Document:

Agency Agreement

                                         PERPETUAL TRUSTEES CONSOLIDATED LIMITED
                                                                       (Trustee)

                                                      CRUSADE MANAGEMENT LIMITED
                                                                       (Manager)

                                                            THE BANK OF NEW YORK
                                                        (Principal Paying Agent)

                                                            THE BANK OF NEW YORK
                                                                  (Note Trustee)

                                                            THE BANK OF NEW YORK
                                                             (Calculation Agent)

                                                            THE BANK OF NEW YORK
                                                                (Note Registrar)

                                              Crusade Global Trust No. 2 of 2005

                                                          ALLENS ARTHUR ROBINSON
                                                               The Chifley Tower
                                                                2 Chifley Square
                                                                 Sydney NSW 2000
                                                              Tel 61 2 9230 4000
                                                              Fax 61 2 9230 5333
                                                                  www.aar.com.au

                                       (C) Copyright Allens Arthur Robinson 2005

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

TABLE OF CONTENTS

1.   DEFINITIONS AND INTERPRETATION                                            2
     1.1  Definitions                                                          2
     1.2  Definitions in Master Trust Deed, Supplementary Terms Notice,
          Note Trust Deed and Conditions                                       3
     1.3  Interpretation                                                       3
     1.4  Document or agreement                                                3
     1.5  Transaction Document                                                 3
     1.6  Trustee as trustee                                                   3
     1.7  Note Trustee as note 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
     3.12 Forms and information                                                7

4.   REPAYMENT                                                                 7

5.   APPOINTMENT OF THE CALCULATION AGENT                                      8

6.   DUTIES OF THE CALCULATION AGENT                                           8

7.   NOTE TRUSTEE                                                              9

8.   EARLY REDEMPTION OF CLASS A-1 NOTES                                      10

9.   PRO RATA REDEMPTION AND CANCELLATION OF NOTES                            10

10.  CANCELLATION, DESTRUCTION AND RECORDS WHERE CLASS A-1 NOTES IN
     DEFINITIVE FORM HAVE BEEN ISSUED                                         11

11.  ISSUE OF REPLACEMENT DEFINITIVE NOTES WHERE DEFINITIVE NOTES HAVE
     BEEN ISSUED                                                              12

12.  NOTICES TO NOTEHOLDERS                                                   13

13.  DOCUMENTS AND FORMS                                                      13

14.  AUTHENTICATION                                                           14

15.  INDEMNITY                                                                14

16.  THE NOTE REGISTER                                                        15

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

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

     16.1 Appointment of Note Registrar                                       15
     16.2 Details to be kept on the Note Register                             15
     16.3 Payments of Principal and Interest                                  16
     16.4 Place of keeping Register, copies and access                        16
     16.5 Details on Note Register conclusive                                 17
     16.6 Alteration of details on Note Register                              17
     16.7 Rectification of Note Register                                      17
     16.8 Correctness of Note Register                                        17

17.  CHANGES OF NOTE REGISTRAR                                                18
     17.1 Removal                                                             18
     17.2 Resignation                                                         18
     17.3 Limitation                                                          18

18.  GENERAL                                                                  18
     18.1 Communications to Class A-1 Noteholders                             18
     18.2 Agency                                                              18
     18.3 Identity                                                            19
     18.4 No set-off                                                          19
     18.5 Reliance                                                            19
     18.6 Entitled to deal                                                    19
     18.7 Consultation                                                        20
     18.8 Duties                                                              20
     18.9 Income Tax Returns                                                  20
     18.10 Taxes                                                              20
     18.11 Written instructions                                               20
     18.12 No representations                                                 20

19.  CHANGES IN PAYING AGENTS AND CALCULATION AGENT                           21
     19.1 Removal                                                             21
     19.2 Resignation                                                         21
     19.3 Limitation                                                          21
     19.4 Delivery of amounts                                                 22
     19.5 Successor to Paying Agents                                          22
     19.6 Successor to Calculation Agent                                      23
     19.7 Successor to Note Registrar                                         24
     19.8 Notice to Class A-1 Noteholders                                     24
     19.9 Change in Paying Office or Specified Office                         24

20.  FEES AND EXPENSES                                                        25

21.  WAIVERS, REMEDIES CUMULATIVE                                             26

22.  SEVERABILITY OF PROVISIONS                                               26

23.  ASSIGNMENTS                                                              26

24.  NOTICES                                                                  27
     24.1 General                                                             27
     24.2 Details                                                             27
     24.3 Communication through Principal Paying Agent                        29

--------------------------------------------------------------------------------
                                                                          Page 2

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

25.  LIMITED RECOURSE                                                         29
     25.1 General                                                             29
     25.2 Liability of Trustee limited to its right to indemnity              29
     25.3 Unrestricted remedies                                               30
     25.4 Restricted remedies                                                 30

26.  COUNTERPARTS                                                             31

27.  GOVERNING LAW                                                            31

28.  SUCCESSOR TRUSTEE                                                        31

--------------------------------------------------------------------------------
                                                                          Page 3

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

DATE                                  2005

PARTIES

     1.   PERPETUAL TRUSTEES CONSOLIDATED LIMITED (ABN 81 004 029 841)
          incorporated in Australia and registered in Victoria of Level 7, 9
          Castlereagh Street, Sydney, New South Wales 2000 in its capacity as
          trustee of the Crusade Global Trust No. 2 of 2005 (the TRUSTEE);

     2.   CRUSADE MANAGEMENT LIMITED (ABN 90 072 715 916) incorporated in
          Australia and registered in New South Wales of 4-16 Montgomery Street,
          Kogarah, New South Wales 2217, as Manager in relation to the Crusade
          Global Trust No. 2 of 2005 (the MANAGER);

     3.   THE BANK OF NEW YORK acting through its office at 101 Barclay Street,
          Floor 21 West, New York, New York 10286, United States of America as
          principal paying agent for the Class A-1 Notes described below (the
          PRINCIPAL PAYING AGENT, which expression shall, wherever the context
          requires, include any successor principal paying agent from time to
          time under this agreement and, except where the context otherwise
          requires, the Principal Paying Agent and any additional paying agent
          or paying agents appointed under this agreement are PAYING AGENTS and
          each of them is a PAYING AGENT); as note registrar in relation to the
          Class A-1 Notes described below (the NOTE REGISTRAR, which expression
          shall, whenever the context requires, include any successor note
          registrar from time to time under this agreement); and as trustee for
          the Class A-1 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

     4.   THE BANK OF NEW YORK of [48th Floor, 1 Canada Square, London E14 5AL,
          United Kingdom] [BNY TO CONFIRM] as calculation agent in relation to
          the Class A-1 Notes described below (the CALCULATION AGENT, which
          expression shall, wherever the context requires, include any successor
          calculation agent from time to time);

RECITALS

     A    The Trustee proposes to issue US$[*] of Class A-1 mortgage backed pass
          through floating rate Notes (the CLASS A-1 NOTES) and A$[*] of
          mortgage backed pass through floating rate Notes comprising A$[*]
          Class A-2 Notes, A$[*] Class B Notes and A$[*] Class C Notes (together
          the A$ NOTES) each with a Final Maturity Date falling in [*].

     B    The Class A-1 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 Common
          Depository, 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

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

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

          Class A-1 Note Owner will receive a Definitive Note representing such
          Class A-1 Note Owner's interest in such Class A-1 Note, except as
          provided in the Note Trust Deed.

     C    The Class A-1 Notes will be constituted by the Note Trust Deed, the
          Supplementary Terms Notice and the Master Trust Deed.

     D    The Class A-1 Notes will be secured on the terms of the Security Trust
          Deed.

     E    The Trustee wishes to appoint the Principal Paying Agent as principal
          paying agent in respect of the Class A-1 Notes only and has entered
          into this agreement to provide for the terms and conditions of that
          appointment.

     F    The Trustee wishes to appoint the Calculation Agent as its reference
          agent in respect of the Class A-1 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 Note Registrar in respect of the
          Class A-1 Notes only and has entered into this agreement to provide
          for the terms and conditions of that appointment.
--------------------------------------------------------------------------------

IT IS AGREED as follows.

1.   DEFINITIONS AND INTERPRETATION
--------------------------------------------------------------------------------

1.1  DEFINITIONS

     The following definitions apply unless the context requires otherwise.

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

     NOTE PARTY has the meaning given to that term in clause 18.2.

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

     PAYING OFFICE means, in relation to a Paying Agent and any Class A-1 Notes,
     the office of the Paying Agent specified in the relevant Class A-1 Notes or
     otherwise under this agreement or the Note Trust Deed as the office at
     which payments in respect of the Class A-1 Notes will be made as changed
     from time to time in accordance with this agreement.

     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 [48th Floor, 1 Canada Square, London E14 5AL,
     United Kingdom]. [BNY TO CONFIRM]

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

     TRUST means the trust known as the Crusade Global Trust No. 2 of 2005
     established under the Notice of Creation of Trust, the Master Trust Deed
     and the Supplementary Terms Notice.

--------------------------------------------------------------------------------
                                                                          Page 2

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

1.2  DEFINITIONS IN MASTER TRUST DEED, SUPPLEMENTARY TERMS NOTICE, NOTE TRUST
     DEED AND CONDITIONS

     (a)  Words and expressions which are defined in the Master Trust Deed (as
          amended by the Supplementary Terms Notice), the Supplementary Terms
          Notice, the Note Trust Deed and the relevant Conditions (including 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.

     (b)  If a definition in any of the documents in paragraph (a) above is
          inconsistent, the definitions will prevail in the following order:

          (i)  definition in this agreement;

          (ii) definition in the Supplementary Terms Notice;

          (iii) definition in the Master Trust Deed;

          (iv) definition in the Note Trust Deed;

          (v)  definition in the relevant Conditions.

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;

     (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; and

     (c)  all references to costs or charges or expenses include GST, any value
          added tax or similar tax charged or chargeable in respect of the
          charge or expense.

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:

--------------------------------------------------------------------------------
                                                                          Page 3

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

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

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

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

1.7  NOTE TRUSTEE AS NOTE TRUSTEE

     The Note Trustee enters into this agreement for itself and for and as
     trustee for and on behalf of the Class A-1 Noteholders from time to time
     under and subject to the terms of the Note Trust Deed.

2.   APPOINTMENT OF PAYING AGENTS
--------------------------------------------------------------------------------

     (a)  Subject to the terms of this agreement, the Trustee (acting on the
          direction of the Manager) appoints the Principal Paying Agent as its
          principal paying agent and each other Paying Agent as its paying
          agent, for making payments in respect of the Class A-1 Notes in
          accordance with the Transaction Documents and the relevant Conditions
          at their respective Paying Offices. The Principal Paying Agent accepts
          its appointment under this agreement.

     (b)  Except in clause 19 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)  subject to clause 7, the Principal Paying 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 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
--------------------------------------------------------------------------------

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
     each Payment Date under the Supplementary Terms Notice in respect of the
     Class A-1 Notes and the relevant Conditions.

--------------------------------------------------------------------------------
                                                                          Page 4

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

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 Class A-1 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 the payments provided for in
     clause 3.1 will be made unconditionally.

3.3  PAYMENTS BY PAYING AGENTS

     Subject to payment being duly made as provided in clause 3.1 (or to the
     Principal Paying Agent otherwise being satisfied that the payment will be
     duly made on the due date), and subject to clause 7, the Paying Agents
     shall pay or cause to be paid on behalf of the Trustee on each Payment Date
     the relevant amounts of principal and interest due in respect of the Class
     A-1 Notes in accordance with the Supplementary Terms Notice and the
     relevant Conditions.

3.4  METHOD OF PAYMENT - BOOK-ENTRY NOTES

     The Principal Paying Agent shall cause all payments of principal or
     interest (as the case may be) due in respect of Class A-1 Notes represented
     by one or more Book-Entry Notes to be made to the relevant Common
     Depository for credit to the account of the persons appearing from time to
     time in the records of the relevant Common Depository as account holder
     with respect to that Book-Entry Note.

3.5  METHOD OF PAYMENT - DEFINITIVE NOTES

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

     (b)  If a Definitive Note is issued and the amount of the principal or
          interest (as the case may be) then due for payment on that Class A-1
          Note is not paid in full (including by reason of a deduction or
          withholding), the Paying Agent to whom that Class A-1 Note is
          presented shall enface that Class A-1 Note with a memorandum of the
          amount paid and the date of that payment.

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:

          (i)  in the case of any payment in respect of the Class A-1 Notes made
               on or prior to 1.00 pm (New York time) on a Payment Date, make
               payments required to be made by it in respect of the Class A-1
               Notes as provided in this clause 3 (other than clause
               3.6(a)(ii)); and

          (ii) in the case of any payment in respect of the Class A-1 Notes made
               after 1.00pm (New York time) on a Payment Date, make payments
               required to be made by it in respect of the Class A-1 Notes on
               the next Business Day occurring after that Payment Date and
               otherwise as provided in this clause 3.

--------------------------------------------------------------------------------
                                                                          Page 5

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

               However, unless and until the full amount of any payment in
               respect of the Class A-1 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.

          (b)  If the Principal Paying Agent has not received on a Payment Date
               the full amount of principal and interest then payable on any
               Class A-1 Note in accordance with the Supplementary Terms Notice
               and the relevant 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 the relevant Condition 12 (unless
                    the Note Trustee agrees otherwise), to the relevant Class
                    A-1 Noteholders that it has received the full amount.

3.7  NOTICE OF NON-RECEIPT

     The Principal Paying Agent shall immediately notify by facsimile (if
     appropriate) the other Paying Agents (if any), the Note Trustee, the
     Trustee, the Security Trustee, the Currency Swap Provider and the Manager
     if the full amount of any payment of principal or interest required to be
     made by the Supplementary Terms Notice and the relevant Conditions in
     respect of the Class A-1 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 relevant
     Conditions and this agreement. The Trustee shall not be concerned with the
     apportionment of any moneys between the Principal Paying Agent and 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 such bank accounts as the Principal Paying Agent may
          from time to time notify to the Trustee and the Note Trustee. Those
          sums shall be held in an account for payment to the Class A-1
          Noteholders and:

          (i)  failing that payment within the designated periods of
               prescription specified in the relevant Condition 8; or

          (ii) upon the bankruptcy, insolvency, winding up or liquidation of the
               Principal Paying Agent or on 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,

--------------------------------------------------------------------------------
                                                                          Page 6

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

               for repayment to the Trustee (subject to clause 4). On repayment
               in accordance with clause 4 to the Trustee, 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, in accordance with clause
               24, that the Principal Paying Agent has paid the relevant amount
               to the relevant Common Depository. The Principal Paying Agent
               will countersign and promptly return any such confirmation
               requested by the Trustee.

     (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 account referred to in paragraph (a) and it need not
          segregate such sums from other amounts held by it, except as required
          by law.

3.10 NO FEE

     Subject to clause 20, no Paying Agent will charge any commission or fee in
     relation to any payment under this agreement to the person receiving or
     entitled to receive the payment or make the exchange.

3.11 TRUST

     The Principal Paying Agent shall hold on trust for the Note Trustee and the
     Class A-1 Noteholders all sums held by it for the payment of principal and
     interest with respect to the Class A-1 Notes until all relevant sums are
     paid to the Note Trustee or the Class A-1 Noteholders or otherwise disposed
     of in accordance with the Note Trust Deed.

3.12 FORMS AND INFORMATION

     The Manager shall provide each Paying Agent with any forms and such other
     information reasonably required by that Paying Agent in connection with any
     withholding Tax imposed on any payment under the Class A-1 Notes.

4.   REPAYMENT
--------------------------------------------------------------------------------

     (a)  Immediately on any entitlement to receive principal or interest under
          any Class A-1 Note becoming void under the relevant Conditions, the
          Principal Paying Agent shall repay to the Trustee the amount which
          would have been due in respect of that principal or interest if it had
          been paid before the entitlement became void, together with any fees
          applicable to that payment or entitlement (pro rata as to the amount
          and time) to the extent already paid under clause 20.

     (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.

--------------------------------------------------------------------------------
                                                                          Page 7

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

5.   APPOINTMENT OF THE CALCULATION AGENT
--------------------------------------------------------------------------------

     (a)  The Trustee (acting on the direction of the Manager) appoints the
          Calculation Agent as its reference agent in respect of the Class A-1
          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 A-1 Notes, until
          their final maturity or such earlier date on which the Class A-1 Notes
          are due and payable in full and in either case until the Trustee has
          paid all amounts in relation to the Class A-1 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 relevant 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 the Class A-1 Notes, in
               the manner set out in Condition 4 and confirm with the Currency
               Swap Provider (using the contact details notified by that
               Currency Swap Provider to the Calculation Agent) that the LIBOR
               determined under this agreement is the same as the LIBOR
               determined by the Currency Swap Provider under the Currency Swap;

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

     (b)  The Manager shall on behalf of the Trustee cause the Interest and
          Interest Rates applicable to the Class A-1 Notes for each Interest
          Period, together with the relevant Payment Date, to be published
          (subject to clause 20, at the expense of the Trustee) in accordance
          with the provisions of the relevant Conditions 4 and 12, on or as soon
          as possible after the commencement of the relevant Interest Period
          unless the Note Trustee otherwise agrees, provided that the Trustee,
          the Calculation Agent and the Note Trustee shall co-operate with the
          Manager in order to effect that publication.

--------------------------------------------------------------------------------
                                                                          Page 8

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

     (c)  The Interest, Interest Rate and relevant Payment Date published under
          paragraph (b) may subsequently be amended (or appropriate alternative
          arrangements made by way of adjustment) without notice to Class A-1
          Noteholders in the event of an amendment to the Interest Period.

     (d)  If the Calculation Agent at any time and for any reason does not
          determine the Interest Rate for or calculate the Interest payable on a
          Class A-1 Note, 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.

7.   NOTE TRUSTEE
--------------------------------------------------------------------------------

     (a)  At any time after:

          (i)  an Event of Default has occurred in relation to a Class A-1 Note;
               or

          (ii) Definitive Notes have not been issued when required in accordance
               with the provisions of the Transaction Documents,

          the Note Trustee may:

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

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

               (B)  to hold all Definitive Notes and all amounts, documents and
                    records held by them in respect of the Class A-1 Notes on
                    behalf of the Note Trustee; or

               (C)  to deliver up all Definitive Notes, and all amounts,
                    documents and records held by them in respect of the Class
                    A-1 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

               (D)  by notice in writing to the Trustee require it to make (or
                    arrange to be made) all subsequent payments in respect of
                    the Class A-1 Notes to the order of the Note Trustee and not
                    to the Principal Paying Agent and, with

--------------------------------------------------------------------------------
                                                                          Page 9

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

                    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.

          A payment by the Trustee of its payment obligations on each Payment
          Date under the Supplementary Terms Notice and the relevant Conditions
          to the Note Trustee in accordance with paragraph (a)(iii)(D) shall be
          a good discharge to the Note Trustee to the extent of such payment.

     (b)  The Note Trustee shall promptly 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.

8.   EARLY REDEMPTION OF CLASS A-1 NOTES
--------------------------------------------------------------------------------

     (a)  If the Trustee intends to redeem the Class A-1 Notes prior to their
          Final Maturity Date pursuant to Condition 5 (which it may only do at
          the direction of the Manager), the Manager shall give not less than 5
          days' prior written notice to the Principal Paying Agent and the Note
          Trustee before giving the requisite period of notice to the Class A-1
          Noteholders in accordance with the relevant Condition 5 and stating
          the Payment Date on which such Class A-1 Notes are to be redeemed.

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

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

               (A)  the aggregate Invested Amount or Stated Amount (as the case
                    may be) of the Class A-1 Notes to be redeemed;

               (B)  the amount of principal to be repaid in relation to the
                    Class A-1 Notes; and

               (C)  the date on which the Class A-1 Notes are to be redeemed;
                    and

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

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

     (a)  If the Trustee is required to redeem some (but not all) of the Class
          A-1 Notes prior to their Final Maturity Date pursuant to Condition 5
          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 relevant Common Depository of the proposed
          redemption, specifying in each case the aggregate Invested Amount of
          the Class A-1 Notes to be redeemed and the date on which such Class
          A-1 Notes are to be redeemed.

     (c)  The Manager shall, on (or as soon as practicable after) each Quarterly
          Determination Date calculate:

--------------------------------------------------------------------------------
                                                                         Page 10

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

          (i)  the amount of principal to be repaid in respect of each Class A-1
               Note due on the Payment Date next following that Determination
               Date;

          (ii) the Stated Amount and Invested Amount of each Class A-1 Note on
               the first day of the next following Interest Period for the Class
               A-1 Notes (after deducting any principal due to be made on the
               next Payment Date); and

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

          and shall forthwith notify or cause to be notified to the Trustee, the
          Calculation Agent, the Note Trustee, the Principal Paying Agent and
          the Currency Swap Provider 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.

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

     (e)  If no principal is due to be repaid on the Class A-1 Notes on any
          Payment Date, the Manager shall give notice or shall cause a notice to
          this effect to be given to the relevant Class A-1 Noteholders in
          accordance with Condition 12.

     (f)  If any Class A-1 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, if the Principal Paying
          Agent is not also the Note Trustee, the Note Trustee a certificate
          setting out the aggregate Invested Amount and Stated Amount of Class
          A-1 Notes which have been redeemed or the aggregate Invested Amount
          and Stated Amount of Class A-1 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.  CANCELLATION, DESTRUCTION AND RECORDS WHERE CLASS A-1 NOTES IN DEFINITIVE
     FORM HAVE BEEN ISSUED
--------------------------------------------------------------------------------

     (a)  All Definitive Notes which are redeemed in their entirety (but not
          partial redemptions of Definitive Notes in accordance with Condition
          5), shall be forthwith cancelled by perforation by the Paying Agent by
          or through which they are redeemed, paid or exchanged. If that Paying
          Agent is not the Principal Paying Agent, that Paying Agent shall
          promptly give all relevant details and forward the cancelled
          Definitive Notes to the Principal Paying Agent.

--------------------------------------------------------------------------------
                                                                         Page 11

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

     (b)  The Principal Paying Agent shall as soon as possible, and in any event
          within 70 days after the date of any redemption, presentation or
          payment of Definitive Notes, furnish to each of the Trustee, the
          Manager and the Note Trustee a certificate stating:

          (i)  the aggregate Invested Amount of Definitive Notes which have been
               redeemed in full or, as the case may require, the aggregate
               amounts of principal and interest paid in respect of the
               Book-Entry Notes;

          (ii) the serial numbers of those Definitive Notes; and

          (iii) the aggregate Invested Amounts of Definitive Notes which have
               been surrendered and replaced and the serial numbers of those
               Definitive Notes.

     (c)  Unless otherwise previously instructed by the Trustee or the Manager,
          the Principal Paying Agent shall destroy any cancelled Definitive
          Notes in its possession and furnish each of the Trustee, the Manager
          and the Note Trustee with a destruction certificate which lists the
          Class and serial numbers of those Definitive Notes in numerical
          sequence.

     (d)  The Principal Paying Agent shall:

          (i)  keep a full and complete record of:

               (A)  all Definitive Notes issued;

               (B)  the redemption, purchase, cancellation, payment, exchange,
                    surrender for replacement or destruction of the Definitive
                    Notes; and

               (C)  all replacement Definitive Notes issued in substitution for
                    lost, stolen, mutilated, defaced or destroyed Definitive
                    Notes; and

          (ii) make those records available at all reasonable times to the
               Trustee, the Manager and the Note Trustee.

11.  ISSUE OF REPLACEMENT DEFINITIVE NOTES WHERE DEFINITIVE NOTES HAVE BEEN
     ISSUED
--------------------------------------------------------------------------------

     (a)  The Manager shall, where Definitive Notes have been issued, cause a
          sufficient quantity of additional Definitive Notes to be made
          available, upon request by the Principal Paying Agent, for the purpose
          of issuing replacement Definitive Notes as provided below.

     (b)  The Principal Paying Agent shall, subject to and in accordance with
          the Conditions, the Transaction Documents and this clause, issue any
          replacement Definitive Notes, in place of Definitive Notes which have
          been lost, stolen, mutilated, defaced or destroyed.

     (c)  The Principal Paying Agent shall not issue any replacement Definitive
          Note unless and until the relevant applicant has:

          (i)  paid all costs (including the fees and costs of the Principal
               Paying Agent and of any Paying Agent through which the
               replacement Definitive Note is issued) as may be incurred in
               connection with that replacement;

          (ii) in the case of a lost, stolen, defaced or destroyed Definitive
               Note, furnished the Principal Paying Agent with any evidence
               (including evidence as to the Class and

--------------------------------------------------------------------------------
                                                                         Page 12

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

               serial number of the Definitive Note in question) and indemnity
               in respect of that loss, theft, defacement or destructions as the
               Trustee or the Manager and the Principal Paying Agent may
               reasonably require; and

          (iii) in the case of a mutilated or defaced Definitive Note,
               surrendered to the Principal Paying Agent the mutilated or
               defaced Definitive Note which is to be replaced.

     (d)  The Principal Paying Agent shall cancel any mutilated or defaced
          Definitive Note replaced under this clause and shall furnish the
          Trustee, the Manager and the Note Trustee, on the first day of each
          month, with a certificate stating the Class and serial numbers of
          Definitive Notes cancelled during that month. Unless otherwise
          previously instructed by the Trustee or the Manager, the Principal
          Paying Agent shall destroy any cancelled Definitive Notes and furnish
          the Trustee, the Manager and the Note Trustee with a destruction
          certificate containing the information specified in clause 10(b).

     (e)  The Principal Paying Agent shall, on issuing any replacement
          Definitive Note, forthwith inform each of the other Paying Agents, the
          Trustee, the Manager and the Note Trustee of the Invested Amount and
          the Class and serial number of that replacement Definitive Note issued
          and the Class and serial number of the Definitive Note in place of
          which the replacement Definitive Note has been issued.

     (f)  Whenever any Definitive Note which is alleged to have been lost,
          stolen or destroyed (and in replacement for which a new Definitive
          Note has been issued) is presented to any Paying Agent for payment,
          the Paying Agent to which that Definitive Note is presented shall
          immediately notify the Trustee, the Manager, the Note Trustee and (if
          presentation is not made to the Principal Paying Agent) the Principal
          Paying Agent. The Principal Paying Agent shall, on receipt of that
          notice or (as the case may be) on presentation of the Definitive Note
          to it and after consultation with the Trustee, take appropriate steps
          (subject to being indemnified to its reasonable satisfaction as to
          cost) to recover the amount covered by the indemnity with respect to
          the allegedly lost, stolen or destroyed Definitive Note. The Principal
          Paying Agent shall account to the Trustee for any amount so collected.

12.  NOTICES TO NOTEHOLDERS
--------------------------------------------------------------------------------

     (a)  At the request and expense of the Trustee, the Principal Paying Agent
          shall arrange for the publication of all notices to Class A-1
          Noteholders in accordance with the relevant Conditions.

     (b)  The Principal Paying Agent shall promptly send to the Note Trustee one
          copy of the form of every notice given to Class A-1 Noteholders in
          accordance with the relevant Conditions.

13.  DOCUMENTS AND FORMS
--------------------------------------------------------------------------------

     (a)  The Manager shall provide to the Principal Paying Agent for
          distribution to each Paying Agent:

          (i)  sufficient copies of all documents required by the relevant
               Conditions, the Prospectus or the Note Trust Deed to be available
               to Class A-1 Noteholders for

--------------------------------------------------------------------------------
                                                                         Page 13

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

               issue or inspection (including the Note Trust Deed, the Master
               Trust Deed and the Supplementary Terms Notice);

          (ii) in the event of a meeting of Class A-1 Noteholders being called,
               forms of voting certificates and block voting instructions,
               together with instructions from the Trustee (those instructions
               having previously been approved by the Note Trustee) as to the
               manner of completing, dealing with and recording the issue of
               such forms; and

          (iii) if Definitive Notes are issued, specimens of those Definitive
               Notes.

     (b)  The Manager and the Trustee shall provide to the Calculation Agent
          such documents as the Calculation Agent may reasonably require from
          the Manager or the Trustee (and in the case of the Trustee only those
          documents that are in the Trustee's possession or power) in order for
          the Calculation Agent properly to fulfil its duties in respect of the
          Class A-1 Notes.

14.  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). The Principal Paying Agent shall not be required to
     authenticate or cause to be authenticated any Book-Entry Notes or
     Definitive Notes unless directed to do so in writing by the Manager, or the
     Trustee at the direction of the Manager.

15.  INDEMNITY
--------------------------------------------------------------------------------

     (a)  Subject to paragraph (b) and clause 25, the Trustee shall indemnify
          each Paying Agent, the Note Registrar and the Calculation Agent
          against any loss, damages, proceeding, liability, cost, claim, action,
          demand or expense (in this clause 15, each, an EXPENSE) which that
          Paying Agent, the Note Registrar or the Calculation Agent, as the case
          may be, may incur or which may be made against that Paying Agent, the
          Note Registrar or the Calculation Agent (as the case may be), as a
          result of or in connection with that Paying Agent's, the Note
          Registrar's or the Calculation Agent's, as the case may be,
          appointment or the exercise of that Paying Agent's, the Note
          Registrar's or the Calculation Agent's, as the case may be, powers and
          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 or the Calculation Agent in accordance with clause 19
          (including any liability in respect of payment of a cheque drawn by
          that Paying Agent or the Calculation Agent (as the case may be) where
          the cheque is collected or sued upon or an attempt at collection is
          made after the amount in respect of which it is paid has been returned
          to the Trustee under clause 4).

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

          (i)  to the extent the Expense does not result from the breach by the
               Paying Agent, the Note Registrar or the Calculation Agent (as the
               case may be) of the terms of this agreement or which breach
               arises out of the Paying Agent's, the Note Registrar's

--------------------------------------------------------------------------------
                                                                         Page 14

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

               or the Calculation Agent's (as the case may be) own fraud, wilful
               default or negligence or that of its directors, officers or
               employees or servants; and

          (ii) 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)  Subject to paragraph (d), each of the Calculation Agent, the Note
          Registrar and the Paying Agents severally indemnifies the Trustee and
          the Manager against all losses, liabilities, costs, claims, actions,
          damages, expenses or demands 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 any term of this agreement or its own
          fraud, wilful default or negligence or that of its directors,
          officers, 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.

     (d)  Notwithstanding any other provision in this agreement, each of the
          Calculation Agent, the Note Registrar and the Paying Agents shall:

          (i)  not be liable to indemnify the Trustee or the Manager (as the
               case may be) for any loss caused by events beyond its reasonable
               control including, any malfunction, interruption or error in the
               transmission of information caused by any machine or systems or
               interception of communication facilities, abnormal operating
               conditions or acts of God; and

          (ii) have no liability whatsoever for any consequential, special,
               indirect or speculative loss or damages (including, but not
               limited to, loss of profits, whether or not foreseeable) suffered
               by the Trustee or the Manager in connection with the transactions
               contemplated by and the relationship established by this
               agreement even if the Calculation Agent, the Note Registrar or
               the relevant Paying Agent (as the case may be) has been advised
               as to the possibility of the same.

16.  THE NOTE REGISTER
--------------------------------------------------------------------------------

16.1 APPOINTMENT OF NOTE REGISTRAR

     The Trustee appoints the Bank of New York to be the initial Note Registrar.
     The Bank of New York accepts that appointment.

16.2 DETAILS TO BE KEPT ON THE NOTE REGISTER

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

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

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

--------------------------------------------------------------------------------
                                                                         Page 15

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

     (c)  (ISSUE DATES) the Issue Dates for Class A-1 Notes issued in relation
          to the Trust;

     (d)  (INITIAL INVESTED AMOUNT) the total Initial Invested Amount of Class
          A-1 Notes issued on each such Issue Date;

     (e)  (INVESTED AMOUNT) the Invested Amount of each Class A-1 Note from time
          to time;

     (f)  (STATED AMOUNT) the Stated Amount of each Class A-1 Note from time to
          time;

     (g)  (SERIES) details of relevant Classes of Class A-1 Notes;

     (h)  (DETAILS OF NOTEHOLDERS) the name and address of each Class A-1
          Noteholder;

     (i)  (NUMBER OF NOTES) the number of Class A-1 Notes held by each Class A-1
          Noteholder;

     (j)  (DATE OF ENTRY) the date on which a person was entered as the holder
          of Class A-1 Notes;

     (k)  (DATE OF CESSATION) the date on which a person ceased to be a Class
          A-1 Noteholder;

     (l)  (ACCOUNT) the account to which any payments due to a Class A-1
          Noteholder are to be made (if applicable);

     (m)  (PAYMENTS) a record of each payment in respect of the Class A-1 Notes;
          and

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

          (i)  is required by the Supplementary Terms Notice;

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

          (iii) the Manager or the Trustee reasonably requires in writing with
               respect to Class A-1 Notes.

16.3 PAYMENTS OF PRINCIPAL AND INTEREST

     (a)  Any payment of principal or interest on any Class A-1 Note shall be
          endorsed by the Note Registrar on the Note Register. In the case of
          payments of principal, the Invested Amount of the Class A-1 Notes
          shall be reduced for all purposes by the amount so paid and endorsed
          on the Note Register. Any such record shall be prima facie evidence
          that the payment in question has been made.

     (b)  If the amount of principal or interest (as the case may be) due for
          payment on any Class A-1 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.

16.4 PLACE OF KEEPING REGISTER, COPIES AND ACCESS

     The Note Register shall be:

     (a)  (PLACE KEPT) kept at the office of the Note Registrar at 101 Barclay
          Street, 21st Floor West, New York NY 10286, United States of America
          or at such place as the Trustee, the Manager and the Note Registrar
          may agree;

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

--------------------------------------------------------------------------------
                                                                         Page 16

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

     (c)  (INSPECTION BY CLASS A-1 NOTEHOLDERS) open for inspection by the Note
          Trustee or a Class A-1 Noteholder during normal business hours but, in
          the case of a Class A-1 Noteholder, only in respect of information
          relating to that Class A-1 Noteholder; and

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

16.5 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 Class A-1 Notes and the Trustee
          shall be entitled to recognise a Class A-1 Noteholder as the absolute
          owner of Class A-1 Notes and the Trustee shall not be bound or
          affected by any trust affecting the ownership of any Class A-1 Notes
          unless ordered by a court or required by statute.

16.6 ALTERATION OF DETAILS ON NOTE REGISTER

     On the Note Registrar being notified of any change of name or address or
     payment or other details of a Class A-1 Noteholder by the Class A-1
     Noteholder, the Note Registrar shall alter the Note Register accordingly.

16.7 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 agreement;

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

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

     (e)  default is made or unnecessary delay takes place in entering in the
          Note Register that any person has ceased to be the holder of Class A-1
          Notes,

     the Note Registrar may rectify the same.

16.8 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 or that of its directors, officers or employees who have day
     to day responsibility for the administration of the Note Trust or Note
     Register.

--------------------------------------------------------------------------------
                                                                         Page 17

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

17.  CHANGES OF NOTE REGISTRAR
--------------------------------------------------------------------------------

17.1 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.

17.2 RESIGNATION

     Subject to this clause 17 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 prior written notice to that effect.

17.3 LIMITATION

     Despite clauses 17.1 and 17.2:

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

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

18.  GENERAL
--------------------------------------------------------------------------------

18.1 COMMUNICATIONS TO CLASS A-1 NOTEHOLDERS

     The Principal Paying Agent shall, upon receipt from the Trustee, Manager,
     Security Trustee or Note Trustee of any communication to be delivered to
     Class A-1 Noteholders or Class A Note Owners (as the case may be) including
     any communications pursuant to clauses 3.3, 3.4, 7.1, 11(n)(i), 18(a), 22.3
     or 23.2 of the Note Trust Deed or any other solicitation of notice from or
     consent of the Class A-1 Noteholders or Class A Note Owners pursuant to or
     relating to the Note Trust Deed or this agreement, forward such
     communications to the Class A-1 Noteholders or Class A Note Owners, along
     with instructions that the responses relating to such communications be
     returned to the Principal Paying Agent. Such communication shall include
     the date upon which the response to such solicitation shall be delivered
     (the RESPONSE DATE). The Principal Paying Agent shall treat any Class A-1
     Noteholder or Class A Note Owner 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.

18.2 AGENCY

     Subject to any other provision of this agreement including clause 7, 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

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

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

     entitled to receive payments of principal and/or interest on the Class A-1
     Notes and shall be responsible only for performance of the duties and
     obligations expressly imposed upon it in this agreement.

18.3 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 relevant Common Depository as the holder
          of any Class A-1 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 that Common Depository and on the terms and subject to
          the conditions of that Book-Entry Note;

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

     (c)  who, when a Book-Entry Note in respect of any Class A-1 Note is no
          longer outstanding but Definitive Notes in respect of the Class A-1
          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 Class A-1 Noteholders,

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

18.4 NO SET-OFF

     No Paying Agent shall exercise any right of set-off, withholding,
     counterclaim or lien against, or make any deduction in any payment to, any
     person entitled to receive amounts of principal or interest on the Class
     A-1 Notes in respect of moneys payable by it under this agreement.

18.5 RELIANCE

     Each of the Calculation Agent, the Note Registrar and the Paying Agent(s)
     shall be protected and shall incur no liability for or in respect of any
     action taken, omitted or suffered by it in reliance upon any instruction,
     request or order from the Trustee or the Manager or in reliance upon any
     Class A-1 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.

18.6 ENTITLED TO DEAL

     A Note Party or any of its directors or officers shall not be precluded
     from acquiring, holding or dealing in any Class A-1 Notes or from engaging
     or being interested in any contract or other financial or other transaction
     or arrangement 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

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

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

     fraud, wilful default or negligence) shall any Note Party be liable to
     account to the Trustee or any person entitled to receive amounts of
     principal or interest on the Class A-1 Notes for any profit made or fees or
     commissions received in connection with this agreement or any Class A-1
     Notes.

18.7 CONSULTATION

     Each Note Party may properly 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. The Note
     Party must promptly notify the Trustee and the Manager of any such
     appointment or consultation.

18.8 DUTIES

     Each Note Party shall perform the duties, and only the duties, contained in
     or reasonably incidental to this agreement and the Conditions and in the
     Class A-1 Notes, and no implied duties or obligations (other than general
     laws as to agency) shall be read into this agreement or the Class A-1 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.

18.9 INCOME TAX RETURNS

     The Principal Paying Agent shall, subject always to compliance with
     mandatory provisions of law, upon request from any Class A-1 Noteholder,
     deliver to such Class A-1 Noteholder such information as may be reasonably
     required to enable such Class A-1 Noteholder to prepare all applicable
     income tax returns.

18.10 TAXES

     Each Paying Agent shall file such returns concerning payments under this
     agreement as shall be required of it by applicable law, but shall not be
     responsible for the collection or withholding of Taxes due on such payments
     except, and only to the extent, required of it as Paying Agent by
     applicable law.

18.11 WRITTEN INSTRUCTIONS

     Each Paying Agent may, at any time, apply to the Trustee for written
     instructions with respect to any matter arising under this agreement and
     shall be fully protected in acting in accordance with such instructions.

18.12 NO REPRESENTATIONS

     No Paying Agent makes any representation with respect to the validity or
     sufficiency of the Class A-1 Notes, or the use or application of the
     proceeds of sale or distribution of the Class A-1 Notes, and shall incur no
     liability with respect to the foregoing.

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

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

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

19.1 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 19, terminate the appointment of any Paying
          Agent or the Calculation Agent by giving written notice to that effect
          to each Designated Rating Agency, the Note Trustee, the Calculation
          Agent (if its appointment is to be terminated), the Principal Paying
          Agent and (if different) the Paying Agent whose appointment is to be
          terminated:

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

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

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

               (C)  the Paying Agent or Calculation Agent fails to comply with
                    any of its obligations under this agreement and, if capable
                    of remedy, such failure is not remedied within five days
                    after the earlier of (1) the Paying Agent or the Calculation
                    Agent, as the case may be, having become aware of that
                    failure and (2) the receipt by the Paying Agent or the
                    Calculation Agent, as the case may be, of written notice
                    with respect thereto from the Trustee or Manager; or

          (ii) otherwise, with the prior written approval of the Note Trustee
               (which approval must not be unreasonably withheld or delayed)
               with effect not less than 60 days' from that notice, which date
               shall be not less than 30 days before nor 30 days after any due
               date for payment of any Class A-1 Notes.

19.2 RESIGNATION

     Subject to this clause 19, a Paying Agent or the Calculation Agent may
     resign its appointment under this agreement at any time by giving to the
     Trustee, the Manager, each Designated Rating Agency and (where a Paying
     Agent is resigning and the Paying Agent is not the Principal Paying Agent)
     the Principal Paying Agent not less than 60 days' written notice to that
     effect, which notice shall expire not less than 30 days before or 30 days
     after any due date for payment of any Class A-1 Notes.

19.3 LIMITATION

     Despite clauses 19.1 and 19.2:

     (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

--------------------------------------------------------------------------------
                                                                         Page 21

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

          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 19.3(a), if any Paying Agent or the Calculation
          Agent resigns in accordance with clause 19.2, but by the day falling
          15 days before the expiry of any notice under clause 19.2 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 provided
          that the appointment is made 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 the City of New York;

     (d)  no appointment or termination of the appointment of any Paying Agent
          or the Calculation Agent (as the case may be) shall take effect unless
          and until notice has been given to the Class A-1 Noteholders in
          accordance with the relevant Conditions; and

     (e)  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 not, except in the case of an appointment under clause
          19.1(a) or a termination under clause 19.1(b)(ii) or a resignation
          under clause 19.2, be at the cost of the Trustee).

     In addition, the Trustee at the direction of the Manager shall forthwith
     appoint a Paying Agent with a Paying Office in the City of New York in the
     circumstances described in the relevant Condition 6 (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 by the Manager on behalf of the Trustee in accordance with Condition
     12.

19.4 DELIVERY OF AMOUNTS

     If the appointment of the Principal Paying Agent terminates, the Principal
     Paying Agent shall, on the date on which that termination takes effect, pay
     to the successor Principal Paying Agent any amount held by it for payment
     of principal or interest in respect of any Class A-1 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 under this agreement.

19.5 SUCCESSOR TO PAYING AGENTS

     (a)  On the execution by the Trustee, the Manager and any successor Paying
          Agent of an instrument effecting the appointment of that successor
          Paying Agent, that successor 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 Paying Agent (or, in the case of
          a successor Principal Paying

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

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

          Agent, 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 Paying
          Agent is appointed.

     (b)  Any corporation:

          (i)  into which a Paying Agent is merged;

          (ii) with which a Paying Agent is consolidated;

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

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

          shall, on the date when that merger, conversion, consolidation, sale
          or transfer becomes effective and to the extent permitted by
          applicable law, become a successor 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 a Paying Agent (or
          in the case of a successor Principal Paying Agent, to the Principal
          Paying Agent) shall be references to that corporation.

19.6 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

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

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

          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.

19.7 SUCCESSOR TO NOTE REGISTRAR

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

     (b)  Any corporation:

          (i)  into which the Note Registrar is merged;

          (ii) with which the Note Registrar is consolidated;

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

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

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

19.8 NOTICE TO CLASS A-1 NOTEHOLDERS

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

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

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

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

     give to the Class A-1 Noteholders notice of the termination, appointment or
     resignation in accordance with Condition 12 (in the case of a termination
     under clause 19.1(b)(i) or 19.2 at the cost of the outgoing Paying Agent or
     the Calculation Agent, as the case may be).

19.9 CHANGE IN PAYING OFFICE OR SPECIFIED OFFICE

     (a)  If any Paying Agent proposes to change its Paying Office or to
          nominate a further Paying Office (which must be within the same city
          as its previous Paying Office), it must give to the Trustee, the
          Manager, the Note Trustee, the Class A-1 Noteholders (which notice, in
          the

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

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

          case of the Class A-1 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.

     (b)  If the Calculation Agent proposes to change its Specified Office
          (which must be in London or such other jurisdiction as the Calculation
          Agent, the Manager and the Trustee agree from time to time), or to
          nominate a further Specified Office, it must give to the Trustee, the
          Manager, the Class A-1 Noteholders (which notice, in the case of the
          Class A-1 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.

     (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 19.1 or 19.2 on or prior to the date of
          that change) give to the Class A-1 Noteholders notice in accordance
          with the relevant 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.

20.  FEES AND EXPENSES
--------------------------------------------------------------------------------

     (a)  The Trustee shall pay to the Principal Paying Agent during the period
          when any of the Class A-1 Notes remain outstanding the administration
          fee separately agreed by the Principal Paying Agent and the Manager
          (on behalf of the Trustee), together with any out-of-pocket expenses
          properly incurred (including any legal fees and expenses). If the
          appointment of the Principal Paying Agent is terminated under this
          agreement, the Principal Paying Agent must refund to the Trustee that
          proportion of the fee (if any) which relates to the period during
          which the Principal Paying Agent will not be the Principal Paying
          Agent.

     (b)  The Trustee shall pay to the Calculation Agent during the period when
          any of the Class A-1 Notes remain outstanding the fee separately
          agreed by the Calculation Agent, the Manager and the Trustee, together
          with any out-of-pocket expenses properly incurred (including any legal
          fees and expenses). If the appointment of the Calculation Agent is
          terminated under this agreement, the Calculation Agent must refund to
          the Trustee that proportion of the fee (if any) which relates to the
          period during which the Calculation Agent will not be the Calculation
          Agent.

     (c)  The Trustee shall pay to the Note Registrar during the period when any
          of the Class A-1 Notes remain outstanding the fee separately agreed by
          the Note Registrar and the Trustee, together with any out-of-pocket
          expenses properly 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.

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

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

     (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 US$ or A$ (as
          separately agreed between each of the Trustee, the Manager and the
          Principal Paying Agent (in the case of the fees, payments and expenses
          referred to in paragraph (a)), each of the Trustee, the Manager and
          the Calculation Agent (in the case of the fees, payments and expenses
          referred to in paragraph (b)) and each of the Trustee, the Manager and
          the Note Registrar (in the case of the fees, payments and expenses
          referred to in paragraph (c)) and the Trustee shall in addition pay
          any Value Added Tax and GST 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.

21.  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.

22.  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.

23.  ASSIGNMENTS
--------------------------------------------------------------------------------

     Subject to the other provisions of this agreement, 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 any Class
     A-1 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 or transfer.

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

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

24.  NOTICES
--------------------------------------------------------------------------------

24.1 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)  subject to paragraph (d), will be taken to be duly given or made:

          (i)  (in the case of delivery in person or by post) when delivered,
               received or left at the address of the recipient shown in clause
               24.2 or to any other address which may have been notified by the
               recipient to the sender under this clause 24;

          (ii) (in the case of facsimile transmission) on receipt of a
               transmission report confirming successful transmission to the
               number shown in clause 24.2 or any other number notified by the
               recipient to the sender under this clause 24; and

          (iii) (in the case of a telex) on receipt by the sender of the
               answerback code of the recipient at the end of transmission to
               the number shown in clause 24.2 or any other number notified by
               the recipient to the sender under this clause 24,

          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.

     (d)  For the purposes of paragraph (c), all notices, requests, demands,
          consents, approvals, agreements or other communications to the Note
          Trustee, Principal Paying Agent, the Note Registrar or the Calculation
          Agent must be given or made by facsimile transmission.

     Any party may by notice to each party change its address, facsimile, telex
     or telephone number under this clause 24.1.

24.2 DETAILS

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

     THE TRUSTEE

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

     Tel: 612 9229 9000
     Fax: 612 9221 7870
     Attention: Manager Securitisation

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

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

     THE MANAGER

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

     Tel: 612 9320 5605
     Fax: 612 9320 5785
     Attention: Executive Manager, Securitisation

     THE PRINCIPAL PAYING AGENT

     THE BANK OF NEW YORK

     IN RELATION TO THE CLASS A-1 NOTES, CLASS A-1 NOTEHOLDERS AND CLASS A-1
     NOTE OWNERS:

     101 Barclay Street
     Floor 21 West
     New York
     New York 10286
     UNITED STATES OF AMERICA

     Telex: Not applicable
     Fax: + 1 212 815 5802 / 5803
     Attention: Global Trust Services

     THE CALCULATION AGENT

     THE BANK OF NEW YORK
     [48th Floor, 1 Canada Square
     London E14 5AL
     UNITED KINGDOM]

     Telex: Not applicable
     Fax: + 44 20 796 46399
     Attention: Global Trust Services

     [BNY TO CONFIRM]

     THE NOTE TRUSTEE

     THE BANK OF NEW YORK
     101 Barclay Street
     Floor 21 West
     New York
     New York 10286
     UNITED STATES OF AMERICA

     Telex: Not applicable
     Fax: + 1 212 815 5802 / 5803

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

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

     Attention: Global Trust Services

     THE NOTE REGISTRAR

     THE BANK OF NEW YORK
     101 Barclay Street
     Floor 21 West
     New York
     New York 10286
     UNITED STATES OF AMERICA

     Telex: Not applicable
     Fax: + 1 212 815 5802 / 5803
     Attention: Global Trust Services

     Solely for the purposes of transfer of any Class A-1 Note, the Note
     Registrar shall act through its office at 101 Barclay Street, Floor 21
     West, New York, New York 10286.

24.3 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.

25.  LIMITED RECOURSE
--------------------------------------------------------------------------------

25.1 GENERAL

     Clause 30 of the Master Trust Deed (as amended by the Supplementary Terms
     Notice) applies to the obligations and liabilities of the Trustee and the
     Manager under this agreement.

25.2 LIABILITY OF TRUSTEE LIMITED TO ITS RIGHT TO INDEMNITY

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

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

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

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

          similar person to the Trustee or prove in any liquidation,
          administration or arrangement of or affecting the Trustee.

     (c)  The provisions of this clause 25.2 shall not apply to any obligation
          or liability of the Trustee to the extent that it is not satisfied
          because under a Transaction Document or by operation of law there is a
          reduction in the extent of the Trustee's indemnification or
          exoneration out of the Assets of the Trust as a result of the
          Trustee's fraud, negligence, or Default.

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

     (e)  In exercising their powers under the Transaction Documents, each of
          the Trustee, the Security Trustee and the Class A-1 Noteholders must
          ensure that no attorney, agent, delegate, receiver or receiver and
          manager appointed by it in accordance with this agreement or any other
          Transaction Documents has authority to act on behalf of the Trustee in
          a way which exposes the Trustee to any personal liability and no act
          or omission of any such person will be considered fraud, negligence,
          or Default of the Trustee for the purpose of paragraph (c) above.

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

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

25.3 UNRESTRICTED REMEDIES

     Nothing in clause 25.2 or 25.4 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.

25.4 RESTRICTED REMEDIES

     Except as provided in clauses 25.3 and 25.2(c) neither any Paying Agent nor
     the Calculation Agent shall:

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

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

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

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

     (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.

26.  COUNTERPARTS
--------------------------------------------------------------------------------

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

27.  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.

28.  SUCCESSOR TRUSTEE
--------------------------------------------------------------------------------

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

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

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

EXECUTED as an agreement.

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

TRUSTEE

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

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

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

MANAGER

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

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

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

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

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

PRINCIPAL PAYING AGENT

SIGNED on behalf of THE BANK OF NEW
YORK in the presence of:

--------------------------------------
Authorised Signatory

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

NOTE TRUSTEE

SIGNED on behalf of THE BANK OF NEW
YORK in the presence of:

--------------------------------------
Authorised Signatory

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

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

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

CALCULATION AGENT

SIGNED on behalf of THE BANK OF NEW
YORK in the presence of:

--------------------------------------
Authorised Signatory

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

NOTE REGISTRAR

SIGNED on behalf of THE BANK OF NEW
YORK in the presence of:

--------------------------------------
Authorised Signatory

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

--------------------------------------------------------------------------------
                                                                         Page 34Redraw Facility Agreement

                                         PERPETUAL TRUSTEES CONSOLIDATED LIMITED
                                                                       (Trustee)

                                                         ST. GEORGE BANK LIMITED
                                                      (Redraw Facility Provider)

                                                      CRUSADE MANAGEMENT LIMITED
                                                                       (Manager)

                                              Crusade Global Trust No. 2 of 2005

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

                                       (C) Copyright Allens Arthur Robinson 2005

Redraw Facility Agreement                          [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

TABLE OF CONTENTS

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

2.   PURPOSE                                                                   5

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

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

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

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

7.   PREPAYMENTS                                                               8
     7.1  Voluntary prepayments                                                8
     7.2  Draw Margin                                                          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

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

Redraw Facility Agreement                          [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

     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

30.  CODE OF BANKING PRACTICE (2003)                                          18

ANNEXURE A                                                                     3
     Drawdown Notice                                                           3

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

Redraw Facility Agreement                          [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

DATE                                  2005

PARTIES

     1.   PERPETUAL TRUSTEES CONSOLIDATED LIMITED (ABN 81 004 029 841) of Level
          7, 9 Castlereagh Street, Sydney, New South Wales 2000 in its capacity
          as trustee of the Crusade Global Trust No. 2 of 2005 (the TRUSTEE);

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

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

RECITALS

     A    The Trustee is the trustee of the Crusade Global Trust No. 2 of 2005
          and proposes to issue Notes pursuant to the Master Trust Deed and
          Supplementary Terms Notice.

     B    The Manager has arranged for the Redraw Facility Provider to provide
          the Trustee with the Redraw Facility under which loans of up to 0.5%
          of the sum of the aggregate of the Stated Amounts of the Notes may be
          made available to the Trustee.

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

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.

     DRAWDOWN NOTICE means a notice under clause 3.1.

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

Redraw Facility Agreement                          [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

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

     FINAL REPAYMENT DATE means the Final Maturity Date.

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

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

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

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

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

     REDRAW LIMIT means 0.5% of the sum of the aggregate of the A$ equivalent of
     the Stated Amounts of the Class A Notes, Class B Notes and Class C Notes
     (as determined by the Manager and as adjusted by the Manager on each
     anniversary of this agreement and notified to the Trustee and the Redraw
     Facility Provider) or any other amount as agreed in writing between the
     Redraw Facility Provider, the Trustee and the Manager, as reduced or
     cancelled under this agreement, provided that the Redraw Limit may not be
     increased unless each Designated Rating Agency has confirmed in writing
     that the increase would not result in a downgrading of the rating given to
     any Note or the withdrawal of the rating of any Note.

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

     REDRAW STATED AMOUNT means, at any time, the Redraw Principal Outstanding
     at that time less the Carryover Redraw Charge Offs at that time.

     REFERENCE BANK has the meaning given in the ISDA Definitions.

     RESET DATE means in relation to a Redraw Advance:

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

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

--------------------------------------------------------------------------------
                                                                          Page 2

Redraw Facility Agreement                          [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

     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 2005 constituted under the
     Master Trust Deed on the terms of the Supplementary Terms Notice.

     TRUST DOCUMENT means:

     (a)  this agreement;

     (b)  the Master Trust Deed;

     (c)  the Notice of Creation of Trust;

     (d)  the Supplementary Terms Notice;

     (e)  the Custodian Agreement;

     (f)  the Security Trust Deed;

     (g)  the Servicing Agreement;

     (h)  the Note Trust Deed;

     (i)  the Agency Agreement;

     (j)  each Note; or

     (k)  a Support Facility.

--------------------------------------------------------------------------------
                                                                          Page 3

Redraw Facility Agreement                          [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

     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).

--------------------------------------------------------------------------------
                                                                          Page 4

Redraw Facility Agreement                          [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

1.8  KNOWLEDGE OF TRUSTEE

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

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

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

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

3.1  REDRAW ADVANCE

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

     (b)  A Drawdown Notice must be:

          (i)  in writing;

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

          (iii) signed by the Trustee.

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

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

          (i)  the relevant Redraw Shortfall; and

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

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

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

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

--------------------------------------------------------------------------------
                                                                          Page 5

Redraw Facility Agreement                          [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

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 Redraw Principal Outstanding would exceed
          the Redraw Limit.

4.   FEES
--------------------------------------------------------------------------------

4.1  AVAILABILITY FEE

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

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

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

          (i)  each Quarterly Payment Date; and

          (ii) at the end of the Term.

4.2  DRAW MARGIN

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

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

          (ii) the sum of 0.40% per annum and the One Month Bank Bill Rate
               calculated as of that date (if that date is a Reset Date) or
               (otherwise) the Reset Date 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

--------------------------------------------------------------------------------
                                                                          Page 6

Redraw Facility Agreement                          [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

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

4.3  CAPITALISATION

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

4.4  GST

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

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

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

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

5.1  DURING TERM

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

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

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

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

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

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.

--------------------------------------------------------------------------------
                                                                          Page 7

Redraw Facility Agreement                          [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

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

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

5.4  ROLLOVER TERM RENEWAL

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

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

6.1  REPAYMENT OF REDRAW ADVANCES

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

6.2  FINAL REPAYMENT

     If following the Final Repayment Date, any Redraw Principal Outstanding or
     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 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.

--------------------------------------------------------------------------------
                                                                          Page 8

Redraw Facility Agreement                          [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

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,

--------------------------------------------------------------------------------
                                                                          Page 9

Redraw Facility Agreement                          [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

     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

--------------------------------------------------------------------------------
                                                                         Page 10

Redraw Facility Agreement                          [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

     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,

--------------------------------------------------------------------------------
                                                                         Page 11

Redraw Facility Agreement                          [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

          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

--------------------------------------------------------------------------------
                                                                         Page 12

Redraw Facility Agreement                          [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

          (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 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

--------------------------------------------------------------------------------
                                                                         Page 13

Redraw Facility Agreement                          [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

          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;

--------------------------------------------------------------------------------
                                                                         Page 14

Redraw Facility Agreement                          [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

     (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

--------------------------------------------------------------------------------
                                                                         Page 15

Redraw Facility Agreement                          [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

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

--------------------------------------------------------------------------------
                                                                         Page 16

Redraw Facility Agreement                          [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

          applies despite any other provision of this agreement and extends to
          all liabilities and obligations of the Trustee in any way connected
          with any representation, warranty, conduct, omission, agreement or
          transaction related to this agreement or the Trust.

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

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

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

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

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

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

27.3 UNRESTRICTED REMEDIES

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

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

     (b)  obtaining declaratory relief; or

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

--------------------------------------------------------------------------------
                                                                         Page 17

Redraw Facility Agreement                          [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

27.4 RESTRICTED REMEDIES

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Redraw Facility Agreement                          [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

EXECUTED in Sydney.

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

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

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

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

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

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

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

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

Redraw Facility Agreement                          [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

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 2

Redraw Facility Agreement                          [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

ANNEXURE A

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

To: St. George Bank Limited

               REDRAW FACILITY AGREEMENT - DRAWDOWN NOTICE NO. [*]

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

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

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

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

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

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

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

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

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

Definitions in the Facility Agreement apply in this Drawdown Notice.

PERPETUAL TRUSTEES CONSOLIDATED LIMITED

By:                                      Authorised Signatory
    ----------------------------------

DATED

Verified by Crusade Management Limited

By:                                      Authorised Signatory
    ----------------------------------

Dated

--------------------------------------------------------------------------------
                                                                          Page 3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00090-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00090-of-00352.parquet"}]]