Document:

<PAGE>

          Note Trust Deed

          Perpetual Trustees Australia Limited (as Issuer)
          ABN 86 000 431 827

          ME Portfolio Managament Limited (as Manager)
          ABN 79 005 964 134

          and others

          [Freehills LOGO]

          MLC Centre Martin Place Sydney New South Wales 2000 Australia
          Telephone +61 2 9225 5000 Facsimile +61 2 9322 4000
          www.freehills.com DX 361 Sydney

          SYDNEY MELBOURNE PERTH BRISBANE HANOI HO CHI MINH CITY SINGAPORE
          Correspondent Offices JAKARTA KUALA LUMPUR

          Liability limited by the Solicitors' Limitation of Liability Scheme,
          approved under the Professional Standards Act 1994 (NSW)

          Reference PJSR:TEL:25E

<PAGE>

          Perpetual Trustees Australia Limited
          (as Issuer)
          ABN 86 000 431 827

          ME Portfolio Managament Limited
          (as Manager)
          ABN 79 005 964 134

          The Bank of New York
          (as Note Trustee, Principal Paying Agent, Calculation Agent and Note
          Registrar)

          Perpetual Trustee Company Limited
          (as Security Trustee)
          ABN 42 000 001 007

<PAGE>

                                        Note Trust Deed - SMHL Global Fund No. 6

Cross Reference Table(1)

-------------------------------------------
Trust Indenture Act Section       Clause
-------------------------------------------
310   (a)(1)                  39.6
      (a)(2)                  39.1(d)
      (a)(3)                  39.6
      (a)(4)                  38.2(b)
      (a)(5)                  NA(2)
      (b)                     39.6
      (c)                     39.6, 39.1
-------------------------------------------
311   (a)                     13.1
      (b)                     13.1
      (c)                     NA
-------------------------------------------
312   (a)                     51.1, 51.2(a)
      (b)                     51.2(b)
      (c)                     51.2(c)
-------------------------------------------
313   (a)                     51.3
      (b)(1)                  51.3
      (b)(1)                  NA
      (c)                     51.4
      (d)                     51.3
-------------------------------------------
314   (a)(1)                  51.6
      (a)(2)                  51.6
      (a)(3)                  51.6
      (a)(4)                  11.1(j)
      (b)                     11.1(k)
      (c)                     52.1(a)
      (d)                     52.1(b)
      (e)                     52.1(c)
      (f)                     52.1(a)
-------------------------------------------
315   (a)                     13.2(b)
      (b)                     13.4
      (c)                     13.2(a)
      (d)                     13.2(c), (d)
===========================================
      (e)                     52.2
-------------------------------------------
316   (a)(1)                  52.3
      (a)(2)                  NA
      (b)                     52.4
-------------------------------------------
317   (a)(1)                  6.1
      (a)(2)                  NA
      (b)                     2.6
318   (a)                     52.19
-------------------------------------------

Notes:

1    This Cross Reference Table shall not, for any purpose, be deemed to be part
     of this deed.

2    NA means not applicable.

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                                                                          page 1

<PAGE>

                                        Note Trust Deed - SMHL Global Fund No. 6

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

Table of contents

<TABLE>
<CAPTION>
Clause                                                                       Page
                                                                             ----
<S>                                                                            <C>
1    Definitions and Interpretation                                            10

     1.1     Definitions and Interpretation                                    10
     1.2     Definitions in Master Trust Deed, Supplementary Bond Terms
                Notice and Conditions                                          13
     1.3     Incorporation by reference                                        13
     1.4     Interpretation                                                    13
     1.5     Determination, statement and certificate sufficient evidence      14
     1.6     Document or agreement                                             14
     1.7     Transaction Document                                              14
     1.8     Issuer as trustee                                                 14
     1.9     Knowledge of Issuer and Security Trustee                          14
     1.10    Knowledge of the Note Trustee, Calculation Agent, Note
                Registrar or Principal Paying Agent                            15
     1.11    Appointment of the Note Trustee                                   15
     1.12    Duration of Trust                                                 15
     1.13    Obligations of the Issuer                                         15
     1.14    Limitation of liability of Security Trustee                       16
     1.15    Opinion of counsel                                                16

2    Payments on Notes                                                         16

     2.1     Principal amount                                                  16
     2.2     Covenant to repay                                                 16
     2.3     Deemed payment                                                    17
     2.4     Issuer's covenant to Class A Noteholders and the Note Trustee     17
     2.5     Following Event of Default                                        17
     2.6     Requirements of Paying Agent                                      19
     2.7     Certification                                                     19
     2.8     Determinations                                                    19

3    Form of, Issue of and Duties and Taxes on, Notes                          20

     3.1     Issue of Book-Entry Notes                                         20
     3.2     Form of Book-Entry Notes                                          20
     3.3     Definitive Notes                                                  21
     3.4     Stamp and Other Taxes                                             22
     3.5     Indemnity for non-issue                                           22
     3.6     Note Register and Note Registrar                                  23

4    Covenant of Compliance                                                    24

5    Cancellation of Class A Notes                                             24

     5.1     Cancellation                                                      24
     5.2     Records                                                           25
</TABLE>

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                                                                          page 2

<PAGE>

                                        Note Trust Deed - SMHL Global Fund No. 6

<TABLE>
<S>                                                                            <C>
6    Enforcement                                                               25

     6.1     Actions following Event of Default                                25
     6.2     Evidence of default                                               25
     6.3     Note Trustee must receive indemnity                               25
     6.4     Restrictions on enforcement                                       26
     6.5     Action by Noteholders                                             26

7    Proceedings                                                               27

     7.1     Acting only on direction                                          27
     7.2     Security Trustee acting                                           27
     7.3     Note Trustee alone entitled to act                                27
     7.4     Available amounts                                                 28
     7.5     No obligation to ensure compliance                                28
     7.6     Conflict of interests                                             28
     7.7     Note Trustee may enforce                                          28

8    Notice of Payment                                                         29

9    Investment by Note Trustee                                                29

10   Partial Payments                                                          29

11   Covenants by the Issuer and Manager                                       30

     11.1    Undertakings                                                      30
     11.2    Representations and warranties                                    33

12   Remuneration of Note Trustee, Principal Paying Agent, Calculation
     Agent and Note Registrar                                                  33

     12.1    Fee                                                               33
     12.2    Additional Remuneration                                           33
     12.3    Costs, expenses                                                   34
     12.4    Overdue rate                                                      34
     12.5    Continuing obligation                                             34
     12.6    Goods and services tax (GST)                                      35
     12.7    Currency and VAT                                                  35

13   Note Trustee                                                              35

     13.1    Preferential collection of claims against Trustee                 35
     13.2    Duties of Note Trustee                                            36
     13.3    Obligations of Note Trustee                                       36
     13.4    Notice of Defaults                                                36
     13.5    Rights of Note Trustee                                            37
     13.6    Limitation on Note Trustee's' liability                           45
     13.7    Wilful default of the Note Trustee                                46
</TABLE>

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                                                                          page 3

<PAGE>

                                        Note Trust Deed - SMHL Global Fund No. 6

<TABLE>
<S>                                                                            <C>
14   Note Trustee's Liability                                                  46

15   Delegation by Note Trustee                                                46

16   Employment of Agent by Note Trustee                                       47

17   Note Trustee Contracting with Issuer                                      48

18   Appointment of Paying Agents                                              49

19   Payment                                                                   49

     19.1    Payment by Issuer                                                 49
     19.2    Confirmation                                                      49
     19.3    Payments by Paying Agents                                         49
     19.4    Method of Payment - Book-Entry Notes                              50
     19.5    Method of payment - Definitive Notes                              50
     19.6    Late payment                                                      50
     19.7    Notice of non-receipt                                             50
     19.8    Reimbursement                                                     50
     19.9    Method of payment                                                 51
     19.10   No fee 51
     19.11   Securitisation Fund                                               51

20   Repayment                                                                 51

21   Appointment of the Calculation Agent                                      52

22   Duties of the Calculation Agent                                           52

23   Notice of any Withholding or Deduction                                    53

24   Early Redemption of Notes                                                 53

25   Pro Rata Redemption, Purchases and Cancellation of Notes                  54

26   Notices to Noteholders                                                    55

27   Documents and Forms                                                       55

28   Authentication                                                            55

29   Indemnity                                                                 55

30   The Note Register                                                         56

     30.1    Appointment of Note Registrar                                     56
     30.2    Details to be kept on the Note Register                           56
</TABLE>

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                                                                          page 4

<PAGE>

                                        Note Trust Deed - SMHL Global Fund No. 6

<TABLE>
<S>                                                                            <C>
     30.3    Payments of Principal and Interest                                57
     30.4    Place of keeping Register, copies and access                      57
     30.5    Details on Note Register conclusive                               58
     30.6    Alteration of details on Note Register                            58
     30.7    Rectification of Note Register                                    58
     30.8    Correctness of Note Register                                      59

31   Changes of Note Registrar                                                 59

     31.1    Removal                                                           59
     31.2    Resignation                                                       59
     31.3    Limitation                                                        59
     31.4    Appointment of new Note Registrar                                 59

32   General                                                                   60

     32.1    Communications to Class A Noteholders                             60
     32.2    Intentionally deleted                                             60
     32.3    Identity                                                          60
     32.4    No set-off                                                        61
     32.5    Reliance                                                          61
     32.6    Entitled to deal                                                  61
     32.7    Consultation                                                      61
     32.8    Duties                                                            61
     32.9    Income Tax Returns                                                61

33   Changes in Paying Agents and Calculation Agent                            62

     33.1    Removal                                                           62
     33.2    Resignation                                                       62
     33.3    Limitation                                                        62
     33.4    Delivery of amounts                                               63
     33.5    Successor to Principal Paying Agent                               64
     33.6    Successor to Calculation Agent                                    64
     33.7    Notice to Noteholders                                             65
     33.8    Change in Paying Office or Specified Office                       65

34   Waiver                                                                    66

35   Amendment                                                                 67

     35.1    Approval                                                          67
     35.2    Resolution of Class A Noteholders                                 67
     35.3    Distribution of amendments                                        67
     35.4    Amendments binding                                                68
     35.5    No Rating Agency downgrade                                        68
     35.6    Conformity with TIA                                               68

36   Class A Noteholders                                                       68

     36.1    Absolute owner                                                    68
     36.2    Clearing Agency Certificate                                       69
</TABLE>

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                                                                          page 5

<PAGE>

                                        Note Trust Deed - SMHL Global Fund No. 6

<TABLE>
<S>                                                                            <C>
37   Currency Indemnity                                                        69

38   New Note Trustees                                                         71

     38.1    Appointment by Issuer                                             71
     38.2    Appointment by Note Trustee                                       71
     38.3    Notice                                                            72

39   Note Trustee's Retirement and Removal                                     72

     39.1    Removal by Issuer                                                 72
     39.2    Removal by Class A Noteholders                                    72
     39.3    Resignation                                                       72
     39.4    Rating Agencies approval                                          73
     39.5    Trust Corporation                                                 73
     39.6    Successor to Note Trustee                                         73
     39.7    Notice                                                            74
     39.8    Retention of Lien                                                 74
     39.9    Eligibility; Disqualification                                     74

40   Note Trustee's Powers Additional                                          75

41   Severability of Provisions                                                75

42   Notices                                                                   75

     42.1    General                                                           75
     42.2    Details                                                           75
     42.3    Communication through Principal Paying Agent                      77

43   Governing Law and Jurisdiction                                            77

     43.1    Governing law                                                     77
     43.2    Jurisdiction                                                      77
     43.3    Agent                                                             78

44   Counterparts                                                              78

45   Limited Recourse                                                          78

     45.1    General                                                           78
     45.2    Liability of Issuer limited to its right to indemnity             78
     45.3    Unrestricted remedies                                             80
     45.4    Restricted remedies                                               80
     45.5    Wilful Default of the Issuer                                      80
</TABLE>

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                                                                          page 6

<PAGE>

                                        Note Trust Deed - SMHL Global Fund No. 6

<TABLE>
<S>                                                                            <C>
46   Successor Trustee                                                         81

47   Reimbursement for the Cost of Independent Advice                          81

48   No Liability                                                              81

49   Prospectus                                                                82

50   Note Trustee's Limited Liability                                          82

     50.1    Reliance on certificate                                           82
     50.2    Note Trustee's reliance on Manager, Security Trustee, Issuer
                or Mortgage Manager                                            82
     50.3    Compliance with laws                                              83
     50.4    Reliance on experts                                               83
     50.5    Oversights of others                                              83
     50.6    Powers, authorities and discretions                               84
     50.7    Impossibility or impracticability                                 84
     50.8    Legal and other proceedings                                       84
     50.9    No liability except for negligence etc.                           85
     50.10   Further limitations on Note Trustee's liability                   85
     50.11   Conflicts                                                         86
     50.12   Information                                                       87
     50.13   Investigation by Note Trustee                                     87

51   Noteholders' Lists and Reports, Continuing Security, Releases and
     Waivers                                                                   87

     51.1    Provision of information                                          87
     51.2    Preservation of Information; Communications to Noteholders        88
     51.3    Reports by Note Trustee                                           88
     51.4    Notices to Class A Noteholders; Waiver                            88
     51.5    Trustee's Liability not Affected                                  89
     51.6    Reports by Issuer                                                 89

52   Trust Indenture Act - Miscellaneous                                       89

     52.1    Compliance Certificates and Opinions                              89
     52.2    Undertaking for Costs                                             91
     52.3    Exclusions of Section 316                                         92
     52.4    Unconditional Rights of Class A Noteholders to Receive
                Principal and Interest                                         92
     52.5    Continuing Obligation                                             92
     52.6    No Merger                                                         92
     52.7    Waiver                                                            92
     52.8    Consents and Approvals                                            92
     52.9    Written Waiver, Consent and Approval                              93
     52.10   Time of Essence                                                   93
     52.11   Moratorium Legislation                                            93
     52.12   Binding on Each Signatory                                         93
     52.13   Counterparts                                                      93
     52.14   Assignment                                                        93
     52.15   Power of Attorney                                                 93
</TABLE>

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                                                                          page 7

<PAGE>

                                        Note Trust Deed - SMHL Global Fund No. 6

<TABLE>
<S>                                                                           <C>
     52.16   Certificate of Note Trustee                                       94
     52.17   Remedies cumulative                                               94
     52.18   Interest on Judgment                                              94
     52.19   Conflict with Trust Indenture Act                                 94

53   Consent of Class A Noteholders                                            94

     53.1    General                                                           94
     53.2    Special Written Approvals                                         94
     53.3    Requirement for writing                                           96
     53.4    Meetings of Class A Noteholders                                   96
     53.5    Entire Agreement                                                  96

Schedule 1                                                                     99

Schedule 2                                                                    104

Schedule 3 - Meeting Procedures                                               106

Schedule 4 - Terms and Conditions of the Class A Notes                        110
</TABLE>

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                                                                          page 8

<PAGE>

                                        Note Trust Deed - SMHL Global Fund No. 6

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

This Note Trust Deed

          is made on ____________ 2004 between the following parties:

          1.   Perpetual Trustees Australia Limited
               ABN 86 000 431 827
               in its capacity as trustee of the Securitisation Fund
               of Level 7, 39 Hunter Street,
               Sydney, New South Wales
               (Issuer)

          2.   ME Portfolio Management Limited
               ABN 79 005 964 134
               of Level 23, 360 Collins Street,
               Melbourne, Victoria
               (Manager)

          3.   The Bank of New York
               of 101 Barclay Street
               Floor 21 West
               New York, New York 10286
               (Note Trustee)

          4.   The Bank of New York
               of 101 Barclay Street
               Floor 21 West New York, New York 10286
               (Principal Paying Agent)

          5.   The Bank of New York
               of 101 Barclay Street
               Floor 21 West
               New York, New York 10286
               (Calculation Agent)

          6.   The Bank of New York
               of 101 Barclay Street
               Floor 21 West
               New York, New York 10286
               (Note Registrar)

          7.   Perpetual Trustee Company Limited
               ABN 42 000 001 007
               in its capacity as security trustee under the Security Trust Deed
               of Level 7, 39 Hunter Street,
               Sydney, New South Wales
               (Security Trustee)

Recitals

          A.   The Manager has directed the Issuer in accordance with the Master
               Trust Deed to issue mortgage backed pass through floating rate
               notes comprising US$1,000,000,000 Class A Notes due [**] and the
               A$[**]Class B Notes due [**]. The Class A Notes are to be
               constituted and secured in the manner provided in this deed and
               the other Transaction Documents.

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                                                                          page 9

<PAGE>

                                        Note Trust Deed - SMHL Global Fund No. 6

          B.   The Note Trustee has agreed to act as trustee for the Class A
               Noteholders under this deed.

          C.   The Issuer proposes, at the direction of Manager, to appoint the
               Principal Paying Agent as principal paying agent, the Calculation
               Agent as its reference agent and the Note Registrar as registrar,
               in each case in respect of the Class A Notes upon the terms
               contained in this deed.

          D.   Each of the Note Trustee, the Principal Paying Agent, the
               Calculation Agent and the Note Registrar has agreed to act in
               those respective capacities upon the terms of this deed.

This deed witnesses

          that in consideration of, among other things, the mutual promises
          contained in this deed, the parties agree:

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

1    Definitions and Interpretation

     1.1  Definitions and Interpretation

          The following definitions apply unless the context requires otherwise:

          Associate has the meaning ascribed to the expression "associate" in
          the Corporations Act.

          Authorisation means any consent, licence, approval or other authority
          or deemed consent, licence approval or other authority.

          Charge has the same meaning as in the Security Trust Deed.

          Charged Property has the same meaning as in the Security Trust Deed.

          Class A Noteowner means, with respect to a Book-Entry Note, the person
          who is the beneficial owner of such Book-Entry Note, as reflected in
          the books of the Clearing Agency, or in the books of the person
          maintaining an account with the Clearing Agency or as an indirect
          participant, in each case in accordance with the rules of the Clearing
          Agency.

          Clearing Agency Participant means a broker, dealer, bank, other
          financial institution or other person for whom from time to time a
          Clearing Agency effects book-entry transfers and pledges of securities
          deposited with a Clearing Agency.

          Corporate Trust Office means the principal office of the Note Trustee
          at which at any particular time its corporate trust business is
          administered, which at the date of the execution of this deed is 101
          Barclay Street, Floor 21 West, New York, New York 10286, Global
          Structured Products Unit or at such other address as the Note Trustee
          may designate by notice to the Manager, Noteholders and the Issuer or
          the principal corporate trust office of any successor Note Trustee.

          Definitive Note means a Note issued pursuant to clause 3.3 of this
          deed.

          Determination Date means with respect to a payment due on a Payment
          Date, the day being two Banking Days prior to that Payment Date.

          Event of Default means, in respect of a Class A Note, any of the
          events described in Condition 9.

--------------------------------------------------------------------------------
                                                                         page 10

<PAGE>

                                        Note Trust Deed - SMHL Global Fund No. 6

          Exchange Act means the Securities Exchange Act of 1934 of the United
          States of America, as amended.

          Fitch Ratings means Fitch, Inc.

          Independent means, in relation to a person, that the person:

          (a)  is independent of the Issuer, the Manager, the Mortgage Manager
               and any of their Associates;

          (b)  does not have any direct financial interest or any material
               indirect financial interest (other than less than 5% of the
               outstanding amount of any publicly traded security) in any person
               referred to in paragraph (a); and

          (c)  is not an officer, employee, promoter, underwriter, trustee,
               partner, director or person performing similar functions of any
               person referred to in paragraph (a).

          Independent Certificate means, in relation to any person, a
          certificate or opinion from that person where that person must be
          Independent, which opinion or certificate states that the signer has
          read the definition of Independent in this deed and that the signer is
          Independent within the meaning of that definition.

          Master Trust Deed means the Master Trust Deed for the Superannuation
          Members' Home Loans Trust dated 4 July 1994 between the Issuer, as
          Trustee, and the Manager, as amended from time to time.

          Material Adverse Effect means a material adverse effect on the ability
          of the Issuer to perform its payment obligations under this deed and
          other Transaction Documents or, as the context may require, a material
          adverse effect on the ability of the Note Trustee to perform its
          obligations under this deed.

          Note Depository Agreement means the agreement entitled "Letter of
          Representations" among the Issuer, Note Trustee (as Agent) and The
          Depository Trust Company, as the initial Clearing Agency, dated as of
          the Closing Date, relating to the Notes, as the same may be amended or
          supplemented from time to time.

          Noteholders Report means the report to be delivered by the Manager, on
          behalf of the Issuer, in accordance with clause 11.1(n) containing the
          information set out in Schedule 2.

          Officer's Certificate means a certificate signed by any Authorised
          Signatory of the Issuer or the Manager (as appropriate) on behalf of
          the Issuer, under the circumstances described in, and otherwise
          complying with, the applicable requirements of Section 314 of the TIA.

          Opinion of Counsel means one or more written opinions of legal counsel
          who may, except as otherwise expressly provided in this deed, be
          employees of, or counsel to, the Issuer or the Manager on behalf of
          the Issuer and who shall be satisfactory to the Issuer or the Note
          Trustee, as applicable, and which opinion or opinions shall be
          addressed to the Issuer or the Note Trustee, as applicable, and shall
          be in form and substance satisfactory to the Issuer and the Note
          Trustee, as applicable.

          Paying Agent means any institution including, where the context
          permits, the Principal Paying Agent:

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                                                                         page 11

<PAGE>

                                        Note Trust Deed - SMHL Global Fund No. 6

          (a)  initially appointed as Principal Paying Agent by the Issuer under
               this deed; or

          (b)  as may, with the prior written approval of, and on terms
               previously approved in writing by, the Note Trustee (that
               approval not to be unreasonably withheld or delayed) from time to
               time be appointed by the Issuer in relation to the Notes, in each
               case (except in the case of the initial Principal Paying Agent)
               where notice of the appointment has been given to the Noteholders
               under this deed and in accordance with Condition 12.

          Paying Office means, in relation to a Paying Agent, the office of the
          Paying Agent specified in the Class A Notes or this deed as the office
          at which payments in respect of the Class A Notes will be made as
          changed from time to time in accordance with this deed.

          Person means any individual, corporation, limited liability company,
          estate, partnership, joint venture, association, joint stock company,
          trust (including any beneficiary thereof), unincorporated organisation
          or government or any agency or political subdivision thereof.

          Record Date means:

          (a)  with respect to the Payment Date of any Book-Entry Note, the
               close of business on the Banking Day immediately preceding that
               Payment Date; and

          (b)  with respect to the Payment Date for any Definitive Note, the
               last day of the calendar month before that Payment Date.

          Responsible Officer means with respect to the Note Trustee, any of its
          officers, including any Vice President, Assistant Vice President,
          Assistant Treasurer, or any other of its officers customarily
          performing functions similar to those performed by any of them and,
          with respect to a particular matter, any other officer to whom such
          matter is referred because of such officer's knowledge of and
          familiarity with the particular subject.

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

          Securitisation Fund means the Securitisation Fund established under
          the Master Trust Deed known as SMHL Global Fund No. 6.

          Specified Office means, in relation to the Calculation Agent, the
          office of the Calculation Agent specified under this deed as the
          office at which the Calculation Agent will carry out its duties under
          this deed.

          Supplementary Bond Terms Notice means the Supplementary Bond Terms
          Notice dated on or about the date of this deed between the Issuer, the
          Manager, the Note Trustee and the Security Trustee in respect of the
          Securitisation Fund.

          TIA means the Trust Indenture Act of 1939 of the United States of
          America, as amended.

          Trust Account means the US$ Account or any other account maintained by
          or on behalf of the Issuer in relation to the Securitisation Fund.

          Trust Corporation means any person eligible for appointment as a
          trustee under an indenture to be qualified pursuant to the TIA, as set
          forth in Section 310(a) of the TIA, which shall include The Bank of
          New York for so long as it complies

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                                                                         page 12

<PAGE>

                                        Note Trust Deed - SMHL Global Fund No. 6

          with such section.

     1.2  Definitions in Master Trust Deed, Supplementary Bond Terms Notice and
          Conditions

          (a)  Subject to clause 1.1 and the Recitals, terms and expressions
               which are defined in the Master Trust Deed (as amended by the
               Supplementary Bond Terms Notice), the Supplementary Bond Terms
               Notice and the Conditions (including in each case by reference to
               another agreement) have the same meanings when used in this deed
               unless the context otherwise requires or unless otherwise defined
               in this deed.

          (b)  No change to the Master Trust Deed or any other document
               (including the order of payment set out in the Supplementary Bond
               Terms Notice) after the date of this deed will change the meaning
               of terms used in this deed or adversely affect the rights of the
               Note Trustee or any Noteholder under this deed unless the Note
               Trustee (or the Noteholders acting under clause 6.5, as the case
               may be) has agreed in writing to the changes under this deed.

     1.3  Incorporation by reference

          Where this deed refers to a provision of the TIA, the provision is
          incorporated by reference in and made part of this deed. The following
          terms used in the TIA have the following meaning in this deed:

          Commission means the Securities and Exchange Commission of the United
          States of America;

          indenture securities means the Class A Notes;

          indenture security holder means a Class A Noteholder;

          indenture to be qualified means the Note Trust Deed;

          indenture trustee or institutional trustee means the Note Trustee; and

          obligor on the indenture securities means the Issuer with respect to
          the Class A Notes.

          Any other term which is used in this deed in respect of a section or
          provision of the TIA and which is defined in the TIA, by reference to
          another statute or defined by or in any rule of or issued by the
          Commission, will have the meaning assigned to them by such
          definitions.

     1.4  Interpretation

          Clause 1.2 of the Master Trust Deed applies to this deed as if set out
          in full and:

          (a)  a reference to an asset includes any real or personal, present or
               future, tangible or intangible property or asset and any right,
               interest, revenue or benefit in, under or derived from the
               property or asset;

          (b)  an Event of Default subsists until it has been cured or waived in
               writing by the Note Trustee;

          (c)  a reference to an amount for which a person is contingently
               liable includes an amount which that person may become actually
               or contingently liable to pay if a contingency occurs, whether or
               not that liability will actually arise; and

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                                        Note Trust Deed - SMHL Global Fund No. 6

          (d)  all references to costs or charges or expenses include any goods
               and services tax, value added tax or similar tax charged or
               chargeable in respect of the charge or expense.

     1.5  Determination, statement and certificate sufficient evidence

          Except where otherwise provided in this deed, any determination,
          statement or certificate by the Note Trustee or an Authorised
          Signatory of the Note Trustee provided for in this deed is sufficient
          evidence of each thing determined, stated or certified until proven
          wrong.

     1.6  Document or agreement

          A reference to:

          (a)  an agreement includes a Security Interest, guarantee,
               undertaking, deed, agreement or legally enforceable arrangement
               whether or not in writing; and

          (b)  a document includes an agreement (as so defined) in writing or a
               certificate, notice, instrument or document.

          A reference to a specific agreement or document includes it as
          amended, novated, supplemented or replaced from time to time, except
          to the extent prohibited by this deed.

     1.7  Transaction Document

          This deed is a Transaction Document for the purposes of the Master
          Trust Deed.

     1.8  Issuer as trustee

          (a)  In this deed, except where provided to the contrary:

               (1)  a reference to the Issuer is a reference to the Issuer in
                    its capacity as trustee of the Securitisation Fund only, and
                    in no other capacity; and

               (2)  a reference to the Security Trustee is a reference to the
                    Security Trustee in its capacity as security trustee under
                    the Security Trust Deed only, and in no other capacity; and

               (3)  a reference to the assets, business, property or undertaking
                    of the Issuer or the Security Trustee is a reference to the
                    assets, business, property or undertaking of the Issuer or
                    the Security Trustee respectively only in the capacity
                    described in paragraphs (1) and (2) above.

          (b)  The rights and obligations of the parties under this deed relate
               only to the Securitisation Fund and do not relate to any other
               Fund (as defined in the Master Trust Deed).

     1.9  Knowledge of Issuer and Security Trustee

          In relation to the Securitisation Fund, the Issuer and the Security
          Trustee will only be considered to have knowledge, actual knowledge or
          notice of, or be aware of, any matter or thing if the Issuer or the
          Security Trustee (as the case may be) has

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                                        Note Trust Deed - SMHL Global Fund No. 6

          knowledge, notice or awareness of that matter or thing by virtue of
          the actual notice or awareness of the officers or employees of the
          Issuer or the Security Trustee (as the case may be) who have day to
          day responsibility for the administration of the Securitisation Fund.

     1.10 Knowledge of the Note Trustee, Calculation Agent, Note Registrar or
          Principal Paying Agent

          In relation to the Securitisation Fund, the Note Trustee, the
          Calculation Agent, the Note Registrar and the Principal Paying Agent
          will only be considered to have knowledge or notice of, or be aware
          of, any matter or thing if the Note Trustee, Calculation Agent, Note
          Registrar or Principal Paying Agent (as the case may be) has
          knowledge, notice or awareness of that matter or thing by virtue of
          the actual notice or awareness of the officers or employees of the
          Note Trustee, Calculation Agent, Note Registrar or Principal Paying
          Agent (as the case may be) who have day to day responsibility for the
          administration of the trust, or other duties of the relevant party
          constituted by this deed.

     1.11 Appointment of the Note Trustee

          The Note Trustee:

          (a)  is appointed to act as trustee on behalf of the Class A
               Noteholders on the terms and conditions of this deed; and

          (b)  acknowledges and declares that it:

               (1)  holds the sum of US$10.00 received on the date of this deed;
                    and

               (2)  will hold the benefit of the obligations of the Issuer under
                    this deed,

               in each case, on trust for each Noteholder, in accordance with
               the terms and conditions of this deed.

     1.12 Duration of Trust

          The trust established pursuant to this deed shall commence on the date
          hereof and shall terminate on the first to occur of:

          (a)  the date on which the Issuer has satisfied in full its
               obligations to the Class A Noteholders and all Class A Notes have
               been cancelled or redeemed; and

          (b)  the 80th anniversary of the date of this deed.

     1.13 Obligations of the Issuer

          (a)  The Issuer shall not be liable for any act or omission by the
               Manager where it is acting or fails to act (as the case may be)
               on behalf of the Issuer under this deed.

          (b)  Where the Manager is empowered to act on behalf of the Issuer,
               the Manager undertakes to the Issuer that it will duly and
               punctually perform, on behalf of the Issuer, those obligations,
               imposed on the Issuer in accordance with the terms of the
               relevant clause.

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                                        Note Trust Deed - SMHL Global Fund No. 6

     1.14 Limitation of liability of Security Trustee

          (a)  Notwithstanding any other provision of this deed, the Security
               Trustee will have no liability under or in connection with this
               deed or any other Transaction Document other than to the extent
               to which the liability is able to be satisfied out of the
               property from which the Security Trustee is actually indemnified
               for the liability.

          (b)  This limitation will not apply to a liability of the Security
               Trustee to the extent that it is not satisfied because, under
               this deed, any other Transaction Document or by operation of
               laws, there is a reduction in the extent of the Security
               Trustee's indemnification as a result of the Security Trustee's
               fraud, negligence or wilful default.

          (c)  Nothing in this clause or any similar provision in any other
               Transaction Document limits or adversely affects the powers of
               the Security Trustee, any Receiver or attorney in respect of the
               Charge as defined in the Security Trust Deed or the Charged
               Property (as defined in the Security Trust Deed).

     1.15 Opinion of counsel

          For the purposes of this deed, the Issuer may where necessary seek,
          and rely conclusively on, any Opinion of Counsel on any matters
          relating to or connected with the TIA. Where the Issuer elects to seek
          and has sought the Opinion of Counsel it shall not be required to take
          any action under this deed unless and until it has received such an
          Opinion of Counsel. The cost of any such Opinion of Counsel will be an
          Expense of the Issuer in relation to the Securitisation Fund.

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2    Payments on Notes

     2.1  Principal amount

          The aggregate principal amount of the Class A Notes is limited to
          US$1,000,000,000.

     2.2  Covenant to repay

          (a)  The Issuer covenants that the Issuer will, in accordance with the
               terms of any Class A Notes (including the Conditions) and the
               Transaction Documents (and subject to the terms of the
               Transaction Documents and the Conditions, including, without
               limitation, clauses 19 and 45 of this deed and Condition 5) at
               the direction of the Manager on:

               (1)  the Maturity Date of the Class A Notes; or

               (2)  each earlier date as those Class A Notes, or any of them,
                    may become repayable (whether in full or in part),

               pay, or procure to be paid, unconditionally in accordance with
               this deed to, or to the order of, the Note Trustee in US$ in New
               York for immediate value the principal amount of those Class A
               Notes repayable, or in the case of a partial payment of those
               Class A Notes, the principal amount payable, subject to and in
               accordance with the terms of those Class A

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                                        Note Trust Deed - SMHL Global Fund No. 6

               Notes (including the Conditions).

          (b)  Subject to clause 2.3 and to the terms of the Class A Notes
               (including the Conditions and in particular Condition 6 of the
               Notes) and the Transaction Documents (including clauses 19 and 45
               of this deed and Condition 5), until any payment as well after as
               before any judgment or other order of a court of competent
               jurisdiction, the Issuer shall, at the direction of the Manager,
               duly and punctually pay or procure to be paid unconditionally in
               accordance with this deed to or to the order of the Note Trustee
               any interest, at the respective rates and calculated in
               accordance with and payable on the dates provided for in the
               Conditions.

          (c)  The Note Trustee shall hold the benefit of the covenant in this
               clause 2.2, and all other rights of the Class A Noteholders under
               the Class A Notes, on trust for the benefit of the Class A
               Noteholders.

     2.3  Deemed payment

          Any payment of principal or interest in respect of any Class A Notes
          to or to the account of the Principal Paying Agent in the manner
          provided in clause 19 shall satisfy the covenant in relation to those
          Class A Notes by the Issuer in this clause 2 to the extent of that
          payment, except to the extent that the Principal Paying Agent
          subsequently fails to pay that amount under those Class A Notes in
          accordance with the terms of those Class A Notes (including the
          Conditions).

     2.4  Issuer's covenant to Class A Noteholders and the Note Trustee

          Subject to the terms of the Master Trust Deed and the Supplementary
          Bond Terms Notice, the Issuer:

          (a)  acknowledges its indebtedness in respect of the Invested Amount
               of each Class A Note and interest thereon;

          (b)  covenants for the benefit of each Class A Noteholder and the Note
               Trustee that it will (subject to receiving any directions
               required under and given in accordance with the Transaction
               Documents):

               (1)  make all payments on or in respect of the Class A Notes held
                    by that Class A Noteholder on the applicable Payment Date;

               (2)  comply with the terms of the Supplementary Bond Terms Notice
                    and the Transaction Documents in which it is a party; and

               (3)  pay the Outstanding Principal Balance in relation to the
                    Class A Notes held by that Class A Noteholder on the Final
                    Maturity Date and accrued and unpaid interest on the
                    Invested Amount.

     2.5  Following Event of Default

          (a)  At any time when an Event of Default in respect of the Class A
               Notes is subsisting, or at any time after Definitive Notes have
               not been issued when so required in accordance with the
               Conditions, the Note Trustee may:

               (1)  by notice in writing to the Issuer, the Manager, the
                    Principal Paying Agent, any other Paying Agents and the
                    Calculation Agent and until such notice is withdrawn,
                    require the Principal Paying Agent, any other Paying Agents
                    and the Calculation Agent either:

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                                        Note Trust Deed - SMHL Global Fund No. 6

                    (A)  (i)  to act as Principal Paying Agent and Paying Agents
                              and Calculation Agent respectively of the Note
                              Trustee in relation to payments to be made by or
                              on behalf of the Note Trustee under the provisions
                              of this deed on the terms of this deed, except
                              that the Note Trustee's liability for the
                              indemnification of the Paying Agents and
                              Calculation Agent shall be limited to any amount
                              for the time being held by the Note Trustee on the
                              trusts of this deed and which is available to be
                              applied by the Note Trustee under this deed; and

                         (ii) to hold all Definitive Notes and all amounts,
                              documents and records held by them in respect of
                              the Class A Notes on behalf of the Note Trustee;
                              or

                    (B)  to deliver up all Definitive Notes and all amounts,
                         documents and records held by them in respect of the
                         Class A Notes to the Note Trustee or as the Note
                         Trustee shall direct in that notice, other than any
                         documents or records which the relevant Paying Agent or
                         Calculation Agent is obliged not to release by any law
                         or regulation; or

               (2)  by notice in writing to the Issuer require it to make all
                    subsequent payments in respect of the Class A Notes to the
                    order of the Note Trustee and not to the Principal Paying
                    Agent and, with effect from the issue of that notice to the
                    Issuer and until that notice is withdrawn, clause 2.3 shall
                    not apply.

          (b)  The payment by the Issuer of its payment obligations on each
               Payment Date under the Supplementary Bond Terms Notice and the
               Conditions to the Note Trust Deed in accordance with clause
               2.5(a)shall be a good discharge to the Issuer and the Issuer
               shall not be liable for any act or omission or default of the
               Note Trustee during the period it is required to make payment to
               the Note Trustee under clause 2.5(a).

          (c)  The Issuer shall not be liable for any act or omission or default
               of the Note Trustee during the period it is required to make
               payments in respect of the Class A Notes to the Note Trustee
               under clause 2.5(a).

          (d)  At any time whilst an Event of Default is subsisting which has
               not been waived, if the Calculation Agent for any reason does not
               determine the Interest Rate or calculate the Interest for a Class
               A Note, the Note Trustee shall do so and each such determination
               or calculation shall be deemed to have been made by the
               Calculation Agent. In doing so, the Note Trustee shall apply the
               provisions of clause 22, with any necessary consequential
               amendments, to the extent that, in its opinion, it can do so,
               and, in all other respects it shall do so in such a manner as it
               shall deem fair and reasonable in all the circumstances.

          (e)  The Issuer, the Manager, the Note Trustee, the Security Trustee
               and the Paying Agents may treat a Class A Noteholder as the
               absolute owner of a Class A Note (whether or not that Class A
               Note is overdue and despite any notation or notice to the
               contrary or writing on it or any notice of previous

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                                        Note Trust Deed - SMHL Global Fund No. 6

               loss or theft of it or of trust or other interest in it) for the
               purpose of making payment and for all other purposes.

     2.6  Requirements of Paying Agent

          The Principal Paying Agent agrees with the Note Trustee, subject to
          the provisions of this clause, that it shall:

          (a)  hold in trust for the Note Trustee and the Class A Noteholders
               all sums held by the Principal Paying Agent for the payment of
               principal and interest with respect to the Class A Notes until
               all relevant sums are paid to the Note Trustee or the Class A
               Noteholders or otherwise disposed of as provided in this deed;
               and

          (b)  immediately notify in writing the Note Trustee, the Issuer, the
               Security Trustee and the Manager if the full amount of any
               payment of principal or interest required to be made by the
               Supplementary Bond Terms Notice and the relevant Conditions in
               respect of the Class A Notes is not unconditionally received by
               it or to its order in accordance with this deed.

     2.7  Certification

          For the purposes of any redemption of Class A Notes under Condition 5,
          the Note Trustee may rely upon an Officer's Certificate from the
          Manager certifying or stating the opinion of each person signing that
          Officer's Certificate as to the following matters:

          (a)  the fair value (within 90 days of such release) of the property
               or securities to be released from the Security Trust Deed;

          (b)  that the proposed release will not impair the security under the
               Security Trust Deed in contravention of the provisions of the
               Security Trust Deed or this deed; and

          (c)  that the Issuer will be in a position to discharge all its
               liabilities in respect of the relevant Class A Notes and any
               amounts required under the Security Trust Deed to be paid in
               priority to or pari passu with those Class A Notes,

          and that Officer's Certificate shall be conclusive and binding on the
          Issuer, the Note Trustee and the holders of those Class A Notes.

     2.8  Determinations

          If the Manager does not at any time for any reason determine a
          Principal Entitlement or the Outstanding Principal Balance or the
          Invested Amount applicable to any Class A Notes in accordance with
          Condition 5(g), the Principal Entitlement, the Outstanding Principal
          Balance and the Invested Amount (as the case may be) may be determined
          by the Calculation Agent (or, failing the Calculation Agent, the Note
          Trustee) in accordance with Condition 5(g) (but based on the
          information in its possession) and each such determination or
          calculation shall be deemed to have been made by the Manager, and
          neither the Calculation Agent nor the Note Trustee shall have any
          liability in respect thereof other than as a result of the fraud,
          negligence or wilful default of the Calculation Agent or the Note
          Trustee as the case may be.

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                                        Note Trust Deed - SMHL Global Fund No. 6

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3    Form of, Issue of and Duties and Taxes on, Notes

     3.1  Issue of Book-Entry Notes

          (a)  Each Class of Class A Notes shall, on issue be represented by one
               or more Book-Entry Notes.

          (b)  Each Book-Entry Note must be signed manually or by facsimile by
               an Authorised Signatory or attorney of the Issuer on behalf of
               the Issuer and must be manually authenticated by the Principal
               Paying Agent.

     3.2  Form of Book-Entry Notes

          (a)  The Book-Entry Notes shall be typed in the form or substantially
               in the form set out in schedule 1.

          (b)  The procedures relating to the exchange, authentication,
               delivery, surrender, cancellation, presentation, marking up or
               down of any Book-Entry Note (or part of any Book-Entry Note and
               any other matters to be carried out by the relevant parties upon
               exchange (in whole or part) of any Book Entry Note shall be made
               in accordance with the provisions of the relevant terms of the
               Book-Entry Notes and the normal practice of the Common
               Depository, the Note Registrar and the rules and procedures of
               the Clearing Agency from time to time.

          (c)  The Book-Entry Notes shall be in an aggregate principal amount of
               US$1,000,000,000 for the Class A Notes.

          (d)  The Manager shall procure that, prior to the issue and delivery
               of any Book-Entry Note, that Book-Entry Note will be
               authenticated manually by an Authorised Signatory of the
               Principal Paying Agent and no Book-Entry Note shall be valid for
               any purpose unless and until so authenticated. A Book-Entry Note
               so executed and authenticated shall be a binding and valid
               obligation of the Issuer. Until a Book-Entry Note (or part of a
               Book-Entry Note) has been exchanged pursuant to this deed, it (or
               that part) shall in all respects be entitled to the same benefits
               as a Definitive Note. Each Book-Entry Note shall be subject to
               this deed except that the registered owner of a Book-Entry Note
               shall be the only person entitled to receive payments from the
               Principal Paying Agent of principal or interest in relation to
               it.

          (e)  The Class A Notes upon original issue will be issued in the form
               of typewritten Notes representing the Book-Entry Notes. The
               Manager shall, on the date of this deed, deliver or arrange the
               delivery on its behalf to the Principal Paying Agent, as agent
               for the Clearing Agency, of the Book-Entry Notes. The Book-Entry
               Notes shall initially be registered on the Note Register in the
               name of the Common Depository as nominee of the Clearing Agency,
               and no Class A Noteowner will receive a Definitive Note
               representing such Class A Noteowner's interest in such Note,
               except as provided in clause 3.3.

          (f)  Whenever a notice or other communication to the Class A
               Noteholders is required under this deed, unless and until
               Definitive Notes shall have been issued to a Class A Noteowner
               pursuant to clause 3.3, the Note Trustee shall give all such
               notices and communications specified herein to be

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                                        Note Trust Deed - SMHL Global Fund No. 6

               given to Class A Noteowners to the Common Depository, and shall
               have no obligation to the Class A Noteowners.

          (g)  Unless and until the Definitive Notes have been issued to a Class
               A Noteowner pursuant to clause 3.3:

               (1)  the provisions of this clause shall be in full force and
                    effect;

               (2)  the Note Registrar, the Issuer, the Manager, the Security
                    Trustee, each Paying Agent and the Note Trustee shall be
                    entitled to deal with the Clearing Agency for all purposes
                    of this deed (including the payment of principal of and
                    interest on the Class A Notes and the giving of
                    instructions, notices or directions hereunder) as the sole
                    holder of the Class A Notes, and shall have no obligation to
                    any Class A Noteowners and none of the Note Registrar, the
                    Issuer, the Manager, each Paying Agent, and the Note Trustee
                    or the Security Trustee will be affected by notice to the
                    contrary;

               (3)  to the extent that the provisions of this clause conflict
                    with any other provisions of this deed, the provisions of
                    this clause shall prevail;

               (4)  the rights of Class A Noteowners shall be exercised only
                    through the Clearing Agency and shall be limited to those
                    established by law and agreements between such Class A
                    Noteowners and the Clearing Agency and/or the Clearing
                    Agency Participants. Pursuant to the Note Depository
                    Agreement, unless and until Definitive Notes are issued
                    pursuant to clause 3.3, the initial Clearing Agency will
                    make book-entry transfers among the Clearing Agency
                    Participants and receive and transmit payments of principal
                    and interest on the Class A Notes to such Clearing Agency
                    Participants; and

               (5)  whenever this deed requires or permits actions to be taken
                    based upon instructions or directions of Class A Noteowner
                    evidencing a specific percentage of all Invested Amounts of
                    all Class A Notes, the Clearing Agency shall be deemed to
                    represent such percentage only to the extent that it has
                    received instructions to such effect from Class A Noteowners
                    and/or Clearing Agency Participants owning or representing,
                    respectively, such required percentage of the beneficial
                    interest in the Class A Notes and has delivered such
                    instructions to the Principal Paying Agent.

     3.3  Definitive Notes

          If:

          (a)  the Principal Paying Agent advises the Manager in writing that
               the Clearing Agency is no longer willing or able to discharge
               properly its responsibilities as depository for the Class A Notes
               and the Manager is not able to locate a qualified successor;

          (b)  the Issuer, at the direction of the Manager (at the Manager's
               option) advises the Principal Paying Agent in writing that it
               elects to terminate the book-entry system through the Clearing
               Agency; or

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                                        Note Trust Deed - SMHL Global Fund No. 6

          (c)  after the occurrence of an Event of Default, the Note Trustee, at
               the written direction of Class A Noteholders holding a majority
               of the aggregate Outstanding Principal Balance of the Class A
               Notes advises the Issuer and the Principal Paying Agent that the
               continuation of a book entry system is no longer in the best
               interests of the Class A Noteowners,

          then the Principal Paying Agent must within 30 days of such event
          instruct the Clearing Agency to notify all of the appropriate Class A
          Noteowners of the occurrence of any such event and of the availability
          of Definitive Notes. Upon the surrender of the Book-Entry Notes to the
          Issuer by the Clearing Agency, and the delivery by the Clearing Agency
          of the relevant registration instructions to the Issuer, the Issuer
          (with the assistance of the Manager) shall execute and procure the
          Principal Paying Agent to authenticate the Definitive Notes in
          accordance with the instructions of the Clearing Agency. The
          Definitive Notes will be serially numbered and shall be typewritten,
          printed, lithographed or engraved or produced by any combination of
          these methods (with or without steel engraved borders).

          None of the Note Registrar, the Paying Agents, the Note Trustee or the
          Issuer shall be liable for any delay in delivery of such instructions
          and may conclusively rely on, and shall be protected in relying on,
          such instructions.

     3.4  Stamp and Other Taxes

          The Manager will pay any stamp and other duties and Taxes (other than
          income tax or any similar tax on net income) payable in Australia or
          the United States on or in connection with:

          (a)  the execution, delivery and performance of the Transaction
               Documents or any other payment, receipt or other transaction
               contemplated by the Transaction Documents;

          (b)  the constitution and original issue and delivery of the Class A
               Notes; and

          (c)  any action taken by the Note Trustee or where permitted under
               this deed so to do, the Clearing Agency or any Class A Noteowner
               to enforce or to resolve any doubts concerning, or for any other
               purpose in relation to, the provisions of the Class A Notes or
               the Transaction Documents.

          The Manager must indemnify and keep indemnified the Note Trustee, the
          Paying Agent, the Calculation Agent, the Note Registrar, the Issuer
          and the Security Trustee against any loss or liability incurred or
          suffered by those parties as a result of any delay or failure by the
          Manager to pay any such stamp and other duties and Taxes.

     3.5  Indemnity for non-issue

          If the Issuer is required to issue, or procure the issue of,
          Definitive Notes following an event specified in clause 3.3(a), (and
          all conditions precedent to such issue have been satisfied) but fails
          to do so within 30 days of delivery to the Issuer of the Book-Entry
          Notes in accordance with clause 3.3 then the Issuer shall (subject to
          clause 45) indemnify the Note Trustee and the Class A Noteholders and
          keep them indemnified, against any loss or damage incurred by any of
          them if the amount received by the Note Trustee and the Class A
          Noteholders is less than the amount that would have been received had
          Definitive Notes been issued within the 30 days referred to in this
          clause 3.5. If the Issuer breaches its

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                                        Note Trust Deed - SMHL Global Fund No. 6

          obligations under clause 3.3, it is acknowledged and agreed that
          damages alone will not be an adequate remedy for such a breach and
          that, in addition to any other rights they may have, the Note Trustee
          and the Class A Noteholders are entitled to sue the Issuer for
          specific performance, injunctive relief or other equitable relief to
          enforce the Issuer's obligations under clause 3.3. The Manager must
          promptly advise the Issuer if it becomes actually aware of the
          occurrence of the relevant event and the Issuer shall promptly notify
          the Note Trustee of the relevant event.

     3.6  Note Register and Note Registrar

          (a)  The Note Registrar, on behalf of the Issuer, shall keep or cause
               to be kept the Note Register and the Note Registrar will be
               responsible for registering Notes and transfers of Class A Notes
               as herein provided. The Issuer may, with the consent of the Note
               Trustee, appoint another person as Note Registrar. Upon any
               resignation or removal of any Note Registrar under this deed, the
               Issuer with the assistance of and at the direction of, the
               Manager shall promptly appoint a successor or, if it elects not
               to make such an appointment, assume the duties of the Note
               Registrar.

          (b)  Upon surrender for registration of transfer of any Class A Note
               to the Note Registrar, if the requirements of Section 8-401(a) of
               the Uniform Commercial Code of New York (the UCC) are met, the
               Issuer shall, at the direction of the Manager, execute and upon
               its written request the Principal Paying Agent shall authenticate
               and the Class A Noteholder shall obtain from the Note Trustee, in
               the name of the designated transferee or transferees, one or more
               new Class A Notes, in any authorised denominations, of the same
               class and a like aggregate principal amount. The Issuer shall be
               entitled to rely on any direction given by the Manager under this
               clause and shall not be under any obligation to investigate or
               query any such direction.

          (c)  At the option of the Class A Noteholder, Class A Notes may be
               exchanged for other Class A Notes in any authorised denominations
               and a like aggregate principal amount, upon surrender of the
               Class A Notes to be exchanged at such office or agency. Whenever
               any Class A Notes are so surrendered for exchange, if the
               requirements of Section 8-401(a) of the UCC are met the Issuer
               shall, at the direction of the Manager, execute, and upon its
               written request the Principal Paying Agent shall authenticate and
               the Class A Noteholder shall obtain from the Note Trustee, the
               Class A Notes which the Class A Noteholder making the exchange is
               entitled to receive. The Issuer shall be entitled to rely on any
               direction given by the Manager under this clause and shall not be
               under any obligation to investigate or query any such direction.

          (d)  Every Class A Note presented or surrendered for registration of
               transfer or exchange shall be:

               (1)  duly endorsed by, or be accompanied by a written instrument
                    of transfer in a form satisfactory to the Note Registrar
                    duly executed by, the Class A Noteholder thereof or such
                    Class A Noteholder's attorney duly authorised in writing,
                    with such signature guaranteed by an "eligible guarantor
                    institution" meeting the requirements of the Note Registrar
                    which requirements include membership or participation of
                    Securities Transfer Agents SMHL Global Program

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                                        Note Trust Deed - SMHL Global Fund No. 6

                    (Stamp) or such other "signature guarantee program" as may
                    be determined by the Note Registrar in addition to, or in
                    substitution for Stamp, all in accordance with the Exchange
                    Act, and

               (2)  accompanied by such other documents as the Note Registrar
                    may require.

          (e)  No service charge shall be made to a Class A Noteholder for any
               registration of transfer or exchange of Class A Notes, but the
               Note Registrar may require payment of a sum sufficient to cover
               any Tax or other governmental charge that may be imposed in
               connection with any registration of transfer or exchange of Class
               A Notes.

          (f)  The preceding provisions of this clause 3.6 notwithstanding, the
               Issuer shall not be required to make and the Note Registrar need
               not register transfers or exchanges of Class A Notes, nor the
               Principal Paying Agent be required to authenticate any Class A
               Notes selected for redemption for a period of 30 days preceding
               the due date for any payment with respect to the Class A Note.

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4    Covenant of Compliance

          (a)  The Issuer and the Manager covenant with the Note Trustee that
               they will comply with and perform and observe all material
               provisions of the Class A Notes and Transaction Documents which
               are expressed to be binding on them respectively for the benefit
               of the Note Trustee or any Class A Noteholder.

          (b)  The Transaction Documents and the Conditions shall be binding on
               the Issuer, the Note Trustee and the Class A Noteholders.

          (c)  The Note Trustee (or the Class A Noteholders, under clause 6.5,
               as the case may be) is entitled to enforce the obligations of the
               Issuer under the Class A Notes and the Conditions as if the same
               were set out and contained in this deed (which shall be read and
               construed as one document with the Notes). The Note Trustee shall
               hold the benefit of this covenant upon trust for itself and the
               Class A Noteowners according to its and their respective
               interests.

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5    Cancellation of Class A Notes

     5.1  Cancellation

          The Note Registrar shall ensure that all Class A Notes:

          (a)  which have been surrendered for payment, registration of
               transfer, exchange or redemption; or

          (b)  in the case of any Definitive Note, which, being mutilated or
               defaced, have been surrendered and replaced under Condition 11,

          shall be cancelled by or on behalf of the Issuer and will execute a
          certificate and deliver same to the Note Trustee stating:

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                                        Note Trust Deed - SMHL Global Fund No. 6

          (a)  the aggregate Outstanding Principal Balance of Notes which have
               been redeemed; and

          (c)  the serial numbers of such Notes in definitive form (where
               applicable).

     5.2  Records

          The Note Registrar shall procure:

          (a)  the keeping of a full and complete record of all Class A Notes
               and of their redemption, payment, exchange or cancellation (as
               the case may be) and of all replacement Class A Notes issued in
               substitution for lost, stolen, mutilated, defaced or destroyed
               Definitive Notes;

          (b)  the making available at its Specified Office of such records to
               the Issuer and the Note Trustee and the Note Registrar on
               reasonable notice and during business hours promptly following
               the Note Trustee's request or the Issuer's request for the same.

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6    Enforcement

     6.1  Actions following Event of Default

          At any time while an Event of Default is subsisting the Note Trustee
          may (subject to the Security Trust Deed, to clauses 6.4and 7, and to
          Conditions 9 and 10), at its discretion and without further notice,
          take any action available to it to direct the Security Trustee to:

          (a)  institute any proceedings against the Issuer which are permitted
               under the Transaction Documents;

          (b)  enforce the security created under the Security Trust Deed
               (including anything set out in clause 7.2 of the Security Trust
               Deed); and

          (c)  enforce repayment of the Class A Notes together with accrued
               interest and any other moneys payable to the Note Trustee or the
               Class A Noteholders under the Transaction Documents.

     6.2  Evidence of default

          If the Security Trustee or the Note Trustee takes any action against
          the Issuer to enforce any of the provisions of any Class A Note or
          this deed, proof that as regards any Class A Note, the Issuer has not
          paid any principal or interest due in respect of that Class A Note
          shall (unless the contrary is proved) be sufficient evidence that the
          Issuer has not paid that principal or interest on all other Class A
          Notes in respect of which the relevant payment is then due.

     6.3  Note Trustee must receive indemnity

          If:

          (a)  the Note Trustee convenes a meeting of the Class A Noteholders,
               or is required by the Class A Noteholders to take any action
               under this Deed, and advises them that the Note Trustee will not
               act in relation to any matter contemplated by this deed unless it
               is personally indemnified by the

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                                        Note Trust Deed - SMHL Global Fund No. 6

               Class A Noteholders (other than the Note Trustee) to its
               reasonable satisfaction against all actions, proceedings, claims
               and demands to which it may render itself liable, and all costs,
               charges, damages and expenses which it may incur, in relation to
               any matter contemplated by this deed and put in funds to the
               extent to which it may become liable (including costs and
               expenses); and

          (b)  the Class A Noteholders refuse to grant the requested indemnity
               and put the Note Trustee in funds;

          then the Note Trustee will not be obliged to act in relation to such
          matter.

          In those circumstances, the Class A Noteholders may exercise such
          powers as they determine by Extraordinary Resolution.

     6.4  Restrictions on enforcement

          If any of the Class A Notes remain outstanding and are due and payable
          otherwise than by reason of a default in payment of any amount due on
          any Class A Notes, the Note Trustee must not vote under the Security
          Trust Deed to, or otherwise direct the Security Trustee to, enforce
          the Security Trust Deed or dispose of the Charged Property unless:

          (a)  a sufficient amount would be realised to discharge in full all
               amounts owing to the Class A Noteholders and any other amounts
               payable by the Issuer ranking in priority to or pari passu with
               the Class A Notes;

          (b)  the Note Trustee is of the opinion, reached after considering at
               any time and from time to time the advice of a merchant bank or
               other financial adviser selected by the Note Trustee (the cost of
               which advice shall be an Expense incurred by the Note Trustee
               under the Transaction Documents), that the cash flow receivable
               by the Issuer (or the Security Trustee under the Security Trust
               Deed) will not (or that there is a significant risk that it will
               not) be sufficient, having regard to any other relevant actual,
               contingent or prospective liabilities of the Issuer, to discharge
               in full in due course all the amounts referred to in clause
               6.4(a) relating to the Securitisation Fund; or

          (c)  the Note Trustee is so directed by the holders of at least 75% of
               the aggregate Invested Amount of the Class A Notes.

     6.5  Action by Noteholders

          Notwithstanding any other provision of this deed, if the Note Trustee,
          having become bound to take steps and/or proceed under clause 6.1
          and/or the Security Trust Deed, fails to do so within 14 days and such
          failure is continuing, any of the Class A Noteholders may do so, but
          then only if and to the extent the Class A Noteholders are able to do
          so under the Transaction Documents.

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                                        Note Trust Deed - SMHL Global Fund No. 6

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7    Proceedings

     7.1  Acting only on direction

          (a)  The Note Trustee may, but shall not be bound to, vote under the
               Security Trust Deed, or otherwise direct the Security Trustee
               under the Security Trust Deed, to take any proceedings, actions
               or steps under, or any other proceedings pursuant to or in
               connection with, the Security Trust Deed, this deed or any Class
               A Notes and shall be bound to so vote or direct the Security
               Trustee if directed or requested to do so in writing by the
               holders of at least 75% of the aggregate Invested Amount of the
               Class A Notes and then only if the Note Trustee is indemnified to
               its satisfaction against all actions, proceedings, claims and
               demands to which it may render itself liable and all costs,
               charges, damages and expenses which it may incur by so doing.

          (b)  The Note Trustee shall be protected with respect to any action
               taken or omitted to be taken by it in good faith in accordance
               with the direction of the holders of the required aggregate
               Invested Amount of the Class A Notes in accordance with this deed
               relating to the time, method and place of conducting any
               proceeding for any remedy available to, or exercising any trust
               or power conferred upon it, under this deed.

     7.2  Security Trustee acting

          (a)  Only the Security Trustee may enforce the provisions of the
               Security Trust Deed and neither the Note Trustee nor any holder
               of a Class A Note is entitled to proceed directly against the
               Issuer to enforce the performance of any of the provisions of the
               Security Trust Deed or of the Class A Notes (including the
               Conditions), provided that if the Security Trustee having become
               bound to take steps and/or to proceed under the Security Trust
               Deed, fails to do so within a reasonable time and such failure is
               continuing, the Note Trustee and/or Class A Noteholders (if
               entitled under clause 6.5to act in place of the Note Trustee) may
               proceed directly against the Issuer to the extent permitted under
               the Transaction Documents.

          (b)  The Security Trustee shall comply with all directions given to it
               by the Note Trustee pursuant to any power to give directions
               granted to the Note Trustee pursuant to this deed or pursuant to
               the Security Trust Deed, provided that the Security Trustee has
               the power under the Security Trust Deed to take the action
               contemplated by the direction and would not incur any personal
               liability in doing so, and the Security Trustee shall not be
               liable for all direct and indirect costs, expenses, losses,
               damages, liabilities or actions arising or resulting from any
               action or conduct undertaken or not taken by the Security Trustee
               or its officers, employees or agents as a consequence of
               following those directions.

     7.3  Note Trustee alone entitled to act

          Subject to clauses 6.5and 7.2, only the Note Trustee may:

          (a)  direct the Security Trustee to enforce or not to enforce; or

          (b)  enforce the provisions of,

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                                        Note Trust Deed - SMHL Global Fund No. 6

          this deed or of the Class A Notes (including the Conditions) and no
          Class A Noteholder is entitled to take any of the above actions or to
          proceed directly against the Issuer to enforce the performance of any
          of the provisions of this deed or the Class A Notes (including the
          Conditions).

     7.4  Available amounts

          For the purpose of Conditions 5(g) and 5(h) the Note Trustee shall not
          be satisfied that the Issuer will be in a position to discharge the
          liabilities referred to in those Conditions unless, either:

          (a)  the Issuer will have available to it sufficient cash in the
               Collection Account and sufficient Authorised Investments which
               will mature on or before the relevant Payment Date after making
               any other payments or provisions having priority in order of
               application under the applicable provisions of the Supplementary
               Bond Terms Notice; or

          (b)  the Issuer has entered into a legally binding contract with an
               entity either whose long term unsecured and unguaranteed debt is
               rated AA- by S&P or AA- by Fitch Ratings or whose short term
               unsecured and unguaranteed debt securities are rated A-1+ by S&P
               or F1+ by Fitch Ratings, provided that in both cases its short
               term unsecured and unguaranteed debt securities are ranked P-1 by
               Moody's, to provide sufficient cash on or before the relevant
               Payment Date to enable the Issuer to discharge the relevant
               liabilities,

          and in each circumstance the Manager has certified to the Note Trustee
          that the requirements of clause 7.4(a) or 7.4(b) have been met and the
          Note Trustee shall be entitled to rely on such certification.

     7.5  No obligation to ensure compliance

          In giving any direction to the Security Trustee under this deed or the
          Security Trust Deed, the Note Trustee shall not be obliged to ensure
          that the Security Trustee complies with such direction and will not be
          liable for failure by the Security Trustee to so comply.

     7.6  Conflict of interests

          The Note Trustee shall, with respect to all the powers, trusts,
          authorities, duties and discretions vested in it by the Transaction
          Documents, except where expressly provided otherwise, have regard to
          the interests of the Class A Noteholders.

     7.7  Note Trustee may enforce

          The Note Trustee has the power, subject to clause 45:

          (a)  (Enforce Following Default): in the event of a default in
               repayment of the principal or payment of interest by the Issuer
               in respect of any Class A Note when and as the same shall become
               due and payable, which default has continued for a period of 10
               days, to recover judgement, in its own name and as trustee for
               the Class A Noteholders, against the Issuer for the whole amount
               of such principal and interest remaining unpaid; and

          (b)  (File Proofs): to file such proofs of claim and other payments or
               documents as may be necessary or advisable in order to have the
               claims of

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                                        Note Trust Deed - SMHL Global Fund No. 6

               the Note Trustee and the Class A Noteholders allowed in any
               judicial proceedings in relation to the Issuer; and

          (c)  (Enforce Rights): if an Event of Default occurs and is
               subsisting, to proceed, to protect and enforce its right and the
               rights of the Class A Noteholders by such appropriate judicial
               proceedings as the Note Trustee deems most effectual to protect
               and enforce any such rights, whether for the performance of any
               provision of this deed or in aid of the exercise of any power
               under this deed or to enforce any other proper remedy;

          but nothing in this clause 7.7 is to be construed as requiring the
          Note Trustee to take any such action unless it has been directed to do
          so by the holders of at least 75% of the aggregate Invested Amount of
          the Class A Notes and has been indemnified or put in funds to its
          satisfaction by the Class A Noteholders against any liability that it
          may incur as a result of taking such action.

          If the Note Trustee takes any action to enforce any of the provisions
          of the Class A Notes, proof that as regards any Class A Note the
          Issuer has not paid any principal or interest due in respect of that
          Class A Note will (unless the contrary is proved) be sufficient
          evidence that the Issuer has not paid that principal or interest on
          all other Class A Notes in respect of which the relevant payment is
          then due.

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8    Notice of Payment

          The Principal Paying Agent shall give notice to the Class A
          Noteholders in accordance with Condition 12 of the day fixed for any
          payment to them of amounts received by the Note Trustee under clause
          12 of the Security Trust Deed. Those payments may be made in
          accordance with Condition 6 and payment of those amounts by the Note
          Trustee to the Principal Paying Agent for that purpose shall be a good
          discharge to the Note Trustee.

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9    Investment by Note Trustee

          Any amount which, under the trusts of this deed ought to or may be
          invested by the Note Trustee, may be invested in the name or under the
          control of the Note Trustee at the written direction of the Manager in
          any Authorised Investments. The Note Trustee shall not be liable for
          the selection of investments or for investment losses incurred thereon
          in the absence of fraud, negligence or wilful default on its part.

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10   Partial Payments

          In the case of Definitive Notes, on any payment of amounts received by
          the Note Trustee under clause 12 of the Security Trust Deed (other
          than the payment in full against surrender of a Definitive Note), the
          Definitive Note in respect of which such payment is made shall be
          produced to the Note Trustee or the Paying Agent by or through whom
          such payment is made and the Note Trustee shall, or shall cause the
          Paying Agent to, enface on the Definitive Note a memorandum of the
          amount and the date of payment, but the Note Trustee may in any
          particular case dispense with that production and enfacement upon the
          Issuer certifying to the

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                                        Note Trust Deed - SMHL Global Fund No. 6

          Note Trustee that an indemnity has been given to the Issuer by the
          recipient of the payment as the Issuer considers sufficient and the
          Note Trustee shall be entitled to rely on such certification.

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11   Covenants by the Issuer and Manager

     11.1 Undertakings

          Each of the Issuer and the Manager undertakes to the Note Trustee, on
          behalf of the Class A Noteholders, as follows in relation to the
          Securitisation Fund for so long as any of the Class A Notes remain
          outstanding (except to the extent that the Note Trustee otherwise
          consents in accordance with this deed).

          (a)  (Master Trust Deed covenants) It will comply with its covenants
               in the Master Trust Deed.

          (b)  (Transaction Documents)

               (1)  It will comply with its material obligations under the
                    Transaction Documents.

               (2)  It will use reasonable endeavours (to the extent that it is
                    able to do so under the Master Trust Deed) to procure that
                    each other party to a Transaction Document complies with and
                    performs its material obligations under that Transaction
                    Document.

               (3)  It shall not amend any Transaction Document in so far as any
                    such amendment affects or relates to the Securitisation Fund
                    without the prior consent of the Note Trustee, other than in
                    the circumstances contemplated in clause 35.1.

          (c)  (Assistance) It will provide to the Note Trustee such
               information, copies of any accounting records and other
               documents, statements and reports required to be maintained by,
               or that are otherwise in the possession of, the Issuer or the
               Manager, as the case may be in relation to the Fund, as the Note
               Trustee may reasonably require to enable the Note Trustee to
               perform its duties and functions under this deed.

          (d)  (Notify Events of Default)

               (1)  It will promptly notify the Note Trustee in writing if it
                    has knowledge or notice of or is aware of the occurrence of
                    an Event of Default, Trustee's Default or Manager's Default
                    including full details (to the extent known, without making
                    any enquiry) of that Event of Default, Trustee's Default or
                    Manager's Default (as the case may be).

               (2)  In addition to its obligations under clause 11.1(d)(1), the
                    Manager will confirm to the Note Trustee in an Officer's
                    Certificate, to be provided on each anniversary of this
                    deed:

                    (A)  whether or not the Manager is aware that any Event of
                         Default, Trustee's Default or Manager's Default has
                         occurred and give reasonable details of that event; and

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                                        Note Trust Deed - SMHL Global Fund No. 6

                    (B)  any other matter which is required to be notified to
                         the Note Trustee under the Transaction Documents and
                         which has not previously been so notified.

          (e)  (Maintenance of Office or Agency) The Manager on behalf of the
               Issuer will maintain in the Borough of Manhattan, The City of New
               York an office or agency where Class A Notes which are Definitive
               Notes may be surrendered for registration of transfer or
               exchange. The Issuer hereby initially appoints the Principal
               Paying Agent to serve as its agent for the foregoing purposes.
               The Principal Paying Agent shall act solely for, and as agent of,
               the Issuer and shall not have any obligations towards or
               relationship or agency or trust with any other person in respect
               of its appointment under this clause 11.1(e). The Manager will
               give prompt written notice to the Note Trustee of the location,
               and of any change in the location, of any such office or agency.
               If at any time the Issuer shall fail to maintain any such office
               or agency or shall fail to furnish the Note Trustee with the
               address thereof, such surrenders, notices and demands may be made
               or served at the Corporate Trust Office, and the Issuer hereby
               appoints the Note Trustee as its agent to receive all such
               surrenders.

          (f)  (Calculation Agent) It will procure that, so long as any of the
               Class A Notes remain outstanding, there will at all times be a
               Calculation Agent.

          (g)  (Change to Paying Agents or Calculation Agent) It will give
               notice to the Noteholders in accordance with this deed and
               Condition 12 of:

               (1)  any appointment, resignation or removal of any Paying Agent
                    (other than the appointment of the initial Principal Paying
                    Agent) or Calculation Agent;

               (2)  any change to any Paying Agent's Paying Office; or

               (3)  any change to the Calculation Agent's Specified Office.

          (h)  (Annual Financial Statements) In the case of the Manager only, it
               will deliver to the Note Trustee, within 180 days after the end
               of each fiscal year of the Securitisation Fund (the first such
               fiscal year commencing on [1 July 2004]), the financial
               statements of the Securitisation Fund. Such statements shall be
               audited by the Issuer's Auditors and shall be prepared in such
               form as will comply with all relevant legal and accounting
               requirements.

          (i)  (Notices) It will promptly give to the Note Trustee, or ensure
               that the Note Trustee receives for approval by the Note Trustee,
               two copies of the form of every notice prior to the notice being
               given to the Class A Noteholders in accordance with Condition 12.

          (j)  (Annual Statement as to Compliance) The Issuer (or the Manager on
               its behalf) will deliver to the Note Trustee, within 120 days
               after the end of each fiscal year of the Trust (commencing on [30
               June 2004]), and otherwise in compliance with the requirements of
               section 314(a)(4) of the TIA, an Officer's Certificate stating
               that:

               (1)  a review of the activities of the Issuer in respect of the
                    Trust during such year and of performance under the
                    Transaction Documents has been made under supervision of the
                    person signing the Officer's Certificate (the Signatory);
                    and

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                                        Note Trust Deed - SMHL Global Fund No. 6

               (2)  to the best of the knowledge of the Signatory, based on the
                    review referred to in clause 11.1(j)(1), the Issuer has
                    complied with all conditions and covenants under the
                    Transaction Documents throughout the relevant year, or, if
                    there has been a default in the compliance of any such
                    condition or covenant, specifying each such default known to
                    the Signatory of the nature and status of the default.

               For the purposes of this clause 11.1(j) compliance shall be
               determined without regard to any period of grace or requirement
               of notice under the Transaction Documents.

          (k)  (Opinions as to Trust Estate) On the Closing Date, the Manager
               shall furnish to the Note Trustee an Opinion of Counsel (who may
               be counsel for the Manager) either stating that in the opinion of
               such counsel the Security Trust Deed and any other requisite
               documents has been properly recorded and filed so as to make
               effective the Security Interest intended to be created by the
               Security Trust Deed, and reciting the details of such action, or
               stating that in the opinion of such counsel no such action is
               necessary to make such Security Interest effective.

               Within 120 days after the end of each fiscal year commencing on
               [30 June 2004], the Issuer (or the Manager on its behalf) shall
               furnish to the Note Trustee an Opinion of Counsel (who may be
               counsel for the Issuer) either stating that in the opinion of
               such counsel such action has been taken with respect to the
               recording, filing, re-recording, and refiling of the Security
               Trust Deed and any other requisite documents as is necessary to
               maintain the Security Interest created by the Security Trust
               Deed, and reciting the details of such action, or stating that in
               the opinion of such counsel no such action is necessary to
               maintain such Security Interest.

          (l)  In addition, the Issuer shall procure that an Opinion of Counsel
               is provided by its counsel as to the due validity and
               enforceability of the Transaction Documents against the Issuer
               and the Security Trustee.

          (m)  (Noteholder Report)

               (1)  The Manager shall deliver to the Issuer, the Note Trustee
                    and the Principal Paying Agent on each Determination Date
                    the Noteholders Report for the related Calculation Period,
                    with written instructions for the Note Trustee and the
                    Principal Paying Agent to forward the Noteholders Report to
                    each Class A Noteholder.

               (2)  Each Noteholder Report shall contain the information set out
                    in Schedule 2.

          (n)  (Change of Manager) It will, in the case of the Issuer only,
               promptly notify the Note Trustee of any retirement or replacement
               of the Manager pursuant to clause 14 of the Master Trust Deed and
               of the appointment of a replacement Manager.

          (o)  (Transaction Documents) It will, in the case of the Manager only,
               provide to the Note Trustee, on or prior to the issue of any of
               the Class A Notes (Issue Date), one copy of each Transaction
               Document as at that Issue Date and provide to the Note Trustee a
               copy of each Transaction

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                                        Note Trust Deed - SMHL Global Fund No. 6

               Document which is material to the interests of the Note Trustee
               and the Noteholders executed after that Issue Date promptly after
               its execution.

          (p)  (Paying Agents Trust) The Manager will ensure that each Paying
               Agent agrees, as a term of its appointment, to hold in trust for
               the benefit of the Class A Noteholders or the Note Trustee all
               sums held by such Paying Agent for the payment of the principal
               of or interest on the Class A Notes and to promptly give to the
               Note Trustee notice of any default by the Issuer (without regard
               to any grace period) in the making of any such payment.

     11.2 Representations and warranties

          The Issuer and the Manager hereby confirm for the benefit of the Note
          Trustee and the Class A Noteholders the representations and warranties
          provided by each of them under clause 5.1 and 5.2 respectively of the
          Security Trust Deed. For the purposes of this warranty, all references
          in clauses 5.1 and 5.2 of the Security Trust Deed to "this deed" shall
          refer to the Note Trust Deed.

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12   Remuneration of Note Trustee, Principal Paying Agent, Calculation Agent and
     Note Registrar

     12.1 Fee

          The Issuer, in its personal capacity and not as trustee of the
          Securitisation Fund, shall pay to the Note Trustee, the Principal
          Paying Agent, the Calculation Agent and the Note Registrar the
          respective fees agreed between them.

     12.2 Additional Remuneration

          If the Note Trustee gives direction under Condition 10 or it
          undertakes duties which it considers expedient or necessary under this
          deed, or which the Issuer requests it to undertake and which duties
          the Note Trustee, the Issuer and, the Manager agree to be of an
          exceptional nature or otherwise outside the scope of the normal duties
          of the Note Trustee under this deed, the Issuer shall pay to the Note
          Trustee any additional remuneration as the Note Trustee, the Issuer
          and the Manager agree.

          In the event of the Note Trustee, the Issuer and the Manager failing
          to agree on such additional remuneration, such remuneration shall be
          determined by a merchant or investment bank (acting as an expert and
          not as an arbitrator) selected by the Note Trustee and approved by the
          Manager or, failing such approval, nominated (on the application of
          the Note Trustee or the Manager) by the President for the time being
          of the Law Society of New South Wales the expenses involved in such
          nomination and the fees of such merchant or investment bank being paid
          by the Issuer (which payments are an Expense for the purposes of the
          Master Trust Deed) and the determination of any such merchant or
          investment bank shall be final and binding upon the Note Trustee, the
          Manager and the Issuer and shall be payable by the Issuer to the Note
          Trustee.

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                                        Note Trust Deed - SMHL Global Fund No. 6

          Any fee payable under this clause 12.2 and the Issuer's share of any
          costs payable to any expert in accordance with this clause 12.2 shall
          be an Expense as defined in the Master Trust Deed.

     12.3 Costs, expenses

          (a)  Subject to clause 50.8, the Issuer shall also reimburse, pay or
               discharge all reasonable costs, charges, liabilities and expenses
               and any stamp and other Taxes (other than income tax) or duties
               incurred by the Note Trustee (or the Class A Noteholders acting
               under clause 6.5 (as the case may be)) in connection with
               properly undertaking its duties under the Transaction Documents
               and in connection with any legal proceedings brought by the Note
               Trustee (or the Class A Noteholders acting under clause 6.5 (as
               the case may be)) to enforce any obligation under this deed or
               the Class A Notes or any other Transaction Documents. Without
               limiting any right of indemnity available by law to the Note
               Trustee, the Note Trustee is entitled to be indemnified from the
               Securitisation Fund for and against all such costs, charges,
               liabilities and expenses and any stamp and other taxes (other
               than income tax) or duties. The Note Trustee shall not be
               reimbursed for any overhead or general operating expenses which
               it incurs.

          (b)  Without prejudice to the right of indemnity by law given to
               trustees, to the extent the Issuer is itself entitled to be
               indemnified, and subject to clause 45, the Issuer indemnifies the
               Note Trustee (or the Class A Noteholders acting under clause 6.5
               (as the case may be)) and every other person properly appointed
               by it or any of them under this deed from and against all
               liabilities, losses, damages, costs, expenses, actions,
               proceedings, claims and demands incurred by or made against it or
               him in the execution of the trusts of this deed or of their
               powers or in respect of any matter or thing done or omitted in
               any way relating to this deed (other than arising from any fraud,
               negligence or wilful default by the Note Trustee or that person).

     12.4 Overdue rate

          All sums payable by the Issuer under clauses 12, 29, 47 and 50.8 shall
          be payable by the Issuer on the next Payment Date in the order set out
          in the Supplementary Bond Terms Notice or (if applicable) the Security
          Trust Deed and shall carry interest at the rate of LIBOR plus 2% from
          the due date. Any amount payable shall carry interest at that rate
          from the due date to the date of actual payment.

     12.5 Continuing obligation

          Unless otherwise specifically stated in any discharge relating to this
          deed, the provisions of this clause 12.5 shall continue in full force
          and effect notwithstanding such discharge, and even if the Note
          Trustee has ceased to be the Note Trustee for any reason, including
          but not limited to those contemplated in clause 39.

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                                        Note Trust Deed - SMHL Global Fund No. 6

     12.6 Goods and services tax (GST)

          (a)  Subject to clause 12.6(b), all amounts referred to in this deed
               which are relevant in determining a payment to be made by one
               party to another are exclusive of GST unless specifically
               indicated otherwise.

          (b)  If a party to this agreement is entitled to be indemnified or
               reimbursed for any cost or expense incurred by that party, then
               the indemnity or reimbursement will be calculated by reference to
               the GST-exclusive amount of that cost or expense, increased by an
               amount equal to that part of the cost or expense for which the
               party is not entitled to an input tax credit but would be if it
               were entitled to a full input tax credit. For the avoidance of
               doubt, the amount calculated under this clause 12.6(b) is a
               GST-exclusive amount.

          (c)  If GST is levied or imposed on a supplier in respect of any
               supply made under or in connection with this deed for which the
               consideration is a monetary payment, then the consideration
               provided for that supply is increased by an amount equal to the
               consideration multiplied by the rate at which that GST is levied
               or imposed. This additional amount is payable to the party with
               the liability to remit GST in the manner and at the time when the
               consideration to which it relates is payable. For the avoidance
               of doubt, if GST is levied or imposed on the recipient of a
               supply under or in connection with this deed, then no additional
               amount is payable under this clause 12.6(c).

               If an amount of consideration for a supply is denominated in a
               currency other than Australian dollars, then the increase in the
               consideration calculated under clause 12.6(c) will be payable in
               the same currency as the consideration to which it relates.

          (d)  The recipient of any consideration for a supply (whether in money
               or otherwise) must provide to the other part a GST tax invoice
               (or any other thing required under any legislation) in the form
               required by the A New Tax System (Goods and Services Tax) Act
               1999.

          (e)  Where an "adjustment event", as defined in the A New Tax System
               (Goods and Services Tax) Act 1999 occurs under this agreement,
               the parties shall do all things necessary to ensure that the
               adjustment event may be appropriately recognised, including the
               issue of an "adjustment note", as that term is defined in that
               Act.

     12.7 Currency and VAT

          The above fees and expenses will be paid in United States dollars. The
          Issuer will in addition pay any value added tax which may be
          applicable.

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

13   Note Trustee

     13.1 Preferential collection of claims against Trustee

          The Note Trustee shall comply with Section 311(a) of the TIA,
          excluding any creditor relationship listed in Section 311(b) of the
          TIA. A Note Trustee who has

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                                        Note Trust Deed - SMHL Global Fund No. 6

          resigned or been removed shall be subject to Section 311(a) of TIA
          only to the extent required by the TIA.

     13.2 Duties of Note Trustee

          (a)  If an Event of Default has occurred and is subsisting, of which a
               Responsible Officer of the Note Trustee has actual knowledge, the
               Note Trustee shall exercise the rights and powers vested in it by
               this deed and use the same degree of care and skill in their
               exercise as a prudent person would exercise or use under the
               circumstances in the conduct of such person's own affairs.

          (b)  Except while an Event of Default subsists:

               (1)  the Note Trustee undertakes to perform such duties and only
                    such duties as are specifically set forth in this deed and
                    no implied covenants or obligations shall be read into this
                    deed against the Note Trustee; and

               (2)  in the absence of bad faith on its part, the Note Trustee
                    may conclusively rely, as to the truth of the statements and
                    the correctness of the opinions expressed therein, upon
                    certificates or opinions furnished to the Note Trustee and
                    conforming to the requirements of this deed; however, the
                    Note Trustee shall examine the certificates and opinions to
                    determine whether or not they conform to the requirements of
                    this deed.

          (c)  The Note Trustee may not be relieved from liability for its own
               negligent action, its own negligent failure to act or its own
               wilful misconduct, except that:

               (1)  this paragraph does not limit the effect of paragraph (a) of
                    this clause 13.3; and

               (2)  the Note Trustee shall not be liable for any error of
                    judgment made in good faith by a Responsible Officer unless
                    it is proved that the Note Trustee was negligent in
                    ascertaining the pertinent facts.

          (d)  Section 315(d)(3) of the TIA is expressly excluded by this deed.

     13.3 Obligations of Note Trustee

          (a)  The Note Trustee represents and warrants that it is duly
               qualified to assume its obligations under this deed and has
               obtained all necessary approvals required to perform its
               obligations under this deed.

          (b)  If the Note Trustee is entitled under the Master Trust Deed or
               the Security Trust Deed to vote at any meeting on behalf of Class
               A Noteholders, the Note Trustee must vote in accordance, where
               applicable, with the directions of the Class A Noteholders
               (whether or not solicited and whether or not all Class A
               Noteholders have provided such directions) and otherwise in its
               absolute discretion.

     13.4 Notice of Defaults

          (a)  If an Event of Default occurs and is subsisting and the Note
               Trustee is actually aware of that Event of Default, the Note
               Trustee shall mail to each

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                                        Note Trust Deed - SMHL Global Fund No. 6

               Class A Noteholder notice of the Event of Default within 90 days
               after becoming so aware.

          (b)  Except in the case of a default in payment of principal of or
               interest on any Class A Note (including payments pursuant to the
               mandatory redemption provisions of that Class A Note), the Note
               Trustee may withhold the notice referred to in paragraph (a) if
               and so long as the board of directors, the executive committee or
               a trust committee of its directors in good faith determines that
               withholding the notice is in the interest of Class A Noteholders.

     13.5 Rights of Note Trustee

          (a)  The Note Trustee may conclusively rely on any document believed
               by it to be genuine and to have been signed or presented by the
               proper person. The Note Trustee need not investigate any fact or
               matter stated in the document. The Note Trustee is not liable to
               make good out of its own funds any loss incurred by any person if
               a signature is forged or otherwise fails to bind the person or
               persons whose signature it purports to be or on whose behalf it
               purports to be made unless the Note Trustee has actual notice of
               such matters.

          (b)  Before the Note Trustee acts or refrains from acting, it may
               require an Officer's Certificate or an Opinion of Counsel. The
               Note Trustee shall not be liable for any action it takes, suffers
               or omits to take in good faith in reliance on the Officer's
               Certificate or opinion of Counsel.

          (c)  No provision of this deed or any other Transaction Document shall
               require the Note Trustee to expend or risk its own funds or
               otherwise incur financial liability in the performance of any of
               its duties hereunder or in the exercise of any of its rights or
               powers, if it shall have reasonable grounds to believe that
               repayment of such funds or indemnity satisfactory to it against
               such risk or liability is not assured to it. Except for the
               obligations imposed on it under this deed, the Class A Notes or
               any other Transaction Document, the Note Trustee is not obliged
               to do or omit to do any thing, including entering into any
               transaction or incurring any liability unless the Note Trustee's
               liability, is limited in a manner satisfactory to the Note
               Trustee in its absolute discretion

          (d)  The Note Trustee shall not be responsible for and makes no
               representation as to the validity or adequacy of this deed or the
               Class A Notes or any Transaction Document, shall not be
               accountable for the Issuer's use of the proceeds from the Class A
               Notes. and shall not be responsible for any statement of the
               Issuer in this deed or in any document issued in connection with
               the sale of the Class A Notes or in the Class A Notes and is not
               liable for any failure to obtain any licence, consent or other
               authority for the execution, delivery, legality, effectiveness,
               adequacy, genuineness, validity, performance, enforceability or
               admissibility in evidence of this deed or any other Transaction
               Document except in each case with respect to itself or to the
               extent specifically provided in this deed or such Transaction
               Document. The Note Trustee is not responsible for recitals,
               statements, warranties or representations of any party (other
               than itself) contained in any Transaction Document (and is
               entitled to assume the accuracy and correctness thereof).

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                                        Note Trust Deed - SMHL Global Fund No. 6

          (e)  The Note Trustee may in relation to this deed act on the advice
               or opinion of or any information obtained from any lawyer,
               valuer, accountant, banker, broker, credit-rating agency, lead
               manager or other expert whether obtained by the Issuer, the Note
               Trustee, the Manager, the Mortgage Manager or otherwise. The Note
               Trustee will not be responsible for any loss occasioned by so
               acting and in reliance on such advice.

          (f)  Any advice, opinion or information may be sent or obtained by
               letter, telex, telegram, facsimile transmission or cable and the
               Note Trustee shall not be liable for acting on any such advice,
               opinion or information purporting to be conveyed by any such
               letter or facsimile transmission although the same shall contain
               some error or shall not be authentic.

          (g)  The Note Trustee may call for and shall be at liberty to accept
               as sufficient evidence of any fact or matter or the expediency of
               any transaction or thing a certificate signed by two Authorised
               Signatories of the Issuer and the Note Trustee shall not be bound
               in any such case to call for further evidence or be responsible
               for any loss that may be occasioned by the Note Trustee acting on
               that certificate.

          (h)  The Note Trustee is at liberty to hold or to place this deed and
               any other documents relating to this deed in any part of the
               world (other than Australia) with any banker or banking company
               or company whose business includes undertaking the safe custody
               of documents or lawyer or firm of lawyers reasonably considered
               by the Note Trustee to be of good repute and except in the case
               of fraud, negligence or wilful default (in the case of the
               Security Trustee) or fraud, negligence, default or wilful default
               (in the case of the Note Trustee) of that party, neither the Note
               Trustee nor the Security Trustee shall be responsible for any
               loss, expense or liability which may be suffered as a result of
               any such holding or placement or of any assets secured by the
               Security Trust Deed, Charged Property or any deed or documents of
               title thereto, being uninsured or inadequately insured or being
               held by or to the order of the Mortgage Manager or any of its
               affiliates or by clearing organisations or their operators or by
               any person on behalf of the Note Trustee if chosen in accordance
               with the Transaction Documents.

          (i)  The Note Trustee shall not be responsible for the receipt or
               application of the proceeds of the issue of any of the Class A
               Notes (except to the extent specifically provided in this deed)
               or any moneys borrowed by the Issuer under any Transaction
               Document or the transfer or cancellation of any Class A Note or
               exchange of any Book-Entry Note for any other Book-Entry Note or
               Definitive Note, as the case may be.

          (j)  Except as otherwise provided in this deed or any other
               Transaction Documents to which it is a party, the Note Trustee
               shall not be bound to give notice to any person of the execution
               of this deed or any of the Transaction Documents or any
               transaction contemplated hereby or thereby or to take any steps
               to ascertain whether any Event of Default has happened and, until
               it has actual knowledge or express notice to the contrary, the
               Note Trustee is entitled to assume that no Event of Default has
               happened and that the Issuer and each other party to any
               Transaction Document is observing and performing all the
               obligations on its part contained in the Class A Notes and under
               this deed or, as the case may be,

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                                        Note Trust Deed - SMHL Global Fund No. 6

               the Security Trust Deed or any other Transaction Document to
               which it is a party and need not inquire whether that is, in
               fact, the case (but nothing in this clause 13.5(j) is to be
               construed as limiting the Note Trustee's right to make such
               inquiries in its discretion, and to exercise its power under this
               deed to do so).

          (k)  Save as expressly otherwise provided in this deed or the
               Transaction Documents, the Note Trustee shall have absolute and
               uncontrolled discretion as to the exercise of the discretions,
               powers, authorities and trusts vested in the Note Trustee by this
               deed and the Transaction Documents (the exercise of which as
               between the Note Trustee and the Class A Noteholders shall be
               conclusive and binding on the Class A Noteholders) but whenever
               the Note Trustee is under the provisions of this deed or the
               Transaction Documents bound to act at the request or direction of
               the Class A Noteholders, or any of them, the Note Trustee shall
               nevertheless not be so bound unless first indemnified to its
               satisfaction against all actions, proceedings, claims and demands
               to which it may render itself liable and all costs, charges,
               damages, expenses and liabilities which it may incur by so doing.

          (l)  Any consent or approval given by the Note Trustee for the purpose
               of this deed, the Conditions and any Transaction Document may be
               given on any terms and subject to any conditions as the Note
               Trustee thinks fit and despite anything to the contrary contained
               in this deed, any Transaction Document or the Conditions may be
               given retrospectively.

          (m)  The Note Trustee shall not (unless and to the extent ordered so
               to do by a court of competent jurisdiction) be required to
               consider or disclose to any Class A Noteholder or any Secured
               Creditor, any information made available to the Note Trustee by
               the Issuer or any other person in connection with the trusts of
               this deed and no Class A Noteholder shall be entitled to take any
               action to obtain from the Note Trustee any such information.

          (n)  Where it is necessary or desirable for any purpose in connection
               with this deed or any Transaction Document to convert any sum
               from one currency to another it shall (unless otherwise provided
               by this deed, any other Transaction Document or required by law)
               be converted at the rate or rates, in accordance with the method
               and as at the date for the determination of the rate of exchange,
               as may be agreed by the Note Trustee in consultation with the
               Manager and any rate, method and date so agreed shall be binding
               on the Issuer and the Class A Noteholders.

          (o)  Subject to clauses 6.4 and 7.4, the Note Trustee may certify in
               good faith whether or not any of the events set out in paragraphs
               (b) to (d) of Condition 9 or any breach under clause 7 of the
               Security Trust Deed is in its opinion materially prejudicial to
               the interests of the relevant Class A Noteholders and may
               certify, in relation to the event set out in paragraph (a) of
               Condition 9 in relation to any payment of interest on the Class A
               Notes that the Issuer had, on the due date for payment of the
               amount of interest in question, sufficient cash to pay, in
               accordance with the provisions of the Supplementary Bond Terms
               Notice or the Security Trust Deed, all interest (after payment of
               all sums which are permitted under the Supplementary Bond Terms
               Notice or the Security Trust Deed to be paid

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                                        Note Trust Deed - SMHL Global Fund No. 6

               in priority to or pari passu with them) and that certificate
               shall be conclusive and binding upon the Issuer and the Class A
               Noteholders. The Note Trustee shall have no liability to the
               Issuer, any Class A Noteholder or any other person in relation to
               any such certificate or in relation to any delay or omission in
               providing such certificate. In giving any certificate relating to
               paragraph (a) of Condition 9, the Note Trustee may rely on any
               determination made by any Independent accountants of recognised
               standing in Australia and any such determination shall be
               conclusive and binding on the Issuer and the Class A Noteholders.
               The Issuer shall pay the Note Trustee's reasonable costs and
               expenses of providing the certificate at the times specified in
               the Supplementary Bond Terms Notice.

          (p)  The Note Trustee shall not be bound to take any steps to
               ascertain whether any event, condition or act, the happening of
               which would cause a right or remedy to become exercisable by the
               Note Trustee under this deed or by the Issuer under any of the
               Transaction Documents, has happened or to monitor or supervise
               the observance and performance by the Issuer or any of the other
               parties thereto of their respective obligations thereunder and,
               until it shall have actual knowledge or express notice to the
               contrary, the Note Trustee shall be entitled to assume that no
               such event, condition or act has happened and that the Issuer and
               each of the other parties thereto are observing and performing
               all their respective obligations thereunder.

          (q)  The Note Trustee shall not be bound or concerned to examine or
               enquire into nor is it liable for any failure, omission or defect
               in or filing or procuring registration or filing of or otherwise
               protecting or perfecting the Security Trust Deed or the Charged
               Property or any other security or failure to call for delivery of
               documents of title to the Charged Property or any other security
               or to require any further assurances in relation to any property
               or assets comprised in the Charged Property or any other
               security. The Note Trustee may accept without enquiry,
               requisition or objection such title as the Issuer may have to the
               Charged Property or any part thereof from time to time and shall
               not be bound to investigate or make any enquiry into the title of
               the Issuer to the Charged Property or any part thereof from time
               to time.

          (r)  Without prejudice to the provisions of any Transaction Document,
               the Note Trustee shall not be under any obligation to insure any
               of the Charged Property (or any other property) or any deeds or
               documents of title or other evidence relating to that property
               and shall not be responsible for any loss, expense or liability
               which may be suffered as a result of the lack of or inadequacy of
               any insurance.

          (s)  The Note Trustee shall not be responsible for any loss, expense
               or liability occasioned to the Charged Property or any other
               property or in respect of all or any of the moneys which may
               stand to the credit of the Collection Account, from time to time
               however caused (including any bank, broker, depository,
               warehouseman or other intermediary or any clearing system or its
               operator acting in accordance with or contrary to the terms of
               any of the Transaction Documents or otherwise), unless that loss
               is occasioned by the fraud, negligence, default or wilful default
               of the Note Trustee.

          (t)  The Note Trustee has no responsibility whatsoever to the Issuer
               or any Class A Noteholder as regards any deficiency or additional
               payment, as the

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                                        Note Trust Deed - SMHL Global Fund No. 6

               case may be, which might arise because the Note Trustee or the
               Issuer is subject to any Tax in respect of that payment, the
               Charged Property, the Security Trust Deed, this deed, or any
               other security or any income or any proceeds from them.

          (u)  No provision of this deed requires the Note Trustee to do
               anything which may be illegal or contrary to applicable law or
               regulation or expend or risk its own funds or otherwise incur any
               financial liability in the performance of any of its duties, or
               in the exercise of any of its rights or powers, if it has grounds
               to believe that repayment of those funds or adequate indemnity
               against that risk or liability is not assured to it. Without
               limitation nothing contained in this deed imposes any obligation
               on the Note Trustee to make any further advance to an obligor or
               to borrow any moneys under a Transaction Document.

          (v)  The Note Trustee is not responsible (except as to itself) for the
               genuineness, validity, effectiveness or suitability of any of the
               Transaction Documents or any of the Mortgages, Security Interests
               or other documents entered into in connection with them or any
               Mortgage Insurance Policy or any other document or any obligation
               or rights created or purported to be created by them or under
               them or any Security Interest or the priority constituted by or
               purported to be constituted by or pursuant to that Security
               Interest, nor shall it (except as to itself) be responsible or
               liable to any person because of any invalidity of any provision
               of those documents or the unenforceability of those documents,
               whether arising from statute, law or decision of any court and
               (without limitation) the Note Trustee shall not be responsible
               for or have any duty to make any investigation in respect of or
               in any way be liable whatsoever for:

               (1)  the nature, status, creditworthiness or solvency of any
                    Mortgagor or any other person or entity who has at any time
                    provided any security or support whether by way of
                    guarantee, Security Interest or otherwise in respect of any
                    advance made to any Mortgagor;

               (2)  the execution, legality, validity, adequacy, admissibility
                    in evidence or enforceability of any Mortgage or Loan or any
                    other document entered into in connection with them;

               (3)  the title, ownership, value, sufficiency or existence of any
                    Land, mortgaged property or any Mortgage Insurance Policy;

               (4)  the registration, filing, protection or perfection of any
                    Mortgage or the priority of the security created under a
                    Mortgage whether in respect of any initial advance or any
                    subsequent advance or any other sums or liabilities;

               (5)  the scope or accuracy of any representations, warranties or
                    statements made by or on behalf of any Mortgagor in any
                    application for any advance or in any Mortgage or Loan or in
                    any document entered into in connection with them;

               (6)  the performance or observance by any Mortgagor or any other
                    person of any provisions of any Mortgage or Loan or in any
                    document entered into in connection with them or the
                    fulfilment or satisfaction of any conditions contained in
                    them or relating to them

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                                        Note Trust Deed - SMHL Global Fund No. 6

                    or as to the existence or occurrence at any time of any
                    default, event of default or similar event contained in them
                    or any waiver or consent which has at any time been granted
                    in relation to any of the above;

               (7)  the existence, accuracy or sufficiency of any legal or other
                    opinions, searches, reports, certificates, valuations or
                    investigations delivered or obtained or required to be
                    delivered or obtained at any time in connection with any
                    Mortgage or Loan;

               (8)  the title of the Issuer to any Mortgage, Loan or other
                    Charged Property;

               (9)  the suitability, adequacy or sufficiency of any guidelines
                    under which Loans are entered into or compliance with those
                    guidelines or compliance with any applicable criteria for
                    any further advances or the legality or ability or
                    enforceability of the advances or the priority of the
                    Mortgages in relation to the advances;

               (10) the compliance of the provisions and contents of and the
                    manner and formalities applicable to the execution of the
                    Mortgages and Loans and any documents connected with them or
                    the making of any advance intended to be secured by them or
                    with any applicable laws or regulations (including consumer
                    credit legislation);

               (11) the failure by the Issuer, any Mortgage Manager or the
                    Manager to obtain or comply with any Authorisation in
                    connection with the origination, sale, purchase or
                    administration of any of the Mortgages or Loans or the
                    making of any advances in connection with them or the
                    failure to effect or procure registration of or to give
                    notice to any person in relation to or otherwise protect the
                    security created or purported to be created by or pursuant
                    to any of the Mortgages or Loans or other documents entered
                    into in connection with them;

               (12) the failure to call for delivery of documents of title to or
                    require any transfers, legal mortgages, charges or other
                    further assurances in relation to any of the assets the
                    subject matter of any of the Transaction Documents or any
                    other document;

               (13) any accounts, books, records or files maintained by any
                    Mortgage Manager, the Issuer, the Manager or any other
                    person in respect of any of the Mortgages or Loans; or

               (14) any other matter or thing relating to or in any way
                    connected with any Mortgage or Loans or any document entered
                    into in connection with them whether or not similar to the
                    above.

          (w)  The Note Trustee is not liable or responsible for any loss, cost,
               damages, expenses, liabilities or inconvenience which may result
               from anything done or omitted to be done by it in accordance with
               the provisions of this deed, any other Transaction Document or
               any other document or as a consequence of or in connection with
               it being held or treated as, or being deemed to be, a creditor,
               for the purposes of the consumer credit legislation, in respect
               of any of the Mortgages.

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                                        Note Trust Deed - SMHL Global Fund No. 6

          (x)  The Note Trustee shall be entitled to call for and rely on a
               certificate or any letter of confirmation or explanation
               reasonably believed by it to be genuine, of the Issuer, the
               Manager, any Paying Agent, the Calculation Agent, any Designated
               Rating Agency or any other credit rating agency in respect of
               every manner and circumstance for which a certificate is
               expressly provided for under this deed or in respect of the
               rating of the Class A Notes or the Conditions and the Note
               Trustee is not bound in any such case to call for further
               evidence or be responsible for any loss, liability, costs,
               damages, expenses or inconvenience that may be occasioned by its
               failing so to do.

          (y)  In connection with the exercise by it of any trusts, powers,
               authorities and discretions under this deed or any other
               Transaction Documents (including, without limitation, any
               modification, waiver, authorisation or determination), the Note
               Trustee must where it is required to have regard to the interests
               of the Class A Noteholders, have regard to the general interests
               of the Class A Noteholders as a class. The Note Trustee will not
               incur any liability to any Class A Noteholder as a result of the
               Note Trustee giving effect to this clause 13.5(y).

          (z)  Except as otherwise provided in this deed or any other
               Transaction Document, the Note Trustee shall have no
               responsibility for the maintenance of any rating of the Class A
               Notes by a Designated Rating Agency or any other credit-rating
               agency or any other person.

          (aa) The Note Trustee shall be under no obligation to monitor or
               supervise the functions of the Mortgage Manager from time to time
               under the terms of any Mortgage Origination and Management
               Agreement or any other person under any other Transaction
               Document, and is entitled, in the absence of actual knowledge of
               a breach of duty or obligation, to assume that the Mortgage
               Manager is properly performing its obligations in accordance with
               the provisions of the Mortgage Origination and Management
               Agreement or that any other person is properly performing its
               obligations in accordance with each other Transaction Document,
               as the case may be.

          (bb) The Note Trustee acknowledges that the Manager is responsible,
               under the Supplementary Bond Terms Notice, for calculating all
               amounts referred to in clause 6 of the Supplementary Bond Terms
               Notice and the Note Trustee has no liability in respect of these
               calculations.

          (cc) The Note Trustee shall not be liable to the Issuer or any
               Noteholder by reason of having accepted as valid or not having
               rejected any Definitive Note purporting to be such and
               subsequently found to be forged or not authentic and the Note
               Trustee may call for and shall be at liberty to accept and place
               full reliance on, as sufficient evidence of the facts stated
               therein, a certificate or letter of confirmation certified as
               true and accurate and signed on behalf of the Clearing Agency or
               any Common Depository for it or any person as the Note Trustee
               reasonably considers appropriate, or any form of record made by
               any of them to the effect that at any particular time or through
               any particular period any particular person is, was or will be
               shown in its records as entitled to a particular number of Class
               A Notes.

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                                        Note Trust Deed - SMHL Global Fund No. 6

          (dd) The Note Trustee is under no obligation to account to any person
               for any moneys received pursuant to this deed or any other
               Transaction Document other than those received by the Note
               Trustee from the Issuer or received or recovered by the Note
               Trustee under this deed or any other Transaction Document,
               subject always to such deductions and withholdings by the Note
               Trustee as are authorised by this deed. Obligations of the Note
               Trustee to any person under or in connection with this deed can
               only be enforced against the Note Trustee to the extent to which
               they can be satisfied out of such moneys in accordance with this
               deed.

          (ee) The Note Trustee will not be responsible for having acted in good
               faith upon a direction purporting to have been given by the
               holders of at least 75% of the aggregate Invested Amount of the
               Class A Notes even though it may subsequently be found that for
               any reason such direction was not valid or binding upon the Note
               Trustee, other than as a result of fraud, negligence or wilful
               default.

          (ff) The Note Trustee is, for any purpose and at any time, entitled to
               rely on, act upon, accept and regard as conclusive and sufficient
               (without being in any way bound to call for further evidence or
               information or being responsible for any loss that may be
               occasioned by such reliance, acceptance or regard) any of the
               following:

               (1)  any information, report, balance sheet, profit and loss
                    account, certificate or statement suppled by the Issuer, the
                    Security Trustee or the Manager or by any officer, auditor
                    or solicitor of the Issuer, the Security Trustee or the
                    Manager;

               (2)  any information or statement provided to it in relation to
                    the Class A Notes. the Class A Noteholders or the Class A
                    Noteowners by the Clearing Agency or its nominee;

               (3)  all statements (including statements made or given to the
                    best of the maker's knowledge and belief or similarly
                    qualified) contained in any information, report, balance
                    sheet, profit and loss account, certificate or statement
                    given pursuant to or in relation to this deed, the Security
                    Trust Deed, the Master Trust Deed or the Supplementary Bond
                    Terms Notice;

               (4)  all accounts supplied to the Note Trustee pursuant to this
                    deed and all reports of the Auditor supplied to the Note
                    Trustee pursuant to this deed; and

               (5)  notices and other information supplied to the Note Trustee
                    under this deed;

               save, in each case, when it is actually aware that the
               information supplied pursuant to clauses 13.5(ff)(1) to (5) is
               actually incorrect or incomplete.

          (gg) The Note Trustee may, whenever it thinks it expedient in the
               interests of the Class A Noteholders, apply to any court for
               directions in relation to any question of law or fact arising
               either before or after an Event of Default and assent to or
               approve any applications of any Class A Noteholder, the Issuer or
               the Manager.

          (hh) Subject to this deed, any applicable laws and any duty of
               confidentiality owed to any other person, the Note Trustee may,
               for the purpose of

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                                        Note Trust Deed - SMHL Global Fund No. 6

               meeting its obligations under this Deed, disclose to any Class A
               Noteholder any confidential, financial or other information made
               available to the Note Trustee by any person in connection with
               this deed.

          (ii) The Note Trustee, as between itself and the Class A Noteholders,
               has full power to determine (acting reasonably and in good faith)
               all questions and doubts arising in relation to any of the
               provisions of this deed and every such determination, whether
               made upon such a question actually raised or implied in the acts
               or proceedings of the Note Trustee, will be conclusive and will
               bind the Note Trustee and the Class A Noteholders.

          (jj) The Note Trustee is entitled to assume for the purposes of
               exercising any power, trust, authority, duty or discretion under
               or in relation to the Class A Notes. this deed or any other
               Transaction Document, that such exercise will not be materially
               prejudicial to the interests of the Class A Noteholders if each
               of the Designated Rating Agencies has confirmed in writing that
               such exercise will not result in the reduction, qualification or
               withdrawal of the credit rating then assigned by it to the Class
               A Notes (but nothing in this clause 13.5(jj) is to be construed
               as requiring the Note Trustee to obtain such confirmation).

          (kk) Each Class A Noteholder is solely responsible for making its own
               independent appraisal of and investigation into the financial
               condition, creditworthiness, condition, affairs, status and,
               nature of the Issuer and the Securitisation Fund and the Note
               Trustee does not at any time have any responsibility for the same
               and no Class A Noteholder may rely on the Note Trustee in respect
               of such appraisal and investigation.

          (ll) In the event of any dispute or ambiguity as to the construction
               or enforceability of this deed or any other Transaction Document,
               or the Note Trustee's powers or obligations under or in
               connection with this deed or the determination or calculation of
               any amount or thing for the purpose of this deed or the
               construction or validity of any direction from Class A
               Noteholders, provided the Note Trustee is using reasonable
               endeavours to resolve such ambiguity or dispute, the Note
               Trustee, in its absolute discretion, may (but will have no
               obligation to) refuse to act or refrain from acting in relation
               to matters affected by such dispute or ambiguity.

     13.6 Limitation on Note Trustee's' liability

          (a)  Notwithstanding any other provision of this deed, the Note
               Trustee will have no liability under or in connection with this
               deed or any other Secured Document other than to the extent to
               which the liability is able to be satisfied out of the property
               from which the Note Trustee is actually indemnified for the
               liability. This limitation will not apply to a liability of the
               Note Trustee to the extent that it is not satisfied because,
               under this deed or by operation of law, there is a reduction in
               the extent of the Note Trustee's indemnification as a result of
               the Note Trustee's fraud, negligence or wilful default.

          (b)  The Note Trustee is not to be under any liability whatsoever for
               a failure to take any action in respect of any breach by the
               Issuer of its duties as trustee of the Securitisation Fund of
               which the Note Trustee is not aware

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                                        Note Trust Deed - SMHL Global Fund No. 6

               or in respect of any Event of Default of which the Note Trustee
               is not aware.

     13.7 Wilful default of the Note Trustee

          For the purposes of this deed the expression "wilful default":

          (a)  in relation to the Note Trustee, means a wilful default of this
               deed by the Note Trustee;

               (1)  other than a default which:

                    (A)  arises out of a breach of a Transaction Document by a
                         person other than the Note Trustee or any person
                         referred to in clause 13.7(b) in relation to the Note
                         Trustee;

                    (B)  arises because some other act or omission is a
                         precondition to the relevant act or omission of the
                         Note Trustee, and that other act or omission does not
                         occur;

                    (C)  is in accordance with a lawful court order or direction
                         or is required by law; or

                    (D)  is in accordance with an instruction or direction given
                         to it by any person in circumstances where that person
                         is authorised to do so by any Transaction Document; and

               (2)  in circumstances where had it not committed that default it
                    would have been entitled to recoupment, reimbursement or a
                    right of indemnity for its costs and expenses (if any) in
                    complying with this deed from the trust constituted under
                    this deed.

          (b)  A reference to the "fraud", "negligence" or "wilful default" of
               the Note Trustee means the fraud, negligence or wilful default of
               the Note Trustee and of its officers or employees, but not of its
               agents or delegates, unless the Note Trustee is liable for the
               acts or omissions of such other person under the terms of this
               deed.

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14   Note Trustee's Liability

          Nothing in this deed shall exempt the Note Trustee from or indemnify
          it against any liability in any case in which the Note Trustee has
          failed to show the degree of care and diligence required of it as
          trustee having regard to the provisions of this deed or any liability
          in respect of any fraud, negligence or wilful default of which it may
          be guilty in relation to its duties under this deed.

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15   Delegation by Note Trustee

          (a)  The Note Trustee may whenever it thinks fit delegate by power of
               attorney or otherwise to any person or persons for any period
               (whether exceeding one year or not) or indefinitely all or any of
               the duties, discretions, trusts, powers and authorities vested in
               the Note Trustee by this deed and that delegation may be made
               upon any terms and subject to any conditions

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                                        Note Trust Deed - SMHL Global Fund No. 6

               (including power to sub-delegate) and subject to any regulations
               as the Note Trustee may in the interests of the Class A
               Noteholders think fit.

          (b)  If the Note Trustee exercises reasonable care in the selection of
               a delegate under paragraph (a), providing the Note Trustee and
               the delegate are not related bodies corporate or affiliates, the
               Note Trustee shall not be under any obligation to supervise the
               proceedings or be in any way responsible for any loss incurred by
               reason of any misconduct or default on the part of any delegate
               or sub-delegate. The Note Trustee must within a reasonable time
               prior to any delegation or any renewal, extension or termination
               of any delegation give notice of it to the Issuer and the
               Designated Rating Agencies.

          (c)  Notwithstanding any other provision in this clause 15, where the
               Note Trustee delegates any power to a related body corporate or
               affiliate, the Note Trustee shall be liable for all acts or
               omissions of the delegate done or omitted whilst acting in its
               capacity as such.

          (d)  For the purpose of this clause 15 the following expressions have
               the following meaning:

               "related body corporate" has the meaning ascribed thereto in the
               Corporations Act of Australia;

               "affiliate" means with respect to any specified person, any other
               person controlling or controlled by or under common control with
               such specified person. For the purposes of this definition,
               "control" when used with respect to any specified person means
               the power to direct the management and policies of such person,
               directly or indirectly, whether through the ownership of voting
               securities, by contract or otherwise, and the terms "controlling"
               and "controlled" have meanings correlative to the foregoing.

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16   Employment of Agent by Note Trustee

          (a)  The Note Trustee may in the conduct of the trusts of this deed
               instead of acting personally employ and pay an agent, whether
               being a lawyer or other professional person, to transact or
               conduct or concur in transacting or conducting any business and
               to do or concur in doing all acts required to be done in
               connection with the trusts of this deed.

          (b)  If the Note Trustee exercises reasonable care in the selection of
               an agent under clause 16(a) and providing the Note Trustee and
               the agent are not related bodies corporate (as defined in the
               Corporations Act) or affiliates as defined in clause 15(d), the
               Note Trustee shall not in any way be responsible for any loss
               incurred by reason of any misconduct or default on the part of
               that agent or be bound to supervise the proceedings or acts of
               such person. The Note Trustee must within a reasonable time prior
               to the employment of any agent give notice of such employment to
               the Issuer and the Designated Rating Agencies.

          (c)  Notwithstanding any other provision in this clause 16, where the
               Note Trustee employs, under this clause 16, a related body
               corporate (as defined in the Corporations Act) or an affiliate as
               defined in clause 15(d), as agent,

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                                        Note Trust Deed - SMHL Global Fund No. 6

               the Note Trustee shall be liable for all acts or omissions of the
               agent done or omitted whilst acting in its capacity as such.

          (d)  Any such agent which is a lawyer, accountant, broker or other
               person engaged in any profession or business is entitled to
               charge and be paid all usual professional and other charges for
               business transacted and acts done by him or his firm in
               connection with this deed and also his reasonable charges in
               addition to disbursements for all other work and business done
               and all time spent by him or his firm in connection with matters
               arising in connection with this deed. Those charges will be for
               the account of the Note Trustee unless agreed otherwise, who
               shall be reimbursed by the Issuer under clause 12.

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17   Note Trustee Contracting with Issuer

          Neither the Note Trustee in its personal or any other capacity, its
          directors or officers or any related body corporate or affiliate (as
          defined in clause 15(d)) or shareholder of the Note Trustee nor any
          director or officer of a corporation acting as a trustee under this
          deed is by reason of its or their fiduciary position only in any way
          precluded from:

          (a)  entering into or being interested in any contract or financial or
               other transaction or arrangement with the Issuer or any other
               party to any of the Transaction Documents or any person or body
               corporate associated with the Issuer including any contract,
               transaction or arrangement of a banking or insurance nature or
               any contract, transaction or arrangement in relation to the
               making of loans or the provision of financial facilities to or
               the purchase, placing or underwriting of or subscribing or
               procuring subscriptions for or otherwise acquiring holding or
               dealing with the Class A Notes or any of them, or any other
               bonds, stocks, shares, debenture stock, debentures, notes or
               other securities of the Issuer or any other party to any of the
               Transaction Documents or any related person or body corporate; or

          (b)  accepting or holding the trusteeship of any other trust deed
               constituting or securing any other securities issued by or
               relating to the Issuer or any other party to any of the
               Transaction Documents or any related person or body corporate or
               any other office of profit under the Issuer or any other party to
               any of the Transaction Documents or any related person or body
               corporate and shall be entitled to retain and shall not be in any
               way liable to account for any profit made or share of brokerage
               or commission or remuneration or other benefit received by them
               or in connection with any of those arrangements.

          Where any holding company, subsidiary or associated company of the
          Issuer or any director or officer of the Issuer acting other than in
          his capacity as such a director or officer has any information, the
          Issuer shall not thereby be deemed also to have knowledge of such
          information and, unless it shall have actual knowledge of such
          information, shall not be responsible for any loss suffered by
          Noteholders resulting from the Issuer's failing to take such
          information into account in acting or refraining from acting under or
          in relation to this deed.

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                                        Note Trust Deed - SMHL Global Fund No. 6

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18   Appointment of Paying Agents

          (a)  Subject to the terms of this deed, the Issuer (acting on the
               direction of the Manager) appoints the Principal Paying Agent as
               its principal paying agent, and each other Paying Agent as its
               paying agent, for making payments in respect of the Class A Notes
               in accordance with this deed and the Conditions at their
               respective Paying Offices. The Principal Paying Agent, and each
               other Paying Agent appointed under this deed accepts that
               appointment.

          (b)  Except in clause 33 and as the context otherwise requires,
               references to the Principal Paying Agent are to it acting solely
               through its Paying Office.

          (c)  If at any time there is more than one Paying Agent, the
               obligations of the Paying Agents under this deed shall be several
               and not joint.

          (d)  It is acknowledged and agreed that:

               (1)  each of the Principal Paying Agent and the other Paying
                    Agents is the agent of the Issuer in its capacity as trustee
                    of the Securitisation Fund only; and

               (2)  despite anything else in this deed, any other Transaction
                    Document or at law, the Issuer in its personal capacity is
                    not responsible for any act or omission of the Principal
                    Paying Agent or any other Paying Agent.

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19   Payment

     19.1 Payment by Issuer

          The Issuer shall, with the assistance of and, at the direction of the
          Manager, not later than 10.00 am (New York time) on each Payment Date,
          pay to or to the order of, or procure the transfer to a non interest
          bearing trust account in the name of the Issuer as notified by the
          Principal Paying Agent to the Issuer and the Note Trustee in same day
          funds the amount in US$ as may be required (after taking account of
          any cash then held by the Principal Paying Agent and available for the
          purpose) to be made on each Class of Class A Notes on that Payment
          Date under the Supplementary Bond Terms Notice and the Conditions.

     19.2 Confirmation

          Not later than 4.00 pm (Sydney time) on each Determination Date, the
          Manager shall notify, or procure notification to, the Principal Paying
          Agent and the Note Trustee of the amount of interest or principal
          payable in respect of each Class of Class A Notes on the Payment Date
          following that Determination Date.

     19.3 Payments by Paying Agents

          Subject to payment being duly made as provided in clause 19.1 (or to
          the Principal Paying Agent otherwise being satisfied that the payment
          will be duly made on the due date), and subject to clause 23, the
          Paying Agents shall pay or cause to be paid on behalf of the Issuer on
          each Payment Date the relevant amounts of principal and interest due
          in respect of each Class of the Class A

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                                        Note Trust Deed - SMHL Global Fund No. 6

          Notes in accordance with the Supplementary Bond Terms Notice and the
          Conditions.

     19.4 Method of Payment - Book-Entry Notes

          The Principal Paying Agent shall cause all payments of principal or
          interest (as the case may be) due in respect of Class A Notes
          represented by a Book-Entry Note to be made to the Common Depository.

     19.5 Method of payment - Definitive Notes

          Payments of principal and interest on the Definitive Notes, if any,
          shall be made in accordance with the Conditions and the Supplementary
          Bond Terms Notice.

     19.6 Late payment

          (a)  If any payment under clause 19.1 is made late but otherwise in
               accordance with the provisions of this deed, each Paying Agent
               shall make payments required to be made by it in respect of the
               Class A Notes as provided in this clause 19. However, unless and
               until the full amount of any payment in respect of the Class A
               Notes required to be made under the Transaction Documents has
               been made under clause 19.1 in accordance with this deed, no
               Paying Agent shall be bound to make a payment under this clause
               19 (but may, in its discretion, make such payment) except to the
               extent that non-payment is caused by fraud, wilful default or
               negligence on the part of that Paying Agent or of any of its
               directors, officers, employees or servants.

          (b)  If the Principal Paying Agent has not received on a Payment Date
               the full amount of principal and interest then payable on any
               Class A Note in accordance with the Supplementary Bond Terms
               Notice and the Conditions, but receives the full amount later, it
               shall:

               (1)  forthwith upon full receipt notify the other Paying Agents
                    (if any), the Note Registrar, the Calculation Agent, the
                    Issuer, the Note Trustee, the Security Trustee and the
                    Manager; and

               (2)  as soon as practicable after such full receipt give due
                    notice, in accordance with Condition 12 (unless the Note
                    Trustee agrees otherwise), to the Common Depository that it
                    has received the full amount.

     19.7 Notice of non-receipt

          The Principal Paying Agent shall as soon as practicable notify by
          facsimile the other Paying Agents (if any), the Note Registrar, the
          Calculation Agent, the Note Trustee, the Issuer, the Security Trustee
          and the Manager if the full amount of any payment of principal or
          interest required to be made by the Supplementary Bond Terms Notice
          and Conditions in respect of the Class A Notes is not unconditionally
          received by it or to its order in accordance with this deed.

     19.8 Reimbursement

          The Principal Paying Agent shall (provided that it has been placed in
          funds by the Issuer) on demand promptly reimburse the other Paying
          Agents (if any) for

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                                        Note Trust Deed - SMHL Global Fund No. 6

          payments of principal and interest properly made by that Paying Agent
          in accordance with the Supplementary Bond Terms Notice, the Conditions
          and this deed. The Issuer shall not be concerned with the
          apportionment of any moneys between the Principal Paying Agent, the
          other Paying Agents (if any) and payment to the Principal Paying Agent
          of any moneys due to the Paying Agents shall operate as a good
          discharge to the Issuer in respect of such moneys.

     19.9 Method of payment

          (a)  All sums payable by the Issuer to the Principal Paying Agent
               under this deed shall be paid by the Currency Swap Provider on
               behalf of the Issuer in US$ to the account specified in clause
               19.1. Those sums shall be held in an account for payment to the
               Class A Noteholders and, failing that payment within the
               designated periods of prescription specified in Condition 6, or
               upon the bankruptcy, insolvency, winding up or liquidation of the
               Principal Paying Agent or default being made by the Principal
               Paying Agent in the payment of any amounts in respect of
               principal or interest in accordance with this deed, on trust for
               repayment to the Issuer (subject to clause 20). On repayment in
               accordance with clause 20 to the Issuer that trust shall
               terminate and all liabilities of the Principal Paying Agent with
               respect to those moneys shall cease.

          (b)  Subject to the terms of this deed, the Principal Paying Agent
               shall be entitled to deal with moneys paid to it under this deed
               in the same manner as other moneys paid to it as a banker by its
               customers. The Principal Paying Agent shall be entitled to retain
               for its own account any interest earned on the sums from time to
               time credited to the separate account referred to in clause
               19.9(b) and it need not segregate such sums from other amounts
               held by it.

          (c)  No Paying Agent may exercise any right of set-off or combination
               of accounts in respect of any money payable to or by it under the
               terms of this deed.

     19.10 No fee

          No Paying Agent will charge any commission or fee in relation to any
          payment under this deed.

     19.11 Securitisation Fund

          Subject to clause 19.9(a), the Principal Paying Agent shall hold in
          trust for the Note Trustee and the Class A Noteholders all sums held
          by it for the payment of principal and interest with respect to the
          Notes until all relevant sums are paid to the Note Trustee or the
          Class A Noteholders or otherwise disposed of in accordance with this
          deed.

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20   Repayment

          (a)  Immediately on any entitlement to receive principal or interest
               under any Class A Note becoming void under the Conditions, the
               Principal Paying Agent shall repay to the Issuer the amount which
               would have been due in respect of that principal or interest if
               it had been paid before the

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                                        Note Trust Deed - SMHL Global Fund No. 6

               entitlement became void, together with any fees applicable to
               that payment or entitlement (pro rated as to the amount and time)
               to the extent already paid under clause 12.

          (b)  Despite clause 20(a), the Principal Paying Agent shall not be
               obliged to make any repayment to the Issuer so long as any
               amounts which should have been paid to or to the order of the
               Principal Paying Agent or, if applicable, the Note Trustee, by
               the Issuer remain unpaid.

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21   Appointment of the Calculation Agent

          (a)  The Issuer (acting on the direction of the Manager) appoints the
               Calculation Agent as its reference agent in respect of the Class
               A Notes upon the terms and conditions set forth in this deed and
               the Calculation Agent accepts that appointment.

          (b)  It is acknowledged and agreed that:

               (1)  the Calculation Agent is the agent of the Issuer in its
                    capacity as trustee of the Securitisation Fund only; and

               (2)  despite anything else in this deed, any other Transaction
                    Document or at law, the Issuer in its personal capacity is
                    not responsible for any act or omission of the Calculation
                    Agent.

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22   Duties of the Calculation Agent

          (a)  The Calculation Agent shall in relation to each Class of Class A
               Notes until the Final Maturity Date or such earlier date on which
               the Class A Notes are due and payable in full and in either case
               until the Issuer has paid all amounts in relation to the Class A
               Notes to the Principal Paying Agent or, if applicable, the Note
               Trustee:

               (1)  perform such duties at its Specified Office as are set forth
                    in this deed and in the Conditions and any other duties
                    which are reasonably incidental at the request of the
                    Issuer, the Manager, the Note Trustee or the Principal
                    Paying Agent;

               (2)  determine LIBOR for each Interest Period, and calculate the
                    relevant Interest and Interest Rate on Notes, in the manner
                    set out in Condition 4; and

               (3)  notify the Issuer, the Manager, the Note Trustee and the
                    Paying Agents in writing on or as soon as possible after the
                    first day of that Interest Period, of the Interest Rate and
                    the Interest so determined by it in relation to that
                    Interest Period, specifying to the Issuer and the Manager
                    the rates upon which they are based and (where relevant) the
                    names of the banks quoting those rates.

          (b)  The Interest, Interest Rate and relevant Payment Date made
               available under Condition 4(d) may subsequently be amended (or
               appropriate alternative arrangements made by way of adjustment)
               without notice to Class A Noteholders in the event of a
               shortening of the Interest Period.

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                                        Note Trust Deed - SMHL Global Fund No. 6

          (c)  If the Calculation Agent at any time for any reason does not
               determine the Interest Rate or calculate the Interest for a Class
               A Note, the Manager shall do so and each such determination or
               calculation shall be deemed to have been made by the Calculation
               Agent. In doing so, the Manager shall apply the provisions of
               this clause 22, with any necessary consequential amendments, to
               the extent that, in its opinion, it can do so, and, in all other
               respects it shall do so in such a manner as it shall deem fair
               and reasonable in all the circumstances.

          (d)  If the Manager does not at any time for any reason determine a
               Principal Payment, the Outstanding Principal Balance or the
               Invested Amount applicable to Class A Notes in accordance with
               the Transaction Documents, the Principal Payment, the Outstanding
               Principal Balance and the Invested Amount shall be determined by
               the Calculation Agent in accordance with the Transaction
               Documents (but based on the information in its possession) and
               each such determination or calculation shall be deemed to have
               been made by the Manager. The Calculation Agent may appoint any
               person as its agent for the purpose of making any such
               calculation or determination.

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23   Notice of any Withholding or Deduction

          If the Issuer or any Paying Agent is, in respect of any payment in
          respect of the Class A Notes. compelled to withhold or deduct any
          amount for or on account of any taxes, duties or charges as
          contemplated by Condition 7, the Issuer must give notice to the
          Principal Paying Agent, the Note Trustee and the Class A Noteholders
          in accordance with Condition 12 immediately after becoming aware of
          the requirement to make the withholding or deduction and must give to
          the Principal Paying Agent and the Note Trustee such information as
          they reasonably require to enable each of them to comply with the
          requirement.

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24   Early Redemption of Notes

          (a)  If the Issuer intends to redeem all (but not some only) of a
               Class of Class A Notes prior to its Final Maturity Date pursuant
               to Condition 5(g) or (h) (which it may only do at the direction
               of the Manager), the Manager shall give not less than 5 days'
               prior notice to the Principal Paying Agent and the Note Trustee
               before giving the requisite period of notice to the relevant
               Class A Noteholders in accordance with Condition 5(g) or (h) and
               stating the date on which such Class A Notes are to be redeemed.

          (b)  The Principal Paying Agent shall, on receipt of a notice under
               paragraph (a):

               (1)  notify the Clearing Agency of the proposed redemption,
                    specifying:

                    (A)  the aggregate Outstanding Principal Balance and
                         Invested Amount (as the case may be) of each Class of
                         Class A Notes to be redeemed;

                    (B)  the amount of principal to be repaid in relation to
                         each Class of Class A Notes; and

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                                        Note Trust Deed - SMHL Global Fund No. 6

                    (C)  the date on which each Class of Class A Notes are to be
                         redeemed; and

               (2)  promptly and in accordance with the relevant Conditions on
                    behalf of and at the expense of the Issuer publish the
                    notices required in connection with that redemption.

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25   Pro Rata Redemption, Purchases and Cancellation of Notes

          (a)  If the Issuer is required to redeem some (but not all) of a Class
               of Class A Notes prior to its Final Maturity Date pursuant to
               Condition 5(a) the Manager shall on each Determination Date give
               prior notice to the Calculation Agent, the Principal Paying Agent
               and the Note Trustee, as provided in Condition 5.

          (b)  On receipt of a notice under paragraph (a), the Principal Paying
               Agent shall notify the Common Depository of the proposed
               redemption, specifying in each case the aggregate principal
               amount of the Class A Notes to be redeemed, the Class of Class A
               Notes to be redeemed and the date on which such Class A Notes are
               to be redeemed.

          (c)  The Manager shall, on each Determination Date in respect of each
               Class of the Class A Notes calculate:

               (1)  the amount of principal to be repaid in respect of each
                    Class of Class A Notes due on the next Payment Date
                    following that Determination Date; and

               (2)  the Outstanding Principal Balance and Invested Amount of
                    each Class A Note on the first day of the next following
                    Interest Period (after deducting any principal due to be
                    made on the next Payment Date),

               and shall forthwith on that Determination Date notify or cause to
               be notified to the Issuer, the Calculation Agent the Note
               Trustee, the Principal Paying Agent of each of those
               determinations in accordance with the Supplementary Bond Terms
               Notice and Conditions. On receipt of that notice, the Principal
               Paying Agent shall give a copy of that notice to the Clearing
               Agency or any Common Depository for them in accordance with the
               requirements of the Note Depository Agreement.

          (d)  The Manager will immediately cause details of each determination
               under clause 25(c) to be made available in accordance with
               Condition 12 by one Banking Day before the relevant Payment Date.

          (e)  If no principal is due to be repaid on the Class A Notes on any
               Payment Date, the Manager shall give notice or shall cause a
               notice to this effect to be given to the Class A Noteholders in
               accordance with Condition 12.

          (f)  If any Class of Class A Notes is redeemed in whole or in part in
               accordance with the Conditions and the Transaction Documents, the
               Principal Paying Agent will, if any Book-Entry Notes are still
               outstanding in relation to that Class, cause the Note Registrar
               to record all relevant details in the Note Register. The
               Principal Paying Agent shall as soon as possible, and in any
               event within three months after the date of any

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                                        Note Trust Deed - SMHL Global Fund No. 6

               redemption or purchase, furnish to each of the Issuer and the
               Note Trustee a certificate setting out the aggregate Invested
               Amount or Outstanding Principal Balance of Class A Notes which
               have been redeemed or the aggregate Invested Amount or
               Outstanding Principal Balance of Class A Notes which have been
               purchased. If the Invested Amount of a Book-Entry Note is reduced
               to nil, the Principal Paying Agent shall destroy the relevant
               Book-Entry Note and issue a destruction certificate forthwith to
               the Note Trustee and shall send a copy of that certificate to the
               Issuer, the Manager and the Note Trustee.

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26   Notices to Noteholders

          (a)  At the expense of the Issuer, the Principal Paying Agent shall
               make available at its offices in New York City on a Banking Day,
               all notices to Class A Noteholders.

          (b)  The Principal Paying Agent shall promptly send to each of the
               Note Trustee and the Issuer one copy of the form of every notice
               given to Class A Noteholders in accordance with the Conditions.

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27   Documents and Forms

          (a)  The Manager shall provide to the Principal Paying Agent for
               distribution to each Paying Agent sufficient copies of all
               documents required by the Conditions or the Note Trust Deed to be
               available to the Class A Noteholders for issue or inspection
               (including the Note Trust Deed, the Master Trust Deed and the
               Supplementary Bond Terms Notice).

          (b)  The Manager shall provide to the Calculation Agent such documents
               as the Calculation Agent may reasonably require from the Manager
               or the Issuer (and in the case of the Issuer only those documents
               that are in the Issuer's possession or power) in order for the
               Calculation Agent properly to fulfil its duties in respect of the
               Class A Notes.

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28   Authentication

          The Principal Paying Agent shall authenticate or cause to be
          authenticated the Book-Entry Notes and (if required) the Definitive
          Notes (whether on initial issue or on replacement).

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29   Indemnity

          (a)  Subject to clause 29(b) and clause 45, the Issuer shall indemnify
               each Paying Agent, the Note Registrar and the Calculation Agent
               and their respective directors, officers and employees against
               any loss, damages, proceeding, liability, cost, claim, action,
               demand or expense (in this clause 29, each, an Expense) which the
               Paying Agent, the Note Registrar or the Calculation Agent and
               their respective directors, officers and employees, as the case
               may be, may incur or which may be made against

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                                        Note Trust Deed - SMHL Global Fund No. 6

               the Paying Agent, the Note Registrar's or the Calculation Agent
               (as the case may be), as a result of or in connection with the
               Paying Agent's, the Note Registrar's or the Calculation Agent's,
               as the case may be, appointment or the proper exercise and/or
               enforcement of the Paying Agent's or the Note Registrar's or the
               Calculation Agent's, as the case may be, duties under this deed,
               notwithstanding the resignation or removal of that Paying Agent,
               Note Registrar or the Calculation Agent in accordance with clause
               33 (including any liability in respect of payment of a cheque
               drawn by that Paying Agent where the cheque is collected or sued
               upon or an attempt at collection is made after the amount in
               respect of which it is paid has been returned to the Issuer under
               clause 20).

          (b)  The indemnity in paragraph (a) applies to any Expense of a Paying
               Agent, the Note Registrar or the Calculation Agent (as the case
               may be) only to the extent the Expense does not result from the
               breach by the Paying Agent, the Note Registrar or the Calculation
               Agent (as the case may be) of the terms of this deed or from the
               Paying Agent's, the Note Registrar's or the Calculation Agent's
               (as the case may be) own fraud, wilful default or negligence or
               that of its directors, officers or employees or servants.

          (c)  Each of the Calculation Agent, the Paying Agents and the Note
               Registrar severally indemnifies the Issuer and the Manager and
               its respective directors, officers and employees against any
               Expense which the Issuer or the Manager or their respective
               directors, officers or employees (as the case may be) may incur
               or which may be made against it (but in no event punitive,
               indirect or special damages or loss of profits) as a result of a
               breach by the Calculation Agent, the Paying Agent or the Note
               Registrar (as the case may be) of the terms of this deed or its
               own fraud, wilful default or negligence or that of its directors,
               officers or employees or servants, including any failure to
               obtain and maintain in existence any Authorisation required by it
               for the assumption, exercise and performance of its powers and
               duties under this deed. This clause 29 will survive the
               retirement or removal of the Paying Agent, Note Registrar or
               Calculation Agent (as the case may be) and the termination of
               this deed.

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30   The Note Register

     30.1 Appointment of Note Registrar

          The Issuer, at the direction of the Manager, appoints the Note
          Registrar to be the initial Note Registrar upon the terms and
          conditions of this deed. The Note Registrar accepts that appointment.

     30.2 Details to be kept on the Note Register

          The Note Registrar shall keep the Note Register with respect to the
          Class A Notes in accordance with this deed, on which shall be entered
          the following information relating to the Securitisation Fund:

          (a)  (name) the name of the Securitisation Fund;

          (b)  (creation) the date of the creation of the Securitisation Fund;

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                                        Note Trust Deed - SMHL Global Fund No. 6

          (c)  (Issue Dates) the Issue Dates for Class A Notes issued in
               relation to the Securitisation Fund;

          (d)  (Initial Principal Amount) the total Initial Principal Amount of
               Class A Notes issued on each such Issue Date;

          (e)  (Outstanding Principal Balance) the Outstanding Principal Balance
               of each Class A Note or Class of Class A Notes from time to time;

          (f)  (Invested Amount) the Invested Amount of each Class A Note or
               Class of Class A Notes from time to time;

          (g)  (Series) details of relevant Classes of Class A Notes;

          (h)  (details of Noteholders) the name and address of each Class A
               Noteholder;

          (i)  (number of Notes) the number of Class A Notes held by each Class
               A Noteholder;

          (j)  (date of entry) the date on which a person was entered as the
               holder of Class A Notes;

          (k)  (date of cessation) the date on which a person ceased to be a
               Class A Noteholder;

          (l)  (account) the account to which any payments due to a Class A
               Noteholder are to be made (if applicable);

          (m)  (payments) a record of each payment in respect of the Class A
               Notes; and

          (n)  (additional information) such other information as:

               (1)  is required by the Supplementary Bond Terms Notice;

               (2)  the Note Registrar considers necessary or desirable; or

               (3)  the Manager or the Issuer reasonably requires.

     30.3 Payments of Principal and Interest

          (a)  Any payment of principal or interest on any Class A Note shall be
               endorsed by the Note Registrar on the Note Register. In the case
               of payments of principal, the Outstanding Principal Balance and
               Invested Amount of the Class A Notes shall be reduced for all
               purposes by the amount so paid and endorsed on the Note Register.
               Any such record shall be prima facie evidence that the payment in
               question has been made.

          (b)  If the amount of principal or interest (as the case may be) due
               for payment on any Class A Note is not paid in full (including
               Carry Over Class A Charge Offs and by reason of a deduction or
               withholding) the Note Registrar shall endorse a record of that
               shortfall on the Note Register.

     30.4 Place of keeping Register, copies and access

          The Note Register shall be:

          (a)  (place kept) kept at the principal office of the Note Registrar
               or at such place as the Issuer, the Manager and the Note
               Registrar may agree;

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                                        Note Trust Deed - SMHL Global Fund No. 6

          (b)  (access to Issuer and Manager) open to the Issuer and the Manager
               to inspect at the Note Registrar's Specified Office during normal
               business hours;

          (c)  (inspection by Class A Noteholders) open for inspection by a
               Class A Noteholder during normal business hours but only in
               respect of information relating to that Class A Noteholder; and

          (d)  (not for copying) not available to be copied by any person (other
               than the Issuer or the Manager or the Note Trustee or Paying
               Agent) except in compliance with such terms and conditions (if
               any) as the Manager, the Issuer and the Note Registrar or the
               Note Trustee or Paying Agent in their absolute discretion
               nominate from time to time.

     30.5 Details on Note Register conclusive

          (a)  (Reliance on Register) The Issuer, the Note Trustee and the
               Paying Agents shall be entitled to rely on the Note Register as
               being a correct, complete and conclusive record of the matters
               set out in it at any time and whether or not the information
               shown in the Note Register is inconsistent with any other
               document, matter or thing. The Issuer, the Note Trustee, and the
               Paying Agents and the Note Registrar are not liable to any person
               in any circumstances whatsoever for any inaccuracy in, or
               omission from, the Note Register.

          (b)  (No trusts) The Note Registrar shall not be obliged to enter on
               the Note Register notice of any trust, Security Interest or other
               interest whatsoever in respect of any Class A Notes and the
               Issuer, the Note Trustee, and the Paying Agents and the Note
               Registrar shall be entitled to recognise a Class A Noteholder as
               the absolute owner of Class A Notes and the Issuer, the Note
               Trustee, and the Paying Agents and the Note Registrar shall not
               be bound or affected by any trust affecting the ownership of any
               Class A Notes unless ordered by a court or required by statute.

     30.6 Alteration of details on Note Register

          On the Note Registrar being notified of any change of name or address
          or payment or other details of a Class A Noteholder by the Class A
          Noteholder, the Note Registrar shall alter the Note Register
          accordingly.

     30.7 Rectification of Note Register

          If:

          (a)  an entry is omitted from the Note Register;

          (b)  an entry is made in the Note Register otherwise than in
               accordance with this deed;

          (c)  an entry wrongly exists in the Note Register;

          (d)  there is an error or defect in any entry in the Note Register; or

          (e)  default is made or unnecessary delay takes place in entering in
               the Note Register that any person has ceased to be the holder of
               Class A Notes.

          the Note Registrar shall rectify the same.

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                                        Note Trust Deed - SMHL Global Fund No. 6

     30.8 Correctness of Note Register

          The Note Registrar shall not be liable for any mistake on the Note
          Register or in any purported copy except to the extent that the
          mistake is attributable to its fraud, negligence or wilful default.

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31   Changes of Note Registrar

     31.1 Removal

          The Issuer (on the direction of the Manager) may terminate the
          appointment of the Note Registrar with the prior written approval of
          the Note Trustee (which approval must not be unreasonably withheld or
          delayed), with effect not less than 60 days from that notice.

     31.2 Resignation

          Subject to this clause 31, the Note Registrar may resign its
          appointment at any time by giving to the Issuer, the Manager and the
          Note Trustee not less than 60 days written notice to that effect.

     31.3 Limitation

          Despite clauses 31.1 and 31.2:

          (a)  no resignation by or termination of the appointment of the Note
               Registrar shall take effect until a new Note Registrar approved
               in writing by the Note Trustee has been appointed on terms
               previously approved in writing by the Note Trustee (in each case,
               that approval not to be unreasonably withheld or delayed); and

          (b)  the appointment of a new Note Registrar shall be on terms and
               subject to the conditions of this deed and the outgoing Note
               Registrar shall co-operate fully to do all further acts and
               things and execute any further documents as may be necessary or
               desirable to give effect to the appointment of the new Note
               Registrar.

     31.4 Appointment of new Note Registrar

          The Issuer shall forthwith appoint, as soon as reasonably practical, a
          replacement Note Registrar in the event of the resignation or removal
          of the Note Registrar under this clause 31. The retirement or
          resignation of the Note Registrar shall not become effective until the
          successor Note Registrar is appointed. The Manager must assist the
          Issuer to appoint a new Note Registrar on this date or if the Issuer
          fails to appoint a new Note Registrar by the date which is one month
          prior to the Note Registrar's retirement or removal, the Note
          Registrar may petition any court of competent jurisdiction at the
          expense of the Issuer (which expense is an Expense for the purposes of
          the Master Trust Deed) for the appointment of a new Note Registrar
          acceptable to the Issuer.

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                                        Note Trust Deed - SMHL Global Fund No. 6

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32   General

     32.1 Communications to Class A Noteholders

          The Principal Paying Agent shall, upon receipt from the Issuer,
          Manager, Security Trustee, the Calculation Agent, the Note Registrar
          or Note Trustee of any communication to be delivered to Class A
          Noteholders, including any communications pursuant to this deed or any
          other solicitation of notice from or consent of the Class A
          Noteholders pursuant to or relating to this deed, forward such
          communications to the Class A Noteholders, along with instructions
          that the responses relating to such communications be returned to the
          Principal Paying Agent. Such communication shall include the date upon
          which the response to such solicitation shall be delivered (the
          Response Date). The Principal Paying Agent shall treat any Class A
          Noteholder who has not delivered its response as of the Response Date
          as having withheld its consent to the proposed action. The Principal
          Paying Agent shall notify the Issuer, Manager and Note Trustee of the
          results of any such solicitations of consent.

          The Principal Paying Agent will not be responsible for, or liable to
          any person in respect of the contents of any communications delivered
          to or from the Class A Noteholders.

     32.2 Intentionally deleted

     32.3 Identity

          Each Paying Agent shall (except as ordered by a court of competent
          jurisdiction or as required by law) be entitled to treat the person:

          (a)  who is, while a Book-Entry Note remains outstanding, the
               registered owner of that Book-Entry Note as the person entitled
               to receive payments of principal or interest (as applicable) and
               each person shown in the records of the Common Depository as the
               holder of any Class A Note represented by a Book-Entry Note shall
               be entitled to receive from the registered owner of that
               Book-Entry Note any payment so made in accordance with the
               respective rules and procedures of the Common Depository and on
               the terms and subject to the conditions of that Book-Entry Note;

          (b)  who is the registered owner of any relevant Definitive Note, as
               the absolute owner or owners of that Definitive Note, (whether or
               not that Definitive Note, is overdue and despite any notice of
               ownership or writing on it or any notice of previous loss or
               theft or of any trust or other interest in it); or

          (c)  who, when a Book-Entry Note in respect of any Class of Notes is
               no longer outstanding but Definitive Notes in respect of that
               Class of Notes have not been issued, is for the time being the
               Note Trustee, as the person entrusted with the receipt of
               principal or interest, as applicable, on behalf of the relevant
               Noteholders,

          and in all cases and for all purposes despite any notice to the
          contrary and shall not be liable for so doing.

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                                        Note Trust Deed - SMHL Global Fund No. 6

     32.4 No set-off

          No Paying Agent shall exercise any right of set-off, withholding,
          counterclaim or lien against, or make any deduction in any payment to,
          any person entitled to receive amounts of principal or interest on the
          Class A Notes in respect of moneys payable by it under this deed.

     32.5 Reliance

          Each of the Calculation Agent, the Note Registrar and the Paying
          Agent(s) shall be protected and shall incur no liability for or in
          respect of any action taken, omitted or suffered by it in reliance
          upon any instruction, request or order from the Issuer or the Manager
          or in reliance upon any Class A Note or upon any notice, resolution,
          direction, consent, certificate, affidavit, statement or other paper
          or document reasonably believed by it to be genuine and to have been
          delivered, signed or sent by the proper party or parties.

     32.6 Entitled to deal

          The Note Trustee, the Calculation Agent, the Note Registrar and the
          Principal Paying Agent shall not be precluded from acquiring, holding
          or dealing in any Class A Notes or from engaging or being interested
          in any contract or other financial or other transaction with the
          Issuer, the Manager or the Mortgage Manager and in no event whatsoever
          (other than fraud, negligence or wilful default) shall any Note
          Trustee, Calculation Agent, Note Registrar or Principal Paying Agent
          be liable to account to the Issuer or any person entitled to receive
          amounts of principal or interest on the Class A Notes for any profit
          made or fees or commissions received in connection with this deed or
          any Class A Notes.

     32.7 Consultation

          Each of the Note Trustee, the Calculation Agent, the Note Registrar
          and the Principal Paying Agent may consult as to legal matters with
          lawyers selected by it, who may be employees of or lawyers to any
          party to this deed.

     32.8 Duties

          The Note Trustee, the Calculation Agent, the Note Registrar and the
          Principal Paying Agent shall perform the duties, and only the duties,
          contained in or reasonably incidental to this deed and the Conditions
          and in the Class A Notes. and no implied duties or obligations (other
          than general laws as to agency) shall be read into this deed or the
          Class A Notes against the Note Trustee, the Calculation Agent, the
          Note Registrar or the Principal Paying Agent. None of the Note
          Trustee, the Calculation Agent, the Note Registrar or the Principal
          Paying Agent shall be required to take any action under this deed
          which would require it to incur any expense or liability, for which
          (in its reasonable opinion) either it would not be reimbursed within a
          reasonable time or in respect of which it has not been indemnified to
          its satisfaction.

     32.9 Income Tax Returns

          The Principal Paying Agent shall deliver to each Class A Noteholder
          such information as may be reasonably required to enable such Class A
          Noteholder to prepare its income tax returns.

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                                        Note Trust Deed - SMHL Global Fund No. 6

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33   Changes in Paying Agents and Calculation Agent

     33.1 Removal

          The Issuer (on the direction of the Manager) may at any time:

          (a)  with the prior written approval of the Note Trustee appoint:

               (1)  additional or alternative Paying Agents; or

               (2)  an alternative Calculation Agent;

          (b)  subject to this clause 33, terminate the appointment of any
               Paying Agent or the Calculation Agent by giving written notice to
               that effect to each Designated Rating Agency, the Calculation
               Agent (if its appointment is to be terminated), the Principal
               Paying Agent and the Note Trustee and (if different) the Paying
               Agent whose appointment is to be terminated:

               (1)  with effect immediately on that notice, if any of the
                    following occurs in relation to the Paying Agent or
                    Calculation Agent (as the case may be):

                    (A)  an Insolvency Event has occurred in relation to the
                         Paying Agent or Calculation Agent;

                    (B)  the Paying Agent or Calculation Agent has ceased its
                         business;

                    (C)  the Paying Agent or Calculation Agent fails to comply
                         with any of its obligations under this deed and, if
                         capable of remedy, such failure is not remedied within
                         five Banking Days after the earlier of the Paying Agent
                         or the Calculation Agent, as the case may be, having
                         become aware of that failure and the receipt by the
                         Paying Agent or the Calculation Agent, as the case may
                         be, of written notice with respect thereto from the
                         Issuer or Manager; or

               (2)  otherwise, with the prior written approval of the Note
                    Trustee (which approval must not be unreasonably withheld or
                    delayed) with effect from the next succeeding Payment Date,
                    if such date falls more than 30 days after the notice, or
                    otherwise from the following Payment Date.

     33.2 Resignation

          Subject to this clause 33, a Paying Agent or the Calculation Agent may
          resign its appointment under this deed at any time by giving to the
          Issuer, the Manager, each Designated Rating Agency and (where a Paying
          Agent is resigning and the Paying Agent is not the Principal Paying
          Agent) the Principal Paying Agent not less than 60 days' written
          notice to that effect, which notice shall expire not less than 30 days
          before any due date for payment of any Class A Notes.

     33.3 Limitation

          Despite clauses 33.1 and 33.2:

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                                        Note Trust Deed - SMHL Global Fund No. 6

          (a)  no resignation by or termination of the appointment of the
               Principal Paying Agent shall take effect until a new Principal
               Paying Agent approved in writing by the Note Trustee has been
               appointed on terms previously approved in writing by the Note
               Trustee (in each case, that approval not to be unreasonably
               withheld or delayed);

          (b)  subject to clause 33.3(a), if the Principal Paying Agent or the
               Calculation Agent gives a notice of resignation in accordance
               with clause 33.2 and if by the date which is one (1) month prior
               to the date of the Principal Paying Agent's or the Calculation
               Agent's (as the case may be) proposed retirement or removal, the
               Issuer or the Manager has not appointed a new Principal Paying
               Agent or Calculation Agent, then the Principal Paying Agent or
               Calculation Agent (as the case may be) may petition any court of
               competent jurisdiction at the expense of the Issuer (which
               expense is an Expense for the purposes of the Master Trust Deed)
               for the appointment of a new Principal Paying Agent or
               Calculation Agent (as the case may be) acceptable to the Issuer
               and the Note Trustee;

          (c)  no resignation by or termination of the appointment of any Paying
               Agent shall take effect if as a result of that resignation or
               termination there would cease to be a Paying Agent which has a
               Paying Office in the City of New York;

          (d)  no appointment or termination of the appointment of any Paying
               Agent or the Calculation Agent (as the case may be) shall take
               effect unless and until notice has been given to the Class A
               Noteholders in accordance with the Conditions; and

          (e)  no resignation by or termination of the appointment of the
               Calculation Agent shall take effect until a new Calculation Agent
               has been appointed; and

          (f)  the appointment of any additional Paying Agent shall be on the
               terms and subject to the conditions of this deed and each of the
               parties to this deed shall co-operate fully to do all further
               acts and things and execute any further documents as may be
               necessary or desirable to give effect to the appointment of the
               Paying Agent (which shall be, in the case of an appointment under
               clause 33.1(a) or a termination under clause 33.1(b)(2), at the
               cost of the relevant Paying Agent).

          In addition, the Issuer shall forthwith appoint a Paying Agent in New
          York City (if there is no such Paying Agent at the time) and while
          such circumstances subsist maintain such a Paying Agent. Notice of any
          such termination or appointment and of any change in the office
          through which any Paying Agent will act will be given in accordance
          with Condition 12.

     33.4 Delivery of amounts

          If the appointment of the Principal Paying Agent terminates, the
          Principal Paying Agent shall, on the date on which that termination
          takes effect, pay to the successor Principal Paying Agent any amount
          held by it for payment of principal or interest in respect of any
          Class A Note and shall deliver to the successor Principal Paying Agent
          all records maintained by it pursuant to this deed and all documents
          (including any Definitive Notes) held by it.

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                                        Note Trust Deed - SMHL Global Fund No. 6

     33.5 Successor to Principal Paying Agent

          (a)  On the execution by the Issuer, the Manager and any successor
               Principal Paying Agent of an instrument effecting the appointment
               of that successor Principal Paying Agent and a deed whereby the
               successor agrees to be bound by the terms of this deed, that
               successor Principal Paying Agent shall, without any further act,
               deed or conveyance, become vested with all the authority, rights,
               powers, trusts, immunities, duties and obligations of its
               predecessor with effect as if originally named as Principal
               Paying Agent in this deed and that predecessor, on payment to it
               of the pro rata proportion of its administration fee and
               disbursements then unpaid (if any), shall have no further
               liabilities under this deed, except for any accrued liabilities
               arising from or relating to any act or omission occurring prior
               to the date on which the successor Principal Paying Agent is
               appointed.

          (b)  Any corporation:

               (1)  into which the Principal Paying Agent is merged;

               (2)  with which the Principal Paying Agent is consolidated;

               (3)  resulting from any merger or consolidation to which the
                    Principal Paying Agent is a party;

               (4)  to which the Principal Paying Agent sells or otherwise
                    transfers all or substantially all the assets of its
                    corporate trust business,

               shall, on the date when that merger, conversion, consolidation,
               sale or transfer becomes effective (and upon execution by the
               Issuer, the Manager and any such merged or consolidated entity of
               a deed whereby that entity agrees to be bound by the terms of
               this deed) and to the extent permitted by applicable law, become
               the successor Principal Paying Agent under this deed without the
               execution or filing of any agreement or document or any further
               act on the part of the parties to this deed, unless otherwise
               required by the Issuer or the Manager, and after that effective
               date all references in this deed to the Principal Paying Agent
               shall be references to that corporation.

          (c)  The Manager undertakes to use its best endeavours to procure
               execution by the relevant parties of the deeds referred to in
               clauses 33.5(a) and 33.5(b)

     33.6 Successor to Calculation Agent

          (a)  On the execution by the Issuer, the Manager and any successor
               Calculation Agent of an instrument effecting the appointment of
               that successor Calculation Agent and a deed whereby the successor
               agrees to be bound by the terms of this deed, that successor
               Calculation Agent shall, without any further act, deed or
               conveyance, become vested with all the authority, rights, powers,
               trusts, immunities, duties and obligations of its predecessor
               with effect as if originally named as Calculation Agent in this
               deed and that predecessor, on payment to it of the pro rata
               proportion of its administration fee and disbursements then
               unpaid (if any), shall have no further liabilities under this
               deed, except for any accrued liabilities arising from or relating
               to any act or omission occurring prior to the date on which the
               successor Calculation Agent is appointed.

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                                        Note Trust Deed - SMHL Global Fund No. 6

          (b)  Any corporation:

               (1)  into which the Calculation Agent is merged;

               (2)  with which the Calculation Agent is consolidated;

               (3)  resulting from any merger or consolidation to which the
                    Calculation Agent is a party;

               (4)  to which the Calculation Agent sells or otherwise transfers
                    all or substantially all the assets of its corporate trust
                    business,

               shall, on the date when that merger, conversion, consolidation,
               sale or transfer becomes effective (and upon execution by the
               Issuer, the Manager and any such merged or consolidated entity of
               a deed whereby that entity agrees to be bound by the terms of
               this deed) and to the extent permitted by applicable law, become
               the successor Calculation Agent under this deed without the
               execution or filing of any agreement or document or any further
               act on the part of the parties to this deed, unless otherwise
               required by the Issuer or the Manager, and after that effective
               date all references in this deed to the Calculation Agent shall
               be references to that corporation.

          (c)  The Manager undertakes to use its best endeavours to procure
               execution by the relevant parties of the deeds referred to in
               clauses 33.6(a) and 33.6(b).

     33.7 Notice to Noteholders

          The Manager on behalf of the Issuer shall, within 14 days of:

          (a)  the termination of the appointment of any Paying Agent or the
               Calculation Agent;

          (b)  the appointment of a new Paying Agent or Calculation Agent; or

          (c)  the resignation of any Paying Agent or Calculation Agent,

          give to the Class A Noteholders notice of the termination, appointment
          or resignation in accordance with Condition 12 (in the case of a
          termination under clause 33.1(b) or 33.2 at the cost of the outgoing
          Paying Agent or the Calculation Agent, as the case may be).

     33.8 Change in Paying Office or Specified Office

          (a)  If any Paying Agent proposes to change its Paying Office or to
               nominate a further Paying Office (which must be within the same
               city as its previous Paying Office), it must give to the Issuer,
               the Manager, the Note Trustee and, in the case of a change in the
               Paying Office of a Paying Agent other than the Principal Paying
               Agent, the Principal Paying Agent, not less than 30 days' prior
               written notice of that change, giving the address of the new
               Paying Office and stating the date on which the change is to take
               effect. No change of Paying Office may occur within the period of
               30 days before any due date for payment of any Notes.

          (b)  If the Calculation Agent proposes to change its Specified Office
               (which must be in New York), or to nominate a further Specified
               Office, it must give to the Issuer, the Manager and the Note
               Trustee, not less than 30 days' prior written notice of that
               change, giving the address of the new Specified

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                                        Note Trust Deed - SMHL Global Fund No. 6

               Office and stating the date on which the change is to take
               effect. No change of specified office may occur within the period
               of 30 days before any due date for payment of any Class A Notes.

          (c)  The Manager on behalf of the Issuer must, within 14 days of
               receipt of a notice under paragraph (a) (unless the appointment
               is to terminate pursuant to clause 33.1 or 33.2 on or prior to
               the date of that change) give to the Class A Noteholders notice
               in accordance with the Conditions of that change and of the
               address of the new Paying Office or Specified Office (as the case
               may be) but the costs of giving that notice shall be borne by the
               Paying Agent or the Calculation Agent (as the case may be) which
               is changing its Paying Office or Specified Office and not by the
               Issuer or the Manager.

          (d)  Despite any other provision of this deed, no Paying Office may be
               located in Australia.

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34   Waiver

          (a)  The Note Trustee may, without the consent of any of the Class A
               Noteholders, and if directed to do so by the holders of at least
               75% of the aggregate Invested Amount of the Class A Notes must,
               and without prejudice to its rights in respect of any subsequent
               breach, condition, event or act from time to time and at any time
               (but only if, and in so far as, in its opinion the interests of
               any of the Class A Noteholders are not materially prejudiced
               unless the Note Trustee is acting at the direction of the holders
               of at least 75% of the aggregate Invested Amount of the Class A
               Notes), waive or authorise on any terms and subject to any
               conditions as it sees fit and proper:

               (1)  any breach or proposed breach by the Issuer of any of the
                    covenants or provisions contained in this deed or in the
                    Class A Notes (including the Conditions) or any other
                    Transaction Document (as to which evidence of a breach of
                    one Class A Note shall be deemed evidence of a breach of all
                    Class A Notes); or

               (2)  determine that any condition, event or act which
                    constitutes, or which with the giving of notice, the lapse
                    of time or the issue of a certificate would constitute, but
                    for that determination, an Event of Default shall not, or
                    shall not subject to specified conditions, be so treated for
                    the purposes of this deed,

               but the Note Trustee shall not exercise any powers conferred on
               it by this clause 34 in contravention of any express direction
               given in writing by holders of Class A Notes representing at
               least 75% of the aggregate Invested Amount of the Class A Notes
               or the affected class of Class A Notes as applicable. No
               direction or request shall affect any waiver, authorisation or
               determination previously given or made.

          (b)  Any waiver, authorisation or determination under this clause 34
               is binding on the Class A Noteholders and if, but only if, the
               Note Trustee so requires, shall be notified by the Issuer to the
               Class A Noteholders in accordance with Condition 12 as soon as
               practicable.

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                                        Note Trust Deed - SMHL Global Fund No. 6

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35   Amendment

     35.1 Approval

          The Manager and the Issuer may, following the giving of not less than
          ten Banking Days' prior notice to each Designated Rating Agency:

          (a)  by way of supplemental deed entered into with the parties to this
               deed alter, add to or modify this deed (including this clause
               35), the Conditions and this clause 35 or any other Transaction
               Document to which the Note Trustee is a party; or

          (b)  subject to (a), with the consent of the Note Trustee, alter, add
               to or modify any Transaction Document (in so far as any such
               amendment affects or relates to the Securitisation Fund),

          so long as that alteration, addition or modification is:

          (c)  to correct a manifest error or ambiguity or is of a formal,
               technical or administrative nature only;

          (d)  in the opinion of the Note Trustee necessary to comply with the
               provisions of any law or regulation or with the requirements of
               any Government Agency;

          (e)  in the opinion of the Note Trustee appropriate or expedient as a
               consequence of an amendment to any statute or regulation or
               altered requirements of any Government Agency (including, without
               limitation, an alteration, addition or modification which is in
               the opinion of the Note Trustee appropriate or expedient as a
               consequence of the enactment of a statute or regulation or an
               amendment to any law or regulation or ruling by the Commissioner
               or Deputy Commissioner of Taxation or any governmental
               announcement or statement, in any case which has or may have the
               effect of altering the manner or basis of taxation of trusts
               generally or of trusts similar to the Securitisation Fund); or

          (f)  in the reasonable opinion of the Note Trustee neither prejudicial
               nor likely to be prejudicial to the interests of the Class A
               Noteholders as a whole, and in the manner, and to the extent,
               permitted by the Transaction Documents.

     35.2 Resolution of Class A Noteholders

          Where in the opinion of the Note Trustee a proposed alteration,
          addition or modification to this deed, other than an alteration,
          addition or modification referred to in clause 35.1, is prejudicial or
          likely to be prejudicial to the interest of Class A Noteholders as a
          whole or any class of Class A Noteholders, the Note Trustee, the
          Manager and the Issuer may make that alteration, addition or
          modification only if sanctioned in writing by holders of at least 75%
          of the aggregate Invested Amount of the Class A Notes.

     35.3 Distribution of amendments

          The Manager shall distribute to all Class A Noteholders and each
          Designated Rating Agency a copy of any amendments made under clause
          35.1 or 35.2 in accordance with Condition 12 as soon as reasonably
          practicable after the amendment has been made.

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                                        Note Trust Deed - SMHL Global Fund No. 6

     35.4 Amendments binding

          Any amendment under this clause 35 is binding on the Noteholders.

     35.5 No Rating Agency downgrade

          The Note Trustee will be entitled to assume that any proposed
          alteration, addition or revocation will not be prejudicial or likely
          to be prejudicial to the interests of Class A Noteholders or a
          sub-class thereof if each of the Designated Rating Agencies confirms
          in writing that if the alteration, addition or revocation is effected
          this will not lead to a reduction, qualification or withdrawal of the
          then rating given to the Class A Notes. or the relevant sub-class of
          the Class A Notes by the Designated Rating Agency.

     35.6 Conformity with TIA

          Every amendment of this deed executed pursuant to this clause 35 shall
          conform to the requirements of the TIA as then in effect so long as
          this deed shall then be qualified under the TIA.

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36   Class A Noteholders

     36.1 Absolute owner

          (a)  The Issuer, the Manager, the Security Trustee, the Note Trustee
               and any Paying Agent may treat the registered holders of any
               Definitive Note as the absolute owner of that Definitive Note
               (whether or not that Definitive Note is overdue and despite any
               notation or notice of ownership or writing on it or any notice of
               previous loss or theft of it or trust or other interest in it)
               for the purpose of making payment and for all purposes and none
               of the Issuer, the Manager, the Security Trustee, the Note
               Trustee or the Paying Agent is affected by any notice to the
               contrary.

          (b)  So long as the Class A Notes, or any of them, are represented by
               a Book-Entry Note, the Issuer, the Manager, the Note Trustee and
               any Paying Agent may treat the person for the time being shown in
               the records of the Clearing Agency as the holder of any Class A
               Note as the absolute owner of that Class A Note and the Issuer,
               the Manager, the Note Trustee and the Paying Agent are not
               affected by any notice to the contrary, but without prejudice to
               the entitlement of the registered holder of the Book-Entry Note
               to be paid principal and interest on the Book-Entry Note in
               accordance with its terms. Such person shall have no claim
               directly against the Issuer in respect of payment due on the
               Class A Notes for so long as the Class A Notes are represented by
               a Book-Entry Note and the relevant obligations of the Issuer will
               be discharged by payment to the registered holder of the
               Book-Entry Note in respect of each amount so paid.

          (c)  All payments made to the owner of a Class A Note under this
               clause 36 (or, in the case of a Book-Entry Note, to or to the
               order of the registered holder of that Book-Entry Note) shall be
               valid and, to the extent of the sums so paid, effective to
               satisfy and discharge the liability for the moneys payable upon
               those Class A Notes.

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                                        Note Trust Deed - SMHL Global Fund No. 6

          (d)  Any instalment of interest or principal, payable on any Class A
               Note which is punctually paid or duly provided for by the Issuer
               to the Paying Agent on the applicable Payment Date or Maturity
               Date shall be paid to the person in whose name such Class A Note
               is registered on the Record Date, by cheque mailed first-class,
               postage prepaid, to such person's address as it appears on the
               Note Register on such Record Date, except that, unless Definitive
               Notes have been issued pursuant to clause 3.3, with respect to
               Class A Notes registered on the Record Date in the name of the
               nominee of the Clearing Agency (initially, such nominee to be the
               Common Depository), payment will be made by wire transfer in
               immediately available funds to the account designated by such
               nominee and except for the final instalment of principal payable
               with respect to such Class A Note on a Payment Date or Maturity
               Date (and except for the redemption of any Class A Note called
               for redemption pursuant to Condition 5 which shall be payable as
               provided below.

          (e)  The principal of each Class A Note shall be payable on each
               Payment Date and the Maturity Date as set forth in the
               Conditions. The Principal Paying Agent shall notify the person in
               whose name a Class A Note is registered at the close of business
               on the Record Date preceding the Payment Date on which the Issuer
               expects that the final instalment of principal of and interest on
               such Class A Note will be paid. Such notice shall be mailed or
               transmitted by facsimile prior to such final Maturity Date and
               shall specify that such final instalment will be payable only
               upon presentation and surrender of such Class A Note and shall
               specify the place where such Class A Note may be presented and
               surrendered for payment of such instalment. Notices in connection
               with redemptions of Class A Notes shall be mailed to Class A
               Noteholders as provided in Condition 12.

     36.2 Clearing Agency Certificate

          The Issuer, the Manager and the Note Trustee may call for and shall be
          at liberty to accept and place full reliance on as sufficient evidence
          a certificate or letter or confirmation signed on behalf of any
          Clearing Agency or any form of record made by either of them to the
          effect that at any particular time or throughout any particular period
          any particular person is, was or will be shown in its records as
          entitled to a particular interest in a Book-Entry Note.

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37   Currency Indemnity

          Subject to this deed including, without limitation, clause 45, the
          Issuer indemnifies the Note Trustee and the Class A Noteholders and
          keeps them indemnified against:

          (a)  any loss or damage incurred by any of them arising from the
               non-payment by the Issuer of any US$ due to the Note Trustee or
               the relevant Class A Noteholders under this deed or the relevant
               Class A Notes by reason of any variation in the rates of exchange
               between those used for the purposes of calculating the amount due
               under a judgment or order in respect of that payment, which
               amount is expressed in a currency other than US$, and under which
               the Note Trustee and the Class A Noteholders do not have an

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                                        Note Trust Deed - SMHL Global Fund No. 6

               option to have that judgment or order expressed in US$, and those
               prevailing at the date of actual payment by the Issuer; and

          (b)  any deficiency arising or resulting from any variation in rates
               of exchange between:

               (1)  the date (if any) as of which the non-US$ currency
                    equivalent of the US$ amounts due or contingently due under
                    this deed (other than this clause 37) or in respect of the
                    relevant Class A Notes is calculated for the purposes of any
                    bankruptcy, insolvency or liquidation of the Issuer; and

               (2)  the final date for ascertaining the amount of claims in that
                    bankruptcy, insolvency or liquidation provided that in that
                    bankruptcy, insolvency or liquidation claims are required to
                    be made in a currency other than US$.

               The amount of that deficiency shall not be reduced by any
               variation in rates of exchange occurring between that final date
               and the date of any distribution of assets in connection with
               that bankruptcy, insolvency or liquidation.

          (c)  If any payment is made by the Issuer under this deed or the Class
               A Notes or if the Note Trustee or any Class Noteholder receives
               or recovers any money under or pursuant to this deed or the Class
               A Notes in a currency (Receipt Currency) other than the currency
               in which the money was payable pursuant to the terms of this deed
               or the Class A Notes (Agreed Currency), the Issuer must, as a
               separate and additional liability, pay to the recipient such
               additional amount so that after conversion from the Receipt
               Currency into the Agreed Currency of such money so paid, received
               or recovered and after the payment of all commission and expenses
               in relation to such conversion the recipient will receive net in
               its hands an amount in the Agreed Currency equal to the amount of
               the money payable under this deed or the Class A Notes in the
               Agreed Currency.

          (d)  Any payment purportedly pursuant to the terms of this deed or a
               Class A Note in a currency other than the currency in which it is
               required to be paid will not discharge or satisfy the relevant
               obligation of the payer to make the payment except to the extent
               that, and insofar as, the currency in which the payment is
               required to be made is acquired by sale of the currency in which
               the payment was actually made.

          (e)  The indemnities in this clause 37 are obligations of the Issuer
               separate and independent from its obligations under the other
               provisions of this deed and Class A Notes and apply irrespective
               of any time or indulgence granted by the Note Trustee or the
               Class A Noteholders from time to time and shall continue in full
               force and effect despite the judgment or filing of any proof or
               proofs in any bankruptcy, insolvency or liquidation of the Issuer
               for a liquidated sum or sums in respect of amounts due under this
               deed (other than this clause 37) or the Class A Notes. Any
               deficiency will constitute a loss suffered by the Class A
               Noteholders and no proof or evidence of any actual loss shall be
               required by the Issuer or its liquidator.

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                                        Note Trust Deed - SMHL Global Fund No. 6

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38   New Note Trustees

     38.1 Appointment by Issuer

          The Issuer may, at the direction of the Manager, at any time appoint a
          new note trustee of this deed who has previously been approved in
          writing by holders of at least 75% of the aggregate Invested Amount of
          the Class A Notes. One or more persons may hold office as note trustee
          or note trustees of this deed but that note trustee or note trustees
          must be or include a Trust Corporation. Whenever there are more than
          two note trustees of this deed the majority of those note trustees are
          competent to execute and exercise all the duties, powers, trusts,
          authorities and discretions vested in the Note Trustee by this deed if
          a Trust Corporation is included in that majority.

     38.2 Appointment by Note Trustee

          (a)  The Note Trustee may, on not less than 14 days prior written
               notice to the Issuer and Manager, appoint any person established
               or resident in any jurisdiction (whether a Trust Corporation or
               not) to act either as a separate note trustee or as a co-note
               trustee jointly with the Note Trustee:

               (1)  if the Note Trustee considers that appointment to be in the
                    interests of the Class A Noteholders;

               (2)  for the purposes of conforming to any legal requirements,
                    restrictions or conditions in any jurisdiction in which any
                    particular act or acts is or are to be performed; or

               (3)  for the purposes of obtaining a judgment in any jurisdiction
                    or the enforcement in any jurisdiction of either a judgment
                    already obtained or any of the provisions of this deed
                    against the Issuer.

          (b)  Subject to the provisions of this deed, a person appointed under
               paragraph (a) has all trusts, powers, authorities and discretions
               (not exceeding those conferred on the Note Trustee by this deed)
               and all duties and obligations conferred or imposed by the
               instrument of appointment. All rights, powers, duties and
               obligations conferred or imposed upon the Note Trustee shall be
               conferred or imposed upon and exercised or performed by the Note
               Trustee and such separate note trustee or co-trustee jointly (it
               being understood that such separate trustee or co-trustee is not
               authorised to act separately without the Note Trustee joining in
               such act), except to the extent that under any law of any
               jurisdiction in which any particular act or acts are to be
               performed the Note Trustee shall be incompetent or unqualified to
               perform such act or acts, in which event such rights, powers,
               duties and obligations shall be exercised and performed singly by
               such separate trustee or co-trustee, but solely at the direction
               of the Note Trustee.

          (c)  The Note Trustee may remove any person appointed under this
               clause 38. The reasonable remuneration of any person appointed
               under this clause 38 together with any costs, charges and
               expenses properly incurred by it in performing its function as
               note trustee or co-note trustee will be costs, charges and
               expenses incurred by the Note Trustee under this deed.

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                                        Note Trust Deed - SMHL Global Fund No. 6

     38.3 Notice

          (a)  The Issuer shall notify the Principal Paying Agent and the Class
               A Noteholders of any appointment of a new note trustee or any
               retirement or removal of an existing note trustee of this deed as
               soon as practicable after becoming aware of that appointment,
               retirement or removal in accordance with Condition 12.

          (b)  The Note Trustee shall notify each Designated Rating Agency of
               any appointment of a new note trustee or its retirement or
               removal as soon as practicable.

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39   Note Trustee's Retirement and Removal

     39.1 Removal by Issuer

          The Issuer (or the Manager after informing the Issuer of its intention
          to do so) may at any time terminate the appointment of the Note
          Trustee by giving written notice to that effect to each Designated
          Rating Agency and the Note Trustee with effect immediately on that
          notice, subject to clause 39.4, if any of the following occurs in
          relation to the Note Trustee:

          (a)  an Insolvency Event has occurred in relation to the Note Trustee
               in its personal capacity or in respect of its personal assets
               (and not in its capacity as trustee of any trust or in respect of
               any assets it holds as trustee);

          (b)  the Note Trustee has ceased its business;

          (c)  the Note Trustee fails to comply with any of its obligations
               under any Transaction Document and such failure has had or, if
               continued, will have, a Material Adverse Effect (as determined by
               the Issuer), and, if capable of remedy, the Note Trustee does not
               remedy that failure within 14 days after the earlier of:

               (1)  the Note Trustee becoming aware of that failure; and

               (2)  receipt by the Note Trustee of a written notice with respect
                    thereto from either the Issuer or the Manager; or

          (d)  the Note Trustee fails to satisfy any obligation imposed on it
               under the TIA with respect to the Securitisation Fund or this
               deed or comply with clause 39.9.

     39.2 Removal by Class A Noteholders

          The Class A Noteholders may resolve by written consent of the holders
          of at least 75% of the aggregate Invested Amount of the Class A Notes
          to require the Issuer to remove the Note Trustee or note trustees for
          the time being of this deed.

     39.3 Resignation

          Subject to this clause 39, the Note Trustee may resign its appointment
          under this deed at any time by giving to the Issuer, the Manager, the
          Security Trustee and each Designated Rating Agency not less than 3
          months' written notice to that effect which notice shall expire not
          less than 30 days (or such lesser time as the

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                                        Note Trust Deed - SMHL Global Fund No. 6

          Manager, the Issuer and the Note Trustee may agree) before any due
          date for payment of the Class A Notes.

     39.4 Rating Agencies approval

          Any resignation or removal of the Note Trustee and appointment of a
          successor note trustee will not become effective until acceptance of
          the appointment by that successor note trustee and confirmation by the
          Moody's Investor Service Inc (such confirmation not to be unreasonably
          withheld or delayed) that such appointment will not cause a
          downgrading, qualification or withdrawal of the then current ratings
          of the Class A Notes. The Manager is responsible for obtaining such
          confirmation from Moody's Investor Service Inc.

     39.5 Trust Corporation

          The Issuer undertakes that if the Note Trustee which is a Trust
          Corporation retires or is removed it will use its best endeavours to
          appoint a new note trustee of this deed which is a Trust Corporation
          as soon as reasonably practicable. The retirement or removal of any
          Note Trustee shall not become effective until a successor Note Trustee
          which is a Trust Corporation is appointed, save as hereinafter
          provided. The Manager must assist the Issuer to appoint a new note
          trustee of this deed. If the Issuer fails to appoint a new Note
          Trustee by the date which is one (1) month prior to the date of the
          Note Trustee's proposed retirement or removal, the Note Trustee shall
          be entitled to appoint a new Note Trustee which is a Trust Corporation
          and such appointment shall be deemed to have been made under clause
          38.2 of this deed. If no other person can be found to act as the Note
          Trustee, the Noteholders may appoint a Note Trustee from among the
          holders of the Class A Notes.

     39.6 Successor to Note Trustee

          (a)  On the execution by the Issuer, the Manager and any successor
               Note Trustee of an instrument effecting the appointment of that
               successor Note Trustee and a deed whereby the successor agrees to
               be bound by this deed, that successor Note Trustee shall, without
               any further act, deed or conveyance, become vested with all the
               authority, rights, powers, trusts, immunities, duties and
               obligations of the predecessor Note Trustee with effect as if
               originally named as Note Trustee in this deed and the Transaction
               Documents and that predecessor Note Trustee, on payment to it of
               the pro rata proportion of its fee and disbursements then unpaid
               (if any), shall have no further liabilities under this deed,
               except for any accrued liabilities arising from or relating to
               any act or omission occurring prior to the date on which the
               successor Note Trustee is appointed.

          (b)  Any corporation:

               (1)  into which the Note Trustee is merged;

               (2)  with which the Note Trustee is consolidated;

               (3)  resulting from any merger or consolidation to which the Note
                    Trustee is a party;

               (4)  to which the Note Trustee sells or otherwise transfers all
                    or substantially all the assets of its corporate trust
                    business,

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                                        Note Trust Deed - SMHL Global Fund No. 6

               shall, on the date when that merger, conversion, consolidation,
               sale or transfer becomes effective (and upon execution by the
               Issuer, the Manager and any such merged or consolidated entity of
               a deed whereby that entity agrees to be bound by the terms of
               this deed) and to the extent permitted by applicable law, become
               the successor Note Trustee under this deed without the execution
               or filing of any agreement or document or any further act on the
               part of the parties to this deed, unless otherwise required by
               the Issuer or the Manager, and after that effective date all
               references in this deed to the Note Trustee shall be references
               to that corporation.

          (c)  The Manager undertakes to use its best endeavours to procure
               execution by the relevant parties of the deeds referred to in
               clauses 39.6(a)and 39.6(b).

     39.7 Notice

          (a)  The Issuer shall notify the Principal Paying Agent and the Class
               A Noteholders of any appointment of a new note trustee or any
               retirement or removal of the existing note trustee of this deed
               as soon as practicable after becoming aware of that appointment,
               retirement or removal in accordance with Condition 12.

          (b)  The Note Trustee shall notify each Designated Rating Agency of
               its retirement as soon as practical.

     39.8 Retention of Lien

          (a)  Nothing in this clause 39 shall release the Note Trustee from any
               liability incurred by it prior to its retirement.

          (b)  The outgoing Note Trustee will remain entitled to the benefit of
               the indemnities granted by this deed to the outgoing Note Trustee
               in respect of any liability, cost or other obligation incurred by
               it while acting as Note Trustee, as if it were still the Note
               Trustee under this deed.

     39.9 Eligibility; Disqualification

          (a)  The Note Trustee shall at all times satisfy the requirements of
               Section 310(a) of the TIA.

          (b)  The Note Trustee shall have a combined capital and surplus (as
               those terms are used in the TIA) of at least US$50,000,000 as set
               forth in its most recent published annual report of condition.

          (c)  The Note Trustee shall comply with Section 310(b) of the TIA,
               provided that any indenture or indentures under which other
               securities of the Trustee are outstanding shall be excluded from
               the operation of Section 310(b)(1) of the TIA for the purposes of
               paragraph (b) if the requirements for such exclusion set out in
               Section 310(b)(1) of the TIA are met.

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                                        Note Trust Deed - SMHL Global Fund No. 6

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40   Note Trustee's Powers Additional

          The powers conferred upon the Note Trustee by this deed shall be in
          addition to any powers which may from time to time be vested in the
          Note Trustee by the general law or as a holder of any of the Class A
          Notes.

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41   Severability of Provisions

          Any provision of this deed which is prohibited or unenforceable in any
          jurisdiction is ineffective as to that jurisdiction to the extent of
          the prohibition or unenforceability. That does not invalidate the
          remaining provisions of this deed nor affect the validity or
          enforceability of that provision in any other jurisdiction.

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42   Notices

     42.1 General

          All notices, requests, demands, consents, approvals, agreements or
          other communications to or by a party to this deed:

          (a)  must be in writing;

          (b)  must be signed by an Authorised Signatory of the sender; and

          (c)  will be taken to be duly given or made:

               (1)  (in the case of delivery in person or by post) when
                    delivered, received or left at the address of the person
                    shown in clause 42.2 or to any other address of which the
                    sender may have been notified by the recipient; and

               (2)  (in the case of facsimile transmission) on receipt of a
                    transmission report confirming successful transmission to
                    the number shown in clause 42.2 or any other number notified
                    by the recipient to the sender in accordance with this
                    clause 42;

               but if delivery or receipt is on a day on which business is not
               generally carried on in the place to which the communication is
               sent or is later than 5.00 pm (local time), it will be taken to
               have been duly given or made at the commencement of business on
               the next day on which business is generally carried on in that
               place. Any party may by notice to each party change its address
               and facsimile under this clause 42.1.

     42.2 Details

          The address and facsimile of each person to whom notices may be sent
          at the date of this deed are as follows:

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                                        Note Trust Deed - SMHL Global Fund No. 6

          The Issuer

               Perpetual Trustees Australia Limited
               Level 7
               9 Castlereagh Street
               Sydney New South Wales  2000

               Fax:         (02) 9221 7870

               Attention:   Head of Securitisation/Manager, Securitisation

          The Manager

               ME Portfolio Management Limited
               Level 23
               360 Collins Street
               Melbourne  Victoria  3000

               Fax:         (03) 9605 6200

               Attention:   Manager - Capital Markets

          The Note Trustee

               The Bank of New York
               101 Barclay Street
               Floor 21 West
               New York,  New York  10286

               Fax:         1 212 815 3522
               Attention:   Global Structured Products Unit

          The Calculation Agent

               The Bank of New York
               101 Barclay Street
               Floor 21 West
               New York,  New York  10286

               Fax:         1 212 815 3522
               Attention:   Global Structured Products Unit

          The Security Trustee

               Perpetual Trustee Company Limited
               Level 7
               9 Castlereagh Street
               Sydney  New South Wales  2000

               Fax:         (02) 9221 7870
               Attention:   Head of Securitisation/Manager - Securitisation

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                                        Note Trust Deed - SMHL Global Fund No. 6

          The Note Registrar

               The Bank of New York
               101 Barclay Street
               Floor 21 West
               New York,  New York10286

               Fax:         1 212 815 3522
               Attention:   Global Structured Products Unit

          The Principal Paying Agent

               The Bank of New York
               101 Barclay Street
               Floor 21 West
               New York,  New York  10286

               Fax:         1 212 815 3522
               Attention:   Global Structured Products Unit

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     42.3 Communication through Principal Paying Agent

          All communications relating to this agreement between the Issuer and
          the Manager and the Calculation Agent and any of the Paying Agents or
          between the Paying Agents themselves shall save as otherwise provided
          in this agreement, be made through the Principal Paying Agent.

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43   Governing Law and Jurisdiction

     43.1 Governing law

          (a)  Subject to clause 43.1(b), this deed and the trust constituted
               under this deed are governed by the law of New South Wales,
               Australia. The parties submit to the non-exclusive jurisdiction
               of courts exercising jurisdiction there.

          (b)  The administration of the Trust created under this deed,
               including the exercise of the Note Trustee's powers under clause
               13 of this deed, is governed by the law of New York. In the event
               of any inconsistency between the operation of the law of New
               South Wales, Australia and the law of New York in respect of the
               application of those powers, the law of New York will prevail to
               the extent of the inconsistency.

     43.2 Jurisdiction

          Each of the parties hereto irrevocably agrees for the benefit of each
          other and the Noteholders that the courts of New South Wales,
          Australia are to have jurisdiction to settle any disputes which may
          arise out of or in connection with this deed and that accordingly any
          notices, demands, suit, action or proceedings arising out of or in
          connection with this deed (together referred to as "Proceedings") may
          be brought in the courts of New South Wales, Australia. Each of the
          parties hereto irrevocably and unconditionally waives and agrees not
          to raise any objection which it may have now or subsequently to the
          laying of the venue of any

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                                        Note Trust Deed - SMHL Global Fund No. 6

          Proceedings in the courts of New South Wales, Australia and any claim
          that any Proceedings have been brought in an inconvenient forum and
          further irrevocably and unconditionally agrees that a judgment in any
          Proceedings brought in the courts of New South Wales, Australia shall
          be conclusive and binding upon it and may be enforced in the courts of
          any other jurisdiction. Nothing in this Clause shall limit any right
          to take Proceedings in any other court of competent jurisdiction, nor
          shall the taking of Proceedings in one or more jurisdictions preclude
          the taking of Proceedings in any other jurisdiction, whether
          concurrently or not.

     43.3 Agent

          The Issuer irrevocably and unconditionally appoints CT Corporation
          System, 111 Eighth Avenue, 13th floor, New York, New York, 10011 and
          in the event of its ceasing so to act will appoint such other person
          as the Note Trustee may approve and as the Issuer may nominate in
          writing to the Note Trustee for the purpose to accept service of
          process on its behalf in respect of any Proceedings. The Issuer:

          (a)  agrees to procure that, so long as any of the Notes remains
               outstanding, there shall be in force an appointment of such a
               person approved by the Note Trustee with an office with authority
               to accept service as aforesaid;

          (b)  agrees that failure by any such person to give notice of such
               service of process to the Issuer shall not impair the validity of
               such service or of any judgment based thereon;

          (c)  consents to the service of process in respect of any Proceedings
               by airmailing of copies, postage prepaid, to the Issuer in
               accordance with Clause 26; and

          (d)  agrees that nothing in this deed shall affect the right to serve
               process in any other manner permitted by law.

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44   Counterparts

          This deed may be executed in any number of counterparts. All
          counterparts together will be taken to constitute one instrument.

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45   Limited Recourse

     45.1 General

          Clause 26 of the Master Trust Deed applies to the obligations and
          liabilities of the Issuer and the Manager under this deed.

     45.2 Liability of Issuer limited to its right to indemnity

          (a)  The Issuer enters into this deed only in its capacity as trustee
               of the Securitisation Fund and in no other capacity (except where
               the Transaction Documents provide otherwise). Subject to clause
               45.2(c) below, a liability arising under or in connection with
               this deed or the Securitisation Fund is limited to and can be
               enforced against the Issuer only to the extent to

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                                        Note Trust Deed - SMHL Global Fund No. 6

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

          (b)  Subject to 45.2(c)below, no person (including any Relevant Party)
               may take action against the Issuer in any capacity other than as
               trustee of the Securitisation Fund or seek the appointment of a
               receiver (except under the Security Trust Deed), or a liquidator,
               an administrator or any similar person to the Issuer or prove in
               any liquidation, administration or arrangements of or affecting
               the Issuer except in relation to the Assets of the Securitisation
               Fund.

          (c)  The provisions of this clause 45.2 shall not apply to any
               obligation or liability of the Issuer 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
               Issuer's indemnification or exoneration out of the Assets of the
               Securitisation Fund as a result of the Issuer's fraud, negligence
               or wilful default and will not apply to any obligation or
               liability of the Issuer to pay amounts from its personal funds
               pursuant to clause 12.1.

          (d)  It is acknowledged that the Relevant Parties are responsible
               under this deed or the other Transaction Documents for performing
               a variety of obligations relating to the Securitisation Fund. No
               act or omission of the Issuer (including any related failure to
               satisfy its obligations under this deed) will be considered
               fraud, negligence or wilful default of the Issuer for the purpose
               of clause 45.2(c)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 Issuer
               in accordance with the Transaction Documents to fulfil its
               obligations relating to the Securitisation Fund or by any other
               act or omission of a Relevant Party or any such person.

          (e)  No attorney, agent, delegate, receiver or receiver and manager
               appointed in accordance with this deed or any other Transaction
               Document has authority to act on behalf of the Issuer in a way
               which exposes the Issuer to any personal liability and no act or
               omission of any such person will be considered fraud, negligence
               or wilful default of the Issuer for the purpose of clause 45.2(c)
               above.

          (f)  In this clause 45.2, Relevant Parties means any party to a
               Transaction Document other than the Issuer.

          (g)  Nothing in this clause 45.2 limits the obligations expressly
               imposed on the Issuer under the Transaction Documents.

          (h)  The Issuer is not obliged to do or refrain from doing anything
               under this deed (including incurring liability) unless the
               Issuer's liability is limited in the same manner as set out in
               paragraphs (a) to (c) of this clause 45.2.

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                                        Note Trust Deed - SMHL Global Fund No. 6

     45.3 Unrestricted remedies

          Nothing in clause 45.2 limits any party in:

          (a)  obtaining an injunction or other order to restrain any breach of
               this deed by any party;

          (b)  obtaining declaratory relief;

          (c)  relation to its rights under the Security Trust Deed; or

          (d)  taking any legal action against the Issuer in its personal
               capacity under clause 45.2(c)

     45.4 Restricted remedies

          Except as provided in clauses 45.2(c) and 45.3, none of the Note
          Trustee, each Paying Agent or the Calculation Agent shall, in respect
          of this Deed:

          (a)  (judgment) obtain a judgment for the payment of money or damages
               by the Issuer;

          (b)  (statutory demand) issue any demand under s459E(1) of the
               Corporations Act (or any analogous provision under any other law)
               against the Issuer;

          (c)  (winding up) apply for the winding up or dissolution of the
               Issuer;

          (d)  (execution) levy or enforce any distress or other execution to,
               on or against any assets of the Issuer;

          (e)  (court appointed receiver) apply for the appointment by a court
               of a receiver to any of the assets of the Issuer;

          (f)  (set-off or counterclaim) exercise or seek to exercise any
               set-off or counterclaim against the Issuer; or

          (g)  (administrator) appoint, or agree to the appointment, of any
               administrator to the Issuer,

          or take proceedings for any of the above and the Note Trustee, each
          Paying Agent and the Calculation Agent waives their rights to make
          those applications and take those proceedings.

          A reference to the Issuer in this clause 45.4 is to the Issuer in its
          personal capacity and not as trustee of the Securitisation Fund

     45.5 Wilful Default of the Issuer

          For the purposes of this deed the expression "wilful default":

          (a)  in relation to the Issuer, means a wilful default of this deed by
               the Issuer:

               (1)  other than a default which:

                    (A)  arises out of a breach of a Transaction Document by a
                         person other than the Issuer or any person referred to
                         in clause 45.5(b) in relation to the Issuer;

                    (B)  arises because some other act or omission is a
                         precondition to the relevant act or omission of the
                         Issuer and that other act or omission does not occur;

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                                        Note Trust Deed - SMHL Global Fund No. 6

                    (C)  is in accordance with a lawful court order or direction
                         or is required by law; or

                    (D)  is in accordance with an instruction or direction given
                         to it by any person in circumstances where that person
                         is authorised to do so by any Transaction Document; and

               (2)  in circumstances where had it not committed that default it
                    would have been entitled to recoupment, reimbursement or a
                    right of indemnity for its costs and expenses (if any) in
                    complying with this deed from the Securitisation Fund;

          (b)  a reference to the "fraud", "negligence" or "wilful default" of
               the Issuer means the fraud, negligence or wilful default of the
               Issuer and of its officers or employees, but not of its agents or
               delegates, unless the Issuer is liable for the acts or omissions
               of such other person under the terms of this deed.

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46   Successor Trustee

          The Note Trustee, each Paying Agent and the Calculation Agent shall do
          all things reasonably necessary to enable any successor Issuer
          appointed under clause 18 of the Master Trust Deed to become the
          Issuer under this deed.

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47   Reimbursement for the Cost of Independent Advice

          Where the Note Trustee is required to express an opinion or make a
          determination or calculation under this deed or the other Transaction
          Documents, the Note Trustee may appoint or engage such independent
          advisers as the Note Trustee reasonably requires to assist in the
          giving of that opinion or the making of that determination or
          calculation and any reasonable costs and expenses payable to those
          advisers will be reimbursed to the Note Trustee by the Issuer or if
          another person is expressly stated in the relevant provision in a
          Transaction Document, that person.

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48   No Liability

          Without limitation the Note Trustee shall not be liable (subject to
          the mandatory requirements of the TIA) for:

          (a)  any decline in the value or loss realised upon any sale or other
               disposition made under the Security Trust Deed of any Charged
               Property or any other property charged to the Security Trustee by
               any other person in respect of or relating to the obligations of
               any person in respect of the Issuer or the Secured Moneys (as
               defined in the Security Trust Deed) or relating in any way to the
               Charged Property;

          (b)  any decline or loss directly or indirectly arising from the Note
               Trustee acting or failing to act as a consequence of an opinion
               reached by it or failing to act as a consequence of it not being
               indemnified for any action it might otherwise have taken as
               contemplated by clause 6.3; and

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                                        Note Trust Deed - SMHL Global Fund No. 6

          (c)  any loss, expense or liability which may be suffered as a result
               of any assets secured by the Security Trust Deed, the Charged
               Property or any deeds or documents of title thereto being
               uninsured or inadequately insured or being held by or to the
               order of the Mortgage Manager or any of its affiliates or by
               clearing organisations or their operator or by any person on
               behalf of the Security Trustee or the Note Trustee,

          except for the fraud, negligence or wilful default of the Note
          Trustee.

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49   Prospectus

          The Note Trustee has no responsibility for any statement or
          information in or omission from any prospectus, advertisement,
          circular or other document issued by or on behalf of the Issuer or
          Manager, including in connection with the issue of Class A Notes.
          Neither the Issuer nor the Manager may publish or permit to be
          published any such document in connection with the offer of Class A
          Notes or an invitation for subscriptions for Class A Notes containing
          any statement which makes reference to the Note Trustee without the
          prior written consent of the Note Trustee, which consent must not be
          unreasonably withheld. In considering whether to give its consent, the
          Note Trustee is not required to take into account the interests of the
          Noteholders.

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50   Note Trustee's Limited Liability

     50.1 Reliance on certificate

          The Note Trustee shall not incur any liability as a result of relying
          upon the authority, validity, due authorisation of, or the accuracy of
          any information contained in any notice, resolution, direction,
          consent, certificate, receipt, affidavit, statement, valuation report
          or other document or communication (including any of the above
          submitted or provided by the Manager, by the Issuer or by a Class A
          Noteholder) if the Note Trustee is entitled, under clause 50.2 to
          assume such authenticity, validity, due authorisation or accuracy.

          In preparing any notice, certificate, advice or proposal the Note
          Trustee shall be entitled to assume, unless it is actually aware to
          the contrary, that each person under any Authorised Investment,
          Enhancement, Mortgage, other Transaction Document or any other deed,
          agreement or arrangement incidental to any of the above or to the
          Securitisation Fund, will perform their obligations under those
          documents in full by the due date and otherwise in accordance with
          their terms.

     50.2 Note Trustee's reliance on Manager, Security Trustee, Issuer or
          Mortgage Manager

          (a)  (Authorised Signatories are sufficient evidence) Whenever any
               certificate, notice, proposal, direction, instruction, document
               or other communication is to be given to the Note Trustee, the
               Note Trustee may assume:

               (1)  the authenticity and validity of any signature in any such
                    document and that such document has been duly authorised;
                    and

               (2)  the accuracy of any information contained in any such
                    documents,

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                                        Note Trust Deed - SMHL Global Fund No. 6

               in either case unless the officers of the Note Trustee
               responsible for the administration of the trust constituted under
               this deed (the Note Trust) are actually aware to the contrary.

          (b)  (Note Trustee not liable for loss) The Note Trustee shall not be
               responsible for any loss arising from any forgery or lack of
               authenticity or any act, neglect, mistake or discrepancy of the
               Manager, the Security Trustee, Issuer or the Mortgage Manager or
               any officer, employee, agent or delegate of the Manager, the
               Security Trustee, the Issuer or the Mortgage Manager in preparing
               any such document or in compiling, verifying or calculating any
               matter or information contained in any such document, if the
               officers of the Note Trustee responsible for the administration
               of the trust constituted by this deed are not actually aware of
               such forgery, lack of authenticity or validity, act, neglect,
               mistake or discrepancy.

     50.3 Compliance with laws

          The Note Trustee shall not incur any liability to anyone in respect of
          any failure to perform or to do any act or thing which by reason of
          any provision of any applicable present or future law of any place or
          any applicable ordinance, rule, regulation or by law or of any
          applicable decree, order or judgment of any competent court or other
          tribunal, the Note Trustee shall be prohibited from doing or
          performing.

     50.4 Reliance on experts

          The Note Trustee may rely on and act on the opinion or statement or
          certificate or advice of or information obtained from the Security
          Trustee, the Mortgage Manager, the Issuer, barristers or solicitors
          (whether instructed by the Note Trustee or not), bankers, accountants,
          brokers, valuers and other persons believed by it in good faith to be
          expert or properly informed in relation to the matters on which they
          are consulted and the Note Trustee shall not be liable for anything
          done or suffered by it in good faith in reliance on such opinion,
          statement, certificate, advice or information except to the extent of
          losses, costs, claims or damages caused by the Note Trustee's fraud,
          negligence or wilful default.

     50.5 Oversights of others

          Having regard to the limitations on the Note Trustee's duties, powers,
          authorities and discretions under this deed, the Note Trustee shall
          not be responsible for any act, omission, misconduct, mistake,
          oversight, error of judgment, forgetfulness or want of prudence on the
          part of any person or agent appointed by the Note Trustee or on whom
          the Note Trustee is entitled to rely under this deed (other than a
          related body corporate (as defined in section 9 of the Corporations
          Act)), attorney, banker, receiver, barrister, solicitor, agent or
          other person acting as agent or adviser to the Note Trustee except to
          the extent of losses, costs, claims or damages caused by the Note
          Trustee's fraud, negligence or wilful default, provided that nothing
          in this deed or any other Transaction Document imposes any obligations
          on the Note Trustee to review or supervise the performance by any
          other party of its obligations.

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                                        Note Trust Deed - SMHL Global Fund No. 6

     50.6 Powers, authorities and discretions

          Except as otherwise provided in this deed and in the absence of fraud,
          negligence or wilful default, the Note Trustee shall not be in any way
          responsible for any loss (whether consequential or otherwise), costs,
          damages or inconvenience that may result from the exercise or
          non-exercise of any powers, authorities and discretions vested in it.

     50.7 Impossibility or impracticability

          If for any other reason it becomes impossible or impracticable for it
          to carry out any or all of the provisions of this deed or any other
          Transaction Document, the Note Trustee shall not be under any
          liability and, except to the extent of its own fraud, negligence or
          wilful default, nor shall it incur any liability by reason of any
          error of law or any matter or thing done or suffered or omitted to be
          done in good faith by it or its officers, employees, agents or
          delegates.

     50.8 Legal and other proceedings

          (a)  (Indemnity for legal costs) The Note Trustee or the Class A
               Noteholders acting under clause 6.5 (as the case may be) (each an
               Indemnified Party) shall be indemnified by the Issuer (subject to
               clause 45) for all legal costs and disbursements on a full
               indemnity basis and all other cost, disbursements, outgoings and
               expenses incurred by the Indemnified Party in connection with:

               (1)  the enforcement or contemplated enforcement of, or
                    preservation of rights under;

               (2)  without limiting the generality of clause 50.8(a)(1) above,
                    the initiation, defence, carriage and settlement of any
                    action, suit, proceeding or dispute in respect of; and

               (3)  obtaining legal advice or opinions concerning or relating to
                    the interpretation or construction of,

               this deed or any other Transaction Document or otherwise under or
               in respect of this deed provided that the enforcement,
               contemplated enforcement or preservation by the Note Trustee (as
               the case may be) of the rights referred to in clause 50.8(a)(1)
               or the court proceedings referred to in clause 50.8(a)(2)
               (including in each case the defence of any action, suit,
               proceeding or dispute brought against the Indemnified Party), and
               the basis of incurring any of those costs, disbursements,
               outgoings and expenses by the Indemnified Party:

               (4)  has been approved in advance by the written consent of the
                    holders of at least 75% of the aggregate Invested Amount of
                    the Class A Notes; or

               (5)  the Indemnified Party reasonably considers the incurring of
                    those costs, disbursements, outgoings and expenses to be
                    necessary.

          (b)  (Defence of proceedings alleging negligence) The Indemnified
               Party shall be entitled to claim in respect of the above
               indemnity from the Issuer for its expenses and liabilities
               incurred in defending any action, suit, proceeding or dispute in
               which fraud, negligence or wilful default is

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                                        Note Trust Deed - SMHL Global Fund No. 6

               alleged or claimed against it, but on the same being proved,
               accepted or admitted by it, it shall immediately repay to the
               Issuer the amount previously paid by the Issuer to it in respect
               of that indemnity.

          (c)  (Expenses) Subject to clause 45, the Issuer will on demand
               reimburse the Note Trustee for and keep the Note Trustee
               indemnified against all expenses including legal costs and
               disbursements (on a full indemnity basis) reasonably incurred by
               the Note Trustee in connection with:

               (1)  the preparation and execution of this deed and any
                    subsequent consent, agreement, approval or waiver under this
                    deed or amendment to this deed;

               (2)  the exercise, enforcement, preservation or attempted
                    exercise enforcement or preservation of any rights under
                    this deed including without limitation any expenses incurred
                    in the evaluation of any matter of material concern to the
                    Note Trustee; and

               (3)  any enquiry by a Government Agency concerning the Issuer or
                    the Assets of the Securitisation Fund or a transaction or
                    activity the subject of the Transaction Documents.

     50.9 No liability except for negligence etc.

          Except to the extent caused by the fraud, negligence or wilful default
          on the Note Trustee's part or on the part of any of its officers or
          employees, or any agents or delegate, sub-agent, sub-delegate employed
          by the Note Trustee in accordance with this deed (and where this deed
          provides that the Note Trustee is liable for the acts or omissions of
          any such person) to carry out any transactions contemplated by this
          deed, the Note Trustee shall not be liable for any losses, costs,
          liabilities or claims arising from the failure to pay moneys on the
          due date for payment to any Class A Noteholder or any other person or
          for any loss howsoever caused in respect of any of the Securitisation
          Fund or to any Class A Noteholder or other person. The Note Trustee is
          not obliged to take any action under this deed unless it is
          indemnified to its reasonable satisfaction against all actions,
          proceedings, claims and demands to which it may render itself liable
          and all costs, charges, damages and expenses which it may incur by so
          doing.

     50.10 Further limitations on Note Trustee's liability

          Subject to clause 50.2, the Note Trustee shall not be liable:

          (a)  for any losses, costs, liabilities or expenses arising out of the
               exercise or non-exercise of its discretion or for any other act
               or omission on its part under this deed, any other Transaction
               Document or any other document except where the exercise or
               non-exercise of any discretion, or any act or omission, by the
               Note Trustee, or any of its officers or employees, or any agent,
               delegate, sub-agent, sub-delegate employed by the Note Trustee in
               accordance with this deed (and where this deed provides that the
               Note Trustee is liable for the acts or omissions of any such
               person) to carry out any transactions contemplated by this deed,
               constitutes fraud, negligence or wilful default;

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                                        Note Trust Deed - SMHL Global Fund No. 6

          (b)  for any losses, costs, damages or expenses caused by its acting
               (in circumstances where this deed requires it to act or
               contemplates that it may so act) on any instruction or direction
               given to it by:

               (1)  any Class A Noteholder under this deed, any other
                    Transaction Document or any other document;

               (2)  any person under an Enhancement or Mortgage,

               except to the extent that it is caused by the fraud, negligence
               or wilful default of the Note Trustee, or any of its officers or
               employees, or an agent or delegate employed by the Note Trustee
               in accordance with this deed to carry out any transactions
               contemplated by this deed;

          (c)  for any Manager's Default;

          (d)  without limiting the Note Trustee's obligations under the
               Transaction Documents, for any act, omission or default of any
               Mortgage Manager in relation to its servicing duties or its
               obligations under any Mortgage Origination and Management
               Agreement;

          (e)  without limiting the Note Trustee's obligations under the
               Transaction Documents, for any act, omission or default of the
               Security Trustee in relation to its obligations under the
               Transaction Documents;

          (f)  without limiting the Note Trustee's obligations under the
               Transaction Documents, for any act, omission or default of a
               Paying Agent in relation to its obligations under the Transaction
               Documents;

          (g)  without limiting the Note Trustee's obligations under the
               Transaction Documents, for any act, omission or default of the
               Calculation Agent in relation to its obligations under the
               Transaction Documents;

          (h)  for the failure of a person to carry out an agreement with the
               Note Trustee in connection with the Securitisation Fund; or for
               any losses, costs, liabilities or expenses caused by the Note
               Trustee's failure to check any calculation, information,
               document, form or list supplied or purported to be supplied to it
               by the Manager, the Issuer or Security Trustee,

          except, in the case of paragraphs (c) to (h) (inclusive), to the
          extent that it is caused by the fraud, negligence or wilful default of
          the Note Trustee.

          Nothing in this clause 50.10 alone (but without limiting the operation
          of any other clause of this deed) shall imply a duty on the Note
          Trustee to supervise the Manager or the Security Trustee in the
          performance of the Manager's or the Security Trustee's functions and
          duties, and the exercise by the Manager or the Security Trustee of its
          discretions.

     50.11 Conflicts

          (a)  (Not liable to account) the Note Trustee shall not be in any way
               liable to account to any Class A Noteholder or any other person
               for any profits or benefits (including any profit, bank charges,
               commission, exchange, brokerage and fees) made or derived under
               or in connection with any transaction or contract specified in
               paragraph (b) below.

          (b)  (Fiduciary relationship) the Note Trustee shall not by reason of
               any fiduciary relationship be in any way precluded from making
               any contracts

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                                        Note Trust Deed - SMHL Global Fund No. 6

               or entering into any transactions with any such person in the
               ordinary course of its business or from undertaking any banking,
               financial, development, agency or other services including any
               contract or transaction in relation to the placing of or dealing
               with any investment and the acceptance of any office or profit or
               any contract of loan or deposits or other contract or transaction
               which any person or company not being a party to this deed could
               or might have lawfully entered into if not a party to this deed.
               The Note Trustee shall not be accountable to any Class A
               Noteholder or any other person for any profits arising from any
               such contracts, transactions or offices.

     50.12 Information

          Except for notices and other documents and information (if any)
          expressed to be required to be furnished to any person by the Note
          Trustee under this deed or any other Transaction Document, the Note
          Trustee shall not have any duty or responsibility to provide any
          person (including any Class A Noteholder) with any credit or other
          information concerning the affairs, financial condition or business of
          the Securitisation Fund.

     50.13 Investigation by Note Trustee

          Each Noteholder acknowledges that the Note Trustee has no duty, and is
          under no obligation, to investigate whether a Manager's Default or
          Trustee's Default has occurred in relation to the Securitisation Fund
          other than where it has actual notice.

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51   Noteholders' Lists and Reports, Continuing Security, Releases and Waivers

     51.1 Provision of information

          The Manager will cause to be furnished to the Note Trustee:

          (a)  every six months (with the first six month period commencing on
               the Closing Date) (each such date being a Notice Date), a list,
               in such form as the Note Trustee may reasonably require, of the
               names and addresses of the Class A Noteholders as of the Record
               Date immediately preceding that Notice Date; and

          (b)  at such other times as the Note Trustee may request in writing,
               within 30 days after receipt by the Manager with a copy provided
               to the Issuer of any such request, a list of similar form and
               content as of a date not more than 10 days prior to the time such
               list is furnished,

          provided that so long as:

          (c)  the Note Trustee is the Note Registrar; or

          (d)  the Class A Notes are Book-Entry Notes

          no such list shall be required to be furnished.

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                                        Note Trust Deed - SMHL Global Fund No. 6

     51.2 Preservation of Information; Communications to Noteholders

          (a)  The Note Trustee shall preserve, in as current a form as is
               reasonably practicable, the names and addresses of the Class A
               Noteholders contained in the most recent list (if any) furnished
               to the Note Trustee as provided in clause 51.1 and if it acts as
               Note Registrar, the names and addresses of Class A Noteholders
               received by the Note Trustee in its capacity as Note Registrar.
               The Note Trustee may destroy any list furnished to it as provided
               in such clause 51.1 upon receipt of a new list so furnished.

          (b)  Class A Noteholders may communicate pursuant to Section 312(b) of
               the TIA with other Class A Noteholders with respect to their
               rights under this deed or under the Class A Notes.

          (c)  The Issuer, Note Trustee and Note Registrar shall have the
               protection of Section 312(c) of the TIA.

     51.3 Reports by Note Trustee

          If required by Section 313(a) of the TIA, within 60 days after each 30
          June, beginning with [30 June 2004], the Note Trustee shall mail to
          each Class A Noteholder, the Issuer and the Manager as required by
          Section 313(c) of the TIA a brief report dated as of such date that
          complies with Section 313(a) of the TIA. The Note Trustee also shall
          comply with Section 313(b) of the TIA. A copy of each report at the
          time of its mailing to Class A Noteholders shall be filed by the Note
          Trustee with the Commission and each stock exchange, if any, on which
          the Class A Notes are listed. The Manager on behalf of the Issuer
          shall notify the Note Trustee if and when the Class A Notes are listed
          on any stock exchange.

     51.4 Notices to Class A Noteholders; Waiver

          Where this deed provides for notice to Class A Noteholders of any
          event, such notice shall be sufficiently given (unless otherwise
          herein expressly provided) if in writing and mailed, first-class,
          postage prepaid to each Noteholder affected by such event, at his or
          her address as it appears on the Note Register, not later than the
          latest date, and not earlier than the earliest date, prescribed for
          the giving of such notice. In any case where notice to Class A
          Noteholders is given by mail, neither the failure to mail such notice
          nor any defect in any notice so mailed to any particular Class A
          Noteholder shall affect the sufficiency of such notice with respect to
          other Class A Noteholders, and any notice that is mailed in the manner
          herein provided shall conclusively be presumed to have been duly
          given. Where this deed provides for notice in any manner, such notice
          may be waived in writing by any person entitled to receive such
          notice, either before or after the event, and such waiver shall be the
          equivalent of such notice. Waivers of notice by Class A Noteholders
          shall be filed with the Note Trustee but such filing shall not be a
          condition precedent to the validity of any action taken in reliance
          upon such a waiver.

          In case, by reason of the suspension of regular mail services as a
          result of a strike, work stoppage or similar activity, it shall be
          impractical to mail notice of any event to Class A Noteholders when
          such notice is required to be given pursuant to any provision of this
          deed, then any manner of giving such notice as the Manager on behalf
          of the Issuer shall direct the Note Trustee shall be deemed to be a
          sufficient giving of such notice.

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                                        Note Trust Deed - SMHL Global Fund No. 6

     51.5 Trustee's Liability not Affected

          This deed and the liability of the Issuer under this deed will not be
          affected or discharged by any of the following:

          (a)  (Indulgence): the granting to the Issuer or to any other person
               of any time or other indulgence or consideration;

          (b)  (Delay in recovery): subject to Condition 8 of the Conditions,
               the Note Trustee failing or neglecting to recover any amounts
               owing in respect of the Class A Notes;

          (c)  (Laches): any other laches, acquiescence, delay, act, omission or
               mistake on the part of the Note Trustee or any other person; or

          (d)  (Release): the release, discharge, abandonment or transfer
               whether wholly or partially and with or without consideration of
               any other security judgment or negotiable instrument held from
               time to time or recovered by the Note Trustee from or against the
               Issuer or any other person.

     51.6 Reports by Issuer

          The Issuer or the Manager on its behalf shall:

          (a)  file with the Note Trustee, within 15 days after the Issuer or
               the Manager is required to file the same with the Commission,
               copies of the annual reports and of the information, documents
               and other reports (or copies of such portions of any of the
               foregoing as the Commission may from time to time by rules and
               regulations prescribe) which the Issuer or the Manager may be
               required to file with the Commission pursuant to section 13 or
               15(d) of the Securities Exchange Act of 1934, as amended;

          (b)  file with the Note Trustee and the Commission in accordance with
               rules and regulations prescribed from time to time by the
               Commission such additional information, documents and reports
               with respect to compliance by the Issuer or the Manager on its
               behalf with the conditions and covenants of this deed as may be
               required from time to time by such rules and regulations; and

          (c)  supply to the Note Trustee (and the Note Trustee shall transmit
               by mail to all Class A Noteholders described in Section 313(c) of
               the TIA) such summaries of any information, documents and reports
               required to be filed by the Issuer or the Manager on its behalf
               pursuant to clauses 51.6(a) and 51.6(b) as may be required by
               rules and regulations prescribed from time to time by the
               Commission.

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52   Trust Indenture Act - Miscellaneous

     52.1 Compliance Certificates and Opinions

          (a)  Upon any application or request by the Issuer or the Manager to
               the Note Trustee to take any action under any provision of this
               deed, the Issuer (or the Manager on its behalf) shall furnish to
               the Note Trustee:

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                                        Note Trust Deed - SMHL Global Fund No. 6

               (1)  an Officer's Certificate stating that all conditions
                    precedent, if any, provided for in this deed relating to the
                    proposed action have been complied with;

               (2)  an Opinion of Counsel stating that in the opinion of such
                    counsel all such conditions precedent, if any, have been
                    complied with; and

               (3)  (if required by the TIA) an Independent Certificate from a
                    firm of certified public accountants meeting the applicable
                    requirements of Section 314(c)(3) of the TIA, except that,
                    in the case of any such application or request as to which
                    the furnishing of such documents is specifically required by
                    any provision of this deed, no additional certificate or
                    opinion need be furnished.

               (1)  Prior to the deposit of any property or securities with the
                    Issuer that is to be made the basis for the release of any
                    property or securities subject to the Security Interest
                    created by the Security Trust Deed, the Issuer (or the
                    Manager on its behalf) shall, in addition to any obligation
                    imposed in clause 52.1(a) or elsewhere in this deed, furnish
                    to the Note Trustee an Officer's Certificate certifying or
                    stating the opinion of each person signing such certificate
                    as to the fair value (within 90 days of such deposit) of the
                    property or securities to be so deposited.

               (2)  Whenever any property or securities are to be released from
                    the Security Interest created by the Security Trust Deed,
                    the Issuer (or the Manager on its behalf) shall also furnish
                    to the Note Trustee an Officer's Certificate certifying or
                    stating the opinion of each person signing such certificate
                    as to the fair value (within 90 days of such release) of the
                    property or securities proposed to be released and stating
                    that in the opinion of such person the proposed release will
                    not impair the security under the Security Trust Deed in
                    contravention of the provisions of the Security Trust Deed
                    or this deed.

               (3)  Whenever the Issuer (or the Manager on its behalf) is
                    required to furnish to the Note Trustee an Officer's
                    Certificate certifying or stating the opinion of any signer
                    thereof as to the matters described in paragraphs (1) and
                    (2), the Issuer (or the Manager on its behalf) shall also
                    furnish to the Note Trustee an Independent Certificate as to
                    the same matters if the fair value of the property or
                    securities and of all other property or securities deposited
                    or released from the Security Interest created by the
                    Security Trust Deed since the commencement of the then
                    current calendar year, as set forth in the certificate
                    required by clause 52.1(b)(2) and this clause 52.1(b)(3),
                    equals 10% or more of the Outstanding Principal Balance of
                    the Notes, but such certificate need not be furnished in the
                    case of any release of property or securities if the fair
                    value thereof as set forth in the related Officer's
                    Certificate is less than US$25,000 or less than one percent
                    of the then Outstanding Principal Balance of the Notes.
                    Notwithstanding any other provision of this clause 52.1(b),
                    the Issuer may:

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                                        Note Trust Deed - SMHL Global Fund No. 6

                    (A)  collect, liquidate, sell or otherwise dispose of
                         receivables or other Assets of the Securitisation Fund
                         as and to the extent permitted or required by the
                         Transaction Documents; and

                    (B)  make or permit to be made cash payments out of the
                         Collection Account or the US$ Account as and to the
                         extent permitted or required by the Transaction
                         Documents.

          (c)  Every Officer's Certificate or opinion with respect to compliance
               with a condition or covenant provided for in this deed shall
               include:

               (1)  a statement that each signatory of such certificate or
                    opinion has read or has caused to be read such covenant or
                    condition and the definitions herein relating thereto;

               (2)  a brief statement as to the nature and scope of the
                    examination or investigation upon which the statements or
                    opinions contained in such certificate or opinion are based;

               (3)  a statement that, in the opinion of each such signatory,
                    such signatory has made such examination or investigation as
                    is necessary to enable such signatory to express an informed
                    opinion as to whether or not such covenant or condition has
                    been complied with; and

               (4)  a statement as to whether, in the opinion of each such
                    signatory such condition or covenant has been complied with.

     52.2 Undertaking for Costs

          (a)  Subject to clause 52.2(b), all parties to this deed agree, and
               each Class A Noteholder by such Class A Noteholder's acceptance
               thereof shall be deemed to have agreed, that any court may in its
               discretion require, in any suit for the enforcement of any right
               or remedy under this deed, or in any suit against the Note
               Trustee for any action taken, suffered or omitted by it as the
               Note Trustee, the filing by any party litigant in such suit of an
               undertaking to pay the costs of such suit, and that such court
               may in its discretion assess reasonable costs, including
               reasonable attorneys' fees, against any party litigant in such
               suit, having due regard to the merits and good faith of the
               claims or defences made by such party litigant.

          (b)  The provisions of this clause 52.2 shall not apply to:

               (1)  any suit instituted by the Note Trustee;

               (2)  any suit instituted by any Class A Noteholder, or group of
                    Class A Noteholders in each case holding in the aggregate
                    more than 10% of the aggregate Invested Amount of the Class
                    A Notes; or

               (3)  any suit instituted by any Class A Noteholder for the
                    enforcement of the payment of principal or interest on any
                    Class A Note on or after the respective due dates expressed
                    in such Class A Note and in this deed (or, in the case of
                    final redemption of a Class A Note, on or after the Final
                    Maturity Date).

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                                        Note Trust Deed - SMHL Global Fund No. 6

     52.3 Exclusions of Section 316

          (a)  Section 316(a)(1) of the TIA is expressly excluded by this deed.

          (b)  For the purposes of Section 316(a)(2) of the TIA in determining
               whether any Class A Noteholders have concurred in any relevant
               direction or consent, Notes owned by the Issuer or by any
               Associate of the Issuer, shall be disregarded, except that for
               the purposes of determining whether the Note Trustee shall be
               protected in relying on any such direction or consent, only Class
               A Notes which the Note Trustee knows are so owned shall be so
               disregarded.

     52.4 Unconditional Rights of Class A Noteholders to Receive Principal and
          Interest

          Notwithstanding any other provisions in this deed but subject to
          clause 45, any Class A Noteholder shall have the right, which is
          absolute and unconditional, to receive payment of the principal of and
          interest, if any, on such Class A Note on or after the respective due
          dates thereof expressed in such Class A Note or in this deed (or, in
          the case of final redemption of a Note, on or after the Final Maturity
          Date) and to institute suit for the enforcement of any such payment,
          and such right shall not be impaired without the consent of such Class
          A Noteholder, except to the extent that the institution or prosecution
          thereof or the entry of judgment therein would, under applicable law,
          result in the surrender, impairment, waiver or loss of the Security
          Interest created by the Security Trust Deed upon any property subject
          to such Security Interest.

     52.5 Continuing Obligation

          This deed shall be a continuing obligation notwithstanding any
          settlement of account intervening payment express or implied
          revocation or any other matter or thing whatsoever until a final
          discharge thereof has been given to the Issuer.

     52.6 No Merger

          Neither this deed nor any of the Note Trustee's powers shall merge or
          prejudicially affect or be merged in or prejudicially affected by and
          the Issuer's obligations hereunder shall not in any way be abrogated
          or released by any other security, any judgment or order, any
          contract, any cause of action or remedy or any other matter or thing
          now or hereafter existing in respect of the Secured Moneys.

     52.7 Waiver

          A failure to exercise or enforce or a delay in exercising or enforcing
          or the partial exercise or enforcement of any right, remedy, power or
          privilege hereunder by a party shall not in any way preclude or
          operate as a waiver of any further exercise or enforcement thereof or
          the exercise or enforcement of any other right remedy power or
          privilege hereunder or provided by law.

     52.8 Consents and Approvals

          Where any act, matter or thing hereunder depends on the consent or
          approval of the Note Trustee then unless expressly provided otherwise
          herein such consent or

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                                        Note Trust Deed - SMHL Global Fund No. 6

          approval may be given or withheld in the absolute and unfettered
          discretion of the Note Trustee and may be given subject to such
          conditions as the Note Trustee thinks fit in its absolute and
          unfettered discretion and notwithstanding anything to the contrary in
          this deed, may be given retrospectively.

     52.9 Written Waiver, Consent and Approval

          Any waiver, consent or approval given by a party under this deed shall
          only be effective and shall only bind that party if it is given in
          writing or given verbally and subsequently confirmed in writing and
          executed by that party or on its behalf by an officer for the time
          being of that party.

     52.10 Time of Essence

          Time is of the essence in respect of the Issuer's obligations
          hereunder.

     52.11 Moratorium Legislation

          To the fullest extent permitted by law, the provisions of all Statutes
          operating directly or indirectly:

          (a)  to lessen or otherwise to vary or affect in favour of the Issuer
               any obligation under this deed; or

          (b)  to delay or otherwise prevent or prejudicially affect the
               exercise of any powers conferred on the Note Trustee, the
               Principal Paying Agent, the Calculation Agent or the Note
               Registrar under this deed;

          are hereby expressly waived, negatived and excluded.

     52.12 Binding on Each Signatory

          This deed shall bind each of the signatories hereto notwithstanding
          that any one or more of the named parties hereto does not execute this
          deed, that there is any invalidity forgery or irregularity touching
          any execution hereof or that this deed is or becomes unenforceable,
          void or voidable against any such named party.

     52.13 Counterparts

          This deed may be executed in a number of counterparts and all such
          counterparts taken together shall be deemed to constitute one and the
          same instrument.

     52.14 Assignment

          No party may assign or transfer any of its rights or obligations under
          this deed without the prior written consent of the other parties and
          in accordance with the provisions of this deed with respect to
          retirement of each of such parties from their respective roles under
          this deed.

     52.15 Power of Attorney

          Each attorney executing this deed states that he has no notice of any
          alteration to, or revocation or suspension of, his power of attorney.

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                                        Note Trust Deed - SMHL Global Fund No. 6

     52.16 Certificate of Note Trustee

          A certificate in writing signed by a Responsible Officer of the Note
          Trustee certifying any act, matter or thing relating to this deed is
          conclusive and binding on the Issuer in the absence of manifest error
          on the face of the certificate.

     52.17 Remedies cumulative

          The rights and remedies conferred by this deed upon the Note Trustee
          are cumulative and in addition to all other rights or remedies
          available to the Note Trustee by Statute or by general law.

     52.18 Interest on Judgment

          If a liability under this deed (other than a liability for negligence,
          fraud or wilful default of the Issuer under the Transaction Documents)
          becomes merged in a judgment or order then the Issuer as an
          independent obligation will pay interest to the Note Trustee on the
          amount of that liability at a rate being the higher of the rate
          payable pursuant to the judgment or order and the highest rate payable
          on the Class A Notes from the date it becomes payable until it is
          paid.

     52.19 Conflict with Trust Indenture Act

          If any provision hereof limits, qualifies or conflicts with another
          provision hereof that is required to be included in this indenture by
          any of the provisions of the TIA, such required provision shall
          prevail.

          The provisions of Sections 310 to 317 (inclusive) of the TIA that
          impose duties on any person (including the provisions automatically
          deemed included herein unless expressly excluded by this deed) are a
          part of and govern this deed, whether or not contained herein.

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

53   Consent of Class A Noteholders

     53.1 General

          Except as expressly provided elsewhere in this deed or in clause 53.2
          below, any action that may be taken by the Class A Noteholders under
          this deed may be taken by registered holders of not less than a
          majority of the aggregate Invested Amount of Class A Notes.

     53.2 Special Written Approvals

          (a)  The following matters are only capable of being effected by the
               approval in writing of holders of at least 75% of the aggregate
               Invested Amount of the Class A Notes, namely:

               (1)  modification of the date fixed for final maturity of the
                    Class A Notes;

               (2)  reduction or cancellation of the principal payable on the
                    Class A Notes or any alteration of the date or priority of
                    redemption of the Class A Notes;

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                                        Note Trust Deed - SMHL Global Fund No. 6

               (3)  alteration of the amount of interest payable on any class of
                    the Class A Notes or modification of the method of
                    calculating the amount of interest payable on the Class A
                    Notes or modification of the date of payment of or interest
                    payable on the Class A Notes;

               (4)  alteration of the currency in which payments under the Class
                    A Notes are to be made;

               (5)  altering the required percentage of aggregate Invested
                    Amount of the Class A Notes required to consent or take any
                    action;

               (6)  alteration of this sub-paragraph.

          (b)  The Class A Noteholders shall in addition to the powers given
               under this deed have the following powers if approval is given by
               holders of at least 75% of the aggregate Invested Amount of the
               Class A Notes as appropriate,

               (1)  power to sanction any compromise or arrangement proposed to
                    be made between the Issuer and the Class A Noteholders;

               (2)  power to sanction any abrogation, modification, compromise
                    or arrangement in respect of the rights of the Class A
                    Noteholders against the Issuer or against any of its
                    property or against any other person whether such rights
                    shall arise under these presents, any of the Notes or
                    otherwise;

               (3)  power to assent to any modification of the provisions
                    contained in this deed, the Class A Notes (including the
                    Conditions) or the provisions of any of the Transaction
                    Documents which shall be proposed by the Issuer or the Note
                    Trustee;

               (4)  power to give any authority or sanction which under the
                    provisions of this deed or the Class A Notes (including the
                    Conditions) is required to be given in writing by holders of
                    at least 75% of the aggregate Invested Amount of the Class A
                    Notes;

               (5)  power to approve of a person to be appointed a trustee and
                    power to remove any trustee or trustees for the time being
                    under this deed;

               (6)  power to discharge or exonerate the Note Trustee from all
                    liability in respect of any act or omission for which the
                    Note Trustee may have become responsible under this deed or
                    under the Class A Notes;

               (7)  power to authorise the Note Trustee to concur in and execute
                    and do all such deeds, instruments, acts and things as may
                    be necessary to carry out and give effect to the approval in
                    writing by holders of at least 75% of the aggregate Invested
                    Amount of the Class A Notes;

               (8)  override any waiver by the Note Trustee of a breach of any
                    provisions of Transaction Documents or an Event of Default
                    under the Security Trust Deed;

               (9)  power to sanction any scheme or proposal for the exchange or
                    sale of the Class A Notes, as the case may be, or for the
                    conversion of the Class A Notes, or for the cancellation of
                    the Class A Notes, in

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                                                                         page 95

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                                        Note Trust Deed - SMHL Global Fund No. 6

                    consideration of shares, stock, notes, bonds, debentures,
                    debenture stock and/or other obligations and/or securities
                    of the Issuer or of any other company formed or to be
                    formed, or for or into or in consideration of cash, or
                    partly for or into or in consideration of such shares,
                    stock, notes, bonds, debenture stock and/or other
                    obligations and/or securities as aforesaid and partly for or
                    into or in consideration of cash.

     53.3 Requirement for writing

          Except as expressly provided elsewhere in this deed, all notices and
          consents from Class A Noteholders shall be delivered in writing. Any
          solicitation of such notices or consent shall be in writing and be
          delivered by the Issuer, Manager or Note Trustee, as applicable,
          seeking such notice or consent from the Class A Noteholders to the
          Principal Paying Agent, who shall deliver the foregoing to the
          appropriate Class A Noteholders. With respect to any solicitation of
          approval of Class A Noteholders, the Record Date for determining Class
          A Noteholders with respect to such solicitation shall be the date upon
          which the Principal Paying Agent distributes such notices or
          solicitation to the Class A Noteholders.

     53.4 Meetings of Class A Noteholders

          Meetings of Class A Noteholders may be convened in the manner set out
          in the Meeting Procedures set out in Schedule 3 in any circumstance
          where a matter arises for determination by the Class A Noteholders
          pursuant to this deed.

     53.5 Entire Agreement

          This deed together with such of the Transaction Documents to which
          each of the parties hereto is a party, constitutes the entire
          agreement between the parties to it as to the subject matter with
          which it deals.

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                                        Note Trust Deed - SMHL Global Fund No. 6

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

Executed as a deed:

Each attorney executing this deed states that he or she has no notice of,
alteration to, or revocation or suspension of, his or her power of attorney.

Issuer

Signed sealed and delivered for
Perpetual Trustees Australia Limited
by its attorney in the presence of:

----------------------------------------   -------------------------------------
Witness                                    Attorney

----------------------------------------   -------------------------------------
Name (please print)                        Name (please print)

Manager

Signed sealed and delivered for
ME Portfolio Management Limited
by its attorney in the presence of:

----------------------------------------   -------------------------------------
Witness                                    Attorney

----------------------------------------   -------------------------------------
Name (please print)                        Name (please print)

Note Trustee / Principal Paying Agent/

Calculation Agent / Note Registrar

Executed for
The Bank of New York
by its Authorised Signatory
in the presence of:

----------------------------------------   -------------------------------------
Witness                                    Authorised Signatory

----------------------------------------   -------------------------------------
Name (please print)                        Name (please print)

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                                                                         page 97

<PAGE>

                                        Note Trust Deed - SMHL Global Fund No. 6

Security Trustee

Signed sealed and delivered for
Perpetual Trustee Company Limited
by its attorney in the
presence of:

----------------------------------------   -------------------------------------
Witness                                    Attorney

----------------------------------------   -------------------------------------
Name (please print)                        Name (please print)

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                                                                         page 98

<PAGE>

                                        Note Trust Deed - SMHL Global Fund No. 6

Schedule 1

Form Book-Entry Note

REGISTERED                                 CUSIP No.............................

                                           ISIN No..............................

                                           Common Code..........................

Unless this Note is presented by an authorised representative of The Depository
Trust Company, a New York corporation (DTC), to the Issuer or its agent for
registration of transfer, exchange or payment, and any Note issued is registered
in the name of Cede & Co. or in such other name as is requested by an authorised
representative of DTC (and any payment is made to Cede & Co. or to such other
entity as is requested by an authorised representative of DTC), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest
herein.

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALMENTS AS SET FORTH HEREIN.
ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

                      Perpetual Trustees Australia Limited

                              (ABN 86 000 431 827)

           (a limited liability company incorporated under the law of

                           New South Wales, Australia)

                        in its capacity as trustee of the

                             SMHL Global Fund No. 6

                                 BOOK-ENTRY NOTE

                                  representing

                                US$1,000,000,000

               Class A Mortgage Backed Floating Rate Notes Due on

                           the Payment Date falling in

This Note is a Class A Book-Entry Note in respect of a duly authorised issue of
Notes of Perpetual Trustees Australia Limited in its capacity as trustee of the
SMHL Global Fund No. 6 (the "Securitisation Fund") (the "Issuer"), designated as
specified in the title above (the "Notes"), in an initial aggregate principal
amount of

                             ** (US$1,000,000,000)**

and (a) constituted by a Master Trust Deed (the "Master Trust Deed") dated 4
July 1994 between the Issuer as trustee, and ME Portfolio Management Limited
(the "Manager"), by a Supplementary Bond Terms Notice (the "Supplementary Bond
Terms Notice") dated [**] 2004 executed by the Issuer, the Security Trustee (as
defined herein), The Bank of New York (the note trustee for the time being
referred to as the "Note Trustee") as trustee for the holders for the time being
of the Class A Notes (the "Class A Noteholders") and the Manager,

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<PAGE>

                                        Note Trust Deed - SMHL Global Fund No. 6

and by the Conditions; (b) issued subject to a Note Trust Deed dated [**] 2004
(the "Note Trust Deed") between (among others) the Issuer, the Manager and the
Note Trustee; and (c) secured by a Security Trust Deed (the "Security Trust
Deed") dated [**] 2004 between the Issuer, the Manager, the Note Trustee and
Perpetual Trustee Company Limited (ABN 42 000 001 007) (the "Security Trustee",
which expression shall include its successor for the time being as security
trustee under the Security Trust Deed). References to the Conditions (or to any
particular numbered Condition) shall be to the Terms and Conditions of the Class
A Notes set out in Schedule 4 to the Note Trust Deed but with the deletion of
those provisions which are applicable only to Class A Notes in definitive form.
Terms and expressions defined in the Note Trust Deed and the Conditions shall,
save as expressly stated otherwise, bear the same meanings when used herein.

If the Issuer is obliged to issue Definitive Notes under Clause 3.3 of the Note
Trust Deed this Class A Book-Entry Note will be exchangeable in whole at the
offices of the Principal Paying Agent at [_____] (or such other place outside
Australia and any of its respective territories and possessions and other areas
subject to jurisdictions as the Note Trustee may agree) for Class A Definitive
Notes and the Issuer shall execute and procure that the Principal Paying Agent
authenticates and delivers in full exchange for this Class A Book-Entry Note,
Class A Definitive Notes in aggregate principal amount equal to the Amount of
all Class A Notes represented by this Class A Book-Entry Note. The Issuer is not
obliged to issue Definitive Notes until 30 days after the occurrence of an event
set out in clause 3.3 of the Note Trust Deed.

The Issuer, in its capacity as trustee of the Securitisation Fund, subject to
this Class A Book-Entry Note and subject to and in accordance with the
Conditions and the Note Trust Deed promises to pay to Cede & Co., or registered
assigns of this Class A Book-Entry Note the principal sum of (US$[_______]) or
such lesser amount as may from time to time be represented by this Class A
Book-Entry Note (or such part of that amount as may become repayable under the
Conditions, the Supplementary Bond Terms Notice and the Note Trust Deed) on such
date(s) that principal sum (or any part of it) becomes repayable in accordance
with the Conditions, the Supplementary Bond Terms Notice and the Note Trust Deed
and to pay interest in arrears on each Payment Date (as defined in Condition 4)
on the Invested Amount (as defined in Condition 5(a)) of this Class A Book-Entry
Note at rates determined in accordance with Class A Condition 4 and all subject
to and in accordance with the certification requirements described in this Class
A Book-Entry Note, the Conditions, the Supplementary Bond Terms Notice and the
Note Trust Deed, which shall be binding on the registered holder of this Class A
Book-Entry Note (as if references in the Conditions to the Notes and the
Noteholders were references to this Class A Book-Entry Note and the registered
holder of this Class A Book-Entry Note respectively and as if the same had been
set out in this Class A Book-Entry Note in full with all necessary changes,
except as otherwise provided in this Class A Book-Entry Note).

Payments of interest on this Class A Note due and payable on each Quarterly
Payment Date, together with the instalment of principal, if any, shall be
payable to the nominee of the Common Depositary (initially, such nominee to be
Cede & Co.). No payment of interest or principal may be made by the Issuer or
any Paying Agent in the Commonwealth of Australia or its possessions or into a
bank account or to an address in the Commonwealth of Australia. Each of the
persons appearing from time to time in the records of DTC, as the holder of a
beneficial interest in a Class A Note will be entitled to receive any payment so
made in respect of that Class A Note in accordance with the respective rules and
procedures of DTC. Such persons will have no claim directly against the Issuer
in respect of payments due on the Class A Notes which must be made by the holder
of this Class A Book-Entry Note, for so long as this Class A Book-Entry Note is
outstanding.

On any payment of principal and/or interest on the Class A Notes as set out
above details of that

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                                        Note Trust Deed - SMHL Global Fund No. 6

payment shall be endorsed by the Note Registrar in the Note Register and, in the
case of payments of principal, the Outstanding Principal Balance and Invested
Amount of the Class A Notes shall be reduced for all purposes by the amount so
paid and endorsed in the Note Register. Any such record shall be prima facie
evidence that the payment in question has been made.

If the Issuer is obliged to issue Definitive Notes under Clause 3.3 of the Note
Trust Deed, the Book-Entry Notes will be surrendered to the Issuer by a Clearing
Agency and a Clearing Agency will deliver the relevant registration instructions
to the Issuer. Definitive Notes shall be executed by the Issuer and
authenticated by the Principal Paying Agent and delivered as per the
instructions of the Clearing Agency.

The Class A Definitive Notes to be issued on that exchange will be in registered
form each in the denomination of US$100,000 or integral multiples thereof. If
the Issuer fails to meet its obligations to issue Class A Definitive Notes, this
shall be without prejudice to the Issuer's obligations with respect to the Notes
under the Note Trust Deed, the Master Trust Deed, the Supplementary Bond Terms
Notice and this Class A Book-Entry Note.

On an exchange of this Class A Book-Entry Note, this Class A Book-Entry Note
shall be surrendered to the Principal Paying Agent.

This Class A Book-Entry Note shall not become valid for any purpose unless and
until the Certificate of Authentication attached has been signed by an
Authorised Signatory of the Principal Paying Agent (as defined in the
Supplementary Bond Terms Notice).

This Class A Book-Entry Note is governed by, and shall be construed in
accordance with, the laws of New South Wales, Australia.

IN WITNESS the Issuer has caused this Class A Book-Entry Note to be signed
[manually/in facsimile] by a person duly authorised on its behalf

PERPETUAL TRUSTEES AUSTRALIA LIMITED in its capacity as trustee of the SMHL
Global Fund No. 6 Trust of 2004

By:
    ------------------------------
    Authorised Signatory

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

IMPORTANT NOTICE:

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

(a)  The Notes do not represent deposits or other liabilities of Perpetual
     Trustee Australia Limited, ABN 86 000 431 827, or associates of Perpetual
     Trustees Australia Limited.

(b)  The holding of Notes is subject to investment risk, including possible
     delays in repayment and loss of income and principal invested.

(c)  None of Perpetual Trustees Australia Limited, any associate of Perpetual
     Trustees Australia Limited, the Security Trustee or the Note Trustee in any
     way stands behind the capital value and/or performance of the Notes or the
     assets of the Securitisation Fund except to the limited extent provided in
     the Transaction Documents for the Securitisation Fund.

(d)  None of Perpetual Trustee Australia Limited, the Manager, the Security
     Trustee, the Note Trustee or, the Currency Swap Provider (as defined in the
     Supplementary Bond Terms

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                                        Note Trust Deed - SMHL Global Fund No. 6

     Notice) guarantees the payment of interest or the repayment of principal
     due on the Notes.

(e)  None of the obligations of the Issuer or the Manager are guaranteed in any
     way by any associate either of them.

(f)  Without limiting the Conditions, the Issuer's liability to make payments in
     respect of the Notes is limited to its right of indemnity from the assets
     of the Securitisation Fund from time to time available to make such
     payments under the Master Trust Deed and Supplementary Bond Terms Notice.
     All claims against the Issuer in relation to the Notes can be enforced
     against the Issuer only to the extent to which it can be satisfied out of
     the assets of the Securitisation Fund out of which the Issuer is actually
     indemnified for the liability except in the case of (and to the extent of)
     any fraud, negligence or wilful default (as defined in the Master Trust
     Deed) on the part of the Issuer.

(g)  The Noteholder is required to accept any distribution of moneys under the
     Security Trust Deed in full and final satisfaction of all moneys owing to
     it, and any debt represented by any shortfall that exists after any such
     final distribution is extinguished.

                          CERTIFICATE OF AUTHENTICATION

This Class A Book-Entry Note is authenticated by __________ and until so
authenticated shall not be valid for any purpose. _________ as Principal Paying
Agent

Assignment

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

Social Security or taxpayer I.D. or other identifying number of assignee

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

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

--------------------------------------------------------------------------------
                         (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints

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

attorney, to transfer said Note on the books kept for registration thereof, with
full power of substitution in the premises.

Dated:
       ------------------------------   ----------------------------------------
                                        Signature
                                        Guaranteed:

Dated:
       ------------------------------   ----------------------------------------
                                        Signatures must be guaranteed by an
                                        "eligible guarantor institution" meeting
                                        the requirements of the Note Registrar,
                                        which requirements include membership or
                                        participation in STAMP or such other
                                        "signature guarantee program" as may be
                                        determined by the Note Registrar in
                                        addition to, or in substitution for,
                                        STAMP, all in accordance with the
                                        Securities Exchange Act of 1934, as
                                        amended.

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                                        Note Trust Deed - SMHL Global Fund No. 6

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

*    NOTE: The signature to this assignment must correspond with the name of the
     registered owner as it appears on the face of the within Note in every
     particular without alteration, enlargement or any change whatsoever.

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                                        Note Trust Deed - SMHL Global Fund No. 6

================================================================================

Schedule 2

Information to be contained in Noteholder's Report

o    the Outstanding Principal Balance of each class of notes, including the
     Class B notes;

o    the Invested Amount of each class of notes, including the Class B notes;

o    the interest payments and principal distributions on each class of notes;

o    the Collections;

o    the Interest Collections;

o    the Principal Collections;

o    the aggregate of all redraws made during the relevant Calculation Period;

o    the amount of funds withdrawn from the cash collateral account, if any, for
     the relevant Calculation Period;

o    the balance of the cash collateral account after giving effect to all
     deposits and withdrawals from that account on the next Payment Date;

o    the aggregate amount of Realised Losses realised during the relevant
     Calculation Period, if any;

o    the amount of Realised Losses, if any, during the relevant Calculation
     Period allocated to each class of notes and to any Redraw Funding Facility;

o    the bond factor for each class of notes, which with respect to a class of
     notes, means the aggregate of the Invested Amount of the class of notes
     less all principal payments on that class of notes to be made on the next
     Payment Date, divided by the aggregate initial Invested Amount of that
     class of notes;

o    if required, the threshold rate as of that Payment Date;

o    the interest rates on the notes for the related Interest Period;

o    scheduled and unscheduled payments of principal on the housing loans;

o    aggregate Outstanding Principal Balance of the fixed rate housing loans and
     the aggregate Outstanding Principal Balance of the variable rate housing
     loans;

o    delinquency and loss statistics with respect to the housing loans;

o    LIBOR for the related Interest Period;

o    the Class A Carry Over Charge Offs;

o    the Class A Charge Offs;

o    the Class B Carry Over Charge Offs;

o    the Class B Charge Offs;

o    Redraw Charge Offs

o    Carry Over Redraw Charge Offs

o    the Required Cash Collateral; and

o    the current cash collateral balance.

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                                        Note Trust Deed - SMHL Global Fund No. 6

Unless and until definitive Class A Notes are issued, beneficial owners of the
Class A Notes will receive reports and other information provided for under the
Transaction Documents only if, when and to the extent provided by DTC and its
participating organisation.

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                                        Note Trust Deed - SMHL Global Fund No. 6

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

Schedule 3 - Meeting Procedures

1.   Convening of Meetings

     1.1  A meeting of Class A Noteholders must be convened by the Note
          Registrar if required to do so in writing:

          (a)  by the Issuer:

          (b)  by the Note Trustee; or

          (c)  by Class A Noteholders representing not less than 25% of the
               Class A Notes.

     1.2  Each meeting of Class A Noteholders will be held at the time and place
          designated by the Note Registrar.

2.   Notice of Meetings

     2.1  The Note Registrar shall give notice of a proposed meeting of Class A
          Noteholders to each Class A Noteholder, the Issuer and the Note
          Trustee as follows:

          (a)  the notice must specify the date, time and place of the meeting
               and the nature of each specific resolution (if any) to be
               proposed at that meeting;

          (b)  the notice must be given 5 Business Days in advance of the
               meeting (inclusive of the day on which the notice is given and of
               the day on which the meeting is held), unless the matter
               requires, in the opinion of the Note Trustee, urgent attention;
               and

          (c)  the notice may be given to each recipient in any manner provided
               in relation to that recipient under this deed.

     2.2  An accidental omission to give notice to, or the non-receipt of notice
          by, any person entitled to such notice, does not invalidate the
          proceedings at any meeting.

3.   Chairman

          A representative of the Note Trustee, nominated in writing, is
          entitled to take the chair at every meeting of Class A Noteholders. If
          no such nomination is made or the person nominated is not present at
          the meeting within 15 minutes after the time appointed for the meeting
          to be held, the Class A Noteholders present may choose one of their
          number to be chairman.

4.   Quorum

          At any meeting of Class A Noteholders any 2 or more persons present in
          person, by telephone, by video conference, or by Representative, being
          Class A Noteholders who represent in excess of 50% of the aggregate
          Invested Amount of the Class A Notes. will form a quorum for the
          transaction of business and no business (other than the choosing of a
          chairman) may be transacted at any meeting unless the requisite quorum
          is present at the commencement of business.

5.   Adjournment

     5.1  If within 15 minutes from the time appointed for any meeting of
          Noteholders a quorum is not present then:

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                                        Note Trust Deed - SMHL Global Fund No. 6

          (a)  If convened on the requisition of Class A Noteholders, the
               meeting will be dissolved; and

          (b)  in any other case, the meeting will stand adjourned (unless the
               Note Trustee agrees that it be dissolved) for the period, not
               less than 7 days or more than 42 days determined by the chairman.

          In any adjourned meeting two or more Class A Noteholders present in
          person or by Representative representing in excess of 25% of the
          aggregate Invested Amount of the Class A Notes will form a quorum and
          will have the power to pass any resolution and to decide all matters
          which could properly have been dealt with at the meeting from which
          the adjournment took place had a quorum been present.

     5.2  The chairman may with the consent of (and must if directed by) any
          meeting adjourn it from time to time and from place to place. No
          business may be transacted at any adjourned meeting except business
          which might lawfully have been transacted at the meeting from which
          the adjournment took place.

     5.3  Notice of any meeting adjourned through want of a quorum must be given
          in accordance with clause 2.1 of the Meetings Procedures and must
          state the quorum required at that adjourned meeting. That notice need
          not contain any further information regarding the adjourned meeting.

6.   Voting Procedure

     6.1  Every question submitted to a meeting will be decided in the first
          instance by a show of hands.

     6.2  Unless a poll is (before or on the declaration of the result of the
          show of hands) demanded by the chairman, the Issuer, the Note Trustee
          or by one or more Class A Noteholders or Representatives of Class A
          Noteholders whose aggregate Invested Amount exceeds 5% of the full
          Invested Amount, a declaration by the chairman that a resolution has
          been carried by a particular majority or lost or not carried by any
          particular majority is conclusive.

     6.3  If a poll is so demanded, it must be taken in such manner and (subject
          to clause 6.5) either at once or after such adjournment as the
          chairman directs and the result of such poll is taken to be the
          resolution of the meeting at which the poll was demanded. The demand
          for a poll will not prevent the continuance of the meeting for the
          transaction of any business other than the question on which the poll
          has been demanded.

     6.4  Any poll demanded at any meeting on the election of a chairman or on
          any question of adjournment will be taken at the meeting without
          adjournment.

     6.5

          (a)  On a show of hands every person present being a Class A
               Noteholder holding, or a Representative holding or representing,
               one or more Class A Notes has one vote.

          (b)  On a poll every Class A Noteholder (or its Representative)
               present has one vote for each Class A Note held and registered in
               the Class A Noteholder's name.

          (c)  Any person entitled to more than one vote need not:

               (1)  use all their votes; or

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                                        Note Trust Deed - SMHL Global Fund No. 6

               (2)  cast all their votes in the same way.

7.   Right to attend and speak

          The Manager, the Issuer and the Note Trustee (through their respective
          representatives) and their respective financial and legal advisers is
          entitled to attend and speak at any meeting of the Class A
          Noteholders. No other person is entitled to attend or vote at any
          meeting of the Class A Noteholders or to join with others in
          requesting the convening of such a meeting unless they are a Class A
          Noteholder or a Representative of a Class A Noteholder.

8.   Appointment of proxies

     8.1  Each appointment of a proxy:

          (a)  must be in writing;

          (b)  if so required by the Issuer, must be accompanied by proof
               satisfactory to the Issuer of its due execution; and

          (c)  must be deposited with the Note Registrar at its address for
               service of notices under this deed or at such other place as the
               Note Registrar designated or approves not less than 24 hours
               before the time appointed for holding the meeting or adjourned
               meeting at which the named proxy proposes to vote.

          In default, the appointment of proxy is not valid unless the chairman
          of the meeting decided otherwise before such meeting or adjourned
          meeting proceeds to business.

     8.2  The proxy named in any appointment of proxy need not be a Class A
          Noteholder.

     8.3  The issuer is not obliged to investigate or be concerned with the
          validity of, or the authority of, the proxy named in any appointment
          of proxy.

     8.4  Any vote cast in accordance with the terms of an appointment of proxy
          conforming with clause 8.1 is valid despite the previous revocation or
          amendment of the appointment of proxy or of any of the Class A
          Noteholder's instructions under which it was executed, unless written
          notice of that revocation or amendment is received by the Note
          Registrar at its address for service of notices under this deed or by
          the chairman of the meeting not less than 24 hours before the
          commencement of the meeting or adjourned meeting at which the
          appointment of proxy is used.

9.   Appointment of corporate representatives

     A person authorised in a manner similar to sections 249(3)-(6) of the
     Corporations Act (as if that section applied to meetings of Class A
     Noteholders) by a Class A Noteholder being a body corporate to act for it
     at any meeting shall, in accordance with the person's authority (until the
     Note Registrar receives notice of revocation of the person's authority) be
     entitled to exercise the same powers on behalf of that body corporate as
     that body corporate could exercise if it were an individual Class A
     Noteholder and must, if requested to do so by the chairman of any meeting
     or adjourned meeting, produce evidence of authority so to act at or before
     the meeting.

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                                        Note Trust Deed - SMHL Global Fund No. 6

10.  Rights of representatives

     A Representative of a Class A Noteholder may demand or join in demanding a
     poll and (except to the extent the Representative is specifically directed
     to vote for or against any proposal) has power generally to act at a
     meeting for the Class A Noteholder.

11.  Minutes and records

     11.1 The Note Registrar shall make and enter in its books minutes of all
          resolutions and proceedings at every meeting of Class A Noteholders
          promptly following the conclusion of the relevant meeting.

     11.2 Minutes of meetings of Class A Noteholders are conclusive evidence if
          signed (or purportedly signed) by the chairman of that meeting or the
          chairman of the next succeeding meeting. Until the contrary is proved
          every meeting of which minutes have been made and signed is taken to
          have been duly convened and held and all resolutions passed or
          proceedings transacted at that meeting are taken to have been duly
          passed and transacted.

     11.3 The Note Registrar shall provide a Class A Noteholder with a copy of
          the minutes of each meeting of Class A Noteholders promptly after
          request.

12.  Written resolutions

     Despite the above provisions of these Meeting Procedures, a resolution of
     all the Class A Noteholders (including a Special Resolution) may be passed
     and adopted without any meeting being required, by an instrument in writing
     signed (including by counterparts):

          (a)  in the case of a Class A Noteholders' Resolution by Class A
               Noteholders holding those aggregate Invested Amount is not less
               than 50% of the aggregate Invested Amount of all Class A Notes
               unless the relevant resolution concerns action to be taken under
               Condition 8 following the occurrence of an Event of Default, in
               which case the required percentage is 67%; and

          (b)  in the case of a Special Resolution, by Class A Noteholders whose
               aggregate Invested Amount is not less than 75% of the aggregate
               Invested Amount of all Class A Notes.

     Any such instrument is effective on presentation to the Note Registrar and
     Note Trustee for entry in the records of the trust constituted under this
     deed. The Note Registrar shall give to each Class A Noteholder, the Note
     Trustee and the Issuer at least 5 Business Days' notice of the proposed
     resolution.

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                                        Note Trust Deed - SMHL Global Fund No. 6

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

Schedule 4 - Terms and Conditions of the Class A Notes

The issue of US$1,000,000,000, Class A Note Mortgage Backed Pass Through
Floating Rate Notes due [**] (the "Class A Notes") and A$[**] Class B Mortgage
Backed Pass Through Floating Rate Notes due [**] (the "Class B Notes" and
together with the Class A Notes, the "Notes") by Perpetual Trustees Australia
Limited, in its capacity as trustee of the SMHL Global Fund No. 6 (the
"Securitisation Fund") (in such capacity, the "Issuer"). These Notes are (a)
issued subject to a Master Trust Deed (the "Master Trust Deed") dated 4 July
1994 between the Issuer and ME Portfolio Management Limited (formerly called
Superannuation Members' Home Loans Limited) (in such capacity, the "Manager")
(as amended), a Supplementary Bond Terms Notice (the "Supplementary Bond Terms
Notice") dated on or about [**] 2004 executed by (among others) the Issuer,
Perpetual Trustee Company Limited (ABN 42 000 001 007) (as the security trustee
for the time being referred to as the "Security Trustee"), The Bank of New York
(the note trustee for the time being referred to as the "Note Trustee") and the
Manager, and in respect of the Class A Notes these terms and conditions (the
"Conditions"); (b) in respect of the Class A Notes only, constituted by a note
trust deed dated on or about [**] 2004 (the "Note Trust Deed") between the
Issuer, the Manager, The Bank of New York as trustee for the holders for the
time being of the Class A Notes (the "Class A Noteholders" and together with the
holders for the time being of the Class B Notes (the "Class B Noteholders"), the
"Noteholders"), The Bank of New York as Principal Paying Agent (the "Principal
Paying Agent", which expression includes its successors as Principal Paying
Agent under the Note Trust Deed) and The Bank of New York, as calculation agent
(the "Calculation Agent", which expression includes its successors as
Calculation Agent under the Note Trust Deed) and The Bank of New York as note
registrar (the "Note Registrar"); and (c) secured by a Security Trust Deed (the
"Security Trust Deed") dated on or about [**] March 2004 between the Issuer, the
Manager, the Note Trustee and the Security Trustee.

The statements set out below include summaries of, and are subject to the
detailed provisions of, the Master Trust Deed, the Supplementary Bond Terms
Notice, the Security Trust Deed and the Note Trust Deed. Certain words and
expressions used herein have the meanings defined in those documents. In
accordance with the Note Trust Deed, under which further paying agents may be
appointed (together with the Principal Paying Agent, the "Paying Agents", which
expression includes the successors of each paying agent under the Note Trust
Deed and any additional paying agents appointed), payments in respect of the
Class A Notes will be made by the Paying Agents and the Calculation Agent will
make the determinations specified in the Note Trust Deed. The Class A
Noteholders will be entitled (directly or indirectly) to the benefit of, will be
bound by, and will be deemed to have notice of, all the provisions of the Master
Trust Deed, the Supplementary Bond Terms Notice, the Security Trust Deed, the
Note Trust Deed, the Mortgage Origination and Management Agreement dated 4 July
1994 and novated by the Deed of Novation dated 28 September 1995 (as amended)
(the "Mortgage Origination and Management Agreement") between Members' Equity
Pty Limited (formerly known as NMFM Lending Pty Limited) as mortgage manager
(together with any substitute or successor, the "Mortgage Manager"), the Manager
and the Issuer, (together with the agreements with respect to the Fixed Floating
Rate Swap and the Currency Swap (as each such term is defined below), (those
documents the "Relevant Documents") and certain other transaction documents
defined as such in the Master Trust Deed, collectively the "Transaction
Documents"). Copies of the Transaction Documents are available for inspection at
the office of the Principal Paying Agent, being at the date hereof The Bank of
New York.

Perpetual Trustees Australia Limited as trustee of trusts established under the
Master Trust Deed (including the Securitisation Fund) has entered into a
separate ISDA Master Agreement entered into with Westpac Banking Corporation ABN
33 007 457 141 ("Westpac") (as amended by the

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                                        Note Trust Deed - SMHL Global Fund No. 6

Amending Deed to the ISDA Master Agreement dated [**] 2004) (the "Fixed-Floating
Rate Swap Provider") together with a confirmation in respect of the
Securitisation Fund relating thereto as at the Closing Date (the "Fixed-Floating
Rate Swap"). The Issuer has also entered into an ISDA Master Agreement dated
[**] 2004 with Deutsche Bank Aktiengesellschaft (the "Currency Swap Provider"
and, together with the Fixed-Floating Rate Swap Provider, the "Swap Providers")
together with the confirmations relating thereto which have an effective date of
the Closing Date in respect of the Class A Notes (the "Currency Swap").

Perpetual Trustees Australia Limited as trustee of the Securitisation Fund, at
the direction of the Manager, may in the future enter into Fixed-Floating Rate
Swaps with new fixed-floating rate swap providers provided that each new
fixed-floating rate swap provider has at least the minimum credit rating
specified by each rating agency, if any, in order to provide such fixed-floating
rate swaps to the Securitisation Fund.

Class A Note Book-Entry Notes will also bear the following legend: "This
book-entry note is a global note for the purposes of section 128F(10) of the
Income Tax Assessment Act 1936 of the Commonwealth of Australia".

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

1    Form, Denomination and Title

The Class A Notes will be issued in registered form without interest coupons in
minimum denominations of US$100,000 and integral multiples thereof.

Each Class A Note will be represented by one or more typewritten fully
registered book-entry notes (each, a "Book-Entry Note" and collectively, the
"Book-Entry Notes") registered in the name of Cede & Co ("Cede") as nominee of
The Depository Trust Company ("DTC"). Beneficial interests in the Book-Entry
Notes will be shown on, and transfers thereof will be effected only through,
records maintained by DTC and its participants. Euroclear Bank S.A./N.V, as
operator of the Euroclear System ("Euroclear") and Clearstream Banking, Societe
Anonyme ("Clearstream"), may hold interests in the Book-Entry Notes on behalf of
persons who have accounts with Euroclear and Clearstream through accounts
maintained in the names of Euroclear or Clearstream, or in the names of their
respective depositories, with DTC.

If the Issuer is obliged to issue Definitive Notes under clause 3.3 of Note
Trust Deed, interests in the applicable Book-Entry Note will be transferred to
the beneficial owners thereof in the form of Definitive Notes, without interest
coupons, in the denominations set forth above. A Definitive Note will be issued
to each Class A Noteholder in respect of its registered holding or holdings of
Class A Notes against delivery by such Class A Noteholders of a written order
containing instructions and such other information as the Issuer and The Bank of
New York, acting as a note registrar (the "Note Registrar") may require to
complete, execute and deliver such Definitive Notes. In such circumstances, the
Issuer will cause sufficient Definitive Notes to be executed and delivered to
the Note Registrar for completion, authentication (by the Principal Paying
Agent) and dispatch to the relevant Class A Noteholders.

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

2    Status, Security and Relationship Between the Class A Notes and the Class B
     Notes

The Class A Notes are secured by a first ranking floating charge over all of the
assets of the Trust (which include, among other things, the Loans (as defined
below) and the Mortgages (as defined below) and related securities) (as more
particularly described in the Security Trust Deed) and will rank pari passu and
rateably without any preference or priority among themselves.

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                                        Note Trust Deed - SMHL Global Fund No. 6

The Class A Notes are issued subject to the Master Trust Deed and the
Supplementary Bond Terms Notice and are secured by the same security as the
Class B Notes but the Class A Notes will rank in priority to the Class B Notes
both before and after enforcement of the security and in respect of both
principal and interest (as set out in Conditions 4 and 5).

The proceeds of the issue of the Class A Notes and the Class B Notes are to be
used by the Issuer to purchase an interest in certain housing loans (the
"Loans") and certain related mortgages (the "Mortgages").

In the event that the security for the Class A Notes is enforced and the
proceeds of such enforcement are insufficient, after payment of all other claims
ranking in priority to or pari passu with the Class A Notes under the Security
Trust Deed, to pay in full all principal and interest and other amounts due in
respect of the Class A Notes, then the Class A Noteholders shall have no further
claim against the Issuer in respect of any such unpaid amounts.

The net proceeds of realisation of the assets of the Securitisation Fund
(including following enforcement of the Security Trust Deed) may be insufficient
to pay all amounts due to the Noteholders. Save in certain limited circumstances
the other assets of the Issuer will not be available for payment of any
shortfall and all claims in respect of such shortfall shall be extinguished (see
further Condition 15). None of the Mortgage Manager, the Manager, the Note
Trustee, the Calculation Agent, the Principal Paying Agent, the Note Registrar,
the Security Trustee or the Swap Providers (as defined in the Supplementary Bond
Terms Notice) has any obligation to any Noteholder for payment of any amount by
the Issuer in respect of the Notes.

The Note Trust Deed contains provisions requiring the Note Trustee to have
regard to the interests of Class A Noteholders as regards all the powers,
trusts, authorities, duties and discretions of the Note Trustee (except where
expressly provided otherwise).

The Security Trust Deed contains provisions requiring the Security Trustee,
subject to the other provisions of the Security Trust Deed, to give priority to
the interests of the Class A Noteholders, if there is a conflict between the
interest of such Noteholders and any other Voting Secured Creditor (as defined
below).

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3    Covenants of the Issuer

So long as any of the Class A Notes remain outstanding, the Issuer has made
certain covenants for the benefit of the Class A Noteholders which are set out
in the Master Trust Deed.

These covenants include the following.

(a)  The Issuer shall act continuously as trustee of the Trust until the Trust
     is terminated as provided by the Master Trust Deed or the Issuer has
     retired or been removed from office in the manner provided under the Master
     Trust Deed.

(b)  The Issuer shall:

     (1)  act honestly and in good faith and comply with all relevant material
          laws in the performance of its duties and in the exercise of its
          discretions under the Master Trust Deed;

     (2)  exercise such diligence and prudence as a prudent person of business
          would exercise in performing its express functions and in exercising
          its discretions under the Master Trust Deed, having regard to the
          interests of the Class A Noteholders, the Class B Noteholders, the
          Beneficiaries and other Noteholders of the Securitisation Fund in
          accordance with its obligations under the relevant Transaction
          Documents;

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                                        Note Trust Deed - SMHL Global Fund No. 6

     (3)  use its best endeavours to carry on and conduct its business in so far
          as it relates to the Master Trust Deed in a proper and efficient
          manner;

     (4)  do everything and take all such actions which are necessary (including
          obtaining all such authorisations and approvals as are appropriate) to
          ensure that it is able to exercise all its powers and remedies and
          perform all its obligations under the Master Trust Deed, the
          Transaction Documents and all other deeds, agreements and other
          arrangements entered into by the Issuer pursuant to the Master Trust
          Deed;

     (5)  not, as Issuer, engage in any business or activity in respect of the
          Securitisation Fund except as contemplated or required by the
          Transaction Documents;

     (6)  except as contemplated or required by the Transaction Documents, not,
          in respect of the Securitisation Fund, guarantee or become obligated
          for the debts of any other entity or hold out its credit as being
          available to settle the obligations of others;

     (7)  within 45 days of notice from the Manager to do so, remove any of its
          agents or delegates that breaches any obligation imposed on the Issuer
          under the Master Trust Deed or any other Transaction Document where
          the Manager reasonably believes it will materially adversely affect
          the rating of either or both of the Class A Notes and Class B Notes;
          and

     (8)  not agree to any amendment to Agreed Procedures (as defined in the
          Mortgage Origination and Management Agreement) unless each Designated
          Rating Agency confirms that it will not withdraw or downgrade the
          rating of the Notes as a result of such amendment.

(c)  Except as provided in any Transaction Document (and other than the charge
     given to the Security Trustee and the Issuer's lien over the assets of the
     Securitisation Fund), the Issuer shall not nor permit any of its officers
     to sell, mortgage, charge or otherwise encumber or part with possession of
     any assets of the Securitisation Fund (the "Fund Assets").

(d)  The Issuer shall duly observe and perform the covenants and obligations of
     the Master Trust Deed and will be personally liable to the Noteholders, the
     Beneficiaries, or any other creditors for its negligence, fraud or wilful
     default (as defined in Condition 15).

(e)  The Issuer will open and operate certain bank accounts in accordance with
     the Master Trust Deed and any Transaction Document.

(f)  Subject to the Master Trust Deed and any Transaction Document to which it
     is a party, the Issuer must act on all directions given to it by the
     Manager in accordance with the terms of the Master Trust Deed.

(g)  The Issuer must properly perform the functions which are necessary for it
     to perform under all Transaction Documents in respect of the Securitisation
     Fund.

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4    Interest

(a)  Payment Dates

     Each Class A Note bears interest on the Invested Amount (as defined in the
     Supplementary Bond Terms Notice) of that Class A Note from and including
     [**] 2004 or such later date as may be agreed between the Manager and the
     Issuer for the issue of

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                                        Note Trust Deed - SMHL Global Fund No. 6

     the Class A Notes (the "Closing Date"). Interest in respect of the Class A
     Notes will be payable in arrears on [**] 2004 in respect of the period from
     (and including) the Closing Date and ending on (but excluding) 9 August
     2004 (the "First Payment Date") and thereafter on each 9th February, May,
     August and November (each such date a "Payment Date"). If any Payment Date
     would otherwise fall on a day which is not a Banking Day (as defined
     below), it shall be postponed to the next day which is a Banking Day. The
     final Payment Date for a Class of Notes will be the earlier of the Final
     Maturity Date for that Class of Notes and the Payment Date on which the
     Notes are redeemed in full.

     "Banking Day" in this Condition 4 and in Conditions 5 and 9 below means any
     day (other than a Saturday, Sunday or public holiday) on which banks are
     open for business in London, New York, Sydney and Melbourne.

     The period beginning on (and including) the Closing Date and ending on (but
     excluding) the first Payment Date, and each successive period beginning on
     (and including) a Payment Date and ending on (but excluding) the next
     Payment Date is called an "Interest Period". Interest payable on a Class A
     Note in respect of any Interest Period or any other period will be
     calculated on the basis of the actual number of days in that Interest
     Period and a 360 day year.

     A Class A Note will stop earning interest on any date on which the
     Outstanding Principal Balance of the Class A Note is zero (provided that
     interest shall thereafter begin to accrue from (and including) any date on
     which the Outstanding Principal Balance of the Class A Note becomes greater
     than zero) or if the Outstanding Principal Balance of the Class A Note is
     not zero on the due date for redemption in full of the Class A Note, unless
     payment of principal is improperly withheld or refused, following which the
     Class A Note will continue to earn interest on the Invested Amount of the
     Class A Note at the rate from time to time applicable to the Class A Note
     until the later of the date on which the Class A Note Trustee or Principal
     Paying Agent receives the moneys in respect of the Class A Notes and
     notifies the holders of that receipt or the date on which the Outstanding
     Principal Balance of the Class A Note has been reduced to zero but interest
     will begin to accrue from and including any date on which the Outstanding
     Principal Balance of the Class A Note becomes greater than zero.

     If interest is not paid on a Class A Note on the date when it is due and
     payable (other than because the due date is not a Banking Day) that unpaid
     interest will itself bear interest at the Interest Rate applicable to that
     Class A Note until the unpaid interest and the amount of interest on it is
     available for payment by the Issuer.

(b)  Interest Rate

     The rate of interest applicable from time to time to a Class of Class A
     Notes (the "Interest Rate") will be determined by the Calculation Agent on
     the basis of the following paragraphs.

     The second Banking Day in London and New York before the beginning of each
     Interest Period (each an "Interest Determination Date"), the Calculation
     Agent will determine the rate "USD-LIBOR-BBA" as the applicable Floating
     Rate Option under the Definitions of the International Swaps and
     Derivatives Association, Inc. ("ISDA") (the "ISDA Definitions") being the
     rate applicable to any Interest Period for three-month (or in the case of
     the first Interest Period, the rate will be determined by linear
     interpolation calculated by reference to the duration of that first
     Interest Period) deposits in US dollars which appears on the Telerate Page
     3750 as of 11.00 am, London time, on the Interest Determination Date. If
     such rate does not appear on the Telerate Page 3750, the rate for that
     Interest Period will be determined as if the Issuer and Calculation Agent
     had

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                                        Note Trust Deed - SMHL Global Fund No. 6

     specified "USD-LIBOR-Reference Banks" as the applicable Floating Rate
     Option under the ISDA Definitions. "USD-LIBOR-Reference Banks" means that
     the rate for an Interest Period will be determined on the basis of the
     rates at which deposits in US dollars are offered by the Reference Banks
     (being four major banks in the London interbank market agreed to by the
     Calculation Agent and the Currency Swap Provider) at approximately 11.00
     am, London time, on the Interest Determination Date to prime banks in the
     London interbank market for a period of three months (or in the case of the
     first Interest Period, the rate will be determined by linear interpolation
     calculated by reference to the duration of that first Interest Period)
     commencing on the first day of the Interest Period and in a Representative
     Amount (as defined in the ISDA Definitions). The Calculation Agent will
     request the principal London office of each of the Reference Banks to
     provide a quotation of its rate. If at least two such quotations are
     provided, the rate for that Interest Period will be the arithmetic mean of
     the quotations. If fewer than two quotations are provided as requested, the
     rate for that Interest Period will be the arithmetic mean of the rates
     quoted by not less than two major banks in New York City, selected by the
     Calculation Agent and the Currency Swap Provider, at approximately 11.00
     am, New York City time, on that Interest Determination Date for loans in US
     dollars to leading European banks for a period of three months (or in the
     case of the first Interest Period, the rate will be determined by linear
     interpolation calculated by reference to the duration of that first
     Interest Period) commencing on the first day of the Interest Period and in
     a Representative Amount. If no such rates are available in New York City,
     then the rate for such Interest Period shall be the most recently
     determined rate in accordance with this paragraph.

     The Interest Rate applicable to the Class A Notes for such Interest Period
     will be the aggregate of (i) the interest rate or arithmetic mean as
     determined by the Calculation Agent under the previous paragraph; and (ii)
     the margin of [**]% (the "Class A Margin") in relation to the Class A
     Notes.

     If the Issuer has not redeemed all of the Class A Notes on or before the
     Payment Date falling in [**], the Class A Margin will increase to [**]% for
     the period from (and including) that date until (but excluding) the date on
     which the Class A Notes are redeemed in full in accordance with these
     Conditions.

     There is no maximum or minimum Interest Rate.

(c)  Determination of Interest Rate and Calculation of Interest

     The Calculation Agent will, as soon as practicable after 11.00 am (London
     time) on each Interest Determination Date, determine the Interest Rate
     applicable to, and calculate the amount of interest payable (the
     "Interest") for, the immediately succeeding Interest Period. The Interest
     is calculated by applying the Interest Rate for the relevant Class of Class
     A Notes to the Invested Amount (as defined in the Supplementary Bond Terms
     Notice) of that Class A Note on the first day of the next Interest Period
     after giving effect to any payments of principal made with respect for such
     class on such day, multiplying such product by a fraction, the numerator of
     which is the actual number of days in the relevant Interest Period and the
     denominator of which is 360 days and rounding the resultant figure down to
     the nearest cent (half a cent being rounded upwards). The determination of
     the Interest Rate and the Interest by the Calculation Agent shall (in the
     absence of manifest error) be final and binding upon all parties.

(d)  Notification of Interest Rate and Interest

     The Calculation Agent will cause the Interest Rate and the Interest
     applicable to each Class A Note for each Interest Period and the relevant
     Payment Date to be notified to the

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                                        Note Trust Deed - SMHL Global Fund No. 6

     Issuer, the Manager, the Note Trustee and the Paying Agents. The Interest,
     Interest Rate and the relevant Payment Date so made available may
     subsequently be amended (or appropriate alternative arrangements made by
     way of ' adjustment) without notice in the event of a shortening of the
     Interest Period.

(e)  Determination or Calculation by the Manager

     If the Calculation Agent at any time for any reason does not determine the
     relevant Interest Rate or calculate the Interest for a Class A Note, the
     Manager shall do so and each such determination or calculation shall be
     deemed to have been made by the Calculation Agent. In doing so, the Manager
     shall apply the foregoing provisions of this Condition, with any necessary
     consequential amendments, to the extent that in its opinion, it can do so,
     and, in all other respects it shall do so in such a manner as it reasonably
     considers to be fair and reasonable in all the circumstances.

(f)  Calculation Agent

     The Issuer will procure that, so long as any of the Class A Notes remains
     outstanding, there will, at all times, be a Calculation Agent. The Issuer,
     or the Manager with the consent of the Issuer (such consent not to be
     unreasonably withheld), reserves the right at any time to terminate the
     appointment of the Calculation Agent subject to the terms of the Note Trust
     Deed. Notice of that termination will be given to the Class A Noteholders.
     If any person is unable or unwilling to continue to act as the Calculation
     Agent, or if the appointment of the Calculation Agent is terminated, the
     Issuer will, with the approval of the Note Trustee, appoint a successor
     Calculation Agent to act as such in its place, provided that neither the
     resignation nor removal of the Calculation Agent shall take effect until a
     successor approved by the Note Trustee has been appointed.

(g)  Income distribution

     On each Payment Date, and based on the calculations, instructions and
     directions provided to it by the Manager, and subject to the terms of the
     Security Trust Deed and the Supplementary Bond Terms Notice, (to the extent
     it has not already done so) the Issuer must apply the Interest Collections
     for the relevant Calculation Period as follows:

     (1)  first, in or toward payment of or allowance for Taxes in respect of
          the Securitisation Fund;

     (2)  secondly, pari passu and rateably in or toward payment of or allowance
          for the Issuer's Fee, the Manager's Fee and any Expenses (other than
          the Expenses referred to in clause (9) below) in respect of the
          Securitisation Fund;

     (3)  thirdly, without duplication, in or toward any amounts payable under
          clause (4) below on any previous Payment Date, if there had been
          sufficient Interest Collections, which have not been paid by the
          Issuer together with accrued interest thereon which in the case of a
          Note must be at the Interest Rate applicable to the relevant Note;

     (4)  fourthly, pari passu and rateably in or toward payment of any interest
          due under any Redraw Funding Facility and in and toward payment to the
          Currency Swap Provider, in or toward payment of the A$ Class A
          Interest Amount payable under that Confirmation at that Payment Date,
          which is thereafter to be applied to payment of interest on the Class
          A Notes;

     (5)  fifthly, without duplication, in or toward any amounts payable under
          clause (6) below on any previous Payment Date, if there had been
          sufficient Interest

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                                        Note Trust Deed - SMHL Global Fund No. 6

          Collections, which have not been paid by the Issuer together with
          accrued interest thereon at the Interest Rate applicable to the
          relevant Note;

     (6)  sixthly, in or toward payment to Class B Noteholders of the Class B
          Interest due on the Class B Notes on that Payment Date;

     (7)  seventhly, in crediting to the Cash Collateral Account the amount (if
          any) by which the Required Cash Collateral exceeds the Cash
          Collateral;

     (8)  eighthly, to reimburse any amounts that have been paid in any previous
          Interest Periods under clause 5(b)(1), (2), (3) and (4) (to the extent
          not already reimbursed under this clause 4(g)(8));

     (9)  ninthly, in or toward payment towards any break costs payable on
          cancellation of any Fixed-Floating Rate Swap to the extent that those
          amounts are not recovered under the relevant Loan secured by Mortgages
          comprised in the Assets of the Securitisation Fund in the form of any
          applicable prepayment fees or a drawing has not been made under a
          Payment Funding Facility;

     (10) tenthly, pari passu and rateably in or towards payment to the
          Liquidity Noteholder of interest payable in respect of the Liquidity
          Notes and in or towards payment of any interest in respect of any
          Payment Funding Facility;

     (11) eleventhly, in respect of the amount of any Class A Charge Offs and
          Redraw Charge Offs in and towards reinstatement of in the books of the
          Securitisation Fund pari passu and rateably to Class A Charge Offs and
          Redraw Charge Offs for that Calculation Period;

     (12) twelfthly, in respect of the amount of any Carry Over Redraw Charge
          Offs and the A$ Equivalent of the Carry Over Class A Charge offs
          allocated to each Class A Note, as the case may be, in and towards
          reinstatement of in the books of the Securitisation Fund, pari passu
          and rateably (based on the Carry Over Redraw Charge Offs and the A$
          Equivalent of the Carry Over Class A Charge Offs allocated to each
          Class A Note as the case may be):

          (A)  the A$ Equivalent of any Carry Over Class A Charge Offs; and

          (B)  any Carry Over Redraw Charge Offs;

     (13) thirteenthly, in respect of the amount of any Class B Charge Offs and
          any Carry Over Class B Charge Offs in and towards reinstatement of in
          the books of the Securitisation Fund and in the following order:

          (A)  any Class B Charge Offs for that Calculation Period; and

          (B)  pari passu and rateably the Invested Amount of the Class B Notes
               to the extent of any Carry Over Class B Charge Offs;

     (14) fourteenthly, (to the extent not paid under clause 5(b)) pari passu
          and rateably, in or toward repayment of any principal due and payable
          under any Redraw Funding Facility, and in or toward repayment of any
          principal due and payable under any Payment Funding Facility;

     (15) fifteenthly, in payment of or provision for amounts payable to the
          Income Beneficiary of the Securitisation Fund in accordance with
          clauses 22.1(d) and 22.3(d) of the Master Trust Deed.

     Capitalised terms in this paragraph (g) have the same meaning given in the
     Supplementary Bond Terms Notice unless otherwise defined in this document.

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5    Redemption and Purchase

Capitalised terms in this Condition 5 have the same meaning given in the
Supplementary Bond Terms Notice unless otherwise defined in this document.

(a)  Mandatory Redemption in part from Principal Collections and apportionment
     of Principal Collections between the Class A Notes and the Class B Notes

     The Class A Notes shall be subject to mandatory redemption in part on any
     Payment Date if on that date there are any Principal Collections available
     to be distributed in relation to such Class A Notes. The principal amount
     so redeemable in respect of each Class A Note prior to enforcement of the
     Security Trust Deed (each a "Principal Payment") on any Payment Date shall
     be the amount available for payment as set out in Condition 5(b) on the day
     which is seven Banking Days prior to the Payment Date (the "Cut Off")
     divided by the aggregate Invested Amount of all Class A Notes, multiplied
     by the Invested Amount of that Note, provided always that no Principal
     Payment on a Class A Note on any date may exceed the amount equal to the
     Invested Amount of that Class A Note at that date.

     Notice of amounts to be redeemed will be provided by the Manager to the
     Issuer, the Calculation Agent, the Principal Paying Agent and the Note
     Trustee.

(b)  Principal Distributions on Notes

     On each Payment Date, and in accordance with the calculations, instructions
     and directions provided to it by the Manager and subject to the terms of
     the Security Trust Deed and the Supplementary Bond Terms Notice (to the
     extent it has not already done so), the Issuer must apply the Principal
     Collections together with any amounts to be applied under this clause 5(b)
     pursuant to clause 5(d) for the relevant Calculation Period towards the
     following payments in the following order of priority:

     (1)  first, in or toward payment of or allowance for Taxes in respect of
          the Securitisation Fund (to the extent not paid or provided for as
          described in Condition 4);

     (2)  secondly, pari passu and rateably in or toward payment of or allowance
          for the Issuer's Fee, the Manager's Fee and any Expenses (other than
          the Expenses referred to in this Condition 5(b) below) in respect of
          the Securitisation Fund (to the extent not paid or provided for as
          described in Condition 4(g));

     (3)  thirdly, in or toward payment of the amounts payable and the priority
          under Condition 4(g)(4) above on the Class A Notes on that Payment
          Date (to the extent not paid or provided for as described in Condition
          4(g)(3)));

     (4)  fourthly, in or toward payment of the amounts payable and the priority
          under Condition 4(g)(6) above on Class B Notes on that Payment Date
          (to the extent not paid under Condition 4(g)(5));

     (5)  fifthly, in or toward repayment of any Redraw Principal Outstanding
          under a Redraw Funding Facility;

     (6)  sixthly, in or toward payments approved by the Manager under any Loan
          Redraw Facility;

     (7)  seventhly, in or toward payment to the Currency Swap Provider under a
          Confirmation relating to the Class A Notes until the Outstanding
          Principal Balance of the Class A Notes is reduced to zero, of an
          amount equal to the lesser of:

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                                        Note Trust Deed - SMHL Global Fund No. 6

          (A)  the amount available for distribution under this sub-paragraph
               (7) after all payments which have priority under this paragraph
               (b); and

          (B)  the A$ Equivalent of the Outstanding Principal Balance for all
               Class A Notes;

     (8)  eighthly, in or toward payment to the Class B Noteholders pari passu
          and rateably, until the Outstanding Principal Balance of the Class B
          Notes is reduced to zero of an amount equal to the lesser of:

          (A)  the amount available for distribution under this paragraph (8)
               after all payments which have priority under this paragraph (b);
               and

          (B)  the Outstanding Principal Balance for all Class B Notes;

     (9)  ninthly, pari passu and rateably (based on the Carry Over Redraw
          Charge Offs and A$ Equivalent of the Carry Over Class A Charge Offs
          allocated to each Class A Note, as the case may be):

          (A)  in or toward payment to the Currency Swap Provider under a
               Confirmation relating to the Class A Notes, of the A$ Equivalent
               of any Carry Over Class A Charge Offs; and

          (B)  in or towards repaying the Redraw Principal Outstanding of each
               Redraw Funding Facility to the extent of any Carry Over Redraw
               Charge Offs;

     (10) tenthly, in or towards repaying the Invested Amount of the Class B
          Notes to the extent of any Carry Over Class B Charge Offs;

     (11) eleventhly, in or towards payment towards any break costs payable on
          cancellation of any Fixed-Floating Rate Swap to the extent that those
          amounts are not recovered under the relevant Loan secured by Mortgages
          comprised in Assets of the Securitisation Fund in the form of any
          applicable prepayment fees or a drawing has not been made under a
          Payment Funding Facility (to the extent not paid as described under
          Condition 4(g)); and

     (12) twelfthly, subject to paragraph (c) below, pari passu and rateably in
          or towards payment to the Liquidity Noteholder of the principal amount
          outstanding in respect of the Liquidity Notes and in or towards
          repayment of any principal in respect of any Payment Funding Facility.

(c)  Rights of Liquidity Noteholder

     On any Payment Date, the Issuer must not make any payments out of Principal
     Collections to the Liquidity Noteholder under paragraph (b) above unless
     the Invested Amount of all the Notes is zero, or will be zero following any
     payments made on the relevant Payment Date.

(d)  Payment of Charge Offs

     The amount of any reinstatement under Conditions 4(g)(11), (12) and (13)
     must be applied on the Payment Date of the reimbursement in accordance with
     clause 5(b) as if the amount reimbursed formed part of Principal
     Collections.

(e)  General

     No amount of principal will be paid to a Noteholder in excess of the
     Invested Amount applicable to the Notes held by that Noteholder.

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                                        Note Trust Deed - SMHL Global Fund No. 6

(f)  US$ Account

     The Issuer must direct the Currency Swap Provider to pay all amounts
     denominated in US$ payable to the Issuer by the Currency Swap Provider
     under the Currency Swap into the US$ Account or to the Principal Paying
     Agent on behalf of the Issuer.

     On each Payment Date, the Issuer must, on the direction of the Manager, or
     must require that the Principal Paying Agent on its behalf, distribute from
     the US$ Account the relevant amounts of interest and principal due in
     respect of each Class A Note in accordance with the Note Trust Deed and in
     order of priority in Conditions 4(g) and 5(b).

(g)  Calculation of Principal Payments, Outstanding Principal Balance and
     Invested Amount

     The Manager must, not later than two Banking Days before each Payment Date
     advise the Issuer in respect of the Class A Notes only and the Currency
     Swap Provider in writing of:

     (1)  all amounts payable or to be provided for under clause 6 of the
          Supplementary Bond Terms Notice (which includes the amounts payable to
          be provided under Condition 4(g) and 5(b));

     (2)  reasonable details of the calculation of all such amounts; and

     (3)  the Outstanding Principal Balance and Invested Amount of each Class A
          Note and Class B Note following the making of all payments to be made
          on that Payment Date in accordance with the Supplementary Bond Terms
          Notice.

     The Manager must also notify the Issuer of all details of payments which
     are to be made by or on behalf of the Issuer on or by each Payment Date.
     The Manager must, not later than two Banking Days before each Payment Date,
     also notify the Currency Swap Provider of all payments which are to be made
     by or on behalf of the Issuer under Conditions 4(g) and 5(b) in respect of
     the Class A Notes.

     The Manager will notify the Issuer, the Note Trustee, the Principal Paying
     Agent and the Calculation Agent by not later than two Banking Days prior to
     the relevant Payment Date (the "Determination Date") of each such
     determination and will immediately cause details, of each of those
     determinations to be made available in accordance with Condition 12 one
     Banking Day before the relevant Payment Date. If no repayment of principal
     is due to be made on the Class A Notes on any Payment Date a notice to this
     effect will be given to the Class A Noteholders in accordance with
     Condition 12.

     If the Manager does not at any time for any reason determine a repayment of
     principal or the Outstanding Principal Balance and the Invested Amount
     applicable to Class A Notes in accordance with this paragraph, the
     repayment of principal and Outstanding Principal Balance and the Invested
     Amount may be determined by the Calculation Agent (or, failing the
     Calculation Agent, the Note Trustee) in accordance with this paragraph (but
     based on the information in its possession) and each such determination or
     calculation shall be deemed to have been made by the Manager.

(h)  Call

     The Issuer must, when so directed by the Manager (at the Manager's option),
     having given not more than 60 nor less than 45 days' notice to the Class A
     Noteholders, in case of Class A Notes, in accordance with Condition 12
     purchase or redeem all, but not some only, of the Notes by repaying the
     Outstanding Principal Balance of those Notes together with accrued interest
     to (but excluding) the date of repurchase or redemption, on any Payment
     Date falling on or after the earlier of:

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                                        Note Trust Deed - SMHL Global Fund No. 6

     (1)  the Payment Date on which the Outstanding Principal Balance of all
          Notes is equal to or less than 10% of the total initial Outstanding
          Principal Balance of all Notes; and

     (2)  in the case of Class A Notes, the Payment Date falling in [**],

     provided that:

     (3)  if the aggregate Outstanding Principal Balance for all Class A Notes
          on such date of redemption or repurchase has been reduced by Class A
          Charge Offs which have not been repaid under Conditions 4(g)(10) and
          (11), the Noteholders owning at least 75% of the aggregate Invested
          Amount of the Class A Notes must consent to such repurchase or
          redemption; and

     (4)  the Issuer will be in a position on such Payment Date to discharge
          (and the Manager so certifies to the Issuer and the Note Trustee upon
          which certification the Issuer and the Note Trustee will rely
          conclusively) all its liabilities in respect of the Class A Notes (at
          their Outstanding Principal Balance) and any amounts which would be
          required under the Security Trust Deed to be paid in priority or pari
          passu with the Class A Notes if the security for the Notes were being
          enforced.

(i)  Redemption for Taxation or Other Reasons

     If the Manager satisfies the Issuer and the Note Trustee immediately prior
     to giving the notice referred to below that either:

     (1)  on the next Payment Date the Issuer would be required to deduct or
          withhold from any payment of principal or interest in respect of the
          Class A Notes, the Currency Swap or the Redraw Funding Facility any
          amount for or on account of any present or future taxes, duties,
          assessments or governmental charges of whatever nature imposed,
          levied, collected, withheld or assessed by the Commonwealth of
          Australia or any of its political sub-divisions or any of its
          authorities; or

     (2)  the total amount payable in respect of interest in relation to any of
          the Loans secured by Mortgages comprised in the Assets of the
          Securitisation Fund for a Calculation Period ceases to be receivable
          (whether or not actually received) by the Issuer during such
          Calculation Period,

     the Issuer must, when so directed by the Manager, at the Manager's option
     (provided that the Issuer will be in a position on such Payment Date to
     discharge (and the Manager will so certify to the Issuer and the Note
     Trustee) all its liabilities in respect of the Class A Notes (at their
     Invested Amount) and any amounts which would be required under the Security
     Trust Deed to be paid in priority or pari passu with the Class A Notes if
     the security for the Class A Notes were being enforced), having given not
     more than 60 nor less than 45 days' notice to the Class A Noteholders in
     accordance with Condition 12, redeem all, but not some only, of the Class A
     Notes at their then Invested Amount together with accrued interest to (but
     excluding) the date of redemption on any subsequent Payment Date, provided
     that the Class A Noteholders may by Extraordinary Resolution elect, and
     shall notify the Issuer and the Manager not less than 21 days before the
     next Payment Date following the receipt of notice of such proposed
     redemption that they do not require the Issuer to redeem the Class A Notes.

(j)  Redemption on Final Maturity

     If not otherwise redeemed, the Class A Notes must be repaid in full on
     [**].

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                                        Note Trust Deed - SMHL Global Fund No. 6

(k)  Cancellation

     All Class A Notes redeemed in full pursuant to the above provisions will be
     cancelled.

(l)  Certification

     For the purposes of any redemption made pursuant to this Condition 5, the
     Note Trustee may rely upon an Officer's Certificate under the Note Trust
     Deed from the Manager certifying or stating the opinion of each person
     signing such certificate as:

     (1)  to the fair value (within 90 days of such release) of the property or
          securities proposed to be released from the Security Trust Deed;

     (2)  that in the opinion of such person the proposed release will not
          impair the security under the Security Trust Deed in contravention of
          the provisions of the Security Trust Deed or the Note Trust Deed; and

     (3)  that the Issuer will be in a position to discharge all its liabilities
          in respect of the relevant Class A Notes and any amounts required
          under the Security Trust Deed to be paid in priority to or pari passu
          with those Class A Notes,

     and such Officer's Certificate shall be conclusive and binding on the
     Issuer, the Note Trustee and the holders of those Class A Notes.

================================================================================

6    Payments

(a)  Method of payment

     Any instalment of interest or principal, payable on any Class A Note which
     is punctually paid or duly provided for by the Issuer to the Principal
     Paying Agent on the applicable Payment Date or Final Maturity Date shall be
     paid to the person in whose name such Class A Note is registered on the
     Record Date, by cheque mailed first-class, postage prepaid, to such
     person's address as it appears on the Note Register on such Record Date,
     except that, unless Definitive Notes have been issued pursuant to clause
     3.3 of the Note Trust Deed, with respect to Class A Notes registered on the
     Record Date in the name of the nominee of the Clearing Agency (initially
     such Clearing Agency to be DTC and such nominee to be Cede & Co.), payment
     will be made by wire transfer in immediately available funds to the account
     designated by such nominee and except for the final instalment of principal
     payable with respect to such Class A Note on a Payment Date or Maturity
     Date.

(b)  Initial Principal Paying Agent

     The initial Principal Paying Agent is The Bank of New York at its offices
     in New York City.

(c)  Paying Agents

     The Issuer may (at the direction of the Manager) at any time (with the
     previous written approval of the Note Trustee) terminate the appointment of
     any Paying Agent and appoint additional or other Paying Agents, provided
     that it will at all times maintain a Paying Agent having a specified office
     New York City. Notice of any such termination or appointment and of any
     change in the office through which any Paying Agent will act will be given
     in accordance with Condition 12.

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(d)  Payment on Banking Days

     If the due date for payment of any amount of principal or interest in
     respect of any Class A Note is not a Banking Day then payment will not be
     made until the next succeeding Banking Day and the holder of that Class A
     Note shall not be entitled to any further interest or other payment in
     respect of that delay. In this Condition 6 the expression "Banking Day"
     means any day (other than a Saturday, Sunday or a public holiday) on which
     banks are open for business in the place where the specified office of the
     Paying Agent at which the Class A Note is presented for payment is situated
     and, in the case of payment by transfer to a US dollar account, in New York
     City and prior to the exchange of a Book-Entry Note (in respect of the
     Class A Notes) for any definitive Class A Notes, on which DTC is open for
     business.

(e)  Interest

     If interest is not paid in respect of a Class A Note on the date when due
     and payable (other than because the due date is not a Banking Day), that
     unpaid interest shall itself bear interest at the Interest Rate applicable
     from time to time to the Class A Notes until the unpaid interest, and
     interest on it, is available for payment and notice of that availability
     has been duly given in accordance with Condition 12.

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7    Taxation

All payments in respect of the Class A Notes will be made without withholding or
deduction for, or on account of, any present or future taxes, duties or charges
of whatsoever nature unless the Issuer or any Paying Agent is required by
applicable law to make any such payment in respect of the Class A Notes subject
to any withholding or deduction for, or on account of, any present or future
taxes, duties or charges of whatever nature. In that event the Issuer or that
Paying Agent (as the case may be) shall make such payment after such withholding
or deduction has been made and shall account to the relevant authorities for the
amount so required to be withheld or deducted. Neither the Issuer nor any Paying
Agent nor the Note Trustee will be obliged to make any additional payments to
Class A Noteholders in respect of that withholding or deduction.

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8    Prescription

A Class A Note shall become void in its entirety unless surrendered for payment
within ten years of the Relevant Date (as such term is defined below) in respect
of any payment on it the effect of which would be to reduce the Outstanding
Principal Balance of that Class A Note to zero. After the date on which a Class
A Note becomes void in its entirety, no claim may be made in respect of it.

As used in these Conditions, the "Relevant Date" means the date on which a
payment first becomes due but, if the full amount of the money payable has not
been received by the Principal Paying Agent or the Note Trustee on or prior to
that date, it means the date on which the full amount of such money having been
so received, notice to that effect is duly given by the Principal Paying Agent
in accordance with Condition 12.

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9    Events of Default

Subject to the Supplementary Bond Terms Notice each of the following events is
an Event of Default whether or not caused by any reason whatsoever outside the
control of an Interested Person (as defined in the Security Trust Deed) or any
other person:

(a)  the Issuer does not within 10 Banking Days of the due date, and in the
     specified manner, pay in full any Secured Moneys (except in respect of any
     moneys payable under any Payment Funding Facility and Redraw Funding
     Facility which fall due for payment prior to the Repayment Date or payment
     of interest on Class B Notes unless all Class A Notes have been repaid);

(b)  the Issuer or the Manager defaults in fully performing observing and
     fulfilling any material obligation in relation to the Securitisation Fund
     under the Security Trust Deed or any Secured Document (other than a
     provision requiring the payment of money as contemplated by paragraph (a)
     of this clause or, prior to the Repayment Date, in respect of any such
     default under a Payment Funding Facility and Redraw Funding Facility) and
     such default has not been remedied within 10 Banking Days of the Issuer or
     the Manager (as the case requires) receiving notice from the Security
     Trustee specifying the breach and requiring the same to be rectified;

(c)  any representation, warranty or statement in relation to the Securitisation
     Fund made, repeated or deemed to be made or repeated in the Security Trust
     Deed or in any Secured Document by the Issuer or the Manager (as the case
     requires) is proved to be untrue in any material respect when made,
     repeated or deemed to be made or repeated (as the case may be) (except,
     prior to the Repayment Date, in respect of any representation, warranty or
     statement made, repeated or deemed to be made or repeated under the Payment
     Funding Facility and Redraw Funding Facility);

(d)  the Issuer or the Manager (as the case requires) breaches any material
     undertaking given at any time to the Security Trustee in relation to the
     Securitisation Fund or fails to comply with any material condition imposed
     by the Security Trustee in relation to the Securitisation Fund in agreeing
     to any matter (including any waiver) (except, prior to the Repayment Date,
     in respect of any breach of any material undertaking or failure to comply
     with any material condition under the Payment Funding Facility and Redraw
     Funding Facility);

(e)  any Insolvency Event occurs in relation to the Issuer other than for the
     reconstruction of the Issuer or the Securitisation Fund with the prior
     written approval of the Manager and the Security Trustee and provided that
     each Designated Rating Agency has confirmed in writing that such
     reconstruction will not have an adverse effect on the rating of the Notes;

(f)  any Encumbrance over any Charged Property becomes enforceable or any
     Encumbrance that is a floating security over any Charged Property
     crystallises or otherwise becomes a fixed or specific security;

(g)  any investigation into the affairs, or into particular affairs, of the
     Issuer in relation to the Securitisation Fund is directed or commenced
     under any Statute;

(h)  any Secured Document is, becomes or is claimed by the Issuer or the Manager
     to be void, voidable or unenforceable in whole or in any material part;

(i)  the Issuer or the Manager disaffirms, disclaims, repudiates or rejects any
     Secured Document in whole or in any material part;

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(j)  there occurs without the prior written approval of the Security Trustee,
     any vesting or distribution of any assets of the Securitisation Fund other
     than in accordance with the relevant Supplementary Bond Terms Notices;

(k)  any material breach of trust in relation to the Securitisation Fund by the
     Issuer or the Issuer for any reason loses or ceases to be entitled to a
     material extent to its right of indemnity against the assets of the
     Securitisation Fund;

(l)  as a result of the act or omission of the Issuer the assets of the
     Securitisation Fund are materially diminished or made materially less
     accessible to the Security Trustee;

(m)  without the prior consent of the Security Trustee, the Securitisation Fund
     is wound-up, or the Issuer is required to wind up the Securitisation Fund
     under the Master Trust Deed or the applicable law, or the winding up of the
     Securitisation Fund commences; and

(n)  the Charge ceases to rank as contemplated by clause 4.2 of the Security
     Trust Deed.

Capitalised terms in this Condition 9 have the same meaning given in the
Security Trust Deed unless defined in this document.

In the event that the security constituted by the Security Trust Deed becomes
enforceable following an event of default under the Notes, any funds resulting
from the realisation of such security shall be applied in accordance with the
order of priority of payments as stated in the Security Trust Deed.

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10   Enforcement

At any time after an Event of Default occurs, the Security Trustee may (subject
to the Security Trust Deed), if so directed by (a) the Noteholder Secured
Creditors (as defined in the Security Trust Deed) alone, where the Noteholder
Secured Creditors are the only Voting Secured Creditors, or otherwise (b) an
"Extraordinary Resolution" of the Voting Secured Creditors (being 75% of votes
capable of being cast by Voting Secured Creditors present in person or by proxy
at the relevant meeting or a written resolution signed by all Voting Secured
Creditors, which includes the Note Trustee on behalf of Class A Noteholders, but
not, unless the Note Trustee has become bound to take steps and/or proceed under
the Security Trust Deed and fails to do so within a reasonable period of time
and such failure is continuing, the Class A Noteholders themselves), declare the
Class A Notes immediately due and payable and declare the security to be
enforceable. If an Extraordinary Resolution of the Voting Secured Creditors
referred to above elects not to direct the Security Trustee to enforce the
Security Trust Deed, in the circumstances where the Security Trustee could
enforce, the Noteholder Secured Creditor may nevertheless, and the Note Trustee
as Noteholder Secured Creditor shall subject to the terms of the Note Trust
Deed, at the direction of the Class A Noteholders, direct the Security Trustee
to enforce the Security Trust Deed on behalf of the Class A Noteholders.

"Voting Secured Creditor" means:

(a)  with respect only to the enforcement of the security under the Security
     Trust Deed, for so long as the Secured Moneys of the Class A Noteholders
     and the Class B Noteholders are 75% or more of total Secured Moneys, the
     Noteholder Secured Creditors alone; and

(b)  at any other time (subject to clause 16.3 of the Security Trust Deed):

     (1)  the Note Trustee, acting on behalf of the Class A Noteholders under
          the Note Trust Deed and clause 3 of the Security Trust Deed or, if the
          Note Trustee has become bound to take steps and/or to proceed under
          the Security Trust Deed and

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                                        Note Trust Deed - SMHL Global Fund No. 6

          fails to do so within a reasonable time and such failure is
          continuing, the Class A Noteholders and then only to the extent
          permitted by the Australian Law; and

     (2)  each other Secured Creditor (other than a Class A Noteholder).

Any reference to the Noteholder Secured Creditors while they are the only Voting
Secured Creditors, or where their consent is required under the Security Trust
Deed in relation to a direction or act of the Security Trustee, means the
Noteholder Secured Creditors representing more than 50% of the aggregate
Invested Amount of the Class A Notes and the Class B Notes.

Subject to the Security Trust Deed, the Security Trustee shall take all action
necessary to give effect to any direction by the Noteholder Secured Creditors
where they are the only Voting Secured Creditors or to any Extraordinary
Resolution of the Voting Secured Creditors and shall comply with all directions
given by the Note Trustee where it is the only Voting Secured Creditor or
contained in or given pursuant to any Extraordinary Resolution of the Voting
Secured Creditors in accordance with the Security Trust Deed.

No Class A Noteholder is entitled to enforce the Security Trust Deed or to
appoint or cause to be appointed a receiver to any of the assets secured by the
Security Trust Deed or otherwise to exercise any power conferred by the terms of
any applicable law on chargees except as provided in the Security Trust Deed.

If any of the Class A Notes remain outstanding and are due and payable otherwise
than by reason of a default in payment of any amount due on the Class A Notes,
the Note Trustee must not vote under the Security Trust Deed to, or otherwise
direct the Security Trustee to, dispose of the Charged Property unless either:

(a)  a sufficient amount would be realised to discharge in full all amounts
     owing to the Class A Noteholders and any other amounts payable by the
     Issuer ranking in priority to or pari passu with the Class A Notes;

(b)  the Note Trustee is of the opinion, reached after considering at any time
     and from time to time the advice of a merchant bank or other financial
     adviser selected by the Note Trustee, that the cash flow receivable by the
     Issuer (or the Security Trustee under the Security Trust Deed) will not (or
     that there is a significant risk that it will not) be sufficient, having
     regard to any other relevant actual, contingent or prospective liabilities
     of the Issuer, to discharge in full in due course all the amounts referred
     to in paragraph (a);

(c)  the Note Trustee is directed by the Holders of at least 75% of the
     aggregate Invested Amount of Class A Notes.

Neither the Note Trustee nor the Security Trustee will be liable for any decline
in the value, nor any loss realised upon any sale or other dispositions made
under the Security Trust Deed, of any Charged Property or any other property
which is charged to the Security Trustee by any other person in respect of or
relating to the obligations of the Issuer or any third party in respect of the
Issuer or the Secured Moneys or the Class A Notes or relating in any way to the
Charged Property. Without limitation, neither the Note Trustee nor the Security
Trustee shall be liable for any such decline or loss directly or indirectly
arising from its acting, or failing to act, as a consequence of an opinion
reached by it.

The Note Trustee shall not be bound to vote under the Security Trust Deed, or
otherwise direct the Security Trustee under the Security Trust Deed or to take
any proceedings, actions or steps under, or any other proceedings pursuant to or
in connection with the Security Trust Deed, the Note Trust Deed, any Class A
Notes, unless directed or requested to do so in writing by Noteholders holding
at least 75% of the aggregate Invested Amount of Class A Notes at the time; and
then only if the Note Trustee is indemnified to its satisfaction against all
action,

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proceedings, claims and demands to which it may render itself liable and all
costs, charges, damages and expenses which it may incur by so doing.

Only the Security Trustee may enforce the provisions of the Security Trust Deed
and neither the Note Trustee nor any Class A Noteholder is entitled to proceed
directly against the Issuer to enforce the performance of any of the provisions
of the Security Trust Deed and the Class A Notes (including these Class A Note
Conditions) unless otherwise as set out in a Transaction Document.

The rights, remedies and discretions of the Class A Noteholders under the
Security Trust Deed including all rights to vote or give instructions or consent
can only be exercised by the Note Trustee on behalf of the Class A Noteholders
in accordance with the Security Trust Deed. The Security Trustee may rely on any
instructions or directions given to it by the Note Trustee as being given on
behalf of the Class A Noteholders from time to time and need not enquire whether
the Note Trustee or the Class A Noteholders from time to time have complied with
any requirements under the Note Trust Deed or as to the reasonableness or
otherwise of the Note Trustee. The Security Trustee is not obliged to take any
action, give any consent or waiver or make any determination under the Security
Trust Deed without being directed to do so by the Note Trustee or the Voting
Secured Creditors in accordance with the Security Trust Deed.

Upon enforcement of the security created by the Security Trust Deed, the net
proceeds of enforcement may be insufficient to pay all amounts due on redemption
to the Noteholders. The proceeds from enforcement (which will not include
amounts required by law to be paid to the holder of any prior ranking security
interest, and the proceeds of cash collateral lodged with and payable to a Swap
Provider or other provider of an Enhancement (as defined in the Master Trust
Deed)) will be applied in the order of priority as set out in the Security Trust
Deed. Any claims of the Noteholders remaining after realisation of the security
and application of the proceeds as aforesaid shall, except in certain limited
circumstances, be extinguished.

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11   Replacement of Class A Notes

If any Class A Note is lost, stolen, mutilated, defaced or destroyed, it may be
replaced at the specified office of the Principal Paying Agent upon payment by
the claimant of the expenses incurred in connection with that replacement and on
such terms as to evidence and indemnity as the Manager may reasonably require.
Mutilated or defaced Class A Notes must be surrendered before replacements will
be issued.

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12   Notices

All notices, other than notices given in accordance with the following
paragraphs, to Class A Noteholders shall be deemed to be given if in writing and
mailed, first-class, postage prepaid to each Class A Noteholder, at his or her
address as it appears on the Note Register, not later than the latest date, and
not earlier than the earliest date, prescribed for the giving of such notice. In
any case where notice to Class A Noteholders is given by mail, neither the
failure to mail such notice nor any defect in any notice so mailed to any
particular Class A Noteholder shall affect the sufficiency of such notice with
respect to other Class A Noteholders, and any notice that is mailed in the
manner herein provided shall conclusively be presumed to have been duly given.

A notice may be waived in writing by the relevant Class A Noteholder, either
before or after the event, and such waiver shall be the equivalent of such
notice. Waivers of notice by the Class A

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                                        Note Trust Deed - SMHL Global Fund No. 6

Noteholders shall be filed with the Note Trustee but such filing shall not be a
condition precedent to the validity of any action taken in reliance upon such a
waiver.

In case, by reason of the suspension of regular mail services as a result of a
strike, work stoppage or similar activity, it shall be impractical to mail
notice of any event to the Class A Noteholders when such notice is required to
be given, then any manner of giving such notice as the Issuer shall direct the
Note Trustee shall be deemed to be a sufficient giving of such notice.

The Manager shall deliver a quarterly servicing report for each Calculation
Period to each Class A Noteholder on the notice date relating to such
Calculation Period in the method provided in the first paragraph of this
Condition 12.

All consents and approvals in these Conditions are to be given in writing.

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13   Meetings of Voting Secured Creditors and Meetings of Class A Noteholders;
     Modifications; Consents; Waiver

The Security Trust Deed contains provisions for convening meetings of the Voting
Secured Creditors to, among other things, enable the Voting Secured Creditors to
direct or consent to the Security Trustee taking or not taking certain actions
under the Security Trust Deed, for example to enable the Voting Secured
Creditors to direct the Security Trustee to enforce the Security Trust Deed.

The Note Trust Deed contains provisions for convening meetings of Class A
Noteholders to consider any matter affecting their interests, including the
directing of the Note Trustee to direct the Security Trustee to enforce the
security under the Security Trust Deed, or the sanctioning by the Extraordinary
Resolution of the Class A Noteholders of a modification of the Class A Notes
(including these Class A Note Conditions) or the provisions of any of the
Transaction Documents, provided that no modification of certain terms including,
among other things, the date of maturity of the Class A Notes, or a modification
which would have the effect of altering the amount of interest payable in
respect of a Class A Note or modification of the method of calculation of the
interest payable or of the date for payment of interest in respect of any Class
A Notes, reducing or cancelling the amount of principal payable in respect of
any Class A Notes or altering the majority required to pass an Extraordinary
Resolution or altering the currency of payment of any Class A Notes or an
alteration of the date or priority of payment of interest on, or redemption of,
the Class A Notes in the event of a call under Condition 5(g) or 5(h) (any such
modification being referred to below as a "Basic Terms Modification") shall be
effective except that, if the Note Trustee is of the opinion that such a Basic
Terms Modification is being proposed by the Issuer as a result of, or in order
to avoid, an Event of Default, such Basic Terms Modification may be sanctioned
by Extraordinary Resolution of the Class A Noteholders as described below. An
Extraordinary Resolution passed by the Class A Noteholders shall be binding on
all Class A Noteholders. The vote required for an Extraordinary Resolution shall
be a majority consisting of not less than 75% of the votes capable of being cast
by Voting Secured Creditors present in person or by proxy at a duly convened
meeting or a written resolution signed by all of the Voting Secured Creditors.

The Note Trust Deed permits the Note Trustee, the Manager and the Issuer to,
following the giving of not less than 10 Banking Days' notice to each Designated
Rating Agency, alter, add to or modify, by way of supplementary deed, the Note
Trust Deed (including the meeting and amendment provisions), the Conditions
(subject to the proviso more fully described in clause 35.2 of the Note Trust
Deed or any other terms of that deed or the Conditions to which it refers) or
any Transaction Document so long as that alteration, addition or modification
is:

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                                        Note Trust Deed - SMHL Global Fund No. 6

o    to correct a manifest error or ambiguity or is of a formal, technical or
     administrative nature only;

o    in the opinion of the Note Trustee necessary to comply with the provisions
     of any law or regulation or with the requirements of any Government Agency;

o    in the opinion of the Note Trustee appropriate or expedient as a
     consequence of a change to any law or regulation or a change in the
     requirements of any Government Agency (including, but not limited to, an
     alteration, addition or modification which is in the opinion of the Note
     Trustee appropriate or expedient as a consequence of the enactment of a law
     or regulation or an amendment to any law or regulation or ruling by the
     Commissioner or Deputy Commissioner of Taxation or any governmental
     announcement or statement, in any case which has or may have the effect of
     altering the manner or basis of taxation of trusts generally or of trusts
     similar to the Securitisation Fund); or

o    in the reasonable opinion of the Note Trustee neither prejudicial nor
     likely to be prejudicial to the interests of the Class A Noteholders as a
     whole,

and is undertaken in a manner and to the extent, permitted by the Transaction
Documents.

Where, in the opinion of the Note Trustee, a proposed alteration, addition or
modification to the Note Trust Deed, other than an alteration, addition or
modification referred to above, is prejudicial or likely to be prejudicial to
the interests of Class A Noteholders as a whole or any Class of Class A
Noteholders, the Note Trustee, the Manager and the Issuer may make that
alteration, addition or modification only if sanctioned in writing by holders of
at least 75% of the aggregate Invested Amount of the Class A Notes.

The Note Trustee may also, in accordance with the Note Trust Deed and without
the consent of the Class A Noteholders (but not in contravention of an
Extraordinary Resolution), waive or authorise any breach or proposed breach of
the Class A Notes (including these Class A Note Conditions) or any Transaction
Document or determine that any Event of Default or any condition, event or act
which with the giving of notice and/or lapse of time and/or the issue of a
certificate would constitute an Event of Default shall not, or shall not subject
to specified conditions, be treated as such. Any such modification, waiver,
authorisation or determination shall be binding on the Class A Noteholders and,
if, but only if, the Note Trustee so requires, any such modification shall be
notified to the Class A Noteholders in accordance with Condition 12 as soon as
practicable.

Every amendment to the Note Trust Deed must conform to the requirements of the
TIA as then in effect so long as the Note Trust Deed shall be qualified under
the TIA.

The Manager shall distribute to all Class A Noteholders and the Designated
Rating Agencies a copy of any amendments made under clause 35.1 or 35.2 of the
Note Trust Deed in accordance with Condition 12 as soon as reasonably
practicable after the amendment has been made.

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14   Indemnification and Exoneration of the Note Trustee and the Security
     Trustee

(a)  The Note Trust Deed and the Security Trust Deed contain provisions for the
     indemnification of the Note Trustee and the Security Trustee (respectively)
     and for their relief from responsibility, including provisions relieving
     them from taking proceedings to realise the security and to obtain
     repayment of the Class A Notes unless indemnified to their satisfaction.
     Each of the Note Trustee and the Security Trustee is entitled to enter into
     business transactions with the Issuer and/or any other party to the
     Transaction

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                                        Note Trust Deed - SMHL Global Fund No. 6

     Documents without accounting for any profit resulting from such
     transactions. Except in the case of negligence, fraud or wilful default (in
     the case of the Security Trustee) or negligence, fraud, or wilful default
     (in the case of the Note Trustee), neither the Security Trustee nor the
     Note Trustee will be responsible for any loss, expense or liability which
     may be suffered as a result of any assets secured by the Security Trust
     Deed, Charged Property or any deeds or documents of title thereto, being
     uninsured or inadequately insured or being held by or to the order of the
     Mortgage Manager or any of its affiliates or by clearing organisations or
     their operators or by any person on behalf of the Note Trustee if prudently
     chosen in accordance with the Transaction Documents.

(b)  Where the Note Trustee is required to express an opinion or make a
     determination or calculation under the Transaction Documents, the Note
     Trustee may appoint or engage such independent advisers as the Note Trustee
     reasonably requires to assist in the giving of that opinion or the making
     of that determination or calculation and any reasonable costs and expenses
     payable to those advisers will be reimbursed to the Note Trustee by the
     Issuer or if another person is expressly stated in the relevant provision
     in a Transaction Document, that person.

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15   Limitation of Liability of the Issuer

(a)  General

     Clause 26 of the Master Trust Deed applies to the obligations and
     liabilities of the Issuer in relation to the Class A Notes.

(b)  Liability of issuer limited to its right of indemnity

     (1)  The Issuer enters into the Transaction Documents and issues the Notes
          only in its capacity as trustee of the Securitisation Fund 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 the Transaction Documents, the Notes or the
          Securitisation Fund is limited to and can be enforced against the
          Issuer only to the extent to which it can be satisfied out of the
          assets and property of the Securitisation Fund and which are available
          to satisfy the right of the Issuer to be exonerated or indemnified for
          the liability. This limitation of the Issuer's liability applies
          despite any other provision of the Transaction Documents and extends
          to all liabilities and obligations of the Issuer in any way connected
          with any representation, warranty, conduct, omission, agreement or
          transaction related to the Transaction Documents, the Notes or the
          Securitisation Fund.

     (2)  Subject to paragraph (3) below, no person (including any Relevant
          Party) may take action against the Issuer in any capacity other than
          as trustee of the Securitisation Fund or seek the appointment of a
          receiver (except under the Security Trust Deed), or a liquidator, an
          administrator or any similar person to the Issuer or prove in any
          liquidation, administration or arrangements of or affecting the Issuer
          except in relation to the Assets of the Securitisation Fund.

     (3)  The provisions of this Condition 15 shall not apply to any obligation
          or liability of the Issuer 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 Issuer's indemnification or exoneration
          out of the assets of the Securitisation Fund as a result of the
          Issuer's fraud, negligence or wilful default and will not apply to any

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                                        Note Trust Deed - SMHL Global Fund No. 6

          obligation or liability of the Issuer to pay amounts from its personal
          funds pursuant to clause 12.1 of the Note Trust Deed.

     (4)  It is acknowledged that the Relevant Parties are responsible under the
          Transaction Documents for performing a variety of obligations relating
          to the Securitisation Fund. No act or omission of the Issuer
          (including any related failure to satisfy its obligations under the
          Transaction Documents or the Notes) will be considered fraud,
          negligence or wilful default of the Issuer for the purpose of
          paragraph (3) of this Condition 15 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 Issuer
          in accordance with the Transaction Documents to fulfil its obligations
          relating to the Securitisation Fund or by any other act or omission of
          a Relevant Party or any such person.

     (5)  No attorney, agent, delegate, receiver or receiver and manager
          appointed in accordance with this deed or any other Transaction
          Documents has authority to act on behalf of the Issuer in a way which
          exposes the Issuer to any personal liability and no act or omission of
          any such person will be considered fraud, negligence or wilful default
          of the Issuer for the purpose of paragraph (3).

     (6)  The Issuer is not obliged to do or refrain from doing anything under
          the Transaction Documents (including incur any liability) unless the
          Issuer's liability is limited in the same manner as set out in
          paragraphs (1) to (3).

     (7)  In this Condition 15 "Relevant Parties" means each party to a
          Transaction Document other than the Issuer.

     (8)  The expression "wilful default" as used in this Condition 15 is
          defined in clause 26.5 of the Security Trust Deed.

     (9)  Nothing in this Condition 15 limits the obligations expressly imposed
          on the Issuer under the Transaction Documents.

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

16   Governing Law

The Class A Notes and the Relevant Documents are governed by, and shall be
construed in accordance with, the laws of New South Wales, Australia. The
administration of the Trust created under the Note Trust Deed, including the
exercise of the Note Trustee's powers under clause 13 of the Note Trust Deed, is
governed by the law of New York. In the event of any inconsistency between the
operation of the law of New South Wales, Australia and the law of New York in
respect of the application of those powers, the law of New York will prevail to
the extent of the inconsistency.

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

17   Summary of Provisions Relating to the Class A Notes While in Book Entry
     Form

Each Class A Note will initially be represented by typewritten book-entry notes
(the "Book-Entry Class A Notes"), without coupons, in the principal amount of
US$1,000,000,000. The Book-Entry Class A Notes will be deposited with the Common
Depositary for DTC on or about the Closing Date. Upon deposit of the Book-Entry
Class A Notes with the Common Depositary, DTC will credit each investor in the
Class A Notes with a principal amount of Class A Notes for which it has
subscribed and paid.

--------------------------------------------------------------------------------
                                                                        page 131

<PAGE>

                                        Note Trust Deed - SMHL Global Fund No. 6

The Book-Entry Class A Notes will be exchangeable for definitive Class A Notes
in certain circumstances described below.

Each person who is shown in the Note Register as the holder of a particular
principal amount of Class A Notes will be entitled to be treated by the Issuer
and the Note Trustee as a holder of such principal amount of Class A Notes and
the expression "Class A Noteholder" shall be construed accordingly, but without
prejudice to the entitlement of the holder of the Book-Entry Class A Note to be
paid principal and interest thereon in accordance with its terms. Such persons
shall have no claim directly against the Issuer in respect of payment due on the
Class A Notes for so long as the Class A Notes are represented by a Book-Entry
Class A Note and the relevant obligations of the Issuer will be discharged by
payment to the registered holder of the Book-Entry Class A Note in respect of
each amount so paid.

(a)  Payments

     Interest and principal on each Book-Entry Class A Note will be payable by
     the Principal Paying Agent to the Common Depositary provided that no
     payment of interest may be made by the Issuer or any Paying Agent in the
     Commonwealth of Australia or its possessions or into a bank account or to
     an address in the Commonwealth of Australia or its possessions.

     Each of the persons appearing from time to time as the beneficial owner of
     a Class A Note will be entitled to receive any payment so made in respect
     of that Class A Note in accordance with the respective rules and procedures
     of DTC. Such persons will have no claim directly against the Issuer in
     respect of payments due on the Class A Notes which must be made by the
     holder of the relevant Book-Entry Class A Note, for so long as such
     Book-Entry Class A Note is outstanding.

     A record of each payment made on a Book-Entry Class A Note, distinguishing
     between any payment of principal and any payment of interest, will be
     recorded in the Note Register by the Note Registrar and such record shall
     be prima facie evidence that the payment in question has been made.

(b)  Exchange

     The Book-Entry Class A Notes will be exchangeable for definitive Class A
     Notes only if:

     (1)  the Principal Paying Agent advises the Manager in writing that the
          Clearing Agency is no longer willing or able to discharge properly its
          responsibilities as depository of the Class A Notes and the Manager is
          not able to locate a qualified successor;

     (2)  the Issuer, at the direction of the Manager (at the Manager's option),
          advises the Principal Paying Agent in writing that it elects to
          terminate the book entry system through the Clearing Agency; or

     (3)  after the occurrence of an Event of Default, the Note Trustee at the
          written direction of the Class A Noteholders holding a majority of the
          aggregate Outstanding Principal Balance of the Class A Notes, advises
          both the Principal Paying Agent and Issuer that the continuation of a
          book entry system is no longer in the best interest of the Class A
          Noteowners,

     then the Principal Paying Agent must within 30 days of such event instruct
     the Clearing Agency to notify all Class A Noteowners of the occurrence of
     any such event and of the availability of Definitive Notes. Upon the
     surrender of the Book-Entry Notes to the Issuer by the Clearing Agency, and
     the delivery by the Clearing Agency of the relevant registration
     instructions to the Issuer, the Issuer shall execute and procure the
     Principal

--------------------------------------------------------------------------------
                                                                        page 132

<PAGE>

                                        Note Trust Deed - SMHL Global Fund No. 6

     Paying Agent to authenticate the Definitive Notes in accordance with the
     instructions of the Clearing Agency.

     Class A Noteowner has the meaning given to it in the Note Trust Deed.

(c)  Notices

     So long as the Notes are represented by the Book-Entry Class A Note and the
     same is/are held on behalf of the Clearing Agency, notices to Class A
     Noteholders may be given by delivery of the relevant notice to the Clearing
     Agency for communication by them to entitled account holders in
     substitution for delivery to each Class A Noteholder as required by the
     Class A Note Conditions.

(d)  Cancellation

     The Note Registrar shall ensure that all Class A Notes:

     (1)  which have been surrendered for payment, registration of transfer,
          exchange or redemption; or

     (2)  in the case of any Definitive Note, which, being mutilated or defaced,
          have been surrendered and replaced under Condition 11,

     shall be cancelled by or on behalf of the Issuer and will execute a
     certificate and deliver same to the Note Trustee stating:

     (3)  the aggregate Outstanding Principal Balance of Notes which have been
          redeemed; and

     (4)  the serial numbers of such Notes in definitive form (where
          applicable).

--------------------------------------------------------------------------------
                                                                        page 133<PAGE>

                       MORTGAGE ORIGINATION AND MANAGEMENT
                                    AGREEMENT

                                  AMENDING DEED

                      PERPETUAL TRUSTEES AUSTRALIA LIMITED
                                 ACN 000 431 827

                   SUPERANNUATION MEMBERS' HOME LOANS LIMITED
                                 ACN 005 964 134

                                       and

                           MEMBERS' EQUITY PTY LIMITED
                                 ACN 070 887 679

                                 F R E E H I L L
                              H O L L I N G D A L E
                                    & P A G E

         MLC Centre Martin Place Sydney New South Wales 2000 Australia

                 Telephone (02) 9225 5000 Int + (61 2) 9225 5000
                     Facsimile (02) 9322 4000 DX 361 Sydney

                             Reference: PJSR:MR:31F

    SYDNEY MELBOURNE PERTH CANBERRA BRISBANE SINGAPORE HANOI HO CHI MINH CITY
                CORRESPONDENT OFFICES IN JAKARTA AND KUALA LUMPUR

      LIABILITY IS LIMITED BY THE SOLICITORS SCHEME UNDER THE PROFESSIONAL
                            STANDARDS ACT 1994 (NSW)

<PAGE>

--------------------------------------------------------------------------------
TABLE OF CONTENTS

<TABLE>
<CAPTION>

Clause                                                                          Page
<S>     <C>                                                                     <C>
1        DEFINITIONS AND INTERPRETATION                                            3

         1.1      Definitions                                                      3
         1.2      Interpretation                                                   4
2        AMENDMENTS TO THE AGREEMENT                                               4

         2.1      Amendments                                                       4
         2.2      Amendments not to affect validity, rights, obligations           4
3        GENERAL                                                                   4

         3.1      Governing law and jurisdiction                                   4
         3.2      Attorneys                                                        4

</TABLE>

                                                                          PAGE 2

<PAGE>

--------------------------------------------------------------------------------
THIS AMENDING DEED

                  is made on          2000 between the following parties:

                  1.      PERPETUAL TRUSTEES AUSTRALIA LIMITED
                          ACN 000 431 827
                          of 1 Castlereagh Street Sydney NSW
                          (TRUSTEE)

                  2.      SUPERANNUATION MEMBERS' HOME LOANS LIMITED
                          ACN 005 964 134
                          of Level 17, 360 Collins Street Melbourne VIC
                          (MANAGER)

                  3.      MEMBERS' EQUITY PTY LIMITED (formerly known as NMFM
                          Lending Pty Limited)
                          ACN 070 887 679
                          of Level 17, 360 Collins Street Melbourne VIC
                          (MORTGAGE MANAGER)

RECITALS

                  A.      The Trustee is a trustee of trusts known as
                          Superannuation Members Home Loans Trusts (the TRUSTS)
                          and the Manager is a manager of the Trusts.

                  B.      The Trustee, the Manager and National Mutual Property
                          Services (Aust) Pty Limited (FORMER MANAGER) entered
                          into a Mortgage Origination and Management Agreement
                          (the NOVATED AGREEMENT) dated 4 July 1994.

                  C.      By a deed of novation dated 28 September 1995 the
                          Former Manager surrendered its rights and was released
                          and discharged from its obligations under the Novated
                          Agreement and the Mortgage Manager became entitled to
                          equivalent rights and assumed equivalent obligations
                          (DEED OF NOVATION).

                  D.      The parties wish to amend the agreement created by the
                          Novated Agreement and the Deed of Novation (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:

--------------------------------------------------------------------------------
1         DEFINITIONS AND INTERPRETATION

          1.1  DEFINITIONS

               In this deed, a word or phrase (except as otherwise provided)
               defined in the Agreement has the same meaning as in the
               Agreement.

          1.2  INTERPRETATION

               Clause 1.2 of the Agreement applies to this deed.

                                                                          PAGE 3

<PAGE>

--------------------------------------------------------------------------------
2         AMENDMENTS TO THE AGREEMENT

          2.1  AMENDMENTS

               (a)  The Agreement is amended as set out in the Schedule.

               (b)  The amendments to the Agreement in clause 2.1(a) take effect
                    from the date of this deed.

          2.2  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.

--------------------------------------------------------------------------------
3        GENERAL

          3.1  GOVERNING LAW AND JURISDICTION

               This deed is governed by the laws of New South Wales.

          3.2  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.

--------------------------------------------------------------------------------
EXECUTED AS A DEED:

SIGNED SEALED AND DELIVERED for
PERPETUAL TRUSTEES AUSTRALIA LIMITED
by its attorney in the
presence of:

/s/ Maria Ratner                          /s/ Richard Lovell
---------------------------------------   --------------------------------------
Witness                                   Attorney

Maria Ratner                              Richard Anthony Lovell
---------------------------------------   --------------------------------------
Name (please print)                       Name (please print)

                                                                          PAGE 4

<PAGE>

SIGNED SEALED AND DELIVERED for
SUPERANNUATION MEMBERS' HOME LOANS LIMITED
by its attorney in the
presence of:

/s/ Maria Ratner                        /s/ Peter Rowe
------------------------------------    ----------------------------------------
Witness                                 Attorney

Maria Ratner                            Peter Rowe
------------------------------------    ----------------------------------------
Name (please print)                     Name (please print)

SIGNED SEALED AND DELIVERED for
MEMBERS' EQUITY PTY LIMITED
by its attorney in the
presence of:

/s/ Maria Ratner                        /s/ Peter Rowe
------------------------------------    ----------------------------------------
Witness                                 Attorney

Maria Ratner                            Peter Rowe
------------------------------------    ----------------------------------------
Name (please print)                     Name (please print)

                                                                          PAGE 5

<PAGE>

SCHEDULE - AMENDMENTS (CLAUSE 2.1(A))

The Agreement is amended by:

(a)  deleting the definition of "Agreed Procedures" and inserting the following:

          ""Agreed Procedures" means the practices and procedures relating to
          the origination, management and servicing of the Mortgages from time
          to time as agreed between the Trust Manager and the Trustee."

(b)  inserting a new definition of Bond Issue Date as follows:

          ""BOND ISSUE DATE" has the same meaning as in the Trust Deed.";

(c)  inserting a new definition of Designated Rating Agency follows:

          ""Designated Rating Agency" has the same meaning as in the Trust
          Deed.";

(d)  inserting a new definition of Securitisation Fund as follows:

          ""SECURITISATION FUND" has the same meaning as in the Trust Deed.";

(e)  by inserting a new definition of Supplementary Bond Terms Notice:

          ""SUPPLEMENTARY BOND TERMS NOTICE" has the same meaning as in the
          Trust Deed.";

(f)  by inserting a new clause 3.4:

          "3.4 MANAGER'S DUTIES

          The Mortgage Manager must not in performing its duties under this
          Agreement do or omit to do anything which could be reasonably expected
          to be in breach of the Trust Manager's or Trustee's obligations under
          the Trust Deed.";

(g)  inserting the words "and shall be solely responsible for the fees and
     expenses of such person" at the end of clause 5.3(b);

(h)  inserting after the words "Mortgage Manager" where it appears at the end of
     clause 5.6 of the Agreement the following:

          "and holds such assets on behalf of the Trustee as trustee of the
          relevant Fund.";

(i)  inserting a new clause 5.14 as follows:

          "5.14 Mortgage Substitution Certificate

          If pursuant to this Agreement or the Trust Deed any Mortgage which is
          an asset of a Securitisation Fund is repurchased and substituted by
          another Mortgage or Mortgage by the Mortgage Manager or by the Trustee
          as trustee of another Fund the Mortgage Manager must in respect of
          each substitute Mortgage and not less than 1 Banking Day before the
          date of substitution either:

          (1)  deliver to the Trust Manager a Bond Issue Confirmation
               Certificate; or

          (2)  if the Mortgage Manager is unable to give that Bond Issue
               Confirmation Certificate, because any of the matters to be
               certified is, with respect to its substitute Mortgage or
               Mortgages, not correct, the Mortgage Manager must give notice in
               writing to the Trust Manager and the Trustee and each Designated
               Rating Agency

                                                                          PAGE 6

<PAGE>

          specifying in reasonable detail the reasons why the Mortgage Manager
          is unable to give the Bond Issue Certificate with respect to the
          Mortgage or Mortgages."

(j)  inserting at the end of clause 7.6 the following:

          "The Mortgage Manager must not do or omit to do anything which could
          be reasonably expected to prejudicially affect or limit its rights or
          the rights of the Trustee under or in respect of a Mortgage Insurance
          policy.";

(k)  inserting a new clause 10.4 as follows:

          "10.4 REPURCHASE OF MORTGAGES

          (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 is false or misleading the Mortgage
               Manager 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 and the
                    Trust Manager shall be obliged to comply with provisions of
                    the Supplementary Bond Terms Notice with respect to the
                    substitution of Mortgages,

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

          (b)  The provisions of clauses 7.14 and 7.15 of the Trust Deed shall
               be incorporated into this clause mutatis mutandis in relation to
               any Mortgage repurchased and any substitute Mortgage;

(l)  inserting a new clause 10.5 as follows:

          "10.5 SURVIVAL OF REPRESENTATIONS AND WARRANTIES

          The representations and warranties given in clause 10 survive the
          execution of this Agreement.";

(m)  deleting the word "or" at the end of each of clauses 14.1(a) and 14.1(b);

(n)  deleting the full stop at the end of clause 14.1(c) and inserting the word
     "or";

(o)  inserting after clause 14.1(c) as follows:

          "(d) it becomes unlawful for the Mortgage Manager to perform its
               duties under this Agreement.

          The Mortgage Manager must notify the Trust Manager and each Designated
          Rating Agency if any of the above events occurs.";

(p)  inserting at the end of clause 14.2 the following:

          "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

                                                                          PAGE 7

<PAGE>

          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).";

(q)  inserting at the end of paragraph (b) of the Schedule to the Agreement
     "/the repurchase and substitution of Mortgages pursuant to clause 10.5 of
     the Agreement and to clause 5.14 of the Agreement. [Delete as required]"

(r)  in paragraph 1 of the Schedule to the Agreement, deleting the words "date
     of its settlement" and replacing them with the words "Bond Issue Date" or,
     if this certificate is given pursuant to clause 5.14 of the Agreement, the
     date of this certificate;

(s)  inserting the word "consecutive" after the words "more than 30" in
     paragraph 5 of the Schedule to the Agreement; and

(t)  inserting the following immediately after paragraph 9 of the Schedule to
     the Agreement:

     "10. At the time the Mortgage was entered into and up to and including the
          date hereof, we have complied in all material aspects with all
          applicable laws, including without limitation, where applicable, the
          Uniform Consumer Credit Legislation.

     11.  The performance by us of our obligations in respect of the Mortgage
          (including any variations, discharge, release administration,
          servicing and enforcement) up to and including the date hereof
          complied with all applicable laws including, where applicable, the
          Uniform Consumer Credit Legislation.

     12.  The Mortgage is denominated in and payable in Australian dollars.

     13.  Except where the relevant insurer under the applicable Approved
          Mortgage Insurance Policy otherwise agrees, the principal outstanding
          at the time the Mortgage was entered into did not exceed the maximum
          principal amount at that time which may be lent without the approval
          of the relevant insurer under the applicable Approved Mortgage
          Insurance Policy.

     14.  The Loan secured by the Mortgage is repayable:

          (a)  on fully amortising terms within 25 years of the date of the
               Securitisation Fund Bond Issue Direction; and

          (b)  at least 1 year before the final maturity date of the Bonds (as
               defined in the Master Trust Deed).

     15.  Subject to the terms of the Approved Mortgage Insurance Policy, the
          Mortgage is covered by an Approved Mortgage Insurance Policy for an
          amount not less than 100% of the amounts outstanding under the
          Mortgage, which policy also includes timely payment cover in respect
          of Loan Instalments.

     16.  The Loan secured by the Mortgage has been or is fully drawn."

     17.  The current ratio that the principal amount of the Loan bears to the
          value of the Property at the time the Loan is made was equal to or
          less than 90%.

     18.  The Loan secured by the Mortgage does not represent a direct or
          indirect obligation of an employee of the Mortgage Manager or the
          Trust Manager who has influence in the setting of interest rates for
          housing loans by the Mortgage Manager or the Trust Manager.

                                                                          PAGE 8

<PAGE>

     19.  The Loan is not secured by vacant land or residential properties under
          construction.

     20.  All components of any Loan being a split loan will be acquired by the
          Securitisation Fund."

                                                                          PAGE 9

<PAGE>

                                 MORTGAGE ORIGINATION AND MANAGEMENT
                                              AGREEMENT

                                            AMENDING DEED

                  PERPETUAL TRUSTEES AUSTRALIA LIMITED
                  ABN 86 000 431 827

                  ME PORTFOLIO MANAGEMENT LIMITED
                  (formerly known as Superannuation Members' Home Loans Limited)
                  ABN 79 005 964 134

                  and

                  MEMBERS' EQUITY PTY LIMITED
                  ABN 56 070 887 679

                  FREEHILLS

                  MLC Centre Martin Place Sydney NSW 2000 Australia
                  Telephone 61 2 9225 5000 Facsimile 61 2 9322 4000
                  www.freehills.com.au DX361 Sydney

                  SYDNEY MELBOURNE PERTH CANBERRA BRISBANE HANOI
                  HO CHI MINH CITY SINGAPORE
                  Correspondent Offices JAKARTA KUALA LUMPUR

                  Liability limited by the
                  Solicitors' Limitation of Liability Scheme,
                  approved under the
                  Professional Standards Act 1994 (NSW)

                  Reference PJSR:FMK:25E

<PAGE>

--------------------------------------------------------------------------------
TABLE OF CONTENTS

<TABLE>
<CAPTION>
Clause                                                                       Page
<S>                                                                         <C>
1        DEFINITIONS AND INTERPRETATION                                         3

         1.1      Definitions                                                   3
         1.2      Interpretation                                                4
2        AMENDMENTS TO THE AGREEMENT                                            4

         2.1      Amendments                                                    4
         2.2      Amendments not to affect validity, rights, obligations        4
3        GENERAL                                                                4

         3.1      Governing law and jurisdiction                                4
         3.2      Attorneys                                                     4
</TABLE>

--------------------------------------------------------------------------------
                                                                          PAGE 2

<PAGE>

--------------------------------------------------------------------------------
THIS AMENDING DEED

          is made on               2000 between the following parties:

          1.   PERPETUAL TRUSTEES AUSTRALIA LIMITED
               ABN 86 000 431 827
               of Level 7, 29 Hunter Street Sydney NSW
               (TRUSTEE)

          2.   ME PORTFOLIO MANAGEMENT LIMITED
               (formerly known as Superannuation Members' Home Loans Limited)
               ABN 79 005 964 134
               of Level 17, 360 Collins Street Melbourne VIC
               (MANAGER)

          3.   MEMBERS' EQUITY PTY LIMITED
               (formerly known as NMFM Lending Pty Limited)
               ABN 56 070 887 679
               of Level 17, 360 Collins Street Melbourne VIC
               (MORTGAGE MANAGER)

RECITALS

          A.   The Trustee is a trustee of trusts known as Superannuation
               Members Home Loans Trusts (the TRUSTS) and the Manager is a
               manager of the Trusts.

          B.   The Trustee, the Manager and National Mutual Property Services
               (Aust) Pty Limited (FORMER MANAGER) entered into a Mortgage
               Origination and Management Agreement (the NOVATED AGREEMENT)
               dated 4 July 1994 (as amended).

          C.   By a deed of novation dated 28 September 1995 the Former Manager
               surrendered its rights and was released and discharged from its
               obligations under the Novated Agreement and the Mortgage Manager
               became entitled to equivalent rights and assumed equivalent
               obligations (DEED OF NOVATION).

          D.   The parties wish to amend the agreement created by the Novated
               Agreement and the Deed of Novation (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:

--------------------------------------------------------------------------------
1    DEFINITIONS AND INTERPRETATION

     1.1  DEFINITIONS

          In this deed, a word or phrase (except as otherwise provided) defined
          in the Agreement has the same meaning as in the Agreement.

--------------------------------------------------------------------------------
                                                                          PAGE 3

<PAGE>

     1.2  INTERPRETATION

          Clause 1.2 of the Agreement applies to this deed.

--------------------------------------------------------------------------------
2    AMENDMENTS TO THE AGREEMENT

     2.1  AMENDMENTS

          (a)  The Agreement is amended as set out in the Schedule.

          (b)  These amendments to the Agreement do not apply in respect of the
               securitisation funds known as "SMHL Global Fund No. 1" and "SMHL
               Global Fund No. 2".

          (c)  The amendments to the Agreement in clause 2.1(a) take effect from
               the date of this deed.

     2.2  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.

--------------------------------------------------------------------------------
3    GENERAL

     3.1  GOVERNING LAW AND JURISDICTION

          This deed is governed by the laws of New South Wales.

     3.2  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.

--------------------------------------------------------------------------------
4    COUNTERPARTS

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

          (b)  All counterparts, taken together, constitute 1 instrument.

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

--------------------------------------------------------------------------------
                                                                          PAGE 4

<PAGE>

--------------------------------------------------------------------------------
EXECUTED AS A DEED:

SIGNED SEALED AND DELIVERED for
PERPETUAL TRUSTEES AUSTRALIA LIMITED
by its attorney in the presence of:

/s/ Mark Dickenson                          /s/ Stacey Gray
------------------------------------        ------------------------------------
Witness                                     Attorney

Mark Dickenson                              Stacey Gray
------------------------------------        ------------------------------------
Name (please print)                         Name (please print)

SIGNED SEALED AND DELIVERED for
ME PORTFOLIO MANAGEMENT LIMITED
(formerly known as Superannuation Members' Home Loans Limited)
by its attorney in the presence of:

/s/ Paul Garvey                             /s/ Nicholas Vamvakas
------------------------------------        ------------------------------------
Witness                                     Attorney

Paul Garvey                                 Nicholas Vamvakas
------------------------------------        ------------------------------------
Name (please print)                         Name (please print)

SIGNED SEALED AND DELIVERED for
MEMBERS' EQUITY PTY LIMITED
by its attorney in the presence of:

/s/ Paul Garvey                             /s/ Nicholas Vamvakas
------------------------------------        ------------------------------------
Witness                                     /s/ A. Wamsterer
                                            ------------------------------------
                                            Attorney

Paul Garvey                                 Nicholas Vamvakas
------------------------------------        ------------------------------------
Name (please print)                         Anthony Wamsterer
                                            ------------------------------------
                                            Name (please print)

--------------------------------------------------------------------------------
                                                                          PAGE 5

<PAGE>

--------------------------------------------------------------------------------
SCHEDULE -- AMENDMENTS (CLAUSE 2.1(A))

The Agreement is amended by:

(d)  in paragraph 17 of the Schedule to the Agreement inserting immediately
     after "90%" the words:

          "or such higher ratio as approved by each Designated Rating Agency."

(e)  in paragraph 19 of the Schedule to the Agreement deleting the words:

          "vacant land or"

--------------------------------------------------------------------------------
                                                                          PAGE 6
<PAGE>

               AMENDING DEED TO THE MORTGAGE
               ORIGINATION AND MANAGEMENT
               AGREEMENT

               FOR THE SUPERANNUATION MEMBERS' HOME LOANS
               PROGRAMME

               PERPETUAL TRUSTEES AUSTRALIA LIMITED
               ABN 86 000 431 827

               ME PORTFOLIO MANAGEMENT LIMITED
               ABN 79 005 964 134

               and

               MEMBERS EQUITY PTY LIMITED
               ABN 56 070 887 679

               [FREEHILLS LOGO OMITTED]

               MLC Centre Martin Place Sydney New South Wales 2000 Australia
               Telephone +61 2 9225 5000 Facsimile +61 2 9322 4000
               www.freehills.com DX 361 Sydney

               SYDNEY MELBOURNE PERTH BRISBANE HANOI HO CHI MINH CITY SINGAPORE
               Correspondent Offices JAKARTA KUALA LUMPUR

               Liability limited by the Solicitors' Limitation of Liability
               Scheme, approved under the Professional Standars Act 1994 (NSW)

               Reference PJSR:LGR:25D

<PAGE>

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
TABLE OF CONTENTS
Clause                                                                                                         Page

<S>                                                                                                            <C>
1        DEFINITIONS AND INTERPRETATION                                                                           1

         1.1      Definitions                                                                                     1

         1.2      Interpretation                                                                                  2

2        AMENDMENTS TO THE AGREEMENT                                                                              2

         2.1      Amendments                                                                                      2

         2.2      Effectiveness                                                                                   2

         2.3      Amendments not to affect validity, rights, obligations                                          2

3        GENERAL                                                                                                  2

         3.1      Governing law and jurisdiction                                                                  2

         3.2      Variation                                                                                       2

         3.3      Further assurances                                                                              2

         3.4      Counterparts                                                                                    2

         3.5      Attorneys                                                                                       3

SCHEDULE - AMENDMENTS                                                                                             4
</TABLE>

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<PAGE>

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THIS AMENDING DEED
                  is made on   22    March 2004 between the following parties:

                  1       PERPETUAL TRUSTEES AUSTRALIA LIMITED
                          ABN 86 000 431 827
                          of Level 7, 39 Hunter Street, Sydney, New South Wales
                          (TRUSTEE)

                  2       ME PORTFOLIO MANAGEMENT LIMITED
                          ABN 79 005 964 134
                          of Level 17, 360 Collins Street, Melbourne, Victoria
                          (MANAGER)

                  3       MEMBERS EQUITY PTY LIMITED
                          ABN 56 070 887 679
                          of Level 17, 360 Collins Street, Melbourne, Victoria
                          (MORTGAGE MANAGER)

RECITALS

                  A       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.

                  B       The Trustee, the Manager and the Former Mortgage
                          Manager entered into the Mortgage Origination and
                          Management Agreement.

                  C       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.

                  D       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:

--------------------------------------------------------------------------------
1        DEFINITIONS AND INTERPRETATION

         1.1      DEFINITIONS

                  In this deed:

                  AGREEMENT means the agreement created by the Mortgage
                  Origination and Management Agreement and the Deed of Novation.

                  DEED OF NOVATION means the deed dated 28 September 1995
                  between the Trustee, the Manager, the Former Mortgage Manager
                  and the Mortgage Manager.

                  FORMER MORTGAGE MANAGER means National Mutual Property
                  Services (Aust) Pty Limited.

                  MORTGAGE ORIGINATION AND MANAGEMENT AGREEMENT means the
                  agreement dated 4 July 1994 between the Trustee, the Manager
                  and the Former Mortgage Manager.

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         1.2      INTERPRETATION

                  Clause 1.2 of the Agreement is incorporated in this deed as if
                  set out in full in this deed.

--------------------------------------------------------------------------------
2        AMENDMENTS TO THE AGREEMENT

         2.1      AMENDMENTS

                  The Agreement is amended as set out in the schedule.

         2.2      EFFECTIVENESS

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

         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.

--------------------------------------------------------------------------------
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.

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<PAGE>

         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.

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<PAGE>

--------------------------------------------------------------------------------
SCHEDULE - AMENDMENTS

         The Agreement is amended by:

         (a)      inserting a new clause 19 as follows:

                  "19      SERVICING STANDARDS

                  19.1     APPLICATION

                           This clause 19 applies to the following Funds created
                           or to be created pursuant to the Trust Deed:

                           (a)      the SMHL Global Fund No. 3;

                           (b)      the SMHL Global Fund No. 4;

                           (c)      the SMHL Global Fund No. 5;

                           (d)      the SMHL Global Fund No. 6; and

                           (e)      any other Fund nominated in writing by the
                                    Manager to the Trustee and the Mortgage
                                    Manager for the purposes of this clause 19.

                  19.2     SERVICING STANDARDS

                           The parties agree that for the purposes of this
                           Agreement the Mortgage Manager will comply with the
                           following service standards:

                           (a)      CUSTODIAL BANK ACCOUNTS

                                    Reconciliations shall be prepared on a
                                    monthly basis for all custodial bank
                                    accounts and related bank clearing accounts.
                                    These reconciliations shall:

                                    (i)      be mathematically accurate;

                                    (ii)     be prepared within forty-five (45)
                                             days after the end of each calendar
                                             month;

                                    (iii)    be reviewed and approved by someone
                                             other than the person who prepared
                                             the reconciliation; and

                                    (iv)     document explanations for
                                             reconciling items. These
                                             reconciling items shall be resolved
                                             within ninety (90) days of their
                                             original identification.

                           (b)      LOAN INSTALMENTS

                                    (i)      Loan Instalments received by the
                                             Mortgage Manager shall be deposited
                                             into the relevant Fund's custodial
                                             bank accounts and related bank
                                             clearing accounts within two
                                             Banking Days of receipt.

                                    (ii)     Loan Instalments made in accordance
                                             with the mortgagor's loan documents
                                             shall be posted to the applicable
                                             mortgagor records within two
                                             Banking Days of receipt.

                                    (iii)    Loan Instalments shall be allocated
                                             to the mortgagor's loan balance in
                                             respect of principal,

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<PAGE>
                                             interest, insurance, taxes or other
                                             items in accordance with the
                                             mortgagor's loan documents.

                                    (iv)     Loan Instalments identified as
                                             prepayments shall be allocated in
                                             accordance with the mortgagor's
                                             loan documents.

                           (c)      DISBURSEMENTS

                                    (i)      Disbursements made to third parties
                                             via electronic funds transfer on
                                             behalf of a mortgagor or investor
                                             shall be made only by authorised
                                             personnel.

                                    (ii)     Disbursements made to third parties
                                             on behalf of a mortgagor or
                                             investor shall be posted within one
                                             Banking Day to the mortgagor's or
                                             investor's records maintained by
                                             the Mortgage Manager.

                                    (iii)    Unissued cheques shall be
                                             safeguarded so as to prevent
                                             unauthorised access.

                           (d)      INVESTOR ACCOUNTING AND REPORTING

                                    The investor reports shall agree with, or
                                    reconcile to, investors' records on a
                                    monthly basis as to the total unpaid
                                    principal balance and number of loans
                                    serviced by the Mortgage Manager.

                           (e)      MORTGAGOR LOAN ACCOUNTING

                                    The mortgage loan records shall agree with,
                                    or reconcile to, the records of mortgagors
                                    with respect to the unpaid principal balance
                                    on a monthly basis.

                           (f)      DELINQUENCIES

                                    Records documenting collection efforts shall
                                    be maintained during the period that a loan
                                    is in default and shall be updated at least
                                    monthly. Such records shall describe the
                                    entity's activities in monitoring delinquent
                                    loans including, for example, phone calls,
                                    letters and Loan Instalment rescheduling
                                    plans in cases where the delinquency is
                                    deemed temporary (eg illness or
                                    unemployment).

                           (g)      INSURANCE POLICIES

                                    A Financial Institutions Bond policy shall
                                    be in effect for the Mortgage Manager
                                    throughout the reporting period in the
                                    amount of coverage represented to investors
                                    in management's assertion.

                  19.3     COMPLIANCE CERTIFICATES

                           The Mortgage Manager undertakes that, for so long as
                           it is the Mortgage Manager, it will:

                           (a)      each year, deliver to the Manager a
                                    certificate substantially in the form of
                                    schedule 2 in respect of the Funds referred
                                    to in clause 19.1; and

                           (b)      use its reasonable endeavours to procure
                                    that, each year, an independent public
                                    accountant:

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<PAGE>

                                    (i)      conducts an examination of the
                                             documents and records relating to
                                             the servicing by the Mortgage
                                             Manager of the loans secured by
                                             mortgages in respect of the Funds
                                             referred to in clause 19.1 during
                                             the most recent calendar year ended
                                             30 September, which complies with
                                             the Uniform Single Attestation
                                             Program for Mortgage Bankers issued
                                             by the Mortgage Bankers Association
                                             of America or similar procedure;
                                             and

                                    (ii)     delivers to the Manager a
                                             compliance certificate
                                             substantially in the form of
                                             schedule 3 in respect of that
                                             examination,

                           in each case such that the Manager is able to comply
                           with its obligations under Section 302 of the
                           Sarbanes-Oxley Act of 2002 of the United States of
                           America and Rules 13a-14 and 15d-14 of the United
                           States Securities Exchange Act of 1934 of the United
                           States of America."

         (b)      inserting a new schedule 2 as follows:

                  "SCHEDULE 2 - FORM OF ANNUAL COMPLIANCE CERTIFICATE

                  The undersigned, a duly authorised representative of Members
                  Equity Pty Limited as Mortgage Manager (the "Mortgage
                  Manager") pursuant to the agreement entitled "Mortgage
                  Origination and Management Agreement" dated 4 July 1994 (as
                  novated and amended) between Perpetual Trustees Australia
                  Limited, ME Portfolio Management Limited and Members Equity
                  Pty Limited (the "Agreement") does hereby certify that:

                  1        Capitalised terms used but not defined in this
                           Officer's Certificate have their respective meanings
                           set out in the Agreement, unless the context requires
                           otherwise or unless otherwise defined in this
                           Officer's Certificate.

                  2        As of the date of this Officer's Certificate, Members
                           Equity Pty Limited is the Mortgage Manager of [INSERT
                           DETAILS OF THE FUND[S] TO WHICH THIS CERTIFICATE
                           APPLIES] (the "Fund[s]").

                  3        This Officer's Certificate is delivered pursuant to
                           the Agreement.

                  4        A review of the activities of the Mortgage Manager
                           during the calendar year ended 30 September [*], and
                           of its performance under the pooling and servicing
                           agreement or similar agreements was made under my
                           supervision.

                  5        Based on such review, to my knowledge, the Mortgage
                           Manager has fulfilled its obligations under the
                           pooling and servicing agreement or similar agreements
                           relating to the Fund[s] (including the Agreement)
                           throughout such calendar year except as set out in
                           paragraph 6 below.

                  6        The following is a description of any exceptions to
                           paragraph 5 above:

                           [INSERT DETAILS]

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<PAGE>
                  IN WITNESS WHEREOF, the undersigned, a duly authorised officer
                  of the Mortgage Manager, has duly executed this Officer's
                  Certificate this [*] day of [*].

                  Members Equity Pty Limited
                  as Mortgage Manager

                  By ________________________
                     Name:______________________
                     Title: Authorised Signatory";

         (c)      inserting a new schedule 3 as follows:

                  "SCHEDULE 3 - FORM OF INDEPENDENT AUDITOR'S ANNUAL COMPLIANCE
                  CERTIFICATE

                  SCOPE

                  We have reviewed the activities of Members Equity Pty Limited
                  (the "Mortgage Manager") for the purpose of determining its
                  compliance with the servicing standards contained in the
                  Mortgage Origination and Management Agreement dated 4 July
                  1994 (as amended and novated) ("Agreement") (attached as
                  Appendix 1) in relation to the [INSERT DETAILS OF THE FUND[S]
                  TO WHICH THIS CERTIFICATE APPLIES] (the "Fund[s]") for the
                  year ended 30 September [*], in accordance with the statement
                  by the Division of Corporation Finance of the Securities and
                  Exchange Commission dated [*], and our engagement letter dated
                  [*].

                  We have reviewed the servicing standards contained in the
                  Agreement to enable us to report on whether those servicing
                  standards are similar to those contained in the Uniform Single
                  Attestation Program for Mortgage Bankers ("USAP") (attached as
                  Appendix 2), which establishes a minimum servicing standard
                  for the asset backed securities market in the United States of
                  America. No equivalent of the USAP exists in Australia.

                  The management of the Mortgage Manager is responsible for
                  maintaining an effective internal control structure including
                  internal control policies and procedures relating to the
                  servicing of mortgage loans. We have conducted an independent
                  review of the servicing standards contained in the Agreement,
                  in order to express a statement on the Mortgage Manager's
                  compliance with them to ME Portfolio Management Limited.

                  Our review of the servicing standards has been conducted in
                  accordance with Australian Auditing Standards applicable to
                  performance audits and accordingly included such tests and
                  procedures as we considered necessary in the circumstances. In
                  conducting our review we have also had regard to the guidance
                  contained in the USAP. These procedures have been undertaken
                  to enable us to report on whether anything has come to our
                  attention to indicate that there has been significant
                  deficiencies in the Mortgage Manager's compliance with the
                  servicing standards contained in the Agreement for the year
                  ended 30 September [*] in respect of the Fund[s].

                  Our review did not include an assessment of the adequacy of
                  the servicing standards themselves.

--------------------------------------------------------------------------------
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<PAGE>
                  This statement has been prepared for the use of ME Portfolio
                  Management Limited as at 30 September [*] in accordance with
                  the requirements of the statement by the Division of
                  Corporation Finance of the Securities and Exchange Commission
                  dated [*], and the engagement letter dated [*]. We disclaim
                  any assumption of responsibility for any reliance on this
                  review statement, to any person other than ME Portfolio
                  Management Limited.

                  STATEMENT

                  Based on our review:

                  o        nothing has come to our attention to indicate that
                           there has been any significant deficiencies in the
                           Mortgage Manager's compliance with the servicing
                           standards contained in the Agreement in respect of
                           the Fund[s] for the year ended 30 September [*];

                  o        the servicing standards contained in the Agreement
                           are similar to the minimum servicing standards
                           contained in the USAP, except for the following:

                           -        [INSERT DETAILS]

                  [INSERT NAME OF ORGANISATION]

                  [INSERT NAME AND TITLE OF SIGNATORY]

                  Place:

                  Date:

--------------------------------------------------------------------------------
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<PAGE>

APPENDIX 1 - SERVICING STANDARDS UNDER THE MORTGAGE ORIGINATION AND MANAGEMENT
AGREEMENT

         (a)      CUSTODIAL BANK ACCOUNTS

                  Reconciliations shall be prepared on a monthly basis for all
                  custodial bank accounts and related bank clearing accounts.
                  These reconciliations shall:

                  (i)      be mathematically accurate;

                  (ii)     be prepared within forty-five (45) days after the end
                           of each calendar month;

                  (iii)    be reviewed and approved by someone other than the
                           person who prepared the reconciliation; and

                  (iv)     document explanations for reconciling items. These
                           reconciling items shall be resolved within ninety
                           (90) days of their original identification.

         (b)      LOAN INSTALMENTS

                  (i)      Loan Instalments received by the Mortgage Manager
                           shall be deposited into the relevant Fund's custodial
                           bank accounts and related bank clearing accounts
                           within two Banking Days of receipt.

                  (ii)     Loan Instalments made in accordance with the
                           mortgagor's loan documents shall be posted to the
                           applicable mortgagor records within two Banking Days
                           of receipt.

                  (iii)    Loan Instalments shall be allocated to the
                           mortgagor's loan balance in respect of principal,
                           interest, insurance, taxes or other items in
                           accordance with the mortgagor's loan documents.

                  (iv)     Loan Instalments identified as prepayments shall be
                           allocated in accordance with the mortgagor's loan
                           documents.

         (c)      DISBURSEMENTS

                  (i)      Disbursements made to third parties via electronic
                           funds transfer on behalf of a mortgagor or investor
                           shall be made only by authorised personnel.

                  (ii)     Disbursements made to third parties on behalf of a
                           mortgagor or investor shall be posted within one
                           Banking Day to the mortgagor's or investor's records
                           maintained by the Mortgage Manager.

                  (iii)    Unissued cheques shall be safeguarded so as to
                           prevent unauthorised access.

         (d)      INVESTOR ACCOUNTING AND REPORTING

                  The investor reports shall agree with, or reconcile to,
                  investors' records on a monthly basis as to the total unpaid
                  principal balance and number of loans serviced by the Mortgage
                  Manager.

         (e)      MORTGAGOR LOAN ACCOUNTING

                  The mortgage loan records shall agree with, or reconcile to,
                  the records of mortgagors with respect to the unpaid principal
                  balance on a monthly basis.

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<PAGE>
         (f)      DELINQUENCIES

                  Records documenting collection efforts shall be maintained
                  during the period that a loan is in default and shall be
                  updated at least monthly. Such records shall describe the
                  entity's activities in monitoring delinquent loans including,
                  for example, phone calls, letters and Loan Instalment
                  rescheduling plans in cases where the delinquency is deemed
                  temporary (eg illness or unemployment).

         (g)      INSURANCE POLICIES

                  A Financial Institutions Bond policy shall be in effect for
                  the Mortgage Manager throughout the reporting period in the
                  amount of coverage represented to investors in management's
                  assertion.

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<PAGE>

APPENDIX 2 - UNIFORM SINGLE ATTESTATION PROGRAM FOR MORTGAGE BANKERS

THE UNIFORM SINGLE ATTESTATION PROGRAM

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<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                               PAGE

<S>                                                                                                            <C>
ACKNOWLEDGEMENTS                                                                                                 ii

PREFACE                                                                                                         iii

INTRODUCTION                                                                                                      1

MINIMUM SERVICING STANDARDS                                                                                       4

         I.       CUSTODIAL BANK ACCOUNTS                                                                         4

         II.      MORTGAGE PAYMENTS                                                                               4

         III.     DISBURSEMENTS                                                                                   4

         IV.      INVESTOR ACCOUNTING AND REPORTING                                                               5

         V.       MORTGAGOR LOAN ACCOUNTING                                                                       5

         VI.      DELINQUENCIES                                                                                   5

         VII.     INSURANCE POLICIES                                                                              6

EXHIBIT I         EXAMPLE MANAGEMENT ASSERTION

EXHIBIT II        EXAMPLE MANAGEMENT REPRESENTATION LETTER

EXHIBIT III       EXAMPLE CPA REPORT

APPENDIX A        GLOSSARY
</TABLE>

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<PAGE>

                                ACKNOWLEDGEMENTS

         Several years ago, members of the Mortgage Bankers Association of
America's (MBA's) Audit & Internal Controls Subcommittee undertook a project to
revise MBA's Uniform Single Audit Program for Mortgage Bankers (USAP). A "USAP
Working Group" was formed under the leadership of then - Subcommittee Chairman
Geoffrey A. Oliver, KPMG Peat Marwick LLP, to work with the staff of the AICPA
to produce a cost-effective document that meets the needs of potential users of
the USAP Report. The project was delayed due, is part, to the issuance of the
AICPA's Statements on Standards for Attestation Engagements subsequent to the
publication of the last USAP in 1983. The USAP now complies with these standards
and had been renamed the Uniform Single Attestation Program for Mortgage
Bankers.

         In the years since the first USAP Working Group was formed, numerous
individuals from industry and the accounting profession have contributed their
time and expertise to reviewing and commenting on various drafts of the USAP.
Those individuals have included mortgage company presidents, members of MBA's
Audit & Internal Controls Subcommittee, leaders of MBA's Loan Administrative
Committee, members of the Affiliation of Mortgage Banking Auditors, auditors
with the "Big Six" and other accounting firms, representatives of the secondary
market agencies, and the staff of the AICPA. The MBA and the industry owes those
individuals a debt of gratitude.

         As Chairman of the USAP Working Group since 1992, I would like to
express my personal appreciation to J. Mark Hanson, Fleet Mortgage Corp.;
William Glasgow, Jr., CMB, BancBoston Mortgage Corp.; John J. duHadway, Deloitte
& Touche LLP; Nicholas R. Bottini, Cortland L. Brovitz & Co. P.C.; Robert G.
Arnall, Arthur Anderson LLP; Robert W. Swegle, Ernst & Young LLP; Laura A.
Pepthens, Coopers & Lybrand LLP; Arlene K. Spencer and Steven F. Eckstein,
Source One Mortgage Services Corp.; Peter M. Hill, North American Mortgage
Company, Lawrence G. Roder, Fleet Mortgage Group, Inc.; Edward D. Hughes, GMAC
Mortgage Corporation; James P. Gross, J.I. Kislak Mortgage Corp.; Robert B.
Kenyon, First Union Mortgage Corp.; Eugene T. Ichner, Chase Manhattan Bank, and
Paul Fender, Kenneth Leventhal & Co. for their thoughtful comments and
suggestions. In addition, I would like to express special thanks to Geoffrey A.
Oliver; Alison B. Utermehlen, Mortgage Bankers Association of America; and James
F. Green, AICPA, for the countless hours they spent working on all phases of
this latest USAP revision.

                                        Dean F. Fox, Chairman, Audit & Internal
                                        Controls Subcommittee (1992 - 1994) and
                                        USAP Working Group (1992-1995),
                                        Financial Management Committee,
                                        Mortgage Bankers Association of America

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<PAGE>

                                     PREFACE

         The Uniform Single Audit Program for Mortgage Bankers was introduced in
1965 by the Mortgage Bankers Association of America (MBA) and subsequently
revised in 1975 and 1983. The program has been revised again to reflect changes
in the mortgage banking industry and in servicing technology, and has been
renamed the Uniform Single Attestation Program for Mortgage Bankers (USAP)
because it now involves an examination engagement performed in accordance with
Statements on Standards for Attestation Engagements (SSAE), specifically, SSAE
No. 3, Compliance Attestation (AICPA, Professional Standards, vo1. 1, AT sec.
500). The USAP was rewritten in cooperation with the American Institute of
Certified Public Accountants (AICPA).

         The purpose of the revised approach is to provide investors in
residential mortgage loans with assurance relating to management's written
assertion about a SERVICING ENTITY'S(1) compliance with the minimum servicing
standards set forth in the USAP by the MBA. These standards, which were
identified by members of MBA's Audit and Internal Controls Subcommittee with the
assistance of representatives from the secondary market agencies, independent
CPAs, and industry leaders, establish the compliance criteria against which a
servicing entity's management and the independent certified public accountant
(CPA) will report. Each standard represents a specific minimum requirement with
which a servicing entity is expected to be in MATERIAL COMPLIANCE. The type and
extent of procedures to be performed by the CPA to examine and report on
management's written assertion about a servicing entity's compliance with these
standards is the responsibility of the CPA.

         Potential users of the USAP REPORT include all parties with an interest
in management's assertion about a servicing entity's compliance with the minimum
servicing standards and, specifically, those to whom the mortgage servicer is
obligated, through contractual agreement, to furnish a copy of the Report.
Reporting under the USAP, therefore, is mandated by the terms of a servicing
entity's agreements including its investor servicing agreements and, possibly,
agreements with creditors, regulators and potential acquirers of mortgage
servicing rights. However, because these parties may have different interests
and concerns about a servicing entity's operations, the USAP was written to
address compliance criteria related to residential mortgage loan servicing.

         Because the minimum servicing standards in the USAP include many, but
not all, of the servicing requirements generally required by investors, it does
not purport to address all aspects of an entity's servicing operations.
Management and CPA reports under the USAP, therefore, provide no assurance
regarding a servicing entity's compliance with any standards, controls, and
requirements that are not identified to the minimum servicing standards. Certain
investor and governmental requirements may either be more restrictive or involve
more areas of compliance than the minimum servicing standards. However, the USAP
standards are intended to represent

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

(1)     Terms defined in the glossary (Appendix A) are in boldface type the
        first time they appear in the Program.

--------------------------------------------------------------------------------
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<PAGE>

commonly required minimum servicing standards that: (1) satisfy the primary need
of the user to obtain a minimum level of assurance concerning compliance by a
servicing entity with those standards, and (2) can serve as criteria for a
management assertion that can be examined and reported on by a CPA on a
cost-effective basis.

         The USAP Report differs from a report issued under Statement on
Auditing Standards (SAS) No. 70, Reports on the Processing of Transactions by
Service Organizations (AICPA, Professional Standards, vol. 1, AU sec. 324), and
is not a substitute for such a report. SAS No. 70 reports are intended to
provide CPAs of investor organizations with information about a servicing
entity's control structure policies and procedures that might affect an investor
organization's financial statements. They provide assurance that a servicing
entity's description of its control structure policies and procedures is fairly
presented, that the policies and procedures have been placed in operation as of
a specified date, and that the policies and procedures are suitably designed to
achieve specified control objectives. Such information enables an investor
organization CPA to obtain a sufficient understanding of the internal control
structure of the investor organization to plan the audit. Some SAS No. 70
reports include a description of tests of the operating effectiveness of a
servicing entity's control structure policies and procedures. When such policies
and procedures are operating effectively, the investor organization CPA may be
able to reduce his or her assessment of control risk for certain financial
statement assertions. In contract, USAP Reports are intended to provide
investors in loans with assurance about compliance with specific minimum
residential loan servicing standards.

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<PAGE>

                                  INTRODUCTION

1.       CONCEPT OF A UNIFORM SINGLE ATTESTATION PROGRAM

         The concept of a uniform single attestation program involves the
acceptance by different users of a single CPA report on management's written
assertion about a servicing entity's compliance with the minimum servicing
standards in the USAP. A single program precludes the need for several
compliance reporting programs to be developed by a number of different users.

2.       MANAGEMENT'S REPRESENTATIONS

         SSAE No. 3 requires that the CPA obtain a written assertion and letter
of representation from management. Management's written assertion about a
servicing entity's compliance with the minimum servicing standards in the USAP
is the basis for testing and, therefore, is integral to the performance of the
engagement and the CPA's rendering of an opinion. See Exhibit I for an
illustrative management assertion and Exhibit II for an illustrative management
representation letter.

3.       QUALIFICATIONS OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANT

         To be acceptable, the USAP must be performed by a CPA who complies with
the applicable provisions of the public accountancy law and rules of the
jurisdiction in which the CPA is licensed. The CPA must meet applicable
continuing professional education requirements and quality control standards,
must participate in a practice monitoring program comparable to those prescribed
by the AICPA, and must be independent of the servicing entity as defined and
interpreted under the Code of Professional Ethics of the AICPA.

4.       STANDARDS FOR ACCEPTABILITY

         The USAP must be performed by a CPA in accordance with SSAE No. 3. In
accepting the USAP Report, each user recognizes that it relates to a servicing
entity's compliance with the minimum servicing standards in the USAP and not to
compliance with specific servicing agreements. See Exhibit III for an
illustrative CPA report.

5.       REPORT TO USERS

         A servicing entity shall send to each user a copy of the USAP Report
resulting from the performance of the USAP. The Report shall be submitted to
users within ninety (90) days of the end of the servicing entity's reporting
period.

         SSAE No. 3 addresses circumstances in which noncompliance by a
servicing entity would require modification of the CPA's report (see P.P. 61 et.
seq.).

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6.       REPORTING EXCEPTIONS

         The CPA's report pursuant to an examination under SSAE No. 3 includes
an opinion on management's assertion regarding a servicing entity's compliance
with the minimum servicing standards in the USAP. Consequently, unlike an
agreed-upon procedures engagement under SSAE No. 3, specific findings (or
"exceptions") are not reported under the USAP unless the CPA concludes that
management's assertion is not fairly stated in all material respects.

7.       SAMPLING

         In accordance with SSAE No. 3, the CPA determines the procedures to be
performed and evaluates the sufficiency of the evidence obtained using
professional judgment. When exercising such judgment, the CPA may consider the
guidance of SSAE No. 1 (AICPA, Professional Standards, vol. 1 AT sec. 100) and
SAS No. 39, Audit Sampling (AICPA, Professional Standards, vol. 1, AU sec. 350).

8.       TIMING

         Although it is intended that the USAP Report will relate to a period
covering twelve months, there may be circumstances in which a twelve-month
period is not covered. The USAP Report could, for example, relate to compliance
during an interim period between a servicing entity's fiscal year-end and a new
USAP reporting-period end in the year such a change is made. The period covered
by the USAP shall be stated in both management's assertion and the CPA's report.

9.       ROLE OF INTERNAL AUDITOR'S WORK

         The CPA's examination of management's assertion under the USAP may
consider evidence produced by the internal audit function to the extent
permitted by SAS No. 65, The Auditor's Consideration of the Internal Audit
Function in an Audit of Financial Statements (AICPA, Professional Standards,
vol. 1 AU sec. 322).

10.      PLANNING CONSIDERATIONS

         SSAE No. 1 (AICPA, Professional Standards, vol. 1, AT sec. 100.28-32)
provides guidance on planning attestation engagements. The CPA may wish to
consider the following matters when planning the engagement:

         o        Certain populations of transactions may be subject to more
                  than one minimum servicing standard. Accordingly, it may be
                  more efficient to apply related procedures to the attributes
                  of a common sample of transactions. For example, selecting a
                  sample of mortgage payments subject to the deposit, posting,
                  allocation, and investor remittance process might be more
                  efficient than selecting separate samples for each attribute.

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         o        Efficiency might be gained by performing some portion of the
                  work at an interim date. For example, tests might be applied
                  to applicable populations of transactions as of an interim
                  test date with additional testing through the end of the
                  period covered by management's assertion.

11.      EFFECTIVE DATE

         The effective date for application of the USAP is for management
assertions made about entities' compliance with the minimum servicing standards
for fiscal periods ending on or after December 15, 1995, with earlier
application encouraged.

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                           MINIMUM SERVICING STANDARDS

I.       CUSTODIAL BANK ACCOUNTS

         1.       Reconciliations shall be prepared on a monthly basis for all
                  custodial bank accounts and related bank clearing accounts.
                  These reconciliation's shall:

                  o        be mathematically accurate;

                  o        be prepared within forty-five (45) calendar days
                           after the CUTOFF DATE;

                  o        be reviewed and approved by someone other than the
                           person who prepared the reconciliation; and

                  o        document explanations for reconciling items. These
                           reconciling items shall be resolved within ninety
                           (90) calendar days of their original identification.

         2.       Funds of the servicing entity shall be advanced in cases where
                  there is an overdraft in an investor's or a mortgagor's
                  account.

         3.       Each custodial account shall be maintained at a federally
                  insured depository institution in trust for the applicable
                  investor.

         4.       Escrow funds held in trust for a mortgagor shall be returned
                  to the mortgagor within thirty (30) calendar days of payoff of
                  the mortgage loan.

II.      MORTGAGE PAYMENTS

         1.       Mortgage payments shall be deposited into the custodial bank
                  accounts and related bank clearing accounts within two
                  business days of receipt.

         2.       Mortgage payments made in accordance with the mortgagor's loan
                  documents shall be posted to the applicable mortgagor records
                  within two business days of receipt.

         3.       Mortgage payments shall be allocated to principal, interest,
                  insurance, taxes or other escrow items in accordance with the
                  mortgagor's loan documents.

         4.       Mortgage payments identified as loan payoffs shall be
                  allocated in accordance with the mortgagor's loan documents.

III.     DISBURSEMENTS

         1.       Disbursements made via wire transfer on behalf of a mortgagor
                  or investor shall be made only by authorized personnel.

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         2.       Disbursements made on behalf of a mortgagor or investor shall
                  be posted within two business days to the mortgagor's or
                  investor's records maintained by the servicing entity.

         3.       Tax and insurance payments shall be made on or before the
                  penalty or insurance policy expiration dates, as indicated on
                  tax bills and insurance premium notices, respectively,
                  provided that such support has been received by the servicing
                  entity at least thirty (30) calendar days prior to these
                  dates.

         4.       Any late payment penalties paid in conjunction with the
                  payment of any tax bill or insurance premium notice shall be
                  paid from the servicing entity's funds and not charged to the
                  mortgagor, unless the late payment was due to the mortgagor's
                  error or omission.

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

         6.       Unissued checks shall be safeguarded so as to prevent
                  unauthorized access.

IV.      INVESTOR ACCOUNTING AND REPORTING

         1.       The servicing entity's investor reports shall agree with, or
                  reconcile to, investors' records on a monthly basis as to the
                  total unpaid principal balance and number of loans serviced by
                  the servicing entity.

V.       MORTGAGOR LOAN ACCOUNTING

         1.       The servicing entity's mortgage loan records shall agree with,
                  or reconcile to, the records of mortgagors with respect to the
                  unpaid principal balance on a monthly basis.

         2.       Adjustments on ARM loans shall be computed based on the
                  related mortgage note and any ARM rider.

         3.       Escrow accounts shall be analyzed, in accordance with the
                  mortgagor's loan documents, on at least an annual basis.

         4.       Interest on escrow accounts shall be paid, or credited, to
                  mortgagors in accordance with the applicable state laws. (A
                  compilation of state laws relating to the payment of interest
                  on escrow accounts may be obtained through the MBA's FAX ON
                  DEMAND service. For more information, contact MBA.)

VI.      DELINQUENCIES

         1.       Records documenting collection efforts shall be maintained
                  during the period a loan is in default and shall be updated at
                  least monthly. Such records shall describe the entity's
                  activities in monitoring delinquent loans including, for

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<PAGE>

                  example, phone calls, letters and mortgage payment
                  rescheduling plans in cases where the delinquency is deemed
                  temporary (e.g., illness or unemployment).

VII.     INSURANCE POLICIES

         1.       A fidelity-bond and errors and omissions policy shall be in
                  effect on the servicing entity throughout the reporting period
                  in the amount of coverage represented to investors in
                  management's assertion.

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                                                                       EXHIBIT I

                        EXAMPLE MANAGEMENT ASSERTION(2)

                      [Letterhead of XYZ Mortgage Company]

As of and for the [period] ended [date], XYZ Mortgage Company has complied(3) in
all material respects with the minimum servicing standards set forth in the
Mortgage Bankers Association of America's Uniform Single Attestation Program for
Mortgage Bankers. As of and for this same period, XYZ Mortgage Company had in
effect a fidelity bond and errors and omissions policy in the amount of [specify
amount].

                                           _____________________________________
                                           Name and Title(4)

                                           _____________________________________
                                           Date

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

(2)      As specified in P. 11a of SSAE No. 3, if the CPA's report is intended
         for general use (including "all investors in loans being serviced by a
         servicing entity"), management's assertion should be both in a
         representation letter to the CPA (Exhibit II) and in a separate report
         (i.e., management's assertion, Exhibit I) that will accompany the CPA's
         report. Management's assertion can set forth the specific minimum
         servicing standards or make reference to the document containing the
         minimum servicing standards (that is, the MBA's USAP).

(3)      Management should appropriately modify its assertion for matters of
         material non-compliance and include a description of such
         non-compliance.

(4)      The assertion should be signed by members of management who are
         responsible for and knowledgeable, directly or through others in the
         organization, about the matters covered by the assertion. Normally, the
         chief executive officer, the chief financial officer, and/or the chief
         servicing officer should sign the assertion.

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                                                                      EXHIBIT II

                    EXAMPLE MANAGEMENT REPRESENTATION LETTER

                      [Letterhead of XYZ Mortgage Company]

[Addressed to CPA]

In connection with your examination of our assertion that XYZ Mortgage Company
complied with the minimum servicing standards in the Mortgage Bankers
Association of America's Uniform Single Attestation Program for Mortgage Bankers
(USAP) as of and for the [period] ended [date], we recognize that obtaining
representations from us concerning the information contained in this letter is a
significant procedure in enabling you to express an opinion on management's
assertion about compliance with the minimum servicing standards. Accordingly, we
make the following representations, which are true to the best of our knowledge
and belief in all material respects:

1.       We are responsible for complying with the minimum servicing standards
         in the USAP.

2.       We are responsible for establishing and maintaining an effect internal
         control structure over compliance with the minimum servicing standards.

3.       We have performed an evaluation of XYZ Mortgage Company's compliance
         with the minimum servicing standards.

4.       As of and for the [period] ended [date], XYZ Mortgage Company has
         complied with the minimum servicing standards. [This assertion should
         be modified as necessary to identify any noncompliance.(5)

5.       We have disclosed to you all known noncompliance with the minimum
         servicing standards.

6.       We have made available to you all documentation related to compliance
         with the minimum servicing standards.

7.       We have made the following interpretation of the minimum servicing
         standard related to... [This assertion should state management's
         interpretation of any compliance requirements that have varying
         interpretations.]

8.       We have disclosed any communications from regulator agencies, internal
         auditors, and other practitioners concerning possible noncompliance
         with the minimum servicing standards, including communications received
         between [specify the end of the period addressed in management's
         assertion and the date of the CPA's report].

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

(5)      Any instances of material noncompliance should be explained here or in
         a separate addendum to this letter.

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9.       We have disclosed to you any known noncompliance occurring subsequent
         to [specify period covered by management's assertion].

                                           _____________________________________
                                           Name and Title(6)

                                           _____________________________________
                                           Date

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

(6)      As specified in P. 9 of SAS No. 19, Client Representations (AICPA,
         Professional Standards, vol. 1, AU sec. 333), the representation letter
         should be signed by members of management whom the CPA believes are
         responsible for and knowledgeable, directly or through others in the
         organization, about the matters covered by the representations.
         Normally, the chief executive officer, the chief financial officer,
         and/or the chief servicing officer should sign the representation
         letter.

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                                                                     EXHIBIT III

                             EXAMPLE CPA REPORT(7)

                         Independent Accountant's Report

                            To XYZ Mortgage Company:

We have examined management's assertion about XYZ Mortgage Company's compliance
with the minimum servicing standards identified in the Mortgage Bankers
Association of America's Uniform Single Attestation Program for Mortgage Bankers
(USAP) as of and for the [period] ended [date] included in the accompanying
management assertion. Management is responsible for XYZ Mortgage Company's
compliance with those minimum servicing standards. Our responsibility is to
express an opinion on management's assertion about the entity's compliance based
on our examination.

Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about XYZ Mortgage Company's compliance
with the minimum servicing standards and performing such other procedures as we
considered necessary in the circumstances. We believe that our examination
provides a reasonable basis for our opinion. Our examination does not provide a
legal determination on XYZ Mortgage Company's compliance with the minimum
servicing standards.

In our opinion, management's assertion that XYZ Mortgage Company complied with
the aforementioned minimum servicing standards as of and for the [period] ended
[date] is fairly stated, in all material respects.

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

(7)      P.P. 61 et seq. of SSAE No. 3 address circumstances in which the CPA
         should modify the standard report.

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<PAGE>

                                                                      APPENDIX A

                                    GLOSSARY

CUTOFF DATE

         The date as of which a bank account is reconciled every month. It may,
         or may not, coincide with a prescribed investor reporting date but
         shall be consistent from period to period.

MATERIAL COMPLIANCE

         Paragraphs 35 and 36 of SSAE No. 3 provide guidance on the factors the
         CPA should take into account when making judgments about an entity's
         compliance with the minimum servicing standards in the USAP.

SERVICING ENTITY

         An entity that is engaged in servicing residential mortgage loans.
         Residential mortgage loan servicing involves performing certain loan
         administration functions, including collecting mortgage payments,
         disbursing principal and interest payments to investors, maintaining
         tax and insurance escrow accounts, and managing delinquent loans and
         foreclosed properties. The entity performs these functions for a fee on
         behalf of investors in loans, pursuant to its investor servicing
         agreements.

USAP REPORT

         The report that shall be furnished to investors upon completion of the
         USAP engagement and is comprised of management's assertion (see Exhibit
         I) and the CPA's report (see Exhibit III).

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<PAGE>

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

EXECUTED AS A DEED:

<TABLE>
<S>                                                              <C>
SIGNED SEALED AND DELIVERED for
PERPETUAL TRUSTEES AUSTRALIA LIMITED
by its attorney in the
presence of:

________________________________________________                 __________________________________________________
Witness                                                          Attorney

/s/ Elizabeth Lovell____________________________                 /s/ Shelagh Gossain_______________________________
Name (please print)                                              Name (please print)

SIGNED SEALED AND DELIVERED for
ME PORTFOLIO MANAGEMENT LIMITED
by its attorney in the
presence of:

________________________________________________                 __________________________________________________
Witness                                                          Attorney

/s/ David Porter________________________________                 /s/ Nicholas Vamvakas_____________________________
Name (please print)                                              Name (please print)

SIGNED SEALED AND DELIVERED for
MEMBERS EQUITY PTY LIMITED
by its attorney in the
presence of:

________________________________________________                 __________________________________________________
Witness                                                          Attorney

/s/ David Porter________________________________                 /s/ Nicholas Vamvakas_____________________________
Name (please print)                                              Name (please print)
</TABLE>

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