Document:

Redraw Facility Agreement

                                         PERPETUAL TRUSTEES CONSOLIDATED LIMITED
                                                                       (Trustee)

                                                          ST.GEORGE BANK LIMITED
                                                      (Redraw Facility Provider)

                                                      CRUSADE MANAGEMENT LIMITED
                                                                       (Manager)

                                              Crusade Global Trust No. 1 of 2005

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

                                       (C) Copyright Allens Arthur Robinson 2005

Redraw Facility Agreement                                 Allens Arthur Robinson
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TABLE OF CONTENTS

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

2.   PURPOSE                                                                  5

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

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

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

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

7.   PREPAYMENTS                                                              8
     7.1      Voluntary prepayments                                           8
     7.2      Draw Margin                                                     9
     7.3      Limitation on prepayments                                       9

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

9.   CHANGES IN LAW                                                           9
     9.1      Additional payments                                             9
     9.2      Minimisation                                                   10
     9.3      Survival                                                       11

10.  CONDITIONS PRECEDENT                                                    11
     10.1     Conditions precedent to initial Drawdown Notice                11

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     10.2     Conditions precedent to each Redraw Advance                    11

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

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

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

14.  CONTROL ACCOUNTS                                                        14

15.  WAIVERS, REMEDIES CUMULATIVE                                            14

16.  SEVERABILITY OF PROVISIONS                                              15

17.  SURVIVAL OF REPRESENTATIONS                                             15

18.  INDEMNITY AND REIMBURSEMENT OBLIGATION                                  15

19.  MORATORIUM LEGISLATION                                                  15

20.  CONSENTS AND OPINIONS                                                   15

21.  ASSIGNMENTS                                                             15

22.  NOTICES                                                                 16

23.  AUTHORISED SIGNATORIES                                                  16

24.  GOVERNING LAW AND JURISDICTION                                          16

25.  COUNTERPARTS                                                            16

26.  ACKNOWLEDGEMENT BY TRUSTEE                                              17

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

28.  REDRAW FACILITY PROVIDER'S OBLIGATIONS                                  19

29.  SUCCESSOR TRUSTEE                                                       19

30.  CODE OF BANKING PRACTICE (2003)                                         19

ANNEXURE A                                                                    3
     Drawdown Notice                                                          3

Redraw Facility Agreement                                 Allens Arthur Robinson
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DATE                                  2005
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PARTIES
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     1.   PERPETUAL TRUSTEES CONSOLIDATED LIMITED (ABN 81 004 029 841) of Level
          7, 9 Castlereagh Street, Sydney, New South Wales 2000 in its capacity
          as trustee of the Crusade Global Trust No. 1 of 2005 (the TRUSTEE);

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

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

RECITALS
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     A    The Trustee is the trustee of the Crusade Global Trust No. 1 of 2005
          and proposes to issue Notes pursuant to the Master Trust Deed and
          Supplementary Terms Notice.

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

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

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IT IS AGREED as follows.

1.     DEFINITIONS AND INTERPRETATION

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1.1    DEFINITIONS

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

       AVAILABLE REDRAW AMOUNT means at any time the greater of:

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

       (b)    zero.

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

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       DRAWDOWN NOTICE means a notice under clause 3.1.

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

       FINAL REPAYMENT DATE means the Final Maturity Date.

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

       NOTICE OF CREATION OF TRUST means the Notice of Creation of Trust dated
       [*] 2005 issued under the Master Trust Deed in relation to the Trust.

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

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

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

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

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

       REFERENCE BANK has the meaning given in the ISDA Definitions.

       RESET DATE means in relation to a Redraw Advance:

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

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

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       ROLLOVER TERM means:

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

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

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

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

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

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

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

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

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

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

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

       (h)    the expiry of the Rollover Term.

       TRUST means the Crusade Global Trust No. 1 of 2005 constituted under the
       Master Trust Deed on the terms of the Supplementary Terms Notice.

       TRUST DOCUMENT means:

       (a)    this agreement;

       (b)    the Master Trust Deed;

       (c)    the Notice of Creation of Trust;

       (d)    the Supplementary Terms Notice;

       (e)    the Custodian Agreement;

       (f)    the Security Trust Deed;

       (g)    the Servicing Agreement;

       (h)    the Note Trust Deed;

       (i)    the Agency Agreement;

       (j)    each Note; or

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       (k)    a Support Facility.

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

1.2    MASTER TRUST DEED DEFINITIONS

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

1.3    INTERPRETATION

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

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

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

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

1.4    DETERMINATION, STATEMENT AND CERTIFICATE SUFFICIENT EVIDENCE

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

1.5    TRANSACTION DOCUMENT

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

1.6    LIMITED TO TRUST

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

1.7    TRUSTEE AS TRUSTEE

       In this agreement, except where provided to the contrary;

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

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

1.8    KNOWLEDGE OF TRUSTEE

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

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

3.     DRAWINGS
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3.1    REDRAW ADVANCE

       (a)    Subject to this agreement, if at any time during the Term the
              Manager determines that there is a Redraw Shortfall, the Manager
              may direct the Trustee to request a Redraw Advance by giving to
              the Trustee a duly completed but unsigned Drawdown Notice by no
              later than 10.00 am on the Business Day following the
              Determination Date on which the Redraw Shortfall is determined.

       (b)    A Drawdown Notice must be:

              (i)    in writing;

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

              (iii)  signed by the Trustee.

              The Trustee must, at the direction of the Manager, sign and return
              the Drawdown Notice to the Manager by no later than 2.00 pm on the
              Business Day following the Determination Date on which the Redraw
              Shortfall is determined for delivery to the Redraw Facility
              Provider.

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

              (i)    the relevant Redraw Shortfall; and

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

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

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              (i)    the Drawdown Notice is given to the Redraw Facility
                     Provider in accordance with this agreement before 10.00 am
                     on that date; and

              (ii)   the Redraw Advance is payable no earlier than 2.00 pm on
                     that date.

3.2    MAKING OF REDRAW ADVANCES

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

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

4.     FEES
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4.1    AVAILABILITY FEE

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

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

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

              (i)    each Quarterly Payment Date; and

              (ii)   at the end of the Term.

4.2    DRAW MARGIN

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

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

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

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

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

              (i)    each Payment Date; and

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              (ii)   at the end of the Term.

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

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

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

4.3    CAPITALISATION

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

4.4    GST

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

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

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

5.     CANCELLATION OF REDRAW LIMIT
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5.1    DURING TERM

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

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

              (ii)   must, at the direction of the Manager, cancel all or part
                     of the Redraw Limit during the Term.

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

5.2    AT END OF TERM

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

5.3    CANCELLATION BY REDRAW FACILITY PROVIDER

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

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

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

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

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

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

5.4    ROLLOVER TERM RENEWAL

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

6.     REPAYMENT
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6.1    REPAYMENT OF REDRAW ADVANCES

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

6.2    FINAL REPAYMENT

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

7.     PREPAYMENTS
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7.1    VOLUNTARY PREPAYMENTS

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

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7.2    DRAW MARGIN

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

7.3    LIMITATION ON PREPAYMENTS

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

8.     PAYMENTS
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8.1    MANNER

       The Trustee shall make all payments under this agreement:

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

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

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

8.2    PAYMENT TO BE MADE ON BUSINESS DAY

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

8.3    APPROPRIATION WHERE INSUFFICIENT MONEYS AVAILABLE

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

9.     CHANGES IN LAW
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9.1    ADDITIONAL PAYMENTS

       Whenever the Redraw Facility Provider determines that:

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

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

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

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

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

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

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

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

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

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

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

9.2    MINIMISATION

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

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

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9.3    SURVIVAL

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

10.    CONDITIONS PRECEDENT
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10.1   CONDITIONS PRECEDENT TO INITIAL DRAWDOWN NOTICE

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

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

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

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

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

10.2   CONDITIONS PRECEDENT TO EACH REDRAW ADVANCE

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

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

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

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

11.1   REPRESENTATIONS AND WARRANTIES

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

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

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

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

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

              (i)    the Master Trust Deed; or

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

              which has not been remedied or waived in writing.

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

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

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

11.2   RELIANCE ON REPRESENTATIONS AND WARRANTIES

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

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

12.1   GENERAL UNDERTAKINGS

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

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

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

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

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

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

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

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              (i)    under the Trust Documents; or

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

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

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

              (i)    any Event of Default; and

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

12.2   UNDERTAKINGS RELATING TO TRUST

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

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

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

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

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

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

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

12.3   TERM OF UNDERTAKINGS

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

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

13.1   EVENTS OF DEFAULT

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

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

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

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

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

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

       (d)    (ENFORCEMENT OF SECURITY TRUST DEED) An Event of Default (as
              defined in the Security Trust Deed) occurs and any action is taken
              to enforce the Security Interest under the Security Trust Deed
              over the Assets of the Trust (including appointing a receiver or
              receiver and manager or selling any of those Assets).

13.2   CONSEQUENCES

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

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

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

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

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

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

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

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

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

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

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

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

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

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

       (a)    is a continuing obligation;

       (b)    is a separate and independent obligation;

       (c)    is payable on demand; and

       (d)    survives termination or discharge of this agreement.

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

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

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

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

       is excluded from this agreement.

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

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

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

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

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

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

       (a)    must be in writing;

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

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

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

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

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

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

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

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

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

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

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

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

Redraw Facility Agreement                                 Allens Arthur Robinson
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26.    ACKNOWLEDGEMENT BY TRUSTEE
--------------------------------------------------------------------------------

       The Trustee confirms that:

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

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

       except as expressly set out in this agreement.

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

27.1   GENERAL

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

27.2   LIABILITY OF TRUSTEE LIMITED TO ITS RIGHT TO INDEMNITY

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

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

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

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

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

              appointed by the Trustee in accordance with the Transaction
              Documents to fulfil its obligations relating to the Trust or by
              any other act or omission of a Relevant Party or any such person.

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

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

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

27.3   UNRESTRICTED REMEDIES

       Nothing in clause 27.2 or 27.4 limits the Redraw Facility Provider in:

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

       (b)    obtaining declaratory relief;

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

       (d)    taking any legal action against the Trustee in its personal
              capacity under or as a result of the operation of clause 27.2(c).

27.4   RESTRICTED REMEDIES

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

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

       (b)    (STATUTORY DEMAND) issue any demand under section 459E(1) of the
              Corporations Act 2001 (Cth) (or any analogous provision under any
              other law) against the Trustee;

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

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

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

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

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

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

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

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

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

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

30.    CODE OF BANKING PRACTICE (2003)
--------------------------------------------------------------------------------

       The Code of Banking Practice (2003) does not apply to this agreement or
       any banking service provided under it.

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

EXECUTED in Sydney.

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

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

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

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

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

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

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

Redraw Facility Agreement                                 Allens Arthur Robinson
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SIGNED on behalf of                     )
CRUSADE MANAGEMENT LIMITED              )
by its attorney under Power of          )
Attorney dated                          )
in the presence of:                     )
                                            ------------------------------------
                                            Signature

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

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

Redraw Facility Agreement                                 Allens Arthur Robinson
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ANNEXURE A

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

               REDRAW FACILITY AGREEMENT - DRAWDOWN NOTICE NO. [*]

We refer to the Redraw Facility Agreement dated [*] 2005 (the FACILITY
AGREEMENT).

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

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

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

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

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

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

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

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

Definitions in the Facility Agreement apply in this Drawdown Notice.

PERPETUAL TRUSTEES CONSOLIDATED LIMITED

By:                               Authorised Signatory

DATED

Verified by Crusade Management Limited

By:                                     Authorised Signatory

DatedISDA(R)

                  International Swap Dealers Association, Inc.

                                MASTER AGREEMENT

                                         dated as of                     , 2005

ST.GEORGE BANK LIMITED                                      PERPETUAL TRUSTEES
(ABN 92 055 513 070)  ("PARTY A")                           CONSOLIDATED LIMITED

                                                            (ABN 81 004 029 841)

                                                            IN ITS CAPACITY AS TRUSTEE OF THE CRUSADE
                                                            GLOBAL TRUST NO. 1 OF 2005 (IN THAT CAPACITY,
                                                            "PARTY B")

                                                   AND

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

have entered and/or anticipate entering into one or more transactions (each a
"Transaction") that are or will be governed by this Master Agreement, which
includes the schedule (the "Schedule"), and the documents and other confirming
evidence (each a "Confirmation") exchanged between the parties confirming those
Transactions.

Accordingly, the parties agree as follows:--

1. INTERPRETATION

(a) DEFINITIONS. The terms defined in Section 14 and in the Schedule will have
the meanings therein specified for the purpose of this Master Agreement.

(b) INCONSISTENCY. In the event of any inconsistency between the provisions of
the Schedule and the other provisions of this Master Agreement, the Schedule
will prevail. In the event of any inconsistency between the provisions of any
Confirmation and this Master Agreement (including the Schedule), such
Confirmation will prevail for the purpose of the relevant Transaction.

(c) SINGLE AGREEMENT. All Transactions are entered into in reliance on the fact
that this Master Agreement and all Confirmations form a single agreement between
the parties (collectively referred to as this "Agreement"), and the parties
would not otherwise enter into any Transactions.

2. OBLIGATIONS

(a) GENERAL CONDITIONS.

    (i) Each party will make each payment or delivery specified in each
    Confirmation to be made by it, subject to the other provisions of this
    Agreement.

    (ii) Payments under this Agreement will be made on the due date for value on
    that date in the place of the account specified in the relevant Confirmation
    or otherwise pursuant to this Agreement, in freely transferable funds and in
    the manner customary for payments in the required currency. Where settlement
    is by delivery (that is, other than by payment), such delivery will be made
    for receipt on the due date in the manner customary for the relevant
    obligation unless otherwise specified in the relevant Confirmation or
    elsewhere in this Agreement.

    (iii) Each obligation of each party under Section 2(a)(i) is subject to (1)
    the condition precedent that no Event of Default or Potential Event of
    Default with respect to the other party has occurred and is continuing, (2)
    the condition precedent that no Early Termination Date in respect of the
    relevant Transaction has occurred or been effectively designated and (3)
    each other applicable condition precedent specified in this Agreement.

(b) CHANGE OF ACCOUNT. Either party may change its account for receiving a
payment or delivery by giving notice to the other party at least five Local
Business Days prior to the scheduled date for the payment or delivery to which
such change applies unless such other party gives timely notice of a reasonable
objection to such change.

(c) NETTING. If on any date amounts would otherwise be payable:--

    (i) in the same currency; and

    (ii) in respect of the same Transaction,

by each party to the other, then, on such date, each party's obligation to make
payment of any such amount will be automatically satisfied and discharged and,
if the aggregate amount that would otherwise have been payable by one party
exceeds the aggregate amount that would otherwise have been payable by the other
party, replaced by an obligation upon the party by whom the larger aggregate
amount would have been payable to pay to the other party the excess of the
larger aggregate amount over the smaller aggregate amount.

The parties may elect in respect of two or more Transactions that a net amount
will be determined in respect of all amounts payable on the same date in the
same currency in respect of such Transactions, regardless of whether such
amounts are payable in respect of the same Transaction. The election may be made
in the Schedule or a Confirmation by specifying that subparagraph (ii) above
will not apply to the Transactions identified as being subject to the election,
together with the starting date (in which case subparagraph (ii) above will not,
or will cease to, apply to such Transactions from such date). This election may
be made separately for different groups of Transactions and will apply
separately to each pairing of Offices through which the parties make and receive
payments or deliveries.

(d)     DEDUCTION OR WITHHOLDING FOR TAX.

        (i) GROSS-UP. All payments under this Agreement will be made without any
        deduction or withholding for or on account of any Tax unless such
        deduction or withholding is required by any applicable law, as modified
        by the practice of any relevant governmental revenue authority, then in
        effect. If a party is so required to deduct or withhold, then that party
        ("X") will:--

               (1) promptly notify the other party ("Y") of such requirement;

               (2) pay to the relevant authorities the full amount required to
               be deducted or withheld (including the full amount required to be
               deducted or withheld from any additional amount paid by X to Y
               under this Section 2(d)) promptly upon the earlier of determining
               that such deduction or withholding is required or receiving
               notice that such amount has been assessed against Y;

               (3) promptly forward to Y an official receipt (or a certified
               copy), or other documentation reasonably acceptable to Y,
               evidencing such payment to such authorities; and

               (4) if such Tax is an Indemnifiable Tax, pay to Y, in addition to
               the payment to which Y is otherwise entitled under this
               Agreement, such additional amount as is necessary to ensure that
               the net amount actually received by Y (free and clear of
               Indemnifiable Taxes, whether assessed against X or Y) will equal
               the full amount Y would have received had no such deduction or
               withholding been required. However, X will not be required to pay
               any additional amount to Y to the extent that it would not be
               required to be paid but for:--

                        (A) the failure by Y to comply with or perform any
                 agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d); or

                        (B) the failure of a representation made by Y pursuant
                  to Section 3(f) to be accurate and true unless such failure
                  would not have occurred but for (I) any action taken by a
                  taxing authority, or brought in a court of competent
                  jurisdiction, on or after the date on which a Transaction is
                  entered into (regardless of whether such action is taken or
                  brought with respect to a party to this Agreement) or (II) a
                  Change in Tax Law.

         (ii) LIABILITY. If:--

                  (1) X is required by any applicable law, as modified by the
              practice of any relevant governmental revenue authority, to make
              any deduction or withholding in respect of which X would not be
              required to pay an additional amount to Y under Section
              2(d)(i)(4);

                  (2) X does not so deduct or withhold; and

                  (3) a liability resulting from such Tax is assessed directly
              against X,

         then, except to the extent Y has satisfied or then satisfies the
         liability resulting from such Tax, Y will promptly pay to X the amount
         of such liability (including any related liability for interest, but
         including any related liability for penalties only if Y has failed to
         comply with or perform any agreement contained in Section 4(a)(i),
         4(a)(iii) or 4(d)).

(e) DEFAULT INTEREST; OTHER AMOUNTS. Prior to the occurrence or effective
designation of an Early Termination Date in respect of the relevant Transaction,
a party that defaults in the performance of any payment obligation will, to the
extent permitted by law and subject to Section 6(c), be required to pay interest
(before as well as after judgment) on the overdue amount to the other party on
demand in the same currency as such overdue amount, for the period from (and
including) the original due date for payment to (but excluding) the date of
actual payment, at the Default Rate. Such interest will be calculated on the
basis of daily compounding and the actual number of days elapsed. If, prior to
the occurrence or effective designation of an Early Termination Date in respect
of the relevant Transaction, a party defaults in the performance of any
obligation required to be settled by delivery, it will compensate the other
party on demand if and to the extent provided for in the relevant Confirmation
or elsewhere in this Agreement.

3.       REPRESENTATIONS

Each party represents to the other party (which representations will be deemed
to be repeated by each party on each date on which a Transaction is entered into
and, in the case of the representations in Section 3(f), at all times until the
termination of this Agreement) that:--

(a)      BASIC REPRESENTATIONS.

               (i) STATUS. It is duly organized and validly existing under the
         laws of the jurisdiction of its organization or incorporation and, if
         relevant under such laws, in good standing;

               (ii) POWERS. It has the power to execute this Agreement and any
         other documentation relating to this Agreement to which it is a party,
         to deliver this Agreement and any other documentation relating to this
         Agreement that it is required by this Agreement to deliver and to
         perform its obligations under this Agreement and any obligations it has
         under any Credit Support Document to which it is a party and has taken
         all necessary action to authorize such execution, delivery and
         performance;

               (iii) NO VIOLATION OR CONFLICT. Such execution, delivery and
         performance do not violate or conflict with any law applicable to it,
         any provision of its constitutional documents, any order or judgment of
         any court or other agency of government applicable to it or any of its
         assets or any contractual restriction binding on or affecting it or any
         of its assets;

               (iv) CONSENTS. All governmental and other consents that are
         required to have been obtained by it with respect to this Agreement or
         any Credit Support Document to which it is a party have been obtained
         and are in full force and effect and all conditions of any such
         consents have been complied with; and

               (v) OBLIGATIONS BINDING. Its obligations under this Agreement and
         any Credit Support Document to which it is a party constitute its
         legal, valid and binding obligations, enforceable in accordance with
         their respective terms (subject to applicable bankruptcy,
         reorganization, insolvency, moratorium or similar laws affecting
         creditors' rights generally and subject, as to enforceability, to
         equitable principles of general application (regardless of whether
         enforcement is sought in a proceeding in equity or at law)).

(b) ABSENCE OF CERTAIN EVENTS. No Event of Default or Potential Event of Default
or, to its knowledge, Termination Event with respect to it has occurred and is
continuing and no such event or circumstance would occur as a result of its
entering into or performing its obligations under this Agreement or any Credit
Support Document to which it is a party.

(c) ABSENCE OF LITIGATION. There is not pending or, to its knowledge, threatened
against it or any of its Affiliates any action, suit or proceeding at law or in
equity or before any court, tribunal, governmental body, agency or official or
any arbitrator that is likely to affect the legality, validity or enforceability
against it of this Agreement or any Credit Support Document to which it is a
party or its ability to perform its obligations under this Agreement or such
Credit Support Document.

(d) ACCURACY OF SPECIFIED INFORMATION. All applicable information that is
furnished in writing by or on behalf of it to the other party and is identified
for the purpose of this Section 3(d) in the Schedule is, as of the date of the
information, true, accurate and complete in every material aspect.

(e) PAYER TAX REPRESENTATION. Each representation specified in the Schedule as
being made by it for the purpose of this Section 3(e) is accurate and true.

(f) PAYEE TAX REPRESENTATIONS. Each representation specified in the Schedule as
being made by it for the purpose of this Section 3(f) is accurate and true.

4. AGREEMENTS

Each party agrees with the other that, so long as either party has or may have
any obligation under this Agreement or under any Credit Support Document to
which it is a party:--

(a) FURNISH SPECIFIED INFORMATION. It will deliver to the other party or, in
certain cases under subparagraph (iii) below, to such government or taxing
authority as the other party reasonably directs:--

               (i) any forms, documents or certificates relating to taxation
         specified in the Schedule or any Confirmation;

               (ii) any other documents specified in the Schedule or any
         Confirmation; and

               (iii) upon reasonable demand by such other party, any form or
         document that may be required or reasonably requested in writing in
         order to allow such other party or its Credit Support Provider to make
         a payment under this Agreement or any applicable Credit Support
         Document without any deduction or withholding for or on account of any
         Tax or with such deduction or withholding at a reduced rate (so long as
         the completion, execution or submission of such form or document would
         not materially prejudice the legal or commercial position of the party
         in receipt of such demand), with any such form or document to be
         accurate and completed in a manner reasonably satisfactory to such
         other party and to be executed and to be delivered with any reasonably
         required certification,

in each case by the date specified in the Schedule or such Confirmation or, if
none is specified, as soon as reasonably practicable.

(b) MAINTAIN AUTHORIZATIONS. It will use all reasonable efforts to maintain in
full force and effect all consents of any governmental or other authority that
are required to be obtained by it with respect to this Agreement or any Credit
Support Document to which it is a party and will use all reasonable efforts to
obtain any that may become necessary in the future.

(c) COMPLY WITH LAWS. It will comply in all material respects with all
applicable laws and orders to which it may be subject if failure so to comply
would materially impair its ability to perform its obligations under this
Agreement or any Credit Support Document to which it is a party.

(d) TAX AGREEMENT. It will give notice of any failure of a representation made
by it under Section 3(f) to be accurate and true promptly upon learning of such
failure.

(e) PAYMENT OF STAMP TAX. Subject to Section 11, it will pay any Stamp Tax
levied or imposed upon it or in respect of its execution or performance of this
Agreement by a jurisdiction in which it is incorporated, organized, managed and
controlled, or considered to have its seat, or in which a branch or office
through which it is acting for the purpose of this Agreement is located ("Stamp
Tax Jurisdiction") and will indemnify the other party against any Stamp Tax
levied or imposed upon the other party or in respect of the other party's
execution or performance of this Agreement by any such Stamp Tax Jurisdiction
which is not also a Stamp Tax Jurisdiction with respect to the other party.

5. EVENTS OF DEFAULT AND TERMINATION EVENTS

(a) EVENTS OF DEFAULT. The occurrence at any time with respect to a party or, if
applicable, any Credit Support Provider of such party or any Specified Entity of
such party of any of the following events constitutes an event of default (an
"Event of Default") with respect to such party:--

               (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 on or
         before the third Local Business Day after notice of such failure is
         given to the party;

               (ii) BREACH OF AGREEMENT. Failure by the party to comply with or
         perform any agreement or obligation (other than an obligation to make
         any payment under this Agreement or delivery under Section 2(a)(i) or
         2(e) or to give notice of a Termination Event or any agreement or
         obligation under Section 4(a)(i), 4(a)(iii) or 4(d)) to be complied
         with or performed by the party in accordance with this Agreement if
         such failure is not remedied on or before the thirtieth day after
         notice of such failure is given to the party;

         (iii) CREDIT SUPPORT DEFAULT.

                (1) Failure by the party or any Credit Support Provider of such
                party to comply with or perform any agreement or obligation to
                be complied with or performed by it in accordance with any
                Credit Support Document if such failure is continuing after any
                applicable grace period has elapsed;

                (2) the expiration or termination of such Credit Support
                Document or the failing or ceasing of such Credit Support
                Document to be in full force and effect for the purpose of this
                Agreement (in either case other than in accordance with its
                terms) prior to the satisfaction of all obligations of such
                party under each Transaction to which such Credit Support
                Document relates without the written consent of the other party;
                or

                (3) the party or such Credit Support Provider disaffirms,
                disclaims, repudiates or rejects, in whole or in part, or
                challenges the validity of, such Credit Support Document;

         (iv) MISREPRESENTATION. A representation (other than a representation
         under Section 3(e) or (f)) made or repeated or deemed to have been made
         or repeated by the party or any Credit Support Provider of such party
         in this Agreement or any Credit Support Document proves to have been
         incorrect or misleading in any material respect when made or repeated
         or deemed to have been made or repeated;

         (v) DEFAULT UNDER SPECIFIED TRANSACTION. The party, any Credit Support
         Provider of such party or any applicable Specified Entity of such party
         (1) defaults under a Specified Transaction and, after giving effect to
         any applicable notice requirement or grace period, there occurs a
         liquidation of, an acceleration of obligations under, or an early
         termination of, that Specified Transaction, (2) defaults, after giving
         effect to any applicable notice requirement or grace period, in making
         any payment or delivery due on the last payment, delivery or exchange
         date of, or any payment on early termination of, a Specified
         Transaction (or such default continues for at least three Local
         Business Days if there is no applicable notice requirement or grace
         period) or (3) disaffirms, disclaims, repudiates or rejects, in whole
         or in part, a Specified Transaction (or such action is taken by any
         person or entity appointed or empowered to operate it or act on its
         behalf);

         (vi) CROSS DEFAULT. If "Cross Default" is specified in the Schedule as
         applying to the party, the occurrence or existence of (1) a default,
         event of default or other similar condition or event (however
         described) in respect of such party, any Credit Support Provider of
         such party or any applicable Specified Entity of such party under one
         or more agreements or instruments relating to Specified Indebtedness of
         any of them (individually or collectively) in an aggregate amount of
         not less than the applicable Threshold Amount (as specified in the
         Schedule) which has resulted in such Specified Indebtedness becoming,
         or becoming capable at such time of being declared, due and payable
         under such agreements or instruments, before it would otherwise have
         been due and payable or (2) a default by such party, such Credit
         Support Provider or such Specified Entity (individually or
         collectively) in making one or more payments on the due date thereof in
         an aggregate amount of not less than the applicable Threshold Amount
         under such agreements or instruments (after giving effect to any
         applicable notice requirement or grace period);

         (vii) BANKRUPTCY. The party, any Credit Support Provider of such party
         or any applicable Specified Entity of such party:--

                  (1) is dissolved (other than pursuant to a consolidation,
                amalgamation or merger); (2) becomes insolvent or is unable to
                pay its debts or fails or admits in writing its inability
                generally to pay its debts as they become due; (3) makes a
                general assignment, arrangement or composition with or for the
                benefit of its creditors; (4) institutes or has instituted
                against it a proceeding seeking a judgment of insolvency or
                bankruptcy or any other relief under any bankruptcy or
                insolvency law or other similar law affecting creditors' rights,
                or a petition is presented for its winding-up or liquidation,
                and, in the case of any such proceeding or petition instituted
                or presented against it, such proceeding or petition (A) results
                in a judgment of insolvency or bankruptcy or the entry of an
                order for relief or the making of an order for its winding-up or
                liquidation or (B) is not dismissed, discharged, stayed or
                restrained in each case within 30 days of the institution or
                presentation thereof; (5) has a resolution passed for its
                winding-up, official management or liquidation (other than
                pursuant to a consolidation, amalgamation or merger); (6) seeks
                or becomes subject to the appointment of an administrator,
                provisional liquidator, conservator, receiver, trustee,
                custodian or other similar official for it or for all or
                substantially all its assets; (7) has a secured party take
                possession of all or substantially all its assets or has a
                distress, execution, attachment, sequestration or other legal
                process levied, enforced or sued on or against all or
                substantially all its assets and such secured party maintains
                possession, or any such process is not dismissed, discharged,
                stayed or restrained, in each case within 30 days thereafter;
                (8) causes or is subject to any event with respect to it which,
                under the applicable laws of any jurisdiction, has an analogous
                effect to any of the events specified in clauses (1) to (7)
                (inclusive); or (9) takes any action in furtherance of, or
                indicating its consent to, approval of, or acquiescence in, any
                of the foregoing acts; or

         (viii) MERGER WITHOUT ASSUMPTION. The party or any Credit Support
         Provider of such party consolidates or amalgamates with, or merges with
         or into, or transfers all or substantially all its assets to, another
         entity and, at the time of such consolidation, amalgamation, merger or
         transfer:--

                        (1)the resulting, surviving or transferee entity fails
                  to assume all the obligations of such party or such Credit
                  Support Provider under this Agreement or any Credit Support
                  Document to which it or its predecessor was a party by
                  operation of law or pursuant to an agreement reasonably
                  satisfactory to the other party to this Agreement; or

                        (2)the benefits of any Credit Support Document fail to
                  extend (without the consent of the other party) to the
                  performance by such resulting, surviving or transferee entity
                  of its obligations under this Agreement.

(b) TERMINATION EVENTS. The occurrence at any time with respect to a party or,
if applicable, any Credit Support Provider of such party or any Specified Entity
of such party of any event specified below constitutes an Illegality if the
event is specified in (i) below, a Tax Event if the event is specified in (ii)
below or a Tax Event Upon Merger if the event is specified in (iii) below, and,
if specified to be applicable, a Credit Event Upon Merger if the event is
specified pursuant to (iv) below or an Additional Termination Event if the event
is specified pursuant to (v) below:--

               (i)ILLEGALITY. Due to the adoption of, or any change in, any
         applicable law after the date on which a Transaction is entered into,
         or due to the promulgation of, or any change in, the interpretation by
         any court, tribunal or regulatory authority with competent jurisdiction
         of any applicable law after such date, it becomes unlawful (other than
         as a result of a breach by the party of Section 4(b)) for such party
         (which will be the Affected Party):--

                  (1) to perform any absolute or contingent obligation to make a
                  payment or delivery or to receive a payment or delivery in
                  respect of such Transaction or to comply with any other
                  material provision of this Agreement relating to such
                  Transaction; or

                  (2) to perform, or for any Credit Support Provider of such
                  party to perform, any contingent or other obligation which the
                  party (or such Credit Support Provider) has under any Credit
                  Support Document relating to such Transaction;

               (ii) TAX EVENT. Due to (x) any action taken by a taxing
         authority, or brought in a court of competent jurisdiction, on or after
         the date on which a Transaction is entered into (regardless of whether
         such action is taken or brought with respect to a party to this
         Agreement) or (y) a Change in Tax Law, the party (which will be the
         Affected Party) will, or there is a substantial likelihood that it
         will, on the next succeeding Scheduled Payment Date (1) be required to
         pay to the other party an additional amount in respect of an
         Indemnifiable Tax under Section 2(d)(i)(4) (except in respect of
         interest under Section 2(e), 6(d)(ii) or 6(e)) or (2) receive a payment
         from which an amount is required to be deducted or withheld for or on
         account of a Tax (except in respect of interest under Section 2(e),
         6(d)(ii) or 6(e)) and no additional amount is required to be paid in
         respect of such Tax under Section 2(d)(i)(4) (other than by reason of
         Section 2(d)(i)(4)(A) or (B));

               (iii) TAX EVENT UPON MERGER. The party (the "Burdened Party") on
         the next succeeding Scheduled Payment Date will either (1) be required
         to pay an additional amount in respect of an Indemnifiable Tax under
         Section 2(d)(i)(4) (except in respect of interest under Section 2(e),
         6(d)(ii) or 6(e)) or (2) receive a payment from which an amount has
         been deducted or withheld for or on account of any Indemnifiable Tax in
         respect of which the other party is not required to pay an additional
         amount (other than by reason of Section 2(d)(i)(4)(A) or (B)), in
         either case as a result of a party consolidating or amalgamating with,
         or merging with or into, or transferring all or substantially all its
         assets to, another entity (which will be the Affected Party) where such
         action does not constitute an event described in Section 5(a)(viii);

               (iv) CREDIT EVENT UPON MERGER. If "Credit Event Upon Merger" is
         specified in the Schedule as applying to the party, such party ("X"),
         any Credit Support Provider of X or any applicable Specified Entity of
         X consolidates or amalgamates with, or merges with or into, or
         transfers all or substantially all its assets to, another entity and
         such action does not constitute an event described in Section
         5(a)(viii) but the creditworthiness of the resulting, surviving or
         transferee entity is materially weaker than that of X, such Credit
         Support Provider or such Specified Entity, as the case may be,
         immediately prior to such action (and, in such event, X or its
         successor or transferee, as appropriate, will be the Affected Party);
         or

               (v)ADDITIONAL TERMINATION EVENT. If any "Additional Termination
         Event" is specified in the Schedule or any Confirmation as applying,
         the occurrence of such event (and, in such event, the Affected Party or
         Affected Parties shall be as specified for such Additional Termination
         Event in the Schedule or such Confirmation).

(c) EVENT OF DEFAULT AND ILLEGALITY. If an event or circumstance which would
    otherwise constitute or give rise to an Event of Default also constitutes an
    Illegality, it will be treated as an Illegality and will not constitute an
    Event of Default.

6. EARLY TERMINATION

(a) RIGHT TO TERMINATE FOLLOWING EVENT OF DEFAULT. If at any time an Event of
Default with respect to a party (the "Defaulting Party") has occurred and is
then continuing, the other party (the "Non-defaulting Party") may, by not more
than 20 days notice to the Defaulting Party specifying the relevant Event of
Default, designate a day not earlier than the day such notice is effective as an
Early Termination Date in respect of all outstanding Transactions. If, however,
"Automatic Early Termination" is specified in the Schedule as applying to a
party, then an Early Termination Date in respect of all outstanding Transactions
will occur immediately upon the occurrence with respect to such party of an
Event of Default specified in Section 5(a)(vii)(1), (3), (5), (6) or, to the
extent analogous thereto, (8), and as of the time immediately preceding the
institution of the relevant proceeding or the presentation of the relevant
petition upon the occurrence with respect to such party of an Event of Default
specified in Section 5(a)(vii)(4) or, to the extent analogous thereto, (8).

(b) RIGHT TO TERMINATE FOLLOWING TERMINATION EVENT.

      (i)NOTICE. If a Termination Event occurs, an Affected Party will, promptly
    upon becoming aware of it, notify the other party, specifying the nature of
    that Termination Event and each Affected Transaction and will also give such
    other information about that Termination Event as the other party may
    reasonably require.

      (ii) TRANSFER TO AVOID TERMINATION EVENT. If either an Illegality under
    Section 5(b)(i)(1) or a Tax Event occurs and there is only one Affected
    Party, or if a Tax Event Upon Merger occurs and the Burdened Party is the
    Affected Party, the Affected Party will, as a condition to its right to
    designate an Early Termination Date under Section 6(b)(iv), use all
    reasonable efforts (which will not require such party to incur a loss,
    excluding immaterial, incidental expenses) to transfer within 20 days after
    it gives notice under Section 6(b)(i) all its rights and obligations under
    this Agreement in respect of the Affected Transactions to another of its
    Offices or Affiliates so that such Termination Event ceases to exist.

      If the Affected Party is not able to make such a transfer it will give
    notice to the other party to that effect within such 20 day period,
    whereupon the other party may effect such a transfer within 30 days after
    the notice is given under Section 6(b)(i).

      Any such transfer by a party under this Section 6(b)(ii) will be subject
    to and conditional upon the prior written consent of the other party, which
    consent will not be withheld if such other party's policies in effect at
    such time would permit it to enter into transactions with the transferee on
    the terms proposed.

      (iii) TWO AFFECTED PARTIES. If an Illegality under Section 5(b)(i)(1) or a
    Tax Event occurs and there are two Affected Parties, each party will use all
    reasonable efforts to reach agreement within 30 days after notice thereof is
    given under Section 6(b)(i) on action to avoid that Termination Event.

      (iv) RIGHT TO TERMINATE. If:--

      (1) a transfer under Section 6(b)(ii) or an agreement under Section
      6(b)(iii), as the case may be, has not been effected with respect to all
      Affected Transactions within 30 days after an Affected Party gives notice
      under Section 6(b)(i); or

      (2) an Illegality under Section 5(b)(i)(2), a Credit Event Upon Merger or
      an Additional Termination Event occurs, or a Tax Event Upon Merger occurs
      and the Burdened Party is not the Affected Party,

    either party in the case of an Illegality, the Burdened Party in the case of
    a Tax Event Upon Merger, any Affected Party in the case of a Tax Event or an
    Additional Termination Event if there is more than one Affected Party, or
    the party which is not the Affected Party in the case of a Credit Event Upon
    Merger or an Additional Termination Event if there is only one Affected
    Party may, by not more than 20 days notice to the other party and provided
    that the relevant Termination Event is then continuing, designate a day not
    earlier than the day such notice is effective as an Early Termination Date
    in respect of all Affected Transactions.

  (c) EFFECT OF DESIGNATION.

        (i)If notice designating an Early Termination Date is given under
      Section 6(a) or (b), the Early Termination Date will occur on the date so
      designated, whether or not the relevant Event of Default or Termination
      Event is then continuing.

        (ii) Upon the occurrence or effective designation of an Early
      Termination Date, no further payments or deliveries under Section 2(a)(i)
      or 2(e) in respect of the Terminated Transactions will be required to be
      made, but without prejudice to the other provisions of this Agreement. The
      amount, if any, payable in respect of an Early Termination Date shall be
      determined pursuant to Section 6(e).

  (d) CALCULATIONS.

        (i)STATEMENT. On or as soon as reasonably practicable following the
      occurrence of an Early Termination Date, each party will make the
      calculations on its part, if any, contemplated by Section 6(e) and will
      provide to the other party a statement (1) showing, in reasonable detail,
      such calculations (including all relevant quotations and specifying any
      amount payable under Section 6(e)) and (2) giving details of the relevant
      account to which any amount payable to it is to be paid. In the absence of
      written confirmation from the source of a quotation obtained in
      determining a Market Quotation, the records of the party obtaining such
      quotation will be conclusive evidence of the existence and accuracy of
      such quotation.

        (ii) PAYMENT DATE. An amount calculated as being due in respect of any
      Early Termination Date under Section 6(e) will be payable on the day that
      notice of the amount payable is effective (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).
      Such amount will be paid together with (to the extent permitted under
      applicable law) interest thereon (before as well as after judgment) in the
      Termination Currency, from (and including) the relevant Early Termination
      Date to (but excluding) the date such amount is paid, at the Applicable
      Rate. Such interest will be calculated on the basis of daily compounding
      and the actual number of days elapsed.

  (e) PAYMENTS ON EARLY TERMINATION. If an Early Termination Date occurs, the
  following provisions shall apply based on the parties' election in the
  Schedule of a payment measure, either "Market Quotation" or "Loss", and a
  payment method, either the "First Method" or the "Second Method". If the
  parties fail to designate a payment measure or payment method in the Schedule,
  it will be deemed that "Market Quotation" or the "Second Method", as the case
  may be, shall apply. 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.

      (i) EVENTS OF DEFAULT. If the Early Termination Date results from an Event
    of Default:--

          (1) First Method and Market Quotation. If the First Method and Market
        Quotation apply, the Defaulting Party will pay to the Non-defaulting
        Party the excess, if a positive number, of (A) the sum of the Settlement
        Amount (determined by the Non-defaulting Party) in respect of the
        Terminated Transactions and the Termination Currency Equivalent of the
        Unpaid Amounts owing to the Non-defaulting Party over (B) the
        Termination Currency Equivalent of the Unpaid Amounts owing to the
        Defaulting Party.

        (2) First Method and Loss. If the First Method and Loss apply, the
        Defaulting Party will pay to the Non-defaulting Party, if a positive
        number, the Non-defaulting Party's Loss in respect of this Agreement.

        (3) Second Method and Market Quotation. If the Second Method and Market
        Quotation apply, an amount will be payable equal to (A) the sum of the
        Settlement Amount (determined by the Non-defaulting Party) in respect of
        the Terminated Transactions and the Termination Currency Equivalent of
        the Unpaid Amounts owing to the Non-defaulting Party less (B) the
        Termination Currency Equivalent of the Unpaid Amounts owing to the
        Defaulting Party. If that amount is a positive number, the Defaulting
        Party will pay it to the Non-defaulting Party; if it is a negative
        number, the Non-defaulting Party will pay the absolute value of that
        amount to the Defaulting Party.

        (4) Second Method and Loss. If the Second Method and Loss apply, an
        amount will be payable equal to the Non-defaulting Party's Loss in
        respect of this Agreement. If that amount is a positive number, the
        Defaulting Party will pay it to the Non-defaulting Party; if it is a
        negative number, the Non-defaulting Party will pay the absolute value of
        that amount to the Defaulting Party.

   (ii) TERMINATION EVENTS. If the Early Termination Date results from a
        Termination Event:--

        (1) One Affected Party. If there is one Affected Party, the amount
        payable will be determined in accordance with Section 6(e)(i)(3), if
        Market Quotation applies, or Section 6(e)(i)(4), if Loss applies, except
        that, in either case, references to the Defaulting Party and to the
        Non-defaulting Party will be deemed to be references to the Affected
        Party and the party which is not the Affected Party, respectively, and,
        if Loss applies and fewer than all the Transactions are being
        terminated, Loss shall be calculated in respect of all Terminated
        Transactions.

        (2) Two Affected Parties. If there are two Affected Parties:--

            (A) if Market Quotation applies, each party will determine a
                Settlement Amount in respect of the Terminated Transactions, and
                an amount will be payable equal to (I) the sum of (a) one-half
                of the difference between the Settlement Amount of the party
                with the higher Settlement Amount ("X") and the Settlement
                Amount of the party with the lower Settlement Amount ("Y") and
                (b) the Termination Currency Equivalent of the Unpaid Amounts
                owing to X less (II) the Termination Currency Equivalent of the
                Unpaid Amounts owing to Y; and

            (B) if Loss applies, each party will determine its Loss in respect
                of this Agreement (or, if fewer than all the Transactions are
                being terminated, in respect of all Terminated Transactions) and
                an amount will be payable equal to one-half of the difference
                between the Loss of the party with the higher Loss ("X") and the
                Loss of the party with the lower Loss ("Y").

            If  the amount payable is a positive number, Y will pay it to X; if
            it is a negative number, X will pay the absolute value of that
            amount to Y.

         (iii) ADJUSTMENT FOR BANKRUPTCY. In circumstances where an Early
         Termination Date occurs because "Automatic Early Termination" applies
         in respect of a party, the amount determined under this Section 6(e)
         will be subject to such adjustments as are appropriate and permitted by
         law to reflect any payments or deliveries made by one party to the
         other under this Agreement (and retained by such other party) during
         the period from the relevant Early Termination Date to the date for
         payment determined under Section 6(d)(ii).

         (iv) PRE-ESTIMATE. The parties agree that if Market Quotation applies
         an amount recoverable under this Section 6(e) is a reasonable
         pre-estimate of loss and not a penalty. Such amount is payable for the
         loss of bargain and the loss of protection against future risks and
         except as otherwise provided in this Agreement neither party will be
         entitled to recover any additional damages as a consequence of such
         losses.

7. TRANSFER

Subject to Section 6(b)(ii), neither this Agreement nor any interest or
obligation in or under this Agreement may be transferred (whether by way of
security or otherwise) by either party without the prior written consent of the
other party, except that:--

(a) a party may make such a transfer of this Agreement pursuant to a
consolidation or amalgamation with, or merger with or into, or transfer of all
or substantially all its assets to, another entity (but without prejudice to any
other right or remedy under this Agreement); and

(b) a party may make such a transfer of all or any part of its interest in any
amount payable to it from a Defaulting Party under Section 6(e).

Any purported transfer that is not in compliance with this Section will be void.

8. CONTRACTUAL CURRENCY

(a) PAYMENT IN THE CONTRACTUAL CURRENCY. Each payment under this Agreement will
be made in the relevant currency specified in this Agreement for that payment
(the "Contractual Currency"). To the extent permitted by applicable law, any
obligation to make payments under this Agreement in the Contractual Currency
will not be discharged or satisfied by any tender in any currency other than the
Contractual Currency, except to the extent such tender results in the actual
receipt by the party to which payment is owed, acting in a reasonable manner and
in good faith in converting the currency so tendered into the Contractual
Currency, of the full amount in the Contractual Currency of all amounts payable
in respect of this Agreement. If for any reason the amount in the Contractual
Currency so received falls short of the amount in the Contractual Currency
payable in respect of this Agreement, the party required to make the payment
will, to the extent permitted by applicable law, immediately pay such additional
amount in the Contractual Currency as may be necessary to compensate for the
shortfall. If for any reason the amount in the Contractual Currency so received
exceeds the amount in the Contractual Currency payable in respect of this
Agreement, the party receiving the payment will refund promptly the amount of
such excess.

(b) JUDGMENTS. To the extent permitted by applicable law, if any judgment or
order expressed in a currency other than the Contractual Currency is rendered
(i) for the payment of any amount owing in respect of this Agreement, (ii) for
the payment of any amount relating to any early termination in respect of this
Agreement or (iii) in respect of a judgment or order of another court for the
payment of any amount described in (i) or (ii) above, the party seeking
recovery, after recovery in full of the aggregate amount to which such party is
entitled pursuant to the judgment or order, will be entitled to receive
immediately from the other party the amount of any shortfall of the Contractual
Currency received by such party as a consequence of sums paid in such other
currency and will refund promptly to the other party any excess of the
Contractual Currency received by such party as a consequence of sums paid in
such other currency if such shortfall or such excess arises or results from any
variation between the rate of exchange at which the Contractual Currency is
converted into the currency of the judgment or order for the purposes of such
judgment or order and the rate of exchange at which such party is able, acting
in a reasonable manner and in good faith in converting the currency received
into the Contractual Currency, to purchase the Contractual Currency with the
amount of the currency of the judgment or order actually received by such party.
The term "rate of exchange" includes, without limitation, any premiums and costs
of exchange payable in connection with the purchase of or conversion into the
Contractual Currency.

(c) SEPARATE INDEMNITIES. To the extent permitted by applicable law, these
indemnities constitute separate and independent obligations from the other
obligations in this Agreement, will be enforceable as separate and independent
causes of action, will apply notwithstanding any indulgence granted by the party
to which any payment is owed and will not be affected by judgment being obtained
or claim or proof being made for any other sums payable in respect of this
Agreement.

(d) EVIDENCE OF LOSS. For the purpose of this Section 8, it will be sufficient
for a party to demonstrate that it would have suffered a loss had an actual
exchange or purchase been made.

9. MISCELLANEOUS

(a) ENTIRE AGREEMENT. This Agreement constitutes the entire agreement and
understanding of the parties with respect to its subject matter and supersedes
all oral communication and prior writings with respect thereto.

(b) AMENDMENTS. No amendment, modification or waiver in respect of this
Agreement will be effective unless in writing (including a writing evidenced by
a facsimile transmission) and executed by each of the parties or confirmed by an
exchange of telexes or electronic messages on an electronic messaging system.

(c) SURVIVAL OF OBLIGATIONS. Without prejudice to Sections 2(a)(iii) and
6(c)(ii), the obligations of the parties under this Agreement will survive the
termination of any Transaction.

(d) REMEDIES CUMULATIVE. Except as provided in this Agreement, the rights,
powers, remedies and privileges provided in this Agreement are cumulative and
not exclusive of any rights, powers, remedies and privileges provided by law.

(e) COUNTERPARTS AND CONFIRMATIONS.

    (i) This Agreement (and each amendment, modification and waiver in respect
    of it) may be executed and delivered in counterparts (including by facsimile
    transmission), each of which will be deemed an original.

    (ii) The parties intend that they are legally bound by the terms of each
    Transaction from the moment they agree to those terms (whether orally or
    otherwise). A Confirmation shall be entered into as soon as practicable and
    may be executed and delivered in counterparts (including by facsimile
    transmission) or be created by an exchange of telexes or by an exchange of
    electronic messages on an electronic messaging system, which in each case
    will be sufficient for all purposes to evidence a binding supplement to this
    Agreement. The parties will specify therein or through another effective
    means that any such counterpart, telex or electronic message constitutes a
    Confirmation.

(f) NO WAIVER OF RIGHTS. A failure or delay in exercising any right, power or
privilege in respect of this Agreement will not be presumed to operate as a
waiver, and a single or partial exercise of any right, power or privilege will
not be presumed to preclude any subsequent or further exercise, of that right,
power or privilege or the exercise of any other right, power or privilege.

(g) HEADINGS. The headings used in this Agreement are for convenience of
reference only and are not to affect the construction of or to be taken into
consideration in interpreting this Agreement.

10. OFFICES; MULTIBRANCH PARTIES

(a) If Section 10(a) is specified in the Schedule as applying, each party that
enters into a Transaction through an Office other than its head or home office
represents to the other party that, notwithstanding the place of booking office
or jurisdiction of incorporation or organization of such party, the obligations
of such party are the same as if it had entered into the Transaction through its
head or home office. This representation will be deemed to be repeated by such
party on each date on which a Transaction is entered into.

(b) Neither party may change the Office through which it makes and receives
payments or deliveries for the purpose of a Transaction without the prior
written consent of the other party.

(c) If a party is specified as a Multibranch Party in the Schedule, such
Multibranch Party may make and receive payments or deliveries under any
Transaction through any Office listed in the Schedule, and the Office through
which it makes and receives payments or deliveries with respect to a Transaction
will be specified in the relevant Confirmation.

11. EXPENSES

A Defaulting Party will, on demand, indemnify and hold harmless the other party
for and against all reasonable out-of-pocket expenses, including legal fees and
Stamp Tax, incurred by such other party by reason of the enforcement and
protection of its rights under this Agreement or any Credit Support Document to
which the Defaulting Party is a party or by reason of the early termination of
any Transaction, including, but not limited to, costs of collection.

12. NOTICES

(a) EFFECTIVENESS. Any notice or other communication in respect of this
Agreement may be given in any manner set forth below (except that a notice or
other communication under Section 5 or 6 may not be given by facsimile
transmission or electronic messaging system) to the address or number or in
accordance with the electronic messaging system details provided (see the
Schedule) and will be deemed effective as indicated:--

         (i) if in writing and delivered in person or by courier, on the date it
         is delivered;

         (ii) if sent by telex, on the date the recipient's answerback is
         received;

         (iii) if sent by facsimile transmission, on the date that transmission
         is received by a responsible employee of the recipient in legible form
         (it being agreed that the burden of proving receipt will be on the
         sender and will not be met by a transmission report generated by the
         sender's facsimile machine);

         (iv) if sent by certified or registered mail (airmail, if overseas) or
         the equivalent (return receipt requested), on the date that mail is
         delivered or its delivery is attempted; or

         (v) if sent by electronic messaging system, on the date that electronic
         message is received,

unless the date of delivery (or attempted delivery) or that receipt, as
applicable, is not a Local Business Day or that communication is delivered (or
attempted) or received, as applicable, after the close of business on a Local
Business Day, in which case that communication shall be deemed given and
effective on the first following day that is a Local Business Day.

(b) CHANGE OF ADDRESSES. Either party may by notice to the other change the
address, telex or facsimile number or electronic messaging system details at
which notices or other communications are to be given to it.

13. GOVERNING LAW AND JURISDICTION

(a) GOVERNING LAW. This Agreement will be governed by and construed in
accordance with the law specified in the Schedule.

(b) JURISDICTION. With respect to any suit, action or proceedings relating to
this Agreement ("Proceedings"), each party irrevocably:--

         (i) submits to the jurisdiction of the English courts, if this
         Agreement is expressed to be governed by English law, or to the
         non-exclusive jurisdiction of the courts of the State of New York and
         the United States District Court located in the Borough of Manhattan in
         New York City, if this Agreement is expressed to be governed by the
         laws of the State of New York; and

         (ii) waives any objection which it may have at any time to the laying
         of venue of any Proceedings brought in any such court, waives any claim
         that such Proceedings have been brought in an inconvenient forum and
         further waives the right to object, with respect to such Proceedings,
         that such court does not have any jurisdiction over such party.

Nothing in this Agreement precludes either party from bringing Proceedings in
any other jurisdiction (outside, if this Agreement is expressed to be governed
by English law, the Contracting States, as defined in Section 1(3) of the Civil
Jurisdiction and Judgments Act 1982 or any modification, extension or
re-enactment thereof for the time being in force) nor will the bringing of
Proceedings in any one or more jurisdictions preclude the bringing of
Proceedings in any other jurisdiction.

(c) SERVICE OF PROCESS. Each party irrevocably appoints the Process Agent (if
any) specified opposite its name in the Schedule to receive, for it and on its
behalf, service of process in any Proceedings. If for any reason any party's
Process Agent is unable to act as such, such party will promptly notify the
other party and within 30 days appoint a substitute process agent acceptable to
the other party. The parties irrevocably consent to service of process given in
the manner provided for notices in Section 12. Nothing in this Agreement will
affect the right of either party to serve process in any other manner permitted
by law.

(d) WAIVER OF IMMUNITIES. Each party irrevocably waives, to the fullest extent
permitted by applicable law, with respect to itself and its revenues and assets
(irrespective of their use or intended use), all immunity on the grounds of
sovereignty or other similar grounds from (i) suit, (ii) jurisdiction of any
court, (iii) relief by way of injunction, order for specific performance or for
recovery of property, (iv) attachment of its assets (whether before or after
judgment) and (v) execution or enforcement of any judgment to which it or its
revenues or assets might otherwise be entitled in any Proceedings in the courts
of any jurisdiction and irrevocably agrees, to the extent permitted by
applicable law, that it will not claim any such immunity in any Proceedings.

14. DEFINITIONS

As used in this Agreement:--

"ADDITIONAL TERMINATION EVENT" has the meaning specified in Section 5(b).

"AFFECTED PARTY" has the meaning specified in Section 5(b).

"AFFECTED TRANSACTIONS" means (a) with respect to any Termination Event
consisting of an Illegality, Tax Event or Tax Event Upon Merger, all
Transactions affected by the occurrence of such Termination Event and (b) with
respect to any other Termination Event, all Transactions.

"AFFILIATE" means, subject to the Schedule, in relation to any person, any
entity controlled, directly or indirectly, by the person, any entity that
controls, directly or indirectly, the person or any entity directly or
indirectly under common control with the person. For this purpose, "control" of
any entity or person means ownership of a majority of the voting power of the
entity or person.

"APPLICABLE RATE" means:--

(a) in respect of obligations payable or deliverable (or which would have been
but for Section 2(a)(iii)) by a Defaulting Party, the Default Rate;

(b) in respect of an obligation to pay an amount under Section 6(e) of either
party from and after the date (determined in accordance with Section 6(d)(ii))
on which that amount is payable, the Default Rate;

(c) in respect of all other obligations payable or deliverable (or which would
have been but for Section 2(a)(iii)) by a Non-defaulting Party, the Non-default
Rate; and

(d) in all other cases, the Termination Rate.

"BURDENED PARTY" has the meaning specified in Section 5(b).

"CHANGE IN TAX LAW" means the enactment, promulgation, execution or ratification
of, or any change in or amendment to, any law (or in the application or official
interpretation of any law) that occurs on or after the date on which the
relevant Transaction is entered into.

"CONSENT" includes a consent, approval, action, authorization, exemption,
notice, filing, registration or exchange control consent.

"CREDIT EVENT UPON MERGER" has the meaning specified in Section 5(b).

"CREDIT SUPPORT DOCUMENT" means any agreement or instrument that is specified as
such in this Agreement.

"CREDIT SUPPORT PROVIDER" has the meaning specified in the Schedule.

"DEFAULT RATE" means a rate per annum equal to the cost (without proof or
evidence of any actual cost) to the relevant payee (as certified by it) if it
were to fund or of funding the relevant amount plus 1% per annum.

"DEFAULTING PARTY" has the meaning specified in Section 6(a).

"EARLY TERMINATION DATE" means the date determined in accordance with Section
6(a) or 6(b)(iv).

"EVENT OF DEFAULT" has the meaning specified in Section 5(a) and, if applicable,
in the Schedule.

"ILLEGALITY" has the meaning specified in Section 5(b).

"INDEMNIFIABLE TAX" means any Tax other than a Tax that would not be imposed in
respect of a payment under this Agreement but for a present or former connection
between the jurisdiction of the government or taxation authority imposing such
Tax and the recipient of such payment or a person related to such recipient
(including, without limitation, a connection arising from such recipient or
related person being or having been a citizen or resident of such jurisdiction,
or being or having been organised, present or engaged in a trade or business in
such jurisdiction, or having or having had a permanent establishment or fixed
place of business in such jurisdiction, but excluding a connection arising
solely from such recipient or related person having executed, delivered,
performed its obligations or received a payment under, or enforced, this
Agreement or a Credit Support Document).

"LAW" includes any treaty, law, rule or regulation (as modified, in the case of
tax matters, by the practice of any relevant governmental revenue authority) and
"LAWFUL" and "UNLAWFUL" will be construed accordingly.

"LOCAL BUSINESS DAY" means, subject to the Schedule, a day on which commercial
banks are open for business (including dealings in foreign exchange and foreign
currency deposits) (a) in relation to any obligation under Section 2(a)(i), in
the place(s) specified in the relevant Confirmation or, if not so specified, as
otherwise agreed by the parties in writing or determined pursuant to provisions
contained, or incorporated by reference, in this Agreement, (b) in relation to
any other payment, in the place where the relevant account is located and, if
different, in the principal financial centre, if any, of the currency of such
payment, (c) in relation to any notice or other communication, including notice
contemplated under Section 5(a)(i), in the city specified in the address for
notice provided by the recipient and, in the case of a notice contemplated by
Section 2(b), in the place where the relevant new account is to be located and
(d) in relation to Section 5(a)(v)(2), in the relevant locations for performance
with respect to such Specified Transaction.

"LOSS" means, with respect to this Agreement or one or more Terminated
Transactions, as the case may be, and a party, the Termination Currency
Equivalent of an amount that party reasonably determines in good faith to be its
total losses and costs (or gain, in which case expressed as a negative number)
in connection with this Agreement or that Terminated Transaction or group of
Terminated Transactions, as the case may be, including any loss of bargain, cost
of funding or, at the election of such party but without duplication, loss or
cost incurred as a result of its terminating, liquidating, obtaining or
reestablishing any hedge or related trading position (or any gain resulting from
any of them). Loss includes losses and costs (or gains) in respect of any
payment or delivery required to have been made (assuming satisfaction of each
applicable condition precedent) on or before the relevant Early Termination Date
and not made, except, so as to avoid duplication, if Section 6(e)(i)(1) or (3)
or 6(e)(ii)(2)(A) applies. Loss does not include a party's legal fees and
out-of-pocket expenses referred to under Section 11. A party will determine its
Loss as of the relevant Early Termination Date, or, if that is not reasonably
practicable, as of the earliest date thereafter as is reasonably practicable. A
party may (but need not) determine its Loss by reference to quotations of
relevant rates or prices from one or more leading dealers in the relevant
markets.

"MARKET QUOTATION" means, with respect to one or more Terminated Transactions
and a party making the determination, an amount determined on the basis of
quotations from Reference Market-makers. Each quotation will be for an amount,
if any, that would be paid to such party (expressed as a negative number) or by
such party (expressed as a positive number) in consideration of an agreement
between such party (taking into account any existing Credit Support Document
with respect to the obligations of such party) and the quoting Reference
Market-maker to enter into a transaction (the "Replacement Transaction") that
would have the effect of preserving for such party the economic equivalent of
any payment or delivery (whether the underlying obligation was absolute or
contingent and assuming the satisfaction of each applicable condition precedent)
by the parties under Section 2(a)(i) in respect of such Terminated Transaction
or group of Terminated Transactions that would, but for the occurrence of the
relevant Early Termination Date, have been required after that date. For this
purpose, Unpaid Amounts in respect of the Terminated Transaction or group of
Terminated Transactions are to be excluded but, without limitation, any payment
or delivery that would, but for the relevant Early Termination Date, have been
required (assuming satisfaction of each applicable condition precedent) after
that Early Termination Date is to be included. The Replacement Transaction would
be subject to such documentation as such party and the Reference Market-maker
may, in good faith, agree. The party making the determination (or its agent)
will request each Reference Market-maker to provide its quotation to the extent
reasonably practicable as of the same day and time (without regard to different
time zones) on or as soon as reasonably practicable after the relevant Early
Termination Date. The day and time as of which those quotations are to be
obtained will be selected in good faith by the party obligated to make a
determination under Section 6(e), and, if each party is so obliged, after
consultation with the other. If more than three quotations are provided, the
Market Quotation will be the arithmetic mean of the quotations, without regard
to the quotations having the highest and lowest values. If exactly three such
quotations are provided, the Market Quotation will be the quotation remaining
after disregarding the highest and lowest quotations. For this purpose, if more
than one quotation has the same highest value or lowest value, then one of such
quotations shall be disregarded. If fewer than three quotations are provided, it
will be deemed that the Market Quotation in respect of such Terminated
Transaction or group of Terminated Transactions cannot be determined.

"NON-DEFAULT RATE" means a rate per annum equal to the cost (without proof or
evidence of any actual cost) to the Non-defaulting party (as certified by it) if
it were to fund the relevant amount.

"NON-DEFAULTING PARTY" has the meaning specified in Section 6(a).

"OFFICE" means a branch or office of a party, which may be such party's head or
home office.

"POTENTIAL EVENT OF DEFAULT" means any event which, with the giving of notice or
the lapse of time or both, would constitute an Event of Default.

"REFERENCE MARKET-MAKERS" means four leading dealers in the relevant market
selected by the party determining a Market Quotation in good faith (a) from
among dealers of the highest credit standing which satisfy all the criteria that
such party applies generally at the time in deciding whether to offer or to make
an extension of credit and (b) to the extent practicable, from among such
dealers having an office in the same city.

"RELEVANT JURISDICTION" means, with respect to a party, the jurisdictions (a) in
which the party is incorporated, organized, managed and controlled or considered
to have its seat, (b) where an Office through which the party is acting for
purposes of this Agreement is located, (c) in which the party executes this
Agreement and (d) in relation to any payment, from or through which such payment
is made.

"SCHEDULED PAYMENT DATE" means a date on which a payment or delivery is to be
made under Section 2(a)(i) with respect to a Transaction.

"SET-OFF" means set-off, offset, combination of accounts, right of retention or
withholding or similar right or requirement to which the payer of an amount
under Section 6 is entitled or subject (whether arising under this Agreement,
another contract, applicable law or otherwise) that is exercised by, or imposed
on, such payer.

"SETTLEMENT AMOUNT" means, with respect to a party and any Early Termination
Date, the sum of:--

(a) the Termination Currency Equivalent of the Market Quotations (whether
positive or negative) for each Terminated Transaction or group of Terminated
Transactions for which a Market Quotation is determined; and

(b) such party's Loss (whether positive or negative and without reference to any
Unpaid Amounts) for each Terminated Transaction or group of Terminated
Transactions for which a Market Quotation cannot be determined or would not (in
the reasonable belief of the party making the determination) produce a
commercially reasonable result.

"SPECIFIED ENTITY" has the meaning specified in the Schedule.

"SPECIFIED INDEBTEDNESS" means, subject to the Schedule, any obligation (whether
present or future, contingent or otherwise, as principal or surety or otherwise)
in respect of borrowed money.

"SPECIFIED TRANSACTION" means, subject to the Schedule, (a) any transaction
(including an agreement with respect thereto) now existing or hereafter entered
into between one party to this Agreement (or any Credit Support Provider of such
party or any applicable Specified Entity of such party) and the other party to
this Agreement (or any Credit Support Provider of such other party or any
applicable Specified Entity of such other party) which is a rate swap
transaction, basis swap, forward rate transaction, commodity swap, commodity
option, equity or equity index swap, equity or equity index option, bond option,
interest rate option, foreign exchange transaction, cap transaction, floor
transaction, collar transaction, currency swap transaction, cross-currency rate
swap transaction, currency option or any other similar transaction (including
any option with respect to any of these transactions), (b) any combination of
these transactions and (c) any other transaction identified as a Specified
Transaction in this Agreement or the relevant confirmation.

"STAMP TAX" means any stamp, registration, documentation or similar tax.

"TAX" means any present or future tax, levy, impost, duty, charge, assessment or
fee of any nature (including interest, penalties and additions thereto) that is
imposed by any government or other taxing authority in respect of any payment
under this Agreement other than a stamp, registration, documentation or similar
tax.

"TAX EVENT" has the meaning specified in Section 5(b).

"TAX EVENT UPON MERGER" has the meaning specified in Section 5(b).

"TERMINATED TRANSACTIONS" means with respect to any Early Termination Date (a)
if resulting from a Termination Event, all Affected Transactions and (b) if
resulting from an Event of Default, all Transactions (in either case) in effect
immediately before the effectiveness of the notice designating that Early
Termination Date (or, if "Automatic Early Termination" applies, immediately
before that Early Termination Date).

"TERMINATION CURRENCY" has the meaning specified in the Schedule.

"TERMINATION CURRENCY EQUIVALENT" means, in respect of any amount denominated in
the Termination Currency, such Termination Currency amount and, in respect of
any amount denominated in a currency other than the Termination Currency (the
"Other Currency"), the amount in the Termination Currency determined by the
party making the relevant determination as being required to purchase such
amount of such Other Currency as at the relevant Early Termination Date, or, if
the relevant Market Quotation or Loss (as the case may be), is determined as of
a later date, that later date, with the Termination Currency at the rate equal
to the spot exchange rate of the foreign exchange agent (selected as provided
below) for the purchase of such Other Currency with the Termination Currency at
or about 11:00 a.m. (in the city in which such foreign exchange agent is
located) on such date as would be customary for the determination of such a rate
for the purchase of such Other Currency for value on the relevant Early
Termination Date or that later date. The foreign exchange agent will, if only
one party is obliged to make a determination under Section 6(e), be selected in
good faith by that party and otherwise will be agreed by the parties.

"TERMINATION EVENT" means an Illegality, a Tax Event or a Tax Event Upon Merger
or, if specified to be applicable, a Credit Event Upon Merger or an Additional
Termination Event.

"TERMINATION RATE" means a rate per annum equal to the arithmetic mean of the
cost (without proof or evidence of any actual cost) to each party (as certified
by such party) if it were to fund or of funding such amounts.

"UNPAID AMOUNTS" owing to any party means, with respect to an Early Termination
Date, the aggregate of (a) in respect of all Terminated Transactions, the
amounts that became payable (or that would have become payable but for Section
2(a)(iii)) to such party under Section 2(a)(i) on or prior to such Early
Termination Date and which remain unpaid as at such Early Termination Date and
(b) in respect of each Terminated Transaction, for each obligation under Section
2(a)(i) which was (or would have been but for Section 2(a)(iii)) required to be
settled by delivery to such party on or prior to such Early Termination Date and
which has not been so settled as at such Early Termination Date, an amount equal
to the fair market value of that which was (or would have been) required to be
delivered as of the originally scheduled date for delivery, in each case
together with (to the extent permitted under applicable law) interest, in the
currency of such amounts, from (and including) the date such amounts or
obligations were or would have been required to have been paid or performed to
(but excluding) such Early Termination Date, at the Applicable Rate. Such
amounts of interest will be calculated on the basis of daily compounding and the
actual number of days elapsed. The fair market value of any obligation referred
to in clause (b) above shall be reasonably determined by the party obliged to
make the determination under Section 6(e) or, if each party is so obliged, it
shall be the average of the Termination Currency Equivalents of the fair market
values reasonably determined by both parties.

IN WITNESS WHEREOF the parties have executed this document on the respective
dates specified below with effect from the date specified on the first page of
this document.

PARTY A

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

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

-------------------------------------------------------
Witness

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

PARTY B

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

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

-------------------------------------------------------
Witness

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

                                       ISDA Schedule to the Master
                                          Agreement for Basis Swap

                                            ST.GEORGE BANK LIMITED

 PERPETUAL TRUSTEES CONSOLIDATED LIMITED AS TRUSTEE OF THE CRUSADE
                                        GLOBAL TRUST NO. 1 OF 2005

                                            ALLENS ARTHUR ROBINSON
                                                 The Chifley Tower
                                                  2 Chifley Square

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

                           (C) Copyright Allens Arthur Robinson 2005

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

DATE

                                      2005

-------------
PARTIES

-------------
           1.   ST.GEORGE BANK LIMITED (ABN 92 055 513 070) (PARTY A); and

           2.   PERPETUAL TRUSTEES CONSOLIDATED LIMITED (ABN 81 004 029 841) in
                its capacity as trustee of the CRUSADE GLOBAL TRUST NO. 1 OF
                2005 (PARTY B).

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

PART 1.  TERMINATION PROVISIONS

(a)      SPECIFIED ENTITY is not applicable in relation to Party A or Party B:

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

(c)      The "BANKRUPTCY" provisions of Section 5(a)(vii) are replaced by "An
         Insolvency Event under the Master 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 Master Trust
         Deed) shall apply to it as if Party A were 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
         30 Local Business Days of that occurrence, Party A and Party B are able
         to procure the novation of this Agreement and all Transactions to a
         third party in respect of which the Designated Rating Agencies confirm
         that the novation will not cause a reduction or withdrawal of the
         rating of the Notes, and Party A and Party B agree to execute such a
         novation agreement in standard International Swaps and Derivates
         Association, Inc. ("ISDA") form.

(d)      Section 5(a)(i) is amended to replace THIRD with TENTH.

         For the avoidance of doubt, but without limiting Section 17, Party B is
         not obliged to pay any amount attributable to any Break Payment which
         is due by, but not received from, an Obligor or any Loan Offset
         Interest Amount which is due by, but not received from, the Approved
         Seller, and the failure by Party B to pay that amount shall not be an
         Event of Default.

(e)      The AUTOMATIC EARLY TERMINATION provision of Section 6(a):

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

         Any event which, upon its occurrence, constitutes an Event of Default,
         is deemed not to be an essential term of the Transaction so that the
         occurrence of any Event of Default shall not be implied to constitute a
         repudiation of this Agreement. This does not in any way restrict or
         limit the right of a Non-Defaulting Party under Section 6(a) to
         terminate following an Event of Default.

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                                                                          Page 1

(f)      PAYMENTS ON EARLY TERMINATION. Subject to Section 15(j) only, for the
         purpose of Section 6(e) of this Agreement, neither Party A nor Party B
         is required to make any payment if this Agreement is terminated and
         Section 6(e) shall not apply.

(g)      There is no Termination Currency.

(h)      An ADDITIONAL TERMINATION EVENT set out in Section 15 of this Schedule,
         will apply.

(i)      In the TRANSFER provision of Section 7, add a new paragraph (c):

         (c)      Party B may transfer to a Successor Trustee (as defined below)
                  or to avoid an illegality as specified in Section 5(b)(i).

(j)      Add a new paragraph to Section 7 immediately below paragraph (c):

         In the event that a trustee is appointed as a successor to Party B
         under the Trust Deed ("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) novate to the Successor Trustee the Transaction 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 the Designated Rating
         Agencies of such novation.

PART 2.  TAX REPRESENTATIONS

(a)      PAYER TAX REPRESENTATIONS.

         For the purpose of Section 3(e) of this Agreement each of Party A 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) or
         6(d)(ii) 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) of this
                  Agreement; 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 subclause (ii) above and the other party does not
         deliver a form or document under Section 4(a)(iii) by reason of
         material prejudice to its legal or commercial position.

(b)      PAYEE TAX REPRESENTATIONS.

         For the purpose of Section 3(f) of this Agreement, each of Party A and
         Party B represents that it is an Australian resident and does not
         derive the payments under this Agreement in whole or in part in

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                                                                          Page 2

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         carrying on business in a country outside Australia at or through a
         permanent establishment of itself in that country.

         Party A and Party B also represent that Crusade Global Trust No. 1 of
         2005 is a non-U.S. branch of a foreign person for U.S. federal income
         tax purposes.

(c)      DEDUCTION OR WITHHOLDING FOR TAX. Section 2(d) is replaced with the
         following Section:

                  All payments under this Agreement will be made subject to
                  deduction or withholding for or on account of any Tax. If a
                  party is so required to deduct or withhold, then that party
                  ("X") will:

                  (i)     promptly notify the other party ("Y") of such
                          requirement;

                  (ii)    pay to the relevant authorities the full amount
                          required to be deducted or withheld promptly upon the
                          earlier of determining that such deduction or
                          withholding is required or receiving notice that such
                          amount has been assessed against Y;

                  (iii)   promptly forward to Y an official receipt (or a
                          certified copy), or other documentation reasonably
                          acceptable to Y, evidencing such payment to such
                          authorities;

                  (iv)    pay to Y the amount Y would have received had no
                          deduction or withholding been required.

                  Paragraph (iv) shall not apply to payments to be made by Party
                  B.

PART 3.  AGREEMENT TO DELIVER DOCUMENTS

For the purpose of Section 4(a)(i) and (ii) of this Agreement, each party agrees
to deliver to the other as soon as reasonably practicable following a request by
the other party, any document or certificate reasonably required by a party in
connection with its obligations to make a payment under this Agreement which
would enable that party to make the payment free from any deduction or
withholding for or on account of Tax or as would reduce the rate at which the
deduction or withholding for or on account of Tax is applied to that payment.

PART 4.  MISCELLANEOUS

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

         Address for notices or communications to Party A:

         Address:          Level 12, 55 Market Street, Sydney NSW 2000
         Attention:        Middle Office Compliance Manager
         Facsimile No:     (02) 9320 5589   Telephone No: (02) 9320 5526

         Address for notices or communications to Party B:

         Address:          Level 7, 9 Castlereagh Street, Sydney  NSW  2000
         Attention:        Manager, Securitisation
         Facsimile No:     (02) 9221 7870       Telephone No: (02) 9229 9000

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                                                                         Page 3

         With a copy to the Manager:

         Address:          Level 12, 55 Market Street, Sydney NSW 2000
         Attention:        Middle Office Compliance Manager
         Facsimile No:     (02) 9320 5589   Telephone No: (02) 9320 5526

(b) PROCESS AGENT. For the purpose of Section 13(c) of this Agreement:

         Party A appoints as its Process Agent: None.

         Party B appoints as its Process Agent: None.

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

(d) 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.

(e) CALCULATION AGENT. The Calculation Agent is Party A.

(f) CREDIT SUPPORT DOCUMENT. Details of any Credit Support Document:

         In relation to Party A:    Nil.

         In relation to Party B:    Security Trust Deed

(g) CREDIT SUPPORT PROVIDER. Credit Support Provider means:

         In relation to Party A:  Nil.

         In relation to Party B:  Nil.

(h)      GOVERNING LAW. This Agreement will be governed by and construed in
         accordance with the laws in force in New South Wales and Section
         13(b)(i) is deleted and replaced with the following:

         each party submits to the non-exclusive jurisdiction of the courts of
         New South Wales and Court of Appeal from them.

(i)      NETTING OF PAYMENTS. Sub-paragraph (ii) of Section 2(c) of this
         Agreement will apply to net Transactions in the same Confirmation and
         will not apply to net Transactions specified in different
         Confirmations.

(j)      AFFILIATE will have the meaning specified in Section 14 of this
         Agreement. For the purpose of Section 3(c), each of Party A and Party B
         are deemed not to have any Affiliates.

PART 5.  OTHER PROVISIONS

(a)      ISDA DEFINITIONS: This Agreement, each Confirmation and each
         Transaction are subject to the 2000 ISDA Definitions (published by the
         International Swaps and Derivatives Association, Inc.) as amended from
         time to time (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. The ISDA Definitions are incorporated by reference in,
         and shall be deemed to be part of this Agreement and each Confirmation.

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

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                                                                          Page 4

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

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

(d)      A new Section 2(a)(iv) is inserted as follows:

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

(e)      For the purpose of Section 2(b) of this Agreement, CHANGE OF ACCOUNT,
         any new account so designated shall be in the same tax jurisdiction as
         the original account.

(f)      ADDITIONAL REPRESENTATIONS: In Section 3 add the following immediately
         after paragraph (f):

                  (g)     Non Assignment. It has not assigned (whether
                          absolutely, in equity or otherwise) or declared any
                          trust over any of its rights under any Transaction
                          (other than, in respect of Party B, the trusts created
                          pursuant to the Trust Deed) and has not given any
                          charge over its assets, in the case of Party A, or the
                          assets of the Trust (other than as provided in the
                          Security Trust Deed), in the case of Party B.

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

         (i)      TRUST VALIDLY CREATED. The Trust has been validly created 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.

         (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. To the best of its knowledge, Party B has acquired
                  equitable title (in its capacity as trustee of the Trust) to
                  the Assets of the Trust from the Approved Seller 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
                  (as defined in the Trust Deed) permitted under the Security
                  Trust Deed, as far as Party B is aware, those assets are free
                  from all other Security Interests (other than the right of
                  indemnity from the Assets of the Trust).

(h) In Section 3(c):

         (i)      delete the words AGENCY OR OFFICIAL; and

         (ii)     in the third line, insert "materially" before the word AFFECT.

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                                                                          Page 5

(i) In Section 4 add a new paragraph as follows:

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

(j) In Section 6(d)(i), in the last line, insert IN THE ABSENCE OF MANIFEST
    ERROR after the word EVIDENCE.

(k)
    CONFIRMATIONS. Notwithstanding the provisions of Section 9(e)(ii), each
    Confirmation in respect of a Swap Transaction which is confirmed by
    electronic messaging system, an exchange of telexes or an exchange of
    facsimiles will be further evidenced by an original Confirmation signed by
    the parties, however any failure to sign an original Confirmation will not
    affect the validity or enforceability of any Swap Transaction.

(l) Section 12 is amended as follows:

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

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

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

(m) Any reference to a:

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

    (ii)     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.

(n)  TRUST DEED means the Master Trust Deed dated 14 March 1998 as amended
     by the Crusade Global Trust No. 1 of 2005 Supplementary Terms Notice
     dated on or about the date of this Agreement between (among others)
     Party B, Party A and the Manager, and each of the following expressions
     shall have the meanings given to them in the Trust Deed:

                  APPROVED BANK
                  APPROVED SELLER
                  ASSETS
                  BANK
                  CLASS
                  DESIGNATED RATING AGENCY
                  FLOATING RATE LOAN
                  HOUSING LOAN PRINCIPAL
                  INSOLVENCY EVENT

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                                                                         Page 6

                  LOAN OFFSET INTEREST AMOUNT
                  MANAGER
                  MASTER TRUST DEED
                  NOTE
                  PAYMENT DATE
                  PURCHASED RECEIVABLE
                  REDRAW FACILITY PROVIDER
                  SECURITY TRUST DEED
                  TRUST

(o)      TRUST DEED: The Parties acknowledge and agree that for the purposes of
         the Trust Deed, this Agreement is an HEDGE AGREEMENT and Party A is a
         SUPPORT FACILITY PROVIDER.

(p)      A new Section 15 is added as follows:

         15.      DOWNGRADE

         (a)      For the purpose of this Section 15 the following additional
                  definitions apply:

                  APPROVED BANK means a Bank which has a short-term rating of at
                  least A-1+ (S&P), at least P-1 (short-term) and A2 (long-term)
                  (Moody's) and at least F1 (short term) (Fitch Ratings).

                  DOWNGRADE means Party A's rating by a Designated Rating Agency
                  has been withdrawn or reduced resulting in Party A having:

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

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

                  (iii)    a credit rating by Fitch Ratings of less than F1
                           (short term) or A (long term).

                  NOTE DOWNGRADE means any actual or proposed withdrawal or
                  downgrade of the ratings assigned to any Class of Notes by a
                  Designated Rating Agency which results or would result in any
                  rating assigned to that Class of Notes being less than that
                  stipulated in Section 4.2(f) of the Supplementary Terms
                  Notice.

                  REPLACEMENT PROVIDER means a party that has agreed to replace
                  Party A as Basis Swap Provider, and has a rating greater than
                  or equal to:

                  (i)      A-1 by S&P;

                  (ii)     who is suitably rated such that its appointment as
                           Basis Swap Provider does not result in a Note
                           Downgrade by Moody's; and

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

                  SWAP COLLATERAL ACCOUNT means an account established by Party
                  B with an Approved Bank.

         (b)      If, on any Determination Date, Party A is Downgraded and the
                  Threshold Rate is greater than the Mortgage Rate (as defined
                  in the Basis Swap Confirmation), Party A shall immediately (in
                  any event no later than 3 Business Days) deposit into a Swap
                  Collateral Account and maintain in the Swap Collateral Account
                  (whilst the relevant Downgrade

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                                                                         Page 7

                  subsists and the Threshold Rate is greater than the Mortgage
                  Rate) the amount of the next payment that is due to be paid by
                  Party A (the SWAP COLLATERAL AMOUNT).

         (c)      All interest on the Swap Collateral Account will accrue and be
                  payable monthly to the party which provides the relevant Cash
                  Collateral Amount.

         (d)      Party B may make withdrawals from the Swap Collateral Account
                  only for the purpose of:

                  (i)     refunding to Party A the amount of any reduction in
                          the Swap Collateral Amount, from time to time;

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

                  (iii)   paying any applicable bank account taxes or equivalent
                          payable in respect of the Swap Collateral Account; or

                  (iv)    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.

         (e)      If, a Downgrade no longer applies to Party A, Party A shall be
                  immediately entitled to any cash collateral amount which it
                  has deposited in the Swap Collateral Account, less any amounts
                  used or to be used by Party B under paragraphs (d)(i) or
                  (d)(iv).

                  Where Party A fails to comply with Section 15(b), this shall
                  constitute an Additional Termination Event and Party A shall
                  be the Affected Party for this purpose.

                  In addition to complying with its obligations under this
                  Section 15, if there is a Downgrade to Party A's long term
                  debt rating below BBB- by S&P, Party A must immediately post
                  collateral in accordance with Section 15(b) and be immediately
                  substituted for a Replacement Provider.

(q)       A new Section 16 is added as follows:

                  16.      Party B provisions

                          (a)       Limitation of liability

                          (A)      General

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

                          (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

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                                                                          Page 8

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                                            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.

                                    (3)     The provisions of this section 16
                                            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 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. No act or omission of
                                            Party B (including any related
                                            failure to satisfy its obligations
                                            under this agreement) will be
                                            considered fraud, negligence or
                                            Default of Party B for the purpose
                                            of subparagraph (3) above to the
                                            extent to which the act or omission
                                            was caused or contributed to by any
                                            failure by any Relevant Party or any
                                            person who has been delegated or
                                            appointed by Party B in accordance
                                            with this agreement or any other
                                            Transaction Document to fulfil its
                                            obligations relating to the Trust or
                                            by any other act or omission of a
                                            Relevant Party or any such person.

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

                                      (6)   In this clause, RELEVANT PARTIES
                                            means each of the Manager, the
                                            Redraw Facility Provider, the
                                            Servicer, the Calculation Agent,

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                                                                          Page 9

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

                                            the Note Registrar, each Paying
                                            Agent, the Note Trustee, and the
                                            provider of a Support Facility.

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

                           (b)      Nothing in paragraph (a) or (c) 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;

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

                                   (iv)     taking any legal action against
                                            Party B in its personal capacity
                                            under or as a result of the
                                            operation of Section 16(a)(B)(3).

                           (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 section 459E(1) of the
                                            Corporations Act 2001 (Cth) (or any
                                            analogous provision under any other
                                            law) against Party B;

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

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

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

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

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

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

IN WITNESS WHEREOF the parties have executed this schedule on the respective
dates specified below with effect from the date specified on the first page of
this document.

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                                                                         Page 10

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

ST.GEORGE BANK LIMITED

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

Name:                                               Name:
         ------------------------------------                ------------------------------------

Title:                                              Title:
         ------------------------------------                ------------------------------------

Date:                                               Date:
         ------------------------------------                ------------------------------------

PERPETUAL TRUSTEES CONSOLIDATED LIMITED

By:                                                 Witness:
         ------------------------------------               -

Name:                                               Name:
         ------------------------------------                ------------------------------------

Title:                                              Title:
         ------------------------------------                ------------------------------------

Date:                                               Date:
         ------------------------------------                ------------------------------------

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                                                                         Page 11

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