Deed
           
Amending Deed No. 11 to the Mortgage
Origination and Management
Agreement
Superannuation Members' Home Loans Programme
 
   
Perpetual Limited
ABN 86 000 431 827
 
ME Portfolio Management Limited
ABN 79 005 964 134
 
and
 
Members Equity Bank Pty Limited
ABN 56 070 887 679
 

 

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Contents
 
 
 

  Table of contents          
The agreement
1
       
Operative part
2
     
1
Definitions and interpretations
2
       
1.1
Definitions
2
 
1.2
Interpretations
2
     
2
Amendments to the Agreement
3
       
2.1
Amendments
3
 
2.2
Effectiveness
3
 
2.3
Amendments not to affect validity, rights, obligations
4
 
2.4
Acknowledgements
4
     
3
General
4
       
3.1
Governing law and jurisdiction
4
 
3.2
Variation
4
 
3.3
Further assurances
4
 
3.4
Counterparts
4
 
3.5
Attorneys
4
 
3.6
Trustee limitation of liability
5
       
Signing page
6

 
 
Amending Deed to the Mortgage Origination and Management
   
Agreement
  Contents 1

 

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The agreement
 
Amending Deed to the Mortgage Origination and Management Agreement
Superannuation Members' Home Loans Programme

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Date ► 2007    
Between the parties
 
     
Trustee
Perpetual Limited
 
ABN 86 000 431 827 of Level 12, 123 Pitt Street Sydney NSW 2000
 
   
Manager
ME Portfolio Management Limited
 
ABN 79 005 964 134 of Level 16, 360 Collins Street Melbourne VIC 3000
 
   
Mortgage Manager
Members Equity Bank Pty Limited
 
ABN 56 070 887 679 of Level 16, 360 Collins Street Melbourne VIC 3000
 
   
Background
1 The Trustee is a trustee of trusts known as the Superannuation Members’ Home
Loans Trusts (Trusts) and the Manager is a manager of the Trusts.
 
2 The Trustee, the Manager and the Former Mortgage Manager entered into the
Mortgage Origination and Management Agreement.
 
3 By the Deed of Novation the Former Mortgage Manager surrendered its rights and
was released and discharged from its obligations under the Mortgage Origination
and Management Agreement and the Mortgage Manager became entitled to equivalent
rights and assumed equivalent obligations.
 
4 The parties wish to amend the Agreement in the manner set out in this deed.
 
   
This deed witnesses
that in consideration of, among other things, the mutual promises contained in
this deed, the parties agree as set out in the Operative part of this deed.
 

 
 
Amending Deed to the Mortgage Origination and Management
   
Agreement
  page 1

 

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Operative part
 

1
Definitions and interpretations

 

1.1
Definitions

 
The meanings of the terms used in this document are set out below.
 
Term
 
Meaning
   
Agreement
 
The agreement created by the Mortgage Origination and Management Agreement and
the Deed of Novation
   
Deed of Novation
The deed dated 28 September 1995 between the Trustee, the Manger, the Former
Mortgage Manager and the Mortgage Manager
 
   
Designated Rating Agency
The same meaning as in the Master Trust Deed.
 
   
Former Mortgage Manager
National Mutual Property Services (Aust) Pty Limited
ACN 006 240 884
 
   
Fund
The same meaning given to it in the Master Trust Deed
 
   
Master Trust Deed
The trust deed dated 4 July 1994 between the Manager and Trustee
 
   
Mortgage Origination and Management Agreement
The agreement dated 4 July 1994 between the Trustee, the Manager and the Former
Mortgage Manager (as amended)
 
   
Origination Fund
The same meaning given to it in the Master Trust Deed.
 
   
Supplementary Bond Terms Notice
The Supplementary Bond Terms Notice- SF2004-1P Class A and Class B Bonds in
respect of the Warehouse Fund between the Trustee and the Manager dated 15
January 2004.
 
   
Warehouse Fund
The Fund called Superannuation Members’ Home Loans Warehousing Trust 2004-1
(formerly Superannuation Members’ Home Loans Securitisation Fund 2004-1P)
created on 12 January 2004.
 

 

1.2
Interpretations

 
Clause 1.2 of the Agreement is incorporated in this deed as if set out in full
in this deed.
 
 
Amending Deed to the Mortgage Origination and Management
   
Agreement
  page 2

 

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2
Amendments to the Agreement

 

2.1
Amendments

 
The Agreement is amended by:
 

(a)
Amending clause 3.3 by:

 

(1)
deleting the:

 

 
(A)
word “claims” which follows the word “damages”; and

 

 
(B)
words “suffered or incurred” which follow the word “expenses”; and

 

 
(2)
inserting the word “directly incurred” following the words “damages and
expenses”.

 

(b)
Amending clause 10.3(b) by:

 

 
(1)
deleting the:

 

 
(A)
word “claims” which follows the word “damages”; and

 

 
(B)
words “or in connection with” which follow the words “result of”; and

 

 
(2)
inserting the word “direct” following the words “or incur as a”.

 

(c)
deleting clause 10.4(a) Repurchase of Mortgages and replacing it with:

 

“(a)
Notwithstanding clause 10.3 if the Trust Manager determines that any
representation or warranty by the Mortgage Manager in a Bond Issue Confirmation
Certificate with respect to a Mortgage forming part of a Securitisation Fund
(and such Securitisation Fund is hereinafter referred to as the “First Fund”) is
false or misleading the Trustee as trustee of any other Securitisation Fund
created pursuant to the Trust Deed (and such Fund is hereinafter referred to as
the “Second Fund”) will be obliged at the request of the Trust Manager to either
(at the election of the Manager):

 

(1)
repurchase the Mortgage; or

 

(2)
repurchase and substitute or substitute or cause to be substituted a Mortgage in
which event the Trustee as trustee for the First Fund and the Trust Manager
shall be obliged to comply with provisions of the Supplementary Bond Terms
Notice with respect to the substitution of Mortgages into the First Fund,

 
within 120 days after the giving the relevant Bond Issue Confirmation
Certificate.”
 

(d)
deleting from clause 14.2 the following paragraph:

 
“The Mortgage Manager may not terminate this Agreement unless a replacement
mortgage manager has been appointed by the Trust Manager and the Trustee and it
has entered into an agreement with the Trust Manager and the Trustee on terms
similar to this Agreement and satisfactory to the Trust Manager and the Trustee.
Any such appointment must not be made unless prior notice is given by the Trust
Manager to each Designated Rating Agency or if it would have an adverse effect
on the rating of any Bonds (as defined in the Trust Deed).”
 

2.2
Effectiveness

 
The amendments to the Agreement in clause 2.1 take effect on and from the date
of this deed:
 

(a)
in respect of each Fund created on or after the date of this deed; and

 

(b)
in respect of any existing Origination Fund and the Warehouse Fund.

 
 
Amending Deed to the Mortgage Origination and Management
   
Agreement
  page 3

 

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2.3
Amendments not to affect validity, rights, obligations

 

(a)
An amendment to the Agreement does not affect the validity or enforceability of
the Agreement.

 

(b)
Nothing in this deed:

 

 
(1)
prejudices or adversely affects any right, power, authority, discretion or
remedy arising under the Agreement before the date of this deed; or

 

 
(2)
discharges, releases or otherwise affects any liability or obligation arising
under the Agreement before the date of this deed.

 

2.4
Acknowledgements

 

(a)
Each party confirms that:

 

 
(1)
it has received a copy of a confirmation by each Designated Rating Agency that
the Designated Rating Agency has received notice of the amendments in clause 2.1
in accordance with clause 12.5(b) of the Supplementary Bond Terms Notice; and

 

 
(2)
such confirmation is in terms satisfactory to that party.

 

(b)
Except for the Warehouse Fund, the Manager acknowledges that no consent to the
amendments is required from any Designated Rating Agency or any other party by
reason of clauses 2.1 and 2.2.

 

3
General

 

3.1
Governing law and jurisdiction

 

(a)
This deed is governed by the laws of the State of New South Wales.

 

(b)
Each of the parties irrevocably submits to the non-exclusive jurisdiction of the
courts of the State of New South Wales.

 

3.2
Variation

 
A variation of any term of this deed must be in writing and signed by the
parties.
 

3.3
Further assurances

 
Each party must do all things and execute all further documents necessary to
give full effect to this deed.
 

3.4
Counterparts

 

(a)
This deed may be executed in any number of counterparts.

 

(b)
All counterparts, taken together, constitute one instrument.

 

(c)
A party may execute this deed by signing any counterpart.

 

3.5
Attorneys

 
Each of the attorneys executing this deed states that the attorney has no notice
of the revocation of the power of attorney appointing that attorney.
 
 
Amending Deed to the Mortgage Origination and Management
   
Agreement
  page 4

 

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3.6
Trustee limitation of liability

 
Clause 17 of the Agreement is incorporated in this deed as if set out in full in
this deed except that references to “this Agreement” are references to “this
deed”.
 
 
Amending Deed to the Mortgage Origination and Management
   
Agreement
  page 5

 

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Signing page
 
 
 

  Executed as a deed      
Trustee
     
Signed sealed and delivered for
Perpetual Limited
by its attorney
     
sign here►
 
/s/ Craig Cullen
   
Authorised Signatory
 
print name
 
Craig Cullen
   
Assistant Manager
 
       
sign here►
/s/ Mark Dickenson
   
Authorised Signatory
 
print name
 
Mark Dickenson
   
Senior Manager
         
in the presence of
 
 
sign here►
 
 
/s/ Andrea Ruver
   
Witness
 
 
print name
Andrea Ruver
             

 
 
Amending Deed to the Mortgage Origination and Management
   
Agreement
  page 6

 

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Manager
     
Signed sealed and delivered for
ME Portfolio Management Limited
by two authorised signatories
           
sign here►
/s/ Nicholas Vamvakas
   
Authorised Signatory
 
print name
 
Nicholas Vamvakas
           
sign here►
/s/ Paul Garvey
   
Authorised Signatory
 
print name
 
Paul Garvey
   
Manager Capital Markets
 

 

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Mortgage Manager
     
Signed sealed and delivered for
Members Equity Bank Pty Limited
by two authorised signatories
       
sign here►
/s/ Nicholas Vamvakas
   
Authorised Signatory
 
print name
 
Nicholas Vamvakas
             
sign here►
/s/ Paul Garvey
   
Authorised Signatory
 
print name
 
Paul Garvey
   
Manager Capital Markets
 

 

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Amending Deed to the Mortgage Origination and Management
   
Agreement
  page 7

 

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