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. 1 OF 2002

                                                      CRUSADE MANAGEMENT LIMITED

                                                             JPMORGAN CHASE BANK

                                                               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 2002

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DATE
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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 81 004 387 133) as
             trustee of THE CRUSADE GLOBAL TRUST NO. 1 OF 2002 (PARTY B)

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

      4.     JPMORGAN CHASE BANK (JPMCB)

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

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

                  Even if JPMCB makes a payment under this Agreement, a failure
                  by Party A to remedy, within the period stipulated in this
                  subsection 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 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):

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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. 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,
         Party B and JPMCB 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,

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         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.

(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 JPMCB) 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 3, 39 Hunter 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

         Address for notices or communications to JPMCB:

         (i)      in the case of all communications (other than facsimile
                  communications):

                  Address:          [*]
                  Attention:        [*]
                  Telex No.:        [*]
                  Answerback:       [*]

         and

         (ii)     a copy of each communication sent to the address in
                  sub-paragraph (i) (other than a notice or communication under
                  Section 5 or 6), and any facsimile communications

                  Facsimile No.:    [*]
                  Attention:        [*]

                  Telephone number for oral confirmation of receipt of facsimile
                  in legible form: [*].
                  Designated responsible employee for the purposes of Section
                  12(a)(iii): [*].

(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.
         JPMCB appoints as its Process Agent:

         JPMorgan Chase Bank
         Address: [*]
         Tel:  [*]; Fax: [*]

(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.
         JPMCB 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

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

         In relation to Party A: JPMCB
         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 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.

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(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 JPMCB 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)      (j)      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

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                                    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 2002 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
                  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

(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
         JPMCB are SUPPORT FACILITY PROVIDERS.

(q)      Agreement by JPMCB to act as Standby Basis Swap Provider:

         A new Section 15 is added as follows:

         15.      STANDBY BASIS SWAP PROVIDER

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

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                  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 F1 (Fitch).

                  DOWNGRADE means JPMCB's rating by a Designated Rating Agency
                  has been withdrawn or reduced resulting in JPMCB 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.

                  MAJOR JPMCB DOWNGRADe means a JPMCB Downgrade resulting in
                  JPMCB 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 of less than F1.

                  MINOR JPMCB DOWNGRADE means any JPMCB Downgrade which is not a
                  Major JPMCB 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 section 4.2(f) of the Supplementary Terms
                  Notice.

                  REPLACEMENT PROVIDER  means:

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

                  (ii)     where Party A notifies JPMCB that it elects to
                           replace JPMCB as Standby Basis Swap Provider, then a
                           Replacement Standby Swap Provider.

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

                  (i)      A-1 by S&P;

                  (ii)     F1 by Fitch; 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 and which JPMCB has
                  approved in writing (which approval will not be unreasonably
                  withheld).

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

         (c)      JPMCB shall be obliged to make only one payment in respect of
                  any one Confirmation.

         (d)      JPMCB 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.

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

         (f)      (i)      JPMCB's obligations under this section 15 with
                           respect to a Confirmation commence on the Effective
                           Date (specified in such Confirmation) and terminate
                           on the earlier of the date 364 days after the
                           Effective Date (the EXPIRY DATE) and the date of the
                           payment by JPMCB under this section 15 with respect
                           to such Confirmation.

                  (ii)     If JPMCB desires to extend the period for which it is
                           obliged to make a payment under section 15(b) beyond
                           an Expiry Date and for a further period of 364 days,
                           it shall give notice of that desire to Party A no
                           later than 104 days before the Expiry Date. Unless
                           Party A confirms that it will not agree to such
                           extension before the date which is 90 days before the
                           Expiry Date, Party A shall be deemed to have
                           consented to the extension.

                  (iii)    Not later than 90 days before the Expiry Date, JPMCB
                           must, after receiving the consent of Party A under
                           section 15(f)(ii), notify Party A, Party B and the
                           Manager (with a copy to the Designated Rating
                           Agencies) that it extends the period for which it is
                           obliged to make a payment under section 15(b) until
                           364 days from the date of that notice. JPMCB may make
                           further extensions of the Expiry Date in accordance
                           with this section.

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

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

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         (i)      If JPMCB does not extend its obligations under this Agreement
                  under section 15(f) and Party A receives notice from the
                  Manager of a Note Downgrade, Party A shall, within the Time
                  Stipulated after that notice comply with section 15(j).

         (j)      Subject to section 15(k), where Party A is required to comply
                  with this section 15(j) 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 and sufficient to ensure that
                                             the ratings given to the Notes by
                                             Moody's and Fitch 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 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

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                  "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 (%)

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

   A+                 1.05                 1.75               3.0
   A                  1.35                 2.45               4.5
   A-1*               1.5                  3.15               6.0

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

         (k)      Notwithstanding anything to the contrary in this section 15,
                  where a Downgrade as described in paragraph (i) of the
                  definition of Downgrade, or a Note Downgrade by S&P, has
                  occurred, a party entitled to elect a course of action under
                  this section 15 may only elect to cash collateralise under
                  section 15 (j) (i) if Party A has an Acceptable Rating and a
                  short term credit rating of not less than F1 from Fitch.

         (l)      Where Party A is required to comply with section 15(j) and
                  fails to do so within the relevant time, JPMCB shall, subject
                  to section 15(k), either:

                  (i)      deposit into, and maintain in, a Swap Collateral
                           Account the Cash Collateral Amount in accordance with
                           section 15(j)(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 section
                           15(j)(ii); or

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

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

         (n)      If, at any time, JPMCB's obligations under this Agreement are
                  novated in accordance with section 15(j)(ii) or section
                  15(l)(ii) or any Acceptable Arrangement is entered into in
                  accordance with section 15(j)(iii) or section 15(l)(iii) which
                  results in JPMCB being replaced as standby swap provider,
                  JPMCB shall be immediately entitled to any cash collateral
                  amount which it has deposited in the Swap Collateral Account.

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

         (p)      Where Party B has not established a Swap Collateral Account
                  and either Party A or JPMCB 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.

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

         (r)      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(j)(ii) or section
                           15(l)(ii) or entering into any other Acceptable
                           Arrangement in accordance with 15(j)(iii) or section
                           15(l)(iii);

                  (ii)     refunding to Party A or JPMCB (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;

                  (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.

         (s)      JPMCB'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(j) or JPMCB complying with
                           its obligations under section 15(l).

         (t)      Where:

                  (i)      Party A fails to comply with section 15(j); and

                  (ii)     JPMCB fails to comply with section 15(l),

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

         (u)      In consideration of JPMCB agreeing to act as Standby Basis
                  Swap Provider, Party A agrees to pay to JPMCB quarterly in
                  arrears a fee that accrues from day to day and is calculated
                  at the rate of A$25,000 per annum. 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.

         (v)      None of the above fees in this section 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.

         (w)      In consideration of JPMCB agreeing, at the request of Party A,
                  to act as Standby Basis Swap Provider, Party A agrees to
                  indemnify JPMCB on demand against any loss, charge,

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                  liability or expense that JPMCB 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 JPMCB to make a payment under this Agreement.

         A new Section 16 is added as follows:

                  16.      Trustee provisions

                           (a)     Limitation of liability

                           (A)     General

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

                           (B)     Limitation of Trustee's Liability

                                   (1)   The Trustee 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 the
                                         Trustee only to the extent to which it
                                         can be satisfied out of the assets and
                                         property of the Trust which are
                                         available to satisfy the right of the
                                         Trustee to be exonerated or indemnified
                                         for the liability. This limitation of
                                         the Trustee's liability applies despite
                                         any other provision of this agreement
                                         and extends to all liabilities and
                                         obligations of the Trustee in any way
                                         connected with any representation,
                                         warranty, conduct, omission, agreement
                                         or transaction related to this
                                         agreement or the Trust.

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

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

                                   (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 the
                                         Trustee (including any related failure
                                         to satisfy its obligations

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                                         under this agreement) will be
                                         considered fraud, negligence or Default
                                         of the Trustee 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 the
                                         Trustee 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 the
                                         Trustee, the Security Trustee and the
                                         Noteholders must ensure that no
                                         attorney, agent, delegate, receiver or
                                         receiver and manager appointed by it in
                                         accordance with this agreement has
                                         authority to act on behalf of the
                                         Trustee in a way which exposes the
                                         Trustee to any personal liability and
                                         no act or omission of any such person
                                         will be considered fraud, negligence,
                                         or Default of the Trustee for the
                                         purpose of 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 the
                                         Trustee 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 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,

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                                        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:
       -----------------------------               -----------------------------

JPMORGAN CHASE BANK

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. 1 OF 2002

                                                      CRUSADE MANAGEMENT LIMITED

                                                             JPMORGAN CHASE BANK

                                                               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 2002

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ISDA Schedule to the Master Agreement for
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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 2002 (PARTY B)

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

     4.      JPMORGAN CHASE BANK (JPMCB)

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

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

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

                  Even if JPMCB makes a payment under this Agreement, a failure
                  by Party A to remedy, within the period stipulated in this
                  section 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. 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,
         Party B and JPMCB 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.

(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 JPMCB) 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 3, 39 Hunter 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

         Address for notices or communications to JPMCB:

         (i)      in the case of all communications (other than facsimile
                  communications):

                  Address:          [*]
                  Attention:        [*]
                  Telex No.:        [*]
                  Answerback:       [*]

         and

         (ii)     a copy of each communication sent to the address in
                  sub-paragraph (i) (other than a notice or communication under
                  Section 5 or 6), and any facsimile communications

                  Facsimile No.:    [*]
                  Attention:        [*]

                  Telephone number for oral confirmation of receipt of facsimile
                  in legible form: [*].
                  Designated responsible employee for the purposes of Section
                  12(a)(iii): [*].

 (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.
         JPMCB appoints as its Process Agent:

         JPMorgan Chase Bank
         Address: [*]
         Tel:  [*]; Fax:  [*]

(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.
         JPMCB 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

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

         In relation to Party A: JPMCB
         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 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:

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         (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 JPMCB 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:

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         (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 2002 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:

                           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

(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
         JPMCB are SUPPORT FACILITY PROVIDERS.

(q)      Agreement by JPMCB 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 Section 15 the following additional
                  definitions apply:

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                  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 F1 (Fitch).

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

                  (i)      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.

                  MAJOR JPMCB DOWNGRADE means a JPMCB Downgrade resulting in
                  JPMCB having:

                  (i)      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 of less than F1.

                  MINOR JPMCB DOWNGRADE means any JPMCB Downgrade which is not a
                  Major JPMCB 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 Section 4.2(f) of the Supplementary Terms
                  Notice.

                  REPLACEMENT PROVIDER  means:

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

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

                  REPLACEMENT STANDBY SWAP PROVIDER means a party that has
                  agreed to replace JPMCB 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; 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 JPMCB has approved in writing (which approval will not
                  be unreasonably withheld).

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

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

         (c)      JPMCB 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 JPMCB receives a notice under Section 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
                  (Sydney time) 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 (Sydney time) on the next
                  Business Day.

         (e)      JPMCB's obligations under this Section 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, JPMCB is Downgraded and the downgrade
                  constitutes a Minor JPMCB Downgrade, Party A shall, within 30
                  days (or such greater period as agreed by the relevant
                  Designated Rating Agency), comply with Section 15(h).

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

         (h)      Subject to Section 15(i), where Party A is required to comply
                  with this Section 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)      CCR; and either:

                                    (1)      an amount acceptable to Moody's and
                                             Fitch and sufficient to ensure that
                                             the ratings given to the Notes by
                                             Moody's and Fitch 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

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                           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 (h)(i), 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 (%)

     COUNTERPARTY      MATURITIES UP      MATURITIES UP        MATURITIES MORE
     RATING            TO 5 YEARS         TO 10 YEARS          THAN 10 YEARS
     A+                1.05               1.75                 3.0
     A                 1.35               2.45                 4.5
     A-1*              1.5                3.15                 6.0

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

         (i)      Notwithstanding anything to the contrary in this Section 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 Section 15 may only elect
                  to cash collateralise under Section (j)(i) if Party A has an
                  Acceptable Rating and a short term credit rating of not less
                  than F1 from Fitch.

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

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

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

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

         (k)      Where either JPMCB or Party A procures a Replacement Provider
                  in accordance with Section 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, JPMCB's obligations under this Agreement are
                  novated in accordance with Section 15(h)(ii) or 15(j)(ii) or
                  any Acceptable Arrangement is entered into in accordance with
                  Section 15(h)(iii) or 15(j)(iii) which results in JPMCB being
                  replaced as Standby Interest Rate Swap Provider, JPMCB 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
                  JPMCB Downgrade, the Manager shall notify Party A, JPMCB 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 JPMCB 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.

         (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 Section 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 JPMCB (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;

                  (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)      JPMCB'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(h) or JPMCB complying with
                           its obligations under Section 15(j).

         (r)      Where:

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

                  (ii)     JPMCB fails to comply with Section 15(j); and

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

         (s)      In consideration of JPMCB agreeing to act as Standby Interest
                  Rate Swap Provider, Party A agrees to pay to JPMCB 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 Section 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 JPMCB agreeing, at the request of Party A,
                  to act as Standby Interest Rate Swap Provider, Party A agrees
                  to indemnify JPMCB on demand against any loss, charge,
                  liability or expense that JPMCB 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 JPMCB to make a payment under this Agreement.

         (v)      If for any period JPMCB is required to make any payment under
                  Section 15(b), or otherwise comply with any obligation under a
                  Confirmation in place of Party A:

                  (i)      for so long as St.George Bank Limited is the Servicer
                           during that period, St.George Bank will ensure; or

                  (ii)     if at any time during that period St.George is
                           removed as Servicer, Party B must use its best
                           endeavours to procure that any replacement Servicer
                           agrees to ensure, that the fixed rate of interest
                           charged in respect of any Floating Rate Loans which
                           convert to Fixed Rate Loans during that period is a
                           reasonable market rate of interest.

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

                  16.      Trustee provisions

                           (a)      Limitation of liability

                           (A)      General

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

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                           (B)      Limitation of Trustee's Liability

                                    (1)      The Trustee 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 the Trustee only
                                             to the extent to which it can be
                                             satisfied out of the assets and
                                             property of the Trust which are
                                             available to satisfy the right of
                                             the Trustee to be exonerated or
                                             indemnified for the liability. This
                                             limitation of the Trustee's
                                             liability applies despite any other
                                             provision of this agreement and
                                             extends to all liabilities and
                                             obligations of the Trustee in any
                                             way connected with any
                                             representation, warranty, conduct,
                                             omission, agreement or transaction
                                             related to this agreement or the
                                             Trust.

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

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

                                    (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 the Trustee (including
                                             any related failure to satisfy its
                                             obligations under this agreement)
                                             will be considered fraud,
                                             negligence or Default of the
                                             Trustee for the purpose of
                                             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 the Trustee 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
                                             the Trustee, the Security Trustee
                                             and the Noteholders must ensure
                                             that no attorney, agent, delegate,
                                             receiver or receiver and manager
                                             appointed by it in accordance with
                                             this

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                                             agreement has authority to act on
                                             behalf of the Trustee in a way
                                             which exposes the Trustee to any
                                             personal liability and no act or
                                             omission of any such person will be
                                             considered fraud, negligence, or
                                             Default of the Trustee for the
                                             purpose of 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
                                             the Trustee 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 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.

         (x)      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
                           JPMCB agree that Party B's

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                           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 JPMCB has not been required to make any
                           payment under Section 15(b), JPMCB, Party A and Party
                           B agree that (unless Party A otherwise notifies JPMCB
                           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 JPMCB has been required to make a payment under
                           Section 15(b), Party A must not waive or reduce the
                           amount of any Break Payment without the prior consent
                           of JPMCB

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:
         ---------------------------               -----------------------------

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                                                                         Page 15

<PAGE>

ISDA Schedule to the Master Agreement for
Interest Rate Swap                                 [ALLENS ARTHUR ROBINSON LOGO]

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PERPETUAL TRUSTEES CONSOLIDATED LIMITED

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

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

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

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

CRUSADE MANAGEMENT LIMITED

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

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

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

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

JPMORGAN CHASE BANK

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

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

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

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

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                                                                         Page 16

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