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                                                                    Exhibit 10.4


(Multicurrency--Cross Border)

                               ISDA(Registered)

                  International Swap Dealers Association, Inc.

                                MASTER AGREEMENT

                            dated as of February 2001



       St. George Bank Limited
    (ABN 92 055 513 070) ("Party A")              Crusade Management Limited
and Perpetual Trustees Consolidated Limited    (ABN 90 072 715 916) ("Manager")
          (ABN 81 004 029 841)                  and Credit Suisse First Boston
  as trustee of Crusade Global Trust              International ("CSFBI")
       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 SCHEDULE TO THE MASTER
AGREEMENT FOR INTEREST RATE
SWAP
-------------------------------------------------------------------


ST.GEORGE BANK LIMITED

PERPETUAL TRUSTEES CONSOLIDATED LIMITED AS TRUSTEE OF THE CRUSADE
GLOBAL TRUST NO. 1 OF 2001

CRUSADE MANAGEMENT LIMITED

CREDIT SUISSE FIRST BOSTON INTERNATIONAL




ALLEN ALLEN & HEMSLEY
The Chifley Tower
2 Chifley Square
Sydney  NSW  2000
Australia
Tel  61  2 9230 4000
Fax  61  2 9230 5333






(C) Copyright Allen Allen & Hemsley 2001


<PAGE>



ISDA SCHEDULE TO THE MASTER AGREEMENT FOR
INTEREST RATE SWAP                                        ALLEN ALLEN & HEMSLEY
-------------------------------------------------------------------------------


DATE
-------------


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

1.   ST.GEORGE BANK LIMITED (ABN 92 055 513 070) (PARTY A)

2.   PERPETUAL TRUSTEES CONSOLIDATED LIMITED (ABN 81 004 029 841) as trustee of
     CRUSADE GLOBAL TRUST NO. 1 OF 1999 (PARTY B)

3.   CRUSADE MANAGEMENT LIMITED (ABN 90 072 715 916) (MANAGER) and

4.   CREDIT SUISSE FIRST BOSTON INTERNATIONAL (ARBN [*]) (CSFBI )

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

PART 1.  TERMINATION PROVISIONS

(a)  SPECIFIED ENTITY is not applicable in relation to Party A or Party B:

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

(c)  The BANKRUPTCY provisions of Section 5(a)(vii) are replaced by "An
     Insolvency Event has occurred in respect of the Party A, Party B or CSFBI".
     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
     CSFBI 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.

(d)  Section 5(a)(i) is amended to replace THIRD with tenth and the following
     sentence is added:

          Even if CSFBI makes a payment under this Agreement, a failure by Party
          A to remedy, within the period stipulated in this subclause 5(a)(i),
          its failure to make that payment or delivery by the due date shall
          still constitute an Event of Default.

     For the avoidance of doubt, but without limiting section 17, Party B is not
     obliged to pay any amount attributable to any Break Payment which is due
     by, but not received from, an Obligor or any Loan Offset Interest Amount
     which is due by, but not received from, the Approved Seller, and the
     failure by Party B to pay that amount shall not be an Event of Default.



(e)  The AUTOMATIC EARLY TERMINATION provision of Section 6(a):


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         will not apply to Party A
         will not apply to Party B

         Any event which, upon its occurrence, constitutes an Event of Default,
         is deemed not to be an essential term of the Transaction so that the
         occurrence of any Event of Default shall not be implied to constitute a
         repudiation of this Agreement. This does not in any way restrict or
         limit the right of a Non-Defaulting Party under section 6(a) to
         terminate following an Event of Default.

   (F)   PAYMENTS ON EARLY TERMINATION. For the purpose of Section 6(e) of this
         Agreement, neither Party A nor Party B is required to make any payment
         if this Agreement is terminated and section 6(e) shall not apply.

   (g)   There is no TERMINATION CURRENCY.

   (h)   An ADDITIONAL TERMINATION EVENT set out in Part 5(q) of this Schedule,
         will apply.

In the TRANSFER provision of Section 7, add a new paragraph (c):

   (c)   Party B may transfer to a Successor Trustee (as defined below) or to
         avoid an illegality as specified in Section 5(b)(i).

Add a new paragraph to Section 7 immediately below paragraph (c):

         In the event that a Trustee is appointed as a successor to Party B
         under the Trust Deed ("Successor Trustee"), Party A undertakes that it
         shall (unless, at the time the Successor Trustee is so appointed, Party
         A is entitled to terminate the Transaction under Section 6, in which
         case it may) novate to the Successor Trustee the Transaction on the
         same terms or on other terms to be agreed between Party A, Party B and
         the Successor Trustee, and give written notice to the Designated Rating
         Agencies of such novation.

PART 2.  TAX REPRESENTATIONS

   (a)   PAYER TAX REPRESENTATIONS.

         For the purpose of Section 3(e) of this Agreement each of Party A,
         Party B and CSFBI will make the following representation.

         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 of the other party contained
                  in Section 4(a)(i) or 4(a)(iii) of this Agreement and the
                  accuracy and



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                  effectiveness of any document provided by the other party
                  pursuant to Section 4(a)(i) or 4(a)(iii) of this Agreement;
                  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) by reason of material
         prejudice to its legal or commercial position.

   (b)   PAYEE TAX REPRESENTATIONS.

         For the purpose of Section 3(f) of this Agreement, each of Party A and
         Party B represents that it is an Australian resident and does not
         derive the payments under this Agreement in whole or in part in
         carrying on business in a country outside Australia at or through a
         permanent establishment of itself in that country.

   (c)   DEDUCTION OR WITHHOLDING FOR TAX. Section 2(d) is replaced with the
         following section:

          All payments under this Agreement will be made subject to deduction or
          withholding for or on account of any Tax. If a party (including CSFBI)
          is so required to deduct or withhold, then that party ("X") will:

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

          (ii) pay to the relevant authorities the full amount required to be
               deducted or withheld promptly upon the earlier of determining
               that such deduction or withholding is required or receiving
               notice that such amount has been assessed against Y;

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

          (iv) pay to Y the amount Y would have received had no deduction or
               withholding been required.

               Paragraph (iv) shall not apply to payments to be made by Party B.

PART 3.  AGREEMENT TO DELIVER DOCUMENTS

For the purpose of Section 4(a)(i) and (ii) of this Agreement, each party agrees
to deliver to the other as soon as reasonably practicable following a request by
the other party, any document or certificate reasonably required by a party in
connection with its obligations to make a payment under this Agreement which
would enable that party to make the payment free from any deduction or
withholding for or on account of Tax or as would reduce the rate at which the
deduction or withholding for or on account of Tax is applied to that payment.


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PART 4.  MISCELLANEOUS

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

         Address for notices or communications to Party A:

         Address:          Level 12, 55 Market Street, Sydney  NSW 2000

         Attention:        Middle Office Compliance Manager
         Facsimile No:     (02) 9320 5589   Telephone No: (02) 9320 5526

         Address for notices or communications to Party B:

         Address:          [*]

         Attention:        [*]

         Facsimile No:     [*]      Telephone No: [*]

         Address for notices or communications to the Manager:

         Address:          Level 12, 55 Market Street, Sydney NSW 2000

         Attention:        Middle Office Compliance Manager
         Facsimile No:     (02) 9320 5589   Telephone No: (02) 9320 5526

         Address for notices or communications to CSFBI:

         Address:          [*]
         Attention:        [*]
         Facsimile No:     [*]

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

         Party A appoints as its Process Agent: None.
         Party B appoints as its Process Agent: None.
         CSFBI appoints as its Process Agent: None

(c)      OFFICES. The provisions of Section 10(a) will not apply to this
         Agreement.

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

         Party A is not a Multibranch Party.
         Party B is not a Multibranch Party.
         CSFBI is not a Multibranch Party.

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

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

         In relation to Party A:    Nil.
         In relation to Party B:    Security Trust Deed

(g)      CREDIT SUPPORT PROVIDER. Credit Support Provider
         means:


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         In relation to Party A: CSFBI
         In relation to Party B:  Nil.

(h)      GOVERNING LAW. This Agreement will be governed by and construed in
         accordance with the laws in force in New South Wales 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 South Wales and Court of Appeal
         from them.

(i)      NETTING OF PAYMENTS. Sub-paragraph (ii) of Section 2(c) of this
         Agreement will apply to net Transactions in the same Confirmation and
         will not apply to net Transactions specified in different
         Confirmations.

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

PART 5.  OTHER PROVISIONS

(a)      ISDA DEFINITIONS: This Agreement, each Confirmation and each
         Transaction are subject to the 2000 ISDA Definitions (published by the
         International Swap and Derivatives Association, Inc.) as amended from
         time to time (the "ISDA DEFINITIONS"), and will be governed in all
         respects by and 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 incorporation by reference in,
         and shall be deemed to be part of this Agreement and each Confirmation.

(b)      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.

(c)      In section 2(a)(ii), after freely transferable funds add free of any
         set-off, counterclaim, deduction or withholding (except as expressly
         provided in this Agreement).

(d)      A new Section 2(a)(iv) is inserted as follows:

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

(e)      For the purpose of Section 2(b) of this Agreement, CHANGE OF ACCOUNT,
         any new account so designated shall be in the same tax jurisdiction as
         the original account.

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


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         (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 its assets, in the case of Party A, or
                  the assets of the Trust (other than as provided in the
                  Security Trust Deed), in the case of Party B.

(g)     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 Trust Deed)
                  permitted under the Security Trust Deed, as far as Party B is
                  aware, those assets are free from all other Security Interests

(h)      In Section 3(c)

         (i)      delete the words AGENCY OR OFFICIAL; and

         (ii)     in the third line, insert "materially" before the word
                  "affect".

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

         (f)      CONTRACTING AS PRINCIPAL. Party A and CSFBI 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)      In Section 6(d)(i), in the last line, insert in the absence of manifest
         error after the word EVIDENCE.

(k)      CONFIRMATIONS. Notwithstanding the provisions of Section 9(e)(ii), each
         Confirmation in respect of a Swap Transaction which is confirmed by
         electronic messaging system, an exchange of telexes or an exchange of

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         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 enforceability of any Swap Transaction.

(l)      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.

(m)      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 purpose of
                  interpreting the ISDA Definitions.

(n)     The SEPTEMBER 1992 AUSTRALIAN ADDENDUM NO. 10 - (AS
        AMENDED IN MARCH 1994) NETTING TO SCHEDULE TO MASTER
        AGREEMENT OF INTERNATIONAL SWAPS AND DERIVATIVES
        ASSOCIATION, INC. is deemed to be incorporated in this
        Agreement, except that in the event of any
        inconsistency between that addendum and this Schedule
        or any Confirmation, the Confirmation or this Schedule
        shall take precedence.

(o)     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, Party A and
        the Manager (the SUPPLEMENTARY TERMS NOTICE), and each
        of the following expressions shall have the meanings
        given to them in the Trust Deed and the Supplementary
        Terms Notice:


                         APPROVED BANK
                         BREAK PAYMENT
                         CLASS A NOTES
                         DESIGNATED RATING AGENCY
                         FIXED RATE LOAN
                         HOUSING LOAN PRINCIPAL

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                         INSOLVENCY EVENT
                         MASTER TRUST DEED
                         NOTE
                         OBLIGOR
                         PAYMENT DATE
                         PURCHASED RECEIVABLE
                         SECURITY TRUST DEED
                         SERVICER TRUST

         (p)      TRUST DEED: The Parties acknowledge and agree that for the
                  purposes of the Trust Deed, this Agreement is an HEDGE
                  AGREEMENT and Party A and CSFBI are SUPPORT FACILITY
                  PROVIDERS.

         (q)      Agreement by CSFBI to act as Standby Interest Rate Swap
                  Provider:

         A new section 15 is added as follows:

         15.      STANDBY INTEREST RATE SWAP PROVIDER

         (a)      For the purpose of this clause 15 the following additional
                  definitions apply:

                  ACCEPTABLE ARRANGEMENT means an arrangement which each
                  relevant Designated Rating Agency has confirmed in writing
                  will result in the avoidance or reversal of any Note
                  Downgrade.

                  ACCEPTABLE RATING means, at any time, that Party A's long term
                  rating from S&P is not below A- and its short term rating from
                  S&P is not below A-1.

                  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).

                  CR means the amount calculated in accordance with the
                  following formula:

                  CR = MTM + VB

                  where

                  MTM means the mark-to-market value of the Swap. Party A must
                  mark the swap to market and post collateral on a weekly basis,
                  with a cure period of 3 Business 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.

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

                                VOLATILITY BUFFER

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

        A+                1.05               1.75                3.0

        A                 1.35               2.45                4.5

        A-                1.5                3.15                6.0

                  DOWNGRADE means CSFBI's rating by a Designated Rating Agency
                  has been withdrawn or reduced resulting in CSFBI having:

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

                  (ii)     a long term credit rating by Moody's of less than A2;
                           or

                  (iii)    a short term rating of less than F1 by Fitch IBCA.

                  MAJOR CSFBI DOWNGRADe means a CSFBI Downgrade resulting in
                  CSFBI having:

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

                  (ii)     a long term credit rating by Moody's of less than A3;
                           or

                  (iii)    a short term credit rating by Fitch IBCA of less than
                           [F1].

                  MINOR CSFBI DOWNGRADE means any CSFBI Downgrade which is not a
                  Major CSFBI Downgrade.

                  NOTE DOWNGRADE means any actual or proposed withdrawal or
                  downgrade of the ratings assigned to any Class of Notes by a
                  Designated Rating Agency which results or would result in any
                  rating assigned to that Class of Notes being less than that
                  stipulated in clause 4.2(f) of the Supplementary Terms Notice.

                  REPLACEMENT PROVIDER  means:

                  (i)      where Party A notifies CSFBI that it elects to
                           replace itself as Interest Rate Swap Provider, then a
                           Replacement Swap Provider; or

                  (ii)     where Party A notifies CSFBI that it elects to
                           replace CSFBI as Standby Interest Rate Swap Provider,
                           then a Replacement Standby Interest Rate Swap
                           Provider

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                  REPLACEMENT STANDBY SWAP PROVIDER means a party that has
                  agreed to replace CSFBI as Standby Interest Rate Swap Provider
                  and has a rating greater than or equal to:

                  (i)      A-1+ by S&P;

                  (ii)     F1 by Fitch IBCA; and

                  (iii)    who is suitably rated such that its appointment as
                           Standby Interest Rate Swap Provider does not result
                           in a Note Downgrade by Moody's.

                  REPLACEMENT SWAP PROVIDER means a party that has agreed to
                  replace Party A as Interest Rate Swap Provider, and the
                  appointment of which each Designated Rating Agency has
                  confirmed, in writing, will not result in a Note Downgrade and
                  which CSFBI has approved in writing (which approval will not
                  be unreasonably withheld).

         (b)      CSFBI agrees that if Party A is obliged to make a payment
                  under a Confirmation that CSFBI has accepted or countersigned
                  and CSFBI receives notice from the Manager requiring CSFBI to
                  make that payment, CSFBI will comply with that notice by
                  making the payment specified in the notice. The Manager must
                  give this notice to CSFBI no later than 2.00pm (Sydney time)
                  on the Payment Date.

         (c)      CSFBI 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)      If CSFBI receives a notice under clause 15(b) on or before
                  2.00 pm (Sydney time) on a Business Day, it will make the
                  payment specified in that notice not later than 4.00 pm on
                  that Business Day. If it receives a notice after 2.00 pm
                  (Sydney time) on a Business Day it will make the payment not
                  later than 4.00 pm on the next Business Day.

         (e)      CSFBI's obligations under this clause 15 with respect to a
                  Confirmation commence on the Effective Date (specified in such
                  Confirmation) and terminate on the earlier of the Final
                  Maturity Date and the date on which the Confirmation is
                  otherwise terminated in accordance with its terms.

         (f)      If, at any time, CSFBI is Downgraded and the downgrade
                  constitutes a Minor CSFBI Downgrade, Party A shall, within 30
                  days (or such greater period as agreed by the relevant
                  Designated Rating Agency), comply with clause 15(h).

         (g)      If at any time CSFBI is Downgraded and the downgrade
                  constitutes a Major CSFBI Downgrade, Party A shall, within 5

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                  Business Days (or such greater period as agreed by the
                  relevant Designated Rating Agency) comply with clause 15(h).

         (h)      Subject to clause 15(i), where Party A is required to comply
                  with this clause 15(h) it shall, at its cost, and at its
                  election do one of the following:

                  (i)      (CASH COLLATERALISE) deposit into a Swap Collateral
                           Account and maintain in the Swap Collateral Account
                           (whilst the relevant downgrade subsists) sufficient
                           funds to ensure that the amount standing to the
                           credit of the Swap Collateral Account is equal to the
                           greater of the following (the CASH COLLATERAL
                           AMOUNT):

                           (A)      zero;

                           (B)      CR; and

                           (C)      an amount acceptable to Moody's and Fitch
                                    IBCA and sufficient to ensure that the
                                    ratings given to the Notes by Moody's and
                                    Fitch IBCA are not adversely affected and
                                    that any Note Downgrade is avoided or
                                    reversed (as the case may be);

                  (ii)     (NOVATE) enter into an agreement novating this
                           Agreement to a Replacement Provider proposed by any
                           of Party A, Party B or the Manager which each
                           Designated Rating Agency has confirmed will not
                           result in a withdrawal or downgrade of any credit
                           rating assigned, by it, to the Notes; or

                  (iii)    (OTHER ARRANGEMENTS) enter into or procure entry into
                           any Acceptable Arrangement.

         (i)      Notwithstanding anything to the contrary in this clause 15,
                  where a Downgrade as described in paragraph (i) of the
                  definition of Downgrade, has occurred, a party entitled to
                  elect a course of action under this clause 15 may only elect
                  to cash collateralise under clause (j) (i) if Party A has an
                  Acceptable Rating.

         (j)      Where Party A is required to comply with clause 15(h) and
                  fails to do so within the relevant time, CSFBI shall, subject
                  to clause 15(i), either:

                  (i)      deposit into, and maintain in, a Swap Collateral
                           Account the Cash Collateral Amount in accordance with
                           clause 15(h)(i);

                  (ii)     procure, at its cost, a Replacement Provider and pay
                           the costs of novating the relevant obligations to
                           that Replacement Provider in accordance with clause
                           15(h)(ii); or

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                  (iii)    at its cost, enter into or procure entry into an
                           Acceptable Arrangement in accordance with clause
                           15(h)(iii).

         (k)      Where either CSFBI or Party A procures a Replacement Provider
                  in accordance with clause 15(h)(ii) or 15(j)(ii), each party
                  to this Agreement shall do all things necessary to novate the
                  relevant obligations to the Replacement Provider.

         (l)      If, at any time, CSFBI's obligations under this Agreement are
                  novated in accordance with clause 15(h)(ii) or 15(j)(ii) or
                  any Acceptable Arrangement is entered into in accordance with
                  clause 15(h)(iii) or 15(j)(iii) which results in CSFBI being
                  replaced as Standby Interest Rate Swap Provider, CSFBI shall
                  be immediately entitled to any cash collateral amount which it
                  has deposited in the Swap Collateral Account.

         (m)      If the Manager becomes actually aware of the occurrence of a
                  CSFBI Downgrade, the Manager shall notify Party A, CSFBI or
                  both of the occurrence of such a reduction.

         (n)      Where Party B has not established a Swap Collateral Account
                  and either Party A or CSFBI 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 an account with an Approved Bank which
                  account, shall be, for the purposes of this clause 15 the SWAP
                  COLLATERAL ACCOUNT.

         (o)      All interest on the Swap Collateral Account will accrue and be
                  payable monthly to the party which provides the relevant Cash
                  Collateral Amount.

         (p)      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:

                  (i)      novating obligations under this Agreement in
                           accordance with clause 15(h)(ii) or 15(j)(ii) or
                           entering into any other Acceptable Arrangement in
                           accordance with 15(h)(iii) or 15(j)(iii);

                  (ii)     refunding to Party A or CSFBI (whichever provided the
                           relevant Cash Collateral Amount) 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;

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

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

                  (v)      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.

         (q)      CSFBI's obligations under this clause 15 shall:

                  (i)      survive the termination of this Agreement; and

                  (ii)     terminate upon Party A complying with its obligations
                           (if any) under clause 15(h) or CSFBI complying with
                           its obligations under clause 15(j).

         (r)      Where:

                  (i)      Party A fails to comply with clause 15(h); and

                  (ii)     CSFBI fails to comply with clause 15(j),

                  this shall constitute an Additional Termination Event and
                  Party A shall be the Affected Party for this purpose.

         (s)      In consideration of CSFBI agreeing to act as Standby Interest
                  Rate Swap Provider, Party B agrees to pay to CSFBI quarterly
                  in arrears a fee that accrues from day to day and is
                  calculated at the rate of 0.047% 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.

         (t)      None of the above fees in this clause 15 are to be increased
                  by reference to any applicable goods and services tax unless:

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

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

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

         (v)      A new section 16 is added as follows:

                  16.      Trustee provisions

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                           (a)      Each party other than Party B acknowledges
                                    and agrees that Party B has entered into
                                    this Agreement in its capacity as trustee of
                                    the Trust and in no other capacity. Clauses
                                    1.2(p) and 30.16 of the Master Trust Deed
                                    apply to this Agreement as if set out in
                                    full, with references to Deed being
                                    construed as references to Agreement. Clause
                                    16 of the Security Trust Deed shall apply to
                                    govern Party A's priority to money 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).

                           (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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         (w)      A new section 17 is added as follows:

                  17.      Break Payments

                  (a)      Party B shall pay Break Payments which it receives to
                           Party A in accordance with 5.1(c) of the
                           Supplementary Terms Notice, to the extent that
                           amounts are available to make that payment.

                  (b)      Subject to paragraphs (c) and (d), if Party A in any
                           capacity (including in its capacity as Servicer)
                           waives or reduces the amount of any Break Payment
                           otherwise due from an Obligor, each of Party A and
                           CSFBI agree that Party B's obligation under paragraph
                           (a) is reduced in respect of the Break Payment so
                           waived or to the extent of the reduction of the Break
                           Payment (as the case may be).


                  (c)      Provided that CSFBI has not been required to make any
                           payment under section 15(a), CSFBI Party A and Party
                           B agree that (unless Party A otherwise notifies CSFBI
                           and Party B in writing) Party A will waive all Break
                           Payments otherwise payable by an Obligor if the total
                           principal prepayments by that Obligor under the
                           relevant Purchased Receivable (excluding scheduled
                           principal repayments) does not exceed $5,000 in any
                           calendar year.


                  (d)      If CSFBI has been required to make a payment under
                           section 15(a), Party A must not waive or reduce the
                           amount of any Break Payment without the prior consent
                           of CSFBI

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

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ST.GEORGE BANK LIMITED

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

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

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

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



PERPETUAL TRUSTEES CONSOLIDATED LIMITED

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

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

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

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



CRUSADE MANAGEMENT LIMITED

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

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

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

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




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CREDIT SUISSE FIRST BOSTON INTERNATIONAL

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

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

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

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





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