Document:

<PAGE>

                                                  Agency Agreement

                           PERPETUAL TRUSTEES CONSOLIDATED LIMITED
                                                         (Trustee)

                                        CRUSADE MANAGEMENT LIMITED
                                                         (Manager)

                                             BANKERS TRUST COMPANY
                                          (Principal Paying Agent)

                                          WILMINGTON TRUST COMPANY
                                                    (Note Trustee)

                                             BANKERS TRUST COMPANY
                                               (Calculation Agent)

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

                         (C) Copyright Allens Arthur Robinson 2001

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                                                          ALLEN ALLEN
AGENCY AGREEMENT                                          & HEMSLEY
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TABLE OF CONTENTS

<TABLE>
<CAPTION>
<S>      <C>                                                               <C>
1.       DEFINITIONS AND INTERPRETATION                                     2
         1.1      Definitions                                               2
         1.2      Note Trust Deed definitions                               3
         1.3      Interpretation                                            3
         1.4      Document or agreement                                     3
         1.5      Transaction Document                                      3
         1.6      Trustee as trustee                                        4

2.       APPOINTMENT OF PAYING AGENTS                                       4

3.       PAYMENT                                                            4
         3.1      Payment by Trustee                                        4
         3.2      Confirmation                                              5
         3.3      Payments by Paying Agents                                 5
         3.4      Method of Payment - Book-Entry Notes                      5
         3.5      Method of payment - Definitive Notes                      5
         3.6      Late payment                                              5
         3.7      Notice of non-receipt                                     6
         3.8      Reimbursement                                             6
         3.9      Method of payment                                         6
         3.10     No fee                                                    7
         3.11     Trust                                                     7

4.       REPAYMENT                                                          7

5.       APPOINTMENT OF THE CALCULATION AGENT                               7

6.       DUTIES OF THE CALCULATION AGENT                                    7

7.       NOTE TRUSTEE                                                       9

8.       EARLY REDEMPTION OF NOTES                                         10

9.       PRO RATA REDEMPTION, PURCHASES AND CANCELLATION OF NOTES          10

10.      NOTICES TO NOTEHOLDERS                                            11

11.      DOCUMENTS AND FORMS                                               12

12.      AUTHENTICATION                                                    12

13.      INDEMNITY                                                         12

14.      THE NOTE REGISTER                                                 13
         14.1     Appointment of Note Registrar                            13
         14.2     Details to be kept on the Note Register                  13
         14.3     Payments of Principal and Interest                       14
         14.4     Place of keeping Register, copies and access             14
         14.5     Details on Note Register conclusive                      15
         14.6     Alteration of details on Note Register                   15
         14.7     Rectification of Note Register                           15
</TABLE>
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                                                                        Page (i)
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                                                          ALLEN ALLEN
AGENCY AGREEMENT                                          & HEMSLEY
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<TABLE>
<CAPTION>
<S>      <C>                                                               <C>

         14.8     Correctness of Note Register                             15

15.      CHANGES OF NOTE REGISTRAR                                         15
         15.1     Removal                                                  15
         15.2     Resignation                                              16
         15.3     Limitation                                               16

16.      GENERAL                                                           16
         16.1     Communications to US$ Noteholders                        16
         16.2     Agency                                                   16
         16.3     Identity                                                 17
         16.4     No set-off                                               17
         16.5     Reliance                                                 17
         16.6     Entitled to deal                                         17
         16.7     Consultation                                             18
         16.8     Duties                                                   18
         16.9     Income Tax Returns                                       18
         16.10    Obligations of Note Parties                              18

17.      CHANGES IN PAYING AGENTS AND CALCULATION AGENT                    18
         17.1     Removal                                                  18
         17.2     Resignation                                              19
         17.3     Limitation                                               19
         17.4     Delivery of amounts                                      20
         17.5     Successor to Principal Paying Agent                      20
         17.6     Successor to Calculation Agent                           21
         17.7     Notice to Noteholders                                    21
         17.8     Change in Paying Office or Specified Office              22

18.      FEES AND EXPENSES                                                 22

19.      WAIVERS, REMEDIES CUMULATIVE                                      23

20.      SEVERABILITY OF PROVISIONS                                        23

21.      ASSIGNMENTS                                                       24

22.      NOTICES                                                           24
         22.1     General                                                  24
         22.2     Details                                                  24
         22.3     Communication through Principal Paying Agent             26

23.      LIMITED RECOURSE                                                  26
         23.1     General                                                  26
         23.2     Liability of Trustee limited to its right to indemnity   26
         23.3     Unrestricted remedies                                    27
         23.4     Restricted remedies                                      28

24.      COUNTERPARTS                                                      28

25.      GOVERNING LAW                                                     28

26.      SUCCESSOR TRUSTEE                                                 28
</TABLE>
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AGENCY AGREEMENT                                          Allens Arthur Robinson
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DATE
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PARTIES
-------------
     1.         PERPETUAL TRUSTEES CONSOLIDATED LIMITED (ABN 81 004 029 841)
                incorporated in Victoria of Level 7, 39 Hunter Street, Sydney,
                New South Wales 2000 in its capacity as trustee of the Crusade
                Global Trust No. 2 of 2001 (the TRUSTEE);

     2.         CRUSADE MANAGEMENT LIMITED (ABN 90 072 715 916) incorporated 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 2001 (the MANAGER);

     3.         BANKERS TRUST COMPANY acting through its office 123 Washington
                Street, New York, New York 10006, 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 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); and

     5.         BANKERS TRUST COMPANY acting through its office at 1761 East St.
                Andrew Place, Santa Ana California 92705, 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).

     6.         BANKERS TRUST COMPANY acting through its office at 123
                Washington Street, New York, New York 10006, as note registrar
                in relation to the 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$[750,000,000] of Class A
                mortgage backed pass through floating rate Notes (the US$ NOTES)
                with a Final Maturity Date falling in [*] and A$[*] of mortgage
                backed pass through floating rates Notes comprising $[*] Class B
                Notes and $[*] Class C Notes (together the $A NOTES) each with a
                Final Maturity Date falling in [*].
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AGENCY AGREEMENT                                          Allens Arthur Robinson
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     B          The US$ Notes will be represented initially by one or more
                Book-Entry Notes (the BOOK-ENTRY NOTES).

     C          The US$ 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 US$ Note Owner will receive a Definitive
                Note representing such US$ Note Owner's interest in such US$
                Note, except as provided in the Note Trust Deed.

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

     E          The US$ 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 US$ 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 US$ 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 US$ 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 US$ Notes or otherwise under this
         agreement or the Note Trust Deed as the office at which payments in
         respect of the US$ Notes will be made as changed from time to time in
         accordance with this agreement.

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AGENCY AGREEMENT                                          Allens Arthur Robinson
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         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 (ATTN: Trust Administration -
         [ST0101]).

         TRUST means the trust known as the Crusade Global Trust No. 2 of 2001
         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:

                  (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
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AGENCY AGREEMENT                                          Allens Arthur Robinson
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                  (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 US$ 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 10.00 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 the US$ Notes 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 Note Trustee of the amount of
         interest or principal payable in respect of the US$ 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

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AGENCY AGREEMENT                                          Allens Arthur Robinson
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         required to be paid to the Currency Swap Provider under any
         Confirmation relating to the US$ 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 US$ 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 US$ 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 US$ Notes as provided in this clause 3. However, unless
                  and until the full amount of any payment in respect of the US$
                  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 US$ 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 US$
                           Noteholders that it has received the full amount.

3.7      NOTICE OF NON-RECEIPT

         The Principal Paying Agent shall immediately notify by telex or
         facsimile (if appropriate) the other Paying Agents (if any), the Note
         Trustee, the Trustee, the Security Trustee, the Standby Currency Swap
         Provider and the Manager if the full amount of any payment of principal
         or interest required to

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AGENCY AGREEMENT                                          Allens Arthur Robinson
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         be made by the Supplementary Terms Notice and Conditions in respect of
         the US$ 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 US$
                  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.

3.11     TRUST

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

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AGENCY AGREEMENT                                          Allens Arthur Robinson
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4.       REPAYMENT
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         (a)      Immediately on any entitlement to receive principal or
                  interest under any US$ 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 rated 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
                  US$ 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
--------------------------------------------------------------------------------

         (a)      The Calculation Agent shall, in relation to the Class of US$
                  Notes, until their final maturity or such earlier date on
                  which the US$ Notes are due and payable in full and in either
                  case until the Trustee has paid all amounts in relation to the
                  US$ 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;

                  (ii)     determine LIBOR for each Interest Period, and
                           calculate the relevant Interest and Interest Rate on
                           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 telex or facsimile transmission
                           on or as soon as possible after the first day of that
                           Interest
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AGENCY AGREEMENT                                          Allens Arthur Robinson
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                           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 US$ 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 US$ Noteholders in the event of
                  a shortening of the Interest Period.

         (c)      If the Calculation Agent at any time for any reason does not
                  determine the Interest Rate or calculate the Interest for the
                  US$ 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 for any reason determine a
                  Principal Payment, the Invested Amount or the Stated Amount
                  applicable to US$ 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
--------------------------------------------------------------------------------

         (a)      At any time after an Event of Default has occurred in relation
                  to a US$ 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:

                  (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

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AGENCY AGREEMENT                                          Allens Arthur Robinson
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                                        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 US$ 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 US$ 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 US$ 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
                  US$ 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 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 US$ 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 US$
--------------------------------------------------------------------------------
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AGENCY AGREEMENT                                          Allens Arthur Robinson
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                  Noteholders in accordance with Condition 5(i) or 5(j) and
                  stating the date on which the US$ 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 US$ Notes to be
                                  redeemed;

                           (B)    the amount of principal to be repaid in
                                  relation to the US$ Notes; and (C) the date on
                                  which the US$ 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
                  US$ 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 US$ Notes to be redeemed and the date
                  on which such US$ Notes are to be redeemed.

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

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

                  (ii)     the Stated Amount and Invested Amount of the US$ 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

                  (iii)    the US$ 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.

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AGENCY AGREEMENT                                          Allens Arthur Robinson
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         (e)      If no principal is due to be repaid on the US$ Notes on any
                  Payment Date, the Manager shall give notice or shall cause a
                  notice to this effect to be given to the US$ Noteholders in
                  accordance with Condition 12.

         (f)      If the US$ 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, 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
                  US$ Notes which have been redeemed or the aggregate Invested
                  Amount and Stated Amount of US$ 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 US$ 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 US$
                  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 US$ Noteholders for issue or inspection
                  (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 US$ 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,

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AGENCY AGREEMENT                                          Allens Arthur Robinson
--------------------------------------------------------------------------------

                  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 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
                           promptly upon the Paying Agent, the Note Registrar or
                           the Calculation Agent (as the case may be) becomes
                           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 Bankers Trust Company to be the initial Note
         Registrar. Bankers Trust Company accepts that appointment.

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AGENCY AGREEMENT                                          Allens Arthur Robinson
--------------------------------------------------------------------------------

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 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 US$ Notes issued in relation
                  to the Trust;

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

         (e)      (INVESTED AMOUNT) the Invested Amount of each US$ Note from
                  time to time;

         (f)      (STATED AMOUNT) the Stated Amount of each US$ Note from time
                  to time;

         (g)      (SERIES) details of relevant Classes of US$ Notes;

         (h)      (DETAILS OF NOTEHOLDERS) the name and address of each US$
                  Noteholder;

         (i)      (NUMBER OF NOTES) the number of US$ Notes held by each US$
                  Noteholder;

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

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

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

         (m)      (PAYMENTS) a record of each payment in respect of the US$
                  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 US$ Notes.

14.3     PAYMENTS OF PRINCIPAL AND INTEREST

         (a)      Any payment of principal or interest on any US$ Note shall be
                  endorsed by the Note Registrar on the Note Register. In the
                  case of payments of principal, the Invested Amount of the US$
                  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 US$ 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:

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                                                                         Page 13
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AGENCY AGREEMENT                                          Allens Arthur Robinson
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         (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 and the Auditor of the Trust to inspect during normal
                  business hours;

         (c)      (INSPECTION BY US$ NOTEHOLDERS) open for inspection by a US$
                  Noteholder during normal business hours but only in respect of
                  information relating to that US$ Noteholder; and

         (d)      (NOT FOR COPYING) not available to be copied by any person
                  (other than the Trustee or the Manager) 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 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 US$
                  Notes and the Trustee shall be entitled to recognise a US$
                  Noteholder as the absolute owner of US$ Notes and the Trustee
                  shall not be bound or affected by any trust affecting the
                  ownership of any US$ 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 US$ Noteholder by the US$ 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 US$ 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.

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                                                                         Page 14
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AGENCY AGREEMENT                                          Allens Arthur Robinson
--------------------------------------------------------------------------------

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.

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 terms 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 US$ NOTEHOLDERS

         The Principal Paying Agent shall, upon receipt from the Trustee,
         Manager, Security Trustee or Note Trustee of any communication to be
         delivered to US$ Noteholders or US$ Note Owners, including any
         communications pursuant to clauses 3.3, 7.1 18(a), 22.1, 23.2 or
         32.2(b) of the Note Trust Deed or any other solicitation of notice from
         or consent of the US$ Noteholders or US$ Note Owners pursuant to or
         relating to the Note Trust Deed or this agreement, forward such
         communications to the US$ 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 US$ 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

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                                                                         Page 15
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AGENCY AGREEMENT                                          Allens Arthur Robinson
--------------------------------------------------------------------------------

         payments of principal and/or interest on the US$ 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 US$ Note represented by a
                  Book-Entry Note shall be entitled 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 US$ Note is no
                  longer outstanding but Definitive 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 US$ 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
         US$ 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 US$ 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 US$ 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

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                                                                         Page 16
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AGENCY AGREEMENT                                          Allens Arthur Robinson
--------------------------------------------------------------------------------

         or interest on the US$ Notes for any profit made or fees or commissions
         received in connection with this agreement or any US$ 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.

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 US$ Notes, and no implied duties or obligations
         (other than general laws as to agency) shall be read into this
         agreement, the US$ 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 deliver to each US$ Noteholder such
         information as may be reasonably required to enable such US$ Noteholder
         to prepare its 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
                  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):

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                                                                     Page     17
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AGENCY AGREEMENT                                          Allens Arthur Robinson
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                           (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
                                  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 US$ 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 US$ 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 US$
                  Noteholders in accordance with the Conditions; and

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                                                                         Page 18
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AGENCY AGREEMENT                                          Allens Arthur Robinson
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         (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

         (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 US$
         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;

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

--------------------------------------------------------------------------------
                                                                         Page 19
<PAGE>

AGENCY AGREEMENT                                          Allens Arthur Robinson
--------------------------------------------------------------------------------

                  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 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;

                  (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     NOTICE TO NOTEHOLDERS

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

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

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

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

         give to the US$ 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).

--------------------------------------------------------------------------------
                                                                         Page 20
<PAGE>

AGENCY AGREEMENT                                          Allens Arthur Robinson
--------------------------------------------------------------------------------

17.8     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 US$ Noteholders (which notice, in the case of the
                  US$ 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 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 US$ Noteholders (which notice, in the case of the
                  US$ Noteholders, must be given in accordance with Condition
                  12) and the Note Trustee, not less than 30 days' prior written
                  notice 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 US$ 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 US$
                  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 US$ 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 US$ 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

--------------------------------------------------------------------------------
                                                                         Page 21
<PAGE>

AGENCY AGREEMENT                                          Allens Arthur Robinson
--------------------------------------------------------------------------------

                  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 US$ 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 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 US$ 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.

--------------------------------------------------------------------------------
                                                                         Page 22
<PAGE>

AGENCY AGREEMENT                                          Allens Arthur Robinson
--------------------------------------------------------------------------------

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 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

                  (ii)     (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 3, 39 Hunter 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

--------------------------------------------------------------------------------
                                                                         Page 23
<PAGE>

AGENCY AGREEMENT                                          Allens Arthur Robinson
--------------------------------------------------------------------------------

         THE PRINCIPAL PAYING AGENT
         BANKERS TRUST COMPANY
         123 Washington Street
         New York
         NEW YORK  10006,
         Tel:              714 247 6000
         Fax:              714 247 6468

         Attention:        Trust Administration - [ST0101]

         THE CALCULATION AGENT
         BANKERS TRUST COMPANY
         1761 East St. Andrew Place
         SANTA ANA  California  92705
         Tel:              714 247 6000
         Fax:              714 247 6468

         Attention:        Trust Administration - [ST0101]

         THE NOTE TRUSTEE

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

         Tel:              302 651 8631
         Fax:              302 651 8882

         Attention:        Ann E Roberts

         THE NOTE REGISTRAR
         BANKERS TRUST COMPANY
         123 Washington Street
         New York
         NEW YORK   10006,
         Tel:              714 247 6000
         Fax:              714 247 6468

         Attention:        Trust Administration - [ST0101]

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.

--------------------------------------------------------------------------------
                                                                         Page 24
<PAGE>

AGENCY AGREEMENT                                          Allens Arthur Robinson
--------------------------------------------------------------------------------

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

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

23.2     LIABILITY OF TRUSTEE LIMITED TO ITS RIGHT TO INDEMNITY

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

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

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

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

         (e)      In exercising their powers under the Transaction Documents,
                  each of the Trustee, the Security Trustee and the US$
                  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.

--------------------------------------------------------------------------------
                                                                         Page 25
<PAGE>

AGENCY AGREEMENT                                          Allens Arthur Robinson
--------------------------------------------------------------------------------

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

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

23.3     UNRESTRICTED REMEDIES

         Nothing in clause 23.2 limits 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(iii) 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 s459E(1) of the
                  Corporations Act 2001 (Cth) (or any analogous provision under
                  any other law) against the Trustee;

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

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

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

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

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

         or take proceedings for any of the above and 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 26
<PAGE>

AGENCY AGREEMENT                                          Allens Arthur Robinson
--------------------------------------------------------------------------------

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.

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

TRUSTEE

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

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

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

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

--------------------------------------------------------------------------------
                                                                         Page 27
<PAGE>

NOTE TRUSTEE

SIGNED                                           )
by                                               )
WILMINGTON TRUST COMPANY                         )
dated                                            )
in the presence of:                              )
                                                     ---------------------------
                                                     Signature

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

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

PRINCIPAL PAYING AGENT

SIGNED                                           )
by                                               )
BANKERS TRUST COMPANY                            )
dated                                            )
in the presence of:                              )
                                                     ---------------------------
                                                     Signature

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

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

--------------------------------------------------------------------------------
                                                                         Page 28
<PAGE>

CALCULATION AGENT

SIGNED                                           )
by                                               )
BANKERS TRUST COMPANY                            )
dated                                            )
in the presence of:                              )
                                                     ---------------------------
                                                     Signature

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

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

NOTE REGISTRAR

SIGNED                                           )
by                                               )
BANKERS TRUST COMPANY                            )
dated                                            )
in the presence of:                              )
                                                     ---------------------------
                                                     Signature

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

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

--------------------------------------------------------------------------------
                                                                         Page 29<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 2001

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

                                       (C) Copyright Allens Arthur Robinson 2001

<PAGE>

    Redraw Facility Agreement                             Allens Arthur Robinson
-------------------------------------------------------------------------------

TABLE OF CONTENTS
<TABLE>
<S>      <C>                                        <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      7
         5.3                                                        Cancellation by Redraw Facility Provider      7
         5.4                                                                           Rollover Term renewal      8

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

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

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

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

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

</TABLE>

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

<PAGE>

  Redraw Facility Agreement                              Allens Arthur Robinson
-------------------------------------------------------------------------------

<TABLE>

<S>      <C>                                             <C>                                                      <C>
         10.2                                                    Conditions precedent to each Redraw Advance      11

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

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

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

14.      CONTROL ACCOUNTS                                                                                 14

15.      WAIVERS, REMEDIES CUMULATIVE                                                                     14

16.      SEVERABILITY OF PROVISIONS                                                                       14

17.      SURVIVAL OF REPRESENTATIONS                                                                      14

18.      INDEMNITY AND REIMBURSEMENT OBLIGATION                                                           14

19.      MORATORIUM LEGISLATION                                                                           15

20.      CONSENTS AND OPINIONS                                                                            15

21.      ASSIGNMENTS                                                                                      15

22.      NOTICES                                                                                          15

23.      AUTHORISED SIGNATORIES                                                                           16

24.      GOVERNING LAW AND JURISDICTION                                                                   16

25.      COUNTERPARTS                                                                                     16

26.      ACKNOWLEDGEMENT BY TRUSTEE                                                                       16

27.      LIMITED RECOURSE                                                                                 16
         27.1                                                                                        General      16
         27.2                                         Liability of Trustee limited to its right to indemnity      16
         27.3                                                                          Unrestricted remedies      17
         27.4                                                                            Restricted remedies      18

28.      REDRAW FACILITY PROVIDER'S OBLIGATIONS                                                           18

29.      SUCCESSOR TRUSTEE                                                                                18

ANNEXURE A                                                                                                21
         DRAWDOWN NOTICE                                                                                  21

</TABLE>

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

<PAGE>

Redraw Facility Agreement                                 Allens Arthur Robinson

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

DATE                                2001
-------------
PARTIES
-------------

          1.    PERPETUAL TRUSTEES CONSOLIDATED LIMITED (ABN 81 004 029 841) of
                Level 7, 39 Hunter Street, Sydney, New South Wales 2000 in its
                capacity as trustee of the Crusade Global Trust No. 2 of 2001
                (the TRUSTEE);

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

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

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

             A  The Trustee is the trustee of the Crusade Global Trust No. 2 of
                2001 and proposes to issue Notes pursuant to the Master Trust
                Deed and Supplementary Terms Notice.

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

             C  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.

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

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

             (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.

--------------------------------------------------------------------------------
                                                                          Page 1

<PAGE>

Redraw Facility Agreement                                 Allens Arthur Robinson

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

             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 calculated by
             taking the simple average of the rates quoted on the Reuters Screen
             BBSW Page at approximately 10.00am, Sydney time, on each of that
             date and the preceding two Business Days (each a CALCULATION DAY)
             for each Reference Bank so quoting (but not fewer than five) as
             being the mean buying and selling rate for a bill (which for the
             purpose of this definition means a bill of exchange of the type
             specified for the purpose of quoting on the Reuters Screen BBSW
             Page) having a tenor of 30 days eliminating the highest and lowest
             mean rates and taking the average of the remaining mean rates and
             then (if necessary) rounding the resultant figure upwards to four
             decimal places. If on any Calculation Day fewer than five Reference
             Banks have quoted rates on the Reuters Screen BBSW Page, the rate
             for that 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 in
             respect of any Calculation Day the rate for that date cannot be
             determined in accordance with the foregoing procedures then the
             rate for that 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 and the two Business Days preceding that Reset
             Date the ONE MONTH BANK BILL RATE shall be an interpolated rate
             calculated with reference to the tenor of the period from 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 the 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 means the financial institutions authorized to quote
             on the Reuters Screen BBSW Page.

             RESET DATE means in relation to a Redraw Advance:

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

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

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             ROLLOVER TERM means:

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

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

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

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

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

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

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

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

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

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

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

             (h)  the expiry of the Rollover Term.

             TRUST means the Crusade Global Trust No. 2 of 2001 constituted
             under the Master Trust Deed on the terms of the Supplementary Terms
             Notice.

             TRUST DOCUMENT means:

             (a)  this agreement;

             (b)  the Master Trust Deed;

             (c)  the Notice of Creation of Trust;

             (d)  the Supplementary Terms Notice;

             (e)  the Custodian Agreement;

             (f)  the Security Trust Deed;

             (g)  the Servicing Agreement;

             (h)  the Note Trust Deed;

             (i)  the Agency Agreement; and

             (j)  the Support Facilities.

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

1.2          MASTER TRUST DEED DEFINITIONS

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

1.3          INTERPRETATION

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

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

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

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

 1.4         DETERMINATION, STATEMENT AND CERTIFICATE SUFFICIENT EVIDENCE

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

1.5          TRANSACTION DOCUMENT

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

1.6          LIMITED TO TRUST

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

1.7          TRUSTEE AS TRUSTEE

             In this agreement, except where provided to the contrary;

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

             (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).

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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 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 sign and return the Drawdown Notice to the
                  Manager by no later than 2 pm on the Business Day following
                  the Determination Date on which the Redraw Shortfall is
                  determined for delivery to the Redraw Facility Provider.

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

                  (i)   the relevant Redraw Shortfall; and

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

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

                  (i)   the Drawdown Notice is given to the Redraw Facility
                        Provider in accordance with this agreement before 10am
                        on that date; and

                  (ii)  the Redraw Advance is payable no earlier than 2pm on
                        that date.

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

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

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

                  (i)   each Payment Date; and

                  (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.

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 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.

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.

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             (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, to the extent
             that amounts are available for that purpose under clause 5.4(c)(iv)
             of the Supplementary Terms Notice. Those repayments will be applied
             against Redraw Advances in chronological order of their Drawdown
             Dates.

6.2          FINAL REPAYMENT

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

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

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.

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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,
                  Master Trust Deed, the Security Trust Deed and the
                  Supplementary Terms Notice.

8.2          PAYMENT TO BE MADE ON BUSINESS DAY

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

 8.3         APPROPRIATION WHERE INSUFFICIENT MONEYS AVAILABLE

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

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

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,

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

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

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

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

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

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

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

9.2          MINIMISATION

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

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

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

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             Provider receives all of the following in form and
             substance satisfactory to the Redraw Facility Provider:

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

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

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

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

 10.2        CONDITIONS PRECEDENT TO EACH REDRAW ADVANCE

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

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

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

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

11.1         REPRESENTATIONS AND WARRANTIES

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

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

             (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,

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                        which has not been remedied or waived in writing.

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

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

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

11.2         RELIANCE ON REPRESENTATIONS AND WARRANTIES

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

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

12.1         GENERAL UNDERTAKINGS

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

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

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

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

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

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

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

                  (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

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                                                                         Page 12

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

12.2         UNDERTAKINGS RELATING TO TRUST

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

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

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

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

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

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

             (c)  (NO ADDITIONAL TRUSTEE) It will act continuously as trustee or
                  manager (as the case may be) of the Trust in accordance with
                  the Master Trust Deed until the Trust has been terminated or
                  until it has retired or been removed in accordance with the
                  Master Trust Deed. 12.3 TERM OF UNDERTAKINGS

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

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 this
                  agreement 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

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             Security Trust Deed over the Assets of the Trust (including
             appointing a receiver or receiver and manager or selling any of
             those Assets).

13.2         CONSEQUENCES

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

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

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

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

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

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

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

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

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;

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             (c)  is payable on demand; and

             (d)  survives termination or discharge of this agreement.

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

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

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

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

             is excluded from this agreement.

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

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

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

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

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

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                  taken to have been duly given or made at the commencement of
                  business on the next day on which business is generally
                  carried on in that place.

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

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

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

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

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

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

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

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                  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
                  arrangements of or affecting the Trustee.

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

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

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

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

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

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.

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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 s459E(1) of the
                  Corporations Act(or any analogous provision under any other
                  law) against the Trustee;

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

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

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

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

             (g)  (ADMINISTRATOR) appoint, or agree to the appointment, of any
                  administrator to the Trustee, or take proceedings for any of
                  the above and the 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.

EXECUTED in Sydney.

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

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

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Redraw Facility Agreement                                 Allens Arthur Robinson

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

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

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

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

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

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

--------------------------------------------------------------------------------
                                                                         Page 19

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Redraw Facility Agreement                                 Allens Arthur Robinson

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

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

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

--------------------------------------------------------------------------------
                                                                         Page 20

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Redraw Facility Agreement                                 Allens Arthur Robinson

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

ANNEXURE A

DRAWDOWN NOTICE
--------------------------------------------------------------------------------

To:      St.George Bank Limited

             REDRAW FACILITY AGREEMENT - DRAWDOWN NOTICE NO. [*]

We refer to the Redraw Facility Agreement dated [*] 2001 (the FACILITY
AGREEMENT).

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

(1)      we wish to draw on [*] (the 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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