)   Limitation of Party B's Liability

                  (1)   Party B enters into this agreement only in its capacity
                        as trustee of the Trust and in no other capacity (except
                        where the Transaction Documents provide otherwise).
                        Subject to paragraph (3) below, a liability arising
                        under or in connection with this Agreement or the Trust
                        can be enforced against Party B only to the extent to
                        which it can be satisfied out of the assets and property
                        of the Trust which are available to satisfy the right of
                        Party B to be exonerated or indemnified for the
                        liability. This limitation of Party B's liability
                        applies despite any other provision of this Agreement
                        and extends to all liabilities and obligations of Party
                        B in any way connected with any representation,
                        warranty, conduct, omission, agreement or transaction
                        related to this Agreement or the Trust.

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

                  (3)   The provisions of this Section 15 shall not apply to any
                        obligation or liability of Party B to the extent that it
                        is not satisfied because under a Transaction Document or
                        by operation of law there is a reduction in the extent
                        of the Party B's indemnification or exoneration out of
                        the Assets of the Trust as a result of Party B's fraud,
                        negligence, or Default.

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

                                                                         Page 14

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

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

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

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

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

                  (ii)  obtaining declaratory relief; or

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

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

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

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

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

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

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

                  (vi)  (SET-OFF OR COUNTERCLAIM) exercise or seek to exercise
                        any set-off or counterclaim against Party B (other than
                        as permitted by Sections 2(c) and 6(e) of this
                        Agreement); or

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

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

      "16.  REPLACEMENT CURRENCY SWAP

            (a)   If this Agreement or any Transaction under this Agreement is
                  terminated prior to the day upon which the Class A-1 Notes are
                  repaid in full, Party B must, subject to paragraph (b) and at
                  the direction of the Manager, enter into one or more currency
                  swaps which replace the Transactions under this Agreement
                  (collectively a "REPLACEMENT CURRENCY SWAP") but only on the
                  following conditions:

                  (i)   the amount payable (if any) by Party B to Party A upon
                        termination of this Agreement or any Transaction (the
                        "TERMINATION AMOUNT") will

                                                                         Page 15

                        be paid in full when due in accordance with the
                        Supplementary Terms Notice and this Agreement;

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

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

            (b)   If the conditions in Section 16(a) are satisfied, Party B
                  must, at the direction of the Manager, enter into the
                  Replacement Currency Swap and if it does so it must direct the
                  Replacement Currency Swap Provider to pay any upfront premium
                  to enter into the Replacement Currency Swap due to Party B
                  directly to Party A in satisfaction of and to the extent of
                  Party B's obligation to pay the Termination 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 Termination
                  Amount, the balance must be satisfied by Party B as a Trust
                  Expense.

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

(18)  NOVATION

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

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

      (b)   the New Counterparty has the Required Rating.

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

(19)  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.

                                                                         Page 16

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

"17   RATING DOWNGRADE

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

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

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

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

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

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

                  (A)   a person with the Required Rating(s) of each relevant
                        Designated Rating Agency domiciled in the same legal
                        jurisdiction as Party A or Party B; or

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

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

      (d)   Where Party B has not established a Swap Collateral Account and
            Party A is to transfer Eligible Credit Support to Party B, the
            Manager must direct Party B to, and Party B must, establish, as soon
            as practicable, and maintain, in the name of Party B an account
            (where the Eligible Credit Support is in the form of cash) and/or a
            custody account (where the Eligible Credit Support is in the form of
            securities) with an Approved Bank, which account(s) shall be, for
            the purposes of this Section 17, the "SWAP COLLATERAL ACCOUNT".

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

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

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

                                                                         Page 17

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

            (iv)  funding any termination payment due to Party A.

      (f)   Party B may not invest any amounts standing to the credit of a Swap
            Collateral Account.

(21)  EXCHANGE CONTROLS

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

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

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

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

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

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

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

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

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

(24)  Scope of Agreement. This Agreement shall only govern the Transaction
      entered into between the parties on the date hereof in respect of which
      the parties are required to make payments in the AUD and USD.

                                                                         Page 18

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

Date:       19 September 2006

CREDIT SUISSE (USA) INC.                 PERPETUAL TRUSTEES CONSOLIDATED LIMITED
                                         as trustee of Crusade Global Trust No.
                                         2 of 2006

By:       /s/ Linda Steinmuller          By:    /s/ Andrea Ruver
         ----------------------------           ----------------------
Name:     Linda Steinmuller              Name:  Andrea Ruver

Title:    Vice President, Complex        Title: Manager
          Product Support

CRUSADE MANAGEMENT LIMITED

By:       /s/ Andrew Jinks
          -------------------------
Name:     Andrew Jinks

Title:    Attorney

                                                                         Page 19

                                                               19 September 2006

Perpetual Trustees Consolidated Limited
in its capacity as trustee of the Crusade Global Trust No.2 of 2006
Level 12, Angel Place
123 Pitt Street
Sydney NSW 2000
Australia

Crusade Management Limited
in its capacity as manager of the Crusade Global Trust No.2 of 2006
(the "Manager")
4-16 Montgomery Street
Kogarah
New South Wales 2217
Australia

                  (A)   External ID: 50227455

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

Dear Sir/Madam

The purpose of this letter agreement (this "Confirmation") is to confirm the
terms and conditions of the Transaction entered into between us on the Trade
Date specified below (the "Transaction"). This Confirmation constitutes a
"Confirmation" as referred to in the Agreement specified below.

This Confirmation amends, restates and supersedes in its entirety all
Confirmations dated prior to the date hereof in respect of this Transaction.

In this Confirmation "CSUS" means Credit Suisse (USA), Inc. and "Counterparty"
means Perpetual Trustees Consolidated Limited in its capacity as trustee of the
Crusade Global Trust No.2 of 2006.

1.    The definitions and provisions contained in the 2000 ISDA Definitions (as
      published by the International Swaps and Derivatives Association, Inc.)
      are incorporated into this Confirmation. In the event of any inconsistency
      between those definitions and provisions and this Confirmation, this
      Confirmation will govern. References herein to a "Transaction" shall be
      deemed to be references to a "Swap Transaction" for the purposes of the
      2000 ISDA Definitions.

      This Confirmation supplements, forms part of, and is subject to, the 1992
      ISDA Master Agreement dated on or about 19 September 2006 as amended and
      supplemented from time to time (the "Agreement"), between you and us. All
      provisions contained in the Agreement govern this Confirmation except as
      expressly modified below.

      CSUS and Counterparty each represents to the other that it has entered
      into this Transaction in reliance upon such tax, accounting, regulatory,
      legal, and financial advice as it deems necessary and not upon any view
      expressed by the other.

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

            Trade Date:                   19 September 2006

            Effective Date:               21 September 2006

            Termination Date:             The earlier of:

                                          (i)   15 November 2037; and

                                          (ii)  the date on which all of the
                                                Class A-1 Notes are redeemed in
                                                whole in accordance with the
                                                Conditions (other than as a
                                                result of redemption pursuant to
                                                Condition 5(j) (Redemption for
                                                Taxation or Other Reasons) or
                                                Condition 10 (Enforcement)),

                                          in each case, subject to adjustment
                                          in accordance with the Modified
                                          Following Business Day Convention
      Counterparty Floating Amounts:

            Floating Rate Payer:          Counterparty

            Floating Rate Payer
            Currency Amount:              The AUD Equivalent of the CSUS
                                          Floating Rate Payer Currency Amount.

            Floating Rate Payer
            Payment                       Dates: The 15th day of each February,
                                          May, August and November, commencing
                                          on 15 November 2006, and ending on the
                                          Termination Date, inclusive, subject
                                          to adjustment in accordance with the
                                          Modified Following Business Day
                                          Convention.

            Floating Rate Option:         AUD-BBR-BBSW; provided, however, that
                                          in respect of the initial Calculation
                                          Period, Linear Interpolation shall
                                          apply based upon a Designated Maturity
                                          of 1 month and a Designated Maturity
                                          of 2 months

            Designated Maturity:          3 months (except as noted above)

            Spread:                       In respect of each Floating Rate
                                          Payer Payment Date:

                                          (i)   up to (and including) the Call
                                                Date, plus 0.1553%; and

                                          (ii)  after the Call Date,
                                                plus 0.3106%.

            Floating Rate
            Day Count Fraction:           Actual/365 (Fixed)

            Reset Dates:                  The first day of each Calculation
                                          Period.

            Compounding:                  Inapplicable

External ID: 50227455

CSUS Floating Amounts:

            Floating Rate Payer:          CSUS

            Floating Rate Payer
            Currency Amount:              In respect of any Floating
                                          Rate Payer Payment Date, the aggregate
                                          of the Invested Amounts of the Class
                                          A1 Notes on the immediately preceding
                                          Floating Rate Payer Payment Date (or,
                                          if none, the Effective Date) after any
                                          adjustment thereto on such date.

            Floating Rate Payer
            Payment Dates:                The 15th day of each February,
                                          May, August and November, commencing
                                          on 15 November 2006, and ending on the
                                          Termination Date, inclusive, subject
                                          to adjustment in accordance with the
                                          Modified Following Business Day
                                          Convention.

            Floating Rate Option:         USD-LIBOR-BBA; provided, however, that
                                          in respect of the initial Calculation
                                          Period, Linear Interpolation shall
                                          apply based upon a Designated Maturity
                                          of 1 month and a Designated Maturity
                                          of 2 months

            Designated Maturity:          3 months (except as noted above)

            Spread:                       In respect of each Floating Rate
                                          Payer Payment Date:

                                          (i)   up to (and including) the Call
                                                Date, plus 0.06%; and

                                          (ii)  after the Call Date,
                                                plus 0.12%.

            Floating Rate
            Day Count Fraction:           Actual/360

            Reset Dates:                  The first day of each Calculation
                                          Period.

            Compounding:                  Inapplicable

    Initial Exchange:

            Initial Exchange Date:        Effective Date

            CSUS Initial Exchange
            Amount:                       AUD1,596,806,387.23

            Counterparty Initial
            Exchange Amount:              USD 1,200,000,000.00

    Interim Exchange:

External ID: 50227455

            Interim Exchange Date:        Each Floating Rate Payer Payment Date
                                          on which the  Counterparty  Interim
                                          Exchange Amount is greater than zero.

            CSUS Interim Exchange
            Amount:                       The USD Equivalent of the Counterparty
                                          Interim Exchange Amount.

            Counterparty Interim
            Exchange Amount:              The AUD amount available for
                                          distribution to CSUS as Currency Swap
                                          Provider in respect of the Class A-1
                                          Currency Swap in accordance with
                                          clause 5.5(a)(iii)(A)(1) or clause
                                          5.6(a)(iii)(A)(1) (as the case may be)
                                          of the Supplementary Terms Notice.

      Final Exchange:

            Final Exchange Date:          Termination Date

            CSUS Final Exchange
            Amount:                       The aggregate of the Invested Amounts
                                          of the Class A1 Notes on the Final
                                          Exchange Date.

            Counterparty Final
            Exchange Amount:              The AUD Equivalent of the CSUS Final
                                          Exchange Amount.

      Business Day:                       London, New York, Sydney and TARGET

      Calculation Agent:                  CSUS

Account Details:

            Payments to CSUS:

            Account(s) for payments to
            CSUS in USD:

            Pay to:                             Citibank

            Account Name:                       CS USA Inc

            ABA No.:                            021000089

            Account Number:                     38896033

            Account(s) for payments to
            CSUS in AUD:

            Pay to:                             Westpac

            Account Name:                       CS USA Inc

            Account No.:                        CLC0001979

External ID: 50227455

            Payments to Counterparty:

            Account(s) for payments to the

            Counterparty in USD:

            Pay to:                             The Bank of New York - New York

            Account Name:                       Transfer Funds Reconcilement

            ABA No.:                            021-000-018

            Account No.:                        GLA/111-565

            Sub Account No.:                    383838

            Sub Account Name:                   GTS - Asia Pacific

            Ref:                                Sub Account 383838

                                                Attn: Paul Wilden - GTS Crusade

                                                Global Trust No. 2 of 2006
                                                Class A1

            Account(s) for payments to the
            Counterparty in AUD:

            Pay to:                             St. George Bank Limited

                                                Level 12, 55 Market Street,

                                                Sydney NSW 2000

            SWIFT Code:                         SGBL AU2S

            BSB:                                112-601

Office:

      Counterparty is acting through its Sydney Office for the purposes of this
Transaction.

Additional Provisions

External ID: 50227455

The Manager acknowledges and agrees to perform its obligations to CSUS as
Currency Swap Provider set out in clause 5.25 of the Supplementary Terms Notice.

Definitions:

"AUD Equivalent" means, in respect of any amount denominated in USD, the
equivalent amount in AUD determined using the Exchange Rate.

"Call Date" bears the meaning ascribed to such term in the Supplementary Terms
Notice.

"Class A1 Currency Swap" bears the meaning ascribed to such term in the
Supplementary Terms Notice.

"Class A1 Notes" bears the meaning ascribed to such term in the Supplementary
Terms Notice.

"Conditions" bears the meaning ascribed to such term in the Supplementary Terms
Notice.

"Currency Swap Provider" bears the meaning ascribed to such term in the
Supplementary Terms Notice.

"Exchange Rate" means AUD1:USD 0.7515.

"Invested Amount" bears the meaning ascribed to such term in the Supplementary
Terms Notice.

"Supplementary Terms Notice" means the Supplementary Terms Notice dated on or
about 19 September 2006 entered into by, among others, Counterparty, the Manager
and St. George Bank Limited, in respect of the Crusade Global Trust No.2 of
2006.

"USD Equivalent" means, in respect of any amount denominated in AUD, the
equivalent amount in USD determined using the Exchange Rate.

Please confirm that the foregoing correctly sets forth the terms of our
agreement by executing a copy of this Confirmation and returning it to us.

Yours sincerely

                                    CREDIT SUISSE (USA), INC.

                                    By:    /s/ Linda Steinmuller
                                           -----------------------------------
                                           Name:  Linda Steinmuller
                                           Title: Vice President,
                                                  Complex Product Support

Confirmed as of the
date first above written:

PERPETUAL TRUSTEES CONSOLIDATED LIMITED
IN ITS CAPACITY AS TRUSTEE OF THE CRUSADE GLOBAL TRUST NO.2 OF 2006

By:    /s/ Andrea Ruver
       ------------------------------
       Name: Andrea Ruver
       Title:   Manager

CRUSADE MANAGEMENT LIMITED
IN ITS CAPACITY AS MANAGER OF THE CRUSADE GLOBAL TRUST NO.2 OF 2006

By:    /s/ Andrew Jinks
       ------------------------------
       Name:  Andrew Jinks
       Title: Attorney

External ID: 50227455LENDERS' MORTGAGE INSURANCE PROVISIONS

between

Perpetual Trustees Consolidated Limited in
its capacity as trustee of the Crusade
Global Trust No. 2 of 2006

and

PMI Mortgage Insurance Ltd

ABN 70 000 511 071

and

St.George Bank Limited

ABN 92 055 513 070

MASTER AGREEMENT NUMBER: G02740906

DATE OF ISSUE: 18 September 2006

PMI LENDERS' MORTGAGE INSURANCE

1. The insurance Agreement is between You and Us...............................4

1A  Disclosures, representations, acts and omissions...........................4

2. We rely on statements from You..............................................4

3. If requirements are not met.................................................5

3A  Obligations................................................................6

4. Consumer Credit Code........................................................6

5. What types of insurance do We provide?......................................6

6. Entering into the Agreement and the once-only fee...........................6

7. Management of Insured Mortgage and Loan Account.............................7

8. Assignment of this Agreement................................................7

9. What if the Borrower requires more money?...................................7

10. Construction and Improvement Loans.........................................8

11. Securing and protecting the loan...........................................9

12. Protecting Your rights....................................................10

13. Protecting the Mortgaged Property.........................................11

14. Action following default by the Borrower..................................12

15. How and when to claim for Loss............................................13

16. How is Your claim for Loss calculated?....................................14

17. You give Us Your rights after We pay a claim..............................17

18. After a claim is made.....................................................17

19. Termination of the Agreement..............................................17

20. Notices, reports and Applications.........................................18

21. Meaning of words..........................................................19

22. Assignments Related to Securitisation.....................................25

23. Servicer as Mortgage Manager..............................................26

                                  Page 2 of 33

24. Payment of Once-only Fee..................................................27

25. Trustee Provisions........................................................27

26. Governing Law.............................................................28

                                  Page 3 of 33

                  PMI LENDERS' MORTGAGE INSURANCE PROVISIONS

SOME WORDS USED IN THE AGREEMENT HAVE SPECIFIED MEANINGS WHICH ARE LISTED IN
CLAUSE 21

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1.    THE INSURANCE AGREEMENT IS BETWEEN YOU AND US

The Lenders' Mortgage Insurance Agreement ("the Agreement") is a contract of
insurance between You and Us. It relates to the mortgages described in Exhibit A
to this Agreement.

We agree to insure You against Loss on each Insured Mortgage on the terms set
out in the Agreement upon payment of the once-only fee.

The Agreement consists of:

   o  this document and any exhibits, schedules and attachments to it; and

   o  the details in the Schedule relating to the Lenders' Mortgage
      Insurance Advice.

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1A    DISCLOSURES, REPRESENTATIONS, ACTS AND OMISSIONS

For the purposes of the Agreement any disclosure, non-disclosure or
representation, the doing of any act or thing, the omission to do any act or
thing and the receipt of any moneys by any Loan Originator, Mortgage Manager,
the Insured Lender or the Trustee shall be deemed to be the disclosure,
non-disclosure or representation, the doing of the act or thing, the omission to
do the act or thing and the receipt of the moneys by the Insured Lender or the
Trustee.

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2.    WE RELY ON STATEMENTS FROM YOU

The Insured Lender warrants that:

   o  the particulars and statements in the Application are true and correct;

   o  the Insured Mortgages meet the Eligibility Criteria; and

   o  the Loan Amount is originated according to and in compliance with the
      Insured Lender's loan policy at the time of origination.

You acknowledge that We rely on the particulars and statements in the
Application in deciding whether to provide You insurance.

For the purpose of the Agreement any Loan Originator involved in the
establishment of the Insured Mortgage is agreed to be Your agent and the

Insured Lender will be responsible for any non-disclosure or misrepresentation
arising from information provided by or through such person.

      DUTY  OF DISCLOSURE

Before You enter into a contract of insurance with Us, You have a duty, under
the Insurance Contracts Act 1984, to disclose to Us every matter that You
know, or could reasonably be expected to know, is relevant to Our decision
whether to accept the risk of the insurance and, if so, on what terms.

You have the same duty to disclose those matters to Us before You renew,
extend, vary or reinstate a contract of insurance.

Your duty however does not require disclosure of a matter:

   o  that diminishes the risk to be undertaken by Us; or

   o  that is of common knowledge; or

   o  that We know or, in the ordinary course of Our business, ought to know; or

   o  as to which compliance with Your duty is waived by Us.

      NON-DISCLOSURE

If You fail to comply with Your duty of disclosure, We may be entitled to
reduce Our liability under the Agreement in respect of a claim or may cancel
the Agreement.

If Your non-disclosure is fraudulent, We may also have the option of avoiding
the contract from its beginning.

When You have made a statement which was in fact untrue but was made on the
basis of a reasonable belief that You held based on information provided by
the Borrower, the statement will not be taken to be a misrepresentation.

--------------------------------------------------------------------------------
3.    IF REQUIREMENTS ARE NOT MET

If any of the requirements or obligations of the Insured Lender or the Trustee
or both under the Agreement are not met, then to the extent not prohibited by
the Insurance Contracts Act 1984:

   o  We may refuse to pay a claim; or

   o  We may reduce the amount of the claim by the amount which in Our opinion
      reasonably represents the extent to which Our interests have been
      prejudiced by Your failure to meet any such requirement; or

                                                                    Page 5 of 33

   o  We may cancel the Agreement.

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3A    OBLIGATIONS

An obligation or requirement imposed on the Trustee under the Agreement will
be taken by Us to be performed or discharged by the Trustee to the extent that
it is performed or discharged by either or both of the Insured Lender or the
Mortgage Manager.

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4.    CONSUMER CREDIT CODE

The Consumer Credit Code may apply to the Insured Mortgage.

You are insured for Loss resulting from:

   o  a Credit Tribunal or Court ordering postponement of enforcement
      proceedings under Section 88 of the Consumer Credit Code; or

   o  a change to the Insured Mortgage or Loan Account or both in a manner set
      out in Section 66 of the Consumer Credit Code:

      o  agreed to by You with Our prior written consent; or

      o  ordered by a Credit Tribunal or Court under Section 68 of the Consumer
         Credit Code.

You are not insured for Loss resulting from a Credit Tribunal or Court:

   o  reopening an unjust Insured Mortgage, Collateral Security or Loan Account
      under Section 70 of the Consumer Credit Code.

   o  annulling or reducing any unconscionable interest rate change, fee or
      charge under Section 72 of the Consumer Credit Code.

--------------------------------------------------------------------------------
5.    WHAT TYPES OF INSURANCE DO WE PROVIDE?

The Advice states the insurance You have.

      100%  INSURANCE

You have 100% insurance. In the event of a claim You are reimbursed for Your
Loss calculated in accordance with the Agreement.

--------------------------------------------------------------------------------
6.    ENTERING INTO THE AGREEMENT AND THE ONCE-ONLY FEE

You pay a once-only fee. This fee is calculated on the Loan Amount. You will
also have to pay any applicable stamp duty, GST, any additional government
duties, levies or charges, where applicable.

                                                                    Page 6 of 33

You must on or prior to the Closing Date pay to Us the once-only fee, GST and
any additional government duties, levies or charges, where applicable (in such
amount as agreed between Us and St.George Bank Limited prior to the Closing
Date). Until the once-only fee, GST and any additional government duties,
levies or charges, where applicable, is received by Us the Agreement does not
come into force. If the once-only fee is not received by Us on or before the
Closing Date the Agreement does not come into force at all.

--------------------------------------------------------------------------------
7.    MANAGEMENT OF INSURED MORTGAGE AND LOAN ACCOUNT

Each Insured Mortgage and each Loan Account must be administered and managed
by You or a Mortgage Manager.

Any Mortgage Manager is agreed to be Your agent.

Any Mortgage Manager must be approved by Us in writing.

We may require You to appoint or replace a Mortgage Manager to administer and
manage the Insured Mortgage and the Loan Account in the following situations:

   o  insolvency, liquidation, receivership or statutory management of You or
      any existing Mortgage Manager; or

   o  if, after consultation with You, We are of the reasonable opinion that the
      administration or management of the Insured Mortgage is not being
      conducted satisfactorily.

--------------------------------------------------------------------------------
8.    ASSIGNMENT OF THIS AGREEMENT

You may assign Your rights under the Agreement to someone else only if:

   o  You have Our prior written consent; or

   o  It is pursuant to a substitution of the Trustee under the transaction
      documents for the Series Trust; or

   o  We have notified You in writing that You may do so without Our consent.

Within 30 days of any assignment You must notify Us in writing and pay to Us
any applicable fee.

--------------------------------------------------------------------------------
9.    WHAT IF THE BORROWER REQUIRES MORE MONEY?

Before the advance of funds secured by the Insured Mortgage additional to the
Loan Amount ("a further advance") Our prior written consent is required.

                                                                    Page 7 of 33

An additional fee, Including GST where applicable, is payable before a further
advance is insured. The Insured Lender will also have to pay any additional
government duties, levies or charges where applicable.

However, You need not seek Our prior consent to a further advance if:

   o  LOAN REDRAW

      o  the Borrower's payments are equal to or in advance of the Scheduled
         Instalments; and

      o  the Borrower only redraws up to the amount by which the Scheduled
         Instalments have been exceeded.

In this case such a further advance is insured and no additional fee is
payable.

--------------------------------------------------------------------------------
10.   CONSTRUCTION AND IMPROVEMENT LOANS

If the purpose of the Insured Mortgage or any part of the Insured Mortgage is
for Improvements to the Mortgaged Property, then We are not obliged to pay a
claim unless:

   o  BEFORE THE INITIAL LOAN ADVANCE

      o  the Borrower has entered a fixed price contract accepted by the Insured
         Lender; and

      o  all necessary consents and approvals from relevant statutory and other
         authorities are held and are current; and

   o  DURING CONSTRUCTION

      o  if the Loan Amount is advanced progressively, the progress advances do
         not exceed increases in the value of the Mortgaged Property confirmed
         by inspection certificates from a Valuer instructed by the Insured
         Lender; and

      o  the Improvements are completed within twelve months of the Initial Loan
         Advance; and

      o  an amount of the principal is retained by the Insured Lender to ensure
         that the Improvements can be completed in accordance with the plans and
         specifications incorporated within the fixed price building contract
         accepted by the Insured Lender; and

   o  BEFORE THE FINAL LOAN ADVANCE

      o  A final inspection certificate from a Valuer is provided confirming
         that the completion of Improvements is in accordance with the plans and
         specifications; and

                                                                    Page 8 of 33

      o  a certificate is issued by each relevant authority certifying that the
         Improvements comply with approvals issued by the authority before the
         Final Loan Advance is made.

      COST OVERRUNS

Cost Overruns must be paid immediately they are identified and prior to any
further progress payments being paid.

Cost Overruns (including, without limitation any Cost Overruns attributable
wholly or partly to the introduction of GST and any GST component of the Cost
Overruns) are not insured.

We may decline to meet a claim under the Agreement until the Improvements for
which the Insured Mortgage was made have been completed.

If the Insured Lender does not retain sufficient funds to complete the
Improvements, We will deduct from any claim under the Agreement an amount
equal to the additional amount required to complete the Improvements as
assessed by a Valuer instructed by Us.

--------------------------------------------------------------------------------
11.   SECURING AND PROTECTING THE LOAN

The Insured Mortgage must be an enforceable registered mortgage over real
estate property in Australia. You are not insured if the mortgage is not
enforceable.

You must follow the procedures of a prudent lender in preparing, administering
and managing the Insured Mortgage, any Collateral Security and the Loan
Account.

The Insured Mortgage must be either:

   o  a first mortgage; or

   o  a second or lower ranking mortgage.

      Where the Insured Mortgage is a second or a lower ranking mortgage the
      following conditions must be met:

      o  St. George Bank Limited must be the first mortgagee of all prior
         ranking mortgages; and

      o  all prior ranking mortgages must be equitably assigned to the Trustee
         on the Closing Date (or such other date as St.George Bank Limited and
         We agree).

                                                                    Page 9 of 33

Where the Agreement insures more than one mortgage, the mortgages must be
cross collateralised.

      VALUATIONS

A Valuation which forms part of the Application to Us must:

   o  be at Your instruction; and

   o  expressly acknowledge that We may rely on it; and

   o  be in a form acceptable to Us.

      VARIATIONS

Variations to the Insured Mortgage or Loan Account or both can only be made
with Our prior written consent.

Some examples are:

   o  capitalisation or deferment of instalments

   o  partial discharge, release or substitution of security

   o  change of the Borrower or any Guarantor

   o  conversion of principal and interest loans to or from interest only loans

   o  variation to the Expiry Date of the loan.

--------------------------------------------------------------------------------
12.   PROTECTING YOUR RIGHTS

During the whole term of the Agreement You must protect Your rights under Your
Security Interest and in particular:

   o  Your right to take action to recover the Loan Account must continue to
      exist; and

   o  Your right to take action to recover the Loan Account must not be deferred
      except with Our written consent; and

   o  there must be no Security Interest over the Mortgaged Property which takes
      priority over the Insured Mortgage or those We consent to in writing and
      other than a first mortgage where the conditions in clause 11 have been
      met and any Permitted Prior Security Interests in relation to the Insured
      Mortgage; and

   o  all the terms of the Insured Mortgage and every Collateral Security must
      continue to be enforceable;

                                                                   Page 10 of 33

   o  You must give Us when requested notice in writing of the discharge in
      whole of the Insured Mortgage and any Collateral Security within thirty
      (30) days of such discharge occurring.

--------------------------------------------------------------------------------
13.   PROTECTING THE MORTGAGED PROPERTY

You and the Insured Lender must do everything reasonable to ensure that the
Insured Lender's interest in the Mortgaged Property is protected.

If You or any of Your officers responsible for the administration of the Loan
Account becomes actually aware:

(A)   that the Mortgaged Property is defective, damaged, has been vacated or is
      contaminated, You or the Insured Lender must tell us immediately; and

(B)   that the condition of the Mortgaged Property has deteriorated in a
      material respect, You or the Insured Lender must do everything reasonable
      and which You or the Insured Lender is permitted to do under the Loan or
      the Mortgage to restore the Mortgaged Property (without any obligation on
      You to expend any money on such restoration).

      PROPERTY INSURANCE

It must be a term of the relevant Loan or Mortgage that the Borrower is
required to ensure that during the whole term of the Agreement that the
Mortgaged Property is insured for its full insurable value against the
standard perils normally covered in a general insurance policy on a
replacement and reinstatement basis. Your interest as mortgagee must be noted.

      PROPERTY DAMAGE

If the Mortgaged Property suffers any damage or destruction (except reasonable
wear and tear), You must ensure that all proceeds of any insurance which You
receive and which is available to restore that damage or destruction (in whole
or in part) is so applied. This does not limit Your ability to expend any
other money towards restoration as You see fit.

We will meet a claim under the Agreement only when the Mortgaged Property has
been restored.

The costs of restoration are not insured under this Agreement.

However if the purpose of the Insured Mortgage or any part of the Insured
Mortgage is for Improvements to the Mortgaged Property We will meet a

                                                                   Page 11 of 33

claim under the Agreement only when the Improvements have been completed.

      CONTAMINATION

If there is Contamination of the Mortgaged Property We will meet a claim under
the Agreement only when the Contaminant has been removed and the Mortgaged
Property is cleaned up and restored as nearly as possible to its condition at
the date of commencement of the insurance.

The costs of removal, clean up and restoration arising from Contamination are
not insured under the Agreement.

--------------------------------------------------------------------------------
14.   ACTION FOLLOWING DEFAULT BY THE BORROWER

In the event of default by the Borrower You, or the Mortgage Manager on Your
behalf, must follow the procedures of a prudent lender in administering and
managing the Insured Mortgage, any Collateral Security and the Loan Account.

      FIRST REPORTING TO US

Any of the following events must be reported to Us in writing within 14 days:

      o  the total amount due and unpaid under the Insured Mortgage or Loan
         Account or both is equal to or exceeds the total of ninety (90) days
         arrears, being four (4) scheduled monthly instalments; or

   o  the Loan Amount is not repaid at the expiry of the Loan Term; or

   o  You take possession of the Mortgaged Property; or

   o  You become aware:

      o  there has been a default under a mortgage over the Mortgaged Property
         other than the Insured Mortgage; or

      o  another mortgagee intends to sell or has sold the Mortgaged Property;
         or

      o  an Application for winding up or  administration or a petition for
         bankruptcy has been or is to be lodged in relation to the Borrower or
         any Guarantor; or

      o  any meeting of the members or shareholders of the Borrower or any
         Guarantor is convened for the purpose of considering any resolution to
         wind up that Borrower or Guarantor or to put it under administration;
         or

                                                                   Page 12 of 33

      o  the Borrower or any Guarantor has assigned its estate for the benefit
         of creditors generally; or

      o  a receiver or manager has been appointed to the Borrower or any
         Guarantor; or

      o  the Borrower intends to sell the Mortgaged Property in circumstances
         where a claim under the Agreement is likely to result; or

      o  there has been or will be any other default under the terms of the
         Insured Mortgage or Loan Account; or

      o  of any material event or circumstance relating to the Mortgaged
         Property or any Collateral Security or both arising after the date of
         commencement of the Agreement.

      FURTHER REPORTS

At monthly or longer intervals nominated by Us, the Insured Lender or Mortgage
Manager must provide Us with updated written reports and any documents about
or affecting any reported default or event.

      CONSULTATION WITH US

You must continue to consult with Us following a default by the Borrower or
any Guarantor.

If the Mortgaged Property is placed for sale You must:

   o  provide Us with a Valuation which will be no more than 60 days
      old at the proposed date of sale; and

   o  give Us 14 days notice of an intended sale; and

   o  inform Us of any reasonable offers; and

   o  seek Our consent prior to accepting a sale price which will result in a
      claim.

      RENTS OR OTHER AMOUNTS RECEIVED

Any rents or profits or other amounts You receive relating to the Mortgaged
Property or any Collateral Security are to be credited to the Loan Account.

--------------------------------------------------------------------------------
15.   HOW AND WHEN TO CLAIM FOR LOSS

A claim for Loss may be submitted:

   o  when the sale of the Mortgaged Property has been sold and settled; or

                                                                   Page 13 of 33

   o  when We ask before the Mortgaged Property is sold; or

   o  when the mortgagee under a prior mortgage has completed the sale of the
      Mortgaged Property.

The claim should be lodged within 30 days from the earlier of:-

   o  the Settlement Date; or

   o  a request from Us.

In support of the claim We must be provided with all documents and information
We reasonably require.

Any payment of a claim which We pay in full to You is a full and final
discharge of Our liability under the Agreement. Payment of a claim to the
Insured Lender shall be a full and final discharge of any liability to pay a
claim to the Trustee and payment of a claim to the Trustee shall be a full and
final discharge of any liability to pay a claim to the Insured Lender.

At Our discretion We may pay a claim before the Mortgaged Property has been
sold.

Within fourteen (14) days of receipt by Us of the complete claim documentation
Including all documentation and information reasonably required by Us We will
assess the claim and pay the amount recoverable under this Agreement.

--------------------------------------------------------------------------------
16.   HOW IS YOUR CLAIM FOR LOSS CALCULATED?

The Loss is the amount owing less the amount recovered as defined below:

--------------------------------------------------------------------------------
AMOUNT OWING IS THE TOTAL OF:

--------------------------------------------------------------------------------
   o  BALANCE OF THE LOAN ACCOUNT AT THE SETTLEMENT DATE; AND

   o  INTEREST ON THE BALANCE OF THE LOAN ACCOUNT FROM THE SETTLEMENT DATE TO
      THE DATE OF CLAIM TO A MAXIMUM OF 30 DAYS; AND

   o  COSTS INCURRED ON SALE OF THE MORTGAGED PROPERTY WHICH INCLUDE:

      o  costs properly incurred for insurance premiums, rates, land tax
         (calculated on a single holding basis) and other statutory charges on
         the Mortgaged Property; and

      o  reasonable and necessary legal fees and disbursements incurred in
         enforcing or protecting Your rights under the Insured Mortgage; and

      o  reasonable agent's commission, advertising costs, Valuation costs and
         other costs relating to the sale of the Mortgaged Property; and

      o  reasonable and necessary costs incurred in maintaining (but not
         restoring) the Mortgaged Property, however total costs in excess of
--------------------------------------------------------------------------------

                                                                   Page 14 of 33

--------------------------------------------------------------------------------
         $1,500 can be included only with Our prior written consent to incur
         them; and

      o  any GST incurred on the sale or transfer of the Mortgaged Property to a
         third party in or towards the satisfaction of any debt that the
         Borrower owed under the Loan Account, and any GST is properly incurred
         in respect of any of the costs, fees, disbursements or commissions
         specifically identified under this section headed "Costs incurred on
         the sale of the Mortgaged Property which include."

      o  any amounts applied with Our prior written consent to discharge a
         Security Interest having priority over the Insured Mortgage.
--------------------------------------------------------------------------------

AMOUNT OWING DOES NOT INCLUDE:
--------------------------------------------------------------------------------

   o  Interest charged in advance; and

   o  Default rate interest; and

   o  Early Repayment Fees; and

   o  Break Funding Costs; and

   o  Higher rate interest payable because of failure to make prompt payment;and

   o  Fines, fees or charges debited to the Loan Account; and

   o  Costs of restoration following damage to or destruction of the Mortgaged
      Property; and

   o  Costs of removal, clean up and restoration arising from Contamination of
      the Mortgaged Property; and

   o  Additional funds advanced to the Borrower without Our written consent
      other than any loan redraws in accordance with clause 9; and

   o  Amounts paid in addition to the Loan Amount to complete Improvements; and

   o  Cost Overruns; and

   o  Any civil or criminal penalties imposed under legislation Including the
      Consumer Credit Code.

   o
--------------------------------------------------------------------------------

AMOUNT RECOVERED IS THE TOTAL OF:
--------------------------------------------------------------------------------
   o  THE GROSS PROCEEDS OF SALE OF THE MORTGAGED PROPERTY; AND

   o  THE FOLLOWING IF NOT ALREADY APPLIED TO THE CREDIT OF THE LOAN ACCOUNT:

      o  compensation received for any part of the Mortgaged Property or any
         Collateral Security that has been resumed or compulsorily acquired; and

      o  all rents collected and other profits received relating to the
--------------------------------------------------------------------------------

                                                                   Page 15 of 33

--------------------------------------------------------------------------------
         Mortgaged Property or any Collateral Security; and

      o  any sums received under any insurance policy relating to the Mortgaged
         Property not applied to restoration of the Mortgaged Property following
         damage or destruction but only to the extent you are entitled to apply
         those sums to the credit of the Loan Account; and

      o  all amounts recovered from the exercise of Your rights relating to any
         Collateral Security; and

      o  any other amount received relating to the Insured Mortgage or any
         Collateral Security Including any amounts received from the Borrower,
         any Guarantor, or prior mortgagee.

      o  any amount incurred by You in respect of GST relating to the Mortgaged
         Property or any Collateral Security to the extent for which You are
         entitled to claim an Input Tax Credit.
--------------------------------------------------------------------------------

      REDUCTIONS

Where You have made a claim and Your Loss has been increased due to Your
consent, without Our written approval, to:

   o  the creation of any lease, licence, easement, restriction or other
      notification affecting the Mortgaged Property; or

   o  an increase in or acceleration of the payment obligation of the Borrower
      under any Security Interest having priority over the Insured Mortgage;
      then

We may reduce the amount payable to You by that increased Loss.

Where We pay any claim the amount of that payment will be less the amount of
any GST Input Tax Credit or reduced Input Tax Credit (together "Input Tax
Credits") that are or may be made available to You by reason of any taxable
supply made in connection with the exercise of Your rights under or in
connection with the Mortgaged Property and in respect of which the payment is
made. If the payment is not made in respect of any particular taxable supply,
then the payment shall be reduced by such amount as in Our opinion reflects
the Input Tax Credits that would have been available if the payment had been
applied in connection with the exercise of Your rights under or in connection
with the Mortgaged Property or for the provision of any services in connection
with the exercise of such rights

Where Your Loss has been increased due to the making of any false or
misleading statement, assurance or representation to the Borrower or any
Guarantor We may reduce the amount paid in the event of a claim by that
increase in the Loss.

                                                                   Page 16 of 33

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17.   YOU GIVE US YOUR RIGHTS AFTER WE PAY A CLAIM

After We pay a claim We may require You to:

   o  assign the Insured Mortgage and any Collateral Security to Us; or

   o  appoint Us Your attorney to exercise any of Your rights under the Insured
      Mortgage and any Collateral Security.

You must comply with Our reasonable requests for assistance to recover from
the Borrower or any Guarantor the amount We pay to You in the event of a
claim.

--------------------------------------------------------------------------------
18.   AFTER A CLAIM IS MADE

      REFUNDS OF AMOUNTS RECOVERED BY YOU

Any amount You recover relating to the Insured Mortgage or any Collateral
Security after You have made a claim must be paid to Us.

      SHARING OF RECOVERIES

However, if You sustain a Loss on the Loan Account after the sale of the
Mortgaged Property and payment of a claim by Us, any recoveries under the
Insured Mortgage or any Collateral Security, will be shared between You and Us
on a pro-rata basis.

The calculation of the pro-rata sharing shall exclude any amounts relating to
debts owed by the Borrower independent of the Loan Account such as personal
loans or credit card debts.

--------------------------------------------------------------------------------
19.   TERMINATION OF THE AGREEMENT

The Agreement terminates:

   o  when the Loan Account is repaid in full; or

   o  on the Expiry Date of the insurance, however if before fourteen (14)
      days after the Expiry Date of the insurance You have given Us notice of
      default the Agreement will continue solely for the purpose of a claim; or

   o  in respect of a Loan, when We pay a claim in respect to that Loan; or

   o  upon cancellation of the Agreement in accordance with the Insurance
      Contracts Act 1984.

                                                                   Page 17 of 33

--------------------------------------------------------------------------------
ASSISTANCE AND INSPECTION

   o  You will co-operate with all reasonable requests by Us and Our
      representatives and all requests by the Australian Prudential Regulation
      Authority for information, documents and assistance relating to
      Applications or Insured Mortgages.

   o  You will, at Your own expense and within 15 business days of a written
      notice by Us, make available to Us and Our representatives, access to and
      copies of all Applications and supporting documentation requested by Us.

   o  We may require You to furnish to Us information, Applications and
      supporting documentation, which We may use for any purpose permitted by
      law including for the purpose of reviewing compliance with the Eligibility
      Criteria.

   o  We will exercise Our rights of inspection reasonably.

   o  In the event of any inconsistency in the information, Applications and
      supporting documentation that You provide to Us, You will assist Us to
      identify the reasons for, and resolve, the inconsistency.

--------------------------------------------------------------------------------
REPORTING

   o  Within 15 business days of the end of each calendar month, You will
      provide to Us in writing the following information identifying, in
      relation to the preceding month Loans that have been fully repaid.

--------------------------------------------------------------------------------
20.   NOTICES, REPORTS AND APPLICATIONS

Notices, reports and Applications to Us are to be provided to:

PMI Mortgage Insurance Ltd.

Level 21 50 Bridge Street

SYDNEY NSW 2000

Facsimile No: 02 9251 5550

or to any other address We specify in writing.

Notices to You are to be provided to Your address stated in the Advice or any
other address You may specify in writing.

Where agreed between You and Us notices, reports and Applications may be
provided by mutually acceptable methods of electronic communication.

                                                                   Page 18 of 33

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21.   MEANING OF WORDS

ADVICE AND LENDERS' MORTGAGE INSURANCE ADVICE

means the details and any special conditions specified in the Schedule in
relation to a mortgage insured under the Agreement.

APPLICATION

means information supplied to Us. This information will generally comprise
documentation Including the Lenders' Mortgage Insurance Application,
Borrower's loan Application, Your loan assessment and supporting documentation
and a Valuation of the Mortgage property and any documents setting out
St.George Bank Limited's Residential Policy and Procedure in relation to the
Insured Mortgages.

BORROWER

means the borrower specified in the Loan.

BREAK FUNDING COSTS

means costs or Losses incurred by You as a result of the Insured Mortgage
being discharged or the Loan Account being repaid or both, prior to the expiry
of the Loan Term provided You are entitled to recover such costs or Losses
from the Borrower.

CLOSING DATE

means the date specified as such in the Schedule.

COLLATERAL SECURITY

means any Security Interest, other than the Insured Mortgage, You obtain as
security for, or guaranteeing, the payment of the Loan Account.

CONSUMER CREDIT CODE

means the Consumer Credit Code set out in the Appendix to the Consumer Credit
(Queensland) Act 1994 as in force and applicable for the time being in each
State and Territory of Australia and in Western Australia the Consumer Credit
(Western Australia) Code and in Tasmania, the Consumer Credit (Tasmania) Code.

                                                                   Page 19 of 33

CONTAMINANT

means any substance the presence of which on a property renders the property
in whole or in part harmful or unusable or both, Including radioactive
material, asbestos, biological agents, heavy metals and toxins.

CONTAMINATION

means the presence in, on or under a property of any Contaminant at a
concentration above that naturally present in, on or under the property.

COST OVERRUNS

may occur if the purpose of the Insured Mortgage or any part of the Insured
Mortgage is for Improvements to the Mortgaged Property. Cost Overruns means
the cost of Improvements (including Improvements the subject of variations to
the fixed price building contract) in excess of the amounts approved in the
original Loan Amount and identified in the fixed priced building contract.

CREDIT TRIBUNAL OR COURT

means a Credit Tribunal or Court having jurisdiction under the Consumer Credit
Code.

EARLY REPAYMENT FEES

means any fines, fees or charges You are entitled to recover from the Borrower
as a result of the Insured Mortgage being discharged or the Loan Account being
repaid or both prior to the expiry of the Loan Term.

ELIGIBILITY CRITERIA

means the eligibility criteria detailed in the Schedule.

EXPIRY DATE:

of the insurance means the expiry date of the Loan in respect of an Insured
Mortgage.

FINAL LOAN ADVANCE

means the last progress payment of the Loan Amount upon completion of any
improvement to the Mortgaged Property.

                                                                   Page 20 of 33

GST

means the goods and services tax as imposed by the GST Act.

GST ACT

means A New Tax System (Goods and Services Tax) Act 1999, or, if that Act does
not exist for any reason, means any Act imposing or relating to the imposition
or administration of a goods and services tax in Australia and any regulation
made under that Act.

GUARANTOR

means any person who has guaranteed performance of any of the Borrower's
obligations under the Insured Mortgage or Loan or both or provided indemnity
in respect of breach of those obligations.

IMPROVEMENTS

means any construction, additions, renovations and repairs on or to a Mortgaged
Property.

INCLUDING OR SUCH AS

when introducing an example does not limit the meaning of the words to which
the example relates to that example or examples of a similar kind.

INITIAL LOAN ADVANCE

means the first advance of the Loan Amount or part of the Loan Amount and
includes the only advance if the entire Loan Amount is advanced at one time.

INSURED LENDER

means the insured lender specified in the Schedule.

INSURED MORTGAGE

means each mortgage specified in Exhibit A to the Agreement.

INPUT TAX CREDIT

has the meaning given to that term by the GST Act.

                                                                   Page 21 of 33

LOAN

means each loan specified in the Schedule.

LOAN ACCOUNT

means the total of the Loan Amount and interest on the Loan Amount outstanding
under the Insured Mortgage, or related Loan documents.

LOAN AMOUNT

means the loan amount stated in the Advice.

LOAN ORIGINATOR

means any person who, whether acting as the agent of the Insured Lender or of
the Borrower or acting independently is involved in the marketing or
establishment of the Insured Mortgage and may include an agent, a mortgage
broker, a Mortgage Manager and a Trust Manager.

LOAN TERM

means the loan term stated in the Loan.

LOSS

means loss calculated in accordance with the Agreement.

LOW DOC LOAN

                                                                   Page 22 of 33

means a Loan, originated as a "Low Doc (Stated Income) Home Loan", in respect
of which:

   (a)   the relevant Borrower, at the time of settlement of the Loan, has been
         self employed or a full time investor for not less than 2 years; or

   (b)   the relevant Borrower is a salaried borrower who provides St. George
         with an employment confirmation, and information contained in the
         relevant application verifies that the Borrower has been employed for
         30 months over the three years preceding settlement.

and in each case the income verification requirements are less extensive than
for other Loans.

MORTGAGE MANAGER

means a person appointed to administer and manage the Insured Mortgage and
Loan Account on Your behalf.

MORTGAGED PROPERTY

means the mortgaged property stated in the Loan.

PERMITTED PRIOR SECURITY INTERESTS

in relation to an Insured Mortgage means any statutory charges, prior charges
of a body corporate, service company or equivalent, whether registered or
otherwise, which do not prevent the Insured Mortgage from being a first
ranking mortgage or a second ranking mortgage (as the case may be) in
accordance with St.George Bank Limited's lending criteria.

SCHEDULE

means the Schedule of Variables attached (including an annexure setting out
the Eligibility Criteria) to the Agreement.

SCHEDULED INSTALMENTS

means the total amount due from time to time under the Insured Mortgage or
Loan Account or both whether paid or unpaid.

                                                                   Page 23 of 33

SCHEDULED MONTHLY INSTALMENT

means the total amount payable each month (from time to time) by the Borrower
to You excluding any interest charged in advance, higher rate interest payable
for late payment and default rate interest.

SERIES TRUST

means the Crusade Global Trust No. 2 of 2006 constituted under the terms of a
Master Trust Deed dated 14 March 1998.

SERVICER

means St.George Bank Limited, ABN 92 055 513 070 or, if St.George Bank Limited
retires or is removed as master Servicer of the Series Trust, any substitute
master servicer.

SETTLEMENT DATE

means the date on which the sale of the Mortgaged Property is completed.

SECURITY INTEREST

means any mortgage, charge, lien, pledge, trust, power or other rights given
as or in effect as security for the payment of money or performance of
obligations. Security Interest also includes a guarantee and an indemnity.

ST.GEORGE BANK LIMITED

means St.George Bank Limited and its successors and permitted assigns.

TRUST MANAGER

means a person appointed to manage a trust pursuant to which You are the
mortgagee of the Insured Mortgage, including Crusade Management Limited, ABN
90 072 715 916.

TRUSTEE

means Perpetual Trustees Consolidated Limited in its capacity as trustee of
the Crusade Global Trust No. 2 of 2006 or, if Perpetual Trustees Consolidated
Limited retires or is removed as Trustee of the Series Trust, then any
substitute Trustee and includes the Trust Manager when acting as Trustee of
the Series Trust.

                                                                   Page 24 of 33

VALUER

means a person who is a member of the Australian Institute of Valuers and Land
Economists in the real property Valuation category.

VALUATION

means a written report as to value from a person who is at the time of
provision of the report a Valuer.

YOU AND YOUR

means:

   o  in relation to any Insured Mortgage that has been legally or equitably
      assigned to the Trustee (and has not been reassigned to St.George Bank
      Limited), the Trustee; and

   o  in relation to any other Insured Mortgage, St.George Bank Limited.

You includes any Mortgage Manager, Loan Originator and any Trust Manager, from
time to time except where inconsistent with the context.

WE, US AND OUR

means PMI Mortgage Insurance Ltd., ABN 70 000 511 071, and its successors and
assigns.

The singular includes the plural and vice versa.

A reference to anything includes the whole and each part of it.

Unless defined to the contrary in the Agreement, terms in the Agreement which
are defined in the Series Trust (Including terms defined by incorporation by
reference to other documents) have the same meaning in the Agreement.

--------------------------------------------------------------------------------
22.   ASSIGNMENTS RELATED TO SECURITISATION

Despite clause 8, any legal or equitable assignment of any Agreement:

   o  from St.George Bank Limited to the Trustee;

   o  from the Trustee to St.George Bank Limited or any trust of which St.George
      Bank Limited is a beneficiary,

in accordance with the Series Trust, does not require Our consent and no fee
is payable in relation to any such assignment.

                                                                   Page 25 of 33

Any assignment pursuant to this clause 22 shall be without prejudice to any of
Our rights against either St.George Bank Limited or the Trustee prior to, at
the time of or after the assignment.

St.George Bank Limited must:

   o  from time to time, within seven (7) business days of receipt of Our
      written request, provide details to Us in writing of any such assignments;
      and

   o  promptly provide to Us a written report at the end of each period of six
      (6) months commencing from the Closing Date of the details of any such
      assignment/s occurring in the previous six (6) month period during the
      term of the Agreement.

--------------------------------------------------------------------------------
23.   SERVICER AS MORTGAGE MANAGER

The Servicer will be the Mortgage Manager in respect of Loan Accounts held by
the Trustee as trustee of the Series Trust and until the Insured Mortgages are
legally assigned to the Trustee, the Mortgage Manager is responsible for day
to day management of the Loan Accounts.

We acknowledge and consent to St.George Bank Limited acting as Mortgage
Manager.

Notwithstanding clause 7, We cannot require the Trustee to replace the
Servicer as Mortgage Manager or to appoint a new Mortgage Manager except to
the extent that, following a Servicer default in relation to the Series Trust,
the Trustee is entitled to appoint a new Servicer in relation to the Series
Trust and the Mortgage Manager proposed by Us is able to be appointed as
Servicer in relation to the Series Trust and provided that appointment would
not lead to the withdrawal or downgrade of, or conditions being imposed in
respect of, the rating of any debt instruments issued by the Trustee provided
that:

   o  the Trustee must give Us written notice of any circumstances or events
      occurring which entitle the Trustee to issue the Servicer a notice
      terminating the rights and obligations of the Servicer in the relation to
      the Series Trust (whether or not such a notice is actually issued) within
      7 days of the Trustee becoming actually aware (as determined in accordance
      with the Series Trust) of such circumstances or events; and

   o  the Trustee must give Us a copy of any such notice issued to the Servicer
      under the Series Trust within 7 days of such notice being issued to the
      Servicer.

                                                                   Page 26 of 33

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24.   PAYMENT OF ONCE-ONLY FEE

The once-only fee referred in clause 6 must be paid by St.George Bank Limited.
Any additional fee payable under clause 9 must be paid by St.George Bank
Limited. This clause applies regardless of any assignment by St.George Bank
Limited to the Trustee of the Agreement.

--------------------------------------------------------------------------------
25.   TRUSTEE PROVISIONS

(A)   The Trustee enters into the Agreement only its capacity as Trustee of the
      Series Trust and in no other capacity. A liability arising under or in
      connection with the Agreement is limited to and can be enforced against
      the Trustee only to the extent to which it can be satisfied out of the
      property of the Series Trust (as the case may be) out of which the Trustee
      is actually indemnified for the liability. This limitation of the
      Trustee's liability or obligations under the Agreement applies despite any
      other clause of the Agreement other than clause 25(c) and extends to all
      liabilities and obligations in any way connected with any representation,
      warranty, conduct, omission, agreement or transaction related to the
      Agreement.

(B)   The parties other than the Trustee may not sue the Trustee in any capacity
      other than as Trustee of the Series Trust, Including seeking the
      appointment of a receiver (except in relation to the property of the
      Series Trust, as the case may be), a liquidator, an administrator or any
      similar person to the Trustee or prove in any liquidation, administration
      or arrangement of, or affecting the Trustee (except in relation to the
      property of the Series Trust, as the case may be).

(C)   This clause 25 shall not apply to any obligation or liability of the
      Trustee to the extent that the Trustee is not actually indemnified for the
      obligation or liability as a result of the Trustee's fraud, negligence or
      Default.

(D)   For the purposes of subclause 25(c), it is agreed that the Trustee cannot
      be regarded as being fraudulent, negligent or in Default to the extent to
      which any failure by the Trustee to satisfy its liabilities or obligations
      or breach of representation or warranty under the Agreement has been
      caused or contributed to by a failure of St.George Bank Limited, the
      Servicer, the Loan Originator, Mortgage Manager or the Trust Manager
      (being the Manager referred to in the Supplementary Terms Notice) or any
      other person (other than a person whose acts or omissions the Trustee is
      liable for in accordance with any transaction document in relation to the
      Series Trust) to fulfil its obligations in relation to the Series Trust,
      or any other act or omission of

                                                                   Page 27 of 33

      St.George Bank Limited, the Servicer, the Loan Originator, the Mortgage
      Manager or Trust Manager or any person.

(E)   The Trustee (in its capacity as trustee of the Series Trust) is not
      obliged to do or refrain from doing anything under the Agreement
      (Including incur any liability) unless the Trustee's liability is limited
      in the same manner as set out in this clause 25. For the avoidance of
      doubt, the Trustee in its capacity as Trustee of the Series Trust agrees
      and acknowledges that its liability for any commitment or obligation it
      has entered into under this Agreement is limited in a manner which is
      consistent with this clause 25.

(F)   For the avoidance of doubt, nothing in this clause affects Our rights
      under this Agreement, or under the Insurance Contracts Act 1984, to avoid
      or reduce a claim which may be made by or on behalf of, the Trustee under
      the Agreement (or to obtain a declaration or any order to that effect).

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26.   GOVERNING LAW

The Agreement is governed by and construed in accordance with the laws of New
South Wales.

      JURISDICTION

Each party irrevocably and unconditionally:

      (a)   (Submission to jurisdiction): submits to the non-exclusive
            jurisdiction of the courts of New South Wales;

      (b)   (Waiver of inconvenient forum): waives any objection it may now or
            in the future have to the bringing of proceedings in those courts
            and any claim that any proceedings have been brought in an
            inconvenient forum; and

      (c)   (Service of notice): agrees, without preventing any other mode of
            service permitted by law, that any document required to be served in
            any proceedings may be served in the manner in which notices and
            other written communications may be given under clause 20.

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27.       PRIVACY LEGISLATION COMPLIANCE

In respect of each Insured Mortgage the Insured Lender:

   o  warrants that it has complied with the Privacy Act;

                                                                   Page 28 of 33

   o  acknowledges that if it gives personal information about a Borrower or
      Guarantor to Us in circumstances where that Borrower or Guarantor has not
      given all necessary consents, We are at risk of contravening the Privacy
      Act;

   o  will, on request by Us, provide Us with such information as We reasonably
      require to verify compliance with Your obligations under the Privacy Act
      in relation to an Insured Mortgage;

   o  must disclose to Us as soon as practicable if it becomes aware of a breach
      of its obligations under the Privacy Act in respect of an Insured
      Mortgage; and

   o  agrees to indemnify Us and keep Us indemnified against any injury, cost,
      loss, damage, claim or liability which We may suffer, directly or
      indirectly, as a result of it failing to comply with this clause 27,
      including but not limited to any injury, loss, cost, damage, claim or
      liability arising out of an action brought by an individual against Us
      pursuant to, in connection with, or arising from the Privacy Act 1988.

In the clause "Privacy Act" means the Privacy Act 1988, as amended by the
Privacy Amendment (Private Sector) Act 2000 (including but not limited to a
National Privacy Principle set out in that Act).

The indemnity in this clause 27 is a continuing obligation, separate and
independent from the other obligations of the parties, and survives
termination, completion or expiration of this Agreement.

It is not necessary for a party to incur expense or to make any payment before
enforcing the right of indemnity conferred by this Agreement.

SIGNED as an agreement this          day of September 2006

THE COMMON SEAL OF PMI MORTGAGE         )
INSURANCE LTD                           )
Was placed on this Deed in              )
accordance with the terms of its        )
Constitution in the presence of:        )

/s/ Ian Graham........................  .../s/ Katherine Jane Oloughlin.........
Director                                Director/Secretary

                                                                   Page 29 of 33

Signed for and on behalf of ST.GEORGE   )
BANK LIMITED ABN 92 055 513 070 by      )
its Attorneys under power of attorney   )
dated 22 December 2005                  )
                                        )

/s/ Andrew Jinks.....................
ATTORNEY
Print Name: Andrew Jinks
Position Held: Attorney

/s/ Matthew Leibowitz................
WITNESS
Print Name: Matthew Leibowitz

Signed Sealed and Delivered on behalf
of

PERPETUAL TRUSTEES CONSOLIDATED LIMITED
IN ITS CAPACITY AS TRUSTEE OF THE
CRUSADE GLOBAL TRUST NO. 2 OF 2006 by
its Attorney pursuant to Power of
Attorney dated 21 February 2006 of which
the Attorney has no notice of its
revocation in the presence of:

                                        /s/ Matthew Leibowitz .........
/s/ ANDREA RUVER.................       signature of witness
SIGNATURE OF ATTORNEY

                                        Matthew Leibowitz ......................
                                        Name of witness
ANDREA RUVER..................
PRINT NAME OF ATTORNEY

                                                                   Page 30 of 33

--------------------------------------------------------------------------------
                              SCHEDULE OF VARIABLES

                                       INSURED LENDER:

                                       St.George Bank Limited

                                       INSURED TRUSTEE:

                                       Perpetual Trustees Consolidated Limited
                                       in its capacity as trustee of the
                                       Crusade Global Trust No. 2 of 2006

                                       INSURED MORTGAGE

                                       These are specified in Exhibit A to the
                                       Agreement

                                       CLOSING DATE:

                                       21 September 2006

                                       ELIGIBILITY CRITERIA:

                                       As attached to this Schedule of Variables

                                       SERVICER:

                                       St.George Bank Limited

                                       SERIES TRUST:

                                       Crusade Global Trust No. 2 of 2006

                                                                   Page 31 of 33

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                       ATTACHMENT TO SCHEDULE OF VARIABLES

In this document, terms appearing in Title Case have the meaning given them by
the Agreement between PMI Mortgage Insurance Ltd, St.George Bank Limited and
Perpetual Trustees Consolidated Limited to which this document is attached.

ELIGIBILITY CRITERIA

As of the Closing Date, each Loan must satisfy the following eligibility
criteria:

            (i)     it is sourced from the Insured Lender's general portfolio of
                    residential mortgage loans;

            (ii)    it is secured by a mortgage which constitutes a first
                    ranking mortgage over residential (owner-occupied or
                    investment) land situated in capital city metropolitan areas
                    or regional centres in Australia which is or will be
                    registered under the legislation relating to registration of
                    real property in that State or Territory, or where a
                    mortgage is not, or will not be when registered, a first
                    ranking mortgage, the Loan includes an offer by the Insured
                    Lender to the Borrower in relation to all prior ranking
                    registered mortgages;

            (iii)   it is secured by a mortgage over a Mortgaged Property which
                    has erected on it a residential dwelling and which is
                    required under the terms of the mortgage to be covered by
                    general insurance by insurers approved by the Insured Lender
                    and Us;

            (iv)    it has an LVR less than or equal to 80% for Low Doc Loans;
                    or less than or equal to 95% of all other loans;

            (vi)    the Borrower does not owe more than A$1,500,000;

            (vii)   the Borrower is required to repay such loan within 30 years
                    of the Closing Date;

            (viii)  no payment from the Borrower is in arrears for more than 30
                    consecutive days;

            (ix)    the sale of an equitable interest in it, or the sale of an
                    equitable interest in any related mortgage or guarantee,
                    does not contravene or conflict with any law;

                                                                   Page 32 of 33

            (x)     together with the related mortgage, it has been or will be
                    stamped, or has been taken by the relevant stamp duty
                    authority to be stamped, with all applicable duty;

            (xi)    it amortises in full by the end of its term;

            (xii)   is fully drawn as at its origination;

            (xiii)  it complies in all material respects with applicable laws,
                    including the Consumer Credit Code;

            (xiv)   it is subject to the terms and conditions of one of the
                    following of the Insured Lender's products:

                    a. the 'Fixed Rate Loan' product, which bears a fixed rate
                       of interest for up to 5 years as of the time of fixing;

                    b. the 'Essential Home Loan' product;

                    c. the 'Great Australian Home Loan' Product;

                    d. the 'Standard Variable Rate Home Loan' product, including
                       sub products of 'Loyalty Loans', which impose a reduced
                       rate of interest where the Borrower has made repayments
                       to the Insured Lender in respect of other home loans for
                       5 years or more;

                    e. the 'Discount Variable Rate Home Loan' and 'Introductory
                       Fixed Rate Home Loan' products, which are available only
                       to Borrowers who have not previously obtained a loan from
                       the Insured Lender.

                                                                   Page 33 of 33

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