Document:

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                                       ISDA Schedule to the Master
                                          Agreement for Basis Swap

                                            ST.GEORGE BANK LIMITED

                PERPETUAL TRUSTEES CONSOLIDATED LIMITED AS TRUSTEE
                         OF THE CRUSADE GLOBAL TRUST NO. 2 OF 2003

                                        CRUSADE MANAGEMENT LIMITED

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

                         (C) Copyright Allens Arthur Robinson 2003

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ISDA Schedule to the Master Agreement for
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DATE                                                             2003
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PARTIES
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        1.      ST.GEORGE BANK LIMITED (ABN 92 055 513 070) (PARTY A);

        2.      PERPETUAL TRUSTEES CONSOLIDATED LIMITED (ABN 81 004 029 841) in
                its capacity as trustee of the CRUSADE GLOBAL TRUST NO. 2 OF
                2003 (PARTY B); and

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

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

(d)       Section 5(a)(i) is amended to replace THIRD with TENTH.

          For the avoidance of doubt Party B, but without limiting Section 16,
          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):

          will not apply to Party A

          will not apply to Party B

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          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. Subject to Section 15(w) only, 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.

(i)       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).

(j)       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 and
          Party B 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) or
          6(d)(ii) 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 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 subclause (ii) above 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.

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(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.

          Party A and Party B also represent that Crusade Global Trust No. 2 of
          2003 is a non-U.S. branch of a foreign person for U.S. federal income
          tax purposes.

(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 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.

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:          Level 7, 9 Castlereagh Street, Sydney  NSW 2000

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          Attention:        Manager, Securitisation

          Facsimile No:     (02) 9221 7870 Telephone No: (02) 9229 9000

          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

(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.

(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.

(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:

          In relation to Party A: Nil.

          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 Swaps and Derivatives Association, Inc.) as amended from
          time to time (the "ISDA DEFINITIONS"), and will be governed in all
          respects by any provisions set forth in the ISDA Definitions, without
          regard to any amendments to the ISDA Definitions made after the date
          of this Agreement. The

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          ISDA Definitions are incorporated 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):

                 (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

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(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 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 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)       TRUST DEED means the Master Trust Deed dated 14 March 1998 as amended
          by the Crusade Global Trust No. 2 of 2003 Supplementary Terms Notice
          dated on or about the date of this Agreement between (among others)
          Party B, Party A and the Manager, and each of the following
          expressions shall have the meanings given to them in the Trust Deed:

                  APPROVED BANK

                  APPROVED SELLER

                  ASSETS

                  BANK

                  CLASS

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                  DESIGNATED RATING AGENCY

                  FLOATING RATE LOAN

                  HOUSING LOAN PRINCIPAL

                  INSOLVENCY EVENT

                  LOAN OFFSET INTEREST AMOUNT

                  MASTER TRUST DEED

                  NOTE

                  PAYMENT DATE

                  PURCHASED RECEIVABLE

                  SECURITY TRUST DEED

                  TRUST

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

(p)       A new Section 15 is added as follows:

          15.     DOWNGRADE

          (a)     For the purpose of this Section 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 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 a short-term rating of
                  at least F1 or a long-term rating of at least A (Fitch
                  Ratings).

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

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

                  (ii)  a short term credit rating by Moody's of less than
                        Prime-1; or

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

                  MAJOR PARTY A DOWNGRADe means a Party A Downgrade resulting in
                  Party A having:

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

                  (ii)  a short term credit rating by Moody's of less than
                        Prime-2; or

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

                  MINOR PARTY A DOWNGRADE means any Party A Downgrade which is
                  not a Major Party A 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

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                  or would result in any rating assigned to that Class of
                  Notes being less than that stipulated in Section 4.2(f) of
                  the Supplementary Terms Notice.

                  REPLACEMENT PROVIDER means a party that has agreed to replace
                  Party A as Basis Swap Provider and has a rating greater than
                  or equal to:

                  (i)   A-1 by S&P;

                  (ii)  F1 by Fitch Ratings; and

                  (iii) who is suitably rated such that its appointment as
                        standby 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 Basis Swap Provider, and the appointment of
                  which each Designated Rating Agency has confirmed, in writing,
                  will not result in a Note Downgrade.

                  SWAP COLLATERAL ACCOUNT means an account established by Party
                  B with an Approved Bank.

                  TIME STIPULATED means:

                  (i)   where Party A has an Acceptable Rating, within 30
                        Business Days; and

                  (ii)  where Party A does not have an Acceptable Rating, within
                        5 Business Days.

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

          (c)     If at any time Party A is Downgraded and the Downgrade
                  constitutes a Major Party A Downgrade, Party A shall, within 5
                  Business Days (or such greater period as agreed by the
                  relevant Designated Rating Agency) comply with Section 15(d).

          (d)     Where Party A is required to comply with this Section 15(d) 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)  CCR; and either:

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

                             (2)   an amount acceptable to S&P that is the
                                   greater of zero, CCR and the amount of the
                                   next payment that is due, or

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                                   one percent of the of the outstanding
                                   notional principal of the basis swap.

                   (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.

                   For the purpose of this paragraph (j), the formula for
                   calculating CCR is as follows.

                   CCR = CR x 1.030

                   where

                   CR means MTM + VB

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

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

                                        VOLATILITY BUFFER (%)

<TABLE>
<CAPTION>

                   COUNTERPARTY            MATURITIES        MATURITIES UP TO     MATURITIES MORE
                     RATING               UP TO 5 YEARS          10 YEARS           THAN 10 YEARS
                   <S>                   <C>                  <C>                 <C>
                       A+                     1.05               1.75                    3.0

                       A                      1.35               2.45                    4.5

                       A-1*                   1.5                3.15                    6.0
</TABLE>

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

          (e)      Where Party A procures a Replacement Provider in accordance
                   with Section 15(d)(ii), each party to this Agreement shall do
                   all things necessary to novate the relevant obligations to
                   the Replacement Provider.

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          (f)      If, at any time, Party A's obligations under this Agreement
                   are novated in accordance with Section 15(d)(ii) or any
                   Acceptable Arrangement is entered into in accordance with
                   Section 15(d)(iii) Party A shall be immediately entitled to
                   any cash collateral amount which it has deposited in the Swap
                   Collateral Account.

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

          (h)      Where Party B has not established a Swap Collateral Account
                   and Party A is required to deposit monies into a Swap
                   Collateral Account, the Manager must direct Party B to
                   establish, as soon as is practicable, and maintain, in the
                   name of Party B an account with an Approved Bank which
                   account shall be, for the purposes of this Section 15 the
                   SWAP COLLATERAL ACCOUNT.

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

          (j)      Notwithstanding anything to the contrary in this Section 15,
                   where a Downgrade has occurred, a party entitled to elect a
                   course of action under this Section 15 may only elect to cash
                   collateralise under Section 15(d)(i) if Party A has a short
                   term credit rating of not less than F2 from Fitch Ratings.

          (k)      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 Section 15(d)(ii) or entering into
                           any other Acceptable Arrangement in accordance with
                           Section 15(d)(iii);

                   (ii)    refunding to Party A the amount of any reduction in
                           the Swap Collateral Amount, from time to time and
                           providing the Designated Rating Agencies have
                           confirmed, in writing, that such refund will not
                           result in an Note Downgrade;

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

                   (iv)    paying any applicable bank account taxes or
                           equivalent 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.

          (l)      Party A's obligations under this Section 15 shall:

                   (i)     survive the termination of this Agreement; and

                   (ii)    terminate upon Party A complying with its obligations
                           (if any) under Section 15(d).

          (m)      Where Party A fails to comply with Section 15(d), this shall
                   constitute an Additional Termination Event and Party A shall
                   be the Affected Party for this purpose.

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(q)       A new Section 16 is added as follows:

                   16.     Party B provisions

                           (a)    Limitation of liability

                           (A)    General

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

                           (B)    Limitation of Party B's Liability

                                  (1)   Party B enters into this agreement only
                                        in its capacity as trustee of the Trust
                                        and in no other capacity (except where
                                        the Transaction Documents provide
                                        otherwise). Subject to paragraph (3)
                                        below, a liability arising under or in
                                        connection with this agreement or the
                                        Trust can be enforced against Party B
                                        only to the extent to which it can be
                                        satisfied out of the assets and property
                                        of the Trust which are available to
                                        satisfy the right of Party B to be
                                        exonerated or indemnified for the
                                        liability. This limitation of Party B's
                                        liability applies despite any other
                                        provision of this agreement and extends
                                        to all liabilities and obligations of
                                        Party B in any way connected with any
                                        representation, warranty, conduct,
                                        omission, agreement or transaction
                                        related to this agreement or the Trust.

                                  (2)   Subject to subparagraph (3) below, no
                                        person (including any Relevant Party)
                                        may take action against Party B in any
                                        capacity other than as trustee of the
                                        Trust or seek the appointment of a
                                        receiver (except under this agreement),
                                        or a liquidator, an administrator or any
                                        similar person to Party B or prove in
                                        any liquidation, administration or
                                        arrangements of or affecting Party B.

                                  (3)   The provisions of this section 16 shall
                                        not apply to any obligation or liability
                                        of Party B to the extent that it is not
                                        satisfied because under a Transaction
                                        Document or by operation of law there is
                                        a reduction in the extent of Party B's
                                        indemnification or exoneration out of
                                        the Assets of the Trust as a result of
                                        Party B's fraud, negligence, or Default.

                                  (4)   It is acknowledged that the Relevant
                                        Parties are responsible under the
                                        Transaction Documents for performing a
                                        variety of obligations relating to the
                                        Trust. No act or omission of Party B
                                        (including any related failure to
                                        satisfy its obligations under this
                                        agreement) will be considered fraud,
                                        negligence or Default of Party B for the
                                        purpose of subparagraph (3) above to the
                                        extent to

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                                        which the act or omission was caused or
                                        contributed to by any failure by any
                                        Relevant Party or any person who has
                                        been delegated or appointed by Party B
                                        in accordance with this agreement or any
                                        other Transaction Document to fulfil its
                                        obligations relating to the Trust or by
                                        any other act or omission of a Relevant
                                        Party or any such person.

                                  (5)   In exercising their powers under the
                                        Transaction Documents, each of Party B,
                                        the Security Trustee and the Noteholders
                                        must ensure that no attorney, agent,
                                        delegate, receiver or receiver and
                                        manager appointed by it in accordance
                                        with this agreement has authority to act
                                        on behalf of Party B in a way which
                                        exposes Party B to any personal
                                        liability and no act or omission of any
                                        such person will be considered fraud,
                                        negligence, or Default of Party B for
                                        the purpose of subparagraph (3) above.

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

                                  (7)   Nothing in this clause limits the
                                        obligations expressly imposed on Party B
                                        under the Transaction Documents.

                           (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; or

                                  (ii)  obtaining declaratory relief,

                                  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 section 459E(1) of the
                                        Corporations Act 2001 (Cth) (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;

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

                                        (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.

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.

ST.GEORGE BANK LIMITED

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

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

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

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

PERPETUAL TRUSTEES CONSOLIDATED LIMITED

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

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

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

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

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CRUSADE MANAGEMENT LIMITED

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

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

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

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

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                                       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. 2 OF 2003

                                        CRUSADE MANAGEMENT LIMITED

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

                         (C) Copyright Allens Arthur Robinson 2003

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DATE                                         2003
-------------
PARTIES
-------------

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

        2.        PERPETUAL TRUSTEES CONSOLIDATED LIMITED (ABN 81 004 029 841)
                  in its capacity as trustee of the CRUSADE GLOBAL TRUST NO. 2
                  OF 2003 (PARTY B); and

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

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

        (d)       Section 5(a)(i) is amended to replace THIRD with TENTH.

                  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):

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

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                  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. Subject to Section 15(u) only,
                  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 (under Section 15(r)), will apply.

        (i)       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).

        (j)       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 and
        Party B 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 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,

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        provided that it shall not be a breach of this representation where
        reliance is placed on Section (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.

        Party A and Party B also represent that Crusade Global Trust No. 2 of
        2003 is a non-U.S. branch of a foreign person for U.S. federal income
        tax purposes.

(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 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.

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

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        Address for notices or communications to Party B:

        Address:      Level 7, 9 Castlereagh Street, Sydney  NSW  2000

        Attention:    Manager, Securitisation

        Facsimile No: (02) 9221 7870 Telephone No: (02) 9229 9000

        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

(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.

(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.

(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:

        In relation to Party A: Nil.

        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

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        governed in all respects by any provisions set forth in the ISDA
        Definitions, without regard to any amendments to the ISDA Definitions
        made after the date of this Agreement. The ISDA Definitions are
        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):

                  (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

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                  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 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
        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)     TRUST DEED means the Master Trust Deed dated 14 March 1998 as amended by
        the Crusade Global Trust No. 2 of 2003 Supplementary Terms Notice dated
        on or about the date of this Agreement between (among others) 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:

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                             APPROVED BANK
                             APPROVED SELLER
                             ASSETS
                             BANK
                             BREAK PAYMENT
                             CLASS
                             DESIGNATED RATING AGENCY
                             FINAL MATURITY DATE
                             FIXED RATE LOAN
                             HOUSING LOAN PRINCIPAL
                             INSOLVENCY EVENT
                             LOAN OFFSET INTEREST AMOUNT
                             MASTER TRUST DEED
                             NOTE
                             OBLIGOR
                             PAYMENT DATE
                             PURCHASED RECEIVABLE
                             SECURITY TRUST DEED
                             SERVICER
                             SUPPORT FACILITY PROVIDER
                             TRUST

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

(p)     A new Section 15 is added as follows:

        15.       DOWNGRADE

        (a)       For the purpose of this Section 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 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 (short-term) and A2 (long-term)
                  (Moody's) and a short-term rating of at least F1 or a
                  long-term rating of at least A (Fitch Ratings).

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

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

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

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

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                  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 Section 4.2(f) of the Supplementary Terms
                  Notice.

                  MAJOR PARTY A DOWNGRADE means a Party A Downgrade resulting in
                  Party A having:

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

                  (ii)   a credit rating by Moody's of less than P-2
                         (short-term) or A3 (long-term); or

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

                  MINOR PARTY A DOWNGRADE means any Party A Downgrade which is
                  not a Major Party A Downgrade.

                  REPLACEMENT PROVIDER means a party that has agreed to replace
                  Party A as Interest Rate Swap Provider, and has a rating
                  greater than or equal to:

                  (i)    A-1 by S&P;

                  (ii)   F1 by Fitch Ratings: and

                  (iii)  who is suitably rated such that its appointment as
                         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 an Note Downgrade.

                  SWAP COLLATERAL ACCOUNT means an account established by Party
                  B with an Approved Bank.

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

        (c)       If at any time Party A is Downgraded and the Downgrade
                  constitutes a Major Party A Downgrade, Party A shall, within 5
                  Business Days (or such greater period as agreed by the
                  relevant Designated Rating Agency) comply with Section 15(d).

        (d)       Where Party A is required to comply with this Section 15(d) 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)      CCR; and either:

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

                                  (2)  an amount acceptable to S&P that is the
                                       greater of zero, CCR and the amount of
                                       the next payment that is due, or one
                                       percent of the of the outstanding
                                       notional principal of the interest rate
                                       swap.

                  (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.

                  For the purpose of this paragraph (d), the formula for
                  calculating CCR is as follows.

                  CCR = CR x 1.030

                  where

                  CR means MTM + VB

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

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

                              VOLATILITY BUFFER (%)

<TABLE>
<CAPTION>

                  COUNTERPARTY  MATURITIES UP TO   MATURITIES UP TO      MATURITIES MORE
                     RATING          5 YEARS           10 YEARS           THAN 10 YEARS
                 <S>            <C>                <C>                   <C>
                       A+            1.05               1.75                   3.0

                       A             1.35               2.45                   4.5

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                       A-1*          1.5                3.15                   6.0
</TABLE>

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

        (e)       Where Party A procures a Replacement Provider in accordance
                  with Section 15(d)(ii), each party to this Agreement shall do
                  all things necessary to novate the relevant obligations to the
                  Replacement Provider.

        (f)       If, at any time, Party A's obligations under this Agreement
                  are novated in accordance with Section 15(d)(ii) or any
                  Acceptable Arrangement is entered into in accordance with
                  Section 15(d)(iii), Party A shall be immediately entitled to
                  any cash collateral amount which it has deposited in the Swap
                  Collateral Account.

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

        (h)       Where Party B has not established a Swap Collateral Account
                  and Party A is required to deposit monies into a Swap
                  Collateral Account, the Manager must direct Party B to
                  establish, as soon as is practicable, and maintain, in the
                  name of Party B an account with an Approved Bank which
                  account, shall be, for the purposes of this Section 15 the
                  SWAP COLLATERAL ACCOUNT.

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

        (j)       Notwithstanding anything to the contrary in this Section 15,
                  where a Downgrade has occurred, a party entitled to elect a
                  course of action under this Section 15 may only elect to cash
                  collateralise under Section 15(d)(i) if Party A has a short
                  term credit rating of not less than F2 from Fitch Ratings.

        (k)       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 Section 15(d)(ii) or entering into any other
                         Acceptable Arrangement in accordance with 15(d)(iii);

                  (ii)   refunding to Party A the amount of any reduction in the
                         Swap Collateral Amount, from time to time and providing
                         the Designated Rating Agencies have confirmed, in
                         writing, that such refund will not result in a Note
                         Downgrade;

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

                  (iv)   paying any applicable bank account taxes or equivalent
                         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.

        (l)       Party A's obligations under this Section 15 shall:

                  (i)    survive the termination of this Agreement; and

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                  (ii)   terminate upon Party A complying with its obligations
                         (if any) under Section 15(d).

        (m)       Where Party A fails to comply with Section 15(d), this shall
                  constitute an Additional Termination Event and Party A shall
                  be the Affected Party for this purpose.

(q)     A new Section 16 is added as follows:

                  16.    Party B provisions

                         (a)    Limitation of liability

                         (A)    General

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

                         (B)    Limitation of Party B's Liability

                                (1)  Party B enters into this agreement only in
                                     its capacity as trustee of the Trust and in
                                     no other capacity (except where the
                                     Transaction Documents provide otherwise).
                                     Subject to paragraph (3) below, a liability
                                     arising under or in connection with this
                                     agreement or the Trust can be enforced
                                     against Party B only to the extent to which
                                     it can be satisfied out of the assets and
                                     property of the Trust which are available
                                     to satisfy the right of Party B to be
                                     exonerated or indemnified for the
                                     liability. This limitation of Party B's
                                     liability applies despite any other
                                     provision of this agreement and extends to
                                     all liabilities and obligations of Party B
                                     in any way connected with any
                                     representation, warranty, conduct,
                                     omission, agreement or transaction related
                                     to this agreement or the Trust.

                                (2)  Subject to subparagraph (3) below, no
                                     person (including any Relevant Party) may
                                     take action against Party B in any capacity
                                     other than as trustee of the Trust or seek
                                     the appointment of a receiver (except under
                                     this agreement), or a liquidator, an
                                     administrator or any similar person to
                                     Party B or prove in any liquidation,
                                     administration or arrangements of or
                                     affecting Party B.

                                (3)  The provisions of this section 16 shall not
                                     apply to any obligation or liability of
                                     Party B to the extent that it is not
                                     satisfied because under a Transaction
                                     Document or by operation of law there is a
                                     reduction in the extent of Party B's
                                     indemnification or exoneration out of the
                                     Assets of the Trust as a result of Party
                                     B's fraud, negligence, or Default.

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

                                (5)  In exercising their powers under the
                                     Transaction Documents, each of Party B, the
                                     Security Trustee and the Noteholders must
                                     ensure that no attorney, agent, delegate,
                                     receiver or receiver and manager appointed
                                     by it in accordance with this agreement has
                                     authority to act on behalf of Party B in a
                                     way which exposes Party B to any personal
                                     liability and no act or omission of any
                                     such person will be considered fraud,
                                     negligence, or Default of Party B for the
                                     purpose of subparagraph (3) above.

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

                                (7)  Nothing in this clause limits the
                                     obligations expressly imposed on Party B
                                     under the Transaction Documents.

                         (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; or

                                (ii) obtaining declaratory relief,

                                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
                                     section 459E(1) of the Corporations Act
                                     2001 (Cth) (or any analogous provision
                                     under any other law) against Party B;

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                                (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.

(r)     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,
                                Party A agrees 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)    Party A and Party B agree that (unless Party A
                                otherwise notifies 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.

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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                                                                         Page 14

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