<PAGE>

                                      ISDA



              International Swaps and Derivatives Association, Inc.





                                    SCHEDULE

                                     to the

                                Master Agreement

                                   Dated as of

                                     Between



          CREDIT SUISSE FIRST BOSTON INTERNATIONAL (ABN 40 062 787 106)
                             ("CSFBI" AND "PARTY A")



                                       AND



  PERPETUAL TRUSTEES CONSOLIDATED LIMITED (ABN 81 004 029 841) IN ITS CAPACITY
        AS TRUSTEE OF THE CRUSADE GLOBAL TRUST NO. 2 OF 2001 ("PARTY B")



                                       AND



           CRUSADE MANAGEMENT LIMITED (ABN 90 072 715 916) ("MANAGER")

                                       AND



          DLJ INTERNATIONAL CAPITAL ("DLJ" AND "STANDBY SWAP PROVIDER")



                                     PART 1

                             TERMINATION PROVISIONS



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


(b)      "SPECIFIED TRANSACTION" will have the meaning set forth in Section 14.


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

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

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

         (iii)    Section 5(b)(ii) will not apply to Party A as the Affected
                  Party (subject to Part 5(m)(iii) of this Schedule).

(d)      The "BANKRUPTCY" provisions of Section 5(a)(vii) are replaced by "An
         Insolvency Event under the Security Trust Deed has occurred in respect
         of Party A, Party B or DLJ (the party the subject of the Insolvency
         Event will be the Defaulting Party); or ". In relation to Party A


<PAGE>

         or DLJ, the events described in the definition of Insolvency Event
         (under the Security Trust Deed) shall apply to it as if Party A or DLJ
         (as the case may be) were a relevant corporation referred to in that
         definition. The occurrence of an Insolvency Event under the Security
         Trust Deed in respect of Party B in its personal capacity will not
         constitute an Event of Default provided that within thirty Local
         Business Days of that occurrence, Party A, Party B, the Manager and DLJ
         are able to procure the novation of this Agreement and all Transactions
         to a third party in respect of which the Designated Rating Agencies
         confirm that the novation will not cause a reduction or withdrawal of
         the rating of the Notes, and Party A, Party B and DLJ agree to execute
         such a novation agreement in standard ISDA form.


(e)      The "AUTOMATIC EARLY TERMINATION" provisions of Section 6(a):
         will not apply to Party A.
         will not apply to Party B.


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

         (i)      Market Quotation (as amended by Part 5(q)(ii)) will apply; and

         (ii)     the Second Method will apply.


(g)      "TERMINATION CURRENCY" means the currency selected by the party which
         is not the Defaulting Party or the Affected Party, as the case may be,
         or where there is more than one Affected Party the currency agreed by
         Party A and Party B. However, the Termination Currency shall be one of
         the currencies in which payments are required to be made in respect of
         Transactions. If the currency selected is not freely available, or
         where there are two Affected Parties and they cannot agree on a
         Termination Currency, the Termination Currency shall be United States
         Dollars.



(g)      "ADDITIONAL TERMINATION EVENT" means:

         (i)      An Event of Default (as defined in the Security Trust Deed)
                  occurs and the Security Trustee has declared, in accordance
                  with the Security Trust Deed, the Notes immediately due and
                  payable (and Party B is the Affected Party);

         (ii)     Party B becomes obliged to make a withholding or deduction in
                  respect of any Notes and the Notes are redeemed as a result
                  (and Party B is the Affected Party). Notwithstanding Section
                  6(b)(iv) of the Agreement, as a result thereof, Party B must,
                  at the direction of the Manager, give a notice designating an
                  Early Termination Date in respect of this Agreement and all
                  Transactions.


                                     PART 2

                               TAX REPRESENTATIONS



(a)      PAYER TAX REPRESENTATIONS

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

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

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



                                       2
<PAGE>

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

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

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



(b)      PAYEE TAX REPRESENTATIONS

         For the purpose of Section 3(f) of this Agreement:

         Party A makes the following representation:

         None

         Party B makes the following representation:

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



                                     PART 3

                         AGREEMENT TO DELIVER DOCUMENTS

(a)      For the purposes of Section 4(a)(i) and (ii) of this Agreement each
         party agrees to deliver the following documents as applicable in
         accordance with the following:

<TABLE>
<CAPTION>
------------------------ ------------------------------- ------------------------ ------------------
PARTY REQUIRED TO        DOCUMENT                        DATE BY WHICH TO BE      COVERED BY
DELIVER                                                  DELIVERED                SECTION 3(D)
                                                                                  REPRESENTATIONS
------------------------ ------------------------------- ------------------------ ------------------
<S>                      <C>                             <C>                      <C>
Party B and the Manager  a list of authorised            On execution and         yes
                         signatories for the party and   delivery of this
                         evidence satisfactory in form   Agreement or any
                         and substance to the other      relevant Confirmation
                         party of the authority of the   and when the list is
                         authorised signatories of the   updated and at any
                         party to execute this           time on the request of
                         Agreement and each              the other party.
                         Confirmation on behalf of
                         Party B
------------------------ ------------------------------- ------------------------ ------------------


                                       3
<PAGE>

------------------------ ------------------------------- ------------------------ ------------------
Party B                  a United States Internal        Upon (A) the earlier     yes
                         Revenue Service Form W-8 BEN,   of: (1) the first
                         or any successor form           Payment Date; (2)
                                                         promptly upon
                                                         reasonable demand by
                                                         Party A; and
                                                         (3)learning that any
                                                         United States Internal
                                                         Revenue Service Form
                                                         W-8 BEN previously
                                                         provided by Party B has
                                                         become obsolete or
                                                         incorrect; and (B)prior
                                                         to the first Payment
                                                         Date every three
                                                         calendar years
                                                         thereafter.
------------------------ ------------------------------- ------------------------ ------------------
Party A                  Party A shall deliver           On execution and         yes
                         evidence satisfactory in form   delivery of this
                         and substance to the other      Agreement or any
                         party of the authority of the   relevant Confirmation.
                         signatories of the party to
                         create this Agreement and
                         each confirmation on behalf
                         of Party A (including, but
                         not limited to, at the
                         request of Party B, an
                         incumbency certificate or a
                         Power or Attorney)
------------------------ ------------------------------- ------------------------ ------------------
Party B                  Legal opinions as to the        Before the entering      yes
                         validity and enforceability     into of any
                         of the obligations of Party B   Transaction.
                         and the Manager under this
                         Agreement, the Trust Deed,
                         the Security Trust Deed and
                         the Notes in form and
                         substance and issued by legal
                         counsel reasonably acceptable
                         to Party A
------------------------ ------------------------------- ------------------------ ------------------
Manager                  Copies of the Trust Deed and    On execution and         Yes
                         Security Trust Deed certified   delivery of this
                         to be true copies by two        Agreement
                         authorised signatories of the
                         Manager
------------------------ ------------------------------- ------------------------ ------------------
Manager                  A copy of any document          Promptly upon any such   Yes
                         amending or varying the terms   document becoming
                         of the Master Trust Deed or     effective in
                         the Security Trust Deed         accordance with its
                         certified to be a true copy     terms
                         by  two authorised
                         signatories of the Manager
------------------------ ------------------------------- ------------------------ ------------------
</TABLE>






                                       4
<PAGE>



                                     PART 4

                                  MISCELLANEOUS



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

         (i)      Address for Notices to CSFBi as Party A (other than by
                  facsimile):

         Address:          One Cabot Square, London E14 4QJ, England

                  Attention:        (1) Head of Credit Risk Management;
                                    (2) Managing Director - Operations
                                        Department;
                                    (3) Director - Legal and Compliance
                                        Department.

                  Telex No.:        264521
                  Answerback:       CSFBI G

                  (For all purposes.)

                  For the purpose of facsimile notices or communications under
                  this Agreement (other than a notice or communication under
                  Section 5 or 6):-

                  Facsimile No.:    020 7888 2686
                  Attention:        Managing Director - Legal and Compliance
                                                        Department

                  Telephone number for oral confirmation of receipt of facsimile
                  in legible form: 020 7888 2028. Designated responsible
                  employee for the purposes of Section 12(a)(iii): Senior Legal
                  Secretary


         (ii)     Address for Notices to Party B:

                  Level 3, 39 Hunter Street, Sydney  NSW  2000

                  Attention:        Manager, Securitisation

                  Telephone:        (02) 9229 9000

                  Facsimile:        (02) 9221 7870

                  Telex:            N/A



         (iii)    Address for Notices to the Manager:

                  Level 12, 55 Market Street, Sydney  NSW  2000

                  Attention:        Middle Office Compliance Manager

                  Telephone:        (03) 9320 5526

                  Facsimile:        (03) 9320 5589

                  Telex:            N/A



         (iv)     Address for Notices to DLJ as Standby Swap Provider and (on
                  and from the Novation Date) as Party A:

                  23rd Floor, 277 Park Avenue, New York, New York  10172



                                       5
<PAGE>

                  Attention:        Director - Legal and Compliance Department

                  Telephone:        +(212) 325 2000

                  Facsimile:        +(212) 325 4040

                  Telex:            N/A



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

         CSFBi as Party A appoints as its Process Agent: Credit Suisse First
         Boston Corporation, Eleven Madison Avenue, New York, NY10010
         (Attention: General Counsel, Legal and Compliance Department)

         Party B appoints as its Process Agent: CT Corporation, 111 Eighth
         Avenue, 13th Floor, New York NY 10011. Phone: 212 590 9100. Fax: 212
         590 9190

         DLJ as Standby Swap Provider and (on and from the Novation Date) as
         Party A appoints as its Process Agent: Not Applicable

(c)      OFFICES: The provisions of Section 10(a) will apply to this Agreement.

(d)      MULTIBRANCH PARTY: For the purposes of Section 10(c) of this
         Agreement:

         Party A is not a multibranch Party.

         Party B is not a multibranch Party.

(e)      CALCULATION AGENT: The Calculation Agent is Party A, unless otherwise
         specified in a Confirmation in relation to the relevant Transaction.



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

         (i)      In relation to CSFBi as Party A:  Nil

         (ii)     In relation to Party B: Security Trust Deed.

         (iii)    In relation to DLJ as (on and from the Novation Date) Party A:
                  Guarantee

(g)      CREDIT SUPPORT PROVIDER:

         (i)      In relation to CSFBi as Party A:  DLJ

         (ii)     In relation to Party B:  Nil

         (iii)    In relation to DLJ as (on and from the Novation Date) Party
                  A: Credit Suisse First Boston (USA), Inc.

(h)      GOVERNING LAW: This Agreement and each Confirmation will be governed
         by, and construed and enforced in accordance with, the law of the State
         of New York (without reference to its choice of law doctrine) and each
         party herby submits to the jurisdiction of the courts of the State of
         New York.

(i)      NETTING OF PAYMENTS: Sub-paragraph (ii) of Section 2(c) of this
         Agreement will apply.

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

(k)      All payments to be made to Party B under this Agreement by Party A or
         DLJ must be made to the US$ Account. Any payment so made will, to the
         extent of that payment, satisfy the relevant party's obligation to
         Party B in respect of that payment.





                                       6
<PAGE>

                                     PART 5

                                OTHER PROVISIONS



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

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

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

(c)      Insert new Sections 2(a)(iv) and 2(a)(v) as follows;

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

         (v)      Where:

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

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

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

                  (3)     the Party B Payment; or

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



(d)      add the following new sentence to Section 2(b):

         "Each new account so designed must be in the same tax jurisdiction as
         the original account."

(e)      Delete the word "if" at the beginning of Section 2(d)(i)(4) and insert
         the following words instead:

         "if and only if X is Party A and";

(f)      In Section 2(d)(ii) insert the words "(if and only if Y is Party A)"
         after the word then at the beginning of the last paragraph. Party B
         will have no obligation to pay any amount to Party A under Section
         2(d)(ii), and may make any payment under or in connection with this
         Agreement net of any deduction or withholding referred to in Section
         2(d)(i).

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

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

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



                                       7
<PAGE>

         (i)      TRUST VALIDLY CREATED. The Trust has been validly created and
                  is in existence at the date of this Agreement.

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

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

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

         (v)      GOOD TITLE. Party B is the equitable owner of the assets of
                  the Trust and has power under the Trust Deed to mortgage or
                  charge them in the manner provided in the Security Trust Deed
                  and, subject only to the Trust Deed, the Security Trust Deed
                  and any Security Interest permitted under the Trust Deed, as
                  far as Party B is aware, those assets are free from all other
                  Security Interests.

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

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

(j)      CONFIRMATIONS. For the purposes of Section 9(e)(ii) Party B (either
         itself or through the Manager) will, on or promptly after the relevant
         Trade Date, send Party A and DLJ a Confirmation confirming that
         Transaction and Party A and DLJ must promptly then confirm the accuracy
         of and sign and return or request the correction of such Confirmation.
         Notwithstanding the provisions of Section 9(e)(ii), each Confirmation
         in respect of a Transaction which is confirmed by electronic messaging
         system, an exchange of telexes or an exchange of facsimiles will be
         further evidenced by an original Confirmation signed by the parties,
         however any failure to sign an original Confirmation will not affect
         the validity or enforcement of any Swap Transaction.

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

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

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

         (ii)     delivery by Party B of Australian dollar amounts required to
                  be paid by it under any relevant Confirmation to the bank
                  account specified in that confirmation will constitute proper
                  payment of those amounts by Party B and Party A's obligations
                  under this Agreement will be unaffected by any such exchange
                  controls.

(l)      Section 6 is amended by replacing "20 days" in line 3 with "10 Local
         Business Days", and deleting the words "all outstanding Transactions"
         where they appear and inserting instead of words "the Relevant Swap
         Transaction".

(m)      Add a new Section 6(aa):

         "(aa)    RESTRICTED TERMINATION RIGHTS

                  (i)      TERMINATION BY PARTY B: Party B must not designate an
                           Early Termination Date without the prior written
                           consent of the Note Trustee.

                  (ii)     CONSULTATION: Each party may only designate an Early
                           Termination Date following prior consultation with
                           the other party as to the timing of the Early
                           Termination Date. Subject to its duties under the
                           Trust Deed and the Supplementary Terms Notice, Party
                           B may exercise any rights in its capacity as holder
                           of the Purchased Receivables only on the instructions
                           of the Note Trustee and only after consultation
                           between Party A and the Note Trustee.



                                       8
<PAGE>

(iii)    PARTY A'S LIMITED RIGHTS IN RELATION TO TAX EVENT:

         (a)      Notwithstanding Part 1(c)(iii) of this Schedule, Party A may
                  designate an Early Termination Date if it is an Affected Party
                  following a Tax Event but only if all Notes will be redeemed
                  at their Invested Amount (or, if the Noteholders by
                  Extraordinary Resolution have so agreed, at their Stated
                  Amount) together with accrued interest to (but excluding) the
                  date of redemption.

         (b)      If a Tax Event occurs where Party A is the Affected Party and
                  Party A is unable to transfer all its rights and obligations
                  under this Agreement and each Transaction to an Affiliate
                  pursuant to Section 6(b)(ii), Party A may, at its cost,
                  transfer all its rights, powers and privileges and all its
                  unperformed and future obligations under this Agreement and
                  each Transaction to any person provided that:

                  (A)      each Designated Rating Agency has confirmed in
                           writing that the transfer will not result in a
                           reduction, qualification or withdrawal of the credit
                           ratings then assigned by them to the relevant Notes;
                           and

                  (B)      that person has a long term credit rating assigned by
                           each of the Designated Rating Agencies of at least
                           the long term credit rating assigned by that
                           Designated Rating Agency to CSFBi as at the date of
                           this Agreement and the Standby Swap Provider provides
                           its written consent to the transfer.

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

(n)      In Section 6(b)(ii), add the words "so long as the transfer in respect
         of that Transaction would not lead to a rating downgrade of any rated
         debt of Party B that is secured under the Security Trust Deed" after
         the words "ceases to exist" at the end of the first paragraph.

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

(p)      Section 12 is amended as follows:

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

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

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

(q)      Section 14 of the Agreement is modified as follows :

         (i)      New definitions are inserted as follows:

                  "FUTURE OBLIGATIONS" means all payment or delivery obligations
                  (whether the underlying obligation was absolute or contingent
                  and assuming the satisfaction of each applicable condition
                  precedent) of a party under Section 2(a)(i) in respect of a
                  Terminated Transaction or group of Terminated Transactions,
                  that would, but for the occurrence of the relevant Early
                  Termination Date, have been required after that date. (For
                  this purpose, Unpaid Amounts in respect of the Terminated
                  Transaction or group


                                       9
<PAGE>

                  of Terminated Transactions are to be excluded but, without
                  limitation, any payment or delivery that would, but for the
                  relevant Early Termination Date, have been required (assuming
                  satisfaction of each applicable condition precedent) after
                  that Early Termination Date is to be included).

                  "NOVATION DATE" means the date upon which the obligations of
                  CSFBi as Party A under this Agreement and each Transaction are
                  novated to DLJ as Standby Swap Provider pursuant to Section
                  19.

                  "RELEVANT SWAP TRANSACTION" means, in relation to Class A
                  Notes, each Transaction which is a Currency Swap for Class A
                  only.

                  "SECURITY TRUST DEED" means the Security Trust Deed dated on
                  or about the date of this Agreement between Party B as issuing
                  trustee, Crusade Management Limited as Manager, Perpetual
                  Trustee Company Limited as security trustee and Wilmington
                  Trust Company as note trustee.

                   "TRUST DEED" means the Master Trust Deed dated 14 March 1998
                  as amended by the Crusade Global Trust No. 2 of 2001
                  Supplementary Terms Notice dated on or about the date of this
                  Agreement between (amongst others) Party B, St George Bank
                  Limited and the Manager ("SUPPLEMENTARY TERMS NOTICE") and
                  each of the following expressions has the meanings given to
                  them in the Trust Deed and the Supplementary Terms Notice.


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

         (ii)     The definition of "Market Quotation" is replaced with:

                  "MARKET QUOTATION" means with respect to one or more
                  Terminated Transactions and a party making the determination,
                  an amount determined on the basis of quotations from Reference
                  Market-makers. Each quotation will take into account any
                  existing Credit Support Documents with respect to the
                  obligations of such party.

                  Each quotation will, at the option of the party making the
                  determination, be determined as either:

                  (1)     the amount, if any, that would be paid to such party
                          (expressed as a negative number) or any such party
                          (expressed as a positive number) in consideration of
                          an agreement between such party and the quoting
                          Reference Market-maker to enter into a transaction
                          (the "Replacement Transaction") that would have the
                          effect of preserving for such party the economic
                          equivalent of the Future Obligations of both parties;
                          or



                                       10
<PAGE>

                  (2)     the present value (calculated using commercially
                          reasonable discount rates) of the difference or the
                          differences on each Scheduled Payment Date that would
                          have occurred after the Early Termination Date between
                          (a) the Future Obligations of the other party to the
                          Terminated Transaction or Termination Transactions and
                          (b) the obligations that a quoting Reference
                          Market-maker would have under a transaction
                          ("Replacement Transaction") that would preserve for
                          the party making the determination that party's Future
                          Obligations, with such present value being positive if
                          (a) is greater than (b) and negative if (a) is less
                          than (b).

                  The Replacement Transaction would be subject to such
                  documentation as such party and the Reference Market-maker
                  may, in good faith, agree. The party making the determination
                  (or its agent) will request each Reference Market-maker to
                  provide it's quotation to the extent reasonably practicable as
                  of the same day and time (without regard to different time
                  zones) on or as soon as reasonably practicable after the
                  relevant Early Termination Date. The day and time as of which
                  the quotation or quotations are to be obtained will be
                  selected in god faith by the party obliged to make a
                  determination under Section 6(e), and, if each party is so
                  obliged, after consultation with the other.

                  If more than three quotations are provided, the Market
                  Quotation will be the arithmetic mean of the quotations,
                  without regard to the quotations having the highest and lowest
                  values. If exactly three such quotations are provided, the
                  Market Quotation will be the quotation remaining after
                  disregarding the highest and lowest quotations. For this
                  purpose, if more than one quotation has the same highest value
                  or lowest value, then one of such quotations shall be
                  disregarded. If fewer than three quotations are provided, it
                  will be deemed that the Market Quotation in respect of such
                  Terminated Transaction or group of Terminated Transactions
                  cannot be determined."

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

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

         (b)       Party A and DLJ are "Support Facility Providers",

(s)      ISDA DEFINITIONS: This Agreement, each Confirmation and each
         Transaction are subject to the 2000 ISDA Definitions (published by the
         International Swap & Derivatives Association, Inc.) (the "ISDA
         DEFINITIONS"), and will be governed in all respects by any provisions
         set forth in the ISDA Definitions, without regard to any amendments to
         the ISDA Definitions made after the date of this Agreement. The ISDA
         Definitions are incorporated by reference in, and shall be deemed to be
         part of, this Agreement and each Confirmation.

(t)      INCONSISTENCY: In the event of any inconsistency between any two or
         more of the following documents, they shall take precedence over each
         other in the following descending order:

         (i)      any Confirmation;
         (ii)     the Schedule to the Master Agreement;
         (iii)    the other provisions of the Master Agreement;
         (iv)     the ISDA Definitions.

(u)      Any reference to a:

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

         (ii)     "TRANSACTION" in this Agreement or any Confirmation is deemed
                  to be a reference to a "Swap Transaction" for the purposes of
                  interpreting the 2000 ISDA Definitions.

(v)      New Sections 15, 16, 17 and 18 are added as follows:





                                       11
<PAGE>

         "15.     TRUSTEE PROVISIONS



                  (a)      Each party acknowledges and agrees that Party B
                           enters into this Agreement in its capacity as trustee
                           of the Trust and in no other capacity. Clause 16 of
                           the Security Trust Deed applies to govern Party A's
                           priority to monies received from the sale of trust
                           Assets or other enforcement of the Charge under the
                           Security Trust Deed (as defined in the Security Trust
                           Deed). Clauses 1.2(p) and 30.13 of the Trust Deed
                           apply to this Agreement as if set out in full, with
                           references to Deed being construed as references to
                           Agreement.

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

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

                           (ii)    obtaining declaratory relief; or

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

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

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

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

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

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

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

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

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

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



         16.      SEGREGATION:

                  The liability of Party B under this Agreement is several and
                  is separate in respect of each Relevant Swap Transaction. The
                  failure of Party B to perform its obligations in respect of
                  any Relevant Swap Transaction does not release Party B from
                  its obligations under this Agreement or under any other
                  Relevant Swap Transaction in respect of any other Notes issued
                  by Party B. Nothing in this Agreement affects the respective
                  priority rankings of claims against the Mortgaged Property
                  under the Security Trust Deed. Without limiting the generality
                  of the foregoing, the provisions of this Agreement have effect
                  separately and severally in respect of each Relevant Swap
                  Transaction and are enforceable by or against Party B as
                  though a separate agreement applied between Party A, Party B,
                  the Manager and the Standby Swap Provider for each Relevant
                  Swap Transaction, so that (among other things):

                  (i)      this Agreement together with each Confirmation
                           relating to a Relevant Swap Transaction will form a
                           single separate agreement between Party A, Party B,
                           the Manager and the Standby Swap Provider and
                           references to the respective obligations (including
                           references to payment obligations generally and in
                           the context of provisions for the netting of payments
                           and the calculation of amounts due on early
                           termination) of Party A, Party B, the Manager and the
                           Standby Swap Provider shall be construed accordingly
                           as a several reference to each mutual set of
                           obligations arising under each such



                                       12
<PAGE>

                           separate agreement between Party A, Party B, the
                           Manager and the Standby Swap Provider;

                  (ii)     representations made and agreements entered into by
                           the parties under this Agreement are made and entered
                           separately and severally in respect of each Relevant
                           Swap Transaction and may be enforced separately and
                           severally in respect of each Relevant Swap
                           Transaction;

                  (iii)    rights of termination, and obligations and
                           entitlements consequent upon termination, only accrue
                           to Party A against Party B separately and severally
                           in respect of each Relevant Swap Transaction, and
                           only accrue to Party B against Party A separately and
                           severally in respect of each Relevant Swap
                           Transaction; and

                  (iv)     the occurrence of an Event of Default or Termination
                           Event in respect of a Relevant Swap Transaction does
                           not in itself constitute an Event of Default or
                           Termination Event in respect of any other Relevant
                           Swap Transaction.

         17.      REPLACEMENT CURRENCY SWAP

                  (a)      If this Agreement or any Transaction under this
                           Agreement is terminated, Party B must, at the
                           direction of the Manager, enter into one or more
                           currency swaps which replace the Transactions under
                           this Agreement (collectively a "REPLACEMENT CURRENCY
                           SWAP") but only on the following conditions:

                           (i)     the Settlement Amount payable (if any) by
                                   Party B to Party A upon termination of this
                                   Agreement or any Transaction will be paid in
                                   full when due in accordance with the
                                   Supplementary Terms Notice and this
                                   Agreement;

                           (ii)    the Designated Ratings Agencies confirm that
                                   the Replacement Currency Swap will not cause
                                   a reduction or withdrawal of the ratings of
                                   the Notes; and

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

                  (b)      If Party B enters into the Replacement Currency Swap
                           pursuant to paragraph (a) it must direct the
                           Replacement Currency Swap provider to pay any upfront
                           premium to enter into the Replacement Currency Swap
                           due to Party B directly to Party A in satisfaction of
                           and to the extent of Party B's obligation to pay the
                           Settlement Amount to Party A as referred to in
                           Section 17(a) and to the extent that such premium is
                           not greater than or equal to the Settlement Amount,
                           the balance must be satisfied by Party B as a Trust
                           Expense.

                  (c)      If Party B enters into a Replacement Currency Swap
                           pursuant to paragraph (a), Party B must direct Party
                           A to pay any Settlement Amount payable by Party A to
                           Party B on termination of this Agreement or any
                           Transaction directly to the Replacement Currency Swap
                           provider as payment and to the extent of any premium
                           payable by Party B to enter into the Replacement
                           Currency Swap, in satisfaction of and to the extent
                           of Party A's obligation to pay that part of the
                           Settlement Amount to Party B.

         18.      NOVATION

                  DLJ may at any time novate its rights, powers and privileges
                  and all its unperformed and future obligations as Standby Swap
                  Provider under this Agreement and each Transaction to any
                  Affiliate of Credit Suisse First Boston (the "New
                  Counterparty") provided that:

                  (a)      the New Counterparty is obligated to file periodic
                           reports with the Securities and Exchange Commission
                           pursuant to the Securities Exchange Act of 1934 or
                           has the benefit of a guarantee from CSFB (USA), Inc.;


                                       13
<PAGE>

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

                  (c)      the Designated Ratings Agencies confirm that the
                           novation to the New Counterparty will not cause a
                           reduction or withdrawal of the ratings of the Notes.

                  Party B and the Manager will execute all such documents as are
                  reasonably necessary to give effect to that novation. After
                  such novation:

                  (i)      DLJ's rights (except those which have accrued prior
                           to any such novation), powers, privileges and
                           obligations under this Agreement and each Transaction
                           terminate;

                  (ii)     DLJ will be taken to have transferred its rights,
                           powers and privileges under this Agreement and each
                           Transaction to the New Counterparty and the New
                           Counterparty will be taken to have assumed
                           obligations equivalent to those DLJ had under this
                           Agreement and each Transaction;

                  (iii)    Party B will be taken to have released DLJ from all
                           its unperformed and future obligations under this
                           Agreement and each Transaction; and

                  (iv)     This Agreement and the Confirmation relating to each
                           transaction shall be construed as if the New
                           Counterparty was a party to it in place of DLJ".

(w)      TELEPHONE RECORDING:  Each party:

         (i)      consents to the recording of the telephone conversations of
                  trading and marketing personnel of that party and its
                  Affiliates in connection with this Agreement or any potential
                  Transaction; and

         (ii)     agrees to obtain any necessary consent of and give notice of
                  such recording to such personnel of it and its Affiliates.

(x)      RELATIONSHIP BETWEEN PARTIES: Each party will be deemed to represent to
         the other party on the date on which it enters into a Transaction that
         (absent a written agreement between the parties that expressly imposes
         affirmative obligations to the contrary for the Transaction):-

         (a)      NON-RELIANCE. It is acting for its own account (or, in the
                  case of Party B, as trustee of the Trust), and it has made its
                  own independent decisions to enter into that Transaction and
                  as to whether that Transaction is appropriate or proper for it
                  based upon its own judgement and upon advise from such
                  advisers as it has deemed necessary. It is not relying on any
                  communication (written or oral) of the other party as
                  investment advice or as a recommendation to enter into that
                  Transaction; it being understood that information and
                  explanations related to the terms and conditions of a
                  Transaction shall not be considered investment advice or a
                  recommendation to enter into that Transaction. No
                  communication (written or oral) received from the other party
                  shall be deemed to be an assurance or guarantee as to the
                  expected results of that Transaction.

         (b)      ASSESSMENT AND UNDERSTANDING. It is capable of assessing the
                  merits of and understanding (on its own behalf or through
                  independent professional advice), and understands and accepts,
                  the terms, conditions and risks of that Transaction. It is
                  also capable of assuming, and assumes, the risks of that
                  Transaction.

(y)      APPOINTMENT OF MANAGER: Party A acknowledges that under the Trust Deed
         Party B has appointed the Manager as manager of the Trust with the
         powers set out in and upon and subject to the terms of, the Trust Deed.
         Accordingly, subject to the terms of the Trust Deed, the Manager:

         (i)      may arrange, enter into, and monitor Transactions, execute
                  Confirmations and exercise all other rights and powers of
                  Party B under this Agreement; and

         (ii)     without limiting the generality of the foregoing, the Manager
                  shall, issue and receive, on behalf of Party B all notices,
                  Confirmations, certificates and other communications to or by
                  Party A under this Agreement.

(z)      New Sections 19 and 20 are added as follows:



                                       14
<PAGE>

         "19.     RATINGS DOWNGRADE

         (i)      If, as a result of the withdrawal or downgrade of its credit
                  rating by a Designated Rating Agency, Party A has:-

                  (A)      a long term credit rating of less than AA- by S&P and
                           a short term credit rating of less than A-1+ by S&P;
                           or

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

                  (C)      a long term rating of less than AA- by Fitch and a
                           short term credit rating of at least F1+ by Fitch,

                  (and, in the case of Moody's or Fitch, such a withdrawal or
                  downgrade would, except for this Section adversely affect the
                  rating of the Notes), Party A shall within:

                  (D)      30 Business Days of a downgrade of its long term
                           credit rating by S&P to not lower than A- together
                           with a downgrade of its short term credit rating by
                           S&P to not lower than A-1, or the downgrade of its
                           long term credit rating by Moody's to not lower than
                           A3, or a downgrade of its long term credit rating by
                           Fitch to not lower than A- together with a downgrade
                           of its short term credit rating by Fitch to not lower
                           than F1; or

                  (E)      5 Business Days of any other such withdrawal or
                           downgrade and for the avoidance of doubt, if Party
                           A's long term credit rating by S&P is not lower than
                           A- and Party A's short term credit rating by S&P is
                           not lower than A-1, and Party A's long term credit
                           rating by Moody's is not lower than A3, and Party A's
                           long term credit rating by Fitch is not lower than A-
                           and Party A's short term credit rating by Fitch is
                           not lower than F1, then paragraph (D) above shall
                           apply and not this paragraph (E),


                  (or, in either case, such greater period as is agreed to in
                  writing by the relevant Designated Rating Agency) at its cost
                  alone and at its election:

                  (F)      (in the case of paragraph (i)(D) only) lodge cash
                           collateral in US$ in the Swap Collateral Account (as
                           defined in paragraph (v)(C) below) in an amount
                           equivalent to the Cash Collateral Amount as defined
                           in Section (19)(v)(A) below. Any interest earned on
                           it is payable to Party A. Party A will pay any costs
                           associated with lodgment of the collateral; or

                  (G)      at the cost of Party A or in return for any monies
                           payable to Party A in accordance with Clause 5.21 of
                           the Supplementary Terms Notice (as the case may be),
                           enter into an agreement novating this Agreement to a
                           replacement counterparty proposed by any of Party A,
                           Party B, DLJ or the Manager (if any) and approved by
                           DLJ and in respect of which each Designated Rating
                           Agency has confirmed will result in there not being a
                           withdrawal or downgrade of any credit rating,
                           assigned by it, to the Notes; or

                  (H)      enter into such other arrangements which each
                           Designated Rating Agency has confirmed will result in
                           there not being a withdrawal or downgrade of any
                           credit rating assigned by it to the Notes.

         (ii)     Where Party A procures a replacement counterparty in
                  accordance with Section 19(i)(G) above, each party to this
                  Agreement shall do all things reasonably necessary to novate
                  the relevant rights and obligations to the replacement
                  counterparty.



                                       15
<PAGE>

                  (iii)   Where Party B has not established a Swap Collateral
                          Account and Party A is required to deposit monies into
                          a Swap Collateral Account, the Manager must direct
                          Party B to establish, as soon as is practicable, and
                          maintain, in the name of Party B a Swap Collateral
                          Account.

                  (iv)    Party B may only make withdrawals from the Swap
                          Collateral Account if directed to do so by the Manager
                          and then only for the purpose of:

                          (A)      novating obligations under this Agreement in
                                   accordance with Section 19(i)(G) above or
                                   entering into any other arrangement in
                                   accordance with Section 19(i)(H) above;

                          (B)      refunding to Party A the amount of any
                                   reduction in the Swap Collateral Amount, from
                                   time to time and providing the Designated
                                   Rating Agencies have confirmed, in writing,
                                   that such refund will not result in a
                                   withdrawal or downgrade of any credit rating
                                   assigned by it to the Notes;

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

                          (D)      paying financial institutions duty, bank
                                   accounts debit tax or other equivalent Taxes
                                   payable in respect of the Swap Collateral
                                   Account; or

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

                  (v)      For the purpose of this Part 5(z):

                          (A)      the CASH COLLATERAL AMOUNT shall be an amount
                                   equal to the greater of the following:

                                   (1)      zero;

                                   (2)      CCR; and

                                   (3)      an amount acceptable to Moody's and
                                            Fitch and sufficient to maintain the
                                            credit rating assigned to the Notes
                                            by Moody's and Fitch immediately
                                            prior to the review of Party A's
                                            credit rating; and

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

                          (C)      SWAP COLLATERAL ACCOUNT means an account
                                   established by Party B with an Approved Bank
                                   outside Australia.


                  (vi)     For the purpose of Section 19(v)(A), the formula for
                           calculating CCR is as follows.

                           CCR = CR x 1.030

                           where

                           CR means MTM + VB

                           MTM means the mark-to-market value of the
                           Transactions outstanding under the Agreement. Party A
                           will have to mark the Transactions to market and post
                           collateral on a weekly basis, with a cure period of 3
                           days. The mark-to-market value should reflect the
                           higher of 2 bids from counterparties that will be
                           eligible and willing to assume Party A's role in the
                           Transactions in place of Party A. The mark-to-market
                           value may be a positive or negative amount. A bid has
                           a negative value if the payment would be from the


                                       16
<PAGE>

                           counterparty to Party A and has a positive value if
                           the payment would be from Party A to the counterparty
                           (for the purposes of determining a higher bid, any
                           bid of positive value is higher than any bid of a
                           negative value).

                           VB means the value calculated by multiplying the
                           Invested Amount at the time of the calculation by the
                           relevant percentage calculated from the following
                           table (for the purposes of interpreting the table,
                           "Counterparty rating" is the credit rating assigned
                           to Party A by S&P and "Maturities" is the period from
                           and including the date of calculation to but
                           excluding the scheduled maturity of the last expiring
                           Transaction outstanding under this Agreement):

<TABLE>
<CAPTION>
                              VOLATILITY BUFFER (%)
<S>                    <C>                <C>                  <C>
COUNTERPARTY RATING    MATURITIES UP TO   MATURITIES UP TO     MATURITIES MORE THAN
                       5 YEARS            10 YEARS             10 YEARS
A+                     1.05               1.75                 3.0
A                      1.35               2.45                 4.5
A-1*                   1.5                3.15                 6.0
</TABLE>


                  * The A-1 rating will be taken to be the counterparty's short
term rating.



         20.      STANDBY CURRENCY SWAP PROVIDER

                  (a)      If CSFBi as Party A fails to make, when due, any
                           payment required to be made by it to Party B under a
                           Transaction (after giving effect to any applicable
                           grace period) then, as soon as Party B becomes
                           actually aware of that failure, Party B must notify
                           CSFBi as Party A and DLJ in writing of such failure,
                           the amount of the defaulted payment and the basis of
                           calculation of the defaulted payment.

                  (b)      If DLJ receives a notice from the Principal Paying
                           Agent under clause 3.7 of the Agency Agreement or
                           from Party B under Section 20(a) on or before 11.00
                           am (New York time) on the relevant Payment Date, it
                           must pay to Party B the amount then owing by CSFBi as
                           Party A to Party B under that Transaction no later
                           than 1.30pm (New York time) on the relevant Payment
                           Date. If DLJ receives such notice after 11.00 am (New
                           York time) on the relevant Payment Date, DLJ must
                           make the payment not later than 1.30 pm (New York
                           time) on the next Business Day.

                  (c)      DLJ shall make such payment in full, without any set
                           off, counterclaim or exercise of any similar right or
                           defence, other than any netting permitted under this
                           Agreement.

                  (d)      DLJ's obligations under this Section 20 with respect
                           to a Transaction commence on the Effective Date
                           (specified in the Confirmation) and terminate on the
                           earlier of the Final Maturity Date and the date on
                           which the Transaction is otherwise terminated in
                           accordance with its terms.

                  (e)      Where CSFBi as Party A is required to comply with
                           Section 19 and fails to do so within the relevant
                           time, Party B must, as soon as practicable and, in
                           any event no later than the Business Day following
                           such failure, notify CSFBi as Party A and DLJ in
                           writing of such failure.

                  (f)      If:

                          (i)      CSFBi as Party A defaults in its payment
                                   obligations and DLJ has complied with its
                                   obligations under Section 20(b); or

                          (ii)     CSFBi as Party A defaults in complying with
                                   its obligations under Section 19 and DLJ has
                                   received notice of such failure pursuant to
                                   Section 20(e),

                          then:



                                       17
<PAGE>

                  (A)      CSFBi's rights, powers, privileges and obligations as
                           Party A under this Agreement and each Transaction
                           terminate other than its rights, powers, privileges
                           and obligations pursuant to Section 20(g);

                  (B)      subject to Section 20(f)(C), CSFBi will be taken to
                           have transferred its rights powers and privileges as
                           Party A under this Agreement and each Transaction to
                           DLJ and DLJ will be taken to have assumed obligations
                           equivalent to those that CSFBi as Party A had under
                           this Agreement and each Transaction;

                  (C)      Party B and DLJ will be taken to have released CSFBi
                           as Party A from all its unperformed and future
                           obligations under this Agreement and each Transaction
                           other than its present and future obligations
                           pursuant to Section 20; and

                  (D)      this Agreement and the Confirmation relating to each
                           Transaction shall be construed as if DLJ was a party
                           to it in place of Party A except that:

                           (i)     references to "CSFBi as Party A" will not
                                   apply to DLJ as Party A;

                           (ii)    without limiting Section 20(f)(D)(i), this
                                   Section 20 will not apply to DLJ as Party A.

                (g)       Following a novation under this Section 20, CSFBi as
                          Party A must pay DLJ or DLJ must pay CSFBi as Party A
                          an amount (the "Novation Settlement Amount") being:

                           (i)     in the case of payment by CSFBi as Party A to
                                   DLJ, an amount equal to the amount (if any)
                                   that would be payable by Party A to Party B;
                                   and

                           (ii)    in the case of payment by DLJ to CSFBi as
                                   Party A, an amount equal to the amount (if
                                   any) that would be payable by Party B to
                                   Party A,

                          as if each Transaction had been terminated, calculated
                          and payable in accordance with Sections 6(d) and (e)
                          on the basis that:

                           (i)     the Novation Date is the Early Termination
                                   Date and the Novation Settlement Amount is
                                   due and payable on the day that notice of the
                                   amount payable is effective;

                           (ii)    the Early Termination Date has resulted from
                                   an Event of Default in respect of which Party
                                   A is the Defaulting Party; and

                           (iii)   the Termination Currency is U.S. Dollars.




                  (h)     In consideration of DLJ agreeing, at the request of
                          CSFBi as Party A, to act as Standby Swap Provider,
                          CSFBi agrees to indemnify DLJ on demand against any
                          loss, charge, liability or expense that DLJ may
                          sustain or incur as a direct or indirect consequence
                          of CSFBi as Party A failing to comply with its
                          obligations under this Agreement or any Transaction or
                          the Manager requiring DLJ to make a payment under this
                          Agreement or any Transaction".





                                       18
<PAGE>




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


CREDIT SUISSE FIRST BOSTON INTERNATIONAL



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


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



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


PERPETUAL TRUSTEES CONSOLIDATED LIMITED
AS TRUSTEE OF CRUSADE GLOBAL TRUST NO. 2 OF 2001


<TABLE>
<CAPTION>
<S>                                                <C>
By:                                                By:
         -----------------------------------                 ------------------------------------



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



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



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



CRUSADE MANAGEMENT LIMITED


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


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


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


Date:                                              Date:
         -----------------------------------                 ------------------------------------
</TABLE>


DLJ INTERNATIONAL CAPITAL


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


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


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


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





                                       19