Document:

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                                                  AGENCY AGREEMENT

                           PERPETUAL TRUSTEES CONSOLIDATED LIMITED
                                                         (Trustee)

                                        CRUSADE MANAGEMENT LIMITED
                                                         (Manager)

                              DEUTSCHE BANK TRUST COMPANY AMERICAS
                                          (Principal Paying Agent)

                                          WILMINGTON TRUST COMPANY
                                                    (Note Trustee)

                              DEUTSCHE BANK TRUST COMPANY AMERICAS
                                               (Calculation Agent)

                              DEUTSCHE BANK TRUST COMPANY AMERICAS
                                                  (Note Registrar)

                                Crusade Global Trust No. 2 of 2003

                                                 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 2003

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AGENCY AGREEMENT                                   [Allens Arthur Robinson LOGO]
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TABLE OF CONTENTS

1.       DEFINITIONS AND INTERPRETATION                                        4
         1.1      Definitions                                                  4
         1.2      Note Trust Deed definitions                                  5
         1.3      Interpretation                                               5
         1.4      Document or agreement                                        5
         1.5      Transaction Document                                         5
         1.6      Trustee as trustee                                           5

2.       APPOINTMENT OF PAYING AGENTS                                          6

3.       PAYMENT                                                               6
         3.1      Payment by Trustee                                           6
         3.2      Confirmation                                                 6
         3.3      Payments by Paying Agents                                    7
         3.4      Method of Payment - Book-Entry Notes                         7
         3.5      Method of payment - Definitive Notes                         7
         3.6      Late payment                                                 7
         3.7      Notice of non-receipt                                        8
         3.8      Reimbursement                                                8
         3.9      Method of payment                                            8
         3.10     No fee                                                       8
         3.11     Trust                                                        9

4.       REPAYMENT                                                             9

5.       APPOINTMENT OF THE CALCULATION AGENT                                  9

6.       DUTIES OF THE CALCULATION AGENT                                       9

7.       NOTE TRUSTEE                                                         11

8.       EARLY REDEMPTION OF NOTES                                            12

9.       PRO RATA REDEMPTION, PURCHASES AND CANCELLATION OF NOTES             12

10.      NOTICES TO NOTEHOLDERS                                               13

11.      DOCUMENTS AND FORMS                                                  14

12.      AUTHENTICATION                                                       14

13.      INDEMNITY                                                            14

14.      THE NOTE REGISTER                                                    15
         14.1     Appointment of Note Registrar                               15
         14.2     Details to be kept on the Note Register                     15
         14.3     Payments of Principal and Interest                          16
         14.4     Place of keeping Register, copies and access                16
         14.5     Details on Note Register conclusive                         17
         14.6     Alteration of details on Note Register                      17
         14.7     Rectification of Note Register                              17

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         14.8     Correctness of Note Register                                17

15.      CHANGES OF NOTE REGISTRAR                                            17
         15.1     Removal                                                     17
         15.2     Resignation                                                 18
         15.3     Limitation                                                  18

16.      GENERAL                                                              18
         16.1     Communications to Class A Noteholders                       18
         16.2     Agency                                                      18
         16.3     Identity                                                    19
         16.4     No set-off                                                  19
         16.5     Reliance                                                    19
         16.6     Entitled to deal                                            19
         16.7     Consultation                                                20
         16.8     Duties                                                      20
         16.9     Income Tax Returns                                          20
         16.10    Obligations of Note Parties                                 20

17.      CHANGES IN PAYING AGENTS AND CALCULATION AGENT                       20
         17.1     Removal                                                     20
         17.2     Resignation                                                 21
         17.3     Limitation                                                  21
         17.4     Delivery of amounts                                         22
         17.5     Successor to Principal Paying Agent                         22
         17.6     Successor to Calculation Agent                              23
         17.7     Successor to Note Registrar                                 24
         17.8     Notice to Class A Noteholders                               24
         17.9     Change in Paying Office or Specified Office                 24

18.      FEES AND EXPENSES                                                    25

19.      WAIVERS, REMEDIES CUMULATIVE                                         26

20.      SEVERABILITY OF PROVISIONS                                           26

21.      ASSIGNMENTS                                                          26

22.      NOTICES                                                              27
         22.1     General                                                     27
         22.2     Details                                                     27
         22.3     Communication through Principal Paying Agent                29

23.      LIMITED RECOURSE                                                     29
         23.1     General                                                     29
         23.2     Liability of Trustee limited to its right to indemnity      29
         23.3     Unrestricted remedies                                       30
         23.4     Restricted remedies                                         30

24.      COUNTERPARTS                                                         31

25.      GOVERNING LAW                                                        31

26.      SUCCESSOR TRUSTEE                                                    31

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AGENCY AGREEMENT                                   [Allens Arthur Robinson LOGO]
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DATE                                       2003

=========

PARTIES

=========

     1.        PERPETUAL TRUSTEES CONSOLIDATED LIMITED (ABN 81 004 029 841)
               incorporated in Australia and registered in Victoria of Level 7,
               9 Castlereagh Street, Sydney, New South Wales 2000 in its
               capacity as trustee of the Crusade Global Trust No. 2 of 2003
               (the TRUSTEE);

     2.        CRUSADE MANAGEMENT LIMITED (ABN 90 072 715 916) incorporated in
               Australia and registered in New South Wales of 4-16 Montgomery
               Street, Kogarah, New South Wales 2217, as Manager in relation to
               the Crusade Global Trust No. 2 of 2003 (the MANAGER);

     3.        DEUTSCHE BANK TRUST COMPANY AMERICAS acting through its office at
               1761 East St. Andrew Place, Santa Ana, California 92705-4934 as
               principal paying agent for the Notes described below (the
               PRINCIPAL PAYING AGENT, which expression shall, wherever the
               context requires, include any successor principal paying agent
               from time to time and, except where the context otherwise
               requires, the Principal Paying Agent and any additional paying
               agent or paying agents are PAYING AGENTS);

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

     5.        DEUTSCHE BANK TRUST COMPANY AMERICAS acting through its office at
               1761 East St. Andrew Place, Santa Ana, California 92705-4934 as
               reference agent in relation to the Notes described below (the
               CALCULATION AGENT) which expression shall, whenever the context
               requires, include any successor reference agent from time to
               time); and

     6.        DEUTSCHE BANK TRUST COMPANY AMERICAS acting through its office at
               1761 East St. Andrew Place, Santa Ana, California 92705-4934 as
               note registrar in relation to the Class A Notes described below
               (the NOTE REGISTRAR) which expression shall, whenever the context
               requires, include any successor note registrar from time to time.

RECITALS

=========
     A         The Trustee proposes to issue US$[*] of Class A mortgage backed
               pass through floating rate Notes (the CLASS A NOTES) each with a
               Final Maturity Date falling in [*] and A$[*] of mortgage backed
               pass through floating rates Notes comprising $[*] Class

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               B Notes and $[*] Class C Notes (together the $A NOTES) each with
               a Final Maturity Date falling in [*].

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

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

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

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

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

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

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

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IT IS AGREED as follows.

1.       DEFINITIONS AND INTERPRETATION
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1.1      DEFINITIONS

         The following definitions apply unless the context requires otherwise.

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

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

         PAYING OFFICE means, in relation to a Paying Agent, the office of the
         Paying Agent specified in the Class A Notes or otherwise under this
         agreement or the Note Trust Deed as

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         the office at which payments in respect of the Class A Notes will be
         made as changed from time to time in accordance with this agreement.

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

         SPECIFIED OFFICE means, in relation to the Calculation Agent, the
         office of the Calculation Agent specified under this agreement as the
         office at which the Calculation Agent will carry out its duties under
         this agreement, and initially means its office at 1761 East St. Andrew
         Place, Santa Ana, California 92705-4934 (ATTN: Trust Administration
         STO302).

         TRUST means the trust known as the Crusade Global Trust No. 2 of 2003
         established under the Notice of Creation of Trust, the Master Trust
         Deed and the Supplementary Terms Notice.

1.2      NOTE TRUST DEED DEFINITIONS

         Words and expressions which are defined in the Note Trust Deed
         (including by reference to another agreement and including the
         Conditions) have the same meanings when used in this agreement unless
         the context otherwise requires or unless otherwise defined in this
         agreement.

1.3      INTERPRETATION

         Clause 1.2 of the Master Trust Deed applies to this agreement as if set
         out in full and:

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

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

1.4      DOCUMENT OR AGREEMENT

         A reference to:

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

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

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

1.5      TRANSACTION DOCUMENT

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

1.6      TRUSTEE AS TRUSTEE

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

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

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

         (b)   The rights and obligations of the parties under this agreement
               relate only to the Trust, and do not relate to any other Trust
               (as defined in the Master Trust Deed).

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

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

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

         It is acknowledged and agreed that:

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

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

3.       PAYMENT
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3.1      PAYMENT BY TRUSTEE

         The Trustee shall, with the assistance of and, at the direction of the
         Manager, not later than 11:00 am (New York time) on each Payment Date,
         pay to or to the order of, or procure payment to or to the order of,
         the Principal Paying Agent (including where relevant in clause 3.9) the
         amount in US$ as may be required (after taking account of any cash then
         held by the Principal Paying Agent and available for the purpose) to be
         made on each Class A Note on that Payment Date under the Supplementary
         Terms Notice and the Conditions.

3.2      CONFIRMATION

         Not later than 4:00 pm (Sydney time) on each Determination Date, the
         Manager on behalf of the Trustee shall notify, or procure notification
         to, the Principal Paying Agent and the

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         Note Trustee of the amount of interest or principal payable in respect
         of the Class A Notes on the Payment Date following that Determination
         Date. The Trustee or if required by the Trustee, the Manager on its
         behalf shall also forward to the Principal Paying Agent at that time
         confirmation that all amounts required to be paid to the Currency Swap
         Provider under any Confirmation relating to the Class A Notes on the
         Payment Date following that Determination Date will be made
         unconditionally.

3.3      PAYMENTS BY PAYING AGENTS

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

3.4      METHOD OF PAYMENT - BOOK-ENTRY NOTES

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

3.5      METHOD OF PAYMENT - DEFINITIVE NOTES

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

3.6      LATE PAYMENT

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

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

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

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

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AGENCY AGREEMENT                                   [Allens Arthur Robinson LOGO]
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3.7      NOTICE OF NON-RECEIPT

         The Principal Paying Agent shall immediately notify by facsimile (if
         appropriate) the other Paying Agents (if any), the Note Trustee, the
         Trustee, the Security Trustee, the Currency Swap Provider and the
         Manager if the full amount of any payment of principal or interest
         required to be made by the Supplementary Terms Notice and Conditions in
         respect of the Class A Notes is not unconditionally received by it or
         to its order in accordance with this agreement.

3.8      REIMBURSEMENT

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

3.9      METHOD OF PAYMENT

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

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

3.10     NO FEE

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

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3.11     TRUST

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

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

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

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

         (b)   It is acknowledged and agreed that:

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

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

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

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

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

               (iii) notify the Trustee, the Manager, the Note Trustee and the
                     Paying Agents by facsimile transmission on or as soon as
                     possible after the first day of that Interest Period, of
                     the Interest Rate and the Interest so determined by it in
                     relation to that Interest Period, specifying to the Trustee
                     and the Manager the rates upon which they are based and
                     (where relevant) the names of the banks quoting those
                     rates; and

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

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

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

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

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

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

                    (A)

                          (1)  to act as Principal Paying Agent, Paying Agents
                               and Calculation Agent, respectively, of the Note
                               Trustee on the terms of this agreement in
                               relation to payments to be made by or on behalf
                               of the Trustee under the terms of the Note Trust
                               Deed, except that the Note Trustee's liability
                               under any provisions of this agreement for the
                               indemnification of the Calculation Agent and the
                               Paying Agents shall be limited to any amount for
                               the time being held by the Note Trustee on the
                               trusts of the Note Trust Deed and which is
                               available to be applied by the Note Trustee for
                               that purpose; and

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

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

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

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

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

         (d)   If the Calculation Agent at any time for any reason does not
               determine the Interest Rate or calculate the Interest for a Class
               A Note, the Note Trustee shall do so and each such determination
               or calculation shall be deemed to have been made by the
               Calculation Agent. In doing so, the Note Trustee shall apply the
               provisions of

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AGENCY AGREEMENT                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

               clause 6, with any necessary consequential amendments, to the
               extent that, in its opinion, it can do so, and, in all other
               respects it shall do so in such a manner as it shall deem fair
               and reasonable in all the circumstances.

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

         (a)   If the Trustee intends to redeem all (but not some only) of the
               Class A Notes prior to its Final Maturity Date pursuant to
               Condition 5(j) (which it may only do at the direction of the
               Manager), the Manager shall give not less than 5 days' prior
               notice to the Principal Paying Agent and the Note Trustee before
               giving the requisite period of notice to the Class A Noteholders
               in accordance with Condition 5(i) or 5(j) and stating the date on
               which the Class A Notes are to be redeemed.

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

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

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

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

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

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

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

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

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

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

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

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

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AGENCY AGREEMENT                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

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

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

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

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

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

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

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

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

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

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

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                                                                         Page 13

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AGENCY AGREEMENT                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

               (including the Note Trust Deed, the Master Trust Deed and the
               Supplementary Terms Notice).

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

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

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

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

         (a)   Subject to paragraph (b) and clause 23, the Trustee shall
               indemnify each Paying Agent, the Note Registrar and the
               Calculation Agent against any loss, damages, proceeding,
               liability, cost, claim, action, demand or expense (in this clause
               13, each, an EXPENSE) which the Paying Agent, the Note Registrar
               or the Calculation Agent, as the case may be, may incur or which
               may be made against the Paying Agent, the Note Registrar or the
               Calculation Agent (as the case may be), as a result of or in
               connection with the Paying Agent's, the Note Registrar's or the
               Calculation Agent's, as the case may be, appointment or the
               proper exercise of the Paying Agent's, the Note Registrar's or
               the Calculation Agent's, as the case may be, powers and proper
               performance of the Paying Agent's, the Note Registrar's or the
               Calculation Agent's, as the case may be, duties under this
               agreement, notwithstanding the resignation or removal of that
               Paying Agent, the Note Registrar's or the Calculation Agent in
               accordance with clause 17 (including any liability in respect of
               payment of a cheque drawn by that Paying Agent or Calculation
               Agent (as the case may be) where the cheque is collected or sued
               upon or an attempt at collection is made after the amount in
               respect of which it is paid has been returned to the Trustee
               under clause 4).

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

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

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

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                                                                         Page 14

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AGENCY AGREEMENT                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

                     promptly upon the Paying Agent, the Note Registrar or the
                     Calculation Agent (as the case may be) becoming aware of
                     the Expense; and

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

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

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

14.1     APPOINTMENT OF NOTE REGISTRAR

         The Trustee appoints Deutsche Bank Trust Company Americas to be the
         initial Note Registrar. Deutsche Bank Trust Company Americas accepts
         that appointment.

14.2     DETAILS TO BE KEPT ON THE NOTE REGISTER

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

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

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

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

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

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

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

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

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

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

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

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                                                                         Page 15

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AGENCY AGREEMENT                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

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

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

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

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

               (i)   is required by the Supplementary Terms Notice;

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

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

14.3     PAYMENTS OF PRINCIPAL AND INTEREST

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

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

14.4     PLACE OF KEEPING REGISTER, COPIES AND ACCESS

         The Note Register shall be:

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

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

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

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

14.5     DETAILS ON NOTE REGISTER CONCLUSIVE

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

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                                                                         Page 16

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AGENCY AGREEMENT                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

               in any circumstances whatsoever for any inaccuracy in, or
               omission from, the Note Register.

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

14.6     ALTERATION OF DETAILS ON NOTE REGISTER

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

14.7     RECTIFICATION OF NOTE REGISTER

         If:

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

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

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

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

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

         the Note Registrar may rectify the same.

14.8     CORRECTNESS OF NOTE REGISTER

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

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

15.1     REMOVAL

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

15.2     RESIGNATION

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

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                                                                         Page 17

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AGENCY AGREEMENT                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

15.3     LIMITATION

         Despite clauses 15.1 and 15.2:

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

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

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

16.1     COMMUNICATIONS TO CLASS A NOTEHOLDERS

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

16.2     AGENCY

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

16.3     IDENTITY

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

         (a)   who is, while a Book-Entry Note remains outstanding, the
               registered owner of that Book-Entry Note as the person entitled
               to receive payments of principal or interest (as applicable) and
               each person shown in the records of the Common Depository as the
               holder of any Class A Note represented by a Book-Entry Note shall
               be entitled

--------------------------------------------------------------------------------
                                                                         Page 18

<PAGE>

AGENCY AGREEMENT                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

               to receive from the registered owner of that Book-Entry Note any
               payment so made in accordance with the respective rules and
               procedures of the Common Depository and on the terms and subject
               to the conditions of that Book-Entry Note;

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

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

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

16.4     NO SET-OFF

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

16.5     RELIANCE

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

16.6     ENTITLED TO DEAL

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

16.7     CONSULTATION

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

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                                                                         Page 19

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AGENCY AGREEMENT                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

16.8     DUTIES

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

16.9     INCOME TAX RETURNS

         The Principal Paying Agent shall, subject always to compliance with
         mandatory provisions of law, deliver to each Class A Noteholder such
         information as may be reasonably required to enable such Class A
         Noteholder to prepare its federal and state income tax returns.

16.10    OBLIGATIONS OF NOTE PARTIES

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

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

17.1     REMOVAL

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

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

               (i)   additional or alternative Paying Agents; or

               (ii)  an alternative Calculation Agent;

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

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

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

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

                     (C)   the Paying Agent or Calculation Agent fails to comply
                           with any of its obligations under this agreement and,
                           if capable of remedy, such failure is not remedied
                           within five days after the earlier of (x) the Paying
                           Agent or the Calculation Agent, as the case may be,
                           having

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                                                                         Page 20

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AGENCY AGREEMENT                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

                           become aware of that failure and (y) the receipt by
                           the Paying Agent or the Calculation Agent, as the
                           case may be, of written notice with respect thereto
                           from the Trustee or Manager; or

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

17.2     RESIGNATION

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

17.3     LIMITATION

         Despite clauses 17.1 and 17.2:

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

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

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

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

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

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                                                                         Page 21

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AGENCY AGREEMENT                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

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

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

17.4     DELIVERY OF AMOUNTS

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

17.5     SUCCESSOR TO PRINCIPAL PAYING AGENT

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

         (b)   Any corporation:

               (i)   into which the Principal Paying Agent is merged;

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

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

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

               shall, on the date when that merger, conversion, consolidation,
               sale or transfer becomes effective and to the extent permitted by
               applicable law, become the successor Principal Paying Agent under
               this agreement without the execution or filing of any agreement
               or document or any further act on the part of the parties to

--------------------------------------------------------------------------------
                                                                         Page 22

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AGENCY AGREEMENT                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

               this agreement, unless otherwise required by the Trustee or the
               Manager, and after that effective date all references in this
               agreement to the Principal Paying Agent shall be references to
               that corporation.

17.6     SUCCESSOR TO CALCULATION AGENT

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

         (b)   Any corporation:

               (i)   into which the Calculation Agent is merged;

               (ii)  with which the Calculation Agent is consolidated;

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

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

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

17.7     SUCCESSOR TO NOTE REGISTRAR

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

         (b)   Any corporation:

--------------------------------------------------------------------------------
                                                                         Page 23

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AGENCY AGREEMENT                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

               (i)   into which the Note Registrar is merged;

               (ii)  with which the Note Registrar is consolidated;

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

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

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

17.8     NOTICE TO CLASS A NOTEHOLDERS

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

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

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

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

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

17.9     CHANGE IN PAYING OFFICE OR SPECIFIED OFFICE

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

         (b)   If the Calculation Agent proposes to change its Specified Office
               (which must be in New York City, California or such other
               jurisdiction as the Calculation Agent, the Manager and the
               Trustee may agree from time to time), or to nominate a further
               Specified Office, it must give to the Trustee, the Manager, the
               Class A Noteholders (which notice, in the case of the Class A
               Noteholders, must be given in accordance with Condition 12) and
               the Note Trustee, not less than 30 days' prior written notice

--------------------------------------------------------------------------------
                                                                         Page 24

<PAGE>

AGENCY AGREEMENT                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

               of that change, giving the address of the new Specified Office
               and stating the date on which the change is to take effect. No
               change of specified office may occur within the period between 30
               days before and 30 days after any due date for payment of any
               Class A Notes.

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

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

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

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

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

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

         (e)   The above fees, payments and expenses shall be paid in Australian
               dollars and the Trustee shall in addition pay any goods and
               services tax which may be applicable. The Principal Paying Agent
               shall arrange for payment of commissions to the other

--------------------------------------------------------------------------------
                                                                         Page 25

<PAGE>

AGENCY AGREEMENT                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

               Paying Agents and arrange for the reimbursement of their expenses
               promptly upon demand, supported by evidence of that expenditure,
               and provided that payment is made as required by paragraph (a)
               the Trustee shall not be concerned with or liable in respect of
               that payment.

19.      WAIVERS, REMEDIES CUMULATIVE
--------------------------------------------------------------------------------

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

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

20.      SEVERABILITY OF PROVISIONS
--------------------------------------------------------------------------------

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

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

         No party may assign or transfer any of its rights or obligations under
         this agreement without the prior written consent of the other parties,
         or if the rating of the Class A Notes would be withdrawn or reduced as
         a result of the assignment, except for the creation of a charge by the
         Trustee under the Security Trust Deed. A party who assigns or transfers
         any of its rights or obligations under this agreement must promptly
         notify each Designated Rating Agency of that assignment.

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

22.1     GENERAL

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

         (a)   must be in writing;

         (b)   must be signed by an Authorised Signatory of the sender; and (c)
               will be taken to be duly given or made:

               (i)   (in the case of delivery in person or by post) when
                     delivered, received or left at the address of the recipient
                     shown in clause 22.2 or to any other address notified by
                     the recipient to the sender under this clause 22;

--------------------------------------------------------------------------------
                                                                         Page 26

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AGENCY AGREEMENT                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

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

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

               but if delivery or receipt is on a day on which business is not
               generally carried on in the place to which the communication is
               sent or is later than 5:00 pm (local time), it will be taken to
               have been duly given or made at the commencement of business on
               the next day on which business is generally carried on in that
               place.

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

22.2     DETAILS

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

         THE TRUSTEE

         PERPETUAL TRUSTEES CONSOLIDATED LIMITED
         Level 7, 9 Castlereagh Street
         Sydney, New South Wales 2000

         Tel:         612 9229 9000
         Fax:         612 9221 7870

         Attention:   Manager Securitisation

         THE MANAGER

         CRUSADE MANAGEMENT LIMITED
         4-16 Montgomery Street
         Kogarah, New South Wales 2217

         Tel:         612 9320 5605
         Fax:         612 9320 5586

         Attention:   Executive Manager, Securitisation

         THE PRINCIPAL PAYING AGENT

         DEUTSCHE BANK TRUST COMPANY AMERICAS
         1761 East St. Andrew Place
         Santa Ana, California 92705-4934

         Tel:         714 247 6000
         Fax:         714 247 6478

--------------------------------------------------------------------------------
                                                                         Page 27

<PAGE>

AGENCY AGREEMENT                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

         Attention:   Trust Administration STO302

         THE CALCULATION AGENT

         DEUTSCHE BANK TRUST COMPANY AMERICAS
         1761 East St. Andrew Place
         Santa Ana, California 92705-4934

         Tel:         714 247 6000
         Fax:         714 247 6478

         Attention:   Trust Administration STO302

         THE NOTE TRUSTEE

         WILMINGTON TRUST COMPANY
         Rodney Square North
         1100 North Market Street
         WILMINGTON  DELAWARE 19890-0001

         Tel:         302 636 6043
         Fax:         302 636 4143

         Attention:   Rosemary Pantano

         THE NOTE REGISTRAR

         DEUTSCHE BANK TRUST COMPANY AMERICAS
         1761 East St. Andrew Place
         Santa Ana, California 92705-4934

         Tel:         714 247 6000
         Fax:         714 247 6478

         Attention:   Trust Administration STO302

         And solely for purposes of transfer, the Note Registrar shall act
         through the offices of its agent, DTC Transfer Agent Services, at 55
         Water Street, Jeanette Park Entrance, New York, New York 10041.

22.3     COMMUNICATION THROUGH PRINCIPAL PAYING AGENT

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

23.      LIMITED RECOURSE
--------------------------------------------------------------------------------
23.1     GENERAL

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

--------------------------------------------------------------------------------
                                                                         Page 28

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AGENCY AGREEMENT                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

23.2     LIABILITY OF TRUSTEE LIMITED TO ITS RIGHT TO INDEMNITY

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

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

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

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

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

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

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

--------------------------------------------------------------------------------
                                                                         Page 29

<PAGE>

AGENCY AGREEMENT                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

23.3     UNRESTRICTED REMEDIES

         Nothing in clause 23.2 limits a Paying Agent or the Calculation Agent
in:

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

         (b)   obtaining declaratory relief; or

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

23.4     RESTRICTED REMEDIES

         Except as provided in clauses 23.3 and 23.2(c) neither any Paying
         Agent nor the Calculation Agent shall:

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

         (b)   (STATUTORY DEMAND) issue any demand under 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,

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

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

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

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

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

--------------------------------------------------------------------------------
                                                                         Page 30

<PAGE>

AGENCY AGREEMENT                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

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

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

--------------------------------------------------------------------------------
                                                                         Page 31

<PAGE>

AGENCY AGREEMENT                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

EXECUTED as an agreement.

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

TRUSTEE

SIGNED for PERPETUAL TRUSTEES CONSOLIDATED LIMITED by its attorney under power
of attorney in the presence of:

--------------------------------------    --------------------------------------
Witness Signature                         Attorney Signature

--------------------------------------    --------------------------------------
Print Name                                Print Name

MANAGER

SIGNED for CRUSADE MANAGEMENT LIMITED
by its attorney under power of attorney
in the presence of:

--------------------------------------    --------------------------------------
Witness Signature                         Attorney Signature

--------------------------------------    --------------------------------------
Print Name                                Print Name

--------------------------------------------------------------------------------
                                                                         Page 32

<PAGE>

AGENCY AGREEMENT                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

PRINCIPAL PAYING AGENT

SIGNED by DEUTSCHE BANK TRUST COMPANY AMERICAS
in the presence of:

--------------------------------------    --------------------------------------
Witness Signature                         Signature

--------------------------------------    --------------------------------------
Print Name                                Print Name

--------------------------------------    --------------------------------------
Witness Signature                         Signature

--------------------------------------    --------------------------------------
Print Name                                Print Name

NOTE TRUSTEE

SIGNED by WILMINGTON TRUST COMPANY in the presence of:

--------------------------------------    --------------------------------------
Witness Signature                         Signature

--------------------------------------    --------------------------------------
Print Name                                Print Name

--------------------------------------------------------------------------------
                                                                         Page 33

<PAGE>

AGENCY AGREEMENT                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

CALCULATION AGENT

SIGNED by DEUTSCHE BANK TRUST COMPANY AMERICAS
in the presence of:

--------------------------------------    --------------------------------------
Witness Signature                         Signature

--------------------------------------    --------------------------------------
Print Name                                Print Name

--------------------------------------    --------------------------------------
Witness Signature                         Signature

--------------------------------------    --------------------------------------
Print Name                                Print Name

NOTE REGISTRAR

SIGNED by DEUTSCHE BANK TRUST COMPANY AMERICAS
in the presence of:

--------------------------------------    --------------------------------------
Witness Signature                         Signature

--------------------------------------    --------------------------------------
Print Name                                Print Name

--------------------------------------    --------------------------------------
Witness Signature                         Signature

--------------------------------------    --------------------------------------
Print Name                                Print Name

--------------------------------------------------------------------------------
                                                                         Page 34<PAGE>

                                         REDRAW FACILITY AGREEMENT

                           PERPETUAL TRUSTEES CONSOLIDATED LIMITED
                                                         (Trustee)

                                            ST.GEORGE BANK LIMITED
                                        (Redraw Facility Provider)

                                        CRUSADE MANAGEMENT LIMITED
                                                         (Manager)

                                Crusade Global Trust No. 2 of 2003

                                                 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 2003

<PAGE>

Redraw Facility Agreement                          [Allens Arthur Robinson logo]

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

TABLE OF CONTENTS

<TABLE>
<CAPTION>
<S>     <C>                                                                                             <C>
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                                                                       5
         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                                                                           8
         5.3      Cancellation by Redraw Facility Provider                                                 8
         5.4      Rollover Term renewal                                                                    8

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

7.       PREPAYMENTS                                                                                       9
         7.1      Voluntary prepayments                                                                    9
         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                                                                                   10
         9.1      Additional payments                                                                     10
         9.2      Minimisation                                                                            11
         9.3      Survival                                                                                11

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

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

<PAGE>

Redraw Facility Agreement                          [Allens Arthur Robinson logo]

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

         10.2     Conditions precedent to each Redraw Advance                                             11

11.      REPRESENTATIONS AND WARRANTIES                                                                   12
         11.1     Representations and warranties                                                          12
         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                                                                    14

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

14.      CONTROL ACCOUNTS                                                                                 15

15.      WAIVERS, REMEDIES CUMULATIVE                                                                     15

16.      SEVERABILITY OF PROVISIONS                                                                       15

17.      SURVIVAL OF REPRESENTATIONS                                                                      15

18.      INDEMNITY AND REIMBURSEMENT OBLIGATION                                                           15

19.      MORATORIUM LEGISLATION                                                                           15

20.      CONSENTS AND OPINIONS                                                                            16

21.      ASSIGNMENTS                                                                                      16

22.      NOTICES                                                                                          16

23.      AUTHORISED SIGNATORIES                                                                           16

24.      GOVERNING LAW AND JURISDICTION                                                                   17

25.      COUNTERPARTS                                                                                     17

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

ANNEXURE A                                                                                                22
         Drawdown Notice                                                                                  22

</TABLE>

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

<PAGE>

Redraw Facility Agreement                          [Allens Arthur Robinson logo]

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

DATE                                        2003
-------------

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

            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. 2 of 2003 (the
                            TRUSTEE);

            2.              ST.GEORGE BANK LIMITED (ABN 92 055 513 070)
                            incorporated in Australia and registered 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 Australia and registered in the
                            Australian Capital Territory of 4-16 Montgomery
                            Street, Kogarah, New South Wales 2217 (the MANAGER).

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

            A.              The Trustee is the trustee of the Crusade Global
                            Trust No. 2 of 2003 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
--------------------------------------------------------------------------------
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

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         (b)  zero.

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

         DRAWDOWN NOTICE means a notice under clause 3.1.

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

         FINAL REPAYMENT DATE means the Final Maturity Date.

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

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

         ONE MONTH BANK BILL RATE on any date means the rate quoted on the
         Reuters Screen BBSW Page at approximately 10.00 am, Sydney time, on
         that date (the 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 Stated Amounts
         of the Class A Notes, Class B Notes and Class C Notes (as adjusted by
         the Manager on each anniversary of this agreement) or any other amount
         as agreed in writing between the Redraw Facility Provider, the Trustee
         and the Manager, as reduced or cancelled under this agreement, provided
         that the Redraw Limit may not be increased unless 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.

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         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.

         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 1 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. 2 of 2003 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;

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         (h)  the Note Trust Deed;

         (i)  the Agency Agreement;

         (j)  each Note; or

         (k)  the Support Facilities.

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

1.2      MASTER TRUST DEED DEFINITIONS

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

1.3      INTERPRETATION

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

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1.7      TRUSTEE AS TRUSTEE

         In this agreement, except where provided to the contrary;

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

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

1.8      KNOWLEDGE OF TRUSTEE

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

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

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

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

3.1      REDRAW ADVANCE

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

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

              (i)   the relevant Redraw Shortfall; and

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

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

              (i)   the Drawdown Notice is given to the Redraw Facility Provider
                    in accordance with this agreement before 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
--------------------------------------------------------------------------------

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

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                    immediately before that date, if the Redraw Advance has been
                    outstanding for 12 months or more.

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

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

              (i)   each Payment Date; and

              (ii)  at the end of the Term.

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

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

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

4.3      CAPITALISATION

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

4.4      GST

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

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

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

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

5.1      DURING TERM

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

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

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

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

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

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5.2      AT END OF TERM

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

5.3      CANCELLATION BY REDRAW FACILITY PROVIDER

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

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

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

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

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

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

5.4      ROLLOVER TERM RENEWAL

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

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

6.1      REPAYMENT OF REDRAW ADVANCES

         The Trustee shall, at the direction of the Manager, repay the Redraw
         Principal Outstanding on each Payment Date 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

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         due hereunder will be cancelled and the Trustee will have no further
         obligation to pay that amount under this agreement.

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

7.1      VOLUNTARY PREPAYMENTS

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

7.2      DRAW MARGIN

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

7.3      LIMITATION ON PREPAYMENTS

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

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

8.1      MANNER

         The Trustee shall make all payments under this agreement:

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

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

         (c)  in accordance with, and only at the directions of the Manager, the
              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.

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

9.1      ADDITIONAL PAYMENTS

         Whenever the Redraw Facility Provider determines that:

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

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

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

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

         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.

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9.2      MINIMISATION

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

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

9.3      SURVIVAL

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

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

10.1     CONDITIONS PRECEDENT TO INITIAL DRAWDOWN NOTICE

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

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

11.1     REPRESENTATIONS AND WARRANTIES

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

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

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

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

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

              (i)   the Master Trust Deed; or

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

              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:

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

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

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

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

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

              (i)   under the Trust Documents; or

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

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

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

              (i)   any Event of Default; and

              (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.

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

12.3     TERM OF UNDERTAKINGS

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

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

13.1     EVENTS OF DEFAULT

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

         (a)  (PAYMENTS) An amount is available for payment under 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.

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

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

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

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

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

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

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

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

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

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

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

         (a)  is a continuing obligation;

         (b)  is a separate and independent obligation;

         (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,

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         is excluded from this agreement.

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

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

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

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

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

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

         (a)  must be in writing;

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

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

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

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

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

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

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

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

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

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

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

         The Trustee confirms that:

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

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

         except as expressly set out in this agreement.

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

27.1     GENERAL

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

27.2     LIABILITY OF TRUSTEE LIMITED TO ITS RIGHT TO INDEMNITY

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

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

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

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

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

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

27.3     UNRESTRICTED REMEDIES

         Nothing in clause 27.2 limits the Redraw Facility Provider in:

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

         (b)  obtaining declaratory relief; or

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

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;

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

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

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

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

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

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

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

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

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

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

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EXECUTED in Sydney.

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

TRUSTEE

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

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

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

REDRAW FACILITY PROVIDER

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

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

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

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MANAGER

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

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

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

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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 [*] 2003 (the FACILITY
AGREEMENT).

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

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

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

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

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

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

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

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

Definitions in the Facility Agreement apply in this Drawdown Notice.

PERPETUAL TRUSTEES CONSOLIDATED LIMITED

By:                                                  Authorised Signatory

DATED

Verified by Crusade Management Limited

By:                                         Authorised Signatory

Dated

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                                                                         Page 22

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