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                                                                    Exhibit 10.5


(Multicurrency--Cross Border)

                               ISDA(Registered)

                  International Swap Dealers Association, Inc.

                                MASTER AGREEMENT

                            dated as of February 2001



  Credit Suisse First Boston International
             ("Party A")                          Crusade Management Limited
and Perpetual Trustees Consolidated Limited   (ABN 90 072 715 916) ("Manager")
          (ABN 81 004 029 841)                      and DLJ International
  as trustee of Crusade Global Trust                    Capital ("DLJ")
       No. 1 of 2001 (Party B")
------------------------------------------ and ---------------------------------

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

Accordingly, the parties agree as follows: --

1.    Interpretation

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

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

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

2. Obligations

(a) General Conditions.

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

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

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


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

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

      (i) in the same currency; and

      (ii) in respect of the same Transaction,

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

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

(d) Deduction or Withholding for Tax.

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

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

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

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

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

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

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

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      (ii) Liability. If: --

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

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

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

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

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

3. Representations

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

(a) Basic Representations.

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

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

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

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

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


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

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

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

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

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

4. Agreements

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

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

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

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

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

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

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

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

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

(e) Payment of Stamp Tax. Subject to Section 11, it will pay any Stamp Tax
levied or imposed upon it or in respect of its execution or performance of this
Agreement by a jurisdiction in which it is incorporated,


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

5. Events of Default and Termination Events

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

      (i) Failure to Pay or Deliver. Failure by the party to make, when due, any
      payment under this Agreement or delivery under Section 2(a)(i) or 2(e)
      required to be made by it if such failure is not remedied on or before the
      third Local Business Day after notice of such failure is given to the
      party;

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

      (iii) Credit Support Default.

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

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

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

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

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

      (vi) Cross Default. If "Cross Default" is specified in the Schedule as
      applying to the party, the occurrence or existence of (1) a default, event
      of default or other similar condition or event (however


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

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

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

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

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

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

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


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Upon Merger if the event is specified pursuant to (iv) below or an Additional
Termination Event if the event is specified pursuant to (v) below: --

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

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

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

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

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

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

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

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


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6. Early Termination

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

(b) Right to Terminate Following Termination Event.

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

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

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

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

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

      (iv) Right to Terminate. If: --

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

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

      either party in the case of an Illegality, the Burdened Party in the case
      of a Tax Event Upon Merger, any Affected Party in the case of a Tax Event
      or an Additional Termination Event if there is more than one Affected
      Party, or the party which is not the Affected Party in the case of a
      Credit Event Upon Merger or an Additional Termination Event if there is
      only one Affected Party may, by not more than 20 days notice to the other
      party and provided that the relevant Termination Event is then


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      continuing, designate a day not earlier than the day such notice is
      effective as an Early Termination Date in respect of all Affected
      Transactions.

(c) Effect of Designation.

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

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

(d) Calculations.

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

      (ii) Payment Date. An amount calculated as being due in respect of any
      Early Termination Date under Section 6(e) will be payable on the day that
      notice of the amount payable is effective (in the case of an Early
      Termination Date which is designated or occurs as a result of an Event of
      Default) and on the day which is two Local Business Days after the day on
      which notice of the amount payable is effective (in the case of an Early
      Termination Date which is designated as a result of a Termination Event).
      Such amount will be paid together with (to the extent permitted under
      applicable law) interest thereon (before as well as after judgment) in
      the Termination Currency, from (and including) the relevant Early
      Termination Date to (but excluding) the date such amount is paid, at the
      Applicable Rate. Such interest will be calculated on the basis of daily
      compounding and the actual number of days elapsed.

(e) Payments on Early Termination. If an Early Termination Date occurs, the
following provisions shall apply based on the parties' election in the Schedule
of a payment measure, either "Market Quotation" or "Loss", and a payment method,
either the "First Method" or the "Second Method". If the parties fail to
designate a payment measure or payment method in the Schedule, it will be deemed
that "Market Quotation" or the "Second Method", as the case may be, shall apply.
The amount, if any, payable in respect of an Early Termination Date and
determined pursuant to this Section will be subject to any Set-off.

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

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

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

            (3) Second Method and Market Quotation. If the Second Method and
            Market Quotation apply, an amount will be payable equal to (A) the
            sum of the Settlement Amount (determined by the


                                       9
<PAGE>

            Non-defaulting Party) in respect of the Terminated Transactions and
            the Termination Currency Equivalent of the Unpaid Amounts owing to
            the Non-defaulting Party less (B) the Termination Currency
            Equivalent of the Unpaid Amounts owing to the Defaulting Party. If
            that amount is a positive number, the Defaulting Party will pay it
            to the Non-defaulting Party; if it is a negative number, the
            Non-defaulting Party will pay the absolute value of that amount to
            the Defaulting Party.

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

            Termination Events. If the Early Termination Date results from a
      Termination Event: --

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

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

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

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

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

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

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


                                       10
<PAGE>

7. Transfer

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

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

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

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

8. Contractual Currency

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

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

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

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


                                       11
<PAGE>

9. Miscellaneous

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

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

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

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

(e) Counterparts and Confirmations.

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

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

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

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

10. Offices; Multibranch Parties

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

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

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

11. Expenses

A Defaulting Party will, on demand, indemnify and hold harmless the other party
for and against all reasonable out-of-pocket expenses, including legal fees and
Stamp Tax, incurred by such other party by reason of the enforcement and
protection of its rights under this Agreement or any Credit Support Document


                                       12
<PAGE>

to which the Defaulting Party is a party or by reason of the early termination
of any Transaction, including, but not limited to, costs of collection.

12. Notices

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

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

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

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

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

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

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

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

13. Governing Law and Jurisdiction

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

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

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

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

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

(c) Service of Process. Each party irrevocably appoints the Process Agent (if
any) specified opposite its name in the Schedule to receive, for it and on its
behalf, service of process in any Proceedings. If for any


                                       13
<PAGE>

reason any party's Process Agent is unable to act as such, such party will
promptly notify the other party and within 30 days appoint a substitute process
agent acceptable to the other party. The parties irrevocably consent to service
of process given in the manner provided for notices in Section 12. Nothing in
this Agreement will affect the right of either party to serve process in any
other manner permitted by law.

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

14. Definitions

As used in this Agreement: --

"Additional Termination Event" has the meaning specified in Section 5(b).

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

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

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

"Applicable Rate" means: --

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

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

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

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

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

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

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

"Credit Event Upon Merger" has the meaning specified in Section 5(b).

"Credit Support Document" means any agreement or instrument that is specified as
such in this Agreement.

"Credit Support Provider" has the meaning specified in the Schedule.

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


                                       14
<PAGE>

"Defaulting Party" has the meaning specified in Section 6(a).

"Early Termination Date" means the date determined in accordance with Section
6(a) or 6(b)(iv).

"Event of Default" has the meaning specified in Section 5(a) and, if applicable,
in the Schedule.

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

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

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

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

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

"Market Quotation" means, with respect to one or more Terminated Transactions
and a party making the determination, an amount determined on the basis of
quotations from Reference Market-makers. Each quotation will be for an amount,
if any, that would be paid to such party (expressed as a negative number) or by
such party (expressed as a positive number) in consideration of an agreement
between such party (taking into account any existing Credit Support Document
with respect to the obligations of such party) and the quoting Reference
Market-maker to enter into a transaction (the "Replacement Transaction") that
would have the effect of preserving for such party the economic equivalent of
any payment or delivery (whether the underlying obligation was absolute or
contingent and assuming the satisfaction of each applicable condition precedent)
by the parties under Section 2(a)(i) in respect of such Terminated Transaction
or group of Terminated Transactions that would, but for the occurrence of the
relevant Early Termination Date, have


                                       15
<PAGE>

been required after that date. For this purpose, Unpaid Amounts in respect of
the Terminated Transaction or group or Terminated Transactions are to be
excluded but, without limitation, any payment or delivery that would, but for
the relevant Early Termination Date, have been required (assuming satisfaction
of each applicable condition precedent) after that Early Termination Date is to
be included. The Replacement Transaction would be subject to such documentation
as such party and the Reference Market-maker may, in good faith, agree. The
party making the determination (or its agent) will request each Reference
Market-maker to provide its quotation to the extent reasonably practicable as of
the same day and time (without regard to different time zones) on or as soon as
reasonably practicable after the relevant Early Termination Date. The day and
time as of which those quotations are to be obtained will be selected in good
faith by the party 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.

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

"Non-defaulting Party" has the meaning specified in Section 6(a).

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

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

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

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

"Scheduled Payment Date" means a date on which a payment or delivery is to be
made under Section 2(a)(i) with respect to a Transaction.

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

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

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

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

"Specified Entity" has the meaning specified in the Schedule.


                                       16
<PAGE>

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

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

"Stamp Tax" means any stamp, registration, documentation or similar tax.

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

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

"Tax Event Upon Merger" has the meaning specified in Section 5(b).

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

"Termination Currency" has the meaning specified in the Schedule.

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

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

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

"Unpaid Amounts" owing to any party means, with respect to an Early Termination
Date, the aggregate of (a) in respect of all Terminated Transactions, the
amounts that became payable (or that would have become payable but for Section
2(a)(iii)) to such party under Section 2(a)(i) on or prior to such Early
Termination Date and which remain unpaid as at such Early Termination Date and
(b) in respect of each Terminated Transaction, for each obligation under Section
2(a)(i) which was (or would have been but for Section 2(a)(iii)) required to be
settled by delivery to such party on or prior to such Early Termination Date and
which has not been so settled as at such Early Termination Date, an amount equal
to the fair market


                                       17
<PAGE>

value of that which was (or would have been) required to be delivered as of the
originally scheduled date for delivery, in each case together with (to the
extent permitted under applicable law) interest, in the currency of such
amounts, from (and including) the date such amounts or obligations were or would
have been required to have been paid or performed to (but excluding) such Early
Termination Date, at the Applicable Rate. Such amounts of interest will be
calculated on the basis of daily compounding and the actual number of days
elapsed. The fair market value of any obligation referred to in clause (b) above
shall be reasonably determined by the party obliged to make the determination
under Section 6(e) or, if each party is so obliged, it shall be the average of
the Termination Currency Equivalents of the fair market values reasonably
determined by both parties.

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


   St. George Bank Limited              Perpetual Trustees Consolidated Limited
------------------------------         ----------------------------------------
      (Name of Party)                                (Name of Party)


By:                                    By:
    --------------------------             -------------------------
    Name:                                  Name:
    Title:                                 Title:
    Date:                                  Date:




  Crusade Management Limited           Credit Suisse First Boston International
------------------------------         ----------------------------------------
      (Name of Party)                                (Name of Party)


By:                                    By:
    --------------------------             -------------------------
    Name:                                  Name:
    Title:                                 Title:
    Date:                                  Date:





                                       18

<PAGE>


                                      ISDA

              International Swaps and Derivatives Association, Inc.

                                    SCHEDULE

                                     to the

                                Master Agreement

                                   Dated as of

                                     Between

        CREDIT SUISSE FIRST BOSTON INTERNATIONAL ("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. 1 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 has occurred in respect of Party A, Party B or DLJ ". In
       relation to Party A, the events described in the definition of Insolvency
       Event shall apply to it as if Party A were a relevant corporation

--------------------------------------------------------------------------------
                                                                          Page 1
<PAGE>

       referred to in that definition. The occurrence of an Insolvency Event in
       respect of Party B in its personal capacity will not constitute an Event
       of Default provided that within thirty 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 United States Dollars.

(h)    "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 must, at the direction of the Manager, terminate this
              Agreement if it 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)].

                                     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;

       (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.

--------------------------------------------------------------------------------
                                                                          Page 2
<PAGE>

(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
------------------------ ------------------------------- ------------------------ ------------------
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.
------------------------ ------------------------------- ------------------------ ------------------
</TABLE>

--------------------------------------------------------------------------------
                                                                          Page 3
<PAGE>
<TABLE>
<CAPTION>
------------------------ ------------------------------- ------------------------ ------------------
<S>                      <C>                             <C>                      <C>
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>



                                     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 & Compliance Department;

              Telex No.:        264521
              Answerback:       CSFBI G

              (For all purposes.)

--------------------------------------------------------------------------------
                                                                          Page 4
<PAGE>

              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 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 2, 65 Southbank Boulevard, South Melbourne, Victoria, 3205

              Attention:        Philip Maddox

              Telephone:        (03) 9694 6509

              Facsimile:        (03) 9694 6462

              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:

              Attention:

              Telephone:

              Facsimile:

              Telex:

(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.

--------------------------------------------------------------------------------
                                                                          Page 5
<PAGE>

(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 will be governed by and construed in
       accordance with the laws in force in New York and section 13(b)(i) is
       deleted and replaced with the following: "each party submits to the
       non-exclusive jurisdiction of the courts of New York and Courts of Appeal
       from them".

(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.

                                     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 Payment B Payment and
                     that cleared funds are available to make that payment."

--------------------------------------------------------------------------------
                                                                          Page 6
<PAGE>

(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:

       (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 (as defined in the Security Trust Deed)
              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

--------------------------------------------------------------------------------
                                                                          Page 7
<PAGE>
              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.

              (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 or, otherwise, 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".

--------------------------------------------------------------------------------
                                                                          Page 8
<PAGE>

(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 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-1 Notes,
              each Transaction which is a Currency Swap for Class A-1 Notes only
              and in relation to Class A-2 Notes, each Transaction which is a
              Currency Swap for Class A-2 Notes only.

              "TRUST DEED" means the Master Trust Deed dated 14 March 1998 as
              amended by the Crusade Global Trust No. 1 of 2001 Supplementary
              Terms Notice dated on or about the date of this Agreement between
              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.

              "ASSOCIATE"
              "CLASS A-1 NOTES"
              "CLASS A-2 NOTES"
              "CONDITIONS"
              "CURRENCY SWAP"
              "DESIGNATED RATING AGENCY"
              "EXTRAORDINARY RESOLUTION"
              "INSOLVENCY EVENT"
              "INVESTED AMOUNT"
              "MORTGAGED PROPERTY"
              "NOTE"
              "NOTE TRUSTEE"
              "PURCHASED RECEIVABLES"

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                                                                          Page 9
<PAGE>

              "SECURITY TRUST DEED"
              "STATED AMOUNT"
              "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 Documentation 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

              (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.

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                                                                         Page 10
<PAGE>


(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 1991 ISDA Definitions.

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


       "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 (each as defined in
                     the Security Trust Deed). Clauses 1.2(p) and 30.16 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.

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                                                                         Page 11
<PAGE>


       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 and Party B 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 and Party B 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 and Party B shall be
                     construed accordingly as a several reference to each mutual
                     set of obligations arising under each such separate
                     agreement between Party A and Party B;

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

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                                                                         Page 12
<PAGE>

                     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.;

              (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 creditor's
                     right 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 Transferee 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

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                                                                         Page 13
<PAGE>

              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:

       "19.   RATINGS DOWNGRADE

              (i)    If, as a result of the withdrawal or downgrade of its
                     credit rating by a Designated Rating Agency, Party A does
                     not have either a long term credit rating of at least AA-
                     by S&P or a short term credit rating of at least A-1+ by
                     S&P, and a long term credit rating of at least A2 by
                     Moody's or a long term rating of at least AA- by Fitch
                     (and, in the case of Moody's or Fitch, such a downgrade
                     would, except for this clause adversely affect the rating
                     of the Notes), Party A shall within:

                     (A)    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 IBCA to not lower than A-;

                     (B)    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 in each case Party A's long
                            term credit rating by Moody's is not lower than A3
                            and its long term credit rating by Fitch IBCA is not
                            lower than A- then paragraph (A) above shall apply
                            and not this paragraph (B),


                            (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:

                     (C)    (in the case of paragraph (i)(A) only) lodge cash
                            collateral in US$ in the Swap Collateral Account (as
                            defined 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

                     (D)    at the cost of Party A, 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

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                                                                         Page 14
<PAGE>


                     (E)    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)(D), each party to this
                     Agreement shall do all things necessary to novate the
                     relevant rights and obligations to the replacement
                     counterparty.

              (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)(D) or entering into
                            any other arrangement in accordance with Section
                            19(i)(E);

                     (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 Note Downgrade;

                     (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 Sections 19 and 20 :

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

                            (1)    zero;

                            (2)    CRR; 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 IBCA).

                     (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

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                                                                         Page 15
<PAGE>


                     MTM means the mark-to-market value of the swap. Party A
                     will have to mark the swap 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
                     provide the swap in the absence of Party A.

                     VB means the volatility buffer, being the relevant
                     percentage calculated from the following table:

                              VOLATILITY BUFFER (%)

COUNTERPARTY      MATURITIES UP TO   MATURITIES UP TO     MATURITIES MORE THAN
RATING            5 YEARS            10 YEARS             10 YEARS

A+                1.05               1.75                 3.0
A                 1.35               2.45                 4.5
A-                1.5                3.15                 6.0


       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 grace period) then, as soon as
                     practicable following such failure but, in any event no
                     later than 11.00 am (New York time) on the Payment Date,
                     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 under Section 20(a) on or before
                     11.00 am (New York time), 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
                     Payment Date. If DLJ receives such notice after 11.00 am
                     (New York time) on the 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:

                     (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);

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                                                                         Page 16
<PAGE>


                     (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 is 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 to act as Standby Swap
                     Provider, Party B agrees to pay to DLJ quarterly in arrears
                     a fee that accrues from day to day and is calculated at the
                     rate of [ % per annum of the Housing Loan Principal of all
                     Fixed Rate Loans on the relevant day]. This fee is payable
                     on each Payment Date, subject to (and to the extent that
                     funds are available under) the cashflow allocation
                     methodology in the Supplementary Terms Notice.

              (i)    None of the above fees in this Section 20 are to be
                     increased by reference to any applicable goods and services
                     tax unless:

                     (A)    the parties to this Agreement agree (that agreement
                            not to be unreasonably withheld); and

                     (B)    the increase will not result in a Note Downgrade.

              (j)    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


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                                                                         Page 17
<PAGE>


                     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".















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