Perpetual
      Limited

    
      

    

    ME
      Portfolio Management Limited
      

    

     

     

    Supplementary
      Bond 

    Terms
      Notice: SMHL 

    Global
      Fund 2007-1 - 

    Liquidity
      Notes

    


     

    


    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        Supplementary
          Bond Notice: SMHL Global Fund 2007-1 - Liquidity Notes

      

    

     

    Table
      of contents

     

    
      	
              Clause

            	
              Page

            
	 	 	 
	
              1

            	
              Function

            	
              1

            
	 	 	 
	
              2

            	
              Definitions
                and Interpretation

            	
              1

            
	 	 	 	 
	 	
              2.1

            	
              Definitions

            	
              1

            
	 	
              2.2

            	
              Incorporation
                of Master Trust Deed Definitions

            	
              3

            
	 	
              2.3

            	
              Interpretation

            	
              3

            
	 	 	 
	
              3

            	
              Interest
                on the Liquidity Note

            	
              3

            
	 	 	 	 
	 	
              3.1

            	
              Interest

            	
              3

            
	 	
              3.2

            	
              Calculation
                of Interest

            	
              3

            
	 	
              3.3

            	
              Payment
                of Interest

            	
              4

            
	 	 	 
	
              4

            	
              Payment
                of Principal on the Notes

            	
              4

            
	 	 	 	 
	 	
              4.1

            	
              Final
                Maturity Date

            	
              4

            
	 	
              4.2

            	
              Reduction
                in Principal balance

            	
              4

            
	 	
              4.3

            	
              Cancellation
                on Repayment

            	
              4

            
	 	 	 
	
              5

            	
              Notes
                Callable at Option of Trustee

            	
              4

            
	 	 	 
	
              6

            	
              Cash
                collateral

            	
              5

            
	 	 	 
	
              7

            	
              Distribution
                of collections

            	
              5

            
	 	 	 	 
	 	
              7.1

            	
              Distribution
                of Collections

            	
              5

            
	 	
              7.2

            	
              Rights
                for Repayment of Principal

            	
              5

            
	 	 	 
	
              8

            	
              Notifications
                of calculations etc

            	
              5

            
	 	 	 
	
              9

            	
              Notice
                to Noteholders

            	
              5

            
	 	 	 
	
              10

            	
              Restriction
                on transfer

            	
              6

            
	 	 	 
	
              11

            	
              Rating
                Agency requirements

            	
              6

            
	 	 	 	 
	 	
              11.1

            	
              Designated
                Rating Agencies

            	
              6

            
	 	
              11.2

            	
              Designated
                Ratings

            	
              6

            
	 	
              11.3

            	
              Investment
                of Fund

            	
              6

            
	 	 	 
	
              12

            	
              Miscellaneous

            	
              6

            
	 	 	 	 
	 	
              12.1

            	
              Banking
                Day

            	
              6

            
	 	
              12.2

            	
              Provisions
                of the Master Trust Deed to Apply Other Than as Set Out
                Herein

            	
              6

            


    

     

    
      
        
        

      

      
        page
          i

        
          

        

      

      
        
        

        Supplementary
          Bond Notice: SMHL Global Fund 2007-1 - Liquidity Notes

      

    

     

    
      	 	
              12.3

            	
              Limitation
                of Liability

            	
              6

            
	 	
              12.4

            	
              Know
                Your Customer

            	
              7

            
	 	
              12.5

            	
              Compliance
                with Regulation AB

            	
              7

            
	 	
              12.6

            	
              Direction
                of claims by the Manager

            	
              12

            
	 	
              12.7

            	
              Direction
                of defence of claims

            	
              13

            
	 	 	 
	
              13

            	
              Financial
                Default

            	
              13

            
	 	 	 
	
              14

            	
              Attorney

            	
              13

            
	 	 
	
              Schedule
                A - Report on assessment of compliance with Regulation AB Servicing
                Criteria

            	
              15

            
	 	 
	
              Schedule
                B - Servicing Criteria to be addressed in assessment of
                compliance

            	
              16

            


    

     

    


     

    


     


    
      
        
        

      

      
        page
          ii

        
          

        

      

      
        
        

        Supplementary
          Bond Notice: SMHL Global Fund 2007-1 - Liquidity Notes

      

    

     

    Date  29
      May
      2007

     

    Supplementary
      Bond Terms Notice 

    SMHL
      Global Fund 2007-1 - Liquidity Notes

     

    
      
        	
                To:

              	
                Perpetual
                  Limited

              


      

    

    ABN
      86
      000 431 827

    as
      trustee of the SMHL Global Fund 2007-1 

    (Trustee)

    

      
        	
                From:

              	
                ME
                  Portfolio Management
                  Limited

              


      

    

    ABN
      79
      005 964 134

    as
      manager of the SMHL Global Fund 2007-1 

    (Manager)

     

    
      
        

      

    

    
      	
              1

            	
              Function

            


    

     

    This
      Supplementary Bond Terms Notice:

     

    
      	 	
              (a)

            	
              accompanies
                a Securitisation Fund Bond Issue Direction dated 29 May 2007 as the
                same
                may be amended from time to time, in relation to a proposed issue
                of Notes
                by the Trustee;

            


    

     

    
      	 	
              (b)

            	
              sets
                out the Supplementary Bond Terms for the Notes comprised in the Class
                named in the Bond Issue Direction as the “SMHL Global Fund 2007-1 -
                Liquidity Notes”; and

            


    

     

    
      	 	
              (c)

            	
              shall
                be entered into the Register by the Trustee pursuant to clause 23.1(f)
                of
                the Master Trust Deed.

            


    

     

    
      
        

      

    

    
      	
              2

            	
              Definitions
                and Interpretation

            


    

     

    
      	 	
              2.1

            	
              Definitions

            


    

     

    In
      this
      Supplementary Bond Terms Notice (including clause 1), unless the context
      indicates a contrary intention:

     

    Bond
      Issue Direction
      means
      the Securitisation Fund Bond Issue Direction referred to in clause
      1(a).

     

    Class
      A Note
      has the
      meaning given to it in the SMHL Global Fund 2007-1 Bond Terms.

     

    Class
      B Note
      has the
      meaning given to it in the SMHL Global Fund 2007-1 Bond Terms.

     

    Commission
      has
      the
      meaning given to it in the SMHL Global Fund 2007-1 Bond Terms.

    
      
        
        

      

      
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          1

        
          

        

      

      
        
        

        Supplementary
          Bond Notice: SMHL Global Fund 2007-1 - Liquidity Notes

      

    

     

    Exchange
      Act has
      the
      meaning given to it in the SMHL Global Fund 2007-1 Bond Terms.

     

    Final
      Maturity Date
      means
      the earlier of:

     

    
      	 	
              (a)

            	
              12
                June 2040; and

            


    

     

    
      	 	
              (b)

            	
              the
                date declared to be the Final Maturity Date in accordance with
                clause 5.

            


    

     

    Fitch
      Ratings
      means
      Fitch Australia Pty Ltd.

     

    Interest
      Amount means,
      in
      relation to a Liquidity Note and an Interest Period, interest on that Liquidity
      Note for that Interest Period calculated in accordance with clause
      3.2.

     

    Interest
      Period
      has the
      same meaning as in the SMHL Global Fund 2007-1 Bond Terms.

     

    Interest
      Rate
      has, in
      relation to an Interest Period, the same meaning as in the SMHL Global Fund
      2007-1 Bond Terms.

     

    Issue
      Date
      means
      the Bond Issue Date relating to the Liquidity Notes.

     

    Liquidity
      Notes
      means
      the Bonds (as defined in the Master Trust Deed) comprised in the Class named
      in
      the Bond Issue Direction as “SMHL Global Fund 2007-1 - Liquidity Notes”, issued
      by the Trustee pursuant to the Bond Issue Direction and in accordance with
      the
      Master Trust Deed.

     

    Liquidity
      Noteholder
      means
      initially P.T. Limited (as nominee for Perpetual Limited, in its capacity as
      trustee of Superannuation Members’ Home Loans Warehousing Trust 2004-1), and
      thereafter each person who is from time to time entered in the Register as
      the
      holder of a Liquidity Note.

     

    Manager
      means ME
      Portfolio Management Limited.

     

    Master
      Trust Deed
      means
      the Master Trust Deed dated 4 July 1994 made between the Trustee and the Manager
      and providing for the establishment of a series of separate trusts known
      collectively as the Superannuation Members’ Home Loans Trusts, as amended and
      restated from time to time.

     

    Moody’s
      means
      Moody’s Investors Service Pty Limited.

     

    Original
      Principal Balance
      means,
      in relation to a Liquidity Note, the initial Face Value of the Liquidity
      Note.

     

    Outstanding
      Principal Balance
      means,
      at any time in relation to a Liquidity Note, the Original Principal Balance
      of
      the Liquidity Note minus all repayments of principal made in relation to the
      Liquidity Note.

     

    Payment
      Date
      has the
      same meaning as in the SMHL Global Fund 2007-1 Bond Terms.

     

    Principal
      Collections
      has the
      same meaning as in the SMHL Global Fund 2007-1 Bond Terms.

     

    Regulation
      AB has
      the
      meaning given to it in the SMHL Global Fund 2007-1 Bond Terms.

     

    S&P
      means
      Standard and Poor’s (Australia) Pty. Ltd.

    
      
        
        

      

      
        page
          2

        
          

        

      

      
        
        

        Supplementary
          Bond Notice: SMHL Global Fund 2007-1 - Liquidity Notes

      

    

     

    Securities
      Act
      means
      the United States Securities Act of 1933, as amended.

     

    Securitisation
      Fund
      means
      the Securitisation Fund established under the Master Trust Deed known as the
      SMHL Global Fund 2007-1.

     

    Security
      Trust Deed
      means
      the Security Trust Deed for the Securitisation Fund.

     

    Servicing
      Criteria
      means
      the “servicing criteria” set forth in Item 1122(d) of Regulation AB, as such may
      be amended from time to time.

     

    SMHL
      Global Fund 2007-1 Bond Terms
      means
      the Supplementary Bond Terms Notice dated on or about the date of this
      Supplementary Bond Terms Notice in respect of the Securitisation Fund and
      providing terms of issue for the Class A Notes and Class B Notes.

     

    Subcontractor
      means
      any vendor, subcontractor or other entity that is not responsible for the
      overall servicing (as "servicing" is commonly understood by participants in
      the
      mortgage-backed securities market) of Loans but performs one or more discrete
      functions identified in Item 1122(d) of Regulation AB with respect to Loans
      or
      the Securitisation Fund under the direction or authority of the
      Trustee.

     

    Trustee
      means
      Perpetual Limited, in its capacity as trustee of the Securitisation
      Fund.

     

    
      	 	
              2.2

            	
              Incorporation
                of Master Trust Deed
                Definitions

            


    

     

    Subject
      to clause 2.1, each term or expression used herein that is defined in the Master
      Trust Deed (as amended by the SMHL Global Fund 2007-1 Bond Terms) and is not
      defined herein shall have the same meaning herein unless the context otherwise
      requires or unless otherwise defined herein.

     

    
      	 	
              2.3

            	
              Interpretation

            


    

     

    The
      provisions of clause 1.2 of the Master Trust Deed shall be incorporated, mutatis
      mutandis, into this Supplementary Bond Terms Notice, as if references in that
      clause to “this Deed” were references to this Supplementary Bond Terms
      Notice.

     

      
        

      

    

    
      	
              3

            	
              Interest
                on the Liquidity Note

            


    

     

    
      	 	
              3.1

            	
              Interest

            


    

     

    Each
      Liquidity Note bears interest calculated, and payable in arrears, in accordance
      with this clause 3 and clause 7 until the Final Maturity Date or the date on
      which the Outstanding Principal Balance of the Liquidity Note is reduced to
      zero
      (whichever is the earlier).

     

    
      	 	
              3.2

            	
              Calculation
                of Interest

            


    

     

    Interest
      on each Liquidity Note is calculated for each Interest Period:

     

    
      	 	
              (a)

            	
              on
                the daily Outstanding Principal Balance of the Liquidity Note during
                that
                Interest Period;

            


    

     

    
      
        
        

      

      
        page
          3

        
          

        

      

      
        
        

        Supplementary
          Bond Notice: SMHL Global Fund 2007-1 - Liquidity Notes

      

    

     

    
      	 	
              (b)

            	
              at
                the Interest Rate for the Liquidity Note for that Interest Period;
                and

            


    

     

    
      	 	
              (c)

            	
              on
                the actual number of days in that Interest Period and assuming a
                year of
                365 days.

            


    

     

    
      	 	
              3.3

            	
              Payment
                of Interest

            


    

     

    On
      each
      relevant Payment Date, the Manager must direct the Trustee to pay, and the
      Trustee must, subject to clause 7, pay the Interest Amount for each Liquidity
      Note for the Interest Period to which that relevant Payment Date
      relates.

     

      
        

      

    

    
      	
              4

            	
              Payment
                of Principal on the Notes

            


    

     

    
      	 	
              4.1

            	
              Final
                Maturity Date

            


    

     

    The
      Outstanding Principal Balance of each Liquidity Note must, subject to
      clause 7, be repaid in full on the Final Maturity Date.

     

    
      	 	
              4.2

            	
              Reduction
                in Principal balance

            


    

     

    On
      each
      relevant Payment Date, the Trustee must (at the direction of the Manager) comply
      with clause 5.5 of the SMHL Global Fund 2007-1 Bond Terms and each repayment
      of
      principal of the Liquidity Notes must be applied as between each Liquidity
      Note
      as the Manager may from time to time determine until the Outstanding Principal
      Balance for each Liquidity Note is reduced to zero. Each payment of principal
      in
      respect of a Liquidity Note under this Supplementary Bond Terms Notice reduces
      the Outstanding Principal Balance of the Liquidity Note by the amount of that
      payment. The Trustee has no obligation to make any payment under this clause
      4
      in respect of the Liquidity Notes in excess of the Outstanding Principal Balance
      of the Liquidity Notes immediately prior to that payment being
      made.

     

    
      	 	
              4.3

            	
              Cancellation
                on Repayment

            


    

     

    Upon
      the
      reduction of the Outstanding Principal Balance of the Liquidity Notes to zero
      by
      repayment of principal in accordance with this Supplementary Bond Terms Notice
      and payment of all the Interest Amounts in relation to that Liquidity Bond,
      the
      Liquidity Note is cancelled.

     

      
        

      

    

    
      	
              5

            	
              Notes
                Callable at Option of
                Trustee

            


    

     

    If
      the
      Trustee declares a date to be the Final Maturity Date of the Notes issued
      pursuant to the SMHL Global Fund 2007-1 Bond Terms in accordance with the SMHL
      Global Fund 2007-1 Bond Terms, the Trustee must declare, and the Manager must
      direct the Trustee to declare, by giving not less than 5 Banking Days notice
      to
      the Liquidity Noteholder, that same date to be the Final Maturity Date for
      the
      Liquidity Notes.

    
      
        
        

      

      
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          4

        
          

        

      

      
        
        

        Supplementary
          Bond Notice: SMHL Global Fund 2007-1 - Liquidity Notes

      

    

     

      
        

      

    

    
      	
              6

            	
              Cash
                collateral

            


    

     

    The
      Trustee and Manager must:

     

    
      	 	
              (a)

            	
              comply
                with the terms of clause 5 of the SMHL Global Fund 2007-1 Bond Terms;
                and

            


    

     

    
      	 	
              (b)

            	
              not
                make any variation or amendment to the SMHL Global Fund 2007-1 Bond
                Terms
                without the consent of the Liquidity
                Noteholder.

            


    

     

      
        

      

    

    
      	
              7

            	
              Distribution
                of collections

            


    

     

    
      	 	
              7.1

            	
              Distribution
                of Collections

            


    

     

    Subject
      to the terms of the Security Trust Deed, on each relevant Payment Date, the
      Trustee must apply the Interest Collections and the Principal Collections for
      the relevant Calculation Period in accordance with the SMHL Global Fund 2007-1
      Bond Terms.

     

    
      	 	
              7.2

            	
              Rights
                for Repayment of Principal

            


    

     

    The
      rights of the Liquidity Noteholder to receive payment of or towards the
      Outstanding Principal Balance are subject to clause 6.3 of the SMHL Global
      Fund
      2007-1 Bond Terms.

     

      
        

      

    

    
      	
              8

            	
              Notifications
                of calculations etc

            


    

     

    The
      Manager must, not later than two Banking Days before each relevant Payment
      Date
      advise the Trustee in writing of the Outstanding Principal Balance of all
      Liquidity Notes following the making of all payments to be made on that relevant
      Payment Date in accordance with the SMHL Global Fund 2007-1 Bond Terms and
      this
      Supplementary Bond Terms Notice.

     

      
        

      

    

    
      	
              9

            	
              Notice
                to Noteholders

            


    

     

    
      	 	
              (a)

            	
              (Notices):
                The Manager shall from time to time advise the Liquidity Noteholder
                of the
                Interest Amount, Principal Entitlement and Outstanding Principal
                Balance
                on the Liquidity Notes.

            


    

     

    
      	 	
              (b)

            	
              (Method
                of Notices):
                A notice to the Liquidity Noteholder pursuant to clause 9(a) must
                be given
                in writing sent to the address or facsimile number of the Liquidity
                Noteholder then appearing in the
                Register.

            


    

     

    
      	 	
              (c)

            	
              (Non-Receipt):
                The Manager shall not be liable for the accidental omission to give
                to, or
                the non-receipt or late receipt by, the Liquidity Noteholder of a
                notice
                pursuant to this clause 9.

            


    

     

    
      
        
        

      

      
        page
          5

        
          

        

      

      
        
        

        Supplementary
          Bond Notice: SMHL Global Fund 2007-1 - Liquidity Notes

      

    

     

     

      
        

      

    

    
      	
              10

            	
              Restriction
                on transfer

            


    

     

    For
      the
      purposes of clause 8.1 of the Master Trust Deed the Liquidity Noteholder may
      not
      transfer any Liquidity Note without the prior written consent of the trustee
      for
      the time being of the Fund on whose behalf it holds Liquidity Notes, the
      Security Trustee and provided the Manager has received from each Designated
      Rating Agency a confirmation that there will be no adverse change to the rating
      of the Notes. 

     

      
        

      

    

    
      	
              11

            	
              Rating
                Agency requirements

            


    

     

    
      	 	
              11.1

            	
              Designated
                Rating Agencies

            


    

     

    The
      Designated Rating Agencies for the Liquidity Notes are Moody’s, S&P and
      Fitch Ratings.

     

    
      	 	
              11.2

            	
              Designated
                Ratings

            


    

     

    The
      Liquidity Notes are not rated and have no Designated Rating.

     

    
      	 	
              11.3

            	
              Investment
                of Fund

            


    

     

    The
      Trustee and the Manager must comply with the SMHL Global Fund 2007-1 Bond Terms
      insofar as they relate to:

     

    
      	 	
              (a)

            	
              the
                investment of the Assets of the Fund in Authorised Investments;
                and

            


    

     

    
      	 	
              (b)

            	
              the
                exercise of their respective powers under the Master Trust Deed with
                respect to the setting of the rate of interest payable on or in respect
                of
                Loans secured by Mortgages comprised in the Assets of the
                Fund.

            


    

     

      
        

      

    

    
      	
              12

            	
              Miscellaneous

            


    

     

    
      	 	
              12.1

            	
              Banking
                Day

            


    

     

    Where
      any
      determination, date, payment, matter or thing falls under this Supplementary
      Bond Terms Notice on a day which is not a Banking Day, then such determination,
      date, payment, matter or thing shall be done or extended to the first Banking
      Day thereafter.

     

    
      	 	
              12.2

            	
              Provisions
                of the Master Trust Deed to Apply Other Than as Set Out
                Herein

            


    

     

    Other
      than as expressly set out herein, or inconsistent with this Supplementary Bond
      Terms Notice, but subject to clause 12.3, the provisions of the Master Trust
      Deed shall apply to all Notes and to all Noteholders.

     

    
      	 	
              12.3

            	
              Limitation
                of Liability

            


    

     

    Without
      derogating from the generality of clause 12.2 nothing in this Supplementary
      Bond
      Terms Notice shall, nor shall it be construed as, limiting or in any way
      affecting the full operation of clause 26 of the Master Trust Deed.

     

    
      
        
        

      

      
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          6

        
          

        

      

      
        
        

        Supplementary
          Bond Notice: SMHL Global Fund 2007-1 - Liquidity Notes

      

    

     

    
      	 	
              12.4

            	
              Know
                Your Customer

            


    

     

    Subject
      to any confidentiality, privacy or general trust law obligations owed by the
      Trustee to Bondholders and any applicable confidentiality or privacy laws,
      except to the extent those obligations or laws are overridden by applicable
      anti-money laundering or counter-terrorism financing laws, each party hereto
      (Information
      Provider)
      agrees
      to provide any information and documents reasonably required by another party
      hereto (Information
      Receiver)
      for the
      Information Receiver to comply with any applicable anti-money laundering or
      counter-terrorism financing laws including, without limitation, any laws
      imposing "know your customer" or other identification checks or procedures
      on a
      party, but only to the extent that such information is in the possession of,
      or
      otherwise readily available to, the Information Provider. The Information
      Receiver may, to the extent required by law, decline to perform its affected
      obligations under the Transaction Documents to which it is a party. Any
      Information Receiver receiving information and documents pursuant to this clause
      12.4 agrees to utilize such information and documents solely for the purpose
      of
      complying with applicable anti-money laundering or counter-terrorism financing
      laws.

     

    
      	 	
              12.5

            	
              Compliance
                with Regulation AB

            


    

     

    In
      relation to compliance with Regulation AB:

     

    
      	 	
              (a)

            	
              the
                Manager and the Trustee acknowledge and agree that the purpose of
                this
                clause 12.5
                is
                to facilitate compliance by the Trustee in relation to the Securitisation
                Fund with the provisions of Regulation AB and related rules and
                regulations of the Commission to the extent applicable to the
                Trustee;

            


    

     

    
      	 	
              (b)

            	
              the
                Manager shall not exercise its right to request delivery of information
                or
                other performance under these provisions other than as required to
                comply
                with the Securities Act, the Exchange Act and the rules and regulations
                of
                the Commission thereunder, including Regulation AB, with respect
                to the
                Securitisation Fund. The Manager shall not request the delivery of
                information or other performance under this clause 12.5
                unless the Manager is required under the Exchange Act to file an
                annual
                report on Form 10-K with respect to the Securitisation Fund. The
                Manager
                and the Trustee acknowledge that interpretations of the requirements
                of
                Regulation AB may change over time, whether due to interpretive guidance
                provided by the Commission or its staff, consensus among participants
                in
                the asset-backed securities markets, advice of counsel, or otherwise,
                and
                agrees to comply with requests made by the Manager in good faith
                for
                delivery of information under these provisions on the basis of evolving
                interpretations of Regulation AB; provided that, to the extent the
                Manager
                and the Trustee do not agree with respect to an interpretation of
                Regulation AB, the Manager and the Trustee shall obtain a written
                opinion
                of counsel of U.S. national reputation in the practice of U.S. federal
                securities laws reasonably acceptable to the Manager and the Trustee,
                addressed to the Manager and the Trustee, stating the opinion of
                such
                counsel with respect to the interpretation of the relevant provision(s)
                of
                Regulation AB; provided, further, that the costs and fees of such
                counsel
                incurred in the preparation of such written opinion shall be divided
                equally between the Manager and the Trustee. In relation to the
                Securitisation Fund, the Trustee shall cooperate fully with the Manager
                to
                deliver to the Manager (including any of its assignees or designees),
                any
                and all statements, reports, certifications, records and any other
                information within the control of the Trustee or for which the Trustee
                is
                responsible necessary in the good faith determination of the Manager
                to
                permit the Manager to comply with the provisions of Regulation AB,
                together with such disclosures relating to the Manager, the Trustee,
                any
                Subcontractor of the Trustee, the Loans, the servicing of the Loans
                or any
                other servicing activities within the meaning of Item 1122 of Regulation
                AB, reasonably believed by the Manager to be necessary in order to
                effect
                such compliance;

            


    

     

    
      
        
        

      

      
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          7

        
          

        

      

      
        
        

        Supplementary
          Bond Notice: SMHL Global Fund 2007-1 - Liquidity Notes

      

    

     

    
      	 	
              (c)

            	
              the
                Manager (including any of its assignees or designees) shall cooperate
                with
                the Trustee by providing timely notice of requests for information
                under
                these provisions following the Manager becoming aware that it is
                required
                under the Exchange Act to file an annual report on Form 10-K in any
                year
                and by reasonably limiting such requests to information required,
                in the
                Manager’s reasonable judgment, to comply with Regulation
                AB;

            


    

     

    
      	 	
              (d)

            	
              the
                Trustee acknowledges and agrees that, to the extent the Manager reasonably
                determines, upon consultation with, and to the extent agreed with,
                the
                Trustee, that the Trustee is “participating in the servicing function” in
                relation to the Securitisation Fund within the meaning of Item 1122
                of
                Regulation AB, the Trustee will comply with the applicable requirements
                contained in clause 12.5(e)
                -
                (i);
                provided that, to the extent the Manager and the Trustee do not agree
                whether the Trustee is “participating in the servicing function” with
                respect to one or more Servicing Criteria within the meaning of Item
                1122
                in relation to the Securitisation Fund, the Manager and the Trustee
                shall
                obtain a written opinion of counsel of U.S. national reputation in
                the
                practice of U.S. federal securities laws reasonably acceptable to
                the
                Manager and the Trustee, addressed to the Manager and the Trustee,
                stating
                whether, in the opinion of such counsel, the Trustee is “participating in
                the servicing function” with respect to such Servicing Criteria within the
                meaning of Item 1122 in relation to the Securitisation Fund; provided,
                further, that the costs and fees of such counsel incurred in the
                preparation of such written opinion shall be divided equally between
                the
                Manager and the Trustee;

            


    

     

    
      	 	
              (e)

            	
              on
                or before September 1 of each calendar year, commencing in 2007,
                the
                Trustee shall upon the reasonable request of the
                Manager:

            


    

     

    
      	 	
              (1)

            	
              deliver
                to the Manager a report (in form and substance reasonably satisfactory
                to
                the Manager) regarding the Trustee’s assessment of compliance with the
                Servicing Criteria during the immediately preceding financial year
                ended
                June 30, as required under Rules 13a-18 and 15d-18 of the Exchange
                Act and
                Item 1122 of Regulation AB. Such report shall be addressed to the
                Manager
                and signed by an authorized officer of the Trustee, and shall address
                each
                of the Servicing Criteria specified on a certification substantially
                in
                the form of Schedule A hereto and addressing, at a minimum, the criteria
                identified in Schedule B hereto as “Applicable Servicing Criteria”, but
                only with respect to such of the Servicing Criteria that the Trustee
                performs;

            


    

     

    
      
        
        

      

      
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              (2)

            	
              deliver
                to the Manager a report of a registered public accounting firm reasonably
                acceptable to the Manager that attests to, and reports on, the assessment
                of compliance made by the Trustee and delivered pursuant to the preceding
                paragraph. Such attestation shall be in accordance with Rules 1-02(a)(3)
                and 2-02(g) of Regulation S-X under the Securities Act and the Exchange
                Act;
                and

            


    

     

    
      	 	
              (3)

            	
              cause
                each Subcontractor of the Trustee (if any) determined by the Trustee
                pursuant to clause 12.5(f)
                to
                be "participating in the servicing function" within the meaning of
                Item
                1122 of Regulation AB, to deliver to the Manager an assessment of
                compliance and accountants’ attestation as and when provided in clause
                12.5(e)(1)
                and (2),
                but only with respect to such of the Servicing Criteria that such
                Subcontractor of the Trustee
                performs.

            


    

     

    An
      assessment of compliance provided by a Subcontractor of the Trustee pursuant
      to
      clause 12.5(e)(3)
      need not
      address any elements of the Servicing Criteria other than those specified by
      the
      Trustee pursuant to clause 12.5(f),
      and
      need only address such of the Servicing Criteria that such Subcontractor
      performs;

     

    
      	 	
              (f)

            	
              in
                relation to the use of
                Subcontractors:

            


    

     

    
      	 	
              (1)

            	
              the
                Trustee shall promptly upon the reasonable request of the Manager
                provide
                to the Manager (or any designee of the Manager) a written description
                (in
                form and substance satisfactory to the Manager) of the role and function
                of each Subcontractor utilized by the Trustee, specifying:
                

            


    

     

    
      	 	
              (A)

            	
              the
                identity of each such Subcontractor;


            


    

     

    
      	 	
              (B)

            	
              which
                (if any) of such Subcontractors are "participating in the servicing
                function" within the meaning of Item 1122 of Regulation AB;
                and 

            


    

     

    
      	 	
              (C)

            	
              which
                elements of the Servicing Criteria will be addressed in assessments
                of
                compliance provided by each Subcontractor identified pursuant to
                clause
                12.5(f)(1)(B);

            


    

     

    
      	 	
              (2)

            	
              as
                a condition to the utilization of any Subcontractor determined to
                be
                "participating in the servicing function" within the meaning of Item
                1122
                of Regulation AB, (i) the Trustee shall cause any such Subcontractor
                used
                by the Trustee for the benefit of the Manager to comply with the
                provisions of clauses 12.5(e)
                -
                (i),
                12.6
                and 12.7
                of
                this Supplementary Bond Terms Notice to the same extent as if such
                Subcontractor were the Trustee (provided that in the case of a
                Subcontractor of the Trustee, the obligations of such Subcontractor
                under
                clause 12.5(g)
                will be owed directly to the Manager and the Trustee will do all
                things
                reasonably necessary to cause the Subcontractor to owe such obligations
                directly to the Manager) and (ii) the Trustee shall obtain the written
                consent of the Manager (which is not to be unreasonably withheld
                or
                delayed) to the utilization of such Subcontractor. The Trustee shall
                be
                responsible for obtaining from each Subcontractor and delivering
                to the
                Manager any assessment of compliance and accountants’ attestation required
                to be delivered by such Subcontractor under clause 12.5(e)
                -
                (i),
                in each case as and when required to be
                delivered;

            


    

     

    
      
        
        

      

      
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              (g)

            	
              the
                Trustee shall indemnify the Manager, and shall hold the Manager harmless
                from and against any losses, damages, penalties, fines, forfeitures,
                legal
                fees and expenses and related costs, judgments, and any other costs,
                fees
                and expenses that it sustains directly as a result
                of:

            


    

     

    
      	 	
              (1)

            	
              any
                untrue statement of a material fact contained or alleged to be contained
                in any information, report, certification, accountants’ letter or other
                material provided in written or electronic form under this clause
                12.5
                by
                or on behalf of the Trustee, or provided under this clause 12.5
                by
                or on behalf of any Subcontractor of the Trustee (collectively, the
                "Trustee Information"); provided that in the case of any untrue statement
                of a material fact contained or alleged to be contained in the
                accountant's letter, the Trustee will indemnify and hold harmless
                the
                Manager only to the extent of the sum that the Trustee recovers from
                the
                accounting firm providing such accountant's letter (which recovery
                the
                Trustee must if the Trustee in good faith determines the Trustee
                is
                entitled to do so after taking professional advice pursue including
                by
                taking action in any relevant court of competent jurisdiction); provided,
                further, that the Trustee will not indemnify and hold harmless the
                Manager
                to the extent that the untrue statement of a material fact contained
                or
                alleged to be contained in the Trustee Information relates to information
                provided to the Trustee by the Manager or any other party to enable
                the
                Trustee to complete its duties under the Transaction Documents; or
                

            


    

     

    
      	 	
              (2)

            	
              the
                omission or alleged omission to state in the Trustee Information
                a
                material fact required to be stated in the Trustee Information or
                necessary in order to make the statements therein, in the light of
                the
                circumstances under which they were made, not misleading; provided,
                by way
                of clarification, that this clause 12.5(g)(2)
                shall be construed solely by reference to the Trustee Information
                and not
                to any other information communicated in connection with a sale or
                purchase of securities, without regard to whether the Trustee Information
                or any portion thereof is presented together with or separately from
                such
                other information; provided, further, that in the case of the omission
                or
                alleged omission to state in an accountant's letter a material fact
                required to be stated in the accountant's letter or necessary in
                order to
                make the statements therein, in the light of the circumstances under
                which
                they were made, not misleading, the Trustee will indemnify and hold
                harmless the Manager only to the extent of the sum that the Trustee
                recovers from the accounting firm providing such accountant's letter
                (which recovery the Trustee must if the Trustee in good faith determines
                the Trustee is entitled to do so after taking professional advice
                pursue
                including by taking action in any relevant court of competent
                jurisdiction); provided, further, that the Trustee will not indemnify
                and
                hold harmless the Manager to the extent that the omission or alleged
                omission to state in the Trustee Information a material fact required
                to
                be stated in the Trustee Information or necessary in order to make
                the
                statements therein, in the light of the circumstances under which
                they
                were made, not misleading, relates to information provided to the
                Trustee
                by the Manager or any other party to enable the Trustee to complete
                its
                duties under the Transaction Documents;
                or

            


    

     

    
      
        
        

      

      
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          10

        
          

        

      

      
        
        

        Supplementary
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              (3)

            	
              any
                failure by the Trustee or any Subcontractor of the Trustee to deliver
                any
                information, report, certification, accountants’ letter or other material
                when and as required under this clause 12.5,
                including any failure by the Trustee to disclose any non-compliance
                with
                any of the Servicing Criteria in a certification or to identify pursuant
                to clause 12.5(f)
                any Subcontractor "participating in the servicing function" within
                the
                meaning of Item 1122 of Regulation AB. In the case of any failure
                of
                performance described in clause 12.5(g)(3),
                the Trustee shall promptly reimburse the Manager, for all costs reasonably
                incurred by the Manager in order to obtain the information, report,
                certification, accountants’ letter or other material not delivered as
                required by the Trustee or any Subcontractor of the
                Trustee;

            


    

     

    
      	 	
              (h)

            	
              any
                failure by the Trustee or any Subcontractor of the Trustee
                to:

            


    

     

    
      	 	
              (1)

            	
              deliver
                any information, report, certification, accountants’ letter or other
                material when and as required under this clause 12.5,
                shall, except as provided in clause 12.5(h)(2),
                immediately and automatically, without notice or grace period, entitle
                the
                Manager, in its sole discretion: 

            


    

     

    
      	 	
              (A)

            	
              to
                remove the Trustee or direct the Trustee to remove the Subcontractor
                of
                the Trustee from the performance of any activities which the Manager
                reasonably determines to constitute “participating in the servicing
                function” in relation to the Securitisation Fund within the meaning of
                Item 1122 of Regulation AB; and 

            


    

     

    
      	 	
              (B)

            	
              to
                replace such party with respect to such activities, each at the expense
                of
                the Trustee, without payment (notwithstanding anything in the Transaction
                Documents to the contrary) of any compensation to the Trustee; provided
                that to the extent that any provision of the Transaction Documents
                expressly provides for the survival of certain rights or obligations
                following termination of the Trustee, such provision shall be given
                effect;

            


    

     

    
      	 	
              (2)

            	
              deliver
                any information, report, certification or accountants’ letter when and as
                required under clause 12.5(e)
                -
                (i)
                or
                (except as provided below) any failure by the Trustee to identify
                pursuant
                to clause 12.5(f)
                any Subcontractor of the Trustee "participating in the servicing
                function"
                within the meaning of Item 1122 of Regulation AB, which continues
                unremedied for ten calendar days after the date on which such information,
                report, certification or accountants’ letter was required to be delivered,
                shall entitle the Manager, in its sole discretion: 

            


    

     

    
      
        
        

      

      
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              (A)

            	
              to
                remove the Trustee or direct the Trustee to remove the Subcontractor
                of
                the Trustee from the performance of any activities which the Manager
                reasonably determines to constitute “participating in the servicing
                function” in relation to the Securitisation Fund within the meaning of
                Item 1122 of Regulation AB; and 

            


    

     

    
      	 	
              (B)

            	
              to
                replace such party with respect to such activities, in the case of
                the
                Trustee or any Subcontractor of the Trustee, at the expense of the
                Trustee, without payment (notwithstanding anything in the Transaction
                Documents to the contrary) of any compensation to the Trustee;
                

            


    

     

    provided
      that to the extent that any provision of the Transaction Documents expressly
      provides for the survival of certain rights or obligations following termination
      of the Trustee, such provision shall be given effect; and

     

    
      	 	
              (i)

            	
              the
                Trustee shall promptly reimburse the Manager (or any designee of
                the
                Manager), for all reasonable expenses incurred by the Manager (or
                such
                designee), as such are incurred, in connection with the termination
                of the
                Trustee and the transfer of servicing activities within the meaning
                of
                Item 1122 of Regulation AB to a successor. The provisions of this
                clause
                12.5(i)
                shall not limit whatever rights the Manager may have under other
                provisions of the Transaction Documents or otherwise, whether in
                equity or
                at law, such as an action for damages, specific performance or injunctive
                relief.

            


    

     

    
      	 	
              12.6

            	
              Direction
                of claims by the Manager

            


    

     

    
      	 	
              (a)

            	
              If
                the Trustee is entitled to recover from the accounting firm providing
                the
                accountant's
                letter referred to in clause 12.5(g)
                by
                any action, proceeding, claim or demand ((for the purpose of this
                clause
                12.6,
                a
                Claim), the Trustee must if the Trustee in good faith determines
                that it
                is entitled to do so after taking professional advice pursue such
                Claim
                and must promptly notify the Manager in writing of such
                Claim.

            


    

     

    
      	 	
              (b)

            	
              Upon
                notice to the Manager of any such Claim under clause 12.6(a),
                the Manager will have the option to assume the direction of that
                Claim
                (including the employment of legal advisers selected by the Trustee
                but
                approved by the Manager subject to the payment by the Trustee of
                all fees
                and expenses).

            


    

     

    
      	 	
              (c)

            	
              If
                the
                Trustee receives notice from the Manager of its election to direct
                the
                Claim and the Manager approves the legal advisers selected by the
                Trustee
                for the purposes of that Claim, the Trustee will not be liable to
                the
                Manager under this clause 12.6
                for any fees or expenses subsequently incurred by the Manager in
                connection with the Claim unless the Trustee does not employ legal
                advisers approved by or on behalf of the Manager to represent the
                Manager
                within a reasonable time after notice of the
                Claim.

            


    

     

    
      
        
        

      

      
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              12.7

            	
              Direction
                of defence of claims

            


    

     

    
      	 	
              (a)

            	
              If
                any action, proceeding, claim or demand brought against the Manager
                in
                connection with (i) any untrue statement of a material fact contained
                or
                alleged to be contained in the Trustee Information referred to in
                clause
                12.5(g)
                or
                (ii) the omission or alleged omission to state in the Trustee Information
                a material fact required to be stated in the Trustee Information
                or
                necessary
                in
                order to make the statements therein, in the light of the circumstances
                under which they were made, not misleading (for the purpose of this
                clause
                12.7,
                a
                Claim),
                the Trustee will have the option to assume the direction of that
                Claim
                (including the employment of legal advisers selected by the Trustee
                but
                approved by the Manager subject to the payment by the Trustee of
                all fees
                and expenses).

            


    

     

    
      	 	
              (b)

            	
              If
                the Trustee notifies the Manager in writing of its election to direct
                the
                defence of a Claim brought against the Trustee and the Manager approves
                the legal advisers selected by the Trustee for the purposes of the
                defence
                of that Claim,
                the Trustee will not be liable to the Manager under this clause
                12.7
                for any fees or expenses subsequently incurred by the Manager in
                connection with the Claim against the Trustee unless the Trustee
                does not
                employ legal advisers approved by or on behalf of the Manager to
                represent
                the Trustee within a reasonable time after notice of the
                Claim.

            


    

     

    
      	 	
              (c)

            	
              If
                any Claim brought against the Trustee is settled with respect to
                the
                Trustee with
                the consent of the Manager or if there is a final judgement against
                the
                Trustee in relation to it, the Trustee agrees to indemnify and hold
                harmless the Manager from and against any loss or liability by reason
                of
                such settlement or judgement (other than any fees and expenses incurred
                in
                circumstances where the Trustee is not liable for them under clause
                12.7(b),
                or any fees and expenses incurred in connection with any Claim brought
                against the Trustee that is settled with respect to the Trustee or
                compromised by the Trustee without the consent of the Manager (unless
                the
                Manager has unreasonably withheld its
                consent)).

            


    

     

      
        

      

    

    
      	
              13

            	
              Financial
                Default

            


    

     

    For
      the
      purposes of the Securitisation Fund and all Transaction Documents relating
      to
      the Securitisation Fund, any failure by the Trustee to pay all or part of any
      Interest Amount on any relevant Payment Date other than the Final Maturity
      Date
      does not constitute a Financial Default or an Event of Default (as defined
      in
      the Security Trust Deed) for the purposes of the Security Trust
      Deed.

     

      
        

      

    

    
      	
              14

            	
              Attorney

            


    

     

    The
      attorney executing this notice states that he or she has no notice of,
      alteration to, or revocation or suspension of, the power of attorney appointing
      that attorney.

     

    
      
        
        

      

      
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              Dated:

            	
              29
                May 2007

            


    

     

    Signed
      by

    ME
      Portfolio Management Limited:

    by
      its
      attorney in the

    presence
      of:

     

    
      	
              /s/
                Antonia Leung

            	 	
              /s/
                Timothy D. Barton

            
	
              Witness

            	 	
              Attorney

            
	 	 	 
	 	 	 
	
              Antonia
                Leung

            	 	
              Timothy
                D. Barton

            
	
              Name
                (please print)

            	 	
              Name
                (please print)

            


    

     

     

     

     

    
 

    
      
        
        

      

      
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    Schedule
      A - Report on assessment of compliance with Regulation AB Servicing
      Criteria

     

     

    ME
      Portfolio Management Limited

    Level
      16

    360
      Collins Street

    Melbourne
      VIC 3000

     

     

    [________________]
      (the "Asserting
      Party")
      is
      responsible for assessing compliance as of June 30,
      [             
  ] and for the period from
      [             ]
      (date of issuance of SMHL Global Fund 2007-1) through June 30,
      [     ] (the "Reporting
      Period")
      with
      the servicing criteria set forth in Section 229.1122(d) of the Code of Federal
      Regulations (the "CFR"),
      except for criteria 229.1122(d)[insert
      section numbers in Regulation AB that are not applicable to Asserting
      Party]
      of the
      CFR, which have not been determined pursuant to the transaction documents for
      the SMHL Global Fund 2007-1 to be, and the Asserting Party has concluded are
      not, servicing criteria that the Asserting Party performs, or in which the
      Asserting Party participates, in relation to SMHL Global Fund 2007-1 (the
      "Applicable
      Servicing Criteria").
      This
      assessment of compliance is provided in relation to SMHL Global Fund
      2007-1.

     

    The
      Asserting Party has assessed its compliance with the Applicable Servicing
      Criteria for the Reporting Period and has concluded that the Asserting Party
      has
      complied, in all material respects, with the Applicable Servicing Criteria
      in
      relation to SMHL Global Fund 2007-1.

     

    [____________],
      an independent registered public accounting firm, has issued an attestation
      report on the assessment of compliance with the Applicable Servicing Criteria
      for the Reporting Period as set forth in this assertion.

     

    [NAME
      OF
      ASSERTING PARTY]

     

    Date: 
      ___________________________

     

    By:

    Name:
      ___________________________

     

    Title:  
      ___________________________

     

    


     


    
      
        
        

      

      
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    Schedule
      B - Servicing Criteria to be addressed in assessment of
      compliance

     

     

    
      	
              SERVICING
                CRITERIA

            	
              APPLICABLE
                

              SERVICING
                

              CRITERIA

            
	
              Reference

            	
              Criteria

            	 
	 	
              General
                Servicing Considerations

            	 
	
              1122(d)(1)(i)

            	
              Policies
                and procedures are instituted to monitor any performance or other
                triggers
                and events of default in accordance with the transaction
                agreements.

            	 
	
              1122(d)(1)(ii)

            	
              If
                any material servicing activities are outsourced to third parties,
                policies and procedures are instituted to monitor the third party’s
                performance and compliance with such servicing activities.

            	 
	
              1122(d)(1)(iii)

            	
              Any
                requirements in the transaction agreements to maintain a back-up
                servicer
                for the mortgage loans are maintained.

            	 
	
              1122(d)(1)(iv)

            	
              A
                fidelity bond and errors and omissions policy is in effect on the
                party
                participating in the servicing function throughout the reporting
                period in
                the amount of coverage required by and otherwise in accordance with
                the
                terms of the transaction agreements.

            	 
	 	
              Cash
                Collection and Administration

            	 
	
              1122(d)(2)(i)

            	
              Payments
                on mortgage loans are deposited into the appropriate custodial bank
                accounts and related bank clearing accounts no more than two business
                days
                following receipt, or such other number of days specified in the
                transaction agreements.

            	 
	
              1122(d)(2)(ii)

            	
              Disbursements
                made via wire transfer on behalf of an obligor or to an investor
                are made
                only by authorized personnel.

            	 
	
              1122(d)(2)(iii)

            	
              Advances
                of funds or guarantees regarding collections, cash flows or distributions,
                and any interest or other fees charged for such advances, are made,
                reviewed and approved as specified in the transaction
                agreements.

            	 
	
              1122(d)(2)(iv)

            	
              The
                related accounts for the transaction, such as cash reserve accounts
                or
                accounts established as a form of overcollateralization, are separately
                maintained (e.g., with respect to commingling of cash) as set forth
                in the
                transaction agreements.

            	 
	
              1122(d)(2)(v)

            	
              Each
                custodial account is maintained at a federally insured depository
                institution as set forth in the transaction agreements. For purposes
                of
                this criterion, "federally insured depository institution" with respect
                to
                a foreign financial institution means a foreign financial institution
                that
                meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
                Act.

            	 


    

     

    
      
        
        

      

      
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              SERVICING
                CRITERIA

            	
              APPLICABLE
                

              SERVICING
                

              CRITERIA

            
	
              Reference

            	
              Criteria

            	 
	
              1122(d)(2)(vi)

            	
              Unissued
                checks are safeguarded so as to prevent unauthorized
                access.

            	 
	
              1122(d)(2)(vii)

            	
              Reconciliations
                are prepared on a monthly basis for all asset-backed securities related
                bank accounts, including custodial accounts and related bank clearing
                accounts. These reconciliations are (A) mathematically accurate;
                (B)
                prepared within 30 calendar days after the bank statement cutoff
                date, or
                such other number of days specified in the transaction agreements;
                (C)
                reviewed and approved by someone other than the person who prepared
                the
                reconciliation; and (D) contain explanations for reconciling items.
                These
                reconciling items are resolved within 90 calendar days of their original
                identification, or such other number of days specified in the transaction
                agreements.

            	 
	 	
              Investor
                Remittances and Reporting

            	 
	
              1122(d)(3)(i)

            	
              Reports
                to investors, including those to be filed with the Commission, are
                maintained in accordance with the transaction agreements and applicable
                Commission requirements. Specifically, such reports (A) are prepared
                in
                accordance with timeframes and other terms set forth in the transaction
                agreements; (B) provide information calculated in accordance with
                the
                terms specified in the transaction agreements; (C) are filed with
                the
                Commission as required by its rules and regulations; and (D) agree
                with
                investors’ or the trustee’s records as to the total unpaid principal
                balance and number of mortgage loans serviced by the
                Servicer.

            	 
	
              1122(d)(3)(ii)

            	
              Amounts
                due to investors are allocated and remitted in accordance with timeframes,
                distribution priority and other terms set forth in the transaction
                agreements.

            	 
	
              1122(d)(3)(iii)

            	
              Disbursements
                made to an investor are posted within two business days to the Servicer’s
                investor records, or such other number of days specified in the
                transaction agreements.

            	 


    

     

    
      
        
        

      

      
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              SERVICING
                CRITERIA

            	
              APPLICABLE
                

              SERVICING
                

              CRITERIA

            
	
              Reference

            	
              Criteria

            	 
	
              1122(d)(3)(iv)

            	
              Amounts
                remitted to investors per the investor reports agree with cancelled
                checks, or other form of payment, or custodial bank
                statements.

            	 
	 	
              Pool
                Asset Administration

            	 
	
              1122(d)(4)(i)

            	
              Collateral
                or security on mortgage loans is maintained as required by the transaction
                agreements or related mortgage loan documents.

            	 
	
              1122(d)(4)(ii)

            	
              Mortgage
                loan and related documents are safeguarded as required by the transaction
                agreements

            	 
	
              1122(d)(4)(iii)

            	
              Any
                additions, removals or substitutions to the asset pool are made,
                reviewed
                and approved in accordance with any conditions or requirements in
                the
                transaction agreements.

            	 
	
              1122(d)(4)(iv)

            	
              Payments
                on mortgage loans, including any payoffs, made in accordance with
                the
                related mortgage loan documents are posted to the Servicer’s obligor
                records maintained no more than two business days after receipt,
                or such
                other number of days specified in the transaction agreements, and
                allocated to principal, interest or other items (e.g., escrow) in
                accordance with the related mortgage loan documents.

            	 
	
              1122(d)(4)(v)

            	
              The
                Servicer’s records regarding the mortgage loans agree with the Servicer’s
                records with respect to an obligor’s unpaid principal
                balance.

            	 
	
              1122(d)(4)(vi)

            	
              Changes
                with respect to the terms or status of an obligor's mortgage loans
                (e.g.,
                loan modifications or re-agings) are made, reviewed and approved
                by
                authorized personnel in accordance with the transaction agreements
                and
                related pool asset documents.

            	 
	
              1122(d)(4)(vii)

            	
              Loss
                mitigation or recovery actions (e.g., forbearance plans, modifications
                and
                deeds in lieu of foreclosure, foreclosures and repossessions, as
                applicable) are initiated, conducted and concluded in accordance
                with the
                timeframes or other requirements established by the transaction
                agreements.

            	 
	
              1122(d)(4)(viii)

            	
              Records
                documenting collection efforts are maintained during the period a
                mortgage
                loan is delinquent in accordance with the transaction agreements.
                Such
                records are maintained on at least a monthly basis, or such other
                period
                specified in the transaction agreements, and describe the entity’s
                activities in monitoring delinquent mortgage loans including, for
                example,
                phone calls, letters and payment rescheduling plans in cases where
                delinquency is deemed temporary (e.g., illness or
                unemployment).

            	 


    

     

    
      
        
        

      

      
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        Supplementary
          Bond Notice: SMHL Global Fund 2007-1 - Liquidity Notes

      

    

     

    
      	
              SERVICING
                CRITERIA

            	
              APPLICABLE
                

              SERVICING
                

              CRITERIA

            
	
              Reference

            	
              Criteria

            	 
	
              1122(d)(4)(ix)

            	
              Adjustments
                to interest rates or rates of return for mortgage loans with variable
                rates are computed based on the related mortgage loan
                documents.

            	 
	
              1122(d)(4)(x)

            	
              Regarding
                any funds held in trust for an obligor (such as escrow accounts):
                (A) such
                funds are analyzed, in accordance with the obligor’s mortgage loan
                documents, on at least an annual basis, or such other period specified
                in
                the transaction agreements; (B) interest on such funds is paid, or
                credited, to obligors in accordance with applicable mortgage loan
                documents and state laws; and (C) such funds are returned to the
                obligor
                within 30 calendar days of full repayment of the related mortgage
                loans,
                or such other number of days specified in the transaction
                agreements.

            	 
	
              1122(d)(4)(xi)

            	
              Payments
                made on behalf of an obligor (such as tax or insurance payments)
                are made
                on or before the related penalty or expiration dates, as indicated
                on the
                appropriate bills or notices for such payments, provided that such
                support
                has been received by the servicer at least 30 calendar days prior
                to these
                dates, or such other number of days specified in the transaction
                agreements.

            	 
	
              1122(d)(4)(xii)

            	
              Any
                late payment penalties in connection with any payment to be made
                on behalf
                of an obligor are paid from the servicer’s funds and not charged to the
                obligor, unless the late payment was due to the obligor’s error or
                omission.

            	 
	
              1122(d)(4)(xiii)

            	
              Disbursements
                made on behalf of an obligor are posted within two business days
                to the
                obligor’s records maintained by the servicer, or such other number of days
                specified in the transaction agreements.

            	 
	
              1122(d)(4)(xiv)

            	
              Delinquencies,
                charge-offs and uncollectible accounts are recognized and recorded
                in
                accordance with the transaction agreements.

            	 
	
              1122(d)(4)(xv)

            	
              Any
                external enhancement or other support, identified in Item 1114(a)(1)
                through (3) or Item 1115 of Regulation AB, is maintained as set forth
                in
                the transaction agreements.

            	 


    

     

    
      
        
        

      

      
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