Document:

Exhibit 4.3

                                      Supplementary Bond Terms Notice:
                                      SMHL Global Fund No. 9 -
                                      Class A Notes and Class B Notes

                                      Perpetual Limited
                                      ABN 86 000 431 827

                                      Perpetual Trustee Company Limited
                                      ABN 42 000 001 007

                                      The Bank of New York

                                      and

                                      ME Portfolio Management Limited
                                      ABN 79 005 964 134

               Freehills

               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 SINGAPORE
               Correspondent Offices HANOI HO CHI MINH CITY JAKARTA KUALA LUMPUR

               Reference LGR:OMT:36G

<PAGE>

--------------------------------------------------------------------------------
Table of contents

Clause                                                                      Page

1     Function                                                                 1

2     Definitions and Interpretation                                           1

      2.1     Definitions                                                      1
      2.2     Incorporation of Master Trust Deed Definitions                  20
      2.3     Interpretation                                                  20
      2.4     Payments                                                        20
      2.5     Acknowledgment                                                  20

3     Notes                                                                   20

      3.1     Conditions of Notes                                             20
      3.2     Issue of Notes                                                  21
      3.3     Trustee's covenant to Noteholders and the Note Trustee          21
      3.4     Final redemption                                                22
      3.5     Period during which interest accrues                            22
      3.6     Calculation of interest                                         22
      3.7     Aggregate receipts                                              23
      3.8     Application of Principal Repayment Pool                         23
      3.9     Repayment of Principal                                          24
      3.10    Final Maturity Date                                             24
      3.11    Reduction in Principal balance                                  24
      3.12    Cancellation on repayment                                       24
      3.13    Payments into Euro Account                                      24
      3.14    Payments out of Euro Account                                    24
      3.15    Payments into US$ Account                                       24
      3.16    Payments out of US$ Account                                     25
      3.17    Rounding of amounts                                             25
      3.18    Prescription                                                    25
      3.19    Replacement of Currency Swap                                    25
      3.20    Realised Losses on Mortgages                                    26

4     Notes Callable at Option of Trustee                                     28

      4.1     Call - Class A Notes                                            28
      4.2     Tax event                                                       29
      4.3     Call - Class B Notes                                            29

5     Cash-Collateral                                                         30

      5.1     Cash Collateral Account                                         30
      5.2     Initial Cash Collateral and Liquidity Notes                     30
      5.3     Investment of Cash Collateral                                   30
      5.4     Use of Cash Collateral                                          31
      5.5     Surplus Cash Collateral                                         31

--------------------------------------------------------------------------------
                                                                          page 1
<PAGE>

6     Distribution of Collections                                             31

      6.1     Distribution of Interest Collections                            31
      6.2     Distribution of Principal Collections                           38
      6.3     Rights of Liquidity Noteholder                                  44
      6.4     Funding Loan Redraw Facilities                                  44
      6.5     Funding Top-up Loans                                            44
      6.6     Payment of Charge Offs                                          45

7     Substitution of Mortgages                                               45

      7.1     Purchase of Substitute Mortgages                                45

8     Notifications of Calculations                                           46

9     Amendments to Master Trust Deed                                         46

10    Rating Agency Requirements                                              60

      10.1    Designated Rating Agencies                                      60
      10.2    Designated Ratings                                              60
      10.3    Minimum Rating Requirements                                     60
      10.4    Banks                                                           60
      10.5    Notifications to Designated Rating Agencies                     60
      10.6    No other Requirements                                           61
      10.7    Loan Facilities                                                 61
      10.8    Top-up Loans                                                    61

11    Threshold Rate                                                          62

12    Beneficiaries                                                           63

13    Note Trustee                                                            63

      13.1    Capacity                                                        63
      13.2    Exercise of rights                                              64
      13.3    Representation and warranty                                     64
      13.4    Payments                                                        64

14    Security Trust Deed                                                     64

      14.1    Compliance with Security Trust Deed                             64
      14.2    Limitation of Liability of Security Trustee                     64

15    Miscellaneous                                                           64

      15.1    Banking Day                                                     64
      15.2    Provisions of the Master Trust Deed to apply                    65
      15.3    Limitation of Liability - Trustee                               65
      15.4    Aggregate Outstanding Principal Balance of Notes                65
      15.5    Attorney                                                        65
      15.6    Know Your Customer                                              65
      15.7    Compliance with Regulation AB                                   65
      15.8    Direction of claims by the Manager                              71

--------------------------------------------------------------------------------
                                                                          page 2
<PAGE>

      15.9    Direction of defence of claims                                  71
      15.10   Details on Register conclusive                                  72

16    Privacy                                                                 72

Schedule 1 - Supplementary Bond Terms Notice: SMHL Global Fund No. 9 -
Liquidity Notes                                                               76

Schedule A - Report on assessment of compliance with Regulation AB
servicing criteria                                                            89

Schedule B - Servicing Criteria to be Addressed in Assessment of Compliance   90

Schedule 2 - Report on assessment of compliance with Regulation AB
servicing criteria                                                            94

Schedule 3 - Servicing Criteria to be Addressed in Assessment of Compliance   95

--------------------------------------------------------------------------------
                                                                          page 3
<PAGE>

--------------------------------------------------------------------------------
Supplementary Bond Terms Notice - SMHL Global Fund No. 9
Class A Notes and Class B Notes

To:     Perpetual Limited
        ABN 86 000 431 827
        as trustee of the SMHL Global Fund No. 9
        (Trustee)

From:   ME Portfolio Management Limited
        ABN 79 005 964 134
        as manager of the SMHL Global Fund No. 9
        (Manager)

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

1    Function

           This Supplementary Bond Terms Notice:

           (a)   accompanies a Securitisation Fund Bond Issue Direction dated 3
                 October 2006, as the same may be amended from time to time, in
                 relation to a proposed issue of Notes by the Trustee;

           (b)   sets out the Supplementary Bond Terms for the classes of Notes
                 named in the Bond Issue Direction as "Class A1 Notes", "Class
                 A2 Notes", "Class A3 Notes" and "Class B Notes"; and

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

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

2    Definitions and Interpretation

     2.1   Definitions

           In this Supplementary Bond Terms Notice (including clause 1) and in
           respect of the Securitisation Fund and the Master Trust Deed the
           following definitions apply, unless the context indicates a contrary
           intention:

           A$ Class A Interest Amount means, for any Payment Date in relation to
           a Confirmation for Class A Offered Notes, the amount in Australian
           dollars which is calculated:

           (a)   on a daily basis at the applicable rate set out in that
                 Confirmation (being AUD-BBR-BBSW, as defined in the ISDA
                 Definitions, as at the first day of the Interest Period ending
                 on (but excluding) that Payment Date with a designated maturity
                 of 90 days (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) plus
                 the relevant Spread);

           (b)   on the A$ Equivalent of the aggregate of the Invested Amount of
                 those Class A Offered Notes as at the first day of the Interest
                 Period ending on (but excluding) that Payment Date; and

--------------------------------------------------------------------------------
                                                                          page 1
<PAGE>

           (c)   on the basis of the actual number of days in that Interest
                 Period and a year of 365 days.

           A$ Equivalent means:

           (a)   in relation to an amount denominated or to be denominated in
                 US$, the amount converted to (and denominated in) A$ at the A$
                 Exchange Rate;

           (b)   in relation to an amount denominated or to be denominated in
                 (euro), the amounts converted to (and denominated in) A$ at the
                 A$ Exchange Rate; or

           (c)   in relation to an amount denominated in A$, the amount of A$.

           A$ Exchange Rate means, on any date:

           (a)   in respect of (euro) - the rate of exchange (set as at the
                 commencement of the Euro Currency Swap) applicable under the
                 Euro Currency Swap for the exchange of Euros for Dollars; and

           (b)   in respect of US$ - the rate of exchange (set as at the
                 commencement of the US Currency Swap) applicable under the US
                 Currency Swap for the exchange of United States Dollars for
                 Dollars.

           Authorised Signatory means:

           (a)   in relation to the Note Trustee, any duly authorised officer of
                 the Note Trustee and any other duly authorised person of the
                 Note Trustee;

           (b)   in relation to the Principal Paying Agent, any duly authorised
                 officer of the Principal Paying Agent and any other duly
                 authorised person of the Principal Paying Agent; and

           (c)   in relation to the Calculation Agent, any duly authorised
                 officer of the Calculation Agent and any other duly authorised
                 person of the Calculation Agent.

           Bank means:

           (a)   for the purposes of paragraph (a) of the definition of Banking
                 Day and the definition of US$ Account and Euro Account:

                 (1)   a corporation authorised under the Banking Act 1959 (Cth)
                       to carry on general banking business in Australia or a
                       corporation formed or incorporated under any Act of the
                       Parliament of an Australian Jurisdiction to carry on the
                       general business of banking;

                 (2)   a person authorised under the Banking Act 1987 (UK) to
                       carry on a deposit taking business; or

                 (3)   a banking institution or trust company organised or doing
                       business under the laws of the United States of America
                       or any of its states; and

           (b)   in any other case, a corporation authorised under the Banking
                 Act 1959 (Cth) to carry on general banking business in
                 Australia or a corporation formed or incorporated under an Act
                 of the Parliament of an Australian Jurisdiction to carry on the
                 general business of banking.

--------------------------------------------------------------------------------
                                                                          page 2
<PAGE>

           Banking Day means:

           (a)   in relation to the Note Trust Deed, any Class A Note (including
                 any Condition), and any payment of US$ under the US Currency
                 Swap or (euro) under the Euro Currency Swap and the definition
                 of "Cut-Off" in this clause 2.1, any day, other than a
                 Saturday, Sunday or public holiday, on which Banks are open for
                 business in London, Sydney, Melbourne and New York and which is
                 a TARGET Settlement Day;

           (b)   in relation to any Class B Note, any other Transaction Document
                 and any payments of A$, any day, other than a Saturday, Sunday
                 or public holiday, on which Banks are open for business in
                 Sydney and Melbourne.

           Benchmark Rate in relation to an Interest Period means the rate
           expressed as a percentage per annum calculated by taking the rates
           appearing on the Reuters Screen page BBSW at approximately 10.10 am
           Sydney time on (subject to this definition) the first Banking Day of
           that Interest Period for each Bank so quoting (being no fewer than 5)
           as being the mean buying and selling rate for a bill of exchange of
           the type specified for the purpose of quoting on the Reuters Screen
           page BBSW and having a tenor closest to the term of that Interest
           Period, eliminating the highest and lowest mean rates and taking the
           average of the remaining mean rates and then (if necessary) rounding
           the resultant figure upwards to 4 decimal places (or, in the case of
           the first Interest Period, the rate will be determined by linear
           interpolation calculated by reference to the duration of the first
           Interest Period). If fewer than 5 Banks quote on the Reuters Screen
           page BBSW the Benchmark Rate for that Interest Period shall be
           calculated as above by taking the rates otherwise quoted by 5 Banks
           or 5 institutions otherwise authorised to quote rates on the Reuters
           Screen page BBSW at or about 10.10 am (Sydney time) for a bill of
           exchange having a tenor closest to the term of that Interest Period,
           on application by the Manager for such a bill of the same tenor (or,
           in the case of the first Interest Period, the rate will be determined
           by linear interpolation calculated by reference to the duration of
           the first Interest Period). If a rate cannot be determined in
           accordance with the foregoing procedures, then the Benchmark Rate
           shall mean such rate as is specified in good faith by the Manager at
           or around that time on that date, having regard, to the extent
           possible, to comparable indices then available as to the rates
           otherwise bid and offered for such bills of that tenor around that
           time.

           Beneficiaries means, in relation to the Fund, the Residual Capital
           Unitholder and the Income Unitholder.

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

           Book-Entry Note means:

           (a)   a Class A1 Book-Entry Note; or

           (b)   a Class A2 Book-Entry Note.

           Calculation Agent has the same meaning as in the Note Trust Deed.

           Calculation Period means a Monthly Calculation Period or a Quarterly
           Calculation Period.

           Carry Over Class A Charge Offs means, at any Cut-Off, in relation to
           a Class A Note, the aggregate of Class A Charge Offs in relation to
           that Class A Note prior

--------------------------------------------------------------------------------
                                                                          page 3
<PAGE>

           to that Cut-Off which have not been reinstated under clauses
           6.1(a)(11), 6.1(a)(12), 6.1(c)(11) or 6.1(c)(12).

           Carry Over Class B Charge Offs means, at any Cut-Off, in relation to
           a Class B Note, the aggregate of Class B Charge Offs in relation to
           that Class B Note prior to that Cut-Off which have not been
           reinstated under clauses 6.1(a)(13) or 6.1(c)(13).

           Carry Over Redraw Charge Offs means, at any Cut-Off, in relation to a
           Redraw Funding Facility, the aggregate Redraw Charge Offs in relation
           to that Redraw Funding Facility prior to that Cut-Off which have not
           been reinstated under clauses 6.1(a)(11), 6.1(a)(12), 6.1(c)(11) or
           6.1(c)(12).

           Carry Over Top-up Charge Offs means, at any Cut-Off, in relation to a
           Top-up Funding Facility, the aggregate Top-up Charge Offs in relation
           to that Top-up Funding Facility prior to that Cut-Off which have not
           been reinstated under clauses 6.1(a)(11), 6.1(a)(12), 6.1(c)(11) or
           6.1(c)(12).

           Cash Collateral means, at any time, the balance of the Cash
           Collateral Account at that time.

           Cash Collateral Account means the ledger account established and
           maintained by the Manager in accordance with clause 5.

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

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

           Class includes each class constituted by the Class A Notes and the
           Class B Notes.

           Class A Charge Offs means, in relation to a Class A Note, the amount
           of any reduction in the Outstanding Principal Balance of that Class A
           Note under clauses 3.20(a)(2)(A) and 3.20(b)(2)(A).

           Class A Interest means:

           (a)   all Class A3 Interest; and

           (b)   all interest accrued on the Class A Offered Notes in respect of
                 an Interest Period in accordance with clause 3.6.

           Class A Note means a Class A Offered Note or a Class A3 Note.

           Class A Noteholder means a Noteholder of a Class A Note.

           Class A Offered Note means a Class A1 Note or a Class A2 Note.

           Class A Offered Noteholder means a Noteholder of a Class A Offered
           Note.

           Class A Outstanding Principal Balance means, in relation to a Class A
           Note, the Outstanding Principal Balance of the Class A Note.

           Class A1 Book-Entry Note means a book-entry note issued or to be
           issued by the Trustee in registered form under clause 3.1 of the Note
           Trust Deed representing Class A1 Notes and substantially in the form
           of part A of schedule 1 to the Note Trust Deed.

           Class A1 Definitive Note means a note in definitive form (which must
           be in registered form) issued or to be issued in respect of any Class
           A1 Note under, and in the circumstances specified in, clause 3.3 of
           the Note Trust Deed, and includes any replacement for a Class A1
           Definitive Note issued under Condition 11.

--------------------------------------------------------------------------------
                                                                          page 4
<PAGE>

           Class A1 Note means a Note issued as a Class A1 Note by the Trustee
           with the characteristics of a Class A1 Note under this Supplementary
           Bond Terms Notice and the Bond Issue Direction and includes any
           relevant Book-Entry Note (or any part or interest in) and any
           relevant Definitive Note.

           Class A2 Book Entry Note means a:

           (a)   Temporary Class A2 Global Note; or

           (b)   Permanent Class A2 Global Note.

           Class A2 Definitive Note means a note in definitive form (which must
           be in registered form) issued or to be issued in respect of any Class
           A2 Note under, and in the circumstances specified in, clause 3.4 of
           the Note Trust Deed, and includes any replacement for a Class A2
           Definitive Note issued under Condition 11.

           Class A2 Note means a Note issued as a Class A2 Note by the Trustee
           with the characteristics of a Class A2 Note under this Supplementary
           Bond Terms Notice and the Bond Issue Direction and includes any
           relevant Book-Entry Note (or any part or interest in) and any
           relevant Definitive Note.

           Class A3 Interest means all interest accrued on the Class A3 Notes in
           respect of an Interest Period in accordance with clause 3.6.

           Class A3 Irish Paying Agent means AIB/BNY Fund Management (Ireland)
           Limited or any successor as Class A3 Irish Paying Agent under the
           Note Trust Deed.

           Class A3 Note means a Note issued as a Class A3 Note by the Trustee
           with the characteristics of a Class A3 Note under this Supplementary
           Bond Terms Notice and the Bond Issue Direction.

           Class A3 Noteholder means a Noteholder of a Class A3 Note.

           Class B Charge Offs means in relation to a Class B Note, the amount
           of any reduction in the Outstanding Principal Balance of that Class B
           Note under clause 3.20(a)(1) and 3.20(b)(1).

           Class B Interest means all interest accrued on the Class B Notes in
           respect of an Interest Period in accordance with clause 3.6.

           Class B Note means a Note issued as a Class B Note by the Trustee
           with the characteristics of a Class B Note under this Supplementary
           Bond Terms Notice and the Bond Issue Direction.

           Class B Noteholder means a Noteholder of a Class B Note.

           Clearing Agency means:

           (a)   in relation to the Class A1 Notes, DTC, an organisation
                 registered as a clearing agency pursuant to Section 17A of the
                 Exchange Act and appointed by the Manager and the Trustee to
                 hold the Class A1 Notes (directly or through a Common
                 Depository);

           (b)   in relation to the Class A2 Notes, Euroclear or Clearstream,
                 Luxembourg (directly or through a Common Depository); and

           (c)   in relation to the Class A3 Notes, Euroclear, Clearstream,
                 Luxembourg or Austraclear.
--------------------------------------------------------------------------------
                                                                          page 5
<PAGE>

           Closing Date means the Bond Issue Date in relation to the Notes and
           is, in relation to the Securitisation Fund, 11 October 2006 or such
           later date as may be agreed between the Trustee and the Manager.

           Collections means, subject to clause 3.17, in relation to each
           Calculation Period, the aggregate of all moneys received by or on
           behalf of the Trustee or, in respect of amounts under clause 5.4 and
           clause 3(b)(1) of the Payment Funding Facility, which are to be
           applied towards Collections, in respect of the Securitisation Fund
           during that Calculation Period including:

           (a)   payments of interest, principal, fees and other amounts under
                 the Loans;

           (b)   proceeds from the enforcement of the Loans;

           (c)   amounts received under the Relevant Mortgage Insurance
                 Policies;

           (d)   amounts recovered from losses on Loans not previously received;

           (e)   amounts received from the Mortgage Manager for breaches of
                 representations or undertakings which have not been designated
                 by the Manager as Suspended Moneys;

           (f)   any interest income received during that Calculation Period in
                 respect of Authorised Investments not being funds credited to
                 the Cash Collateral Account or received under the Payment
                 Funding Facility;

           (g)   any amounts received on termination of an Interest Hedge or
                 Currency Swap following default by the Interest Hedge Provider
                 or a Currency Swap Provider respectively;

           (h)   amounts (if any) held as collateral against default under an
                 Interest Hedge or Currency Swap following a default by the
                 Interest Hedge Provider or a Currency Swap Provider
                 respectively;

           (i)   with respect to a Monthly Calculation Period and in respect of
                 which the Monthly Payment Date immediately following that
                 Monthly Calculation Period is also a Monthly Payment Date (but
                 not a Quarterly Payment Date), any amounts retained in the bank
                 account for the Securitisation Fund or invested in Authorised
                 Investments on any preceding Monthly Payment Date since the
                 last Quarterly Payment Date (but which is not a Quarterly
                 Payment Date) for application pursuant to clauses 6.1(a)(7) to
                 6.1(a)(15) inclusive on that Monthly Payment Date to each
                 relevant party in accordance with clause 6.1(a); and

           (j)   with respect to a Monthly Calculation Period and in respect of
                 which the Monthly Payment Date immediately following that
                 Monthly Calculation Period is also a Quarterly Payment Date,
                 any amounts retained in the bank account for the Securitisation
                 Fund or invested in Authorised Investments on the two
                 immediately preceding Monthly Payment Dates for application
                 pursuant to clauses 6.1(a)(6) to 6.1(a)(15) inclusive on that
                 Quarterly Payment Date to each relevant party in accordance
                 with clause 6.1(c),

           but excluding:

           (k)   receipts (whether of an income nature or, upon sale or
                 maturity, of a capital nature) in respect of Authorised
                 Investments comprised in the Cash Collateral Account;

--------------------------------------------------------------------------------
                                                                          page 6
<PAGE>

           (l)   receipts which the Trustee is obliged to pay to a Relevant
                 Mortgage Insurer under a Relevant Mortgage Insurance Policy;

           (m)   receipts under any Redraw Funding Facility or Top-Up Funding
                 Facility;

           (n)   receipts under or arising from any drawing under any Payment
                 Funding Facility;

           (o)   to the extent that the Interest Hedge Provider has not
                 defaulted under the relevant Interest Hedge, receipts from an
                 Interest Hedge Provider which, as a consequence of a downgrade
                 or withdrawal of the rating of the Interest Hedge Provider by a
                 Designated Rating Agency, have been provided to the Trustee as
                 collateral against default by the Interest Hedge Provider under
                 the relevant Interest Hedge;

           (p)   to the extent that a Currency Swap Provider has not defaulted
                 under the relevant Currency Swap, receipts from a Currency Swap
                 Provider which, as a consequence of a downgrade or withdrawal
                 of the rating of the Currency Swap Provider by a Designated
                 Rating Agency, have been provided to the Trustee as collateral
                 against default by the Currency Swap Provider under the
                 relevant Currency Swap; and

           (q)   receipts that have been designated by the Manager as Suspended
                 Moneys.

           Commission means the United States Securities and Exchange
           Commission.

           Common Depository means:

           (a)   in respect of Class A1 Notes, Cede & Co, as nominee for DTC, or
                 any other common depository for any Clearing Agency in respect
                 of the Class A1 Notes appointed from time to time to hold any
                 Class A1 Book-Entry Note; and

           (b)   in respect of Class A2 Notes, The Bank of New York or its
                 nominee, as nominee for Euroclear or Clearstream, Luxembourg,
                 or any other common depository for any Clearing Agency in
                 respect of the Class A2 Notes appointed from time to time to
                 hold any Class A2 Book-Entry Note.

           Conditions means:

           (a)   the Conditions for the Class A1 Notes in the form set out in
                 part A of schedule 4 to the Note Trust Deed (but, so long as
                 the Class A1 Notes are represented by Class A1 Book-Entry
                 Notes, with the deletion of any provisions which are applicable
                 only to the Class A1 Definitive Notes), as the same may from
                 time to time be modified in accordance with this Supplementary
                 Bond Terms Notice and the Note Trust Deed; and

           (b)   the Conditions for the Class A2 Notes in the form set out in
                 part B of schedule 4 to the Note Trust Deed (but, so long as
                 the Class A2 Notes are represented by Class A2 Book-Entry
                 Notes, with the deletion of any provisions which are applicable
                 only to the Class A2 Definitive Notes), as the same may from
                 time to time be modified in accordance with this Supplementary
                 Bond Terms Notice and the Note Trust Deed.

           Any reference in this Supplementary Bond Terms Notice to a particular
           numbered Condition shall be construed accordingly.

--------------------------------------------------------------------------------
                                                                          page 7
<PAGE>

           Confirmation means, in respect of a Currency Swap, any Confirmation
           (as defined in the Currency Swap).

           Corporations Act means the Corporations Act 2001 (Cth).

           Currency Swap means the US Currency Swap and the Euro Currency Swap.

           Currency Swap Provider means the US Currency Swap Provider and the
           Euro Currency Swap Provider.

           Cut-Off means each Monthly Cut-Off or Quarterly Cut-Off, as the
           context requires.

           Cut-Off Date means the close of business, 20 September 2006.

           Definitive Note means a:

           (a)   a Class A1 Definitive Note; or

           (b)   a Class A2 Definitive Note.

           Designated Rating Agency means, S&P or Moody's or Fitch Ratings.

           DTC means the Depository Trust Company.

           Encumbrance means an interest or power:

           (a)   reserved in or over an interest in any asset including, but not
                 limited to, any retention of title; or

           (b)   created otherwise arising in or over any interest in any asset
                 under a bill of sale, mortgage, change, lien, pledge, trust or
                 power.

           by way of, or having similar commercial effect to, security for the
           payment of a debt, any other monetary obligation or the performance
           of any other obligation, and includes but is not limited to, any
           agreement to grant or create any of the above.

           EURIBOR means, in relation to any Interest Period and any Class A2
           Note, the rate of interest determined by the Calculation Agent as
           follows:

           (a)   on the second Banking Day before the beginning of each Interest
                 Period (each an Interest Determination Date), the rate
                 "EUR-EURIBOR-Telerate" as the applicable Floating Rate Option
                 under 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 the
                 first Interest Period) deposits in Euros which appears on the
                 Telerate Page 248 as of 11:00 a.m., Brussels time, determined
                 on the Interest Determination Date by the Calculation Agent;

           (b)   if such rate does not appear on the Telerate Page 248, the rate
                 for that Interest Period will be determined as if the Trustee
                 and the Calculation Agent had specified "EUR-EURIBOR-Reference
                 Banks" as the applicable Floating Rate Option under the ISDA
                 Definitions. "EUR-EURIBOR-Reference Banks" means that the rate
                 for an Interest Period will be determined on the basis of the
                 rates at which deposits in Euros are offered by the Reference
                 Banks (being four major banks in the Euro-zone interbank market
                 agreed to by the Calculation Agent and the Euro Currency Swap
                 Provider) at approximately 11:00 a.m., Brussels time, on the
                 Interest Determination Date to prime banks in the Euro-zone
                 interbank

--------------------------------------------------------------------------------
                                                                          page 8
<PAGE>

                 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 the
                 first Interest Period) commencing on the first day of the
                 Interest Period and in Representative Amount (as defined in the
                 ISDA Definitions). The Calculation Agent will request the
                 principal Euro-zone 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 major banks in /the Euro-zone interbank market, selected by
                 the Calculation Agent and the Euro Currency Swap Provider, at
                 approximately 11:00 a.m., Brussels time, on that Interest
                 Determination Date for loans in Euros 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 the
                 first Interest Period) commencing on the first day of the
                 Interest Period and in a Representative Amount;

           (c)   if no such rates are available in the Euro-zone interbank
                 market, then the rate for such Interest Period will be the most
                 recently determined rate in accordance with this paragraph.

           In this definition of EURIBOR, Banking Day means any day which is a
           TARGET Settlement Day.

           Euro and (euro) means the single currency introduced at the third
           stage of the European Economic Monetary Union pursuant to the Treaty
           establishing the European Community as amended.

           Euro Account means, in relation to the Fund, the Euro account of the
           Principal Paying Agent for the Fund or any other account opened and
           maintained outside Australia, of the Principal Paying Agent for the
           Fund so long as the Principal Paying Agent is a Bank which complies
           with clause 10.4(a).

           Euro Currency Swap means the master agreement dated on or about the
           date of this Supplementary Bond Terms Notice between the Trustee in
           its capacity as trustee of the Securitisation Fund, the Manager and
           the Euro Currency Swap Provider, on the terms of the ISDA Master
           Agreement (with amendments thereto), each Transaction (as defined in
           that agreement) entered into in accordance with that agreement under
           which the Euro Currency Swap Provider agrees to pay certain amounts
           in (euro) to the Trustee or at the Trustee's direction in exchange
           for certain amounts in A$ or any other Hedge or similar terms which,
           if entered into, will not result in the downgrading of, or withdrawal
           of the ratings for, any Notes.

           Euro Currency Swap Provider means, initially, Commonwealth Bank of
           Australia and thereafter any other person who is or becomes party to
           a Euro Currency Swap.

           Euro Exchange Rate means, on any date, the rate of exchange (set at
           the commencement of the Euro Currency Swap) applicable under the Euro
           Currency Swap for the exchange of Euros for Dollars.

           Exchange Act means the United States Securities Exchange Act of 1934.

           Final Interest Period Adjustment means, in relation to the last
           Monthly Interest Period or the last Quarterly Interest Period, if the
           Outstanding Principal Balance

--------------------------------------------------------------------------------
                                                                          page 9
<PAGE>

           of any Note on the due date for redemption is not zero and payment of
           principal due is improperly withheld or refused, the final Interest
           Period ends on the day on which:

           (a)   the monies in respect of that Note have been received by the
                 Note Trustee or the Principal Paying Agent and notice to that
                 effect has been given in accordance with the relevant
                 Condition; or

           (b)   the Outstanding Principal Balance of that Note has been reduced
                 to zero provided that interest will thereafter begin to accrue
                 from (and including) any date on which the Invested Amount of
                 the Notes becomes greater than zero.

           Final Maturity Date means in respect of each Class the earlier of:

           (a)   (1)   for Class A Notes - 9 November 2039; and

                 (2)   for Class B Notes - 9 November 2039,

                 in each case, the date specified is subject to adjustment in
                 accordance with the Modified Following Business Day Convention;
                 and

           (b)   the date declared by the Trustee at the direction of the
                 Manager in accordance with clause 4.

           Hedge in relation to the Fund includes any Interest Hedge and each
           Currency Swap.

           Income Unitholder means Industry Funds Management (Nominees 2) Pty
           Limited as trustee of the Super Business Loans Unit Trust No. 1.

           Initial Payment Funding Facility means the Payment Funding Facility
           dated on or about the date of this Supplementary Bond Terms Notice.

           Interest means Class A Interest or Class B Interest.

           Interest Collections means, in relation to a Calculation Period, all
           Collections for that Calculation Period other than Principal
           Collections.

           Interest Hedge means each master agreement made between the Trustee
           and the Manager on one hand and the Interest Hedge Provider on the
           terms of the ISDA Master Agreement (with amendments thereto), each
           Transaction (as defined in that agreement) entered into in accordance
           with that agreement in relation to the interest rate risk arising
           from a Mortgage under which all or part of the interest payable is
           fixed.

           Interest Hedge Provider means, in relation to an Interest Hedge, the
           person who has entered into that Interest Hedge with the Trustee
           other than the Manager.

           Interest Period means each Monthly Interest Period and each Quarterly
           Interest Period.

           Interest Rate means, in relation to:

           (a)   a Class A1 Note and an Interest Period, LIBOR in relation to
                 that Interest Period;

           (b)   a Class A2 Note and an Interest Period, EURIBOR in relation to
                 that Interest Period;

           (c)   a Class A3 Note and an Interest Period, the Benchmark Rate in
                 relation to that Interest Period;

--------------------------------------------------------------------------------
                                                                         page 10
<PAGE>

           (d)   Class B Note and an Interest Period, the Benchmark Rate in
                 relation to that Interest Period;

           (e)   a Liquidity Note and an Interest Period, the Benchmark Rate in
                 relation to that Interest Period,

           plus, in all cases, the relevant Margin for the relevant Note.

           Invested Amount means at any time in relation to a Note, an amount
           equal to:

           (a)   the Original Principal Balance of the Note; minus

           (b)   all repayments of principal made in relation to the Note.

           Irish Paying Agent means AIB/BNY Fund Management (Ireland) Limited or
           any successor as Irish Paying Agent under the Note Trust Deed.

           ISDA means the International Swaps and Derivatives Association, Inc.
           (formerly the International Swaps Dealers Association Inc).

           ISDA Definitions means the 2000 Definitions published by ISDA as
           amended from time to time.

           ISDA Master Agreement means the June 1992 Multicurrency-Cross border
           edition of the Master Agreement published by ISDA, any schedule
           forming part of that Agreement and the relevant addenda to it.

           Lead Manager means, in respect of the:

           (a)   Class A1 Notes - Credit Suisse Securities (USA) LLC and SG
                 Americas Securities LLC;

           (b)   Class A2 Notes - Credit Suisse Securities (Europe) Limited and
                 Societe Generale, London Branch; and

           (c)   Class A3 Notes - Credit Suisse, Sydney Branch and National
                 Australia Bank Limited.

           LIBOR means, in relation to any Interest Period and any Class A1
           Note, the rate of interest determined by the Calculation Agent as
           follows:

           (a)   on the second Banking Day before the beginning of each Interest
                 Period (each an Interest Determination Date), the rate
                 "USD-LIBOR-BBA" as the applicable Floating Rate Option under
                 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 United States Dollars which appears on the
                 Telerate Page 3750 as of 11.00 am, London time, determined on
                 the Interest Determination Date by the Calculation Agent;

           (b)   if such rate does not appear on the Telerate Page 3750, the
                 rate for that Interest Period will be determined as if the
                 Trustee and the Calculation Agent had 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 US Currency Swap Provider) at approximately 11.00 am,
                 London time, on the Interest

--------------------------------------------------------------------------------
                                                                         page 11
<PAGE>

                 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 US 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;

           (c)   if no such rates are available in New York City, then the rate
                 for such Interest Period will be the most recently determined
                 rate in accordance with this paragraph.

           In this definition of LIBOR, Banking Day means any day on which
           commercial banks are open for business (including dealings in foreign
           exchange and foreign currency deposits) in London.

           Liquidity Noteholder means initially, P.T. Limited and subsequently
           each person who is from time to time the holder of a Liquidity Note.

           Liquidity Notes means the liquidity notes issued by the Trustee to
           the Liquidity Noteholder in accordance with clauses 5.2(a) and
           5.2(b).

           Liquidity Notes Amount means A$7,500,000.

           Liquidity Notes Supplementary Bond Terms means the terms in respect
           of the Class named "SMHL Global Fund No. 9 - Liquidity Notes" set out
           in schedule 1.

           Loan Redraw Facility means, in relation to a Loan, any facility under
           which a Mortgagor may apply to redraw amounts under the Loan where
           the actual outstanding principal balance under the Loan is less than
           the scheduled principal balance of the Loan.

           LTV means, in relation to a Loan, the Outstanding Principal Balance
           of the Loan divided by the most recent market valuation held at the
           Cut-Off Date of the Land secured by the Mortgage securing that Loan.

           Manager means ME Portfolio Management Limited ABN 79 005 964 134.

           Margin means in respect of each Class:

           (a)   in respect of the Notes, up to but excluding 9 August 2012, the
                 following percentage in respect of each Class:

                 (1)   Class A1 Notes - 0.06% per annum;

                 (2)   Class A2 Notes - 0.08% per annum;

                 (3)   Class A3 Notes - 0.16% per annum;

--------------------------------------------------------------------------------
                                                                         page 12
<PAGE>

                 (4)   Class B Notes - 0.21% per annum; and

                 (5)   Liquidity Notes - 6.00% per annum; and

           (b)   from and including 9 August 2012 the percentage per annum
                 referred to in paragraph (a) plus the following percentage in
                 respect of each Class:

                 (1)   Class A1 Notes - 0.06% per annum;

                 (2)   Class A2 Notes - 0.08% per annum;

                 (3)   Class A3 Notes - 0.16% per annum;

                 (4)   Class B Notes - 0.000% per annum; and

                 (5)   Liquidity Notes - 0.000% per annum.

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

           Modified Following Business Day Convention has the meaning given to
           it in the ISDA Definitions.

           Monthly Calculation Period means, in relation to a Monthly Payment
           Date:

           (a)   which relates to the first Monthly Calculation Period:

                 (1)   with respect to the principal under the Loans secured by
                       Mortgages comprised in Assets of the Securitisation Fund,
                       the period from and including the Cut Off Date until the
                       first Monthly Cut Off; and

                 (2)   with respect to all other amounts received or applied by
                       the Trustee, the period from and including the Closing
                       Date until the first Monthly Cut Off;

           (b)   which relates to the last Monthly Calculation Period, from but
                 excluding the last day of the prior Monthly Calculation Period
                 to and including the day on which all amounts due on the Notes
                 are redeemed in full; and

           (c)   which relates to any other period, each period commencing
                 immediately after one Monthly Cut Off and ending at the next
                 Monthly Cut-Off.

           Monthly Cut-Off means, in relation to a Monthly Payment Date, the
           close of business on the day which is 7 Banking Days before that
           Monthly Payment Date.

           Monthly Interest Period means, in relation to a Monthly Payment Date:

           (a)   which relates to the first Monthly Interest Period, the period
                 from (and including) the Closing Date to (but excluding) the
                 first Monthly Payment Date; and

           (b)   which relates to the last Monthly Interest Period, the period
                 from (but excluding) the preceding Monthly Payment Date to (and
                 including) the day on which all amounts due on the Notes are
                 redeemed in full subject to any necessary Final Interest Period
                 Adjustment; and

           (c)   which relates to any other period, each period commencing
                 immediately after one Monthly Payment Date and ending at the
                 next Monthly Payment Date.

--------------------------------------------------------------------------------
                                                                         page 13
<PAGE>

           Monthly Payment Date means the 9th day of each calendar month (Sydney
           time) after the Closing Date, with the first Monthly Payment Date
           being 9 November 2006 and the last Monthly Payment Date being the
           Final Maturity Date, but, in each case if that day is not a Banking
           Day, the Monthly Payment Date shall be adjusted in accordance with
           the Modified Following Business Day Convention.

           Mortgage Transfer Proposal means a mortgage transfer proposal as that
           term is defined in the Master Trust Deed with such amendment as may
           be necessary to give effect to clause 7 of this deed.

           Note means a Bond being a Class A Note or a Class B Note referred to
           in this Supplementary Bond Terms Notice, and, in relation to a Class
           A Offered Note, includes the Conditions relating to a Class A Offered
           Note.

           Noteholder means, at any time, the person who:

           (a)   in relation to a Class A3 Note and a Class B Note, is
                 registered as the holder of that Note at that time;

           (b)   in relation to a Definitive Note, is the registered holder of
                 that Note at that time; or

           (c)   in relation to a Note which is represented by a Book-Entry
                 Note, unless the context requires otherwise, is noted on the
                 Note Register as a noteholder.

           The words holder and holders shall (where appropriate) be construed
           accordingly.

           Note Register means the register kept by the Note Registrar to
           provide for the registration and transfer of Class A Offered Notes
           under the Note Trust Deed.

           Note Registrar means The Bank of New York or any successor note
           registrar approved in writing by the Note Trustee and appointed under
           the Note Trust Deed.

           Note Trust Deed means the deed so entitled dated on or about the date
           of this Supplementary Bond Terms Notice between The Bank of New York
           as Note Trustee, the Principal Paying Agent, the Irish Paying Agent,
           the Class A3 Irish Paying Agent, the Calculation Agent, the Note
           Registrar, the Trustee, the Manager and the Security Trustee.

           Note Trustee means The Bank of New York or any successor Note Trustee
           appointed under the Note Trust Deed.

           Original LTV means, in relation to a Loan, the Original Principal
           Balance of the Loan and the original amount advanced under any Top-up
           Loan made prior to the Cut-Off divided by the most recent market
           valuation (for the purposes of the relevant Top-up Loan) held at the
           Cut-Off of the Land secured by the Mortgage securing that Loan.

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

           Outstanding Principal Balance means:

           (a)   at any time in relation to a Note, an amount equal to:

                 (1)   the Original Principal Balance of the Note; minus

                 (2)   all repayments of principal made in relation to that Note
                       (other than amounts applied under clauses 6.1(a)(11),
                       6.1(a)(12), 6.1(a)(13), 6.1(c)(11), 6.1(c)(12) or
                       6.1(c)(13)); minus

--------------------------------------------------------------------------------
                                                                         page 14
<PAGE>

                 (3)   the Carry Over Class A Charge Offs or the Carry Over
                       Class B Charge Offs (if any and as the case requires) for
                       the Note; plus

                 (4)   the amount to be applied, or available to be applied,
                       under clauses 6.1(a)(11), 6.1(a)(12), 6.1(a)(13),
                       6.1(c)(11), 6.1(c)(12) or 6.1(c)(13) (if any and as the
                       case requires) in reinstating the Outstanding Principal
                       Balance of the Note; and

           (b)   at any time in relation to a Loan, the then outstanding
                 principal under the Loan secured by the Mortgage.

           Paying Agent means, in respect of any Class A Offered Notes, any
           person appointed as a Paying Agent under the Note Trust Deed and
           includes the Principal Paying Agent and the Irish Paying Agent.

           Paying Office in respect of any Class A Offered Notes has the same
           meaning as in the Note Trust Deed.

           Payment Date means each Monthly Payment Date and each Quarterly
           Payment Date, as the context requires.

           Payment Funding Facility means any facility provided to the Trustee
           to enable the Trustee to support or fund payments required or to be
           made by the Trustee in respect of any Enhancement or Interest Hedge
           or as otherwise provided in that facility and in a form approved by
           each Designated Rating Agency.

           Permanent Class A2 Global Note means a Class A2 Book-Entry Note
           issued or to be issued by the Trustee in registered form under clause
           3.1 of the Note Trust Deed representing Class A2 Notes and
           substantially in the form of part C of schedule 1 of the Note Trust
           Deed.

           Pool means all of the Loans related to the Mortgages which comprise
           the Assets of the Securitisation Fund.

           Principal Collections means, in relation to a Calculation Period, the
           amount equal to the excess of the aggregate Unpaid Balance of the
           Loans secured by the Mortgages comprised in the Assets of the Fund as
           of the first day of that Calculation Period over the aggregate Unpaid
           Balance of the Loans secured by the Mortgages comprised in the Assets
           of the Fund as of the last day of that Calculation Period, plus in
           the case of the first Calculation Period only, an amount equal to:

           (a)   the aggregate Original Principal Balance of the Class A Notes
                 and Class B Notes; minus

           (b)   the aggregate Unpaid Balance of the Loans secured by the
                 Mortgages comprised in the Assets of the Fund as at the Bond
                 Issue Date.

           Principal Entitlement in relation to a Note for a Payment Date means
           the principal amount payable in respect of that Note on that Payment
           Date pursuant to clause 3.9.

           Principal Paying Agent means The Bank of New York or any successor as
           Principal Paying Agent under the Note Trust Deed.

           Principal Repayment Pool means, on any Payment Date the amount
           required to be paid, and available for payment to, Noteholders in
           accordance with clause 6.2.

           Quarterly Calculation Period means, in relation to a Quarterly
           Payment Date:

--------------------------------------------------------------------------------
                                                                         page 15
<PAGE>

           (a)   which relates to the first Quarterly Calculation Period:

                 (1)   with respect to the principal under the Loans secured by
                       Mortgages comprised in Assets of the Securitisation Fund,
                       the period from and including the Cut Off Date until the
                       first Quarterly Cut Off; and

                 (2)   with respect to all other amounts received or applied by
                       the Trustee, the period from and including the Closing
                       Date until the first Quarterly Cut Off;

           (b)   which relates to the last Quarterly Calculation Period, from
                 but excluding the last day of the prior Quarterly Calculation
                 Period to and including the day on which all amounts due on the
                 Notes are redeemed in full; and

           (c)   which relates to any other period, each period commencing
                 immediately after one Quarterly Cut Off and ending at the next
                 Quarterly Cut-Off.

           Quarterly Cut-Off means, in relation to a Quarterly Payment Date, the
           close of business on the day which is 7 Banking Days before that
           Quarterly Payment Date.

           Quarterly Interest Period means, in relation to a Quarterly Payment
           Date:

           (a)   which relates to the first Quarterly Interest Period, the
                 period from (and including) the Closing Date to (but excluding)
                 the first Quarterly Payment Date; and

           (b)   which relates to the last Quarterly Interest Period, the period
                 from (but excluding) the preceding Quarterly Payment Date to
                 (and including) the day on which all amounts due on the Notes
                 are redeemed in full subject to any necessary Final Interest
                 Period Adjustment; and

           (c)   which relates to any other period, each period commencing
                 immediately after one Quarterly Payment Date and ending at the
                 next Quarterly Payment Date.

           Quarterly Payment Date means:

           (a)   in respect of Class A1 Notes, the 9th day of each November,
                 February, May and August (New York time) after the Closing
                 Date;

           (b)   in respect of Class A2 Notes, the 9th day of each November,
                 February, May and August (London time) after the Closing Date;

           (c)   in respect of Class B Notes, the 9th day of each November,
                 February, May and August after the Closing Date,

           with the first Quarterly Payment Date being 9 November 2006 and the
           last Quarterly Payment Date being the Final Maturity Date, but, in
           each case if that day is not a Banking Day, the Quarterly Payment
           Date shall be adjusted in accordance with the Modified Following
           Business Day Convention.

           Realised Loss means with respect to a Loan secured by the Mortgages
           comprised in the Assets of the Fund:

           (a)   the Outstanding Principal Balance of such Loan; minus

           (b)   the total amount recovered and recoverable under the Relevant
                 Mortgage Insurance Policy; plus

--------------------------------------------------------------------------------
                                                                         page 16
<PAGE>

           (c)   any damages or other amounts payable under or in respect of the
                 Master Trust Deed, this Supplementary Bond Terms Notice or the
                 Mortgage Origination and Management Agreement relating to such
                 Loan.

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

           Redraw Charge Off means, in relation to a Redraw Funding Facility,
           the amount of reduction of the Redraw Principal Outstanding under
           clauses 3.20(a)(2)(B) and 3.20(b)(2)(B).

           Redraw Funding Facility means any facility provided to the Trustee to
           enable the Trustee to fund payments under a Loan Redraw Facility.

           Redraw Principal Outstanding means at any time in respect of a Redraw
           Funding Facility, an amount equal to:

           (a)   all principal drawings under the Redraw Funding Facility which
                 have been used to fund a payment of principal under a Loan
                 Redraw Facility; minus

           (b)   all repayments of principal in respect of such principal
                 drawing; minus

           (c)   the Carry Over Redraw Charge Offs for the Redraw Funding
                 Facility; plus

           (d)   the amount to be applied or available to be applied under
                 clauses 6.1(a)(11), 6.1(a)(14), 6.1(c)(11) and 6.1(c)(14) in
                 repaying the Redraw Principal Outstanding under the Redraw
                 Funding Facility.

           Regulation AB means Subpart 229.1100 - Asset Backed Securities
           (Regulation AB), 17 C.F.R. ss.ss. 229.1100-229.1123 as may be amended
           from time to time and subject to such clarification and
           interpretation as have been provided by the Commission in the
           adopting release (Asset-Backed Securities, Securities Act Release No.
           33-8518, 70 Fed. Reg. 1,506, 1,531 (Jan. 7, 2005)) or by the staff of
           the Commission or as may be provided by the Commission or its staff
           from time to time.

           Relevant Mortgage Insurance Policy means a Mortgage Insurance Policy
           issued to or held by the Trustee (in whole or in part) as trustee of
           the Securitisation Fund, or which covers Mortgages comprised in the
           Assets of the Securitisation Fund.

           Relevant Mortgage Insurer means a Mortgage Insurer under a Relevant
           Mortgage Insurance Policy.

           Required Cash Collateral means, on a Monthly Payment Date, an amount
           equal to the higher of:

           (a)   0.25% of the aggregate Outstanding Principal Balance of the
                 Loans secured by the Mortgages or such other amount as the
                 Manager and the Designated Rating Agencies agree from time to
                 time; and

           (b)   0.03% of the Total Original Principal Balance of the Notes or
                 such other amount as the Manager and the Designated Rating
                 Agencies agree from time to time,

           in each case disregarding payments and allocation of Realised Losses
           in respect of the Outstanding Principal Balance to be made on that
           Monthly Payment Date in accordance with clauses 3 and 6.

           Residual Capital Unitholder means Industry Funds Management (Nominees
           2) Pty Limited as trustee of the Super Business Loans Unit Trust No.
           1.

--------------------------------------------------------------------------------
                                                                         page 17
<PAGE>

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

           Securitisation Fund or Fund means the Securitisation Fund established
           under the Master Trust Deed known as SMHL Global Fund No. 9.

           Security Trust Deed means the deed so entitled dated 17 August 2006
           between the Trustee, the Manager, the Note Trustee and the Security
           Trustee as amended by the amending deed dated 21 September 2006
           between the Trustee, the Manager, the Note Trustee and the Security
           Trustee.

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

           Spread has the meaning given in:

           (a)   the Euro Currency Swap in respect of payments by the Trustee
                 under the Euro Currency Swap; and

           (b)   the US Currency Swap in respect of payments by the trustee
                 under the US Currency Swap.

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

           Substitute Mortgages means any Mortgages purchased by the Trustee
           pursuant to clause 7.1(c).

           Surplus Cash Collateral means, on any Payment Date, the amount by
           which the Cash Collateral exceeds the Required Cash Collateral.

           Suspended Moneys has the meaning given to it in clause 7.1(b).

           Suspension Date means the date which is 120 days after the issue of
           the Bond Issue Confirmation Certificate (as defined in the Mortgage
           Origination and Management Agreement).

           Swap Provider means, in relation to a Hedge, the counterparty which
           enters into that arrangement with the Trustee (other than the
           Manager).

           TARGET means the Trans-European Automated Real-time Gross Settlement
           Express Transfer system.

           TARGET Settlement Day means any day on which TARGET is open.

           Temporary Class A2 Global Note means a Class A2 Book-Entry Note
           issued or to be issued by the Trustee in registered form under clause
           3.1 of the Note Trust Deed representing Class A2 Notes and
           substantially in the form of part B of schedule 1 of the Note Trust
           Deed.

           Top-up Charge Off means, in relation to a Top-up Funding Facility,
           the amount of the reduction of the Top-up Principal Outstanding under
           clauses 3.20(a)(2)(C) and 3.20(b)(2)(C).

           Top-up Funding Facility means any facility provided to the Trustee to
           enable the Trustee to fund payments under a Top-up Loan.

--------------------------------------------------------------------------------
                                                                         page 18
<PAGE>

           Top-up Loan means, in relation to a Loan, any additional amount
           advanced under the Loan (other than under a Loan Redraw Facility) and
           secured by the Mortgage securing the Loan.

           Top-up Principal Outstanding means at any time in respect of a Top-up
           Funding Facility, an amount equal to:

           (a)   all principal drawings under the Top-Up Funding Facility which
                 have been used to fund a payment under a Top-Up Loan; minus

           (b)   all repayments of principal in respect of such principal
                 drawings; minus

           (c)   the Carry Over Top-Up Charge Offs for the Top-Up Funding
                 Facility; plus

           (d)   the amount to be applied or available to be applied under
                 clauses 6.1(a)(11), 6.1(a)(14), 6.1(c)(11) and 6.1(c)(14) in
                 repaying the Top-up Principal Outstanding under the Top-Up
                 Funding Facility.

           Total Original Principal Balance means, as the context requires, the
           aggregate Original Principal Balance of all Notes or a Class of
           Notes.

           Total Outstanding Principal Balance means, at any time, the aggregate
           Outstanding Principal Balance at that time of all Notes or a Class of
           Notes.

           Transaction has the meaning given to it under the relevant ISDA
           Master Agreement.

           Transaction Document means each Transaction Document (as defined in
           the Master Trust Deed) to the extent that it relates to the
           Securitisation Fund or the Notes.

           Transfer Date has the meaning given to it in clause 10.9 of the
           Master Trust Deed.

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

           United States Dollars, USD and US$ means the currency of the United
           States of America.

           Unpaid Balance means, at any time, an amount equal to:

           (a)   the aggregate initial Outstanding Principal Balance of Loans
                 secured by Mortgages comprised in Assets of the Securitisation
                 Fund; minus

           (b)   all repayments of principal in respect of such Loans which have
                 not been redrawn.

           US$ Account means, in relation to the Fund, the US$ account of the
           Principal Paying Agent for the Fund or any other account opened and
           maintained outside Australia, of the Principal Paying Agent for the
           Fund so long as the Principal Paying Agent is a Bank which complies
           with clause 10.4(a).

           US$ Exchange Rate means, on any date, the rate of exchange (set as at
           the commencement of the Currency Swap) applicable under the Currency
           Swap for the exchange of Dollars for United States Dollars.

           US Currency Swap means, each master agreement dated on or about the
           date of this Supplementary Bond Terms Notice between the Trustee in
           its capacity as trustee of the Securitisation Fund, the Manager and
           the US Currency Swap Provider, on the terms of the ISDA Master
           Agreement (with amendments thereto),

--------------------------------------------------------------------------------
                                                                         page 19
<PAGE>

           each Transaction (as defined in that agreement) entered into in
           accordance with that agreement under which the US Currency Swap
           Provider agrees to pay certain amounts in US$ to the Trustee or at
           the Trustee's direction in exchange for certain amounts in A$ or any
           other Hedge on similar terms which, if entered into, will not result
           in the downgrading of, or withdrawal of the ratings for, any Notes.

           US Currency Swap Provider means, initially, Commonwealth Bank of
           Australia and thereafter any other person who is or becomes a party
           to a US Currency Swap.

     2.2   Incorporation of Master Trust Deed Definitions

           Subject to clause 2.1, each expression used herein that is defined in
           the Master Trust Deed and is not defined herein shall have the same
           meaning herein as in the Master Trust Deed.

     2.3   Interpretation

           The provisions of clause 1.2 of the Master Trust Deed shall be
           incorporated, mutatis mutandis, into this Supplementary Bond Terms
           Notice.

     2.4   Payments

           All payments of principal and interest:

           (a)   on the Class A1 Notes must be in United States Dollars;

           (b)   on the Class A2 Notes must be in Euro;

           (c)   on the Class A3 Notes must be in Dollars; and

           (d)   on the Class B Notes must be in Dollars.

     2.5   Acknowledgment

           The parties acknowledge that the matters contained in clauses 1 to 12
           (inclusive) and 15 of this Supplementary Bond Terms Notice result
           from decisions and directions of the Manager to the Trustee and not
           from directions or decisions made by the Note Trustee, the Principal
           Paying Agent, the Irish Paying Agent, the Class A3 Irish Paying
           Agent, the Calculation Agent or the Note Registrar.

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

3    Notes

     3.1   Conditions of Notes

           (a)   The conditions of the Class A Offered Notes will be as set out
                 in the Master Trust Deed as supplemented and amended by this
                 Supplementary Bond Terms Notice, the Conditions and the Note
                 Trust Deed.

           (b)   The conditions of the Class A3 Notes and the Class B Notes will
                 be as set out in the Master Trust Deed, as supplemented and
                 amended by this Supplementary Bond Terms Notice.

--------------------------------------------------------------------------------
                                                                         page 20
<PAGE>

     3.2   Issue of Notes

           (a)   Class A Offered Notes must be issued in amounts, or on terms,
                 such that their offer for subscription and their issue will
                 comply with the Note Trust Deed and otherwise in a way that
                 does not require disclosure to investors under Part 6D.2 of the
                 Corporations Act, and will comply with:

                 (1)   the Financial Services and Markets Act 2000 (UK) and all
                       regulations made under or in relation to that Act, as
                       amended; and

                 (2)   the Securities Act, the Exchange Act, all regulations
                       made under or in relation to them, and all other laws or
                       regulations of any jurisdiction of the United States of
                       America regulating the offer or issue of, or subscription
                       for, Class A Offered Notes.

           (b)   Class A3 Notes and Class B Notes must be issued in minimum
                 parcels or subscriptions which have an aggregate Original
                 Principal Balance of A$500,000, (disregarding any amount
                 payable to the extent to which it is to be paid out of money
                 lent by the person offering the Notes or an associate (as
                 defined in Division 2 of Part 1.2 of the Corporations Act)) or
                 otherwise in a way that does not require disclosure to
                 investors under Part 6D.2 of the Corporations Act, and will
                 comply with the Financial Services and Markets Act 2000 (UK)
                 and all regulations made under or in relation to that Act, as
                 amended.

           (c)   No Class A2 Note, Class A3 Note or Class B Note has been or
                 will be registered under the Securities Act and the Class A2
                 Notes, Class A3 Notes and Class B Notes may not be offered or
                 sold within the United States or to, or for the account of
                 benefit of, US persons except in accordance with Regulation S
                 under the Securities Act or pursuant to an exemption from the
                 registration requirements of the Securities Act. Terms used in
                 this paragraph have the meanings given to them by Regulation S
                 of the Securities Act.

     3.3   Trustee's covenant to Noteholders and the Note Trustee

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

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

           (b)   covenants for the benefit of each 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 Notes held by
                       that Noteholder on the applicable Payment Date;

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

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

--------------------------------------------------------------------------------
                                                                         page 21
<PAGE>

     3.4   Final redemption

           Each Note must be finally redeemed, and the obligations of the
           Trustee with respect to the payment of the Outstanding Principal
           Balance of that Note must be finally discharged, on the first to
           occur of:

           (a)   the date upon which the Invested Amount of that Note is reduced
                 to zero;

           (b)   the date upon which the Note is redeemed under clause 4;

           (c)   the date upon which the relevant Noteholder renounces in
                 writing all of its rights to any amounts payable under or in
                 respect of that Note;

           (d)   the date on which all amounts received by the Note Trustee with
                 respect to the enforcement of the Security Trust Deed are paid
                 to the Principal Paying Agent, all amounts payable to the Class
                 A3 Noteholders with respect to the enforcement of the Security
                 Trust Deed are paid to the Class A3 Noteholders and all amounts
                 payable to the Class B Noteholders with respect to the
                 enforcement of the Security Trust Deed are paid to the Class B
                 Noteholders;

           (e)   the Payment Date immediately following the date on which the
                 Trustee completes a sale and realisation of all Assets of the
                 Fund in accordance with the Master Trust Deed and this
                 Supplementary Bond Terms Notice; and

           (f)   the Final Maturity Date.

     3.5   Period during which interest accrues

           Each Note bears interest calculated and payable in arrears in
           accordance with this Supplementary Bond Terms Notice from the Closing
           Date to the date upon which that Note is finally redeemed under
           clause 3.4.

     3.6   Calculation of interest

           (a)   Subject to clause 3.6(b), interest payable on each Note in
                 respect of each Interest Period is calculated as the product
                 of:

                 (1)   at the applicable Interest Rate;

                 (2)   the Invested Amount of that Note as at the first day of
                       that Interest Period, after giving effect to any payments
                       of principal made with respect to such Note on such day;
                       and

                 (3)   a fraction, the numerator of which is the actual number
                       of days in that Interest Period and the denominator of
                       which is 365 days (in the case of Class A3 Notes and
                       Class B Notes) or 360 days (in the case of Class A1 Notes
                       and Class A2 Notes).

           (b)   No interest will accrue on any Note for the period from and
                 including:

                 (1)   the date on which the Outstanding Principal Balance of
                       that Note is reduced to zero (provided that interest
                       shall thereafter begin to accrue from (and including) any
                       date on which the Outstanding Principal Balance of that
                       Note becomes greater than zero); or

                 (2)   if the Outstanding Principal Balance of the Note on the
                       due date for redemption in full of the Note is not zero,
                       unless payment of

--------------------------------------------------------------------------------
                                                                         page 22
<PAGE>

                       principal due is improperly withheld or refused,
                       following which the Note will continue to earn interest
                       on the Invested Amount of the Note at the rate from time
                       to time applicable to the Note until the later of:

                       (A)   the date on which the moneys in respect of that
                             Note have been received by the Note Trustee or the
                             Principal Paying Agent and notice to that effect is
                             given in accordance with the relevant Conditions;
                             or

                       (B)   the date on which the Outstanding Principal Balance
                             of that Note has been reduced to zero (provided
                             that interest shall thereafter begin to accrue from
                             (and including) any date on which the Outstanding
                             Principal Balance of that Note becomes greater than
                             zero).

           (c)   If Interest is not paid in respect of a Note on the date when
                 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 from time to time on that Note
                 until the unpaid Interest, and interest on it, is available for
                 payment and:

                 (1)   in the case of the Class A Offered Notes, notice of that
                       availability has been duly given in accordance with
                       Condition 12; or

                 (2)   in the case of the Class A3 Notes and the Class B Notes,
                       there is full satisfaction of those amounts, to be
                       determined in accordance with the Master Trust Deed (as
                       amended in accordance with this Supplementary Bond Terms
                       Notice).

     3.7   Aggregate receipts

           (a)   Notwithstanding anything in clause 6.2, no Noteholder will be
                 entitled to receive aggregate principal under any Note at any
                 time in excess of the Invested Amount for that Note at that
                 time.

           (b)   The Trustee, the Manager, the Note Trustee, the Security
                 Trustee, the Paying Agents and the Class A3 Irish Paying Agent
                 may treat the Noteholder as the absolute owner of that Note
                 (whether or not that Note is overdue and despite any notation
                 or notice to the contrary or writing on it or any notice of
                 previous loss or theft of it or of trust or other interest in
                 it) for the purpose of making payment and for all other
                 purposes.

     3.8   Application of Principal Repayment Pool

           At all times prior to the making by the Security Trustee of a
           declaration in accordance with the Security Trust Deed that the
           charge created by the Security Trust Deed is immediately enforceable,
           the Principal Repayment Pool in relation to a Payment Date must be
           applied in or towards the repayment of principal on the Notes on that
           Payment Date in accordance with this clause 3 and clause 6 or the
           purchase of Substitute Mortgages in accordance with clause 7. Upon
           and after the making of such a declaration, the Notes will rank, and
           payments will be made in respect of the Notes, in accordance with the
           provisions of the Security Trust Deed and, in the case of the Class A
           Offered Notes, the Note Trust Deed.

--------------------------------------------------------------------------------
                                                                         page 23
<PAGE>

     3.9   Repayment of Principal

           On each Payment Date, the Principal Repayment Pool must, subject to
           this clause 3 and clauses 6 and 7, be applied in or towards making
           repayments of principal on the Notes in accordance with clause 6
           until the Invested Amount for each Note is reduced to zero.

     3.10  Final Maturity Date

           The Outstanding Principal Balance of each Note must be repaid in full
           on the Final Maturity Date.

     3.11  Reduction in Principal balance

           Each payment of principal in respect of a Note under this clause 3
           reduces the Invested Amount of that Note by the amount of that
           payment. The Trustee has no obligation to make any payment of
           principal under this clause 3 in respect of a Note in excess of the
           Invested Amount of that Note immediately prior to that payment being
           made.

     3.12  Cancellation on repayment

           Upon the reduction of the Invested Amount of a Note to zero by
           repayment of principal in accordance with this clause 3 and payment
           of all the Interest Amounts (and other interest payments) in relation
           to that Note, that Note is cancelled.

     3.13  Payments into Euro Account

           (a)   The Trustee must direct the Euro Currency Swap Provider to pay
                 all amounts denominated in (euro) payable to the Trustee by the
                 Euro Currency Swap Provider under the Euro Currency Swap into
                 the Euro Account or to the Principal Paying Agent under the
                 Note Trust Deed on behalf of the Trustee.

           (b)   If the Trustee or the Manager receives any amount denominated
                 in (euro) from the Euro Currency Swap Provider under the Euro
                 Currency Swap they must promptly pay that amount to the credit
                 of the Euro Account or to the Principal Paying Agent.

     3.14  Payments out of Euro Account

           On each Payment Date, subject to the terms of this Supplementary Bond
           Terms Notice, the Trustee must, on the direction of the Manager, or
           must require that the Principal Paying Agent on its behalf,
           distribute from the Euro Account the relevant amounts of principal
           and interest due in respect of each Class A2 Note in accordance with
           the Note Trust Deed and in the order of priority in clauses 6.1 and
           6.2.

     3.15  Payments into US$ Account

           (a)   The Trustee must direct the US Currency Swap Provider to pay
                 all amounts denominated in US$ payable to the Trustee by the US
                 Currency Swap Provider under the US Currency Swap into the US$
                 Account or to the Principal Paying Agent under the Note Trust
                 Deed on behalf of the Trustee.

--------------------------------------------------------------------------------
                                                                         page 24
<PAGE>

           (b)   If the Trustee or the Manager receives any amount denominated
                 in US$ from the US Currency Swap Provider under the US Currency
                 Swap they must promptly pay that amount to the credit of the
                 US$ Account or to the Principal Paying Agent.

     3.16  Payments out of US$ Account

           On each Payment Date, subject to the terms of this Supplementary Bond
           Terms Notice, the Trustee 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 principal and
           interest due in respect of each Class A1 Note in accordance with the
           Note Trust Deed and in the order of priority in clauses 6.1 and 6.2.

     3.17  Rounding of amounts

           In making the calculations required or contemplated by this clause 3,
           the Manager shall round calculations to four decimal places, except
           that all monetary amounts shall be rounded down to the nearest cent
           or as otherwise required in this Supplementary Bond Terms Notice.

     3.18  Prescription

           Despite any other provision of this Supplementary Bond Terms Notice
           and the Master Trust Deed, Condition 8 of the Class A Offered Notes
           applies to all amounts payable in relation to any Class A Offered
           Note.

     3.19  Replacement of Currency Swap

           (a)   If a Currency Swap is terminated, the Trustee must at the
                 direction of the Manager enter into one or more currency swaps
                 which replace the Currency Swap (collectively a Replacement
                 Currency Swap) but only on the condition:

                 (1)   that the relevant amount determined under section 6(e) of
                       the ISDA Master Agreement for the Currency Swap (Currency
                       Swap Termination Amount), if any, which is payable by the
                       Trustee to the Currency Swap Provider on termination of
                       the Currency Swap will be paid in full when due in
                       accordance with this Supplementary Bond Terms Notice and
                       the Currency Swap;

                 (2)   the ratings assigned to the Notes are not adversely
                       affected, which must be confirmed in writing by each
                       Designated Rating Agency;

                 (3)   the liability of the Trustee under that Replacement
                       Currency Swap is limited to at least the same extent that
                       its liability is limited under the Currency Swap; and

                 (4)   the terms of the Replacement Currency Swap are acceptable
                       to the Trustee acting reasonably and taking into account
                       the interests of the Noteholders.

           (b)   If the conditions in clause 3.19(a) are satisfied, the Trustee
                 must at the direction of the Manager enter into the Replacement
                 Currency Swap and if it does so it must direct the provider of
                 the Replacement Currency Swap to pay any upfront premium to
                 enter into the Replacement Currency Swap

--------------------------------------------------------------------------------
                                                                         page 25
<PAGE>

                 due to the Trustee directly to the Currency Swap Provider in
                 satisfaction of and to the extent of the Trustee's obligation
                 to pay the Currency Swap Termination Amount to the Currency
                 Swap Provider as referred to in clause 3.19(a). If the Currency
                 Swap Termination Amount (if any) is payable by the Currency
                 Swap Provider to the Trustee, the Trustee shall direct the
                 Currency Swap Provider to pay such amount directly to the
                 Replacement Currency Swap Provider in satisfaction and to the
                 extent of any upfront premium to enter into the Replacement
                 Currency Swap. Where the upfront premium payable upon entry
                 into the Replacement Currency Swap is:

                 (1)   payable by the Trustee to the Replacement Swap Provider,
                       then the:

                       (A)   excess of the Currency Swap Termination Amount over
                             the upfront premium will be included as Income
                             Collection for the relevant Calculation Period; and

                       (B)   excess of the upfront premium payable over the
                             Currency Swap Termination Amount will be satisfied
                             by the Trustee as an Expense; or

                 (2)   payable by the Replacement Swap Provider to the Trustee,
                       then the:

                       (A)   excess of the Currency Swap Termination Amount over
                             the upfront premium will be satisfied by the
                             Trustee as an Expense; and

                       (B)   excess of the upfront premium over the Currency
                             Swap Termination Amount will be included as Income
                             Collection for the relevant Calculation Period.

     3.20  Realised Losses on Mortgages

           (a)   On each Monthly Payment Date on which the Manager determines
                 that the aggregate amount of Realised Losses for the related
                 Monthly Calculation Period exceeds funds available on such
                 Monthly Payment Date to reimburse such Realised Losses under
                 clause 6.1(a) the Manager must do the following on and with
                 effect from such Monthly Payment Date:

                 (1)   reduce pro-rata as between themselves the Outstanding
                       Principal Balance of the Class B Notes by the amount of
                       that excess until the Outstanding Principal Balance of
                       the Class B Notes is zero, but only to the extent of the
                       portion of the applicable Quarterly Calculation Period
                       that falls within the applicable Monthly Calculation
                       Period, to be applied to reduce pro-rata as between
                       themselves, the Outstanding Principal Balance of the
                       Class B Notes, on the following Quarterly Payment Date;
                       and

                 (2)   if the Outstanding Principal Balance of the Class B Notes
                       is zero and any amount of that excess has not been
                       applied or allocated under clause 3.20(a)(1), reduce
                       pro-rata and rateably as between the Class A Notes, the
                       Redraw Funding Facilities and the Top-up Funding
                       Facilities with respect to the balance of the deficiency
                       (having taken into account any relevant amounts allocated
                       under

--------------------------------------------------------------------------------
                                                                         page 26
<PAGE>

                       clause 3.20(a)(2)(A),(B) and (C) respectively since the
                       preceding Monthly Payment Date):

                       (A)   rateably as between each of the Class A Notes, the
                             A$ Equivalent Outstanding Principal Balance of the
                             Class A Notes by the amount of the remaining
                             deficiency until the Outstanding Principal Balance
                             of the Class A Notes is zero:

                             (i)   in respect of the Class A3 Notes, on that
                                   Monthly Payment Date; and

                             (ii)  in respect of the Class A Offered Notes, only
                                   to the extent of the portion of the
                                   applicable Quarterly Calculation Period that
                                   falls within the applicable Monthly
                                   Calculation Period, to be applied to reduce
                                   pro-rata as between themselves, the
                                   Outstanding Principal Balance of the Class A
                                   Offered Notes, on the following Quarterly
                                   Payment Date;

                       (B)   rateably as between each Redraw Funding Facility,
                             the Redraw Principal Outstanding of the Redraw
                             Funding Facilities by the amount of the remaining
                             deficiency until the Redraw Principal Outstanding
                             under each Redraw Funding Facility is zero, but
                             only to the extent of the portion of the applicable
                             Quarterly Calculation Period that also falls within
                             the applicable Monthly Calculation Period, to be
                             applied to reduce pro-rata as between each Redraw
                             Funding Facility, the Redraw Principal Outstanding
                             of the Redraw Funding Facilities, on the following
                             Quarterly Payment Date;

                       (C)   rateably as between each Top-up Funding Facility,
                             the Top-up Principal Outstanding of the Top-up
                             Funding Facilities by the amount of the remaining
                             deficiency until the Top-up Principal Outstanding
                             under each Top-up Funding Facility is zero, but
                             only to the extent of the portion of the applicable
                             Quarterly Calculation Period that also falls within
                             the applicable Monthly Calculation Period, to be
                             applied to reduce pro-rata as between each Top-up
                             Funding Facility, the Top-up Principal Outstanding
                             of the Top-up Funding Facilities on the following
                             Quarterly Payment Date.

           (b)   On each Quarterly Payment Date on which the Manager determines
                 that the aggregate amount of Realised Losses for the Monthly
                 Calculation Period ending immediately before the relevant
                 Quarterly Payment Date exceeds funds available on such
                 Quarterly Payment Date to reimburse such Realised Losses under
                 clause 6.1(c) the Manager must do the following on and with
                 effect from such Quarterly Payment Date:

                 (1)   reduce pro-rata as between themselves the Outstanding
                       Principal Balance of the Class B Notes by the amount of
                       that excess until the Outstanding Principal Balance of
                       the Class B Notes is zero, including all amounts
                       allocated under clause 3.20(a)(1) for the two preceding
                       Monthly Payment Dates; and

--------------------------------------------------------------------------------
                                                                         page 27
<PAGE>

                 (2)   if the Outstanding Principal Balance of the Class B Notes
                       is zero and any amount of that excess has not been
                       applied under clause 3.20(b)(1), reduce pro-rata and
                       rateably as between the Class A Notes, the Redraw Funding
                       Facilities and the Top-up Funding Facilities with respect
                       to the balance of the deficiency (having taken into
                       account any relevant amounts allocated under clause
                       3.20(a)(2)(A),(B) or (C) respectively since the preceding
                       Quarterly Payment Date):

                       (A)   rateably as between each of the Class A Notes, the
                             A$ Equivalent Outstanding Principal Balance of the
                             Class A Notes by the amount of the remaining
                             deficiency until the Outstanding Principal Balance
                             of the Class A Notes is zero (Class A Charge Offs);

                       (B)   rateably as between each Redraw Funding Facility,
                             the Redraw Principal Outstanding of the Redraw
                             Funding Facilities by the amount of the remaining
                             deficiency until the Redraw Principal Outstanding
                             under each Redraw Funding Facility is zero (Redraw
                             Charge Offs); and

                       (C)   rateably as between each Top-up Funding Facility,
                             the Top-up Principal Outstanding of the Top-up
                             Funding Facilities by the amount of the remaining
                             deficiency until the Top-up Principal Outstanding
                             under each Top-up Funding Facility is zero (Top Up
                             Charge Offs).

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

4    Notes Callable at Option of Trustee

     4.1   Call - Class A Notes

           The Trustee 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, and in the case of Class A Offered Notes,
           in accordance with Condition 12, purchase or redeem all, but not some
           only, of the Class A Notes by repaying the Outstanding Principal
           Balance of those Class A Notes, together with accrued interest to
           (but excluding) the date of repurchase or redemption on any Quarterly
           Payment Date falling on or after the earlier of:

           (a)   the Quarterly Payment Date on which the Outstanding Principal
                 Balance of all Notes calculated and expressed in the A$
                 Equivalent is equal to or less than 10% of the Total Original
                 Principal Balance calculated and expressed in the A$
                 Equivalent; and

           (b)   in the case of Class A Notes, the Quarterly Payment Date
                 falling on 9 August 2012,

           provided that:

           (c)   if the aggregate Outstanding Principal Balance of all Class A
                 Notes on such date of redemption or repurchase has been reduced
                 by Class A Charge Offs which have not been reinstated under
                 clauses 6.1(c)(11) and 6.1(c)(12), the Noteholders owning at
                 least 75% of the aggregate Invested

--------------------------------------------------------------------------------
                                                                         page 28
<PAGE>

                 Amount of the Class A Notes calculated and expressed in the A$
                 Equivalent must consent to such repurchase or redemption; and

           (d)   the Trustee will be in a position on such Quarterly Payment
                 Date to discharge (and the Manager so certifies to the Trustee
                 and the Note Trustee upon which the Trustee and the Note
                 Trustee will rely conclusively) all its liabilities in respect
                 of the 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 Notes if the
                 security for the Notes were being enforced.

     4.2   Tax event

           If the Manager satisfies the Trustee and the Note Trustee immediately
           prior to giving the notice referred to below that either:

           (a)   on the next Quarterly Payment Date the Trustee would be
                 required to deduct or withhold from any payment of principal or
                 interest in respect of the Notes, the Currency Swaps, the
                 Payment Funding Facility, the Top-up Funding Facility 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

           (b)   the total amount payable in respect of interest in relation to
                 any of the Loans secured by the Mortgages comprised in the
                 Assets of the Fund for a Quarterly Calculation Period ceases to
                 be receivable (whether or not actually received) by the Trustee
                 during such Quarterly Calculation Period (but this paragraph
                 (b) does not apply to a failure by the Trustee to receive any
                 interest in relation to any of the Loans merely by reason of
                 the failure by any borrowers to pay that interest in breach of
                 the relevant Loans),

           the Trustee must, when so directed by the Manager, at the Manager's
           option (provided that the Trustee will be in a position on such
           Quarterly Payment Date to discharge (and the Manager will so certify
           to the Trustee and the Note Trustee) all its liabilities in respect
           of the 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 Notes if the security for the Notes were being
           enforced), having given not more than 60 nor less than 45 days notice
           to the Class A Offered Noteholders in accordance with Condition 12,
           redeem all, but not some only, of the Notes at their then Invested
           Amounts together with accrued interest to (but excluding) the date of
           redemption on any subsequent Payment Date, provided that the
           Noteholders may by Extraordinary Resolution elect, and must notify
           the Trustee and the Manager not less than 21 days before the next
           Quarterly Payment Date following the receipt of notice of such
           proposed redemption, that they do not require the Trustee to redeem
           the Notes.

     4.3   Call - Class B Notes

           The Trustee 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 B Noteholders, in the case of Class B Notes redeem all,
           but not some only, of the Class B Notes by repaying the Outstanding
           Principal Balance of those Class B

--------------------------------------------------------------------------------
                                                                         page 29
<PAGE>

           Notes, together with accrued interest to (but excluding) the date of
           redemption, on:

           (a)   the date of redemption, repurchase or final repayment of the
                 Class A Notes; or

           (b)   (if directed by the Manager) any Quarterly Payment Date falling
                 after such date.

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

5    Cash-Collateral

     5.1   Cash Collateral Account

           On the Closing Date the Manager must establish and at all times until
           the Outstanding Principal Balance of all Notes is reduced to zero
           maintain a ledger account in the accounting records maintained by it
           pursuant to the Master Trust Deed designated "SMHL Global Fund No. 9
           Cash Collateral Account".

     5.2   Initial Cash Collateral and Liquidity Notes

           On the Closing Date, the Trustee must, subject to the terms of the
           Master Trust Deed, and in accordance with the Bond Issue Direction:

           (a)   issue to the Liquidity Noteholder (as nominee on behalf of the
                 Trustee in its capacity as trustee of the Superannuation
                 Members' Home Loans Warehousing Trust 2004-1) liquidity notes
                 (being Bonds as defined in the Master Trust Deed) having an
                 initial Face Value of an amount equal to Liquidity Notes
                 Amount, being comprised in a Class named "SMHL Global Fund No.
                 9 - Liquidity Notes", and being on the terms set out in the
                 Liquidity Notes Supplementary Bond Terms and the Master Trust
                 Deed;

           (b)   in accordance with clauses 7.8(f) and 7.10 of the Master Trust
                 Deed, hold an amount of the issue proceeds of the Notes equal
                 to the Face Value of the Liquidity Notes as trustee of the
                 Securitisation Fund; and

           (c)   credit that amount to the Cash Collateral Account.

     5.3   Investment of Cash Collateral

           Amounts credited to the Cash Collateral Account must be invested in
           Authorised Investments:

           (a)   which are rated "AAA" or "A-1+" by S&P and "Prime-1" or "Aaa"
                 by Moody's and "AAA" or "F1+" by Fitch Ratings, or such other
                 rating as the Designated Rating Agency may approve from time to
                 time;

           (b)   which mature (except in the case of call deposits with a Bank)
                 not later than the day before the relevant Payment Date
                 immediately after the day on which they are made; and

           (c)   otherwise in accordance with the Master Trust Deed.

           Income from Authorised Investments comprised in the Cash Collateral
           does not constitute Collections, and must be credited to the Cash
           Collateral Account.

--------------------------------------------------------------------------------
                                                                         page 30
<PAGE>

     5.4   Use of Cash Collateral

           If on any relevant Payment Date, the Collections (other than
           Collections with respect to amounts applied from the Cash Collateral
           Account) for the relevant Calculation Period are less than the
           aggregate of the amounts referred to in clauses 6.1(a)(1) to
           6.1(a)(6) (inclusive) (in respect of a Monthly Payment Date) and
           clauses 6.1(c)(1) to 6.1(c)(6) (inclusive) (in respect of a Quarterly
           Payment Date), the Manager must direct the Trustee to withdraw from
           the Cash Collateral Account the amount equal to the lesser of the
           amount of such deficiency and the Cash Collateral, which amount will
           then be applied to and become part of the Collections available for
           application on the relevant Payment Date in accordance with those
           clauses.

     5.5   Surplus Cash Collateral

           If on any relevant Payment Date after the making of all payments
           which the Trustee is obliged to make on that relevant Payment Date
           there is Surplus Cash Collateral, the Trustee must (at the direction
           of the Manager) on that relevant Payment Date apply the Surplus Cash
           Collateral in or towards payment to each Liquidity Noteholder of
           amounts payable under or in respect of the Liquidity Notes or
           interest payable in respect of the Liquidity Notes in accordance with
           the Liquidity Notes Supplementary Bond Terms.

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

6    Distribution of Collections

     6.1   Distribution of Interest Collections

           (a)   Subject to the terms of the Security Trust Deed and these
                 Supplementary Bond Terms (including clause 6.1(b)), on each
                 Monthly Payment Date (other than a Quarterly Payment Date and
                 to the extent it has not already done so in accordance with
                 this clause 6.1(a)), the Trustee must apply the Interest
                 Collections for the relevant Monthly Calculation Period as
                 follows:

                 (1)   first, in payment of Taxes in respect of the
                       Securitisation Fund;

                 (2)   secondly, pari passu and rateably in payment of the
                       Trustee's Fee, the Manager's Fee and any Expenses (other
                       than the Expenses referred to below in this clause
                       6.1(a)) in respect of the Securitisation Fund;

                 (3)   thirdly, without duplication, in or toward any amounts
                       payable or to be applied under clause 6.1(a)(4) on any
                       previous Monthly Payment Date, if there had been
                       sufficient Interest Collections, which have not been paid
                       or allocated by the Trustee 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:

                       (A)   toward payment of any interest due under any Redraw
                             Funding Facility or Top-up Funding Facility for the
                             portion of the applicable Quarterly Interest Period
                             that also falls within the applicable Monthly
                             Interest Period, to be retained

--------------------------------------------------------------------------------
                                                                         page 31
<PAGE>

                             in the bank account for the Securitisation Fund or
                             invested in Authorised Investments until applied to
                             payments of interest to the Redraw Funding Facility
                             or Top-up Funding Facility on the following
                             Quarterly Payment Date;

                       (B)   toward payment to the Euro Currency Swap Provider
                             and US Currency Swap Provider, toward allowance for
                             the A$ Class A Interest Amount under the relevant
                             Confirmation on that Monthly Payment Date for the
                             portion of the applicable Quarterly Interest Period
                             that also falls within the applicable Monthly
                             Interest Period, to be retained in the bank account
                             for the Securitisation Fund or invested in
                             Authorised Investments until applied to payments of
                             the A$ Class A Interest Amount to the Euro Currency
                             Swap Provider and US Currency Swap Provider which
                             is thereafter to be applied to payment of interest
                             on the Class A Offered Notes on the following
                             Quarterly Payment Date; and

                       (C)   in payment to Class A3 Noteholders of the Class A3
                             Interest due on the Class A3 Notes on that Monthly
                             Payment Date;

                 (5)   fifthly, without duplication, toward any amounts to be
                       applied under clause 6.1(a)(6) on any previous Monthly
                       Payment Date, if there had been sufficient Interest
                       Collections, which have not previously been paid or
                       allocated by the Trustee with accrued interest thereon at
                       the Interest Rate applicable to the relevant Note;

                 (6)   sixthly, pari passu and rateably toward payment to Class
                       B Noteholders of the Class B Interest to be applied on
                       the Class B Notes for the portion of the applicable
                       Quarterly Interest Period that also falls within the
                       applicable Monthly Interest Period, to be retained in the
                       bank account for the Securitisation Fund or invested in
                       Authorised Investments until applied to payments of Class
                       B Interest due on the Class B Notes on the following
                       Quarterly 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 or make allowance for, in the
                       order of priorities specified in clause 6.2(a) any
                       amounts that have been paid or allocated on any previous
                       Monthly Payment Date (to the extent not previously
                       reimbursed under this clause 6.1(a)(8)) under:

                       (A)   clauses 6.2(a)(1), 6.2(a)(2) and 6.2(a)(3)(C); and

                       (B)   clauses 6.2(a)(3)(A), 6.2(a)(3)(B) and 6.2(a)(4),
                             such amounts to be retained in the bank account for
                             the Securitisation Fund or invested in Authorised
                             Investments until applied to reimburse those
                             amounts on the following Quarterly Payment Date;

--------------------------------------------------------------------------------
                                                                         page 32
<PAGE>

                 (9)   ninthly, toward payment toward any break costs payable on
                       cancellation of any Interest Hedge to the extent that
                       those amounts are not recovered under the relevant Loan
                       secured by Mortgages comprised in the Assets of the Fund
                       in the form of any applicable prepayment fees or a
                       drawing has not been made under a Payment Funding
                       Facility for the portion of the applicable Quarterly
                       Calculation Period that also falls within the applicable
                       Monthly Calculation Period, to be retained in the bank
                       account for the Securitisation Fund or invested in
                       Authorised Investments until applied to the payment of
                       such break costs on the following Quarterly Payment Date;

                 (10)  tenthly, pari passu and rateably toward 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 for
                       the portion of the applicable Quarterly Interest Period
                       that also falls within the applicable Monthly Interest
                       Period, to be retained in the bank account for the
                       Securitisation Fund or invested in Authorised Investments
                       until applied to the payment of interest payable in
                       respect of the Liquidity Notes and in or towards payment
                       of any interest in respect of any Payment Funding
                       Facility on the following Quarterly Payment Date;

                 (11)  eleventhly, in respect of the amount of any Class A
                       Charge Offs, any Redraw Charge Offs and any Top-up Charge
                       Offs, in and towards reinstatement in the books of the
                       Fund, pari passu and rateably allocated to:

                       (A)   that portion of the Class A Charge Offs that
                             relates to the Class A3 Notes for that Monthly
                             Calculation Period; and

                       (B)   Redraw Charge Offs, Top-up Charge Offs and that
                             portion of the Class A Charge Offs that relates to
                             the Class A Offered Notes for the portion of the
                             applicable Quarterly Calculation Period that also
                             falls within the applicable Monthly Calculation
                             Period, to be retained in the bank account for the
                             Securitisation Fund or invested in Authorised
                             Investments until applied to reinstatement in the
                             books of the Fund pari passu and rateably to that
                             portion of the Class A Charge Offs that relates to
                             the Class A Offered Notes, Redraw Charge Offs and
                             Top-up Charge Offs on the following Quarterly
                             Payment Date;

                 (12)  twelfthly, in respect of the amount of any Carry Over
                       Redraw Charge Offs, any Carry Over Top-up Charge Offs and
                       the A$ Equivalent of any Carry Over Class A Charge Offs
                       allocated to:

                       (A)   each Class A3 Note on that Monthly Payment Date;
                             and

                       (B)   each Class A Offered Note to be retained in the
                             bank account for the Securitisation Fund or
                             invested in Authorised Investments,

                       until applied in and towards reinstatement in the books
                       of the Fund, pari passu and rateably as between any Carry
                       Over Redraw Charge

--------------------------------------------------------------------------------
                                                                         page 33
<PAGE>

                       Offs, any Carry Over Top-up Charge Offs and the A$
                       Equivalent of any Carry Over Class A Charge Offs
                       allocated to each Class A Note, of:

                       (C)   the A$ Equivalent of any Carry Over Class A Charge
                             Offs;

                       (D)   any Carry Over Redraw Charge Offs; and

                       (E)   any Carry Over Top-up Charge Offs,

                       on that Monthly Payment Date (in respect of the Class A3
                       Notes) and on the following Quarterly Payment Date (in
                       respect of the Class A Offered Notes, any Carry Over
                       Redraw Charge Offs and any Carry Over Top-up Charge
                       Offs):

                 (13)  thirteenthly, in respect of the amount of any Class B
                       Charge Offs and any Carry Over Class B Charge Offs to be
                       retained in the bank account for the Securitisation Fund
                       or invested in Authorised Investments, until applied
                       towards reinstatement in the books of the Fund and in the
                       following order of:

                       (A)   any Class B Charge Offs for the portion of the
                             applicable Quarterly Calculation Period that also
                             falls within the applicable Monthly 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,

                       on the following Quarterly Payment Date;

                 (14)  fourteenthly (to the extent not paid or allowed for under
                       clause 6.2(a)), pari passu and rateably, toward repayment
                       of any principal to be applied under any Redraw Funding
                       Facility, toward repayment of any principal to be applied
                       under any Top-up Funding Facility and toward repayment of
                       any principal to be applied under any Payment Funding
                       Facility, in each case for the portion of the applicable
                       Quarterly Calculation Period that also falls within the
                       applicable Monthly Calculation Period, to be retained in
                       the bank account for the Securitisation Fund or invested
                       in Authorised Investments until applied to the repayment
                       of any principal due and payable under any Redraw Funding
                       Facility, any principal due and payable under any Top-up
                       Funding Facility and any principal due and payable under
                       any Payment Funding Facility on the following Quarterly
                       Payment Date; and

                 (15)  fifteenthly, in payment of or provision for amounts
                       payable to the Income Unitholder of the Securitisation
                       Fund in accordance with clauses 22.1(d) and 22.3(d) of
                       the Master Trust Deed for the portion of the applicable
                       Quarterly Interest Period that also falls within the
                       applicable Monthly Interest Period, to be retained in the
                       bank account for the Securitisation Fund or invested in
                       Authorised Investments until applied to the payment of or
                       provision for amounts payable to the Income Unitholder of
                       the Securitisation Fund on the following Quarterly
                       Payment Date.

           (b)   The Trustee must only make an application of Interest
                 Collections under clause 6.1(a) to the extent that any Interest
                 Collections remain from which

--------------------------------------------------------------------------------
                                                                         page 34
<PAGE>

                 to make the application after amounts with priority to that
                 payment have been applied.

           (c)   Subject to the terms of the Security Trust Deed and these
                 Supplementary Bond Terms (including clause 6.1(d)), on each
                 Quarterly Payment Date (to the extent it has not already done
                 so in accordance with this clause 6.1(c)), the Trustee must
                 apply the Interest Collections in relation to the Monthly
                 Calculation Period ending immediately before the relevant
                 Quarterly Payment Date as follows:

                 (1)   first, in payment of Taxes in respect of the
                       Securitisation Fund which have been incurred prior to
                       that Quarterly Payment Date and which have not previously
                       been paid on a prior Monthly Payment Date under an
                       application of this clause 6.1;

                 (2)   secondly, pari passu and rateably in payment of the
                       Trustee's Fee, the Manager's Fee and any Expenses (other
                       than the Expenses referred to below in this clause
                       6.1(c)) in respect of the Securitisation Fund which have
                       been incurred prior to that Quarterly Payment Date and
                       which have not previously been paid on a prior Monthly
                       Payment Date under an application of this clause 6.1;

                 (3)   thirdly, without duplication, in or toward any amounts
                       payable or to be applied under clause 6.1(c)(4) on any
                       previous Payment Date, if there had been sufficient
                       Interest Collections, which have not previously been paid
                       or allocated by the Trustee, 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:

                       (A)   in payment of any interest due under any Redraw
                             Funding Facility or Top-up Funding Facility for the
                             applicable Quarterly Interest Period, including
                             (without duplication) all amounts allocated under
                             clause 6.1(a)(4)(A) on the two preceding Monthly
                             Payment Dates;

                       (B)   in payment to the Euro Currency Swap Provider and
                             US Currency Swap Provider, in payment of the A$
                             Class A Interest Amount payable under the
                             Confirmation at that Quarterly Payment Date which
                             is thereafter to be applied to payment of interest
                             on the Class A Offered Notes for the applicable
                             Quarterly Interest Period, including (without
                             duplication) all amounts allocated under clause
                             6.1(a)(4)(B) on the two preceding Monthly Payment
                             Dates; and

                       (C)   in payment to Class A3 Noteholders of the Class A3
                             Interest due on the Class A3 Notes on that
                             Quarterly Payment Date for the applicable Monthly
                             Interest Period;

                 (5)   fifthly, without duplication, in payment of any amounts
                       payable under clause 6.1(c)(6) on any previous Payment
                       Date, if there had been sufficient Interest Collections,
                       which have not previously been paid or allocated by the
                       Trustee with accrued interest thereon at the Interest
                       Rate applicable to the relevant Note;

--------------------------------------------------------------------------------
                                                                         page 35
<PAGE>

                 (6)   sixthly, pari passu and rateably in payment to Class B
                       Noteholders of the Class B Interest due on the Class B
                       Notes on that Quarterly Payment Date for the applicable
                       Quarterly Interest Period, including (without
                       duplication) all amounts allocated under clause 6.1(a)(6)
                       on the two preceding Monthly Payment Dates;

                 (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, in the order of priorities
                       specified in clause 6.2(c), any amounts that have been
                       paid or allocated in any previous Interest Periods under
                       clauses 6.2(c)(1), 6.2(c)(2), 6.2(c)(3) and 6.2(c)(4) (to
                       the extent not previously reimbursed under this clause
                       6.1(c)(8)) for the applicable Monthly Interest Period (in
                       the case of clauses 6.2(c)(1), 6.2(c)(2) and
                       6.2(c)(3)(C)) and Quarterly Interest Period (in the case
                       of clauses 6.2(c)(3)(A), 6.2(c)(3)(B) and 6.2(c)(4)),
                       including (without duplication) all amounts allocated
                       under clause 6.1(a)(8)(B) on the two preceding Monthly
                       Payment Dates;

                 (9)   ninthly, in payment toward any break costs payable on
                       cancellation of any Interest Hedge to the extent that
                       those amounts are not recovered under the relevant Loan
                       secured by Mortgages comprised in the Assets of the Fund
                       in the form of any applicable prepayment fees or a
                       drawing has not been made under a Payment Funding
                       Facility for the applicable Quarterly Calculation Period,
                       including (without duplication) all amounts allocated
                       under clause 6.1(a)(9) on the two preceding Monthly
                       Payment Dates;

                 (10)  tenthly, pari passu and rateably in payment to the
                       Liquidity Noteholder of interest payable in respect of
                       the Liquidity Notes and in payment of any interest in
                       respect of any Payment Funding Facility for the
                       applicable Quarterly Interest Period, including (without
                       duplication) all amounts allocated under clause
                       6.1(a)(10) on the two preceding Monthly Payment Dates;
                       and;

                 (11)  eleventhly, in respect of the amount of any Class A
                       Charge Offs, any Redraw Charge Offs and any Top-up Charge
                       Offs, in and towards reinstatement of in the books of the
                       Fund, pari passu and rateably allocated to:

                       (A)   that portion of the Class A Charge Offs that
                             relates to the Class A3 Notes for that Monthly
                             Calculation Period; and

                       (B)   Redraw Charge Offs, Top-Up Charge Offs and that
                             portion of the Class A Charge Offs that relates to
                             the Class A Offered Notes for that Calculation
                             Period for the applicable Quarterly Calculation
                             Period, including (without duplication) all amounts
                             allocated under clause 6.1(a)(11)(B) on the two
                             preceding Monthly Payment Dates;

--------------------------------------------------------------------------------
                                                                         page 36
<PAGE>

                 (12)  twelfthly, in respect of the amount of any Carry Over
                       Redraw Charge Offs, any Carry Over Top-up Charge Offs and
                       the A$ Equivalent of any Carry Over Class A Charge Offs
                       allocated to:

                       (A)   each Class A3 Note; and

                       (B)   each Class A Offered Note,

                       in reinstatement in the books of the Fund, pari passu and
                       rateably (as between any Carry Over Redraw Charge Offs,
                       any Carry Over Top-up Charge offs and the A$ Equivalent
                       of any Carry Over Class A Charge Offs allocated to each
                       Class A Note) of:

                       (C)   the A$ Equivalent of any Carry Over Class A Charge
                             Offs;

                       (D)   any Carry Over Redraw Charge Offs; and

                       (E)   any Carry Over Top-up Charge Offs,

                       on that Monthly Payment Date (in the case of the Class A3
                       Notes) and on that Quarterly Payment Date (in the case of
                       the Class A Offered Notes (including (without
                       duplication) any amounts allocated on the two preceding
                       Monthly Payment Dates), any Carry Over Redraw Charge Offs
                       and any Carry Over Top-up 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 in the books of the Fund and in the
                       following order of:

                       (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,

                       for the applicable Quarterly Calculation Period,
                       including (without duplication) all amounts allocated
                       under clause 6.1(a)(13) on the two preceding Monthly
                       Payment Dates;

                 (14)  fourteenthly (to the extent not paid under clause 6.2),
                       pari passu and rateably, in repayment of any principal
                       due and payable under any Redraw Funding Facility, in
                       repayment of any principal due and payable under any
                       Top-up Funding Facility and in repayment of any principal
                       due and payable under any Payment Funding Facility for
                       the applicable Quarterly Calculation Period, including
                       (without duplication) all amounts allocated under clause
                       6.1(a)(14) on the two preceding Monthly Payment Dates;
                       and

                 (15)  fifteenthly, in payment of or provision for amounts
                       payable to the Income Unitholder of the Securitisation
                       Fund in accordance with clauses 22.1(d) and 22.3(d) of
                       the Master Trust Deed for the applicable Quarterly
                       Interest Period, including (without duplication) all
                       amounts allocated under clause 6.1(a)(15) on the two
                       preceding Monthly Payment Dates.

           (d)   The Trustee must only make an application of Interest
                 Collections under clause 6.1(c) to the extent that any Interest
                 Collections remain from which

--------------------------------------------------------------------------------
                                                                         page 37
<PAGE>

                 to make the application, after payment of amounts with priority
                 to that payment have been made.

     6.2   Distribution of Principal Collections

           (a)   Subject to the terms of the Security Trust Deed and these
                 Supplementary Bond Terms (including clause 6.2(b)), on each
                 Monthly Payment Date (other than a Quarterly Payment Date and
                 to the extent it has not already done so in accordance with
                 this clause 6.2(a)), the Trustee must apply the Principal
                 Collections for the relevant Monthly Calculation Period
                 together with any amounts to be applied under this clause
                 6.2(a) pursuant to clauses 6.1(a)(8) and 6.6, for the relevant
                 Monthly Calculation Period towards the following payments in
                 the following order of priority:

                 (1)   first, in payment of Taxes in respect of the
                       Securitisation Fund (to the extent not paid or allowed
                       for under clause 6.1(a));

                 (2)   secondly, pari passu and rateably in payment of the
                       Trustee's Fee, the Manager's Fee and any Expenses (other
                       than the Expenses referred to below in this clause
                       6.2(a)) in respect of the Securitisation Fund and which
                       have not previously been paid under clauses 5.4 and
                       6.1(a));

                 (3)   thirdly, in or toward payment of the amounts payable or
                       to be applied, and in the priority under clause
                       6.1(a)(4), which have not previously been paid or allowed
                       for on a prior Monthly Payment Date under clauses 5.4 and
                       6.1(a)) of:

                       (A)   any interest due under any Redraw Funding Facility
                             or Top-up Funding Facility for the portion of the
                             applicable Quarterly Interest Period that also
                             falls within the applicable Monthly Interest
                             Period, to be retained in the bank account for the
                             Securitisation Fund or invested in Authorised
                             Investments until applied to payments of interest
                             to the Redraw Funding Facility or Top-up Funding
                             Facility on the following Quarterly Payment Date;

                       (B)   the applicable A$ Class A Interest Amount in
                             respect of the Class A Offered Notes for the
                             portion of the applicable Quarterly Interest Period
                             that also falls within the applicable Monthly
                             Interest Period, to be retained in the bank account
                             for the Securitisation Fund or invested in
                             Authorised Investments until applied to payments to
                             the Euro Currency Swap Provider and US Currency
                             Swap Provider which is thereafter to be applied to
                             payment on the Class A Offered Notes on the
                             following Quarterly Payment Date; and

                       (C)   any Class A3 Interest payable to the Class A3
                             Noteholders on that Monthly Payment Date;

                 (4)   fourthly, toward payment of the amounts payable under and
                       in the priority as specified, in clause 6.1(a)(6) on the
                       Class B Notes on that Monthly Payment Date and which have
                       not previously been paid or allowed for on a prior
                       Monthly Payment Date under clauses 5.4 and 6.1(a)),
                       provided that such amounts must be

--------------------------------------------------------------------------------
                                                                         page 38
<PAGE>

                       retained in the bank account for the Securitisation Fund
                       or invested in Authorised Investments until applied to
                       payments on the Class B Notes on the following Quarterly
                       Payment Date;

                 (5)   fifthly, pari passu and rateably toward repayment of any
                       Redraw Principal Outstanding under a Redraw Funding
                       Facility and any Top-up Principal Outstanding under any
                       Top-up Funding Facility for the portion of the applicable
                       Quarterly Calculation Period that also falls within the
                       applicable Monthly Calculation Period, to be retained in
                       the bank account for the Securitisation Fund or invested
                       in Authorised Investments until applied to payments of
                       principal to the Redraw Funding Facility or Top-up
                       Funding Facility on the following Quarterly Payment Date;

                 (6)   sixthly, pari passu and rateably toward payments approved
                       by the Manager under any Loan Redraw Facility and any
                       Top-up Loan for the portion of the applicable Quarterly
                       Calculation Period that also falls within the applicable
                       Monthly Calculation Period, to be retained in the bank
                       account for the Securitisation Fund or invested in
                       Authorised Investments until applied to payments approved
                       by the Manager under any Loan Redraw Facility and any
                       Top-up Loan on the following Quarterly Payment Date;

                 (7)   seventhly, pari passu and rateably (having taken into
                       account any amounts allocated under this clause 6.2(a)(7)
                       since the preceding Quarterly Payment Date):

                       (A)   in payment of principal to the Class A3 Noteholders
                             for the applicable Monthly Calculation Period until
                             the Outstanding Principal Balance of the Class A3
                             Notes is reduced to zero; and

                       (B)   toward payment to the Currency Swap Providers under
                             a Confirmation relating to the Class A Offered
                             Notes for the portion of the applicable Quarterly
                             Calculation Period that also falls within the
                             applicable Monthly Calculation Period, to be
                             retained in the bank account for the Securitisation
                             Fund or invested in Authorised Investments until
                             applied to payments to the Currency Swap Providers
                             on the following Quarterly Payment Date, until the
                             Outstanding Principal Balance of the Class A
                             Offered Notes is reduced to zero,

                       of an amount equal to the lesser of:

                       (C)   the amount available for distribution under this
                             clause 6.2(a)(7) after all payments which have
                             priority under this clause 6.2(a); and

                       (D)   the A$ Equivalent of the Outstanding Principal
                             Balance of all Class A Notes,

                 (8)   eighthly, toward payment of principal 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:

--------------------------------------------------------------------------------
                                                                         page 39
<PAGE>

                       (A)   the amount available for distribution under this
                             clause 6.2(a)(8) after all payments which have
                             priority under this clause 6.2(a); and

                       (B)   the Outstanding Principal Balance for all Class B
                             Notes,

                       for the portion of the applicable Quarterly Calculation
                       Period that also falls within the applicable Monthly
                       Calculation Period, to be retained in the bank account
                       for the Securitisation Fund or invested in Authorised
                       Investments until applied to payments to the Class B
                       Noteholders on the following Quarterly Payment Date;

                 (9)   ninthly, pari passu and rateably as between any Carry
                       Over Redraw Charge Offs, any Carry Over Top-up Charge
                       Offs and the A$ Equivalent of any Carry Over Class A
                       Charge Offs allocated to each Class A Note (having taken
                       into account any amounts allocated under this clause
                       6.2(a)(9) since the preceding Quarterly Payment Date):

                       (A)   toward payment to the Currency Swap Providers under
                             a Confirmation of the A$ Equivalent of any Carry
                             Over Class A Charge Offs relating to the Class A
                             Offered Notes;

                       (B)   toward repaying the Redraw Principal Outstanding of
                             each Redraw Funding Facility to the extent of any
                             Carry Over Redraw Charge Offs; and

                       (C)   toward repaying the Top-up Principal Outstanding of
                             each Top-up Funding Facility to the extent of any
                             Carry Over Top-up Charge Offs,

                       to be retained in the bank account for the Securitisation
                       Fund or invested in Authorised Investments until applied
                       to payments to the Currency Swap Providers, repaying the
                       Redraw Principal Outstanding of each Redraw Funding
                       Facility, and Top-up Principal Outstanding of each Top-up
                       Funding Facility on the following Quarterly Payment Date;
                       and

                       (D)   in payment to the Class A3 Noteholders of any Carry
                             Over Class A Charge Offs relating to the Class A3
                             Notes on that Monthly Payment Date;

                 (10)  tenthly, toward repaying the Invested Amount of the Class
                       B Notes to the extent of any Carry Over Class B Charge
                       Offs, to be retained in the bank account for the
                       Securitisation Fund or invested in Authorised Investments
                       until applied to repayment of the Invested Amount of the
                       Class B Notes on the following Quarterly Payment Date;

                 (11)  eleventhly, toward payment towards any break costs
                       payable on cancellation of any Interest Hedge to the
                       extent that those amounts are not recovered under the
                       relevant Loan secured by Mortgages comprised in Assets of
                       the 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 under clause 6.1) for
                       the portion of the applicable Quarterly Calculation
                       Period that also falls within the applicable Monthly
                       Calculation Period, to be

--------------------------------------------------------------------------------
                                                                         page 40
<PAGE>

                       retained in the bank account for the Securitisation Fund
                       or invested in Authorised Investments until applied to
                       payment of such break costs on the following Quarterly
                       Payment Date; and

                 (12)  twelfthly, subject to clause 6.3, pari passu and rateably
                       toward 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 for the portion
                       of the applicable Quarterly Calculation Period that also
                       falls within the applicable Monthly Calculation Period,
                       to be retained in the bank account for the Securitisation
                       Fund or invested in Authorised Investments until applied
                       to payment of the principal amount outstanding in respect
                       of the Liquidity Notes and repayment of any principal in
                       respect of any Payment Funding Facility on the following
                       Quarterly Payment Date.

           (b)   The Trustee must only make an application of Principal
                 Collections under clause 6.2(a) only to the extent that any
                 Principal Collections remain from which to make the application
                 after amounts with priority to that payment have been applied.

           (c)   Subject to the terms of the Security Trust Deed and these
                 Supplementary Bond Terms (including clause 6.2(d)), on each
                 Quarterly Payment Date (to the extent it has not already done
                 so in accordance with this clause 6.2(c)), the Trustee must
                 apply the Principal Collections together with any amounts to be
                 applied under this clause 6.2(c) pursuant to clauses 6.1(c)(8)
                 and 6.6 in relation to the Monthly Calculation Period ending
                 immediately before the relevant Quarterly Payment Date towards
                 the following payments in the following order of priority:

                 (1)   first, in payment of Taxes in respect of the
                       Securitisation Fund (to the extent not paid for under
                       clause 6.1) which have been incurred prior to that
                       Quarterly Payment Date and which have not been previously
                       paid on a prior Monthly Payment Date under an application
                       of this clause 6.2;

                 (2)   secondly, pari passu and rateably in payment of the
                       Trustee's Fee, the Manager's Fee and any Expenses (other
                       than the Expenses referred to below in this clause 6.2)
                       in respect of the Securitisation Fund which have been
                       incurred prior to that Quarterly Payment Date and which
                       have not been previously paid on a prior Monthly Payment
                       Date (to the extent not paid or allowed for under clauses
                       5.4 and 6.1);

                 (3)   thirdly, in payment of the amounts payable and in the
                       priority under clause 6.1(c)(4) and which have not
                       previously been paid or allowed for on a previous Payment
                       Date under clauses 5.4 and 6.1 of:

                       (A)   any interest due under any Redraw Funding Facility
                             or Top-up Funding Facility for the applicable
                             Quarterly Interest Period, including (without
                             duplication) all amounts allocated under clause
                             6.2(a)(4)(A) on the two preceding Monthly Payment
                             Dates;

--------------------------------------------------------------------------------
                                                                         page 41
<PAGE>

                       (B)   the applicable A$ Class A Interest Amount in
                             respect of the Class A Offered Notes, for the
                             applicable Quarterly Interest Period, including
                             (without duplication) all amounts allocated under
                             clause 6.2(a)(3)(B) on the two preceding Monthly
                             Payment Dates; and

                       (C)   any Class A3 Interest payable to the Class A3
                             Noteholders, for the applicable Monthly Interest
                             Period;

                 (4)   fourthly, in payment of the amounts payable under, and in
                       the priority as specified in, clause 6.1(c)(6) on the
                       Class B Notes and which have not previously been paid or
                       allowed for a previous Payment Date for the applicable
                       Quarterly Interest Period, including (without
                       duplication) all amounts allocated under clause 6.2(a)(4)
                       on the two preceding Monthly Payment Dates (to the extent
                       not paid under clauses 5.4 and 6.1);

                 (5)   fifthly, pari passu and rateably in repayment of any
                       Redraw Principal Outstanding under a Redraw Funding
                       Facility and any Top-up Principal Outstanding under any
                       Top-up Funding Facility for the applicable Quarterly
                       Calculation Period, including (without duplication) all
                       amounts allocated under clause 6.2(a)(5) on the two
                       preceding Monthly Payment Dates;

                 (6)   sixthly, pari passu and rateably in payment of amounts
                       approved by the Manager under any Loan Redraw Facility
                       and any Top-up Loan for the applicable Quarterly
                       Calculation Period, including (without duplication) all
                       amounts allocated under clause 6.2(a)(6) on the two
                       preceding Monthly Payment Dates;

                 (7)   seventhly, pari passu and rateably:

                       (A)   in payment of principal to the Class A3 Noteholders
                             for the applicable Monthly Calculation Period until
                             the Outstanding Principal Balance of the Class A3
                             Notes is reduced to zero; and

                       (B)   in payment to the Currency Swap Providers under a
                             Confirmation relating to the Class A Offered Notes
                             for the applicable Quarterly Calculation Period,
                             including (without duplication) all amounts
                             allocated under clause 6.2(a)(7) for the two
                             preceding Monthly Payment Dates, until the
                             Outstanding Principal Balance of the Class A
                             Offered Notes is reduced to zero,

                       of an amount equal to the lesser of:

                       (C)   the amount available for distribution under this
                             clause 6.2(c)(7) after all payments which have
                             priority under this clause 6.2; and

                       (D)   the A$ Equivalent of the Outstanding Principal
                             Balance for all Class A Notes;

                 (8)   eighthly, in payment of principal to the Class B
                       Noteholders pari passu and rateably, until the
                       Outstanding Principal Balance of the

--------------------------------------------------------------------------------
                                                                         page 42
<PAGE>

                       Class B Notes is reduced to zero, of an amount equal to
                       the lesser of:

                       (A)   the amount available for distribution under this
                             clause 6.2(c)(8) after all payments which have
                             priority under this clause 6.2; and

                       (B)   the Outstanding Principal Balance for all Class B
                             Notes,

                       for the applicable Quarterly Calculation Period,
                       including (without duplication) all amounts allocated
                       under clause 6.2(a)(8) for the two preceding Monthly
                       Payment Dates;

                 (9)   ninthly, pari passu and rateably as between any Carry
                       Over Redraw Charge Offs, any Carry Over Top-up Charge
                       Offs and the A$ Equivalent of any Carry Over Class A
                       Charge Offs allocated to each Class A Note:

                       (A)   in payment to the Currency Swap Providers under a
                             Confirmation of the A$ Equivalent of any Carry Over
                             Class A Charge Offs relating to the Class A Offered
                             Notes;

                       (B)   in repaying the Redraw Principal Outstanding of
                             each Redraw Funding Facility to the extent of any
                             Carry Over Redraw Charge Offs; and

                       (C)   in repaying the Top-up Principal Outstanding of
                             each Top-up Funding Facility to the extent of any
                             Carry Over Top-up Charge Offs,

                       including (without duplication) all amounts allocated
                       under clause 6.2(a)(9) on the two preceding Monthly
                       Payment Dates; and

                       (D)   in payment to the Class A3 Noteholders of any Carry
                             Over Class A Charge Offs;

                 (10)  tenthly, in repayment of the Invested Amount of the Class
                       B Notes to the extent of any Carry Over Class B Charge
                       Offs including (without duplication) all amounts
                       allocated under clause 6.2(a)(10) on the two preceding
                       Monthly Payment Dates;

                 (11)  eleventhly, in payment towards any break costs payable on
                       cancellation of any Interest Hedge to the extent that
                       those amounts are not recovered under the relevant Loan
                       secured by Mortgages comprised in Assets of the Fund in
                       the form of any applicable prepayment fees or a drawing
                       has not been made under a Payment Funding Facility for
                       the applicable Quarterly Calculation Period, including
                       all amounts allocated under clause 6.2(a)(11) on the two
                       preceding Monthly Payment Dates (to the extent not paid
                       under clause 6.1); and

                 (12)  twelfthly, subject to clause 6.3, pari passu and rateably
                       in payment to the Liquidity Noteholder of the principal
                       amount outstanding in respect of the Liquidity Notes and
                       in repayment of any principal in respect of any Payment
                       Funding Facility for the applicable Quarterly Calculation
                       Period, including (without duplication) all amounts
                       allocated under clause 6.2(a)(12) on the two preceding
                       Monthly Payment Dates.

--------------------------------------------------------------------------------
                                                                         page 43
<PAGE>

           (d)   The Trustee must only make an application of Principal
                 Collections under clause 6.2(c) to the extent that any
                 Principal Collections remain from which to make the
                 application, after payment of amounts with priority to that
                 payment have been made.

     6.3   Rights of Liquidity Noteholder

           On any Quarterly Payment Date, the Trustee must not make any payments
           out of Principal Collections to the Liquidity Noteholder under clause
           6.2 unless the Invested Amount of all the Class A Notes and Class B
           Notes is zero, or will be zero following any payments made on the
           relevant Quarterly Payment Date.

     6.4   Funding Loan Redraw Facilities

           (a)   The Trustee may only fund advances under Loan Redraw Facilities
                 from Collections which represent prepayments of principal under
                 Loans (Redraw Prepayments) and by drawings under Redraw Funding
                 Facilities.

           (b)   The Trustee must not apply any Redraw Prepayments to making
                 advances under a Loan Redraw Facility unless:

                 (1)   all amounts specified in clauses 6.2(a)(1) to 6.2(a)(4)
                       inclusive and clauses 6.2(c)(1) to 6.2(c)(4) inclusive
                       which are due and payable have been paid or allocated;
                       and

                 (2)   the Trustee holds Collections equal to the sum of the
                       advance under the Loan Redraw Facility and all amounts
                       specified in clauses 6.2(a)(1) to 6.2(a)(4) inclusive and
                       clauses 6.2(c)(1) to 6.2(c)(4) inclusive which are
                       accrued but not due and payable.

     6.5   Funding Top-up Loans

           (a)   Subject to clause 6.5(c), the Trustee may only fund advances
                 for Top-up Loans from Collections which represent repayments or
                 prepayments of principal under Loans (Top-up Prepayments) and
                 by drawings under Top-up Funding Facilities.

           (b)   The Trustee must not apply any Top-up Prepayments to making
                 advances for a Top-up Loan unless:

                 (1)   all amounts specified in clauses 6.2(a)(1) to 6.2(a)(4)
                       inclusive and clauses 6.2(c)(1) to 6.2(c)(4) inclusive
                       which are due and payable have been paid or allocated;
                       and

                 (2)   the Trustee holds Collections equal to the sum of the
                       advance under the Top-up Loan and all amounts specified
                       in clauses 6.2(a)(1) to 6.2(a)(4) inclusive and clauses
                       6.2(c)(1) to 6.2(c)(4) inclusive which are accrued but
                       not due and payable.

           (c)   The Trustee must not fund any advances for Top-up Loans until a
                 Top-up Funding Facility has been duly executed in the form
                 agreed by each Designated Rating Agency.

--------------------------------------------------------------------------------
                                                                         page 44
<PAGE>

     6.6   Payment of Charge Offs

           The amount of any reinstatement under clauses 6.1(a)(11), 6.1(a)(12),
           6.1(a)(13), 6.1(c)(11), 6.1(c)(12) and 6.1(c)(13) must be applied on
           the relevant Payment Date of the reinstatement in accordance with
           clause 6.2 as if the amount reinstated formed part of Principal
           Collections.

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

7    Substitution of Mortgages

     7.1   Purchase of Substitute Mortgages

           (a)   The Manager may, within 120 days after the issue of the Bond
                 Issue Confirmation Certificate (as defined in the Mortgage
                 Origination and Management Agreement), determine to suspend, to
                 the extent necessary, the obligations of the Trustee to treat
                 as Principal Collections so much of the payments in respect of
                 principal received on the repurchase of Loans pursuant to
                 either clause 10.4 of the Mortgage Origination and Management
                 Agreement or clause 11.6 of the Master Trust Deed, to purchase
                 substitute mortgages.

           (b)   Any payments of principal suspended in accordance with clause
                 7.1(a) (Suspended Moneys) may only be used in the manner
                 provided in clause 7.1(c).

           (c)   The Manager may only make a determination pursuant to clause
                 7.1(a):

                 (1)   for the purpose of directing the Trustee to apply the
                       Suspended Moneys in and toward the purchase of Mortgages
                       (Substitute Mortgages) from any other Fund which has been
                       created pursuant to the Master Trust Deed (including
                       Origination Fund No. 3);

                 (2)   if the final payment date of each Substitute Mortgage is
                       at least one year before the Final Maturity Date of the
                       Notes;

                 (3)   if the Manager has given the Designated Rating Agencies
                       not less than 5 Banking Days notice or such shorter
                       period as the Designated Rating Agencies may agree of its
                       intention to make the determination;

                 (4)   if the Manager receives confirmation from the Designated
                       Rating Agencies that the purchase by the Trustee of the
                       Substitute Mortgages will not adversely affect the
                       Designated Rating of the Notes; and

                 (5)   if

                       (A)   the Trustee receives from the Manager a completed
                             Mortgage Transfer Proposal in relation to the
                             Substitute Mortgage no later than 2 Banking Days
                             prior to the date referred to in the Mortgage
                             Transfer Proposal for the purchase of the
                             Substitute Mortgage;

                       (B)   the Manager certifies to the Trustee that the
                             proposed Substitute Mortgage is a Mortgage for the
                             purposes of this agreement, and satisfies the
                             requirements in this clause 7, as at the Transfer
                             Date;

--------------------------------------------------------------------------------
                                                                         page 45
<PAGE>

                       (C)   prior to or on the Transfer Date the Trustee
                             obtains, or enters into arrangements to obtain with
                             effect from the Transfer Date, as Trustee of the
                             Fund the benefit of the Enhancements and Interest
                             Hedge (if any) referred to in the Mortgage Transfer
                             Proposal.

                       If the provisions of this clause 7 are satisfied then the
                       Substitute Mortgage shall be acquired from any other
                       relevant Fund which has been created pursuant to the
                       Master Trust Deed (including Origination Fund No. 3).

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

8    Notifications of Calculations

           (a)   The Manager must calculate the Collections for an immediately
                 preceding:

                 (1)   Monthly Calculation Period no later than 6 Banking Days
                       before each Monthly Payment Date; and

                 (2)   Quarterly Calculation Period no later than 6 Banking Days
                       before each Quarterly Payment Date; and.

           (b)   The Manager must, not later than 2 Banking Days before each
                 relevant Payment Date advise the Trustee and in respect of
                 Class A Offered Notes only, the Currency Swap Providers in
                 writing of:

                 (1)   all amounts payable or to be allowed for under clause 6;

                 (2)   reasonable details of the calculation of all such
                       amounts; and

                 (3)   the Outstanding Principal Balance and Invested Amount of
                       each Note following the making of all payments to be made
                       on that relevant Payment Date in accordance with clauses
                       3 and 6.

           (c)   The Manager must also notify the Trustee of all details of
                 payments which are to be made by or on behalf of the Trustee on
                 or by each relevant Payment Date. The Manager must, not later
                 than 2 Banking Days before each relevant Payment Date also
                 notify the Currency Swap Providers of all payments which are to
                 be made by or on behalf of the Trustee on each relevant Payment
                 Date under clauses 6.1 and 6.2 in respect of Class A Offered
                 Notes.

           (d)   In the absence of manifest error, each of the Trustee and the
                 Currency Swap Providers is entitled to rely (and will rely on)
                 conclusively on the Manager's calculations and notifications
                 and is not required to investigate the accuracy of them.

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

9    Amendments to Master Trust Deed

           The Master Trust Deed is amended for the purpose of the Fund as
           follows and for the avoidance of doubt terms used in this clause 9,
           unless otherwise defined in the Master Trust Deed, have the same
           meanings given to them in this Supplementary Bond Terms Notice:

           (a)   Clause 1.1 - Authorised Investment

--------------------------------------------------------------------------------
                                                                         page 46
<PAGE>

                 For the purposes of the definition of Authorised Investment in
                 clause 1.1 of the Master Trust Deed:

                 (1)   the words ", stock" are deleted from paragraph (c) of
                       that definition;

                 (2)   the words "or stock" are deleted from paragraph (d) of
                       that definition; and

                 (3)   each investment must be of a type which does not
                       adversely affect the 50% risk weighting attributed to the
                       Notes by the Bank of England (as to which the Trustee may
                       rely conclusively on advice from the Manager to that
                       effect).

           (b)   Clause 1.1 - Expenses

                 For the purpose of the definition of Expenses in clause 1.1 of
                 the Master Trust Deed,

                 (1)   words "subject to clauses 14 and 18," are added at the
                       beginning of paragraph (m);

                 (2)   new paragraphs (o) and (p) are inserted as follows and
                       the existing paragraphs (o), (p) and (q) become (q), (r)
                       and (s) respectively:

                       "(o)  any fees and expenses under or in connection with
                             any Transaction Document payable to DTC, the Note
                             Trustee, the Paying Agents, the Class A3 Irish
                             Paying Agent, the Note Registrar, the Calculation
                             Agents (for which the Trustee is not personally
                             liable under the Transaction Documents), any
                             Securities System and any Stock Exchange;

                       (p)   any costs and expenses incurred by the Trustee or
                             the Manager in complying with their obligations
                             under this Deed or any Transaction Document in
                             connection with compliance with Regulation AB;";
                             and

                 (3)   in the existing paragraph (p) (which following the
                       amendment in clause 9(b)(2) is renumbered paragraph (r)),
                       the words ", other than as contemplated in paragraph (p)
                       above" are inserted at the end before the semi-colon.

           (c)   Clause 1.1 - Financial Default

                 For the purpose of the definition of Financial Default delete
                 "3 Banking Days" and insert "10 Banking Days".

           (d)   Clause 1.1 - Fitch

                 For the purposes of the Fund, the definition of Fitch in clause
                 1.1 of the Master Trust Deed, is deleted and the following
                 definition is inserted:

                 "Fitch Ratings means Fitch Australia Pty Ltd and its
                 successors and assigns".

           (e)   Clause 1.1 - Manager's Default

                 For the purposes of the definition of Manager's Default add "or
                 any representation given by the Manager in any Transaction
                 Document in

--------------------------------------------------------------------------------
                                                                         page 47
<PAGE>

                 relation to the Fund is or becomes not true" after the words
                 "in relation to the Fund" in paragraph (a) of the definition.

           (f)   Clause 1.1 - Net Income

                 For the purposes of the Fund, the definition of Net Income in
                 clause 1.1 of the Master Trust Deed is deleted.

           (g)   Clause 1.1 - Net Income Account

                 For the purposes of the Fund, the definition of Net Income
                 Account in clause 1.1 of the Master Trust Deed is deleted.

           (h)   Clause 1.1 - Noteholders Report

                 For the purposes of the Fund, the following new definition is
                 inserted alphabetically in clause 1.1 of the Master Trust Deed:

                       "Noteholders Report means the report to be delivered by
                       the Manager, on behalf of the Trustee, and containing the
                       information set out in Schedule 2 of the Note Trust Deed
                       with respect to the Fund;"

           (i)   Clause 1.1 - Operating Income

                 For the purposes of the Fund, the following new definition is
                 inserted alphabetically in clause 1.1 of the Master Trust Deed:

                       "Operating Income means the gross income realised by the
                       Fund from its operations including rent, interest,
                       dividends, distributions and otherwise less expenses
                       arising in deriving that income including, but not
                       limited to:

                       (1)   outgoings in respect of the assets of the Fund;

                       (2)   repairs and maintenance;

                       (3)   interest and other borrowing costs;

                       (4)   fees paid to the Trustee and Manager; and

                       (5)   any other amount that the Manager considers prudent
                             or appropriate to allow for contingencies or future
                             expenses that will or may arise in respect of the
                             Fund;".

           (j)   Clause 1.1 - Operating Income Account

                 For the purposes of the Fund, the following new definition is
                 inserted alphabetically in clause 1.1 of the Master Trust Deed:

                       "Operating Income Account in relation to an Origination
                       Fund means the bank account established by the Trustee as
                       trustee of that Origination Fund pursuant to clause
                       19.1(c);".

           (k)   Clause 1.1 - Rating Agency

                 For the purpose of definition of Rating Agency in clause 1.1
                 replace the word "Fitch" with the words "Fitch Ratings".

           (l)   Clause 1.1 - Securities System

                 For the purpose of the definition of Securities System in
                 clause 1.1 insert "or DTC" after "Euroclear".

--------------------------------------------------------------------------------
                                                                         page 48
<PAGE>

           (m)   Clause 1.1 - Termination Date

                 For the purpose of the definition of "Termination Date" in
                 clause 1.1 of the Master Trust Deed;

                 (1)   the words "and the Trustee and Manager agree that no
                       further Bonds are proposed to be issued by the Trustee in
                       relation to that Fund" are inserted at the end of
                       paragraph (c)(1) of that definition;

                 (2)   paragraph "(a)" of that definition is deleted;

                 (3)   paragraph "(b)" of that definition is re-lettered as
                       paragraph "(a)";

                 (4)   paragraph "(c)" of that definition is re-lettered as
                       paragraph "(b)";

                 (5)   paragraph "(d)" of that definition is re-lettered as
                       paragraph "(c)"; and

                 (6)   the words "under paragraphs (c) and (d)" in the final
                       paragraph of that definition are deleted and replaced
                       with the words "under paragraphs (b) and (c)".

           (n)   Clause 1.2(k)

                 For the purposes of the Fund, clause 1.2(k) of the Master Trust
                 Deed is deleted and the following new clause 1.2(k) is inserted
                 as follows:

                       "(k) Not used;".

           (o)   Clause 2.4 - No Further Interests

                 For the purposes of the Fund, a new clause 2.4 is inserted in
                 the Master Trust Deed as follows:

                       "2.4  No Further Interests

                             The Trustee must not create any further interests
                             in the Funds after the date that is the eightieth
                             anniversary of the date of this Deed.".

           (p)   Clause 3.1 - Beneficial Interest in the Origination Funds

                 For the purpose of clause 3.1(a) of the Master Trust Deed:

                 (1)   the words "Net Income" as it appears twice in the first
                       line of the paragraph are deleted, and the words "Net
                       Income" in the first line of the paragraph are deleted
                       and replaced with the words "Operating Income"; and

                 (2)   the words "Net Income Account" in the third line of the
                       paragraph are deleted and replaced with the words
                       "Operating Income Account".

           (q)   Clause 5 - Notes

                 For the purpose of the Fund, clause 5 in the Master Trust Deed
                 is deleted and the following clause 5 is inserted as follows:

                       "5.   Notes

                       5.1   Acknowledgment of indebtedness

                             Subject to the terms of this Deed and the
                             Supplementary Bond Terms Notice:

--------------------------------------------------------------------------------
                                                                         page 49
<PAGE>

                             (a)   each entry in the Register for a Fund in
                                   respect of a Class A3 Note and a Class B Note
                                   relating to the Fund; and

                             (b)   in relation to each Class A Offered Note
                                   relating to a Fund, that Class A Offered
                                   Note,

                             constitutes an independent and separate
                             acknowledgment to the relevant Noteholder by the
                             Trustee of its indebtedness as trustee of the Fund
                             for the Outstanding Principal Balance of that Note
                             together with the other rights given to Noteholders
                             under this Deed, the Supplementary Bond Terms
                             Notice and the Security Trust Deed, and (in
                             relation to a Class A Offered Note) the Note Trust
                             Deed and the Conditions.

                       5.2   Legal nature of Notes

                             (a)   Class A3 Notes and Class B Notes will be in
                                   the form of inscribed stock, and the
                                   Trustee's obligations in relation to the
                                   Notes and under this Deed and this
                                   Supplementary Bond Terms Notice (including
                                   any obligation to pay interest or principal)
                                   will become effective on inscription in the
                                   Register for the Fund under this Deed and
                                   this Supplementary Bond Terms Notice of the
                                   details for those Class A3 Notes and Class B
                                   Notes.

                             (b)   Class A Offered Notes will be in registered
                                   form in respect of Book-Entry Notes and will
                                   be in registered form in respect of
                                   Definitive Notes.

                       5.3   Terms of Notes

                             (a)   All Notes issued by the Trustee as trustee of
                                   a Fund shall be issued with the benefit of,
                                   and subject to, this Deed, the relevant
                                   Supplementary Bond Terms Notice and the
                                   relevant Security Trust Deed and, in relation
                                   to Class A Offered Notes, the Note Trust Deed
                                   and the Conditions.

                             (b)   The documents referred to in paragraph (a)
                                   are binding on the Manager, the Trustee, the
                                   Note Trustee, the Security Trustee and the
                                   Noteholders.

                       5.4   Interest and Principal Entitlement of Noteholders

                             Subject to this Deed, the relevant Supplementary
                             Bond Terms Notice and the Security Trust Deed and,
                             in relation to Class A Offered Notes, the Note
                             Trust Deed and the Conditions, the Trustee as
                             trustee of a Fund must, in respect of the Notes
                             issued by it in that capacity, pay or cause to be
                             paid to the Noteholders (as relevant) of those
                             Notes:

                             (a)   (interest) Interest on each relevant Payment
                                   Date; and

                             (b)   (principal) their Principal Entitlement on
                                   each relevant Payment Date.

--------------------------------------------------------------------------------
                                                                         page 50
<PAGE>

                       5.5   Notes not invalid if issued in breach

                             No Note shall be invalid or unenforceable on the
                             ground that it was issued in breach of this Deed,
                             the relevant Supplementary Bond Terms Notice or any
                             other Transaction Document.

                       5.6   Location of Class A3 Notes and Class B Notes

                             The property in Class A3 Notes and Class B Notes
                             shall for all purposes be regarded as situated at
                             the place where the Register on which those Class
                             A3 Notes and Class B Notes are recorded is located.

                       5.7   No discrimination between Noteholders

                             There shall not be any discrimination or preference
                             between Notes within the same Class, or the
                             corresponding Noteholders, in relation to a Fund by
                             reason of the time of issue of Notes or for any
                             other reason, subject only to the Supplementary
                             Bond Terms relating to the Notes the terms of the
                             Security Trust Deed relating to the Fund and the
                             Note Trust Deed and the Conditions in relation to
                             the Class A Offered Notes.

                       5.8   Note Register

                             In the event that any Definitive Notes are issued
                             in registered form, the Trustee (or if the Trustee
                             fails to do so, the Manager on behalf of the
                             Trustee) must, on the direction of the Manager,
                             appoint a person to operate and maintain a register
                             of those notes in accordance with standard United
                             States practice and law."

           (r)   Clause 6.2 - Limit on Interest of Income Unitholder in Assets
                 of an Origination Fund

                 For the purpose of clause 6.2 of the Master Trust Deed:

                 (1)   the words "Net Income" in the second line of the
                       paragraph are deleted and replaced with the words
                       "Operating Income"; and

                 (2)   the words "Net Income Account" in the fourth line of the
                       paragraph are deleted and replaced with the words
                       "Operating Income Account".

           (s)   Clause 6.5 - Ranking of interest of Beneficiary

                 For the purposes of clause 6.5 of the Master Trust Deed, the
                 Trustee may seek and rely upon a direction from the Note
                 Trustee as to the interests of the Class A Offered Noteholders.

           (t)   Clauses 7.1 and 7.7(a) - Bond Issue Direction

                 (1)   For the purposes of clause 7.1 of the Master Trust Deed,
                       the Securitisation Fund Bond Issue Direction for the
                       Notes may be issued by the Manager on or at any time
                       prior to the Bond Issue Date for the Notes.

--------------------------------------------------------------------------------
                                                                         page 51
<PAGE>

                 (2)   For the purposes of clause 7.7(a) of the Master Trust
                       Deed, the certification by the Manager may occur on or at
                       any time prior to the Bond Issue Date for the Notes.

           (u)   Clause 7.8 - Issue of Bonds and Transfer of Benefit of
                 Mortgages

                 (1)   Clause 7.8(b) of the Master Trust Deed is amended by
                       inserting "in respect of Class B Notes only" after
                       "Applications for Bonds".

                 (2)   Clause 7.8(c) of the Master Trust Deed is amended by
                       replacing paragraph (1) with the following:

                             "(1)  (Transaction Documents): entered into the
                                   Transaction Documents to which it is a party
                                   in its capacity as trustee of the Fund;".

           (v)   Clause 8 - Transfer of Notes

                 (1)   For the purposes of this Fund, clause 8 of the Master
                       Trust Deed applies in respect of the Class A3 Notes and
                       the Class B Notes but, except for clause 8.1(a), (b) and
                       (c) does not apply to the Class A Offered Notes.

                 (2)   For the purposes of this Fund, clause 8.1(a) of the
                       Master Trust Deed is amended by inserting the words "and
                       (in respect of the Class A Offered Notes) the relevant
                       Note Trust Deed and Conditions" after the words "subject
                       to this Deed and the corresponding Supplementary Bond
                       Terms".

           (w)   Clause 9 - Note Registration Confirmation

                 For the purposes of this Fund, clause 9 applies to the Class A3
                 Notes and the Class B Notes and does not apply to the Class A
                 Offered Notes.

           (x)   Clause 10.12 - Moneys Payable to Trustee

                 For the purposes of the Fund, the words "and any moneys payable
                 to the Principal Paying Agent under any Transaction Document"
                 are inserted after the words "subject to this Deed."

           (y)   Clause 11 - Origination and Management of Mortgages

                 A new clause 11.6 is inserted as follows:

                 "11.6 Repurchase of Mortgages

                       (a)   If the Manager determines that any representation
                             or warranty by the Mortgage Manager under the
                             Mortgage Management Agreement with respect to a
                             Mortgage forming part of the Securitisation Fund is
                             false or misleading, the Trustee, as trustee of any
                             other Fund created pursuant to the Master Trust
                             Deed, will be obliged at the request of the Manager
                             made in accordance with clause 10.4 to either (at
                             the election of the Manager):

                             (1)   repurchase the Mortgage; or

                             (2)   repurchase and substitute or substitute a
                                   Mortgage in which event the Trustee shall be
                                   obliged to comply with the provisions of
                                   clause 7 of the Supplementary

--------------------------------------------------------------------------------
                                                                         page 52
<PAGE>

                                   Bond Terms Notice with respect to the
                                   substitution of Mortgages,

                             within 120 days after the date of the relevant Bond
                             Issue Confirmation Certificate (as defined in the
                             Mortgage Management Agreement).

                       (b)   For the avoidance of doubt, it is recorded that
                             neither the Trustee nor the Mortgage Manager shall
                             be obliged to pay damages to the Note Trustee or
                             any Class A Noteholder or any other person as a
                             consequence of any breach of warranty on the part
                             of the Mortgage Manager contained in the Mortgage
                             Management Agreement.

                       (c)   The provisions of clauses 7.14 and 7.15 shall be
                             incorporated into this clause mutatis mutandis in
                             relation to any Mortgage repurchased and any
                             substitute Mortgage.

           (z)   Clause 12.17 - Additional Covenants by Manager

                 For the purposes of clause 12.17 of the Master Trust Deed, the
                 Manager must also:

                 (1)   (Stock Exchange): comply with the rules and regulations
                       of each relevant Stock Exchange;

                 (2)   (Filing): make or cause the making of all filings which
                       the Manager is actually aware are required in connection
                       with the Fund or the Assets of the Fund with any
                       Governmental Agency in any jurisdiction;

                 (3)   (Comply with obligations and laws): promptly comply with
                       all other duties and obligations imposed on the Manager
                       by the Transaction Documents in relation to the Fund and
                       comply with all relevant material laws in the relevant
                       jurisdiction in carrying out such duties and obligations;

                 (4)   (Not merge): not merge or consolidate into another entity
                       unless the surviving entity assumes the obligations of
                       the Manager under the Transaction Documents;

                 (5)   (Enhancements): perform all obligations within its power
                       to ensure that all Enhancements and Hedges are maintained
                       and available for the Fund;

                 (6)   (Agreed Procedures): not agree to any amendment to the
                       Agreed Procedures (as defined in the Mortgage Origination
                       and Management Agreement) applicable to this Fund, unless
                       each Designated Rating Agency has confirmed that it will
                       not withdraw or downgrade the rating of the Notes as a
                       result of such amendment; and

                 (7)   (Noteholders Report): deliver to the Trustee by not later
                       than two Banking Days prior to each Monthly Payment Date
                       the Noteholders Report for the related Monthly
                       Calculation Period,

--------------------------------------------------------------------------------
                                                                         page 53
<PAGE>

                       with written instructions for the Trustee to forward the
                       Noteholders Report to each Class A3 Noteholder and each
                       Class B Noteholder.

           (aa)  Clause 14.1 - Retirement for Cause

                 For the purposes of the Fund, the following words are added at
                 the end of clause 14.1:

                       "The costs of removal of the Manager under this clause
                       14.1 must be borne by the Manager. The Manager agrees to
                       indemnify the Trustee and the Fund for these costs."

           (bb)  Clause 16.3 - To act honestly, diligently and prudently

                 Clause 16.3 of the Master Trust Deed is amended by:

                 (1)   replacing "." at the end of paragraph (g) with ";"; and

                 (2)   inserting new sub-clauses (i) and (j) as follows:

                       "(i)  (removal of the Trustee's agents or delegates):
                             remove any agent or delegate of the Trustee that
                             breaches any obligation or duty imposed on the
                             Trustee under this Deed or any other Transaction
                             Document in relation to the Fund where the Manager
                             reasonably believes it will adversely affect the
                             rating of either or both of the Class A Notes and
                             the Class B Notes by the Designated Rating Agencies
                             within 45 days' notice from the Manager to the
                             Trustee to remove that agent or delegate; and

                       (j)   (Agreed Procedures): not agree to any amendment to
                             the Agreed Procedures (as defined in the Mortgage
                             Origination and Management Agreement) applicable to
                             this Fund, unless each Designated Rating Agency has
                             confirmed that it will not withdraw or downgrade
                             the rating of the Notes as a result of such
                             amendment."

           (cc)  A new clause 16.10 inserted into the Master Trust Deed as
                 follows:

                       "16.10 Compliance with laws

                       The Trustee must comply with all relevant material laws
                       in the relevant jurisdiction in performance of its duties
                       and in exercising its discretions under the Transaction
                       Documents."

           (dd)  Clause 18.1 - Retirement for Cause

                 For the purposes of the Fund, the following words are added at
                 the end of clause 18.1:

                       "The costs of removal of the Trustee under this clause
                       18.1 must be borne by the Trustee. The Trustee agrees to
                       indemnify the Manager and the Fund for these costs."

           (ee)  Clause 19.1 - Opening of bank accounts

                 For the purposes of the Fund, the following amendments are made
                 to clause 19.1 of the Master Trust Deed:

--------------------------------------------------------------------------------
                                                                         page 54
<PAGE>

                 (1)   in first and fourth lines of clause 19.1(c), the words
                       "Net Income Account" are deleted and replaced with the
                       words "Operating Income Account"; and

                 (2)   the following new clause 19.1(d) is inserted immediately
                       after clause 19.1(c):

                       "(d)  (Change Bank Accounts): If a bank account for a
                             Fund is held with a Bank which ceases to have the
                             ratings specified in a Supplementary Bond Terms
                             Notice in respect of the Fund, the Manager must
                             direct the Trustee to, and the Trustee shall, as
                             soon as practicable, and in any event, within 10
                             days of receipt of actual notice of that cessation:

                             (1)   close that account; and

                             (2)   transfer all funds standing to the credit of
                                   that account to another existing bank account
                                   for the Fund with a Bank which has the
                                   specified rating, or if none, open such an
                                   account, as nominated by the Manager."

           (ff)  Clause 19.2 - Location of Bank Accounts

                 For the purpose of clause 19.2(a) of the Master Trust Deed, the
                 words "Net Income Account" in the third line of the paragraph
                 are deleted and replaced with the words "Operating Income
                 Account".

           (gg)  Clause 19.10 - All Transactions through Central Accounts

                 For the purposes of clause 19.10(c) of the Master Trust Deed:

                 (1)   the words "Net Income" as it appears twice in the first
                       line of the paragraph are deleted, and the words "Net
                       Income" in the first line of the paragraph are deleted
                       and replaced with the words "Operating Income";

                 (2)   the words "Net Income Account" in the second line of the
                       paragraph are deleted and replaced with the words
                       "Operating Income Account".

           (hh)  Clause 21.3 - Accounts to be kept in accordance with Approved
                 Accounting Standards

                 For the purposes of the Fund, clause 21.3 of the Master Trust
                 Deed is deleted and replaced with the following new clause
                 21.3:

                       "21.3    Not Used".

           (ii)  Clause 22 - Payments

                 For the purposes of the Fund, the following amendments are made
                 to the Master Trust Deed:

                 (1)   clause 22.1(d) is deleted and replaced with the
                       following:

                       "fourthly, subject to clause 22.4, to the Income
                       Unitholder in accordance with its instructions";

                 (2)   in clause 22.1(d), the words "Net Income" are deleted and
                       replaced with the words "Operating Income";

--------------------------------------------------------------------------------
                                                                         page 55
<PAGE>

                 (3)   clause 22.2(d) is deleted and replaced with the
                       following:

                       "(d) fourthly, subject to clause 22.4, to the Residual
                       Capital Unitholder in accordance with its instructions";

                 (4)   in clause 22.3(a), the words "Net Income" in the first
                       line of the paragraph are deleted and replaced with the
                       words "Operating Income", and the words "Net Income" in
                       the third line of the paragraph are deleted and replaced
                       with the words "Operating Income";

                 (5)   in clause 22.3(b), the words "Net Income" as it appears
                       twice in the first line of the paragraph are deleted, and
                       the words "Net Income" in the first line of the paragraph
                       are deleted and replaced with the words "Operating
                       Income";

                 (6)   in clause 22.3(b), the words "Net Income" in the fourth
                       line of the paragraph are deleted and replaced with the
                       words "Operating Income";

                 (7)   in clause 22.3(c), the words "Net Income" in the first
                       line of the paragraph are deleted and replaced with the
                       words "Operating Income", the words "Net Income" in the
                       second line of the paragraph are deleted and replaced
                       with the words "Operating Income", and the words "Net
                       Income Account" in subparagraph (2) are deleted and
                       replaced with the words "Operating Income Account"; and

                 (8)   clause 22.3(d) is deleted and replaced with the
                       following:

                       "(d) Upon termination of the Fund, the surplus capital of
                       the Fund remaining after satisfaction by the Trustee of
                       all of its obligations in respect of the Fund shall be
                       paid in relation to the first $100 only to the Residual
                       Capital Unitholder and in relation to the balance to the
                       Income Unitholder".

           (jj)  Clause 22.7 - Net Income, Income and Capital

                 For the purpose of clause 22.7 of the Master Trust Deed, clause
                 22.7 is deleted and replaced with the following new clause
                 22.7:

                 "22.7     Operating Income, Income and Capital

                       (a)   For each Income Distribution Period the Manager
                             must determine the Operating Income for the Income
                             Distribution Period.

                       (b)   If no determination is made or to the extent to
                             which no determination is made under clause
                             22.7(a), then the Distributable Income for that
                             Income Distribution Period is equal to the
                             Operating Income for that Income Distribution
                             Period.

                       (c)   In determining the Operating Income the Manager
                             does not have to take into account accounting
                             standards or generally accepted accounting
                             principles and practices which apply to trusts.

--------------------------------------------------------------------------------
                                                                         page 56
<PAGE>

                       (d)   Any references in this Deed to "capital" or
                             "income" will, for an Income Distribution Period of
                             a Fund have a corresponding meaning consistent with
                             the application of the foregoing for that Income
                             Distribution Period of the Fund.".

           (kk)  Clause 23 - The Register

                 For the purpose of this Fund paragraphs (g) to (m) inclusive of
                 clause 23.1 and clauses 23.5, 23.6 and 23.7 of the Master Trust
                 Deed do not apply to the Class A Offered Notes.

           (ll)  Clause 25 - Payments generally

                 For the purpose of the Fund clause 25 is amended as follows:

                 (1)   By deleting "in Australia" from clause 25.1(b).

                 (2)   By inserting as clause 25.5 the following:

                       "25.5 Class A Offered Notes

                       (a)   Clause 25.1 to 25.3 inclusive apply to the Class A3
                             Notes and the Class B Notes only and not to the
                             Class A Offered Notes and the following provisions
                             of this clause 25.5 apply to the Class A Offered
                             Notes only and not to the Class A3 Notes and the
                             Class B Notes.

                       (b)   Any payment made by or on behalf of the Trustee in
                             respect of any Class A Offered Note must be made in
                             accordance with the relevant Supplementary Bond
                             Terms Notice and the relevant Note Trust Deed.

                       (c)   There is a full satisfaction of the moneys payable
                             under a Class A Offered Note, and a good discharge
                             to the Trustee and the Manager (as the case may be)
                             in relation to that Class A Offered Note, when so
                             provided under the Note Trust Deed."

                 (3)   A new clause 25.6 inserted into the Master Trust Deed as
                       follows:

                       "25.6 Taxation

                       (a)   (Net payments): Subject to this clause, payments in
                             respect of the Notes shall be made free and clear
                             of, and without deduction for, or by reference to,
                             any present or future Taxes of any Australian
                             Jurisdiction unless required by law.

                       (b)   (Interest Withholding Tax - Class B Notes): All
                             payments in respect of the Class B 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 Trustee or
                             any person making payments on behalf of the Trustee
                             is required by applicable law to make any such
                             payment in respect of the Class B 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 Trustee or any
                             person making payments on behalf of the Trustee (as
                             the case may be) will make such

--------------------------------------------------------------------------------
                                                                         page 57
<PAGE>

                             payment after such withholding or deduction has
                             been made and will account to the relevant
                             authorities for the amount so required to be
                             withheld or deducted. Neither the Trustee, any
                             person making payments on behalf of the Trustee or
                             any note trustee will be obliged to make any
                             additional payments to Class B Noteholders in
                             respect of that withholding or deduction.

                       (c)   (Interest Withholding Tax - Class A Notes):
                             Payments on Class A Notes by or on behalf of the
                             Trustee will be made subject to deduction for any
                             Interest Withholding Tax (being tax imposed under
                             Division 11A of Part IIIA of the Income Tax
                             Assessment Act 1936 on amounts of, or deemed to be,
                             interest or in the nature of interest) and all
                             other withholdings and deductions referred to in
                             Condition 7 of the Class A Notes.

                       (d)   (Tax file numbers): The Trustee or any person
                             making payments on behalf of the Trustee will be
                             required to deduct tax-at-source on interest
                             payments on any Class A Note or Class B Note to
                             each Class A Noteholder or Class B Noteholder who
                             has or is required to have a Tax File Number at the
                             highest personal marginal tax rate unless the
                             Trustee or any person making payments on behalf of
                             the Trustee receives from such Class A Noteholder
                             or Class B Noteholder the Tax File Number (as
                             defined in the Income Tax Assessment Act 1936) of
                             that Class A Noteholder or Class B Noteholder, or
                             evidence of any exemption the Class A Noteholder or
                             Class B Noteholder may have from the need to advise
                             the Trustee or any person making payments on behalf
                             of the Trustee of a Tax File Number. The Tax File
                             Number or appropriate evidence (as the case may be)
                             must be received by the Trustee or any person
                             making payments on behalf of the Trustee not less
                             than ten Banking Days prior to the relevant payment
                             date. The Trustee, or any person making any
                             payments on behalf of the Trustee, is entitled to
                             deduct any such tax-at-source required to be paid
                             by it in relation to the Class A Notes or the Class
                             B Notes at that highest personal marginal tax rate
                             if no Tax File Number or exemption (as the case may
                             be) is provided."

           (mm)  Clause 26.16 - Trustee's Right of Indemnity

                 For the purposes of this Fund, delete clause 26.16 and
                 substitute the following:

                 "26.16      Liability of Trustee Limited to its Right of
                 Indemnity

                 (a)   Subject to this Deed, a liability of the Trustee as
                       trustee of the Fund arising under or in connection with
                       this Deed is limited to and can be enforced against the
                       Trustee only to the extent to which it can be satisfied
                       out of the assets of the Fund which are available to
                       satisfy the right of the Trustee to be exonerated or
                       indemnified for the

--------------------------------------------------------------------------------
                                                                         page 58
<PAGE>

                       liability. This limitation of the Trustee's liability
                       applies despite any other provision of this Deed and
                       extends to all liabilities and obligations of the Trustee
                       in any way connected with any representation, warranty,
                       conduct, omission, agreement or transaction related to
                       this Deed or the Fund.

                 (b)   Subject to clause 26.16(c), no person (including any
                       Relevant Party) may take action against the Trustee in
                       any capacity other than as trustee of the Fund or seek
                       the appointment of a receiver (except under the Security
                       Trust Deed in respect of the Fund), or a liquidator, an
                       administrator or any similar person to the Trustee or
                       prove in any liquidation, administration or arrangement
                       of or affecting the Trustee (except in relation to the
                       assets of the Fund).

                 (c)   The provisions of this clause 26.16 shall not apply to
                       any obligation or liability of the Trustee to the extent
                       that it is not satisfied because under a Transaction
                       Document for the Fund or by operation of law there is a
                       reduction in the extent of the Trustee's indemnification
                       or exoneration out of the assets of the Fund, as a result
                       of the Trustee's fraud, negligence or wilful default.

                 (d)   It is acknowledged that the Relevant Party is responsible
                       under this Deed or the other Transaction Documents for
                       the Fund for performing a variety of obligations relating
                       to the Fund. No act or omission of the Trustee (including
                       any related failure to satisfy its obligations under this
                       Deed) will be considered fraud, negligence or wilful
                       default of the Trustee for the purposes of clause
                       26.16(c) to the extent to which the act or omission was
                       caused or contributed to by any failure by the Relevant
                       Party or any other person who has been delegated or
                       appointed by the Trustee in accordance with the
                       Transaction Documents for the Fund to fulfil its
                       obligations relating to the Fund or by any other act or
                       omission of the Relevant Party or any other person.

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

                 (f)   In this clause 26.16 Relevant Parties means any party to
                       a Transaction Document other than the Trustee.

                 (g)   The Issuer is not obliged to do or refrain from doing
                       anything under this agreement (including incur any
                       liability) unless the Trustee's liability is limited in
                       the same manner as set out in paragraphs (a) to (e) of
                       this clause 26.16."

           (nn)  Clause 28 - Amendment

                 For the purposes of this Fund, the reference to prior consent
                 of the Bondholders in clause 28.2 is a reference to the
                 Extraordinary Resolution of Voting Secured Creditors passed in
                 accordance with Schedule 1 of the Security Trust Deed.

--------------------------------------------------------------------------------
                                                                         page 59
<PAGE>

           (oo)  Schedule 9 - Amendment

                 For the purposes of this Fund, delete the word "15th September,
                 December, March and June" in the definition of "Fee Payment
                 Date"" in clause 1 and insert the words "9th day of November,
                 February, May and August" and delete the word "15th" in the
                 definition of "Valuation Date" in clause 1 and insert the word
                 "last".

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

10   Rating Agency Requirements

     10.1  Designated Rating Agencies

           The Designated Rating Agencies for the Notes as at the Closing Date
           are Moody's, S&P and Fitch Ratings.

     10.2  Designated Ratings

           The Designated Ratings for the Notes are as follows:

           (a)   For the Class A Notes:

                 (1)   in the case of Moody's - "Aaa";

                 (2)   in the case of S&P - "AAA";

                 (3)   in the case of Fitch Ratings - "AAA"; and

           (b)   For the Class B Notes:

                 (1)   In the case of Moody's - "Aa2";

                 (2)   In the case of S&P - "AA"; and

                 (3)   In the case of Fitch Ratings - "AA".

     10.3  Minimum Rating Requirements

           Subject to clauses 5.3 and 10.4, all Authorised Investments of the
           Fund other than cash and Mortgages must be rated "AAA" or "A-1+" by
           S&P and "Aaa" or "Prime-1" by Moody's and "AAA" or "F1+" by Fitch
           Ratings.

     10.4  Banks

           (a)   Subject to clause 10.4(b), any bank account for the purposes of
                 clause 19.1 and 19.11 of the Master Trust Deed must be with a
                 Bank which has a short-term rating of at least "P-1" (Moody's),
                 "A-1+" (S&P) and "F1" (Fitch Ratings).

           (b)   Subject to clause 5.3, the Assets of the Fund may be invested
                 in deposits which mature or are callable within 30 days of
                 being made with a Bank rated at least "A-1" by S&P, provided
                 that the aggregate amount of such deposits does not at any time
                 exceed 20% of the Total Outstanding Principal Balance.

     10.5  Notifications to Designated Rating Agencies

           The Manager must give written notice to each Designated Rating
           Agency:

--------------------------------------------------------------------------------
                                                                         page 60
<PAGE>

           (a)   of the occurrence of an Event of Default under the Security
                 Trust Deed, promptly upon becoming aware of the same;

           (b)   prior to any amendment being made to any Transaction Document
                 (including any change to any of the parties to any Transaction
                 Document); and

           (c)   of a breach of a provision of a Transaction Document relating
                 to the Securitisation Fund, promptly upon becoming aware of the
                 same, which breach is in the reasonable opinion of the Manager
                 likely to have a material adverse effect on the ability of the
                 Trustee to meet its obligations in respect of the Notes.

     10.6  No other Requirements

           For the purposes of the Master Trust Deed, there are no minimum
           rating requirements in relation to the Fund, other than those
           expressly set out in this Supplementary Bond Terms Notice.

     10.7  Loan Facilities

           The Manager must:

           (a)   ensure that the form of documentation to provide Loan Redraw
                 Facilities or Top-up Loans is approved by the Mortgage Insurer;
                 and

           (b)   that the provision of any Loan Redraw Facility or Top-up Loan
                 is made in accordance with any relevant terms of the Mortgage
                 Insurance Policy.

     10.8  Top-up Loans

           In relation to a Top-up Loan, the Manager must ensure that in any
           Calculation Period:

           (a)   a Top-up Loan may only be made if the current weighted average
                 LTV of the Pool, after giving effect to the Top-up Loan, has
                 increased by no more than 2% of the weighted average LTV of the
                 Pool as at the Cut-Off Date;

           (b)   after giving effect to the Top-up Loan, the weighted average
                 LTV of the Pool must not exceed the weighted average Original
                 LTV of the Pool as of the Cut-Off;

           (c)   after giving effect to the Top-up Loan, the percentage of Loans
                 in the Pool with an Original LTV over 80% must not exceed the
                 percentage of Loans in the Pool with an Original LTV over 80%
                 as of the Cut-Off Date by more than 2%;

           (d)   a Top-up Loan will only be made if the term of the relevant
                 Loan will not be increased as a result of the Top-up Loan being
                 made;

           (e)   a Top-up Loan will only be made for a period of 18 months after
                 the Closing Date;

           (f)   the aggregate of the Top-up Loans to be funded after the
                 Suspension Date will not exceed 5% of the Pool as at the
                 Suspension Date; and

           (g)   a Top-up Loan may only be made if there are as of the Cut-Off
                 no unreimbursed Carry Over Class A Charge Offs, Carry Over
                 Class B

--------------------------------------------------------------------------------
                                                                         page 61
<PAGE>

                 Charge Offs, Carry Over Redraw Charge Offs and Carry Over
                 Top-up Charge Offs;

                 or on such other conditions (whether in substitution or in
                 addition to the above) as may be agreed by the Designated
                 Rating Agencies and the Manager from time to time and notified
                 to the Trustee.

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

11   Threshold Rate

           (a)   In exercising its powers and performing its obligations under
                 the Master Trust Deed, the Manager must at all times ensure
                 that, to the extent that the Trustee is entitled to do so under
                 the terms of the Mortgages, the rate of interest payable on or
                 in respect of Loans secured by Mortgages comprised in the
                 Assets of the Fund is changed from time to time so that:

                 (1)   on the assumption that all parties to all of the
                       Transaction Documents and all issuers of Authorised
                       Investments from time to time comprised in the Assets of
                       the Fund have complied and will at all times comply in
                       full with their respective obligations under those
                       Transaction Documents and Authorised Investments; and

                 (2)   having regard to:

                       (A)   the terms of the Transaction Documents;

                       (B)   the terms of the Mortgages comprised in the Assets
                             of the Fund;

                       (C)   the anticipated Expenses of the Fund;

                       (D)   the amount of the Cash Collateral in the Cash
                             Collateral Account;

                       (E)   all other information available to the Manager;

                       (F)   the Benchmark Rate from time to time; and

                       (G)   any mismatch between the time at which the
                             Benchmark Rate is determined and the time at which
                             the rate of interest payable on or in respect of
                             Loans secured by the Mortgages comprised in the
                             Assets of the Fund may be reset,

                       the Trustee will have available to it at all times
                       sufficient funds to enable it to comply with all of its
                       obligations under the Transaction Documents relating to
                       the Fund as they fall due (other than any payments of
                       interest on the Liquidity Notes).

           (b)   Without limiting the operation of clause 11(a), the interest
                 rate applicable to each fixed interest period of the Loan
                 secured by a Mortgage comprised in the Assets of the Fund must
                 be equal to or greater than:

                 (1)   for so long as the Outstanding Principal Balance of all
                       such Loans is equal to or less than 25% of the
                       Outstanding Principal Balance of all Loans secured by
                       Mortgages comprised in the Assets of the Fund, the rate,
                       expressed as a percentage, determined by the Manager to
                       be the fixed-floating swap rate for the period most

--------------------------------------------------------------------------------
                                                                         page 62
<PAGE>

                       closely approximating the term of the fixed interest
                       period of the Loans secured by the Mortgages plus 0.80%;
                       and

                 (2)   for so long as the Outstanding Principal Balance of all
                       such Loans is greater than 25% of the Outstanding
                       Principal Balance of all Loans secured by Mortgages
                       comprised in the Assets of the Fund, such rate as agreed
                       from time to time between the Manager and each Designated
                       Rating Agency.

           (c)   For the purposes of clause 11(a) it is acknowledged that if
                 there is any shortfall under any determination under clause
                 11(a), the Manager may direct the Trustee to make a drawing
                 under the Payment Funding Facility in respect of that shortfall
                 (to the extent it has not already done so in respect of the
                 shortfall) provided that:

                 (1)   such a drawing must be made in accordance with clause
                       5.5(b)(2) of the Initial Payment Funding Facility; and

                 (2)   if such a drawing is not made the Manager must comply
                       with clauses 11(a) and 11(b).

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

12   Beneficiaries

           (a)   The Beneficiaries hold the beneficial interest in the Fund in
                 accordance with the Master Trust Deed and this Supplementary
                 Bond Terms Notice.

           (b)   The beneficial interest held by each Beneficiary is limited to
                 the Fund and each Asset of the Fund subject to and in
                 accordance with the Master Trust Deed and this Supplementary
                 Bond Terms Notice.

           (c)   Subject to clause 12(d), no Beneficiary has any right to
                 receive distributions in respect of the Fund other than the
                 right to receive on the termination of the Fund the entire
                 beneficial interest of the Fund.

           (d)   The Income Unitholder has the right to receive distributions in
                 respect of the Fund under the Master Trust Deed and this
                 Supplementary Bond Terms Notice to the extent that Net Income
                 is available for distribution under the Master Fund Deed and
                 this Supplementary Bond Terms Notice.

           (e)   The Beneficiaries may not assign, or create or allow to exist
                 any Encumbrance over, its rights or interests in respect of the
                 Fund if to do so might have an adverse tax consequence in
                 respect of the Fund.

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

13   Note Trustee

     13.1  Capacity

           The Note Trustee is a party to this Supplementary Bond Terms Notice
           in its capacity as trustee for the Class A Offered Noteholders from
           time to time under the Note Trust Deed and, for the purposes of
           clause 16 in its capacity as the Principal Paying Agent, the
           Calculation Agent and the Note Registrar.

--------------------------------------------------------------------------------
                                                                         page 63
<PAGE>

     13.2  Exercise of rights

           (a)   The rights, remedies and discretions of the Class A Offered
                 Noteholders under the Transaction Documents including all
                 rights to vote or give instructions to the Security Trustee and
                 to enforce undertakings or warranties under the Transaction
                 Documents, except as otherwise provided in the Note Trust Deed
                 or the Security Trust Deed, may only be exercised by the Note
                 Trustee on behalf of the Class A Offered Noteholders in
                 accordance with the Note Trust Deed.

           (b)   The Class A Offered Noteholders, except as otherwise provided
                 in the Note Trust Deed or the Security Trust Deed, may only
                 exercise enforcement rights in respect of the Charged Property
                 through the Note Trustee and only in accordance with the
                 Transaction Documents.

     13.3  Representation and warranty

           The Note Trustee represents and warrants to each other party to this
           Supplementary Bond Terms Notice that it has the corporate power to
           enter into the Transaction Documents to which it is a party and to
           exercise the rights, remedies and discretions of, and to vote on
           behalf of the Class A Offered Noteholders, in accordance with the
           Note Trust Deed and the Security Trust Deed.

     13.4  Payments

           Any payment to be made to the Class A Offered Noteholders under the
           Transaction Documents may be made to the Principal Paying Agent or
           the Note Trustee (as the case may be) in accordance with the Note
           Trust Deed.

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

14   Security Trust Deed

     14.1  Compliance with Security Trust Deed

           The parties to this Supplementary Bond Terms Notice agree to comply
           with clause 12.14 of the Security Trust Deed.

     14.2  Limitation of Liability of Security Trustee

           Clause 26.2 of the Security Trust Deed is incorporated as if set out
           in full in this Supplementary Bond Terms Notice except that any
           reference to "this Deed" is taken to be a reference to "this
           Supplementary Bond Terms Notice".

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

15   Miscellaneous

     15.1  Banking Day

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

--------------------------------------------------------------------------------
                                                                         page 64
<PAGE>

     15.2  Provisions of the Master Trust Deed to apply

           Other than as expressly set out herein, or inconsistent with this
           Supplementary Bond Terms Notice, but subject to clause 15.4, the
           provisions of the Master Trust Deed shall apply to all Notes and to
           all Noteholders.

     15.3  Limitation of Liability - Trustee

           Without derogating from the generality of clause 15.2 nothing in this
           Supplementary Bond Terms Notice shall, nor shall it be construed as,
           limiting or in any way affecting the full operation of clause 26 of
           the Master Trust Deed.

     15.4  Aggregate Outstanding Principal Balance of Notes

           For the purposes of clause 7.9 of the Master Trust Deed, the
           aggregate Outstanding Principal Balance of Notes created on the Bond
           Issue Date may exceed the then aggregate Outstanding Principal
           Balance of the Portfolio of Mortgages attached to the Bond Issue
           Direction.

     15.5  Attorney

           Each of the Attorneys executing this notice states that the Attorney
           has no notice of alteration to, or revocation or suspension of, the
           power of attorney appointing that Attorney.

     15.6  Know Your Customer

           Subject to any confidentiality, privacy or general trust law
           obligations owed by the Trustee to Bondholders and any applicable
           confidentiality or privacy laws, except to the extent those
           obligations or laws are overridden by applicable anti-money
           laundering or counter-terrorism financing laws, each party hereto
           (Information Provider) agrees to provide any information and
           documents reasonably required by another party hereto (Information
           Receiver) for the Information Receiver to comply with any applicable
           anti-money laundering or counter-terrorism financing laws including,
           without limitation, any laws imposing "know your customer" or other
           identification checks or procedures on a party, but only to the
           extent that such information is in the possession of, or otherwise
           readily available to, the Information Provider. The Information
           Receiver may, to the extent required by law, decline to perform its
           affected obligations under the Transaction Documents to which it is a
           party. Any Information Receiver receiving information and documents
           pursuant to this clause 15.6 agrees to utilize such information and
           documents solely for the purpose of complying with applicable
           anti-money laundering or counter-terrorism financing laws.

     15.7  Compliance with Regulation AB

           In relation to compliance with Regulation AB:

           (a)   the Manager and the Trustee acknowledge and agree that the
                 purpose of this clause 15.7 is to facilitate compliance by the
                 Trustee in relation to the Securitisation Fund with the
                 provisions of Regulation AB and related rules and regulations
                 of the Commission to the extent applicable to the Trustee;

           (b)   the Manager shall not exercise its right to request delivery of
                 information or other performance under these provisions other
                 than as required to

--------------------------------------------------------------------------------
                                                                         page 65
<PAGE>

                 comply with the Securities Act, the Exchange Act and the rules
                 and regulations of the Commission thereunder, including
                 Regulation AB, with respect to the Securitisation Fund. The
                 Manager shall not request the delivery of information or other
                 performance under this clause 15.7 unless the Manager is
                 required under the Exchange Act to file an annual report on
                 Form 10-K with respect to the Securitisation Fund. The Manager
                 and the Trustee acknowledge that interpretations of the
                 requirements of Regulation AB may change over time, whether due
                 to interpretive guidance provided by the Commission or its
                 staff, consensus among participants in the asset-backed
                 securities markets, advice of counsel, or otherwise, and agrees
                 to comply with requests made by the Manager in good faith for
                 delivery of information under these provisions on the basis of
                 evolving interpretations of Regulation AB; provided that, to
                 the extent the Manager and the Trustee do not agree with
                 respect to an interpretation of Regulation AB, the Manager and
                 the Trustee shall obtain a written opinion of counsel of U.S.
                 national reputation in the practice of U.S. federal securities
                 laws reasonably acceptable to the Manager and the Trustee,
                 addressed to the Manager and the Trustee, stating the opinion
                 of such counsel with respect to the interpretation of the
                 relevant provision(s) of Regulation AB; provided, further, that
                 the costs and fees of such counsel incurred in the preparation
                 of such written opinion shall be divided equally between the
                 Manager and the Trustee. In relation to the Securitisation
                 Fund, the Trustee shall cooperate fully with the Manager to
                 deliver to the Manager (including any of its assignees or
                 designees), any and all statements, reports, certifications,
                 records and any other information within the control of the
                 Trustee or for which the Trustee is responsible necessary in
                 the good faith determination of the Manager to permit the
                 Manager to comply with the provisions of Regulation AB,
                 together with such disclosures relating to the Manager, the
                 Trustee, any Subcontractor of the Trustee, the Loans, the
                 servicing of the Loans or any other servicing activities within
                 the meaning of Item 1122 of Regulation AB, reasonably believed
                 by the Manager to be necessary in order to effect such
                 compliance;

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

           (d)   the Trustee acknowledges and agrees that, to the extent the
                 Manager reasonably determines, upon consultation with, and to
                 the extent agreed with, the Trustee, that the Trustee is
                 "participating in the servicing function" in relation to the
                 Securitisation Fund within the meaning of Item 1122 of
                 Regulation AB, the Trustee will comply with the applicable
                 requirements contained in clause 15.7(e) - (i); provided that,
                 to the extent the Manager and the Trustee do not agree whether
                 the Trustee is "participating in the servicing function" with
                 respect to one or more Servicing Criteria within the meaning of
                 Item 1122 in relation to the Securitisation Fund, the Manager
                 and the Trustee shall obtain a written opinion of counsel of
                 U.S. national reputation in the practice of U.S. federal
                 securities laws reasonably acceptable to the Manager and the

--------------------------------------------------------------------------------
                                                                         page 66
<PAGE>

                 Trustee, addressed to the Manager and the Trustee, stating
                 whether, in the opinion of such counsel, the Trustee is
                 "participating in the servicing function" with respect to such
                 Servicing Criteria within the meaning of Item 1122 in relation
                 to the Securitisation Fund; provided, further, that the costs
                 and fees of such counsel incurred in the preparation of such
                 written opinion shall be divided equally between the Manager
                 and the Trustee;

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

                 (1)   deliver to the Manager a report (in form and substance
                       reasonably satisfactory to the Manager) regarding the
                       Trustee's assessment of compliance with the Servicing
                       Criteria during the immediately preceding financial year
                       ended June 30, as required under Rules 13a-18 and 15d-18
                       of the Exchange Act and Item 1122 of Regulation AB. Such
                       report shall be addressed to the Manager and signed by an
                       authorized officer of the Trustee, and shall address each
                       of the Servicing Criteria specified on a certification
                       substantially in the form of Schedule 2 hereto and
                       addressing, at a minimum, the criteria identified in
                       Schedule 3 hereto as "Applicable Servicing Criteria", but
                       only with respect to such of the Servicing Criteria that
                       the Trustee performs;

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

                 (3)   cause each Subcontractor of the Trustee (if any)
                       determined by the Trustee pursuant to clause 15.7(f) to
                       be "participating in the servicing function" within the
                       meaning of Item 1122 of Regulation AB, to deliver to the
                       Manager an assessment of compliance and accountants'
                       attestation as and when provided in clause 15.7(e)(1) and
                       (2), but only with respect to such of the Servicing
                       Criteria that such Subcontractor of the Trustee performs;

                 An assessment of compliance provided by a Subcontractor of the
                 Trustee pursuant to clause 15.7(e)(3) need not address any
                 elements of the Servicing Criteria other than those specified
                 by the Trustee pursuant to clause 15.7(f), and need only
                 address such of the Servicing Criteria that such Subcontractor
                 performs;;

           (f)   in relation to the use of Subcontractors:

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

                       (A)   the identity of each such Subcontractor;

--------------------------------------------------------------------------------
                                                                         page 67
<PAGE>

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

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

                 (2)   as a condition to the utilization of any Subcontractor
                       determined to be "participating in the servicing
                       function" within the meaning of Item 1122 of Regulation
                       AB, (i) the Trustee shall cause any such Subcontractor
                       used by the Trustee for the benefit of the Manager to
                       comply with the provisions of clauses 15.7(e) - (i), 15.8
                       and 15.9 of this Supplementary Bond Terms Notice to the
                       same extent as if such Subcontractor were the Trustee
                       (provided that in the case of a Subcontractor of the
                       Trustee, the obligations of such Subcontractor under
                       clause 15.7(g) will be owed directly to the Manager and
                       the Trustee will do all things reasonably necessary to
                       cause the Subcontractor to owe such obligations directly
                       to the Manager) and (ii) the Trustee shall obtain the
                       written consent of the Manager (which is not to be
                       unreasonably withheld or delayed) to the utilization of
                       such Subcontractor. The Trustee shall be responsible for
                       obtaining from each Subcontractor and delivering to the
                       Manager any assessment of compliance and accountants'
                       attestation required to be delivered by such
                       Subcontractor under clause 15.7(e) - (i), in each case as
                       and when required to be delivered;

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

                 (1)   any untrue statement of a material fact contained or
                       alleged to be contained in any information, report,
                       certification, accountants' letter or other material
                       provided in written or electronic form under this clause
                       15.7 by or on behalf of the Trustee, or provided under
                       this clause 15.7 by or on behalf of any Subcontractor of
                       the Trustee (collectively, the "Trustee Information");
                       provided that in the case of any untrue statement of a
                       material fact contained or alleged to be contained in the
                       accountant's letter, the Trustee will indemnify and hold
                       harmless the Manager only to the extent of the sum that
                       the Trustee recovers from the accounting firm providing
                       such accountant's letter (which recovery the Trustee must
                       if the Trustee in good faith determines the Trustee is
                       entitled to do so after taking professional advice pursue
                       including by taking action in any relevant court of
                       competent jurisdiction); provided, further, that the
                       Trustee will not indemnify and hold harmless the Manager
                       to the extent that the untrue statement of a material
                       fact contained or alleged to be contained in the Trustee
                       Information relates to information provided to the
                       Trustee by the Manager or any other party to enable the
                       Trustee to complete its duties under the Transaction
                       Documents; or

--------------------------------------------------------------------------------
                                                                         page 68
<PAGE>

                 (2)   the omission or alleged omission to state in the Trustee
                       Information a material fact required to be stated in the
                       Trustee Information or necessary in order to make the
                       statements therein, in the light of the circumstances
                       under which they were made, not misleading; provided, by
                       way of clarification, that this clause 15.7(g)(2) shall
                       be construed solely by reference to the Trustee
                       Information and not to any other information communicated
                       in connection with a sale or purchase of securities,
                       without regard to whether the Trustee Information or any
                       portion thereof is presented together with or separately
                       from such other information; provided, further, that in
                       the case of the omission or alleged omission to state in
                       an accountant's letter a material fact required to be
                       stated in the accountant's letter or necessary in order
                       to make the statements therein, in the light of the
                       circumstances under which they were made, not misleading,
                       the Trustee will indemnify and hold harmless the Manager
                       only to the extent of the sum that the Trustee recovers
                       from the accounting firm providing such accountant's
                       letter (which recovery the Trustee must if the Trustee in
                       good faith determines the Trustee is entitled to do so
                       after taking professional advice pursue including by
                       taking action in any relevant court of competent
                       jurisdiction); provided, further, that the Trustee will
                       not indemnify and hold harmless the Manager to the extent
                       that the omission or alleged omission to state in the
                       Trustee Information a material fact required to be stated
                       in the Trustee Information or necessary in order to make
                       the statements therein, in the light of the circumstances
                       under which they were made, not misleading, relates to
                       information provided to the Trustee by the Manager or any
                       other party to enable the Trustee to complete its duties
                       under the Transaction Documents; or

                 (3)   any failure by the Trustee or any Subcontractor of the
                       Trustee to deliver any information, report,
                       certification, accountants' letter or other material when
                       and as required under this clause 15.7, including any
                       failure by the Trustee to disclose any non-compliance
                       with any of the Servicing Criteria in a certification or
                       to identify pursuant to clause 15.7(f) any Subcontractor
                       "participating in the servicing function" within the
                       meaning of Item 1122 of Regulation AB. In the case of any
                       failure of performance described in clause 15.7(g)(3),
                       the Trustee shall promptly reimburse the Manager, for all
                       costs reasonably incurred by the Manager in order to
                       obtain the information, report, certification,
                       accountants' letter or other material not delivered as
                       required by the Trustee or any Subcontractor of the
                       Trustee;

           (h)   any failure by the Trustee or any Subcontractor of the Trustee
                 to:

                 (1)   deliver any information, report, certification,
                       accountants' letter or other material when and as
                       required under this clause 15.7, shall, except as
                       provided in clause 15.7(h)(2), immediately and
                       automatically, without notice or grace period, entitle
                       the Manager, in its sole discretion:

--------------------------------------------------------------------------------
                                                                         page 69
<PAGE>

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

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

                 (2)   deliver any information, report, certification or
                       accountants' letter when and as required under clause
                       15.7(e) - (i) or (except as provided below) any failure
                       by the Trustee to identify pursuant to clause 15.7(f) any
                       Subcontractor of the Trustee "participating in the
                       servicing function" within the meaning of Item 1122 of
                       Regulation AB, which continues unremedied for ten
                       calendar days after the date on which such information,
                       report, certification or accountants' letter was required
                       to be delivered, shall entitle the Manager, in its sole
                       discretion:

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

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

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

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

--------------------------------------------------------------------------------
                                                                         page 70
<PAGE>

     15.8  Direction of claims by the Manager

           (a)   If the Trustee is entitled to recover from the accounting firm
                 providing the accountant's letter referred to in clause 15.7(g)
                 by any action, proceeding, claim or demand ((for the purpose of
                 this clause 15.8, a Claim), the Trustee must if the Trustee in
                 good faith determines that it is entitled to do so after taking
                 professional advice pursue such Claim and must promptly notify
                 the Manager in writing of such Claim.

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

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

     15.9  Direction of defence of claims

           (a)   If any action, proceeding, claim or demand brought against the
                 Manager in connection with (i) any untrue statement of a
                 material fact contained or alleged to be contained in the
                 Trustee Information referred to in clause 15.7(g) or (ii) the
                 omission or alleged omission to state in the Trustee
                 Information a material fact required to be stated in the
                 Trustee Information or necessary in order to make the
                 statements therein, in the light of the circumstances under
                 which they were made, not misleading (for the purpose of this
                 clause 15.9, a Claim), the Trustee will have the option to
                 assume the direction of that Claim (including the employment of
                 legal advisers selected by the Trustee but approved by the
                 Manager subject to the payment by the Trustee of all fees and
                 expenses).

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

           (c)   If any Claim brought against the Trustee is settled with
                 respect to the Trustee with the consent of the Manager or if
                 there is a final judgement against the Trustee in relation to
                 it, the Trustee agrees to indemnify and hold harmless the
                 Manager from and against any loss or liability by reason of
                 such settlement or judgement (other than any fees and expenses
                 incurred in circumstances where the Trustee is not liable for
                 them under clause 15.9(b), or any fees and expenses incurred in
                 connection with any Claim brought against the Trustee that is
                 settled with respect to the Trustee

--------------------------------------------------------------------------------
                                                                         page 71
<PAGE>

                 or compromised by the Trustee without the consent of the
                 Manager (unless the Manager has unreasonably withheld its
                 consent)).

     15.10 Details on Register conclusive

           In respect of all Class A3 Notes, the Class A3 Irish Paying Agent
           shall be entitled to rely on the Register as being a correct,
           complete and conclusive record of the matters set out in it at any
           time in respect of the Class A3 Notes and whether or not the
           information shown in the Register is inconsistent with any other
           document, matter or thing. The Class A3 Irish Paying Agent is not
           liable to any person in any circumstances whatsoever for any
           inaccuracy in, or omission from, the Register.

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

16   Privacy

           (a)   Each party to this Supplementary Bond Terms Notice acknowledges
                 that Personal Information may be exchanged between the parties
                 pursuant to the terms of this Supplementary Bond Terms Notice.

           (b)   If Personal Information is exchanged between the parties, the
                 party which provides the Personal Information must ensure that
                 it obtains such consents, if any, as are required by the
                 Privacy Act 1988 (as amended by the Privacy Amendment (Private
                 Sector) Act 2000) to be obtained by that party in relation to
                 the collection, use or disclosure of the Personal Information.

           (c)   Each party to this Supplementary Bond Terms Notice undertakes
                 to use its best endeavours to ensure that at all times during
                 the term of this Supplementary Bond Terms Notice:

                 (1)   Personal Information provided to it (the receiving party)
                       by another party (the providing party):

                       (A)   unless otherwise required by law, will be used only
                             for the purpose of fulfilling the receiving party's
                             obligations under the Transaction Documents; and

                       (B)   except as expressly provided pursuant to the
                             Transaction Documents, will not be disclosed to any
                             third party unless express consent in writing is
                             obtained from the providing party; and

                 (2)   in addition to the obligation under clause 16(b) above,
                       it will comply with the Privacy Act 1988 (as amended by
                       the Privacy Amendment (Private Sector) Act 2000) and all
                       applicable regulations, principles, standards, codes of
                       conduct or guidelines concerning the handling of Personal
                       Information under that Act or with any request or
                       direction arising directly from or in connection with the
                       proper exercise of the functions of the Privacy
                       Commissioner.

           (d)   In this clause 16, "Personal Information" has the same meaning
                 as in the Privacy Act 1988.

--------------------------------------------------------------------------------
                                                                         page 72
<PAGE>

           (e)   Notwithstanding anything else contained in this clause 16,
                 paragraphs (a) to (c) above do not apply to the Note Trustee,
                 the Principal Paying Agent, the Calculation Agent or the Note
                 Registrar. Each of the Note Trustee, the Principal Paying
                 Agent, the Calculation Agent and the Note Registrar agrees to
                 comply with all privacy legislation applicable to it.

--------------------------------------------------------------------------------
                                                                         page 73
<PAGE>

Dated:   3  October 2006

TRUSTEE

Signed by
Perpetual Limited
by its attorney under Power of Attorney
dated 13 September 2006
in the presence of:

  /s/ David Barber                           /s/ Jennifer Wu
--------------------------------           -------------------------------------
  Witness                                    Attorney

  David Barber                               Jennifer Wu
--------------------------------           -------------------------------------
  Name (please print)                        Name (please print)

MANAGER

Signed by
ME Portfolio Management Limited
by its attorney under Power of Attorney
dated 3 October 2006
in the presence of:

  /s/ David Barber                           /s/ Lachlan Roots
--------------------------------           -------------------------------------
  Witness                                    Attorney

  David Barber                               Lachlan Roots
--------------------------------           -------------------------------------
  Name (please print)                        Name (please print)

SECURITY TRUSTEE

Signed by
Perpetual Trustee Company Limited
by its attorney under Power of Attorney
dated 13 September 2006
in the presence of:

  /s/ David Barber                           /s/ Jennifer Wu
--------------------------------           -------------------------------------
  Witness                                    Attorney

  David Barber                               Jennifer Wu
--------------------------------           -------------------------------------
  Name (please print)                        Name (please print)

--------------------------------------------------------------------------------
                                                                         page 74
<PAGE>

NOTE TRUSTEE

Signed by
The Bank of New York
by its Authorised Signatory in the
presence of:

  /s/ Charles P Austin                       /s/ Christopher Curti
--------------------------------           -------------------------------------
  Witness                                    Authorised Signatory

  Charles P Austin                           Christopher Curti
--------------------------------             Assistant Treasury
  Name (please print)                      -------------------------------------
                                             Name (please print)

--------------------------------------------------------------------------------
                                                                         page 75
<PAGE>

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

Schedule 1 - Supplementary Bond Terms Notice: SMHL Global Fund No. 9 -
Liquidity Notes

To:           Perpetual Limited
              ABN 86 000 431 827
              as trustee of the SMHL Global Fund No. 9
              (Trustee)

From:         ME Portfolio Management Limited
              ABN 79 005 964 134
              as manager of the SMHL Global Fund No. 9
              (Manager)

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

1    Function

     This Supplementary Bond Terms Notice:

           (a)   accompanies a Securitisation Fund Bond Issue Direction dated
                 [insert date] as the same may be amended from time to time, in
                 relation to a proposed issue of Notes by the Trustee;

           (b)   sets out the Supplementary Bond Terms for the Notes comprised
                 in the Class named in the Bond Issue Direction as the "SMHL
                 Global Fund No. 9 - Liquidity Notes"; and

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

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

2    Definitions and Interpretation

     2.1   Definitions

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

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

           Class A Note has the meaning given to it in the SMHL Global Fund No.
           9 Bond Terms.

           Class B Note has the meaning given to it in the SMHL Global Fund No.
           9 Bond Terms.

           Commission has the meaning given to it in the SMHL Global Fund No. 9
           Bond Terms.

           Exchange Act has the meaning given to it in the SMHL Global Fund No.
           9 Bond Terms.

           Final Maturity Date means the earlier of:

--------------------------------------------------------------------------------
                                                                         page 76
<PAGE>

           (a)   9 November 2039; and

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

           Fitch Ratings means Fitch Australia Pty Ltd.

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

           Interest Period has the same meaning as in the SMHL Global Fund No. 9
           Bond Terms for the Class B Notes.

           Interest Rate has, in relation to an Interest Period, the same
           meaning as in the SMHL Global Fund No. 9 Bond Terms for Liquidity
           Notes.

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

           Liquidity Notes means the Bonds (as defined in the Master Trust Deed)
           comprised in the Class named in the Bond Issue Direction as "SMHL
           Global Fund No. 9 - Liquidity Notes", issued by the Trustee pursuant
           to the Bond Issue Direction and in accordance with the Master Trust
           Deed.

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

           Manager means ME Portfolio Management Limited.

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

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

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

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

           Payment Date has the same meaning as in the SMHL Global Fund No. 9
           Bond Terms for Class B Notes.

           Principal Collections has the same meaning as in the SMHL Global Fund
           No. 9 Bond Terms.

           Regulation AB has the meaning given to it in the SMHL Global Fund No.
           9 Bond Terms.

           S&P means Standard and Poor's (Australia) Pty Limited.

           Securitisation Fund means the Securitisation Fund established under
           the Master Trust Deed known as the SMHL Global Fund No. 9.

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

--------------------------------------------------------------------------------
                                                                         page 77
<PAGE>

           Servicing Criteria has the meaning given to it in the SMHL Global
           Fund No. 9 Bond Terms.

           SMHL Global Fund No. 9 Bond Terms means the Supplementary Bond Terms
           Notice dated on or about the date of this Supplementary Bond Terms
           Notice in respect of the Securitisation Fund and providing terms of
           issue for the Class A Notes and Class B Notes.

           Subcontractor has the meaning given to it in the SMHL Global Fund No.
           9 Bond Terms.

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

     2.2   Incorporation of Master Trust Deed Definitions

           Subject to clause 2.1, each term or expression used herein that is
           defined in the Master Trust Deed (as amended by the SMHL Global Fund
           No. 9 Bond Terms) and is not defined herein shall have the same
           meaning herein unless the context otherwise requires or unless
           otherwise defined herein.

     2.3   Interpretation

           The provisions of clause 1.2 of the Master Trust Deed shall be
           incorporated, mutatis mutandis, into this Supplementary Bond Terms
           Notice, except that references to the SMHL Global Fund No. 9 Bond
           Terms are to the SMHL Global Fund No. 9 Bond Terms as at the Issue
           Date.

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

3    Interest on the Liquidity Note

     3.1   Interest

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

     3.2   Calculation of Interest

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

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

           (b)   at the Interest Rate for the Liquidity Note for that Interest
                 Period; and

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

     3.3   Payment of Interest

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

--------------------------------------------------------------------------------
                                                                         page 78
<PAGE>

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

4    Payment of Principal on the Notes

     4.1   Final Maturity Date

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

     4.2   Reduction in Principal balance

           On each relevant Payment Date, the Trustee must (at the direction of
           the Manager) comply with clause 5.5 of the SMHL Global Fund No. 9
           Bond Terms and each repayment of principal of the Liquidity Notes
           must be applied as between each Liquidity Note as the Manager may
           from time to time determine until the Outstanding Principal Balance
           for each Liquidity Note is reduced to zero. Each payment of principal
           in respect of a Liquidity Note under this Supplementary Bond Terms
           Notice reduces the Outstanding Principal Balance of the Liquidity
           Note by the amount of that payment. The Trustee has no obligation to
           make any payment under this clause 4 in respect of the Liquidity
           Notes in excess of the Outstanding Principal Balance of the Liquidity
           Notes immediately prior to that payment being made.

     4.3   Cancellation on Repayment

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

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

5    Notes Callable at Option of Trustee

     If the Trustee declares a date to be the Final Maturity Date of the Notes
     issued pursuant to the SMHL Global Fund No. 9 Bond Terms in accordance with
     the SMHL Global Fund No. 9 Bond Terms, the Trustee must declare, and the
     Manager must direct the Trustee to declare, by giving not less than 5
     Banking Days notice to the Liquidity Noteholder, that same date to be the
     Final Maturity Date for the Liquidity Notes.

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

6    Cash collateral

     The Trustee and Manager must:

     (a)   comply with the terms of clause 5 of the SMHL Global Fund No. 9 Bond
           Terms; and

     (b)   not make any variation or amendment to the SMHL Global Fund No. 9
           Bond Terms without the consent of the Liquidity Noteholder.

--------------------------------------------------------------------------------
                                                                         page 79
<PAGE>

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

7    Distribution of collections

     7.1   Distribution of Collections

           Subject to the terms of the Security Trust Deed, on each relevant
           Payment Date, the Trustee must apply the Interest Collections and the
           Principal Collections for the relevant Calculation Period in
           accordance with the SMHL Global Fund No. 9 Bond Terms.

     7.2   Rights for Repayment of Principal

           The rights of the Liquidity Noteholder to receive payment of or
           towards the Outstanding Principal Balance are subject to clause 6.3
           of the SMHL Global Fund No. 9 Bond Terms.

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

8    Notifications of calculations etc

     The Manager must, not later than 2 Banking Days before each relevant
     Payment Date advise the Trustee in writing of the Outstanding Principal
     Balance of all Liquidity Notes following the making of all payments to be
     made on that relevant Payment Date in accordance with the SMHL Global Fund
     No. 9 Bond Terms and this Supplementary Bond Terms Notice.

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

9    Notice to Noteholders

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

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

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

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

10   Restriction on transfer

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

--------------------------------------------------------------------------------
                                                                         page 80
<PAGE>

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

11   Rating Agency requirements

     11.1  Designated Rating Agencies

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

     11.2  Designated Ratings

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

     11.3  Investment of Fund

           The Trustee and the Manager must comply with the SMHL Global Fund No.
           9 Bond Terms insofar as they relate to:

           (a)   the investment of the Assets of the Fund in Authorised
                 Investments; and

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

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

12   Miscellaneous

     12.1  Banking Day

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

     12.2  Provisions of the Master Trust Deed to apply

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

     12.3  Limitation of Liability

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

     12.4  Know Your Customer

           Subject to any confidentiality, privacy or general trust law
           obligations owed by the Trustee to Bondholders and any applicable
           confidentiality or privacy laws, except to the extent those
           obligations or laws are overridden by applicable anti-money
           laundering or counter-terrorism financing laws, each party hereto
           (Information Provider) agrees to provide any information and
           documents reasonably required by another party hereto (Information
           Receiver) for the Information Receiver to comply with any applicable
           anti-money laundering or counter-terrorism financing laws including,
           without limitation, any laws imposing

--------------------------------------------------------------------------------
                                                                         page 81
<PAGE>

           "know your customer" or other identification checks or procedures on
           a party, but only to the extent that such information is in the
           possession of, or otherwise readily available to, the Information
           Provider. The Information Receiver may, to the extent required by
           law, decline to perform its affected obligations under the
           Transaction Documents to which it is a party. Any Information
           Receiver receiving information and documents pursuant to this clause
           12.4 agrees to utilize such information and documents solely for the
           purpose of complying with applicable anti-money laundering or
           counter-terrorism financing laws.

     12.5  Compliance with Regulation AB

           In relation to compliance with Regulation AB:

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

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

--------------------------------------------------------------------------------
                                                                         page 82
<PAGE>

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

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

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

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

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

                 (3)   cause each Subcontractor of the Trustee (if any)
                       determined by the Trustee pursuant to clause 12.5 to be
                       "participating in the servicing function" within the
                       meaning of Item 1122 of Regulation AB, to deliver to the
                       Manager an assessment of compliance and accountants'
                       attestation as and when provided in clause 12.5(e)(1)

--------------------------------------------------------------------------------
                                                                         page 83
<PAGE>

                       and 12.5(e)(2), but only with respect to such of the
                       Servicing Criteria that such Subcontractor of the Trustee
                       performs;

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

           (f)   in relation to the use of Subcontractors:

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

                       (A)   the identity of each such Subcontractor;

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

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

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

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

                 (1)   any untrue statement of a material fact contained or
                       alleged to be contained in any information, report,
                       certification, accountants' letter or other material
                       provided in written or electronic form under this clause
                       12.5 by or on behalf of the Trustee, or provided under

--------------------------------------------------------------------------------
                                                                         page 84
<PAGE>

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

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

                 (3)   any failure by the Trustee or any Subcontractor of the
                       Trustee to deliver any information, report,
                       certification, accountants' letter or other material when
                       and as required under this clause 12.5, including any
                       failure by the Trustee to disclose any non-compliance
                       with any of the Servicing Criteria in a certification or

--------------------------------------------------------------------------------
                                                                         page 85
<PAGE>

                       to identify pursuant to clause 12.5(f) any Subcontractor
                       "participating in the servicing function" within the
                       meaning of Item 1122 of Regulation AB. In the case of any
                       failure of performance described in clause 12.5(g)(3),
                       the Trustee shall promptly reimburse the Manager, for all
                       costs reasonably incurred by the Manager in order to
                       obtain the information, report, certification,
                       accountants' letter or other material not delivered as
                       required by the Trustee or any Subcontractor of the
                       Trustee;

           (h)   any failure by the Trustee or any Subcontractor of the Trustee
                 to:

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

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

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

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

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

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

--------------------------------------------------------------------------------
                                                                         page 86
<PAGE>

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

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

     12.6  Direction of claims by the Manager

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

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

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

     12.7  Direction of defence of claims

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

            (b)   If the Trustee notifies the Manager in writing of its election
                  to direct the defence of a Claim brought against the Trustee
                  and the Manager approves

--------------------------------------------------------------------------------
                                                                         page 87
<PAGE>

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

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

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

13   Financial Default

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

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

14   Attorney

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

Dated:     [insert date]

For and on behalf of
ME Portfolio Management Limited
by its attorney in the presence of:

--------------------------------              ----------------------------------
Witness                                       Attorney

--------------------------------              ----------------------------------
Name (please print)                           Name (please print)

--------------------------------------------------------------------------------
                                                                         page 88
<PAGE>

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

Schedule A - Report on assessment of compliance with Regulation AB servicing
criteria

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

         [________________] (the "Asserting Party") is responsible for assessing
compliance as of June 30, [ ] and for the period from [ ] (date of issuance of
SMHL Global Fund No. 9) through June 30, [ ] (the "Reporting Period") with the
servicing criteria set forth in Section 229.1122(d) of the Code of Federal
Regulations (the "CFR"), except for criteria 229.1122(d)[insert section numbers
in Regulation AB that are not applicable to Asserting Party] of the CFR, which
have been determined not to be, and the Asserting Party has concluded are not,
servicing criteria that the Asserting Party performs, or in which the Asserting
Party participates, in relation to SMHL Global Fund No. 9 (the "Applicable
Servicing Criteria"). This assessment of compliance is provided in relation to
SMHL Global Fund No. 9.

         The Asserting Party has assessed its compliance with the Applicable
Servicing Criteria for the Reporting Period and has concluded that the Asserting
Party has complied, in all material respects, with the Applicable Servicing
Criteria in relation to SMHL Global Fund No. 9.

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

[NAME OF ASSERTING PARTY]

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

By:

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

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

--------------------------------------------------------------------------------
                                                                         page 89
<PAGE>

--------------------------------------------------------------------------------
Schedule B - Servicing Criteria to be Addressed in Assessment of Compliance

--------------------------------------------------------------------- ----------
SERVICING CRITERIA                                                    APPLICABLE
                                                                      SERVICING
                                                                      CRITERIA
--------------------------------------------------------------------- ----------
Reference         Criteria
----------------- --------------------------------------------------- ----------
                  General Servicing Considerations
----------------- --------------------------------------------------- ----------
1122(d)(1)(i)     Policies and procedures are instituted to monitor
                  any performance or other triggers and events of
                  default in accordance with the transaction
                  agreements.
----------------- --------------------------------------------------- ----------
1122(d)(1)(ii)    If any material servicing activities are outsourced
                  to third parties, policies and procedures are
                  instituted to monitor the third party's performance
                  and compliance with such servicing activities.
----------------- --------------------------------------------------- ----------
1122(d)(1)(iii)   Any requirements in the transaction agreements to
                  maintain a back-up servicer for the mortgage loans
                  are maintained.
----------------- --------------------------------------------------- ----------
1122(d)(1)(iv)    A fidelity bond and errors and omissions policy is
                  in effect on the party participating in the
                  servicing function throughout the reporting period
                  in the amount of coverage required by and otherwise
                  in accordance with the terms of the transaction
                  agreements.
----------------- --------------------------------------------------- ----------
                  Cash Collection and Administration
----------------- --------------------------------------------------- ----------
1122(d)(2)(i)     Payments on mortgage loans are deposited into the
                  appropriate custodial bank accounts and related
                  bank clearing accounts no more than two business
                  days following receipt, or such other number of
                  days specified in the transaction agreements.
----------------- --------------------------------------------------- ----------
1122(d)(2)(ii)    Disbursements made via wire transfer on behalf of
                  an obligor or to an investor are made only by
                  authorized personnel.
----------------- --------------------------------------------------- ----------
1122(d)(2)(iii)   Advances of funds or guarantees regarding
                  collections, cash flows or distributions, and any
                  interest or other fees charged for such advances,
                  are made, reviewed and approved as specified in the
                  transaction agreements.
----------------- --------------------------------------------------- ----------
1122(d)(2)(iv)    The related accounts for the transaction, such as
                  cash reserve accounts or accounts established as a
                  form of overcollateralization, are separately
                  maintained (e.g., with respect to commingling of
                  cash) as set forth in the transaction agreements.
----------------- --------------------------------------------------- ----------
1122(d)(2)(v)     Each custodial account is maintained at a federally
                  insured depository institution as set forth in the

--------------------------------------------------------------------------------
                                                                         page 90
<PAGE>

                  transaction agreements. For purposes of this
                  criterion, "federally insured depository
                  institution" with respect to a foreign financial
                  institution means a foreign financial institution
                  that meets the requirements of Rule 13k-1(b)(1) of
                  the Securities Exchange Act.
----------------- --------------------------------------------------- ----------
1122(d)(2)(vi)    Unissued checks are safeguarded so as to prevent
                  unauthorized access.
----------------- --------------------------------------------------- ----------
1122(d)(2)(vii)   Reconciliations are prepared on a monthly basis for
                  all asset-backed securities related bank accounts,
                  including custodial accounts and related bank
                  clearing accounts. These reconciliations are (A)
                  mathematically accurate; (B) prepared within 30
                  calendar days after the bank statement cutoff date,
                  or such other number of days specified in the
                  transaction agreements; (C) reviewed and approved
                  by someone other than the person who prepared the
                  reconciliation; and (D) contain explanations for
                  reconciling items. These reconciling items are
                  resolved within 90 calendar days of their original
                  identification, or such other number of days
                  specified in the transaction agreements.
----------------- --------------------------------------------------- ----------
                  Investor Remittances and Reporting
----------------- --------------------------------------------------- ----------
1122(d)(3)(i)     Reports to investors, including those to be filed
                  with the Commission, are maintained in accordance
                  with the transaction agreements and applicable
                  Commission requirements. Specifically, such reports
                  (A) are prepared in accordance with timeframes and
                  other terms set forth in the transaction
                  agreements; (B) provide information calculated in
                  accordance with the terms specified in the
                  transaction agreements; (C) are filed with the
                  Commission as required by its rules and
                  regulations; and (D) agree with investors' or the
                  trustee's records as to the total unpaid principal
                  balance and number of mortgage loans serviced by
                  the Servicer.
----------------- --------------------------------------------------- ----------
1122(d)(3)(ii)    Amounts due to investors are allocated and remitted
                  in accordance with timeframes, distribution
                  priority and other terms set forth in the
                  transaction agreements.
----------------- --------------------------------------------------- ----------
1122(d)(3)(iii)   Disbursements made to an investor are posted within
                  two business days to the Servicer's investor
                  records, or such other number of days specified in
                  the transaction agreements.
----------------- --------------------------------------------------- ----------
1122(d)(3)(iv)    Amounts remitted to investors per the investor
                  reports agree with cancelled checks, or other form
                  of payment, or custodial bank statements.
----------------- --------------------------------------------------- ----------
                  Pool Asset Administration
----------------- --------------------------------------------------- ----------
1122(d)(4)(i)     Collateral or security on mortgage loans is
                  maintained as required by the transaction
                  agreements or related

--------------------------------------------------------------------------------
                                                                         page 91
<PAGE>

                  mortgage loan documents.
----------------- --------------------------------------------------- ----------
1122(d)(4)(ii)    Mortgage loan and related documents are safeguarded
                  as required by the transaction agreements
----------------- --------------------------------------------------- ----------
1122(d)(4)(iii)   Any additions, removals or substitutions to the
                  asset pool are made, reviewed and approved in
                  accordance with any conditions or requirements in
                  the transaction agreements.
----------------- --------------------------------------------------- ----------
1122(d)(4)(iv)    Payments on mortgage loans, including any payoffs,
                  made in accordance with the related mortgage loan
                  documents are posted to the Servicer's obligor
                  records maintained no more than two business days
                  after receipt, or such other number of days
                  specified in the transaction agreements, and
                  allocated to principal, interest or other items
                  (e.g., escrow) in accordance with the related
                  mortgage loan documents.
----------------- --------------------------------------------------- ----------
1122(d)(4)(v)     The Servicer's records regarding the mortgage loans
                  agree with the Servicer's records with respect to
                  an obligor's unpaid principal balance.
----------------- --------------------------------------------------- ----------
1122(d)(4)(vi)    Changes with respect to the terms or status of an
                  obligor's mortgage loans (e.g., loan modifications
                  or re-agings) are made, reviewed and approved by
                  authorized personnel in accordance with the
                  transaction agreements and related pool asset
                  documents.
----------------- --------------------------------------------------- ----------
1122(d)(4)(vii)   Loss mitigation or recovery actions (e.g.,
                  forbearance plans, modifications and deeds in lieu
                  of foreclosure, foreclosures and repossessions, as
                  applicable) are initiated, conducted and concluded
                  in accordance with the timeframes or other
                  requirements established by the transaction
                  agreements.
----------------- --------------------------------------------------- ----------
1122(d)(4)(viii)  Records documenting collection efforts are
                  maintained during the period a mortgage loan is
                  delinquent in accordance with the transaction
                  agreements. Such records are maintained on at least
                  a monthly basis, or such other period specified in
                  the transaction agreements, and describe the
                  entity's activities in monitoring delinquent
                  mortgage loans including, for example, phone calls,
                  letters and payment rescheduling plans in cases
                  where delinquency is deemed temporary (e.g.,
                  illness or unemployment).
----------------- --------------------------------------------------- ----------
1122(d)(4)(ix)    Adjustments to interest rates or rates of return
                  for mortgage loans with variable rates are computed
                  based on the related mortgage loan documents.
----------------- --------------------------------------------------- ----------
1122(d)(4)(x)     Regarding any funds held in trust for an obligor
                  (such as escrow accounts): (A) such funds are
                  analyzed, in accordance with the obligor's mortgage
                  loan documents, on at least an annual basis, or
                  such other period specified in the transaction
                  agreements; (B)

--------------------------------------------------------------------------------
                                                                         page 92
<PAGE>

                  interest on such funds is paid, or credited, to
                  obligors in accordance with applicable mortgage
                  loan documents and state laws; and (C) such funds
                  are returned to the obligor within 30 calendar days
                  of full repayment of the related mortgage loans, or
                  such other number of days specified in the
                  transaction agreements.
----------------- --------------------------------------------------- ----------
1122(d)(4)(xi)    Payments made on behalf of an obligor (such as tax
                  or insurance payments) are made on or before the
                  related penalty or expiration dates, as indicated
                  on the appropriate bills or notices for such
                  payments, provided that such support has been
                  received by the servicer at least 30 calendar days
                  prior to these dates, or such other number of days
                  specified in the transaction agreements.
----------------- --------------------------------------------------- ----------
1122(d)(4)(xii)   Any late payment penalties in connection with any
                  payment to be made on behalf of an obligor are paid
                  from the servicer's funds and not charged to the
                  obligor, unless the late payment was due to the
                  obligor's error or omission.
----------------- --------------------------------------------------- ----------
1122(d)(4)(xiii)  Disbursements made on behalf of an obligor are
                  posted within two business days to the obligor's
                  records maintained by the servicer, or such other
                  number of days specified in the transaction
                  agreements.
----------------- --------------------------------------------------- ----------
1122(d)(4)(xiv)   Delinquencies, charge-offs and uncollectible
                  accounts are recognized and recorded in accordance
                  with the transaction agreements.
----------------- --------------------------------------------------- ----------
1122(d)(4)(xv)    Any external enhancement or other support,
                  identified in Item 1114(a)(1) through (3) or Item
                  1115 of Regulation AB, is maintained as set forth
                  in the transaction agreements.
----------------- --------------------------------------------------- ----------

--------------------------------------------------------------------------------
                                                                         page 93
<PAGE>

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

Schedule 2 - Report on assessment of compliance with Regulation AB servicing
criteria

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

         [________________] (the "Asserting Party") is responsible for assessing
compliance as of June 30, [ ] and for the period from [ ] (date of issuance of
SMHL Global Fund No. 9) through June 30, [ ] (the "Reporting Period") with the
servicing criteria set forth in Section 229.1122(d) of the Code of Federal
Regulations (the "CFR"), except for criteria 229.1122(d)[insert section numbers
in Regulation AB that are not applicable to Asserting Party] of the CFR, which
have not been determined pursuant to the transaction documents for the SMHL
Global Fund No. 9 to be, and the Asserting Party has concluded are not,
servicing criteria that the Asserting Party performs, or in which the Asserting
Party participates, in relation to SMHL Global Fund No. 9 (the "Applicable
Servicing Criteria"). This assessment of compliance is provided in relation to
SMHL Global Fund No. 9.

         The Asserting Party has assessed its compliance with the Applicable
Servicing Criteria for the Reporting Period and has concluded that the Asserting
Party has complied, in all material respects, with the Applicable Servicing
Criteria in relation to SMHL Global Fund No. 9.

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

[NAME OF ASSERTING PARTY]

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

By:

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

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

--------------------------------------------------------------------------------
                                                                         page 94
<PAGE>

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

Schedule 3 - Servicing Criteria to be Addressed in Assessment of Compliance

--------------------------------------------------------------------- ----------
SERVICING CRITERIA                                                    APPLICABLE
                                                                      SERVICING
                                                                      CRITERIA
--------------------------------------------------------------------- ----------
Reference         Criteria
----------------- --------------------------------------------------- ----------
                  General Servicing Considerations
----------------- --------------------------------------------------- ----------
1122(d)(1)(i)     Policies and procedures are instituted to monitor
                  any performance or other triggers and events of
                  default in accordance with the transaction
                  agreements.
----------------- --------------------------------------------------- ----------
1122(d)(1)(ii)    If any material servicing activities are outsourced
                  to third parties, policies and procedures are
                  instituted to monitor the third party's performance
                  and compliance with such servicing activities.
----------------- --------------------------------------------------- ----------
1122(d)(1)(iii)   Any requirements in the transaction agreements to
                  maintain a back-up servicer for the mortgage loans
                  are maintained.
----------------- --------------------------------------------------- ----------
1122(d)(1)(iv)    A fidelity bond and errors and omissions policy is
                  in effect on the party participating in the
                  servicing function throughout the reporting period
                  in the amount of coverage required by and otherwise
                  in accordance with the terms of the transaction
                  agreements.
----------------- --------------------------------------------------- ----------
                  Cash Collection and Administration
----------------- --------------------------------------------------- ----------
1122(d)(2)(i)     Payments on mortgage loans are deposited into the
                  appropriate custodial bank accounts and related
                  bank clearing accounts no more than two business
                  days following receipt, or such other number of
                  days specified in the transaction agreements.
----------------- --------------------------------------------------- ----------
1122(d)(2)(ii)    Disbursements made via wire transfer on behalf of
                  an obligor or to an investor are made only by
                  authorized personnel.
----------------- --------------------------------------------------- ----------
1122(d)(2)(iii)   Advances of funds or guarantees regarding
                  collections, cash flows or distributions, and any
                  interest or other fees charged for such advances,
                  are made, reviewed and approved as specified in the
                  transaction agreements.
----------------- --------------------------------------------------- ----------
1122(d)(2)(iv)    The related accounts for the transaction, such as
                  cash reserve accounts or accounts established as a
                  form of overcollateralization, are separately
                  maintained (e.g., with respect to commingling of
                  cash) as set forth in the transaction agreements.
----------------- --------------------------------------------------- ----------
1122(d)(2)(v)     Each custodial account is maintained at a federally
                  insured depository institution as set forth in the

--------------------------------------------------------------------------------
                                                                         page 95
<PAGE>

                  transaction agreements. For purposes of this
                  criterion, "federally insured depository
                  institution" with respect to a foreign financial
                  institution means a foreign financial institution
                  that meets the requirements of Rule 13k-1(b)(1) of
                  the Securities Exchange Act.
----------------- --------------------------------------------------- ----------
1122(d)(2)(vi)    Unissued checks are safeguarded so as to prevent
                  unauthorized access.
----------------- --------------------------------------------------- ----------
1122(d)(2)(vii)   Reconciliations are prepared on a monthly basis for
                  all asset-backed securities related bank accounts,
                  including custodial accounts and related bank
                  clearing accounts. These reconciliations are (A)
                  mathematically accurate; (B) prepared within 30
                  calendar days after the bank statement cutoff date,
                  or such other number of days specified in the
                  transaction agreements; (C) reviewed and approved
                  by someone other than the person who prepared the
                  reconciliation; and (D) contain explanations for
                  reconciling items. These reconciling items are
                  resolved within 90 calendar days of their original
                  identification, or such other number of days
                  specified in the transaction agreements.
----------------- --------------------------------------------------- ----------
                  Investor Remittances and Reporting
----------------- --------------------------------------------------- ----------
1122(d)(3)(i)     Reports to investors, including those to be filed
                  with the Commission, are maintained in accordance
                  with the transaction agreements and applicable
                  Commission requirements. Specifically, such reports
                  (A) are prepared in accordance with timeframes and
                  other terms set forth in the transaction
                  agreements; (B) provide information calculated in
                  accordance with the terms specified in the
                  transaction agreements; (C) are filed with the
                  Commission as required by its rules and
                  regulations; and (D) agree with investors' or the
                  trustee's records as to the total unpaid principal
                  balance and number of mortgage loans serviced by
                  the Servicer.
----------------- --------------------------------------------------- ----------
1122(d)(3)(ii)    Amounts due to investors are allocated and remitted
                  in accordance with timeframes, distribution
                  priority and other terms set forth in the
                  transaction agreements.
----------------- --------------------------------------------------- ----------
1122(d)(3)(iii)   Disbursements made to an investor are posted within
                  two business days to the Servicer's investor
                  records, or such other number of days specified in
                  the transaction agreements.
----------------- --------------------------------------------------- ----------
1122(d)(3)(iv)    Amounts remitted to investors per the investor
                  reports agree with cancelled checks, or other form
                  of payment, or custodial bank statements.
----------------- --------------------------------------------------- ----------
                  Pool Asset Administration
----------------- --------------------------------------------------- ----------
1122(d)(4)(i)     Collateral or security on mortgage loans is
                  maintained as required by the transaction
                  agreements or related

--------------------------------------------------------------------------------
                                                                         page 96
<PAGE>

                  mortgage loan documents.
----------------- --------------------------------------------------- ----------
1122(d)(4)(ii)    Mortgage loan and related documents are safeguarded
                  as required by the transaction agreements.
----------------- --------------------------------------------------- ----------
1122(d)(4)(iii)   Any additions, removals or substitutions to the
                  asset pool are made, reviewed and approved in
                  accordance with any conditions or requirements in
                  the transaction agreements.
----------------- --------------------------------------------------- ----------
1122(d)(4)(iv)    Payments on mortgage loans, including any payoffs,
                  made in accordance with the related mortgage loan
                  documents are posted to the Servicer's obligor
                  records maintained no more than two business days
                  after receipt, or such other number of days
                  specified in the transaction agreements, and
                  allocated to principal, interest or other items
                  (e.g., escrow) in accordance with the related
                  mortgage loan documents.
----------------- --------------------------------------------------- ----------
1122(d)(4)(v)     The Servicer's records regarding the mortgage loans
                  agree with the Servicer's records with respect to
                  an obligor's unpaid principal balance.
----------------- --------------------------------------------------- ----------
1122(d)(4)(vi)    Changes with respect to the terms or status of an
                  obligor's mortgage loans (e.g., loan modifications
                  or re-agings) are made, reviewed and approved by
                  authorized personnel in accordance with the
                  transaction agreements and related pool asset
                  documents.
----------------- --------------------------------------------------- ----------
1122(d)(4)(vii)   Loss mitigation or recovery actions (e.g.,
                  forbearance plans, modifications and deeds in lieu
                  of foreclosure, foreclosures and repossessions, as
                  applicable) are initiated, conducted and concluded
                  in accordance with the timeframes or other
                  requirements established by the transaction
                  agreements.
----------------- --------------------------------------------------- ----------
1122(d)(4)(viii)  Records documenting collection efforts are
                  maintained during the period a mortgage loan is
                  delinquent in accordance with the transaction
                  agreements. Such records are maintained on at least
                  a monthly basis, or such other period specified in
                  the transaction agreements, and describe the
                  entity's activities in monitoring delinquent
                  mortgage loans including, for example, phone calls,
                  letters and payment rescheduling plans in cases
                  where delinquency is deemed temporary (e.g.,
                  illness or unemployment).
----------------- --------------------------------------------------- ----------
1122(d)(4)(ix)    Adjustments to interest rates or rates of return
                  for mortgage loans with variable rates are computed
                  based on the related mortgage loan documents.
----------------- --------------------------------------------------- ----------
1122(d)(4)(x)     Regarding any funds held in trust for an obligor
                  (such as escrow accounts): (A) such funds are
                  analyzed, in accordance with the obligor's mortgage
                  loan documents, on at least an annual basis, or
                  such other period specified in the transaction
                  agreements; (B)

--------------------------------------------------------------------------------
                                                                         page 97
<PAGE>

                  interest on such funds is paid, or credited, to
                  obligors in accordance with applicable mortgage
                  loan documents and state laws; and (C) such funds
                  are returned to the obligor within 30 calendar days
                  of full repayment of the related mortgage loans, or
                  such other number of days specified in the
                  transaction agreements.
----------------- --------------------------------------------------- ----------
1122(d)(4)(xi)    Payments made on behalf of an obligor (such as tax
                  or insurance payments) are made on or before the
                  related penalty or expiration dates, as indicated
                  on the appropriate bills or notices for such
                  payments, provided that such support has been
                  received by the servicer at least 30 calendar days
                  prior to these dates, or such other number of days
                  specified in the transaction agreements.
----------------- --------------------------------------------------- ----------
1122(d)(4)(xii)   Any late payment penalties in connection with any
                  payment to be made on behalf of an obligor are paid
                  from the servicer's funds and not charged to the
                  obligor, unless the late payment was due to the
                  obligor's error or omission.
----------------- --------------------------------------------------- ----------
1122(d)(4)(xiii)  Disbursements made on behalf of an obligor are
                  posted within two business days to the obligor's
                  records maintained by the servicer, or such other
                  number of days specified in the transaction
                  agreements.
----------------- --------------------------------------------------- ----------
1122(d)(4)(xiv)   Delinquencies, charge-offs and uncollectible
                  accounts are recognized and recorded in accordance
                  with the transaction agreements.
----------------- --------------------------------------------------- ----------
1122(d)(4)(xv)    Any external enhancement or other support,
                  identified in Item 1114(a)(1) through (3) or Item
                  1115 of Regulation AB, is maintained as set forth
                  in the transaction agreements.
----------------- --------------------------------------------------- ----------

--------------------------------------------------------------------------------
                                                                         page 98Exhibit 4.4

                                      Supplementary Bond Terms Notice:
                                      SMHL Global Fund No. 9 - Liquidity
                                      Notes

                                      Perpetual Limited
                                      ABN 86 000 431 827

                                      and

                                      ME Portfolio Management Limited
                                      ABN 79 005 964 134

               Freehills
               ---------

               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 SINGAPORE
               Correspondent Offices HANOI HO CHI MINH CITY JAKARTA KUALA LUMPUR

               Reference LGR:OMT:36G

<PAGE>

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

Table of contents

Clause                                                                      Page

1     Function                                                                 1

2     Definitions and Interpretation                                           1

      2.1     Definitions                                                      1
      2.2     Incorporation of Master Trust Deed Definitions                   3
      2.3     Interpretation                                                   3

3     Interest on the Liquidity Note                                           3

      3.1     Interest                                                         3
      3.2     Calculation of Interest                                          3
      3.3     Payment of Interest                                              3

4     Payment of Principal on the Notes                                        4

      4.1     Final Maturity Date                                              4
      4.2     Reduction in Principal balance                                   4
      4.3     Cancellation on Repayment                                        4

5     Notes Callable at Option of Trustee                                      4

6     Cash collateral                                                          4

7     Distribution of collections                                              5

      7.1     Distribution of Collections                                      5
      7.2     Rights for Repayment of Principal                                5

8     Notifications of calculations etc                                        5

9     Notice to Noteholders                                                    5

10    Restriction on transfer                                                  5

11    Rating Agency requirements                                               6

      11.1    Designated Rating Agencies                                       6
      11.2    Designated Ratings                                               6
      11.3    Investment of Fund                                               6

12    Miscellaneous                                                            6

      12.1    Banking Day                                                      6
      12.2    Provisions of the Master Trust Deed to Apply Other
              Than as Set Out Herein                                           6
      12.3    Limitation of Liability                                          6
      12.4    Know Your Customer                                               6

--------------------------------------------------------------------------------
                                                                          page 1
<PAGE>

      12.5    Compliance with Regulation AB                                    7
      12.6    Direction of claims by the Manager                              12
      12.7    Direction of defence of claims                                  12

13    Financial Default                                                       13

14    Attorney                                                                13

Schedule A - Servicing Criteria to be addressed in assessment of compliance   15

Schedule B - Servicing Criteria to be addressed in assessment of compliance   16

--------------------------------------------------------------------------------
                                                                          page 2
<PAGE>

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

Supplementary Bond Terms Notice
SMHL Global Fund No. 9 - Liquidity Notes

To:     Perpetual Limited
        ABN 86 000 431 827
        as trustee of the SMHL Global Fund No. 9
        (Trustee)

From:   ME Portfolio Management Limited
        ABN 79 005 964 134
        as manager of the SMHL Global Fund No. 9
        (Manager)

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

1    Function

           This Supplementary Bond Terms Notice:

           (a)   accompanies a Securitisation Fund Bond Issue Direction dated 3
                 October 2006 as the same may be amended from time to time, in
                 relation to a proposed issue of Notes by the Trustee;

           (b)   sets out the Supplementary Bond Terms for the Notes comprised
                 in the Class named in the Bond Issue Direction as the "SMHL
                 Global Fund No. 9 - Liquidity Notes"; and

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

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

2    Definitions and Interpretation

     2.1   Definitions

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

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

           Class A Note has the meaning given to it in the SMHL Global Fund No.
           9 Bond Terms.

           Class B Note has the meaning given to it in the SMHL Global Fund No.
           9 Bond Terms.

           Commission has the meaning given to it in the SMHL Global Fund No. 9
           Bond Terms.

           Exchange Act has the meaning given to it in the SMHL Global Fund No.
           9 Bond Terms.

--------------------------------------------------------------------------------
                                                                          page 1
<PAGE>

         Final Maturity Date means the earlier of:

           (a)   9 November 2039; and

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

           Fitch Ratings means Fitch Australia Pty Ltd.

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

           Interest Period has the same meaning as in the SMHL Global Fund No. 9
           Bond Terms for Class B Notes.

           Interest Rate has, in relation to an Interest Period, the same
           meaning as in the SMHL Global Fund No. 9 Bond Terms for Liquidity
           Notes.

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

           Liquidity Notes means the Bonds (as defined in the Master Trust Deed)
           comprised in the Class named in the Bond Issue Direction as "SMHL
           Global Fund No. 9 - Liquidity Notes", issued by the Trustee pursuant
           to the Bond Issue Direction and in accordance with the Master Trust
           Deed.

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

           Manager means ME Portfolio Management Limited.

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

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

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

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

           Payment Date has the same meaning as in the SMHL Global Fund No. 9
           Bond Terms for Class B Notes.

           Principal Collections has the same meaning as in the SMHL Global Fund
           No. 9 Bond Terms.

           Regulation AB has the meaning given to it in the SMHL Global Fund No.
           9 Bond Terms.

           S&P means Standard and Poor's (Australia) Pty Limited.

           Securitisation Fund means the Securitisation Fund established under
           the Master Trust Deed known as the SMHL Global Fund No. 9.

--------------------------------------------------------------------------------
                                                                          page 2
<PAGE>

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

           SMHL Global Fund No. 9 Bond Terms means the Supplementary Bond Terms
           Notice dated on or about the date of this Supplementary Bond Terms
           Notice in respect of the Securitisation Fund and providing terms of
           issue for the Class A Notes and Class B Notes.

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

     2.2   Incorporation of Master Trust Deed Definitions

           Subject to clause 2.1, each term or expression used herein that is
           defined in the Master Trust Deed (as amended by the SMHL Global Fund
           No. 9 Bond Terms) and is not defined herein shall have the same
           meaning herein unless the context otherwise requires or unless
           otherwise defined herein.

     2.3   Interpretation

           The provisions of clause 1.2 of the Master Trust Deed shall be
           incorporated, mutatis mutandis, into this Supplementary Bond Terms
           Notice, except that references to the SMHL Global Fund No. 9 Bond
           Terms are to the SMHL Global Fund No. 9 Bond Terms as at the Issue
           Date.

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

3    Interest on the Liquidity Note

     3.1   Interest

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

     3.2   Calculation of Interest

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

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

           (b)   at the Interest Rate for the Liquidity Note for that Interest
                 Period; and

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

     3.3   Payment of Interest

           On each relevant Payment Date, the Manager must direct the Trustee to
           pay, and the Trustee must, subject to clause 7, pay the Interest
           Amount for each Liquidity Note for the Interest Period to which that
           relevant Payment Date relates.
--------------------------------------------------------------------------------
                                                                          page 3
<PAGE>

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

4    Payment of Principal on the Notes

     4.1   Final Maturity Date

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

     4.2   Reduction in Principal balance

           On each relevant Payment Date, the Trustee must (at the direction of
           the Manager) comply with clause 5.5 of the SMHL Global Fund No. 9
           Bond Terms and each repayment of principal of the Liquidity Notes
           must be applied as between each Liquidity Note as the Manager may
           from time to time determine until the Outstanding Principal Balance
           for each Liquidity Note is reduced to zero. Each payment of principal
           in respect of a Liquidity Note under this Supplementary Bond Terms
           Notice reduces the Outstanding Principal Balance of the Liquidity
           Note by the amount of that payment. The Trustee has no obligation to
           make any payment under this clause 4 in respect of the Liquidity
           Notes in excess of the Outstanding Principal Balance of the Liquidity
           Notes immediately prior to that payment being made.

     4.3   Cancellation on Repayment

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

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

5    Notes Callable at Option of Trustee

           If the Trustee declares a date to be the Final Maturity Date of the
           Notes issued pursuant to the SMHL Global Fund No. 9 Bond Terms in
           accordance with the SMHL Global Fund No. 9 Bond Terms, the Trustee
           must declare, and the Manager must direct the Trustee to declare, by
           giving not less than 5 Banking Days notice to the Liquidity
           Noteholder, that same date to be the Final Maturity Date for the
           Liquidity Notes.

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

6    Cash collateral

           The Trustee and Manager must:

           (a)   comply with the terms of clause 5 of the SMHL Global Fund No. 9
                 Bond Terms; and

           (b)   not make any variation or amendment to the SMHL Global Fund No.
                 9 Bond Terms without the consent of the Liquidity Noteholder.

--------------------------------------------------------------------------------
                                                                          page 4
<PAGE>

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

7    Distribution of collections

     7.1   Distribution of Collections

           Subject to the terms of the Security Trust Deed, on each relevant
           Payment Date, the Trustee must apply the Interest Collections and the
           Principal Collections for the relevant Calculation Period in
           accordance with the SMHL Global Fund No. 9 Bond Terms.

     7.2   Rights for Repayment of Principal

           The rights of the Liquidity Noteholder to receive payment of or
           towards the Outstanding Principal Balance are subject to clause 6.3
           of the SMHL Global Fund No. 9 Bond Terms.

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

8    Notifications of calculations etc

           The Manager must, not later than two Banking Days before each
           relevant Payment Date advise the Trustee in writing of the
           Outstanding Principal Balance of all Liquidity Notes following the
           making of all payments to be made on that relevant Payment Date in
           accordance with the SMHL Global Fund No. 9 Bond Terms and this
           Supplementary Bond Terms Notice.

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

9    Notice to Noteholders

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

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

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

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

10   Restriction on transfer

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

--------------------------------------------------------------------------------
                                                                          page 5
<PAGE>

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

11   Rating Agency requirements

     11.1  Designated Rating Agencies

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

     11.2  Designated Ratings

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

     11.3  Investment of Fund

           The Trustee and the Manager must comply with the SMHL Global Fund No.
           9 Bond Terms insofar as they relate to:

           (a)   the investment of the Assets of the Fund in Authorised
                 Investments; and

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

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

12   Miscellaneous

     12.1  Banking Day

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

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

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

     12.3  Limitation of Liability

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

     12.4  Know Your Customer

           Subject to any confidentiality, privacy or general trust law
           obligations owed by the Trustee to Bondholders and any applicable
           confidentiality or privacy laws, except to the extent those
           obligations or laws are overridden by applicable anti-money
           laundering or counter-terrorism financing laws, each party hereto
           (Information Provider) agrees to provide any information and
           documents reasonably required by another party hereto (Information
           Receiver) for the Information Receiver to

--------------------------------------------------------------------------------
                                                                          page 6
<PAGE>

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

     12.5  Compliance with Regulation AB

           In relation to compliance with Regulation AB:

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

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

--------------------------------------------------------------------------------
                                                                          page 7
<PAGE>

                 servicing of the Loans or any other servicing activities within
                 the meaning of Item 1122 of Regulation AB, reasonably believed
                 by the Manager to be necessary in order to effect such
                 compliance;

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

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

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

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

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

--------------------------------------------------------------------------------
                                                                          page 8
<PAGE>

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

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

           (f)   in relation to the use of Subcontractors:

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

                       (A)   the identity of each such Subcontractor;

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

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

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

           (g)   the Trustee shall indemnify the Manager, and shall hold the
                 Manager harmless from and against any losses, damages,
                 penalties, fines,

--------------------------------------------------------------------------------
                                                                          page 9
<PAGE>

                 forfeitures, legal fees and expenses and related costs,
                 judgments, and any other costs, fees and expenses that it
                 sustains directly as a result of:

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

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

--------------------------------------------------------------------------------
                                                                         page 10
<PAGE>

                       party to enable the Trustee to complete its duties under
                       the Transaction Documents; or

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

           (h)   any failure by the Trustee or any Subcontractor of the Trustee
                 to:

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

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

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

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

                       (A)   to remove the Trustee or direct the Trustee to
                             remove the Subcontractor of the Trustee from the
                             performance of any activities which the Manager
                             reasonably determines to

--------------------------------------------------------------------------------
                                                                         page 11
<PAGE>

                             constitute "participating in the servicing
                             function" in relation to the Securitisation Fund
                             within the meaning of Item 1122 of Regulation AB;
                             and

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

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

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

     12.6  Direction of claims by the Manager

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

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

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

     12.7  Direction of defence of claims

           (a)   If any action, proceeding, claim or demand brought against the
                 Manager in connection with (i) any untrue statement of a
                 material fact contained or alleged to be contained in the
                 Trustee Information referred to in clause 12.5(g) or (ii) the
                 omission or alleged omission to state in the Trustee

--------------------------------------------------------------------------------
                                                                         page 12
<PAGE>

                 Information a material fact required to be stated in the
                 Trustee Information or necessary in order to make the
                 statements therein, in the light of the circumstances under
                 which they were made, not misleading (for the purpose of this
                 clause 12.7, a Claim), the Trustee will have the option to
                 assume the direction of that Claim (including the employment of
                 legal advisers selected by the Trustee but approved by the
                 Manager subject to the payment by the Trustee of all fees and
                 expenses).

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

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

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

13   Financial Default

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

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

14   Attorney

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

Dated:   3 October 2006

--------------------------------------------------------------------------------
                                                                         page 13
<PAGE>

Signed by
ME Portfolio Management Limited:
by its attorney in the
presence of:

  /s/ David Barber                              /s/ Lachlan Roots
--------------------------------              ----------------------------------
  Witness                                       Attorney

  David Barber                                  Lachlan Roots
--------------------------------              ----------------------------------
  Name (please print)                           Name (please print)

--------------------------------------------------------------------------------
                                                                         page 14
<PAGE>

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

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

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

         [________________] (the "Asserting Party") is responsible for assessing
compliance as of June 30, [ ] and for the period from [ ] (date of issuance of
SMHL Global Fund No. 9) through June 30, [ ] (the "Reporting Period") with the
servicing criteria set forth in Section 229.1122(d) of the Code of Federal
Regulations (the "CFR"), except for criteria 229.1122(d)[insert section numbers
in Regulation AB that are not applicable to Asserting Party] of the CFR, which
have not been determined pursuant to the transaction documents for the SMHL
Global Fund No. 9 to be, and the Asserting Party has concluded are not,
servicing criteria that the Asserting Party performs, or in which the Asserting
Party participates, in relation to SMHL Global Fund No. 9 (the "Applicable
Servicing Criteria"). This assessment of compliance is provided in relation to
SMHL Global Fund No. 9.

         The Asserting Party has assessed its compliance with the Applicable
Servicing Criteria for the Reporting Period and has concluded that the Asserting
Party has complied, in all material respects, with the Applicable Servicing
Criteria in relation to SMHL Global Fund No. 9.

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

[NAME OF ASSERTING PARTY]

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

By:

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

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

--------------------------------------------------------------------------------
                                                                         page 15
<PAGE>

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

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

--------------------------------------------------------------------- ----------
SERVICING CRITERIA                                                    APPLICABLE
                                                                      SERVICING
                                                                      CRITERIA
--------------------------------------------------------------------- ----------
Reference         Criteria
----------------- --------------------------------------------------- ----------
                  General Servicing Considerations
----------------- --------------------------------------------------- ----------
1122(d)(1)(i)     Policies and procedures are instituted to monitor
                  any performance or other triggers and events of
                  default in accordance with the transaction
                  agreements.
----------------- --------------------------------------------------- ----------
1122(d)(1)(ii)    If any material servicing activities are outsourced
                  to third parties, policies and procedures are
                  instituted to monitor the third party's performance
                  and compliance with such servicing activities.
----------------- --------------------------------------------------- ----------
1122(d)(1)(iii)   Any requirements in the transaction agreements to
                  maintain a back-up servicer for the mortgage loans
                  are maintained.
----------------- --------------------------------------------------- ----------
1122(d)(1)(iv)    A fidelity bond and errors and omissions policy is
                  in effect on the party participating in the
                  servicing function throughout the reporting period
                  in the amount of coverage required by and otherwise
                  in accordance with the terms of the transaction
                  agreements.
----------------- --------------------------------------------------- ----------
                  Cash Collection and Administration
----------------- --------------------------------------------------- ----------
1122(d)(2)(i)     Payments on mortgage loans are deposited into the
                  appropriate custodial bank accounts and related
                  bank clearing accounts no more than two business
                  days following receipt, or such other number of
                  days specified in the transaction agreements.
----------------- --------------------------------------------------- ----------
1122(d)(2)(ii)    Disbursements made via wire transfer on behalf of
                  an obligor or to an investor are made only by
                  authorized personnel.
----------------- --------------------------------------------------- ----------
1122(d)(2)(iii)   Advances of funds or guarantees regarding
                  collections, cash flows or distributions, and any
                  interest or other fees charged for such advances,
                  are made, reviewed and approved as specified in the
                  transaction agreements.
----------------- --------------------------------------------------- ----------
1122(d)(2)(iv)    The related accounts for the transaction, such as
                  cash reserve accounts or accounts established as a
                  form of overcollateralization, are separately
                  maintained (e.g., with respect to commingling of
                  cash) as set forth in the transaction agreements.
----------------- --------------------------------------------------- ----------
1122(d)(2)(v)     Each custodial account is maintained at a federally

--------------------------------------------------------------------------------
                                                                         page 16
<PAGE>

                  insured depository institution as set forth in the
                  transaction agreements. For purposes of this
                  criterion, "federally insured depository
                  institution" with respect to a foreign financial
                  institution means a foreign financial institution
                  that meets the requirements of Rule 13k-1(b)(1) of
                  the Securities Exchange Act.
----------------- --------------------------------------------------- ----------
1122(d)(2)(vi)    Unissued checks are safeguarded so as to prevent
                  unauthorized access.
----------------- --------------------------------------------------- ----------
1122(d)(2)(vii)   Reconciliations are prepared on a monthly basis for
                  all asset-backed securities related bank accounts,
                  including custodial accounts and related bank
                  clearing accounts. These reconciliations are (A)
                  mathematically accurate; (B) prepared within 30
                  calendar days after the bank statement cutoff date,
                  or such other number of days specified in the
                  transaction agreements; (C) reviewed and approved
                  by someone other than the person who prepared the
                  reconciliation; and (D) contain explanations for
                  reconciling items. These reconciling items are
                  resolved within 90 calendar days of their original
                  identification, or such other number of days
                  specified in the transaction agreements.
----------------- --------------------------------------------------- ----------
                  Investor Remittances and Reporting
----------------- --------------------------------------------------- ----------
1122(d)(3)(i)     Reports to investors, including those to be filed
                  with the Commission, are maintained in accordance
                  with the transaction agreements and applicable
                  Commission requirements. Specifically, such reports
                  (A) are prepared in accordance with timeframes and
                  other terms set forth in the transaction
                  agreements; (B) provide information calculated in
                  accordance with the terms specified in the
                  transaction agreements; (C) are filed with the
                  Commission as required by its rules and
                  regulations; and (D) agree with investors' or the
                  trustee's records as to the total unpaid principal
                  balance and number of mortgage loans serviced by
                  the Servicer.
----------------- --------------------------------------------------- ----------
1122(d)(3)(ii)    Amounts due to investors are allocated and remitted
                  in accordance with timeframes, distribution
                  priority and other terms set forth in the
                  transaction agreements.
----------------- --------------------------------------------------- ----------
1122(d)(3)(iii)   Disbursements made to an investor are posted within
                  two business days to the Servicer's investor
                  records, or such other number of days specified in
                  the transaction agreements.
----------------- --------------------------------------------------- ----------
1122(d)(3)(iv)    Amounts remitted to investors per the investor
                  reports agree with cancelled checks, or other form
                  of payment, or custodial bank statements.
----------------- --------------------------------------------------- ----------
                  Pool Asset Administration
----------------- --------------------------------------------------- ----------

--------------------------------------------------------------------------------
                                                                         page 17
<PAGE>

----------------- --------------------------------------------------- ----------
1122(d)(4)(i)     Collateral or security on mortgage loans is
                  maintained as required by the transaction
                  agreements or related mortgage loan documents.
----------------- --------------------------------------------------- ----------
1122(d)(4)(ii)    Mortgage loan and related documents are safeguarded
                  as required by the transaction agreements
----------------- --------------------------------------------------- ----------
1122(d)(4)(iii)   Any additions, removals or substitutions to the
                  asset pool are made, reviewed and approved in
                  accordance with any conditions or requirements in
                  the transaction agreements.
----------------- --------------------------------------------------- ----------
1122(d)(4)(iv)    Payments on mortgage loans, including any payoffs,
                  made in accordance with the related mortgage loan
                  documents are posted to the Servicer's obligor
                  records maintained no more than two business days
                  after receipt, or such other number of days
                  specified in the transaction agreements, and
                  allocated to principal, interest or other items
                  (e.g., escrow) in accordance with the related
                  mortgage loan documents.
----------------- --------------------------------------------------- ----------
1122(d)(4)(v)     The Servicer's records regarding the mortgage loans
                  agree with the Servicer's records with respect to
                  an obligor's unpaid principal balance.
----------------- --------------------------------------------------- ----------
1122(d)(4)(vi)    Changes with respect to the terms or status of an
                  obligor's mortgage loans (e.g., loan modifications
                  or re-agings) are made, reviewed and approved by
                  authorized personnel in accordance with the
                  transaction agreements and related pool asset
                  documents.
----------------- --------------------------------------------------- ----------
1122(d)(4)(vii)   Loss mitigation or recovery actions (e.g.,
                  forbearance plans, modifications and deeds in lieu
                  of foreclosure, foreclosures and repossessions, as
                  applicable) are initiated, conducted and concluded
                  in accordance with the timeframes or other
                  requirements established by the transaction
                  agreements.
----------------- --------------------------------------------------- ----------
1122(d)(4)(viii)  Records documenting collection efforts are
                  maintained during the period a mortgage loan is
                  delinquent in accordance with the transaction
                  agreements. Such records are maintained on at least
                  a monthly basis, or such other period specified in
                  the transaction agreements, and describe the
                  entity's activities in monitoring delinquent
                  mortgage loans including, for example, phone calls,
                  letters and payment rescheduling plans in cases
                  where delinquency is deemed temporary (e.g.,
                  illness or unemployment).
----------------- --------------------------------------------------- ----------
1122(d)(4)(ix)    Adjustments to interest rates or rates of return
                  for mortgage loans with variable rates are computed
                  based on the related mortgage loan documents.
----------------- --------------------------------------------------- ----------
1122(d)(4)(x)     Regarding any funds held in trust for an obligor
                  (such as

--------------------------------------------------------------------------------
                                                                         page 18
<PAGE>

                  escrow accounts): (A) such funds are analyzed, in
                  accordance with the obligor's mortgage loan
                  documents, on at least an annual basis, or such
                  other period specified in the transaction
                  agreements; (B) interest on such funds is paid, or
                  credited, to obligors in accordance with applicable
                  mortgage loan documents and state laws; and (C)
                  such funds are returned to the obligor within 30
                  calendar days of full repayment of the related
                  mortgage loans, or such other number of days
                  specified in the transaction agreements.
----------------- --------------------------------------------------- ----------
1122(d)(4)(xi)    Payments made on behalf of an obligor (such as tax
                  or insurance payments) are made on or before the
                  related penalty or expiration dates, as indicated
                  on the appropriate bills or notices for such
                  payments, provided that such support has been
                  received by the servicer at least 30 calendar days
                  prior to these dates, or such other number of days
                  specified in the transaction agreements.
----------------- --------------------------------------------------- ----------
1122(d)(4)(xii)   Any late payment penalties in connection with any
                  payment to be made on behalf of an obligor are paid
                  from the servicer's funds and not charged to the
                  obligor, unless the late payment was due to the
                  obligor's error or omission.
----------------- --------------------------------------------------- ----------
1122(d)(4)(xiii)  Disbursements made on behalf of an obligor are
                  posted within two business days to the obligor's
                  records maintained by the servicer, or such other
                  number of days specified in the transaction
                  agreements.
----------------- --------------------------------------------------- ----------
1122(d)(4)(xiv)   Delinquencies, charge-offs and uncollectible
                  accounts are recognized and recorded in accordance
                  with the transaction agreements.
----------------- --------------------------------------------------- ----------
1122(d)(4)(xv)    Any external enhancement or other support,
                  identified in Item 1114(a)(1) through (3) or Item
                  1115 of Regulation AB, is maintained as set forth
                  in the transaction agreements.
----------------- --------------------------------------------------- ----------

--------------------------------------------------------------------------------
                                                                         page 19

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00111-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00111-of-00352.parquet"}]]