Document:

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Nomination Notice
Security Trust Deed - SMHL Global Fund No. 9

To:               Perpetual Limited
                  ABN 86 000 431 827
                  of Level 12, 123 Pitt Street, Sydney, New South Wales
                  (Issuing Trustee)

                  Perpetual Trustee Company Limited
                  ABN 42 000 001 007
                  of Level 12, 123 Pitt Street, Sydney, New South Wales
                  (Security Trustee)

                  The Bank of New York
                  of 101 Barclay Street, Floor 21 West, New York, New York,
                  United States of America
                  (Note Trustee)

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

We refer to the Security Trust Deed - SMHL Global Fund No. 9 dated 17 August
2006 between the Issuing Trustee, the Security Trustee, the Note Trustee and
the Manager (Security Trust Deed).

For the purposes of clause 6.3(a)(4) of the Security Trust Deed we hereby
nominate 9 August 2012 as the date the Manager must not at any time cause the
fixed interest rate period for any Mortgage to end on or after.

A word or phrase (unless otherwise defined in this Nomination Notice) defined
in the Security Trust Deed has the same meaning as in the Security Trust Deed
when used in this Nomination Notice.

Dated:            21 September 2006

Signed for and on behalf of
ME Portfolio Management Limited
by two of its Authorised Signatories:

  /s/ Paul Garvey                                   /s/ N. Vamvakas
--------------------------------------            -----------------------------
  Authorised Signatory                              Authorised Signatory

  Paul Garvey                                       N. Vamvakas
--------------------------------------            -----------------------------
  Name (please print)                               Name (please print)Exhibit 4.6

                   Note Trust Deed - SMHL Global Fund No. 9

                   Perpetual Limited
                   ABN 86 000 431 827

                   ME Portfolio Management Limited
                   ABN 79 005 964 134

                   The Bank of New York

                   AIB/BNY Fund Management (Ireland) Limited

                   and

                   Perpetual Trustee Company Limited
                   ABN 42 000 001 007

                   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>

          Cross Reference Table(1)

               --------------------------------------- -------------------------
               Trust Indenture Act Section             Clause
               --------------------------------------- -------------------------
               310      (a)(1)                         1.1, 39.5, 39.6, 39.9(a)
                        (a)(2)                         39.1(d), 39.9(b)
                        (a)(3)                         38.2
                        (a)(4)                         NA(2)
                        (a)(5)                         39.9(d)
                        (b)                            39.9(c)
                        (c)                            NA
               --------------------------------------- -------------------------
               311      (a)                            13.1
                        (b)                            13.1
                        (c)                            NA
               --------------------------------------- -------------------------
               312      (a)                            51.1, 51.2(a)
                        (b)                            51.2(b)
                        (c)                            51.2(c)
               --------------------------------------- -------------------------
               313      (a)                            51.3
                        (b)(1)                         51.3
                        (b)(2)                         51.3
                        (c)                            51.4
                        (d)                            51.3
               --------------------------------------- -------------------------
               314      (a)(1)                         51.6(a)
                        (a)(2)                         51.6(b)
                        (a)(3)                         51.6(c)
                        (a)(4)                         11.1(j)
                        (b)                            11.1(k)
                        (c)                            52.1(a)
                        (d)                            52.1(b), (c), (d)
                        (e)                            52.1(e)
                        (f)                            NA
               --------------------------------------- -------------------------
               315      (a)                            13.2(b)
                        (b)                            13.4
                        (c)                            13.2(a)
                        (d)                            13.2(c), (d)
                        (e)                            52.2
               --------------------------------------- -------------------------
               316      (a)(1)                         52.3(a)
                        (a)(2)                         52.3(b)
                        (b)                            52.4
               --------------------------------------- -------------------------
               317      (a)(1)                         7.7(a)
                        (a)(2)                         7.7(b)
                        (b)                            2.6, 11.1(p)
               --------------------------------------- -------------------------
               318                                     52.19
               --------------------------------------- -------------------------
Notes:

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

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                                                                         page 1

<PAGE>

                                         Note Trust Deed SMHL Global Fund No. 9
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Table of contents

Clause                                                                      Page

1   Definitions and Interpretation                                            10

    1.1   Definitions and Interpretation                                      10
    1.2   Definitions in Master Trust Deed, Supplementary Bond Terms Notice
          and Conditions                                                      14
    1.3   Incorporation by reference                                          14
    1.4   Interpretation                                                      14
    1.5   Determination, statement and certificate sufficient evidence        15
    1.6   Document or agreement                                               15
    1.7   Transaction Document                                                15
    1.8   Issuer as trustee                                                   15
    1.9   Knowledge of Issuer and Security Trustee                            16
    1.10  Knowledge of the Note Trustee, Calculation Agent,
          Note Registrar or Principal Paying Agent, Irish Paying Agent,
          Class A3 Irish Paying Agent, other Paying Agents                    16
    1.11  Appointment of the Note Trustee                                     16
    1.12  Duration of Trust                                                   17
    1.13  Obligations of the Issuer                                           17
    1.14  Limitation of liability of Security Trustee                         17
    1.15  Opinion of counsel                                                  17

2   Payments on Notes                                                         18

    2.1   Principal amount                                                    18
    2.2   Covenant to repay                                                   18
    2.3   Deemed payment                                                      18
    2.4   Issuer's covenant to Class A Offered Noteholders and the
          Note Trustee                                                        19
    2.5   Following Event of Default                                          19
    2.6   Requirements of Paying Agents                                       20
    2.7   Certification                                                       21
    2.8   Determinations                                                      21

3   Form of, Issue of and Duties and Taxes on, Notes                          21

    3.1   Issue of Book-Entry Notes                                           21
    3.2   Form of Book-Entry Notes                                            21
    3.3   Definitive Notes - Class A1 Notes                                   23
    3.4   Definitive Notes - Class A2 Notes                                   24
    3.5   Stamp and Other Taxes                                               25
    3.6   Indemnity for non-issue                                             26
    3.7   Note Register and Note Registrar                                    26

4   Covenant of Compliance                                                    27

5   Cancellation of Class A Offered Notes                                     28

    5.1   Cancellation                                                        28

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<PAGE>
                                         Note Trust Deed SMHL Global Fund No. 9

    5.2   Records                                                             28

6   Enforcement                                                               28

    6.1   Actions following Event of Default                                  28
    6.2   Evidence of default                                                 29
    6.3   Note Trustee must receive indemnity                                 29
    6.4   Restrictions on enforcement                                         29
    6.5   Action by Noteholders                                               30

7    Proceedings                                                              30

    7.1   Acting only on direction                                            30
    7.2   Security Trustee acting                                             30
    7.3   Note Trustee alone entitled to act                                  31
    7.4   Available amounts                                                   31
    7.5   No obligation to ensure compliance                                  32
    7.6   Conflict of interests                                               32
    7.7   Note Trustee may enforce                                            32

8   Notice of Payment                                                         33

9   Investment by Note Trustee                                                33

10  Partial Payments                                                          33

11  Covenants by the Issuer and Manager                                       33

    11.1  Undertakings                                                        33
    11.2  Representations and warranties                                      37
    11.3  Undertakings to Class A3 Irish Paying Agent                         37

12  Remuneration of Note Trustee, Principal Paying Agent, Calculation
    Agent and Note Registrar                                                  38

    12.1  Fee                                                                 38
    12.2  Additional Remuneration                                             38
    12.3  Costs, expenses                                                     38
    12.4  Overdue rate                                                        39
    12.5  Continuing obligation                                               39
    12.6  Goods and services tax (GST)                                        39
    12.7  Currency and VAT                                                    40

13  Note Trustee                                                              40

    13.1  Preferential collection of claims against Note Trustee              40
    13.2  Duties of Note Trustee                                              40
    13.3  Obligations of Note Trustee                                         41
    13.4  Notice of Defaults                                                  41
    13.5  Rights of Note Trustee                                              42
    13.6  Limitation on Note Trustee's' liability                             50
    13.7  Wilful default of the Note Trustee                                  51

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<PAGE>
                                         Note Trust Deed SMHL Global Fund No. 9

14  Note Trustee's Liability                                                  51

15  Delegation by Note Trustee                                                51

16  Employment of Agent by Note Trustee                                       52

17  Note Trustee Contracting with Issuer                                      53

18  Appointment of Paying Agents and the Class A3 Irish Paying Agent          54

    18.1  Appointment of Paying Agents                                        54
    18.2  Appointment of the Class A3 Irish Paying Agent                      54

19  Payment                                                                   55

    19.1  Payment by Issuer                                                   55
    19.2  Confirmation                                                        56
    19.3  Payments by Paying Agents                                           56
    19.4  Method of Payment - Book-Entry Notes                                56
    19.5  Method of payment - Definitive Notes                                56
    19.6  Late payment                                                        56
    19.7  Notice of non-receipt                                               57
    19.8  Reimbursement                                                       57
    19.9  Method of payment                                                   57
    19.10 No fee                                                              57
    19.11 Securitisation Fund                                                 58

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<PAGE>

                                         Note Trust Deed SMHL Global Fund No. 9

20  Repayment                                                                 58

21  Appointment of the Calculation Agent                                      58

22  Duties of the Calculation Agent                                           58

23  Notice of any Withholding or Deduction                                    59

24  Early Redemption of Notes                                                 60

25  Pro Rata Redemption, Purchases and Cancellation of Notes                  60

26  Notices to Noteholders                                                    61

27  Documents and Forms                                                       61

28  Authentication                                                            62

29  Indemnity                                                                 62

30  The Note Register                                                         63

    30.1  Appointment of Note Registrar                                       63
    30.2  Details to be kept on the Note Register                             63
    30.3  Payments of Principal and Interest                                  64
    30.4  Place of keeping Register, copies and access                        64
    30.5  Details on Note Register conclusive                                 65
    30.6  Alteration of details on Note Register                              65
    30.7  Rectification of Note Register                                      65
    30.8  Correctness of Note Register                                        65

31  Changes of Note Registrar                                                 66

    31.1  Removal                                                             66
    31.2  Resignation                                                         66
    31.3  Limitation                                                          66
    31.4  Appointment of new Note Registrar                                   66

32  General                                                                   66

    32.1  Communications to Class A Offered Noteholders                       66
    32.2  Intentionally deleted                                               67
    32.3  Identity                                                            67
    32.4  No set-off                                                          68
    32.5  Reliance                                                            68
    32.6  Entitled to deal                                                    68
    32.7  Consultation                                                        69
    32.8  Duties                                                              69
    32.9  Income Tax Returns                                                  69

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<PAGE>
                                         Note Trust Deed SMHL Global Fund No. 9

33  Changes in Paying Agents, Class A3 Irish Paying Agent and
    Calculation Agent                                                         69

    33.1  Removal                                                             69
    33.2  Resignation                                                         70
    33.3  Limitation                                                          70
    33.4  Delivery of amounts                                                 71
    33.5  Successor to Principal Paying Agent                                 71
    33.6  Successor to Calculation Agent                                      72
    33.7  Notice to Noteholders                                               73
    33.8  Change in Paying Office or Specified Office                         73
    33.9  Class A3 Irish Paying Agent                                         74

34  Waiver                                                                    74

35  Amendment                                                                 75

    35.1  Approval                                                            75
    35.2  Resolution of Class A Offered Noteholders                           76
    35.3  Distribution of amendments                                          76
    35.4  Amendments binding                                                  76
    35.5  No Rating Agency downgrade                                          76
    35.6  Conformity with TIA                                                 77

36  Class A Offered Noteholders                                               77

    36.1  Absolute owner                                                      77
    36.2  Clearing Agency Certificate                                         78

37  Currency Indemnity                                                        78

38  New Note Trustees                                                         79

    38.1  Appointment by Issuer                                               79
    38.2  Appointment by Note Trustee                                         80
    38.3  Notice                                                              80

39  Note Trustee's Retirement and Removal                                     81

    39.1  Removal by Issuer                                                   81
    39.2  Removal by Class A Offered Noteholders                              81
    39.3  Resignation                                                         81
    39.4  Rating Agencies approval                                            82
    39.5  Trust Corporation                                                   82
    39.6  Successor to Note Trustee                                           82
    39.7  Notice                                                              83
    39.8  Retention of Lien                                                   83
    39.9  Eligibility; Disqualification                                       83

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<PAGE>
                                         Note Trust Deed SMHL Global Fund No. 9

40  Note Trustee's Powers Additional                                          84

41  Severability of Provisions                                                84

42  Notices                                                                   84

    42.1  General                                                             84
    42.2  Details                                                             84
    42.3  Communication through Principal Paying Agent                        86

43  Governing Law and Jurisdiction                                            87

    43.1  Governing law                                                       87
    43.2  Jurisdiction                                                        87
    43.3  Agent                                                               87

44  Counterparts                                                              88

45  Limited Recourse                                                          88

    45.1  General                                                             88
    45.2  Liability of Issuer limited to its right to indemnity               88
    45.3  Unrestricted remedies                                               89
    45.4  Restricted remedies                                                 89
    45.5  Wilful Default of the Issuer                                        90

46  Successor Trustee                                                         90

47  Reimbursement for the Cost of Independent Advice                          90

48  No Liability                                                              91

49  Prospectus                                                                91

50  Note Trustee's Limited Liability                                          91

    50.1  Reliance on certificate                                             91
    50.2  Note Trustee's reliance on Manager, Security Trustee,
          Issuer or Mortgage Manager                                          92
    50.3  Compliance with laws                                                92
    50.4  Reliance on experts                                                 92
    50.5  Oversights of others                                                93
    50.6  Powers, authorities and discretions                                 93
    50.7  Impossibility or impracticability                                   93
    50.8  Legal and other proceedings                                         93
    50.9  No liability except for negligence etc.                             94
    50.10 Further limitations on Note Trustee's liability                     95
    50.11 Conflicts                                                           96
    50.12 Information                                                         96
    50.13 Investigation by Note Trustee                                       96

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<PAGE>
                                         Note Trust Deed SMHL Global Fund No. 9

51  Noteholders' Lists and Reports, Continuing Security, Releases
    and Waivers                                                               97

    51.1  Provision of information                                            97
    51.2  Preservation of Information; Communications to Noteholders          97
    51.3  Reports by Note Trustee                                             97
    51.4  Notices to Class A Offered Noteholders; Waiver                      98
    51.5  Issuer's Liability not Affected                                     98
    51.6  Reports by Issuer                                                   98

52  Trust Indenture Act; Miscellaneous                                        99

    52.1  Compliance Certificates and Opinions                                99
    52.2  Undertaking for Costs                                              101
    52.3  Exclusions of Section 316                                          101
    52.4  Unconditional Rights of Class A Offered Noteholders
          to Receive Principal and Interest                                  101
    52.5  Continuing Obligation                                              102
    52.6  No Merger                                                          102
    52.7  Waiver                                                             102
    52.8  Consents and Approvals                                             102
    52.9  Written Waiver, Consent and Approval                               102
    52.10 Time of Essence                                                    102
    52.11 Moratorium Legislation                                             103
    52.12 Binding on Each Signatory                                          103
    52.13 Counterparts                                                       103
    52.14 Assignment                                                         103
    52.15 Power of Attorney                                                  103
    52.16 Certificate of Note Trustee                                        103
    52.17 Remedies cumulative                                                103
    52.18 Interest on Judgment                                               103
    52.19 Conflict with Trust Indenture Act                                  104
    52.20 Know your customer                                                 104
    52.21 Compliance with Regulation AB                                      104
    52.22 Direction of claims by the Manager                                 110
    52.23 Direction of defence of claims                                     110

53  Consent of Class A Offered Noteholders                                   111

    53.1  General                                                            111
    53.2  Special Written Approvals                                          111
    53.3  Requirement for writing                                            113
    53.4  Meetings of Class A Offered Noteholders                            113
    53.5  Entire Agreement                                                   114

Schedule 1 - Form of Book-Entry Note                                         117

Schedule 2 - Noteholders Reports                                             132

Schedule 3 - Meeting Procedures                                              135

Schedule 4 - Terms and Conditions of the Class A Offered Notes               140

Schedule 5 - Form of Class A2 Definitive Notes                               194

Schedule 6 - Report on assessment of compliance with Regulation AB
             servicing criteria                                              198
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                                                                         page 7
<PAGE>
                                         Note Trust Deed SMHL Global Fund No. 9

Schedule 7 - Servicing Criteria to be addressed in assessment of compliance  199

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                                                                         page 8
<PAGE>

                                         Note Trust Deed SMHL Global Fund No. 9
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This Note Trust Deed

          is made on 3 October 2006 between the following parties:

          1.   Perpetual Limited
               ABN 86 000 431 827
               in its capacity as trustee of the Securitisation Fund of Level
               12, 123 Pitt Street, Sydney, New South Wales
               (Issuer)

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

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

          4.   The Bank of New York
               of 101 Barclay Street, Floor 21 West, New York, New York 10286,
               United States of America (in the case of the Class A1 Notes) and
               of 48th Floor, 1 Canada Square, London, E14 5AL, United Kingdom
               (in the case of the Class A2 Notes)
               (Principal Paying Agent)

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

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

          7.   Perpetual Trustee Company Limited
               ABN 42 000 001 007
               in its capacity as security trustee under the Security Trust Deed
               of Level 12, 123 Pitt Street, Sydney, New South Wales
               (Security Trustee)

          8.   AIB/BNY Fund Management (Ireland) Limited
               of Guild House, Guild Street, Dublin 1, Republic of Ireland
               (Irish Paying Agent and Class A3 Irish Paying Agent)

Recitals

          A.   The Manager has directed the Issuer in accordance with the
               Master Trust Deed to issue mortgage backed pass through floating
               rate notes comprising US$1,340,000,000 Class A1 Notes due 9
               November 2039, (euro)450,000,000 Class A2 Notes due 9 November
               2039, A$ 406,000,000 Class A3 Notes due 9 November 2039 and
               A$57,000,000 Class B Notes due 9 November

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                                                                         page 9
<PAGE>
                                         Note Trust Deed SMHL Global Fund No. 9

               2039. The Class A Offered Notes are to be constituted and secured
               in the manner provided in this deed and the other Transaction
               Documents.

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

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

          D.   The Issuer proposes, at the direction of Manager, to appoint the
               Irish Paying Agent as Irish paying agent in respect of the Class
               A2 Notes, and the Class A3 Irish Paying Agent as Irish paying
               agent in respect of the Class A3 Notes, upon the terms contained
               in this deed.

          E.   Each of the Note Trustee, the Principal Paying Agent, the Irish
               Paying Agent, the Class A3 Irish Paying Agent, the Calculation
               Agent and the Note Registrar has agreed to act in those
               respective capacities upon the terms of this deed.

This deed witnesses

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

--------------------------------------------------------------------------------
1    Definitions and Interpretation

     1.1  Definitions and Interpretation

          The following definitions apply unless the context requires
          otherwise:

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

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

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

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

          Class A Noteowner means:

          (a)  a Class A1 Noteowner; or

          (b)  a Class A2 Noteowner.

          Class A1 Noteowner means, with respect to a Class A1 Book-Entry Note,
          the person who is the beneficial owner of such Class A1 Book-Entry
          Note, as reflected in the books of the Clearing Agency, or in the
          books of the person maintaining an account with the Clearing Agency
          or as an indirect participant, in each case in accordance with the
          rules of the Clearing Agency.

          Class A2 Noteowner means, with respect to a Class A2 Book-Entry Note,
          the person who is the beneficial owner of such Class A2 Book-Entry
          Note, as reflected in the books of the Clearing Agency, or in the
          books of the person maintaining an account with the Clearing Agency
          or as an indirect participant, in

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                                                                        page 10
<PAGE>
                                         Note Trust Deed SMHL Global Fund No. 9

          each case in accordance with the rules of the Clearing Agency.

          Class A Offered Note means each Class A1 Note and each Class A2 Note.

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

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

          Commission has the meaning given to it in the Supplementary Bond
          Terms Notice.

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

          Definitive Note means:

          (a)  a Class A1 Definitive Note issued pursuant to clause 3.3 of this
               deed; or

          (b)  a Class A2 Definitive Note issued pursuant to clause 3.4 of this
               deed.

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

          EU Tax Directive means the European Union Council Directive
          2003/48/EC on the taxation of savings income in the form of interest
          payments which was adopted on 3 June 2003, or any law or regulation
          implementing or complying with, or introduced to conform with such
          directive.

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

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

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

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

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

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

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

          Insolvency Event has the same meaning as the defined term "Event of
          Insolvency" in the Master Trust Deed.

          Master Trust Deed means the Master Trust Deed for the Superannuation

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                                                                        page 11
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                                         Note Trust Deed SMHL Global Fund No. 9

          Members' Home Loans Trusts dated 4 July 1994 between the Issuer, as
          Trustee, and the Manager, as amended and restated from time to time.

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

          Note Depository Agreement means the agreement entitled "Letter of
          Representations" among the Issuer, Note Trustee (as Agent) and The
          Depository Trust Company, as the initial Clearing Agency, dated as of
          the Closing Date, relating to the Class A1 Notes, as the same may be
          amended or supplemented from time to time.

          Note Trust means the trust constituted under and by this deed.

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

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

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

          Paying Agent means, where the context permits:

          (a)  the Principal Paying Agent initially appointed as principal
               paying agent by the Issuer under this deed and any successor
               from time to time under this deed; or

          (b)  the Irish Paying Agent initially appointed as Irish paying agent
               by the Issuer under this deed and any successor from time to
               time under this deed; or

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

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

          (a)  in respect of the Principal Paying Agent and the Class A1 Notes
               - its office at 101 Barclay Street, Floor 21 West, New York, New
               York, United
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                                                                        page 12
<PAGE>
                                         Note Trust Deed SMHL Global Fund No. 9

               States of America; and

          (b)  in respect of the Principal Paying Agent and the Class A2 Notes
               - its office at 48th Floor, 1 Canada Square, London, E14 5AL,
               United Kingdom;

          (c)  in respect of the Irish Paying Agent and the Class A2 Notes -
               its office at Guild House, Guild Street, Dublin 1, Republic of
               Ireland; and

          (d)  in respect of the Class A3 Irish Paying Agent and the Class A3
               Notes - its office at Guild House, Guild Street, Dublin 1,
               Republic of Ireland.

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

          Record Date means:

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

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

          Regulation AB has the meaning given to it in the Supplementary Bond
          Terms Notice.

          Relevant Class A Currency means:

          (a)  in respect of the Class A1 Notes - US$; and

          (b)  in respect of the Class A2 Notes - (euro).

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

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

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

          Specified Office means:

          (a)  in relation to the Calculation Agent, the office of the
               Calculation Agent specified under this deed as the office at
               which the Calculation Agent will carry out its duties under this
               deed; and

          (b)  in relation to the Note Registrar, the office of the Note
               Registrar specified under this deed as the office at which the
               Note Registrar will carry out its duties under this deed.

          Supplementary Bond Terms Notice means the document entitled
          "Supplementary Bond Terms Notice: SMHL Global Fund No. 9 - Class A
          Notes and Class B Notes" dated on or about the date of this deed
          between the Issuer, the
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                                                                        page 13

<PAGE>
                                         Note Trust Deed SMHL Global Fund No. 9

               Manager, the Note Trustee and the Security Trustee in respect of
               the Securitisation Fund.

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

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

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

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

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

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

     1.3  Incorporation by reference

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

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

          indenture securities means the Class A1 Notes;

          indenture security holder means a Class A1 Noteholder;

          indenture to be qualified means the Note Trust Deed;

          indenture trustee or institutional trustee means the Note Trustee;
          and

          obligor on the indenture securities means the Issuer with respect to
          the Class A1 Notes.

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

     1.4  Interpretation

          Clause 1.2 of the Master Trust Deed applies to this deed as if set
          out in full and:
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                                                                        page 14
<PAGE>

                                         Note Trust Deed SMHL Global Fund No. 9

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

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

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

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

     1.5  Determination, statement and certificate sufficient evidence

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

     1.6  Document or agreement

          A reference to:

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

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

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

     1.7  Transaction Document

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

     1.8  Issuer as trustee

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

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

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

               (3)  a reference to the assets, business, property or
                    undertaking of the Issuer or the Security Trustee is a
                    reference to the assets, business, property or undertaking
                    of the Issuer or the Security Trustee
--------------------------------------------------------------------------------
                                                                        page 15
<PAGE>
                                         Note Trust Deed SMHL Global Fund No. 9

                    respectively only in the capacity described in paragraphs
                    (1) and (2) above.

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

     1.9  Knowledge of Issuer and Security Trustee

          In relation to the Securitisation Fund, the Issuer and the Security
          Trustee will only be considered to have knowledge, actual knowledge
          or notice of, or be aware of, any matter or thing if the Issuer or
          the Security Trustee (as the case may be) has knowledge, notice or
          awareness of that matter or thing by virtue of the actual notice or
          awareness of the officers or employees of the Issuer or the Security
          Trustee (as the case may be) who have day to day responsibility for
          the administration of the Securitisation Fund.

     1.10 Knowledge of the Note Trustee, Calculation Agent, Note Registrar or
          Principal Paying Agent, Irish Paying Agent, Class A3 Irish Paying
          Agent, other Paying Agents

          In relation to the Securitisation Fund, the Note Trustee, the
          Calculation Agent, the Note Registrar, the Principal Paying Agent,
          the Irish Paying Agent, the Class A3 Irish Paying Agent and any other
          Paying Agent will only be considered to have knowledge or notice of,
          or be aware of, any matter or thing if the Note Trustee, Calculation
          Agent, Note Registrar, Principal Paying Agent, Irish Paying Agent,
          Class A3 Irish Paying Agent or other Paying Agents (as the case may
          be) has knowledge, notice or awareness of that matter or thing by
          virtue of the actual notice or awareness of the officers or employees
          of the Note Trustee, Calculation Agent, Note Registrar, Principal
          Paying Agent, Irish Paying Agent, the Class A3 Irish Paying Agent or
          other Paying Agents (as the case may be) who have day to day
          responsibility for the administration of the Note Trust, or other
          duties of the relevant party constituted by this deed.

     1.11 Appointment of the Note Trustee

          The Note Trustee:

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

          (b)  acknowledges and declares that it:

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

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

               (3)  will hold the benefit of the covenants in clause 2.2 and
                    clause 4(c) and all other rights of the Class A Offered
                    Noteholders under the Class A Offered Notes,

               in each case, on trust for each Class A Offered Noteholder, in
               accordance with the terms and conditions of this deed.
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                                                                        page 16
<PAGE>
                                         Note Trust Deed SMHL Global Fund No. 9

     1.12 Duration of Trust

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

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

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

     1.13 Obligations of the Issuer

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

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

     1.14 Limitation of liability of Security Trustee

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

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

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

     1.15 Opinion of counsel

          For the purposes of this deed, the Issuer may where necessary seek,
          and rely conclusively on, any Opinion of Counsel on any matters
          relating to or connected with the TIA. Where the Issuer elects to
          seek and has sought the Opinion of Counsel it shall not be required
          to take any action under this deed unless and until it has received
          such an Opinion of Counsel. The cost of any such Opinion of Counsel
          will be an Expense of the Issuer in relation to the Securitisation
          Fund.
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                                                                        page 17
<PAGE>
                                         Note Trust Deed SMHL Global Fund No. 9
--------------------------------------------------------------------------------
2    Payments on Notes

     2.1  Principal amount

          (a)  The aggregate principal amount of the Class A1 Notes is limited
               to US$1,340,000,000.

          (b)  The aggregate principal amount of the Class A2 Notes is limited
               to (euro)450,000,000.

     2.2  Covenant to repay

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

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

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

               pay, or procure to be paid, unconditionally in accordance with
               this deed to, or to the order of, the Note Trustee in the
               Relevant Class A Currency in New York (in the case of the Class
               A1 Notes) or London (in the case of the Class A2 Notes), for
               immediate value the principal amount of those Class A Offered
               Notes repayable, or in the case of a partial payment of those
               Class A Offered Notes, the principal amount payable, subject to
               and in accordance with the terms of those Class A Offered Notes
               (including the Conditions).

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

     2.3  Deemed payment

          Any payment of principal or interest in respect of any Class A
          Offered Notes to or to the account of the Principal Paying Agent in
          the manner provided in clause 19 shall satisfy the covenant in
          relation to those Class A Offered Notes by the Issuer in this clause
          2 to the extent of that payment, except to the extent that the
          Principal Paying Agent subsequently fails to pay that amount under
          those Class A Offered Notes in accordance with the terms of those
          Class A Offered Notes (including the Conditions).
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                                                                        page 18

<PAGE>
                                         Note Trust Deed SMHL Global Fund No. 9

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

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

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

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

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

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

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

     2.5  Following Event of Default

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

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

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

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

                    (B)  to deliver up all Definitive Notes and all amounts,
                         documents and records held by them in respect of the
                         Class A Offered Notes to the Note Trustee or as the
                         Note Trustee
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                                                                        page 19
<PAGE>
                                         Note Trust Deed SMHL Global Fund No. 9

                         shall direct in that notice, other than any documents
                         or records which the relevant Paying Agent or
                         Calculation Agent is obliged not to release by any law
                         or regulation; or

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

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

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

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

          (e)  The Issuer, the Manager, the Note Trustee, the Security Trustee
               and the Paying Agents may treat a Class A Offered Noteholder as
               the absolute owner of a Class A Offered Note (whether or not
               that Class A Offered 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.

     2.6  Requirements of Paying Agents

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

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

          (b)  immediately notify in writing the Note Trustee, the Issuer, the
               Security Trustee and the Manager if the full amount of any
               payment of principal or interest required to be made by the
               Supplementary Bond Terms Notice and the relevant Conditions in
               respect of the Class A Offered Notes is not unconditionally
               received by it or to its order in accordance with this deed.
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                                                                        page 20

<PAGE>
                                         Note Trust Deed SMHL Global Fund No. 9

     2.7  Certification

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

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

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

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

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

     2.8  Determinations

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

     3.1  Issue of Book-Entry Notes

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

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

     3.2  Form of Book-Entry Notes

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

               (1)  in the case of Class A1 Book-Entry Notes - in part A of
                    schedule 1;
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                                                                        page 21
<PAGE>
                                         Note Trust Deed SMHL Global Fund No. 9

               (2)  in the case of Class A2 Book-Entry Notes which are
                    Temporary Class A2 Global Notes - in part B of schedule 1;
                    and

               (3)  in the case of Class A2 Book-Entry Notes which are
                    Permanent Class A2 Global Notes - in part C of schedule 1

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

          (c)  The Book-Entry Notes shall be in an aggregate principal amount
               of:

               (1)  US$1,340,000,000 for the Class A1 Notes; and

               (2)  (euro)450,000,000 for the Class A2 Notes.

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

          (e)  The Class A1 Notes upon original issue will be issued in the
               form of typewritten Class A1 Notes representing the Class A1
               Book-Entry Notes. The Class A2 Notes upon original issue will be
               represented by the Temporary Class A2 Global Notes.
               Notwithstanding the foregoing, the Temporary Class A2 Global
               Note (or part of that Temporary Class A2 Global Note) will be
               exchanged for the applicable Permanent Class A2 Global Note in
               accordance with its terms and each relevant Class A2 Note in
               respect of which exchange is made will (subject to clause 3.4)
               be represented by that Permanent Class A2 Global Note (or part
               of that Permanent Class A2 Global Note) for which that exchange
               was made. The Manager shall, on the date of this deed, deliver
               or arrange the delivery of, on its behalf to the Principal
               Paying Agent, as agent for the Clearing Agency, the Class A1
               Book-Entry Notes and the Temporary Class A2 Global Notes. The
               Book-Entry Notes so issued shall initially be registered on the
               Note Register in the name of the Common Depository as nominee of
               the Clearing Agency, and no Class A Noteowner will receive a
               Definitive Note representing such Class A Noteowner's interest
               in such Note, except as provided in clause 3.3 or clause 3.4.

          (f)  Whenever a notice or other communication to the Class A Offered
               Noteholders is required under this deed, unless and until
               Definitive Notes
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                                                                        page 22

<PAGE>
                                         Note Trust Deed SMHL Global Fund No. 9

               shall have been issued to a Class A Noteowner pursuant to clause
               3.3 or clause 3.4, the Note Trustee shall give all such notices
               and communications specified herein to be given to Class A
               Noteowners to the Common Depository, and shall have no
               obligation to the Class A Noteowners.

          (g)  Unless and until the Definitive Notes have been issued to a
               Class A Noteowner pursuant to clause 3.3 or clause 3.4:

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

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

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

               (4)  the rights of Class A Noteowners shall be exercised only
                    through the Clearing Agency and shall be limited to those
                    established by law and agreements between such Class A
                    Noteowners and the Clearing Agency and/or the Clearing
                    Agency Participants. In respect of Class A1 Notes, pursuant
                    to the Note Depository Agreement, unless and until Class A1
                    Definitive Notes are issued pursuant to clause 3.3, the
                    initial Clearing Agency will make book-entry transfers
                    among the Clearing Agency Participants and receive and
                    transmit payments of principal and interest on the Class A1
                    Notes to such Clearing Agency Participants. and in respect
                    of Class A2 Notes, unless and until Class A2 Definitive
                    Notes are issued pursuant to clause 3.4, the initial
                    Clearing Agency will make book-entry transfers among the
                    Clearing Agency Participants and receive and transmit
                    payments of principal and interest on the Class A2 Notes to
                    such Clearing Agency Participants; and

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

     3.3  Definitive Notes - Class A1 Notes

          In respect of Class A1 Book-Entry Notes, if:
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                                         Note Trust Deed SMHL Global Fund No. 9

          (a)  the Principal Paying Agent advises the Manager in writing that
               the Clearing Agency is no longer willing or able to discharge
               properly its responsibilities as depository for the Class A1
               Notes and the Manager is not able to locate a qualified
               successor;

          (b)  the Issuer, at the direction of the Manager (at the Manager's
               option) advises the Principal Paying Agent in writing that it
               elects to terminate the book-entry system through the Clearing
               Agency in respect of the Class A1 Notes; or

          (c)  after the occurrence of an Event of Default, the Note Trustee,
               at the written direction of Class A1 Noteholders holding a
               majority of the aggregate Outstanding Principal Balance of the
               Class A1 Notes advises the Issuer and the Principal Paying Agent
               that the continuation of a book entry system is no longer in the
               best interests of the Class A1 Noteowners,

          then the Principal Paying Agent must within 30 days of such event
          instruct the Clearing Agency to notify all of the appropriate Class
          A1 Noteowners of the occurrence of any such event and of the
          availability of Class A1 Definitive Notes. Upon the surrender of the
          Class A1 Book-Entry Notes to the Issuer by the Clearing Agency, and
          the delivery by the Clearing Agency of the relevant registration
          instructions to the Issuer, the Issuer (with the assistance of the
          Manager) shall execute and procure the Principal Paying Agent to
          authenticate the Class A1 Definitive Notes in accordance with the
          instructions of the Clearing Agency. The Class A1 Definitive Notes
          will be serially numbered and shall be typewritten, printed,
          lithographed or engraved or produced by any combination of these
          methods (with or without steel engraved borders).

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

     3.4  Definitive Notes - Class A2 Notes

          (a)  In respect of Class A2 Book-Entry Notes that are Permanent Class
               A2 Global Notes, if:

               (1)  that Permanent Class A2 Global Note becomes immediately due
                    and repayable by reason of the occurrence of an Event of
                    Default;

               (2)  either Euroclear or Clearstream, Luxembourg is closed for
                    business for a continuous period of 14 days (other than by
                    reason of holiday, statutory or otherwise) or announces an
                    intention permanently to cease business; or

               (3)  as the result of any amendment to, or change in, the laws
                    or regulations of any jurisdiction or any body politic, or
                    government in any jurisdiction, or any minister,
                    department, office, commission, instrumentality, agency,
                    board, authority or organisation of any government or any
                    corporation owned or controlled by any government having
                    power to tax or in the interpretation by a revenue
                    authority or a court of, or in the administration of, laws
                    or regulations relating to taxation which becomes effective
                    on or after the first Bond Issue Date, the Issuer or any
                    Paying Agent is or will be required to make any deduction
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                                         Note Trust Deed SMHL Global Fund No. 9

                    or withholding from any payment in respect of any of the
                    relevant Class A2 Notes which would not be required were
                    those Class A2 Notes in definitive form,

               then the Issuer (with the assistance of the Manager) shall (but
               subject to clause 3.4(c)), within 30 days of becoming aware of
               the occurrence of the relevant event, but not prior to 40 days
               after the Bond Issue Date issue Class A2 Definitive Notes in
               exchange for the whole of the outstanding interest in that
               Permanent Class A2 Global Note.

          (b)  The procedures to be carried out by the relevant parties on an
               exchange under this clause shall be made in accordance with the
               provisions of the terms of a Permanent Class A2 Global Note in
               respect of which exchange is to be made and the normal practice
               of the Common Depository, the Principal Paying Agent, and the
               rules and procedures of the relevant Clearing Agency from time
               to time.

          (c)  Despite clause 3.4(b), the Issuer is not obliged to issue Class
               A2 Definitive Notes until the later of:

               (1)  the expiry of 40 days after the later of the first Bond
                    Issue Date and the date on which the relevant Class A2
                    Notes are first offered to persons other than distributors
                    in reliance on Regulation S of the Securities Act (provided
                    certification of non-US beneficial ownership by the
                    relevant Noteholder is received by Euroclear or
                    Clearstream, Luxembourg); and

               (2)  30 days after it becomes aware of the occurrence of the
                    relevant event or request in clause 3.4(a).

          (d)  All Class A2 Definitive Notes shall be held by the Principal
               Paying Agent and shall not be delivered to the relevant Class A2
               Noteholders until requested to be so delivered by the relevant
               Class A2 Noteholders. The relevant Permanent Class A2 Global
               Note shall be marked-down in respect of those Class A2
               Definitive Notes which are so delivered as appropriate in
               accordance with this clause.

          (e)  No Class A2 Definitive Note shall be delivered in the United
               States of America.

          (f)  Each Class A2 Definitive Note shall be in the form or
               substantially in the form set out in schedule 5.

     3.5  Stamp and Other Taxes

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

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

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

          (c)  any action taken by the Note Trustee or where permitted under
               this deed so to do, the Clearing Agency or any Class A Noteowner
               to enforce or to

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                                         Note Trust Deed SMHL Global Fund No. 9

               resolve any doubts concerning, or for any other purpose in
               relation to, the provisions of the Class A Offered Notes or the
               Transaction Documents.

          The Manager must indemnify and keep indemnified the Note Trustee, the
          Paying Agent, the Class A3 Irish Paying Agent, the Calculation Agent,
          the Note Registrar, the Issuer and the Security Trustee against any
          loss or liability incurred or suffered by those parties as a result
          of any delay or failure by the Manager to pay any such stamp and
          other duties and Taxes.

     3.6  Indemnity for non-issue

          If the Issuer is required to issue, or procure the issue of,
          Definitive Notes following an event specified in clause 3.3(a) or
          clause 3.4(a), (and all conditions precedent to such issue have been
          satisfied) but fails to do so within 30 days of delivery to the
          Issuer of the Book-Entry Notes in accordance with clause 3.3 or
          clause 3.4 then the Issuer shall (subject to clause 45) indemnify the
          Note Trustee and the Class A Offered Noteholders and keep them
          indemnified, against any loss or damage incurred by any of them if
          the amount received by the Note Trustee and the Class A Offered
          Noteholders is less than the amount that would have been received had
          Definitive Notes been issued within the 30 days referred to in this
          clause 3.6. If the Issuer breaches its obligations under clause 3.3,
          or clause 3.4, it is acknowledged and agreed that damages alone will
          not be an adequate remedy for such a breach and that, in addition to
          any other rights they may have, the Note Trustee and the Class A
          Offered Noteholders are entitled to sue the Issuer for specific
          performance, injunctive relief or other equitable relief to enforce
          the Issuer's obligations under clause 3.3 or clause 3.4. The Manager
          must promptly advise the Issuer if it becomes actually aware of the
          occurrence of the relevant event and the Issuer shall promptly notify
          the Note Trustee of the relevant event.

     3.7  Note Register and Note Registrar

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

          (b)  Upon surrender for registration of transfer of any Class A
               Offered Note to the Note Registrar, (and, in the case of a Class
               A1 Note, if the requirements of Section 8-401(a) of the Uniform
               Commercial Code of New York (the UCC) are met), the Issuer
               shall, at the direction of the Manager, execute and upon its
               written request the Principal Paying Agent shall authenticate
               and the Class A Offered Noteholder shall obtain from the Note
               Trustee, in the name of the designated transferee or
               transferees, one or more new Class A Offered Notes, in any
               authorised denominations, of the same class and a like aggregate
               principal amount. The Issuer shall be entitled to rely on any
               direction given by the Manager under this clause and shall not
               be under any obligation to investigate or query any such
               direction.

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                                         Note Trust Deed SMHL Global Fund No. 9

          (c)  At the option of the Class A Offered Noteholder, Class A Offered
               Notes may be exchanged for other Class A Offered Notes in any
               authorised denominations and a like aggregate principal amount,
               upon surrender of the Class A Offered Notes to be exchanged at
               such office or agency. Whenever any Class A Offered Notes are so
               surrendered for exchange, (and, in the case of Class A1 Note, if
               the requirements of Section 8-401(a) of the UCC are met) the
               Issuer shall, at the direction of the Manager, execute, and upon
               its written request the Principal Paying Agent shall
               authenticate and the Class A Offered Noteholder shall obtain
               from the Note Trustee, the Class A Offered Notes which the Class
               A Offered Noteholder making the exchange is entitled to receive.
               The Issuer shall be entitled to rely on any direction given by
               the Manager under this clause and shall not be under any
               obligation to investigate or query any such direction.

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

               (1)  duly endorsed by, or be accompanied by a written instrument
                    of transfer in a form satisfactory to the Note Registrar
                    duly executed by, the Class A Offered Noteholder thereof or
                    such Class A Offered Noteholder's attorney duly authorised
                    in writing, with such signature guaranteed by an "eligible
                    guarantor institution" meeting the requirements of the Note
                    Registrar which requirements include membership or
                    participation of Securities Transfer Agents SMHL Global
                    Program (Stamp) or such other "signature guarantee program"
                    as may be determined by the Note Registrar in addition to,
                    or in substitution for Stamp, all in accordance with the
                    Exchange Act, and

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

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

          (f)  The preceding provisions of this clause 3.7 notwithstanding, the
               Issuer shall not be required to make and the Note Registrar need
               not register transfers or exchanges of Class A Offered Notes,
               nor the Principal Paying Agent be required to authenticate any
               Class A Offered Notes selected for redemption for a period of 30
               days preceding the due date for any payment with respect to the
               Class A Offered Note.

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4    Covenant of Compliance

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

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                                         Note Trust Deed SMHL Global Fund No. 9

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

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

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5    Cancellation of Class A Offered Notes

     5.1  Cancellation

          The Note Registrar shall ensure that all Class A Offered Notes:

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

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

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

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

          (b)  the serial numbers of such Class A Offered Notes in definitive
               form (where applicable).

     5.2  Records

          The Note Registrar shall procure:

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

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

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6    Enforcement

     6.1  Actions following Event of Default

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

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                                         Note Trust Deed SMHL Global Fund No. 9

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

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

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

     6.2  Evidence of default

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

     6.3  Note Trustee must receive indemnity

          If:

          (a)  the Note Trustee convenes a meeting of the Class A Offered
               Noteholders, or is required by the Class A Offered Noteholders
               to take any action under this Deed, and advises them that the
               Note Trustee will not act in relation to any matter contemplated
               by this deed unless it is personally indemnified by the Class A
               Offered Noteholders (other than the Note Trustee) to its
               reasonable satisfaction against all actions, proceedings, claims
               and demands to which it may render itself liable, and all costs,
               charges, damages and expenses which it may incur, in relation to
               any matter contemplated by this deed and put in funds to the
               extent to which it may become liable (including costs and
               expenses); and

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

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

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

     6.4  Restrictions on enforcement

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

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

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                                         Note Trust Deed SMHL Global Fund No. 9

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

          (c)  the Note Trustee is so directed by the holders of at least 75%
               of the aggregate Invested Amount of the Class A Offered Notes
               calculated and expressed in the A$ Equivalent.

     6.5  Action by Noteholders

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

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7    Proceedings

     7.1  Acting only on direction

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

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

     7.2  Security Trustee acting

          (a)  Only the Security Trustee may enforce the provisions of the
               Security Trust Deed and neither the Note Trustee nor any holder
               of a Class A Offered

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                                         Note Trust Deed SMHL Global Fund No. 9

               Note is entitled to proceed directly against the Issuer to
               enforce the performance of any of the provisions of the Security
               Trust Deed or of the Class A Offered Notes (including the
               Conditions), provided that if the Security Trustee having become
               bound to take steps and/or to proceed under the Security Trust
               Deed, fails to do so within a reasonable time and such failure is
               continuing, the Note Trustee and/or Class A Offered Noteholders
               (if entitled under clause 6.5 to act in place of the Note
               Trustee) may proceed directly against the Issuer to the extent
               permitted under the Transaction Documents.

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

     7.3  Note Trustee alone entitled to act

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

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

          (b)  enforce the provisions of,

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

     7.4  Available amounts

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

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

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

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                                         Note Trust Deed SMHL Global Fund No. 9

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

     7.5  No obligation to ensure compliance

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

     7.6  Conflict of interests

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

     7.7  Note Trustee may enforce

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

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

          (b)  (File Proofs): to file such proofs of claim and other payments
               or documents as may be necessary or advisable in order to have
               the claims of the Note Trustee and the Class A Offered
               Noteholders allowed in any judicial proceedings in relation to
               the Issuer; and

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

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

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

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                                         Note Trust Deed SMHL Global Fund No. 9

          that principal or interest on all other Class A Offered Notes in
          respect of which the relevant payment is then due.

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8    Notice of Payment

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

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9    Investment by Note Trustee

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

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10   Partial Payments

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

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11   Covenants by the Issuer and Manager

     11.1 Undertakings

          Each of the Issuer and the Manager undertakes to the Note Trustee, on
          behalf of the Class A Offered Noteholders, and the Manager undertakes
          to the Issuer, in the case of clauses 11.1(q), (r) and (s), as
          follows in relation to the Securitisation Fund for so long as any of
          the Class A Offered Notes remain outstanding (except to the extent
          that the Note Trustee otherwise consents in accordance with this
          deed).

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

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                                         Note Trust Deed SMHL Global Fund No. 9

          (b)  (Transaction Documents)

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

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

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

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

          (d)  (Notify Events of Default)

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

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

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

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

          (e)  (Maintenance of Office or Agency) The Manager on behalf of the
               Issuer will maintain in the Borough of Manhattan, The City of
               New York, United States of America, an office or agency where
               Class A1 Notes which are Class A1 Definitive Notes may be
               surrendered for registration of transfer or exchange and will
               maintain in London, United Kingdom, an office or agency where
               Class A2 Notes which are Class A2 Definitive Notes may be
               surrendered for registration of transfer or exchange. The Issuer
               hereby initially appoints the Note Registrar to serve as its
               agent for the foregoing purposes in respect of the Class A
               Offered Notes. The Manager will give prompt written notice to
               the Note Trustee of the location, and of any change in the
               location, of any such office or agency. If at any time the
               Issuer shall fail to maintain any such office or agency or shall
               fail to furnish the Note Trustee with the address thereof, such
               surrenders, notices and demands may be made or served at the
               Corporate Trust Office, and the

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                                                                        page 34

               Issuer hereby appoints the Note Trustee as its agent to receive
               all such surrenders. The Note Registrar and the Note Trustee
               shall act solely for, and as agent of, the Issuer and shall not
               have any obligations towards or relationship or agency or trust
               with any other person in respect of its appointment under this
               clause 11.1(e).

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

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

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

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

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

          (h)  (Annual Financial Statements) In the case of the Manager only,
               it will deliver to the Note Trustee, within 180 days after the
               end of each fiscal year of the Securitisation Fund (the first
               such fiscal year commencing on 1 July 2006), the financial
               statements of the Securitisation Fund. Such statements shall be
               audited by the Issuer's Auditors and shall be prepared in such
               form as will comply with all relevant legal and accounting
               requirements.

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

          (j)  (Annual Statement as to Compliance) The Issuer (or the Manager
               on its behalf) will deliver to the Note Trustee, within 120 days
               after the end of each fiscal year of the Securitisation Fund
               (the first such fiscal year commencing on 1 July 2006), and
               otherwise in compliance with the requirements of section
               314(a)(4) of the TIA, an Officer's Certificate stating that:

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

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

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

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                                         Note Trust Deed SMHL Global Fund No. 9

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

               Within 120 days after the end of each fiscal year commencing on
               1 July 2006, the Issuer (or the Manager on its behalf) shall
               furnish to the Note Trustee an Opinion of Counsel (who may be
               counsel for the Issuer) either stating that in the opinion of
               such counsel such action has been taken with respect to the
               recording, filing, re-recording, and refiling of the Security
               Trust Deed and any other requisite documents as is necessary to
               maintain the Security Interest created by the Security Trust
               Deed, and reciting the details of such action, or stating that
               in the opinion of such counsel no such action is necessary to
               maintain such Security Interest.

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

          (m)  (Noteholders Report)

               (1)  The Manager shall deliver to the Issuer, the Note Trustee
                    and the Principal Paying Agent by not later than two
                    Banking Days prior to each Monthly Payment Date the
                    Noteholders Report for the related Monthly Calculation
                    Period, with written instructions for the Note Trustee and
                    the Principal Paying Agent to forward the Noteholders
                    Report to each Class A Offered Noteholder.

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

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

          (o)  (Transaction Documents) It will, in the case of the Manager
               only, provide to the Note Trustee, on or prior to the issue of
               any of the Class A Offered Notes (Issue Date), one copy of each
               Transaction Document as at that Issue Date and provide to the
               Note Trustee a copy of each Transaction Document which is
               material to the interests of the Note Trustee and the
               Noteholders executed after that Issue Date promptly after its
               execution.

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

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                                         Note Trust Deed SMHL Global Fund No. 9

          (q)  (Listing of Class A2 Notes) The Manager will procure that the
               Class A2 Notes are listed on the Official List of the Irish
               Stock Exchange and are admitted to trading on the regulated
               market of the Irish Stock Exchange upon issue and will use
               reasonable endeavours to ensure compliance by the Issuer with
               the continuing obligations arising under the rules and
               requirements of the Irish Stock Exchange for so long as the
               Class A2 Notes are listed and traded on the Irish Stock Exchange
               and the rules of the Irish Stock Exchange so require.

          (r)  (Information to Irish Stock Exchange) The Manager will provide
               to the Irish Stock Exchange all information required because of
               the rules and requirements of the Irish Stock Exchange for so
               long as the Class A2 Notes are listed and traded on the Irish
               Stock Exchange and the rules of the Irish Stock Exchange so
               require.

          (s)  (Documents to Irish Paying Agent) The Manager will provide to
               the Irish Paying Agent sufficient copies of all documents
               required by the Irish Stock Exchange, with respect to the Class
               A2 Notes, (for so long as the Class A2 Notes are listed and
               traded on the Irish Stock Exchange and the rules of the Irish
               Stock Exchange so require) to be available to the Class A2
               Noteholders for issue or inspection (including the Master Trust
               Deed and the Supplementary Bond Terms Notice).

     11.2 Representations and warranties

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

     11.3 Undertakings to Class A3 Irish Paying Agent

          The Manager undertakes to the Class A3 Irish Paying Agent and the
          Issuer as follows:

          (a)  (Listing of Class A3 Notes) it will procure that the Class A3
               Notes are listed on the Official List of the Irish Stock
               Exchange and are admitted to trading on the regulated market of
               the Irish Stock Exchange upon issue and will use reasonable
               endeavours to ensure compliance by the Issuer with the
               continuing obligations arising under the rules and requirements
               of the Irish Stock Exchange for so long as the Class A3 Notes
               are listed and traded on the Irish Stock Exchange and the rules
               of the Irish Stock Exchange so require;

          (b)  (Information to Irish Stock Exchange) it will provide to the
               Irish Stock Exchange all information required because of the
               rules and requirements of the Irish Stock Exchange for so long
               as the Class A3 Notes are listed and traded on the Irish Stock
               Exchange and the rules of the Irish Stock Exchange so require;
               and

          (c)  (Documents to Class A3 Irish Paying Agent) it will provide to
               the Class A3 Irish Paying Agent sufficient copies of all
               documents required by the Irish Stock Exchange , with respect to
               the Class A3 Notes, (for so long as the Class A3 Notes are
               listed and traded on the Irish Stock Exchange and

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                                         Note Trust Deed SMHL Global Fund No. 9

               the rules of the Irish Stock Exchange so require) to be
               available to the Class A3 Noteholders for issue or inspection
               (including the Master Trust Deed and the Supplementary Bond
               Terms Notice).

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

     12.1 Fee

          The Issuer shall pay to the Note Trustee, the Principal Paying Agent,
          the Irish Paying Agent, the Class A3 Irish Paying Agent, the
          Calculation Agent and the Note Registrar the respective fees agreed
          between each such party and the Manager from time to time.

     12.2 Additional Remuneration

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

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

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

     12.3 Costs, expenses

          (a)  Subject to clause 50.8, the Issuer shall also reimburse, pay or
               discharge all reasonable costs, charges, liabilities and
               expenses and any stamp and other Taxes (other than income tax)
               or duties incurred by the Note Trustee (or the Class A Offered
               Noteholders acting under clause 6.5 (as the case may be)), the
               Irish Paying Agent, each other Paying Agent, the Class A3 Irish
               Paying Agent, the Calculation Agent and the Note Registrar in
               connection with properly undertaking its duties under the
               Transaction Documents and in connection with any legal
               proceedings brought by the Note Trustee (or the Class A Offered
               Noteholders acting under clause 6.5 (as the case may be)), the
               Irish Paying Agent, each other Paying Agent, the Class A3 Irish

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                                         Note Trust Deed SMHL Global Fund No. 9

               Paying Agent, the Calculation Agent or the Note Registrar to
               enforce any obligation under this deed or the Class A Offered
               Notes or any other Transaction Documents. Without limiting any
               right of indemnity available by law to the Note Trustee, the
               Note Trustee is entitled to be indemnified from the
               Securitisation Fund for and against all such costs, charges,
               liabilities and expenses and any stamp and other taxes (other
               than income tax) or duties. The Note Trustee, the Irish Paying
               Agent, each other Paying Agent, the Class A3 Irish Paying Agent,
               the Calculation Agent and the Note Registrar shall not be
               reimbursed for any overhead or general operating expenses which
               it incurs.

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

     12.4 Overdue rate

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

     12.5 Continuing obligation

          Unless otherwise specifically stated in any discharge relating to
          this deed, the provisions of this clause 12 shall continue in full
          force and effect notwithstanding such discharge, and even if the Note
          Trustee has ceased to be the Note Trustee for any reason, including
          but not limited to those contemplated in clause 39.

     12.6 Goods and services tax (GST)

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

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

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<PAGE>
                                         Note Trust Deed SMHL Global Fund No. 9

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

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

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

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

     12.7 Currency and VAT

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

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13       Note Trustee

     13.1 Preferential collection of claims against Note Trustee

          The Note Trustee shall comply with Section 311(a) of the TIA,
          excluding any creditor relationship listed in Section 311(b) of the
          TIA. A Note Trustee who has resigned or been removed shall be subject
          to Section 311(a) of TIA only to the extent required by the TIA.

     13.2 Duties of Note Trustee

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

          (b)  Except while an Event of Default subsists:

               (1)  the Note Trustee undertakes to perform such duties and only
                    such duties as are specifically set forth in this deed and
                    no implied

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<PAGE>
                                         Note Trust Deed SMHL Global Fund No. 9

                    covenants or obligations shall be read into this deed
                    against the Note Trustee; and

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

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

               (1)  this paragraph does not limit the effect of paragraph (b)
                    of this clause 13.2; and

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

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

     13.3 Obligations of Note Trustee

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

          (b)  If the Note Trustee is entitled under the Master Trust Deed or
               the Security Trust Deed to vote at any meeting on behalf of
               Class A Offered Noteholders, the Note Trustee must, subject to
               clause 7.1(a), vote in accordance, where applicable, with the
               directions of the Class A Offered Noteholders (whether or not
               solicited and whether or not all Class A Offered Noteholders
               have provided such directions) and otherwise in its absolute
               discretion.

     13.4 Notice of Defaults

          (a)  If an Event of Default occurs and is subsisting and the Note
               Trustee is actually aware of that Event of Default, the Note
               Trustee shall mail to each Class A Offered Noteholder notice of
               the Event of Default within 90 days after becoming aware of such
               an Event of Default.

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

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                                         Note Trust Deed SMHL Global Fund No. 9

     13.5 Rights of Note Trustee

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

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

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

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

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

          (f)  Any advice, opinion or information may be sent or obtained by
               letter, telex, telegram, facsimile transmission or cable and the
               Note Trustee shall

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<PAGE>
                                         Note Trust Deed SMHL Global Fund No. 9

               not be liable for acting on any such advice, opinion or
               information purporting to be conveyed by any such letter or
               facsimile transmission although the same shall contain some
               error or shall not be authentic.

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

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

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

          (j)  Except as otherwise provided in this deed or any other
               Transaction Documents to which it is a party, the Note Trustee
               shall not be bound to give notice to any person of the execution
               of this deed or any of the Transaction Documents or any
               transaction contemplated hereby or thereby or to take any steps
               to ascertain whether any Event of Default has happened and,
               until it has actual knowledge or express notice to the contrary,
               the Note Trustee is entitled to assume that no Event of Default
               has happened and that the Issuer and each other party to any
               Transaction Document is observing and performing all the
               obligations on its part contained in the Class A Offered Notes
               and under this deed or, as the case may be, the Security Trust
               Deed or any other Transaction Document to which it is a party
               and need not inquire whether that is, in fact, the case (but
               nothing in this clause 13.5(j) is to be construed as limiting
               the Note Trustee's right to make such inquiries in its
               discretion, and to exercise its power under this deed to do so).

          (k)  Save as expressly otherwise provided in this deed or the
               Transaction Documents, the Note Trustee shall have absolute and
               uncontrolled discretion as to the exercise of the discretions,
               powers, authorities and

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                                         Note Trust Deed SMHL Global Fund No. 9

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

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

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

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

          (o)  Subject to clauses 6.4 and 7.4, the Note Trustee may certify in
               good faith whether or not any of the events set out in
               paragraphs (b) to (d) of Condition 9 or any breach under clause
               7 of the Security Trust Deed is in its opinion materially
               prejudicial to the interests of the relevant Class A Offered
               Noteholders and may certify, in relation to the event set out in
               paragraph (a) of Condition 9 in relation to any payment of
               interest on the Class A Offered Notes that the Issuer had, on
               the due date for payment of the amount of interest in question,
               sufficient cash to pay, in accordance with the provisions of the
               Supplementary Bond Terms Notice or the Security Trust Deed, all
               interest (after payment of all sums which are permitted under
               the Supplementary Bond Terms Notice or the Security Trust Deed
               to be paid in priority to or pari passu with them) and that
               certificate shall be conclusive and binding upon the Issuer and
               the Class A Offered Noteholders. The Note Trustee shall have no
               liability to the Issuer, any Class A Offered Noteholder or any
               other person in relation to any such certificate or in relation
               to any delay or omission in providing such certificate. In
               giving any certificate relating to paragraph (a) of Condition 9,
               the Note Trustee may rely on any determination made by any
               Independent accountants of recognised standing in Australia and
               any such

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                                         Note Trust Deed SMHL Global Fund No. 9

               determination shall be conclusive and binding on the Issuer and
               the Class A Offered Noteholders. The Issuer shall pay the Note
               Trustee's reasonable costs and expenses of providing the
               certificate at the times specified in the Supplementary Bond
               Terms Notice.

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

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

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

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

          (t)  The Note Trustee has no responsibility whatsoever to the Issuer
               or any Class A Offered Noteholder as regards any deficiency or
               additional payment, as the case may be, which might arise
               because the Note Trustee or the Issuer is subject to any Tax in
               respect of that payment, the Charged Property, the Security
               Trust Deed, this deed, or any other security or any income or
               any proceeds from them.

          (u)  No provision of this deed requires the Note Trustee to do
               anything which may be illegal or contrary to applicable law or
               regulation or expend or risk

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                                         Note Trust Deed SMHL Global Fund No. 9

               its own funds or otherwise incur any financial liability in the
               performance of any of its duties, or in the exercise of any of
               its rights or powers, if it has grounds to believe that
               repayment of those funds or adequate indemnity against that risk
               or liability is not assured to it. Without limitation nothing
               contained in this deed imposes any obligation on the Note
               Trustee to make any further advance to an obligor or to borrow
               any moneys under a Transaction Document.

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

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

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

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

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

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

               (6)  the performance or observance by any Mortgagor or any other
                    person of any provisions of any Mortgage or Loan or in any
                    document entered into in connection with them or the
                    fulfilment or satisfaction of any conditions contained in
                    them or relating to them or as to the existence or
                    occurrence at any time of any default, event of default or
                    similar event contained in them or any waiver or consent
                    which has at any time been granted in relation to any of
                    the above;

               (7)  the existence, accuracy or sufficiency of any legal or
                    other opinions, searches, reports, certificates, valuations
                    or investigations

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                                         Note Trust Deed SMHL Global Fund No. 9

                    delivered or obtained or required to be delivered or
                    obtained at any time in connection with any Mortgage or
                    Loan;

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

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

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

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

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

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

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

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

          (x)  The Note Trustee shall be entitled to call for and rely on a
               certificate or any letter of confirmation or explanation
               reasonably believed by it to be genuine, of the Issuer, the
               Manager, any Paying Agent, the Calculation Agent, any Designated
               Rating Agency or any other credit rating agency in respect of
               every manner and circumstance for which a certificate is
               expressly provided for under this deed or in respect of the
               rating of the Class A Offered Notes or the Conditions and the
               Note Trustee is not bound

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                                         Note Trust Deed SMHL Global Fund No. 9

               in any such case to call for further evidence or be responsible
               for any loss, liability, costs, damages, expenses or
               inconvenience that may be occasioned by its failing so to do.

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

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

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

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

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

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

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                                         Note Trust Deed SMHL Global Fund No. 9

               enforced against the Note Trustee to the extent to which they
               can be satisfied out of such moneys in accordance with this
               deed.

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

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

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

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

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

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

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

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

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

          (hh) Subject to this deed, any applicable laws and any duty of
               confidentiality owed to any other person, the Note Trustee may,
               for the purpose of meeting its obligations under this Deed,
               disclose to any Class A Offered Noteholder any confidential,
               financial or other information made available to the Note
               Trustee by any person in connection with this deed.

          (ii) The Note Trustee, as between itself and the Class A Offered
               Noteholders, has full power to determine (acting reasonably and
               in good faith) all

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                                         Note Trust Deed SMHL Global Fund No. 9

               questions and doubts arising in relation to any of the
               provisions of this deed and every such determination, whether
               made upon such a question actually raised or implied in the acts
               or proceedings of the Note Trustee, will be conclusive and will
               bind the Note Trustee and the Class A Offered Noteholders.

          (jj) The Note Trustee may (but is not obliged to) give (or request
               that the Manager give) each Designated Rating Agency 5 Banking
               Days' prior notice (or such other period agreed between the Note
               Trustee and each Designated Rating Agency) of its intention to
               exercise any power, trust, authority, duty or discretion under or
               in relation to the Class A Offered Notes, this deed or any other
               Transaction Document. If such notice has been given and each
               Designated Rating Agency has confirmed to the Note Trustee that
               such exercise will not adversely affect the rating or credit
               assessment then assigned by it to the Class A Offered Notes, the
               Note Trustee shall be entitled to take into account such
               confirmation when determining whether such exercise will be
               materially prejudicial to the interest of the Class A Offered
               Noteholders.

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

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

     13.6 Limitation on Note Trustee's' liability

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

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

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     13.7 Wilful default of the Note Trustee

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

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

               (1)  other than a default which:

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

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

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

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

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

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

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14   Note Trustee's Liability

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

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15   Delegation by Note Trustee

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

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                                         Note Trust Deed SMHL Global Fund No. 9

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

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

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

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

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

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16   Employment of Agent by Note Trustee

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

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

          (c)  Notwithstanding any other provision in this clause 16, where the
               Note Trustee employs, under this clause 16, a related body
               corporate (as defined in the Corporations Act) or an affiliate
               as defined in clause 15(d), as agent, the Note Trustee shall be
               liable for all acts or omissions of the agent done or omitted
               whilst acting in its capacity as such.

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                                         Note Trust Deed SMHL Global Fund No. 9

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

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17   Note Trustee Contracting with Issuer

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

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

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

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

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                                         Note Trust Deed SMHL Global Fund No. 9

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18   Appointment of Paying Agents and the Class A3 Irish Paying Agent

     18.1 Appointment of Paying Agents

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

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

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

          (d)  It is acknowledged and agreed that:

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

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

          (e)  The obligations of the Paying Agent with respect to the Class A2
               Notes under this agreement are subject to:

               (1)  the provisions of the EU Tax Directive; and

               (2)  the "beneficial owner" (as defined in Article 2 of the EU
                    Tax Directive) providing to that Paying Agent such
                    information and documents (if any) required by that Paying
                    Agent in order for it to comply with the EU Tax Directive.

          (f)  The Issuer authorises each Paying Agent to make mandatory
               disclosures required by the EU Tax Directive to be made to the
               competent authority of the member state of the European Union of
               that Paying Agent.

18.2     Appointment of the Class A3 Irish Paying Agent

          (a)  Subject to the terms of this deed, the Issuer (acting on the
               direction of the Manager) appoints the Class A3 Irish Paying
               Agent as its Irish paying agent in relation to the Class A3
               Notes. The appointment is made to fulfil the requirement under
               the listing rules of the Irish Stock Exchange as a condition of
               listing the Class A3 Notes on the Daily Official List of the
               Irish Stock Exchange and the admission to trading of the Class
               A3 Notes on the Irish Stock Exchange. The Class A3 Irish Paying
               Agent will have only such duties, obligations and
               responsibilities as may from time to time be agreed in writing
               between the Issuer, the Manager and the Class A3

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                                         Note Trust Deed SMHL Global Fund No. 9

               Irish Paying Agent and will have no other duties, obligations or
               responsibilities other than as provided in this clause 18.2. The
               Class A3 Irish Paying Agent accepts its appointment.

          (b)  If at any time there is more than one Class A3 Irish Paying
               Agent, the obligations of the Class A3 Irish Paying Agents under
               this deed shall be several and not joint.

          (c)  It is acknowledged and agreed that:

               (1)  the Class A3 Irish Paying Agent is the agent of the Issuer
                    in its capacity as trustee of the Securitisation Fund only;
                    and

               (2)  despite anything else in this deed, any other Transaction
                    Document or at law, the Issuer in its personal capacity is
                    not responsible for any act or omission of the Class A3
                    Irish Paying Agent.

          (d)  The obligations of the Class A3 Irish Paying Agent with respect
               to the Class A3 Notes under this deed are subject to:

               (1)  the provisions of the EU Tax Directive; and

               (2)  the "beneficial owner" (as defined in Article 2 of the EU
                    Tax Directive) providing to that Class A3 Irish Paying
                    Agent such information and documents (if any) required by
                    that Class A3 Irish Paying Agent in order for it to comply
                    with the EU Tax Directive.

          (e)  The Issuer authorises the Class A3 Irish Paying Agent to make
               mandatory disclosures required by the EU Tax Directive to be
               made to the competent authority of the member state of the
               European Union of that Class A3 Irish Paying Agent.

          (f)  If, despite any provision of this deed any obligation or duty is
               imposed on the Class A3 Irish Paying Agent by operation of law,
               statute, regulation, listing rule or other similar directive or
               requirement, the Manager and the Issuer will provide such
               assistance as the Class A3 Irish Paying Agent may reasonably
               require to enable it to fully perform such obligation or duty.

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19   Payment

     19.1 Payment by Issuer

          The Issuer shall, with the assistance of and, at the direction of the
          Manager, not later than 10.00am (New York time) in the case of the
          Class A1 Notes or 10.00am (London time) in the case of the Class A2
          Notes on each Payment Date, pay to or to the order of, or procure the
          transfer to a non interest bearing trust account or accounts in the
          name of the Issuer as notified by the Principal Paying Agent to the
          Issuer and the Note Trustee in same day funds the amount in the
          Relevant Class A Currency as may be required (after taking account of
          any cash then held by the Principal Paying Agent and available for
          the purpose) to be made on each Class of Class A Offered Notes on
          that Payment Date under the Supplementary Bond Terms Notice and the
          Conditions.

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                                         Note Trust Deed SMHL Global Fund No. 9

     19.2 Confirmation

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

     19.3 Payments by Paying Agents

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

     19.4 Method of Payment - Book-Entry Notes

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

     19.5 Method of payment - Definitive Notes

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

     19.6 Late payment

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

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

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

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

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                                         Note Trust Deed SMHL Global Fund No. 9

     19.7 Notice of non-receipt

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

     19.8 Reimbursement

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

     19.9 Method of payment

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

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

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

    19.10 No fee

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

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                                         Note Trust Deed SMHL Global Fund No. 9

    19.11 Securitisation Fund

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

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20   Repayment

          (a)  Immediately on any entitlement to receive principal or interest
               under any Class A Offered Note becoming void under the
               Conditions, the Principal Paying Agent shall repay to the Issuer
               the amount which would have been due in respect of that
               principal or interest if it had been paid before the entitlement
               became void, together with any fees applicable to that payment
               or entitlement (pro rated as to the amount and time) to the
               extent already paid under clause 12.

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

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21   Appointment of the Calculation Agent

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

          (b)  It is acknowledged and agreed that:

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

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

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22   Duties of the Calculation Agent

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

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

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                                         Note Trust Deed SMHL Global Fund No. 9

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

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

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

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

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

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23   Notice of any Withholding or Deduction

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

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                                         Note Trust Deed SMHL Global Fund No. 9

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24   Early Redemption of Notes

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

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

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

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

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

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

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

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25   Pro Rata Redemption, Purchases and Cancellation of Notes

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

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

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

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

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

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                                         Note Trust Deed SMHL Global Fund No. 9

               and shall forthwith on that Determination Date notify or cause
               to be notified to the Issuer, the Calculation Agent the Note
               Trustee, the Principal Paying Agent of each of those
               determinations in accordance with the Supplementary Bond Terms
               Notice and Conditions. On receipt of that notice, the Principal
               Paying Agent shall give a copy of that notice to the Clearing
               Agency or any Common Depository for them and, in the case of the
               Class A1 Notes only, in accordance with the requirements of the
               Note Depository Agreement.

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

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

          (f)  If any Class of Class A Offered Notes is redeemed in whole or in
               part in accordance with the Conditions and the Transaction
               Documents, the Principal Paying Agent will, if any Book-Entry
               Notes are still outstanding in relation to that Class, cause the
               Note Registrar to record all relevant details in the Note
               Register. The Principal Paying Agent shall as soon as possible,
               and in any event within three months after the date of any
               redemption or purchase, furnish to each of the Issuer and the
               Note Trustee a certificate setting out the aggregate Invested
               Amount or Outstanding Principal Balance of Class A Offered Notes
               which have been redeemed or the aggregate Invested Amount or
               Outstanding Principal Balance of Class A Offered Notes which
               have been purchased. If the Invested Amount of a Book-Entry Note
               is reduced to nil, the Principal Paying Agent shall destroy the
               relevant Book-Entry Note and issue a destruction certificate
               forthwith to the Note Trustee and shall send a copy of that
               certificate to the Issuer, the Manager and the Note Trustee.

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26   Notices to Noteholders

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

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

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27   Documents and Forms

          (a)  The Manager shall provide to the Principal Paying Agent for
               distribution to each Paying Agent (including the Irish Paying
               Agent) sufficient copies of all documents required by the
               Conditions or the Note Trust Deed or, with respect to the Class
               A2 Notes, the Irish Stock Exchange (for so long as the Class A2
               Notes are listed and traded on the Irish Stock Exchange

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                                         Note Trust Deed SMHL Global Fund No. 9

               and the rules of the Irish Stock Exchange so require) to be
               available to the Class A Offered Noteholders for issue or
               inspection (including the Note Trust Deed, the Master Trust Deed
               and the Supplementary Bond Terms Notice).

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

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28   Authentication

          The Principal Paying Agent shall authenticate or cause to be
          authenticated the Book-Entry Notes and (if required) the Definitive
          Notes (whether on initial issue or on replacement). The Principal
          Paying Agent shall not be required to authenticate or cause to
          authenticate any Book-Entry Note or Definitive Note unless it is
          directed to do so in writing by the Issuer acting on the instruction
          of the Manager.

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29   Indemnity

          (a)  Subject to clause 29(b) and clause 45, the Issuer shall
               indemnify each Paying Agent, the Class A3 Irish Paying Agent,
               the Note Registrar and the Calculation Agent and their
               respective directors, officers and employees against any loss,
               damages, proceeding, liability, cost, claim, action, demand or
               expense (in this clause 29, each, an Expense) which the Paying
               Agent, the Class A3 Irish Paying Agent, the Note Registrar or
               the Calculation Agent and their respective directors, officers
               and employees, as the case may be, may incur or which may be
               made against the Paying Agent, the Class A3 Irish Paying Agent,
               the Note Registrar's or the Calculation Agents (as the case may
               be), as a result of or in connection with the Paying Agent's,
               the Class A3 Irish Paying Agent's, the Note Registrar's or the
               Calculation Agent's, as the case may be, appointment or the
               proper exercise and/or enforcement of the Paying Agent's or the
               Class A3 Irish Paying Agent's or the Note Registrar's or the
               Calculation Agent's, as the case may be, duties under this deed,
               notwithstanding the resignation or removal of that Paying Agent,
               the Class A3 Irish Paying Agent, the Note Registrar or the
               Calculation Agent in accordance with clause 33 (including any
               liability in respect of payment of a cheque drawn by that Paying
               Agent or that Class A3 Irish Paying Agent where the cheque is
               collected or sued upon or an attempt at collection is made after
               the amount in respect of which it is paid has been returned to
               the Issuer under clause 20).

          (b)  The indemnity in paragraph (a) applies to any Expense of a
               Paying Agent, the Class A3 Irish Paying Agent, the Note
               Registrar or the Calculation Agent (as the case may be) only to
               the extent the Expense does not result from the breach by the
               Paying Agent, the Class A3 Irish Paying Agent, the Note
               Registrar or the Calculation Agent (as the case may be) of the
               terms

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                                         Note Trust Deed SMHL Global Fund No. 9

               of this deed or from the Paying Agent's, the Class A3 Irish
               Paying Agent's, the Note Registrar's or the Calculation Agent's
               (as the case may be) own fraud, wilful default or negligence or
               that of its directors, officers or employees or servants.

          (c)  Each of the Calculation Agent, the Paying Agents, the Class A3
               Irish Paying Agent and the Note Registrar severally indemnifies
               the Issuer and the Manager and its respective directors,
               officers and employees against any Expense which the Issuer or
               the Manager or their respective directors, officers or employees
               (as the case may be) may incur or which may be made against it
               (but in no event punitive, indirect or special damages or loss
               of profits) as a result of a breach by the Calculation Agent,
               the Paying Agent, the Class A3 Irish Paying Agent or the Note
               Registrar (as the case may be) of the terms of this deed or its
               own fraud, wilful default or negligence or that of its
               directors, officers or employees or servants, including any
               failure to obtain and maintain in existence any Authorisation
               required by it for the assumption, exercise and performance of
               its powers and duties under this deed. This clause 29 will
               survive the retirement or removal of the Paying Agent, the Class
               A3 Irish Paying Agent, Note Registrar or Calculation Agent (as
               the case may be) and the termination of this deed.

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30   The Note Register

     30.1 Appointment of Note Registrar

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

     30.2 Details to be kept on the Note Register

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

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

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

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

          (d)  (Original Principal Balance) the total Original Principal
               Balance of Class A Offered Notes issued on each such Issue Date;

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

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

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

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                                         Note Trust Deed SMHL Global Fund No. 9

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

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

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

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

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

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

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

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

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

               (3)  the Manager or the Issuer reasonably requires.

     30.3 Payments of Principal and Interest

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

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

     30.4 Place of keeping Register, copies and access

          The Note Register shall be:

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

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

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

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

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                                         Note Trust Deed SMHL Global Fund No. 9

     30.5 Details on Note Register conclusive

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

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

     30.6 Alteration of details on Note Register

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

     30.7 Rectification of Note Register

          If:

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

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

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

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

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

          the Note Registrar shall rectify the same.

     30.8 Correctness of Note Register

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

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-------------------------------------------------------------------------------
31   Changes of Note Registrar

     31.1 Removal

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

     31.2 Resignation

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

     31.3 Limitation

          Despite clauses 31.1 and 31.2:

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

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

     31.4 Appointment of new Note Registrar

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

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32   General

     32.1 Communications to Class A Offered Noteholders

          The Principal Paying Agent shall, upon receipt from the Issuer,
          Manager, Security Trustee, the Calculation Agent, the Note Registrar
          or Note Trustee of any communication to be delivered to Class A
          Offered Noteholders, including any communications pursuant to this
          deed or any other solicitation of notice from or

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                                         Note Trust Deed SMHL Global Fund No. 9

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

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

     32.2 Intentionally deleted

     32.3 Identity

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

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

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

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

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

          (b)  The Class A3 Irish Paying Agent shall (except as ordered by a
               court of competent jurisdiction or as required by law) be
               entitled to treat the person who is the registered owner of a
               Class A3 Note as the person entitled to receive payments of
               principal or interest (as applicable) and each person shown in
               the records of the relevant Clearing Agency as the holder of any
               Class A3 Note shall be entitled to receive from the registered
               owner of that Class A3 Note any payment so made in accordance
               with the respective rules and procedures of the relevant
               Clearing Agency and on the terms and subject to the conditions
               of that Class A3 Note, and in all cases and for all

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                                         Note Trust Deed SMHL Global Fund No. 9

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

          (c)  The Issuer, the Manager, the Security Trustee and the Class A3
               Irish Paying Agent shall be entitled to deal with the Clearing
               Agency in respect of any Class A3 Notes for all purposes of this
               deed, the Master Trust Deed and the Supplementary Bond Terms
               Notice (including the payment of principal and interest on the
               Class A3 Notes and the giving of instructions, notices or
               directions hereunder) as the sole holder of Class A3 Notes, and
               shall have no obligation to any Class A3 Noteholder and none of
               the Issuer, Manager, Security Trustee or the Class A3 Irish
               Paying Agent will be affected by notice to the contrary.

     32.4 No set-off

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

     32.5 Reliance

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

          (b)  The Class A3 Irish Paying Agent shall be protected and shall
               incur no liability for or in respect of any action taken,
               omitted or suffered by it in reliance upon any instruction,
               request or order from the Issuer or the Manager or upon any
               notice, resolution, direction, consent, certificate, affidavit,
               statement or other paper or document reasonably believed by it
               to be genuine and to have been delivered, signed or sent by the
               proper party or parties.

     32.6 Entitled to deal

          The Note Trustee, the Calculation Agent, the Note Registrar, each
          Paying Agent and the Class A3 Irish Paying Agent shall not be
          precluded from acquiring, holding or dealing in any Class A Offered
          Notes or Class A3 Notes or from engaging or being interested in any
          contract or other financial or other transaction with the Issuer, the
          Manager or the Mortgage Manager and in no event whatsoever (other
          than fraud, negligence or wilful default) shall any Note Trustee,
          Calculation Agent, Note Registrar, the Class A3 Irish Paying Agent or
          any Paying Agent be liable to account to the Issuer or any person
          entitled to receive amounts of principal or interest on the Class A
          Offered Notes or Class A3 Notes for any profit made or fees or
          commissions received in connection with this deed or any Class A
          Offered Notes or any Class A3 Notes.

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                                         Note Trust Deed SMHL Global Fund No. 9

     32.7 Consultation

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

     32.8 Duties

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

          (b)  The Class A3 Irish Paying Agent shall perform the duties, and
               only the duties, contained in or reasonably incidental to this
               deed, the Master Trust Deed and the Supplementary Bond Terms
               Notice and no implied duties or obligations (other than general
               laws as to agency) shall be read into this deed, the Master
               Trust Deed or the Supplementary Bond Terms Notice against the
               Class A3 Irish Paying Agent. The Class A3 Irish Paying Agent
               shall not be required to take any action under this deed, the
               Master Trust Deed and the Supplementary Bond Terms Notice which
               would require it to incur any expense or liability, for which
               (in its reasonable opinion) either it would not be reimbursed
               within a reasonable time or in respect of which it has not been
               indemnified to its satisfaction.

     32.9 Income Tax Returns

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

-------------------------------------------------------------------------------
33   Changes in Paying Agents, Class A3 Irish Paying Agent and Calculation
     Agent

     33.1 Removal

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

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

               (1)  additional or alternative Paying Agents; or

               (2)  an alternative Calculation Agent;

          (b)  subject to this clause 33, terminate the appointment of any
               Paying Agent or the Calculation Agent by giving written notice
               to that effect to each

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                                         Note Trust Deed SMHL Global Fund No. 9

               Designated Rating Agency, the Calculation Agent (if its
               appointment is to be terminated), the Principal Paying Agent and
               the Note Trustee and (if different) the Paying Agent whose
               appointment is to be terminated:

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

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

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

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

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

     33.2 Resignation

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

     33.3 Limitation

          Despite clauses 33.1 and 33.2:

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

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

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                                         Note Trust Deed SMHL Global Fund No. 9

               Expense for the purposes of the Master Trust Deed) for the
               appointment of a new Principal Paying Agent or Calculation Agent
               (as the case may be) acceptable to the Issuer and the Note
               Trustee;

          (c)  no resignation by or termination of the appointment of any
               Paying Agent shall take effect if as a result of that
               resignation or termination there would cease to be a Paying
               Agent which has a Paying Office in the City of New York (in the
               case of the Class A1 Notes) or the United Kingdom (in the case
               of the Class A2 Notes) and the Republic of Ireland (for so long
               as the Class A2 Notes are listed and traded on the Irish Stock
               Exchange);

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

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

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

          In addition, the Issuer shall forthwith appoint a Paying Agent in New
          York City, the United Kingdom and the Republic of Ireland (for so
          long as the Class A2 Notes are listed and traded on the Irish Stock
          Exchange) (as applicable) (if there is no such Paying Agent at the
          time) and while such circumstances subsist maintain such a Paying
          Agent. Notice of any such termination or appointment and of any
          change in the office through which any Paying Agent will act will be
          given in accordance with Condition 12.

     33.4 Delivery of amounts

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

     33.5 Successor to Principal Paying Agent

          (a)  On the execution by the Issuer, the Manager and any successor
               Principal Paying Agent of an instrument effecting the
               appointment of that successor Principal Paying Agent and a deed
               whereby the successor agrees to be bound by the terms of this
               deed, that successor Principal Paying Agent shall, without any
               further act, deed or conveyance, become vested with all the
               authority, rights, powers, trusts, immunities, duties and
               obligations of its predecessor with effect as if originally
               named as Principal Paying Agent in this deed and that
               predecessor, on payment to it of the pro rata

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                                         Note Trust Deed SMHL Global Fund No. 9

               proportion of its administration fee and disbursements then
               unpaid (if any), shall have no further liabilities under this
               deed, except for any accrued liabilities arising from or
               relating to any act or omission occurring prior to the date on
               which the successor Principal Paying Agent is appointed.

          (b)  Any corporation:

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

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

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

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

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

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

     33.6 Successor to Calculation Agent

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

          (b)  Any corporation:

               (1)  into which the Calculation Agent is merged;

               (2)  with which the Calculation Agent is consolidated;

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

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

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                                         Note Trust Deed SMHL Global Fund No. 9

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

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

     33.7 Notice to Noteholders

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

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

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

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

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

     33.8 Change in Paying Office or Specified Office

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

          (b)  If the Calculation Agent proposes to change its Specified Office
               (which must be in New York), or to nominate a further Specified
               Office, it must give to the Issuer, the Manager and the Note
               Trustee, not less than 30 days' prior written notice of that
               change, giving the address of the new Specified Office and
               stating the date on which the change is to take effect. No
               change of specified office may occur within the period of 30
               days before any due date for payment of any Class A Offered
               Notes.

          (c)  The Manager on behalf of the Issuer must, within 14 days of
               receipt of a notice under paragraph (a) or (b) (unless the
               appointment is to terminate pursuant to clause 33.1 or 33.2 on
               or prior to the date of that change) give to the Class A Offered
               Noteholders notice in accordance with the Conditions of that
               change and of the address of the new Paying Office or Specified
               Office (as the case may be) but the costs of giving that notice

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                                         Note Trust Deed SMHL Global Fund No. 9

               shall be borne by the Paying Agent or the Calculation Agent (as
               the case may be) which is changing its Paying Office or
               Specified Office and not by the Issuer or the Manager.

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

     33.9 Class A3 Irish Paying Agent

          (a)  The Issuer, at the direction of the Manager, may at any time,
               subject to this clause 33.9, terminate the appointment of the
               Class A3 Irish Paying Agent under this deed at any time by
               giving written notice to the Class A3 Irish Paying Agent to that
               effect.

          (b)  Subject to this clause 33.9, the Class A3 Irish Paying Agent may
               resign its appointment under this deed at any time by giving to
               the Issuer and the Manager not less than 90 days' written notice
               to that effect.

          (c)  The termination of the appointment or the retirement of the
               Class A3 Irish Paying Agent will not have any effect until a
               replacement agent is appointed with an office in the Republic of
               Ireland for so long as the listing rules of the Irish Stock
               Exchange require such a paying agent as a condition of listing
               and trading the Class A3 Notes on the Daily Official List of the
               Irish Stock Exchange.

          (d)  Where:

               (1)  the Issuer (at the direction of the Manager) has terminated
                    the appointment of the Class A3 Irish Paying Agent in
                    accordance with clause 33.9(a), the Manager must promptly,
                    after giving notice of such termination, notify each
                    Designated Rating Agency of the termination in writing.

               (2)  the Class A3 Irish Paying Agent has resigned from its
                    appointment in accordance with clause 33.9(b), the Manager
                    must promptly, after receiving notice of such resignation,
                    notify each Designated Rating Agency of the resignation in
                    writing.

          (e)  Where under clause 33.9(c) a replacement agent is required to be
               appointed for so long as the Class A3 Notes are listed and
               traded on the Irish Stock Exchange, then the outgoing Class A3
               Irish Paying Agent must do all things reasonably necessary to
               assist the Manager and the replacement agent to enable the
               replacement agent to be able to perform its obligations under
               this deed, and all other deeds, agreements and other
               arrangements entered into by the existing Class A3 Irish Paying
               Agent in relation to the Class A3 Notes.

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34   Waiver

          (a)  The Note Trustee may, without the consent of any of the Class A
               Offered Noteholders, and if directed to do so by the holders of
               at least 75% of the aggregate Invested Amount of the Class A
               Offered Notes calculated and expressed in the A$ Equivalent
               must, and without prejudice to its rights in respect of any
               subsequent breach, condition, event or act from time to time

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                                         Note Trust Deed SMHL Global Fund No. 9

               and at any time (but only if, and in so far as, in its opinion
               the interests of any of the Class A Offered Noteholders are not
               materially prejudiced unless the Note Trustee is acting at the
               direction of the holders of at least 75% of the aggregate
               Invested Amount of the Class A Offered Notes calculated and
               expressed in the A$ Equivalent), waive or authorise on any terms
               and subject to any conditions as it sees fit and proper:

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

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

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

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

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35   Amendment

     35.1 Approval

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

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

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

          so long as that alteration, addition or modification is:

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

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                                         Note Trust Deed SMHL Global Fund No. 9

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

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

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

     35.2 Resolution of Class A Offered Noteholders

          Where in the opinion of the Note Trustee a proposed alteration,
          addition or modification to this deed or any other Transaction
          Document, other than an alteration, addition or modification referred
          to in clause 35.1, is prejudicial or likely to be prejudicial to the
          interest of Class A Offered Noteholders as a whole or any class of
          Class A Offered Noteholders, the Note Trustee, the Manager and the
          Issuer may make that alteration, addition or modification only if
          sanctioned in writing by holders of at least 75% of the aggregate
          Invested Amount of each such Class of Class A Offered Notes
          calculated and expressed in the A$ Equivalent, as applicable, and in
          any case, with respect to the Class A1 notes, in compliance with the
          TIA.

     35.3 Distribution of amendments

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

     35.4 Amendments binding

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

     35.5 No Rating Agency downgrade

          If each of the Designated Rating Agencies has confirmed in writing
          that a proposed alteration, addition or revocation if effected will
          not adversely affect the rating or credit assessment then assigned by
          it to the Class A Offered Notes or the relevant sub-class of the
          Class A Offered Notes, the Note Trustee shall be entitled to take
          into account such confirmation when determining whether any proposed
          alteration, addition or revocation will be prejudicial or will be
          likely to be prejudicial to the interests of Class A Offered
          Noteholders or a sub-class thereof.

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                                         Note Trust Deed SMHL Global Fund No. 9

     35.6 Conformity with TIA

                  Every amendment of this deed executed pursuant to this clause
                  35 shall conform to the requirements of the TIA, in respect
                  of the Class A1 Notes, as then in effect so long as this deed
                  shall then be qualified under the TIA.

-------------------------------------------------------------------------------
36   Class A Offered Noteholders

     36.1 Absolute owner

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

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

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

          (d)  Any instalment of interest or principal, payable on any Class A
               Offered Note which is punctually paid or duly provided for by
               the Issuer to the Paying Agent on the applicable Payment Date or
               Final Maturity Date shall be paid to the person in whose name
               such Class A Offered Note is registered on the Record Date, by
               cheque mailed first-class, postage prepaid, to such person's
               address as it appears on the Note Register on such Record Date,
               except that, unless Definitive Notes have been issued pursuant
               to clause 3.3 or clause 3.4, with respect to Class A Offered
               Notes registered on the Record Date in the name of the nominee
               of the Clearing Agency (initially, such nominee to be the Common
               Depository), payment will be made by wire transfer in
               immediately available funds to the account designated by such
               nominee and except for the final instalment of

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                                         Note Trust Deed SMHL Global Fund No. 9

               principal payable with respect to such Class A Offered Note on a
               Payment Date or Final Maturity Date (and except for the
               redemption of any Class A Offered Note called for redemption
               pursuant to Condition 5 which shall be payable as provided
               below).

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

     36.2 Clearing Agency Certificate

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

-------------------------------------------------------------------------------
37   Currency Indemnity

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

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

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

               (1)  the date (if any) as of which the non-Relevant Class A
                    Currency equivalent of the Relevant Class A Currency
                    amounts due or contingently due under this deed (other than
                    this clause 37) or in respect of the relevant Class A
                    Offered Notes is calculated for the

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                                         Note Trust Deed SMHL Global Fund No. 9

                    purposes of any bankruptcy, insolvency or liquidation of
                    the Issuer; and

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

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

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

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

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

-------------------------------------------------------------------------------
38   New Note Trustees

     38.1 Appointment by Issuer

          The Issuer may, at the direction of the Manager, at any time appoint
          a new note trustee of this deed who has previously been approved in
          writing by holders of at least 75% of the aggregate Invested Amount
          of the Class A Offered Notes

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<PAGE>
                                         Note Trust Deed SMHL Global Fund No. 9

          calculated and expressed in the A$ Equivalent. One or more persons
          may hold office as note trustee or note trustees of this deed but
          that note trustee or note trustees must be or include a Trust
          Corporation. Whenever there are more than two note trustees of this
          deed the majority of those note trustees are competent to execute and
          exercise all the duties, powers, trusts, authorities and discretions
          vested in the Note Trustee by this deed if a Trust Corporation is
          included in that majority.

     38.2 Appointment by Note Trustee

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

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

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

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

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

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

     38.3 Notice

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

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                                         Note Trust Deed SMHL Global Fund No. 9

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

-------------------------------------------------------------------------------
39   Note Trustee's Retirement and Removal

     39.1 Removal by Issuer

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

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

          (b)  the Note Trustee has ceased its business;

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

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

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

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

     39.2 Removal by Class A Offered Noteholders

          The Class A Offered Noteholders may resolve by written consent of the
          holders of at least 75% of the aggregate Invested Amount of the Class
          A Offered Notes calculated and expressed in the A$ Equivalent to
          require the Issuer to terminate the appointment of the Note Trustee
          or Note Trustees for the time being of this deed.

     39.3 Resignation

          Subject to this clause 39, the Note Trustee may resign its
          appointment under this deed at any time by giving to the Issuer, the
          Manager, the Security Trustee and each Designated Rating Agency not
          less than 3 months' written notice to that effect which notice shall
          expire not less than 30 days (or such lesser time as the Manager, the
          Issuer and the Note Trustee may agree) before any due date for
          payment of the Class A Offered Notes.

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                                         Note Trust Deed SMHL Global Fund No. 9

     39.4 Rating Agencies approval

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

     39.5 Trust Corporation

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

     39.6 Successor to Note Trustee

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

          (b)  Any corporation:

               (1)  into which the Note Trustee is merged;

               (2)  with which the Note Trustee is consolidated;

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

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

               shall, on the date when that merger, conversion, consolidation,
               sale or transfer becomes effective (and upon execution by the
               Issuer, the Manager and any such merged or consolidated entity
               of a deed whereby that entity

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                                                                        page 82

<PAGE>
                                         Note Trust Deed SMHL Global Fund No. 9

               agrees to be bound by the terms of this deed) and to the extent
               permitted by applicable law, including Section 310(a) of the
               TIA, become the successor Note Trustee under this deed without
               the execution or filing of any agreement or document or any
               further act on the part of the parties to this deed, unless
               otherwise required by the Issuer or the Manager, and after that
               effective date all references in this deed to the Note Trustee
               shall be references to that corporation.

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

     39.7 Notice

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

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

     39.8 Retention of Lien

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

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

     39.9 Eligibility; Disqualification

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

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

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

          (d)  Neither the Manager, the Issuer nor any of their related
               entities may be appointed as Note Trustee.

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<PAGE>
                                         Note Trust Deed SMHL Global Fund No. 9

-------------------------------------------------------------------------------
40   Note Trustee's Powers Additional

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

-------------------------------------------------------------------------------
41   Severability of Provisions

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

-------------------------------------------------------------------------------
42   Notices

     42.1 General

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

          (a)  must be in writing;

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

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

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

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

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

     42.2 Details

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

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                                                                        page 84

<PAGE>
                                         Note Trust Deed SMHL Global Fund No. 9

                  The Issuer

                           Perpetual Limited
                           Level 12
                           123 Pitt Street
                           Sydney  New South Wales  2000
                           Australia

                           Fax:             +612 9221 7870

                           Attention:       Head of Debt Markets/Manager,
                                            Securitisation

                  The Manager

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

                           Fax:             +613 9605 6200

                           Attention:       Manager - Capital Markets

                  The Note Trustee

                           The Bank of New York
                           101 Barclay Street
                           Floor 21 West
                           New York  New York  10286
                           United States of America

                           Fax:             +1 212 815 5915

                           Attention:       Global Structured Finance

                  The Calculation Agent

                           The Bank of New York
                           101 Barclay Street
                           Floor 21 West
                           New York  New York  10286
                           United States of America

                           Fax:             +1 212 815 5915

                           Attention:       Global Structured Finance

                  The Security Trustee

                           Perpetual Trustee Company Limited
                           Level 12
                           123 Pitt Street
                           Sydney  New South Wales  2000
                           Australia

                           Fax:             +612 9221 7870

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                                                                        page 85

<PAGE>
                                         Note Trust Deed SMHL Global Fund No. 9

                           Attention:       Head of Debt Markets/Manager -
                                            Securitisation

                  The Note Registrar

                           The Bank of New York
                           101 Barclay Street
                           Floor 21 West
                           New York  New York  10286
                           United States of America

                           Fax:             +1 212 815 5915

                           Attention:       Global Structured Finance

                  The Principal Paying Agent

                           The Bank of New York
                           101 Barclay Street
                           Floor 21 West
                           New York  New York  10286
                           United States of America

                           Fax:             +1 212 815 5915

                           Attention:       Global Structured Finance

                  The Irish Paying Agent

                           AIB/BNY Fund Management (Ireland) Limited
                           Guild House
                           Guild Street
                           Dublin 1
                           Republic of Ireland

                           Fax:             +353 1 829 0833

                           Attention:       Chief Operating Officer

                  The Class A3 Irish Paying Agent

                           AIB/BNY Fund Management (Ireland) Limited
                           Guild House
                           Guild Street
                           Dublin 1
                           Republic of Ireland

                           Fax:             +353 1 829 0833

                           Attention:       Chief Operating Officer

     42.3 Communication through Principal Paying Agent

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

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                                         Note Trust Deed SMHL Global Fund No. 9

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43   Governing Law and Jurisdiction

     43.1 Governing law

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

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

     43.2 Jurisdiction

          Each of the parties hereto irrevocably agrees for the benefit of each
          other and the Noteholders that the courts of New South Wales,
          Australia are to have jurisdiction to settle any disputes which may
          arise out of or in connection with this deed and that accordingly any
          notices, demands, suit, action or proceedings arising out of or in
          connection with this deed (together referred to as "Proceedings") may
          be brought in the courts of New South Wales, Australia. Each of the
          parties hereto irrevocably and unconditionally waives and agrees not
          to raise any objection which it may have now or subsequently to the
          laying of the venue of any Proceedings in the courts of New South
          Wales, Australia and any claim that any Proceedings have been brought
          in an inconvenient forum and further irrevocably and unconditionally
          agrees that a judgment in any Proceedings brought in the courts of
          New South Wales, Australia shall be conclusive and binding upon it
          and may be enforced in the courts of any other jurisdiction. Nothing
          in this Clause shall limit any right to take Proceedings in any other
          court of competent jurisdiction, nor shall the taking of Proceedings
          in one or more jurisdictions preclude the taking of Proceedings in
          any other jurisdiction, whether concurrently or not.

     43.3 Agent

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

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

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

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

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                                         Note Trust Deed SMHL Global Fund No. 9

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

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44   Counterparts

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

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45   Limited Recourse

     45.1 General

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

     45.2 Liability of Issuer limited to its right to indemnity

          (a)  The Issuer enters into this deed only in its capacity as trustee
               of the Securitisation Fund and in no other capacity (except
               where the Transaction Documents provide otherwise). Subject to
               clause 45.2(c) below, a liability arising under or in connection
               with this deed or the Securitisation Fund is limited to and can
               be enforced against the Issuer only to the extent to which it
               can be satisfied out of the assets and property of the
               Securitisation Fund which are available to satisfy the right of
               the Issuer to be exonerated or indemnified for the liability.
               This limitation of the Issuer's liability applies despite any
               other provision of this deed and extends to all liabilities and
               obligations of the Issuer in any way connected with any
               representation, warranty, conduct, omission, agreement or
               transaction related to this deed or the Securitisation Fund.

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

          (c)  The provisions of this clause 45.2 shall not apply to any
               obligation or liability of the Issuer to the extent that it is
               not satisfied because under a Transaction Document or by
               operation of law there is a reduction in the extent of the
               Issuer's indemnification or exoneration out of the Assets of the
               Securitisation Fund as a result of the Issuer's fraud,
               negligence or wilful default.

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

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                                         Note Trust Deed SMHL Global Fund No. 9

               omission was caused or contributed to by any failure by any
               Relevant Party or any person who has been delegated or appointed
               by the Issuer in accordance with the Transaction Documents to
               fulfil its obligations relating to the Securitisation Fund or by
               any other act or omission of a Relevant Party or any such
               person.

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

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

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

     45.3 Unrestricted remedies

          Nothing in clause 45.2 limits any party in:

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

          (b)  obtaining declaratory relief;

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

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

     45.4 Restricted remedies

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

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

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

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

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

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

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

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

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                                         Note Trust Deed SMHL Global Fund No. 9

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

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

     45.5 Wilful Default of the Issuer

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

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

               (1)  other than a default which:

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

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

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

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

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

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

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46   Successor Trustee

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

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47   Reimbursement for the Cost of Independent Advice

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

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                                         Note Trust Deed SMHL Global Fund No. 9

          person is expressly stated in the relevant provision in a Transaction
          Document, that person.

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48   No Liability

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

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

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

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

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

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49   Prospectus

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

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50   Note Trustee's Limited Liability

     50.1 Reliance on certificate

          The Note Trustee shall not incur any liability as a result of relying
          upon the authority, validity, due authorisation of, or the accuracy
          of any information contained in any notice, resolution, direction,
          consent, certificate, receipt,

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                                         Note Trust Deed SMHL Global Fund No. 9

          affidavit, statement, valuation report or other document or
          communication (including any of the above submitted or provided by
          the Manager, by the Issuer or by a Class A Offered Noteholder) if the
          Note Trustee is entitled, under clause 50.2 to assume such
          authenticity, validity, due authorisation or accuracy.

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

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

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

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

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

               in either case unless the officers of the Note Trustee
               responsible for the administration of the Note Trust are
               actually aware to the contrary.

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

     50.3 Compliance with laws

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

     50.4 Reliance on experts

          The Note Trustee may rely on and act on the opinion or statement or
          certificate or advice of or information obtained from the Security
          Trustee, the Mortgage Manager, the Issuer, barristers or solicitors
          (whether instructed by the Note Trustee or not), bankers,
          accountants, brokers, valuers and other persons believed by it in
          good faith to be expert or properly informed in relation to the
          matters on

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                                         Note Trust Deed SMHL Global Fund No. 9

          which they are consulted and the Note Trustee shall not be liable for
          anything done or suffered by it in good faith in reliance on such
          opinion, statement, certificate, advice or information except to the
          extent of losses, costs, claims or damages caused by the Note
          Trustee's fraud, negligence or wilful default.

     50.5 Oversights of others

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

     50.6 Powers, authorities and discretions

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

     50.7 Impossibility or impracticability

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

     50.8 Legal and other proceedings

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

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

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

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                                         Note Trust Deed SMHL Global Fund No. 9

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

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

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

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

          (b)  (Defence of proceedings alleging negligence) The Indemnified
               Party shall be entitled to claim in respect of the above
               indemnity from the Issuer for its expenses and liabilities
               incurred in defending any action, suit, proceeding or dispute in
               which fraud, negligence or wilful default is alleged or claimed
               against it, but on the same being proved, accepted or admitted
               by it, it shall immediately repay to the Issuer the amount
               previously paid by the Issuer to it in respect of that
               indemnity.

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

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

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

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

     50.9 No liability except for negligence etc.

          Except to the extent caused by the fraud, negligence or wilful
          default on the Note Trustee's part or on the part of any of its
          officers or employees, or any agents or delegate, sub-agent,
          sub-delegate employed by the Note Trustee in accordance with this
          deed (and where this deed provides that the Note Trustee is liable
          for the acts or omissions of any such person) to carry out any
          transactions contemplated by this deed, the Note Trustee shall not be
          liable for any losses, costs, liabilities or claims arising from the
          failure to pay moneys on the due date for payment to any Class A
          Offered Noteholder

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                                         Note Trust Deed SMHL Global Fund No. 9

          or any other person or for any loss howsoever caused in respect of
          any of the Securitisation Fund or to any Class A Offered Noteholder
          or other person. The Note Trustee is not obliged to take any action
          under this deed unless it is indemnified to its reasonable
          satisfaction against all actions, proceedings, claims and demands to
          which it may render itself liable and all costs, charges, damages and
          expenses which it may incur by so doing.

     50.10 Further limitations on Note Trustee's liability

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

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

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

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

               (2)  any person under an Enhancement or Mortgage,

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

          (c)  for any Manager's Default;

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

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

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

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

          (h)  for the failure of a person to carry out an agreement with the
               Note Trustee in connection with the Securitisation Fund; or

          (i)  for any losses, costs, liabilities or expenses caused by the
               Note Trustee's failure (except where it has an express
               obligation to do so) to check any

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                                         Note Trust Deed SMHL Global Fund No. 9

               calculation, information, document, form or list supplied or
               purported to be supplied to it by the Manager, the Issuer or
               Security Trustee,

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

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

    50.11 Conflicts

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

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

    50.12 Information

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

    50.13 Investigation by Note Trustee

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

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

     51.1 Provision of information

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

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

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

          provided that so long as:

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

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

          no such list shall be required to be furnished.

     51.2 Preservation of Information; Communications to Noteholders

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

          (b)  The Note Trustee must comply with its obligations pursuant to
               Section 312(b) of the TIA.

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

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

     51.3 Reports by Note Trustee

          If required by Section 313(a) of the TIA, within 60 days after each
          30 June, beginning with 30 June 2007, the Note Trustee shall mail to
          each Class A1 Noteholder, the Issuer, the Manager and such other
          persons to whom the Note Trustee is required by Section 313(c) of the
          TIA to provide reports, a brief report dated as of such date that
          complies with Section 313(a) of the TIA. The Note Trustee also shall
          comply with Section 313(b) of the TIA. A copy of each report at the
          time of its mailing to Class A1 Noteholders shall be filed by the
          Note Trustee with the Commission and each stock exchange, if any, on
          which the Class

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          A1 Notes are listed. The Manager on behalf of the Issuer shall notify
          the Note Trustee if and when the Class A1 Notes are listed on any
          stock exchange.

     51.4 Notices to Class A Offered Noteholders; Waiver

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

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

     51.5 Issuer's Liability not Affected

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

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

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

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

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

     51.6 Reports by Issuer

          The Issuer or the Manager on its behalf shall:

          (a)  file with the Note Trustee, within 15 days after the Issuer, the
               Securitisation Fund or the Manager is required to file the same
               with the Commission, copies of the annual reports and of the
               information,

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               documents and other reports (or copies of such portions of any
               of the foregoing as the Commission may from time to time by
               rules and regulations prescribe) which the Issuer, the
               Securitisation Fund or the Manager may be required to file with
               the Commission pursuant to Section 13 or 15(d) of the Securities
               Exchange Act of 1934, as amended, or, if the Issuer, the
               Securitisation Fund or the Manager is not required to file
               information, documents or reports with the Commission pursuant
               to Section 13 or 15(d) of the Securities Exchange Act of 1934,
               as amended, to file with the Note Trustee and the Commission, in
               accordance with rules and regulations prescribed from time to
               time by the Commission, such of the supplementary and periodic
               information, documents and reports which may be required
               pursuant to Section 13 of the Securities Exchange Act of 1934,
               as amended, in respect of a security listed on a national
               securities exchange as may be prescribed in such rules and
               regulations;

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

          (c)  supply to the Note Trustee (and the Note Trustee shall transmit
               by mail to all Class A1 Noteholders described in Section 313(c)
               of the TIA) such summaries of any information, documents and
               reports required to be filed by the Issuer, the Securitisation
               Fund or the Manager pursuant to clauses 51.6(a) and 51.6(b) as
               may be required by rules and regulations prescribed from time to
               time by the Commission.

-------------------------------------------------------------------------------
52   Trust Indenture Act; Miscellaneous

     52.1 Compliance Certificates and Opinions

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

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

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

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

          (b)  Prior to the deposit of any property or securities with the
               Issuer that is to be made the basis for the release of any
               property or securities subject to the

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               Security Interest created by the Security Trust Deed, the Issuer
               (or the Manager on its behalf) shall, in addition to any
               obligation imposed in clause 52.1(a) or elsewhere in this deed,
               furnish to the Note Trustee an Officer's Certificate meeting the
               applicable requirements of Section 314(d)(2) of the TIA
               certifying or stating the opinion of each person signing such
               certificate as to the fair value (within 90 days of such
               deposit) of the property or securities to be so deposited.

          (c)  Whenever any property or securities are to be released from the
               Security Interest created by the Security Trust Deed, the Issuer
               (or the Manager on its behalf) shall also furnish to the Note
               Trustee an Officer's Certificate meeting the applicable
               requirements of Section 314(d)(1) of the TIA certifying or
               stating the opinion of each person signing such certificate as
               to the fair value (within 90 days of such release) of the
               property or securities proposed to be released and stating that
               in the opinion of such person the proposed release will not
               impair the security under the Security Trust Deed in
               contravention of the provisions of the Security Trust Deed or
               this deed.

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

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

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

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

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

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

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

               (4)  a statement as to whether or not, in the opinion of each
                    such signatory, such condition or covenant has been
                    complied with.

    52.2  Undertaking for Costs

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

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

               (1)  any suit instituted by the Note Trustee;

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

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

    52.3  Exclusions of Section 316

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

          (b)  For the purposes of Section 316(a)(2) of the TIA in determining
               whether any Class A Offered Noteholders have concurred in any
               relevant direction or consent, Class A Offered Notes owned by
               the Issuer or by any person directly or indirectly controlling
               or controlled by or under direct or indirect common control with
               the Issuer, shall be disregarded, except that for the purposes
               of determining whether the Note Trustee shall be protected in
               relying on any such direction or consent, only Class A Offered
               Notes which the Note Trustee knows are so owned shall be so
               disregarded.

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

          Notwithstanding any other provisions in this deed but subject to
          clause 45, any Class A Offered Noteholder shall have the right, which
          is absolute and

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                                         Note Trust Deed SMHL Global Fund No. 9

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

    52.5  Continuing Obligation

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

    52.6  No Merger

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

    52.7  Waiver

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

    52.8  Consents and Approvals

          Where any act, matter or thing hereunder depends on the consent or
          approval of the Note Trustee then unless expressly provided otherwise
          herein such consent or approval may be given or withheld in the
          absolute and unfettered discretion of the Note Trustee and may be
          given subject to such conditions as the Note Trustee thinks fit in
          its absolute and unfettered discretion and notwithstanding anything
          to the contrary in this deed, may be given retrospectively.

    52.9  Written Waiver, Consent and Approval

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

    52.10 Time of Essence

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

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    52.11 Moratorium Legislation

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

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

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

          are hereby expressly waived, negatived and excluded.

    52.12 Binding on Each Signatory

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

    52.13 Counterparts

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

    52.14 Assignment

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

    52.15  Power of Attorney

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

    52.16  Certificate of Note Trustee

          A certificate in writing signed by a Responsible Officer of the Note
          Trustee certifying any act, matter or thing relating to this deed is
          conclusive and binding on the Issuer in the absence of manifest error
          on the face of the certificate.

    52.17 Remedies cumulative

          The rights and remedies conferred by this deed upon the Note Trustee
          are cumulative and in addition to all other rights or remedies
          available to the Note Trustee by Statute or by general law.

    52.18 Interest on Judgment

          If a liability under this deed (other than a liability for
          negligence, fraud or wilful default of the Issuer under the
          Transaction Documents) becomes merged in a judgment or order then the
          Issuer as an independent obligation will pay interest to the Note
          Trustee on the amount of that liability at a rate being the higher of
          the

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                                         Note Trust Deed SMHL Global Fund No. 9

          rate payable pursuant to the judgment or order and the highest rate
          payable on the Class A Offered Notes from the date it becomes payable
          until it is paid.

    52.19 Conflict with Trust Indenture Act

          If any provision hereof limits, qualifies or conflicts with another
          provision hereof that is required to be included in this indenture by
          any of the provisions of the TIA, such required provision shall
          prevail.

          The provisions of Sections 310 to 317 (inclusive) of the TIA that
          impose duties on any person (including the provisions automatically
          deemed included herein unless expressly excluded by this deed) are a
          part of and govern this deed, whether or not contained herein.

    52.20 Know your customer

          Subject to any confidentiality, privacy or general trust law
          obligations owed by the Note Trustee or the Issuer 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 52.20 agrees to utilize such information and
          documents solely for the purpose of complying with applicable
          anti-money laundering or counter-terrorism financing laws.

    52.21 Compliance with Regulation AB

          In relation to compliance with Regulation AB:

          (a)  each party to this deed acknowledges and agrees that the purpose
               of this clause 52.21 is to facilitate compliance by such party
               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 such party;

          (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 52.21 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 each other party to this Deed 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

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               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 Issuer or the Security Trustee (as
               applicable) do not agree with respect to an interpretation of
               Regulation AB, the Manager and the Issuer or the Security
               Trustee (as applicable) 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 Issuer or the Security Trustee (as applicable), addressed to
               the Manager and the Issuer or the Security Trustee (as
               applicable), 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 Issuer or the
               Security Trustee (as applicable). In relation to the
               Securitisation Fund, each party to this Deed 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 such party or for which such party 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, such
               party, any Subcontractor of such party, 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 each other party to this deed 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)  each party to this deed acknowledges and agrees that, to the
               extent the Manager reasonably determines:

               (1)  in respect of the Issuer and the Security Trustee - upon
                    consultation with, and to the extent agreed with, such
                    party; and

               (2)  in respect of the Note Trustee, Note Registrar, Principal
                    Paying Agent and Calculation Agent - upon consultation with
                    such party,

               that such party is "participating in the servicing function" in
               relation to the Securitisation Fund within the meaning of Item
               1122 of Regulation AB, such party will comply with the
               applicable requirements contained in clause 52.21(e) - (j);
               provided that, to the extent the Manager and the Issuer or the
               Security Trustee (as applicable) do not agree whether such party
               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 Issuer
               or the Security Trustee (as applicable) shall obtain a written
               opinion of counsel of U.S. national reputation in the practice
               of U.S. federal securities laws reasonably

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                                         Note Trust Deed SMHL Global Fund No. 9

               acceptable to the Manager and the Issuer or the Security Trustee
               (as applicable), addressed to the Manager and the Issuer or the
               Security Trustee (as applicable), stating whether, in the
               opinion of such counsel, the Issuer or the Security Trustee (as
               applicable) 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 Issuer or the Security Trustee (as
               applicable);

          (e)  on or before September 1 of each calendar year, commencing in
               2007, such party 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 such
                    party'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 such party, and shall address each of
                    the Servicing Criteria specified on a certification
                    substantially in the form of Schedule 6 hereto and
                    addressing, at a minimum, the criteria identified in
                    Schedule 7 hereto as "Applicable Servicing Criteria", but
                    only with respect to such of the Servicing Criteria that
                    such party 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 such party 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 such party (if any) determined
                    by the such party pursuant to clause 52.21(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 52.21(e)(1) and
                    (2), but only with respect to such of the Servicing
                    Criteria that such Subcontractor of such party performs;

                    An assessment of compliance provided by a Subcontractor of
                    such party pursuant to clause 52.21(e)(3) need not address
                    any elements of the Servicing Criteria other than those
                    specified by such party pursuant to clause 52.21(f), and
                    need only address such of the Servicing Criteria that such
                    Subcontractor performs;

          (f)  in relation to the use of Subcontractors:

               (1)  such party 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 such party, specifying:

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                                         Note Trust Deed SMHL Global Fund No. 9

                    (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
                         52.21(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) such
                    party shall cause any such Subcontractor used by such party
                    for the benefit of the Manager to comply with the provisions
                    of clauses 52.21(e) - (j), 52.22 and 52.23 of this deed to
                    the same extent as if such Subcontractor were such party
                    (provided that in the case of a Subcontractor of the Issuer
                    or the Security Trustee, the obligations of such
                    Subcontractor under clause 52.21(h) will be owed directly to
                    the Manager and the Issuer or the Security Trustee, as the
                    case may be, will do all things reasonably necessary to
                    cause the Subcontractor to owe such obligations directly to
                    the Manager) and (ii) in the case of the Issuer and the
                    Security Trustee, such party shall obtain the written
                    consent of the Manager (which is not to be unreasonably
                    withheld or delayed) to the utilization of such
                    Subcontractor. Such party 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
                    52.21(e) - (j), in each case as and when required to be
                    delivered;

          (g)  each of the Note Trustee, the Principal Paying Agent, the
               Calculation Agent, the Note Registrar, the Irish Paying Agent
               and the Class A3 Irish Paying Agent represents, warrants and
               agrees that each report required pursuant to clauses 52.21(e)(1)
               and 52.21(e)(3) to be provided by each such party or any
               Subcontractor of any such party will be accurate in all material
               respects and will not contain an untrue statement of a material
               fact or omit to state a material fact required to be stated
               therein or necessary in order to make the statements therein, in
               light of the circumstances under which they are made, not
               misleading

          (h)  each of the Issuer and the Security 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
                    52.21 by or on behalf of such party, or provided under this
                    clause 52.21 by or on behalf of any Subcontractor of such
                    party (with respect to such party, collectively, the
                    "Company Information"); provided that in the case of any
                    untrue statement of

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                                                                        page 107

<PAGE>
                                         Note Trust Deed SMHL Global Fund No. 9

                    a material fact contained or alleged to be contained in the
                    accountant's letter, each of the Issuer and the Security
                    Trustee will indemnify and hold harmless the Manager only
                    to the extent of the sum that the Issuer or the Security
                    Trustee, respectively, recovers from the accounting firm
                    providing such accountant's letter (which recovery the
                    Issuer and the Security Trustee (as the case may be) must
                    if the Issuer or the Security Trustee (as the case may be)
                    in good faith determines the Issuer or the Security Trustee
                    (as the case may be) is entitled to do so after taking
                    professional advice pursue including by taking action in
                    any relevant court of competent jurisdiction); provided,
                    further, that neither the Issuer nor the Security Trustee
                    will indemnify or hold harmless the Manager to the extent
                    that the untrue statement of a material fact contained or
                    alleged to be contained in the Company Information relates
                    to information provided to the Issuer or the Security
                    Trustee, respectively, by the Manager or any other party to
                    enable such party to complete its duties under the
                    Transaction Documents; or

               (2)  the omission or alleged omission to state in the Company
                    Information a material fact required to be stated in the
                    Company 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 52.21(h)(2) shall be
                    construed solely by reference to the Company Information
                    and not to any other information communicated in connection
                    with a sale or purchase of securities, without regard to
                    whether the Company 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, each of the Issuer
                    and the Security Trustee will indemnify and hold harmless
                    the Manager only to the extent of the sum that the Issuer
                    or the Security Trustee, respectively, recovers from the
                    accounting firm providing such accountant's letter (which
                    recovery the Issuer and the Security Trustee (as the case
                    may be) must if the Issuer or the Security Trustee (as the
                    case may be) in good faith determines the Issuer or the
                    Security Trustee (as the case may be) is entitled to do so
                    after taking professional advice pursue including by taking
                    action in any relevant court of competent jurisdiction);
                    provided, further, that neither the Issuer nor the Security
                    Trustee will indemnify or hold harmless the Manager to the
                    extent that the omission or alleged omission to state in
                    the Company Information a material fact required to be
                    stated in the Company 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 Issuer or the
                    Security Trustee, respectively, by the Manager or any other
                    party to enable such party to complete its duties under the
                    Transaction Documents; or

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<PAGE>
                    Note Trust Deed SMHL Global Fund No. 9

               (3)  any failure by such party or any Subcontractor of such
                    party to deliver any information, report, certification,
                    accountants' letter or other material when and as required
                    under this clause 52.21, including any failure by such
                    party to disclose any non-compliance with any of the
                    Servicing Criteria in a certification or to identify
                    pursuant to clause 52.21(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 52.21(h)(3),
                    such party 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 such party
                    or any Subcontractor of such party;

          (i)  any failure by such party or any Subcontractor of such party to:

               (1)  deliver any information, report, certification,
                    accountants' letter or other material when and as required
                    under this clause 52.21, shall, except as provided in
                    clause 52.21(i)(2), immediately and automatically, without
                    notice or grace period, entitle the Manager, in its sole
                    discretion:

                    (A)  to remove such party or direct such party to remove
                         the Subcontractor of such party 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 such party, without payment
                         (notwithstanding anything in the Transaction Documents
                         to the contrary) of any compensation to such party;
                         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 such party, such provision shall be
                         given effect;

               (2)  deliver any information, report, certification or
                    accountants' letter when and as required under clause
                    52.21(e) - (j) or (except as provided below) any failure by
                    such party to identify pursuant to clause 52.21(f) any
                    Subcontractor of such party "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 such party or direct such party to remove
                         the Subcontractor of such party 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

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                                         Note Trust Deed SMHL Global Fund No. 9

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

                    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
                    such party, such provision shall be given effect; and

          (j)  each of the Issuer and the Security 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 such
               party and the transfer of servicing activities within the
               meaning of Item 1122 of Regulation AB to a successor. The
               provisions of this clause 52.21(j) 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.

    52.22 Direction of claims by the Manager

          (a)  If the Issuer or the Security Trustee (for the purposes of this
               clause 52.22, each a Relevant Claimant) is entitled to recover
               from the accounting firm providing the accountant's letter
               referred to in clause 52.21(h) by any action, proceeding, claim
               or demand ((for the purpose of this clause 52.22, a Claim), the
               Relevant Claimant must if the Issuer or the Security 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
               52.22(a), the Manager will have the option to assume the
               direction of that Claim (including the employment of legal
               advisers selected by the Relevant Claimant but approved by the
               Manager subject to the payment by the Relevant Claimant of all
               fees and expenses).

          (c)  If the Relevant Claimant receives notice from the Manager of its
               election to direct the Claim and the Manager approves the legal
               advisers selected by the Relevant Claimant for the purposes of
               that Claim, the Relevant Claimant will not be liable to the
               Manager under this clause 52.22 for any fees or expenses
               subsequently incurred by the Manager in connection with the
               Claim unless the Relevant Claimant 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.

    52.23 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
               Company Information referred to in clause

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<PAGE>
                                         Note Trust Deed SMHL Global Fund No. 9

               52.21(h) or (ii) the omission or alleged omission to state in
               the Company Information a material fact required to be stated in
               the Company 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 52.23, a Claim), the Issuer and the Security Trustee (for
               the purpose of this clause 52.23, each a Relevant Defendant)
               will have the option to assume the direction of that Claim
               (including the employment of legal advisers selected by the
               Relevant Defendant but approved by the Manager subject to the
               payment by the Relevant Defendant of all fees and expenses).

          (b)  If the Relevant Defendant notifies the Manager in writing of its
               election to direct the defence of a Claim brought against the
               Relevant Defendant and the Manager approves the legal advisers
               selected by the Relevant Defendant for the purposes of the
               defence of that Claim, the Relevant Defendant will not be liable
               to the Manager under this clause 52.23 for any fees or expenses
               subsequently incurred by the Manager in connection with the
               Claim against the Relevant Defendant unless the Relevant
               Defendant does not employ legal advisers approved by or on
               behalf of the Manager to represent the Relevant Defendant within
               a reasonable time after notice of the Claim.

          (c)  If any Claim brought against a Relevant Defendant is settled
               with respect to the Relevant Defendant with the consent of the
               Manager or if there is a final judgement against the Relevant
               Defendant in relation to it, the Relevant Defendant 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 Relevant Defendant is not liable for them under clause
               52.23(b), or any fees and expenses incurred in connection with
               any Claim brought against a Relevant Defendant that is settled
               with respect to the Relevant Defendant or compromised by the
               Relevant Defendant without the consent of the Manager (unless
               the Manager has unreasonably withheld its consent)).

-------------------------------------------------------------------------------
53   Consent of Class A Offered Noteholders

     53.1 General

          Except as expressly provided elsewhere in this deed or in clause 53.2
          below, any action that may be taken by the Class A Offered
          Noteholders under this deed may be taken by registered holders of not
          less than a majority of the aggregate Invested Amount of Class A
          Offered Notes calculated and expressed in the A$ Equivalent.

     53.2 Special Written Approvals

          (a)  The following matters are only capable of being effected by the
               approval in writing of holders of at least 75% of the aggregate
               Invested Amount of the Class A Offered Notes calculated and
               expressed in the A$ Equivalent, namely:

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<PAGE>
                                         Note Trust Deed SMHL Global Fund No. 9

               (1)  modification of the date fixed for final maturity of the
                    Class A Offered Notes;

               (2)  reduction or cancellation of the principal payable on the
                    Class A Offered Notes or any alteration of the date or
                    priority of redemption of the Class A Offered Notes;

               (3)  alteration of the amount of interest payable on any class
                    of the Class A Offered Notes or modification of the method
                    of calculating the amount of interest payable on the Class
                    A Offered Notes or modification of the date of payment of
                    or interest payable on the Class A Offered Notes;

               (4)  alteration of the currency in which payments under the
                    Class A Offered Notes are to be made;

               (5)  altering the required percentage of aggregate Invested
                    Amount of the Class A Offered Notes required to consent or
                    take any action;

               (6)  alteration of this sub-paragraph.

          (b)  The Class A Offered Noteholders shall in addition to the powers
               given under this deed have the following powers if approval is
               given by holders of at least 75% of the aggregate Invested
               Amount of the Class A Offered Notes calculated and expressed in
               the A$ Equivalent as appropriate,

               (1)  power to sanction any compromise or arrangement proposed to
                    be made between the Issuer and the Class A Offered
                    Noteholders;

               (2)  power to sanction any abrogation, modification, compromise
                    or arrangement in respect of the rights of the Class A
                    Offered Noteholders against the Issuer or against any of
                    its property or against any other person whether such
                    rights shall arise under these presents, any of the Notes
                    or otherwise;

               (3)  power to assent to any modification of the provisions
                    contained in this deed, the Class A Offered Notes
                    (including the Conditions) or the provisions of any of the
                    Transaction Documents which shall be proposed by the Issuer
                    or the Note Trustee;

               (4)  power to give any authority or sanction which under the
                    provisions of this deed or the Class A Offered Notes
                    (including the Conditions) is required to be given in
                    writing by holders of at least 75% of the aggregate
                    Invested Amount of the Class A Offered Notes calculated and
                    expressed in the A$ Equivalent;

               (5)  power to approve of a person to be appointed a trustee and
                    power to remove any trustee or trustees for the time being
                    under this deed;

               (6)  power to discharge or exonerate the Note Trustee from all
                    liability in respect of any act or omission for which the
                    Note Trustee may have become responsible under this deed or
                    under the Class A Offered Notes;

               (7)  power to authorise the Note Trustee to concur in and
                    execute and do all such deeds, instruments, acts and things
                    as may be necessary to carry out and give effect to the
                    approval in writing by holders of

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                                                                        page 112

<PAGE>
                                         Note Trust Deed SMHL Global Fund No. 9

                    at least 75% of the aggregate Invested Amount of the Class
                    A Offered Notes calculated and expressed in the A$
                    Equivalent;

               (8)  override any waiver by the Note Trustee of a breach of any
                    provisions of Transaction Documents or an Event of Default
                    under the Security Trust Deed;

               (9)  power to sanction any scheme or proposal for the exchange
                    or sale of the Class A Offered Notes, as the case may be,
                    or for the conversion of the Class A Offered Notes, or for
                    the cancellation of the Class A Offered Notes, in
                    consideration of shares, stock, notes, bonds, debentures,
                    debenture stock and/or other obligations and/or securities
                    of the Issuer or of any other company formed or to be
                    formed, or for or into or in consideration of cash, or
                    partly for or into or in consideration of such shares,
                    stock, notes, bonds, debenture stock and/or other
                    obligations and/or securities as aforesaid and partly for
                    or into or in consideration of cash.

     53.3 Requirement for writing

          Except as expressly provided elsewhere in this deed, all notices and
          consents from Class A Offered Noteholders shall be delivered in
          writing. Any solicitation of such notices or consent shall be in
          writing and be delivered by the Issuer, Manager or Note Trustee, as
          applicable, seeking such notice or consent from the Class A Offered
          Noteholders to the Principal Paying Agent, who shall deliver the
          foregoing to the appropriate Class A Offered Noteholders. With
          respect to any solicitation of approval of Class A Offered
          Noteholders, the Record Date for determining Class A Offered
          Noteholders with respect to such solicitation shall be the date upon
          which the Principal Paying Agent distributes such notices or
          solicitation to the Class A Offered Noteholders.

     53.4 Meetings of Class A Offered Noteholders

          Meetings of Class A Offered Noteholders may be convened in the manner
          set out in the Meeting Procedures set out in Schedule 3 in any
          circumstance where a matter arises for determination by the Class A
          Offered Noteholders pursuant to this deed.

          Notwithstanding any of the foregoing, the Class A1 Noteholders, the
          Class A2 Noteholders may take action as a Class on any matters that
          relate solely to their relevant Class of Class A Offered Notes,
          provided that:

          (a)  the Class A1 Noteholders may not do anything which would
               materially affect the rights and interests of the Class A2
               Noteholders absent the consent of the Class A2 Noteholders; and

          (b)  the Class A2 Noteholders may not do anything which would
               materially affect the rights and interests of the Class A1
               Noteholders absent the consent of the Class A1 Noteholders and
               may not do anything which would affect the compliance of this
               deed with the TIA.

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<PAGE>
                                         Note Trust Deed SMHL Global Fund No. 9

     53.5 Entire Agreement

                  This deed together with such of the Transaction Documents to
                  which each of the parties hereto is a party, constitutes the
                  entire agreement between the parties to it as to the subject
                  matter with which it deals.

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<PAGE>
                                         Note Trust Deed SMHL Global Fund No. 9

-------------------------------------------------------------------------------
Executed as a deed:

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

<TABLE>
<CAPTION>
<S>                                                                 <C>

ISSUER

Signed sealed and delivered for
Perpetual Limited
by its attorney in the presence of:

  /s/ David Barber                                                      /s/ Jennifer Wu
------------------------------------------------                      --------------------------------------------
  Witness                                                               Attorney

  David Barber                                                          Jennifer Wu
------------------------------------------------                      --------------------------------------------
  Name (please print)                                                   Name (please print)

MANAGER

Signed sealed and delivered for
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)

NOTE TRUSTEE / PRINCIPAL PAYING AGENT / CALCULATION AGENT / NOTE REGISTRAR

Executed for
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 Treasurer
  Name (please print)                                                 --------------------------------------------
                                                                        Name (please print)
</TABLE>

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                                                                        page 115

<PAGE>
                                         Note Trust Deed SMHL Global Fund No. 9
<TABLE>
<CAPTION>
<S>                                                                 <C>

SECURITY TRUSTEE

Signed sealed and delivered for
Perpetual Trustee Company Limited
by its attorney in the presence of:

  /s/ David Barber                                                      /s/ Jennifer Wu
------------------------------------------------                      --------------------------------------------
  Witness                                                               Attorney

  David Barber                                                          Jennifer Wu
------------------------------------------------                      --------------------------------------------
  Name (please print)                                                   Name (please print)

IRISH PAYING AGENT AND CLASS A3 IRISH PAYING AGENT

Signed sealed and delivered for
AIB/BNY Fund Management (Ireland) Limited
by its attorney in the
presence of:

  /s/ Charles P Austin                                                  /s/ Christopher Curti
------------------------------------------------                      --------------------------------------------
  Witness                                                               Attorney

  Charles P Austin                                                      Christopher Curti
------------------------------------------------                        Assistant Treasurer
  Name (please print)                                                 --------------------------------------------
                                                                        Name (please print)
</TABLE>

--------------------------------------------------------------------------------
                                                                        page 116

<PAGE>
                                         Note Trust Deed SMHL Global Fund No. 9

-------------------------------------------------------------------------------
Schedule 1 - Form of Book-Entry Note

PART A - Form of Class A1 Book-Entry Note

REGISTERED                                  CUSIP No............................

                                            ISIN No.............................

                                            Common Code.........................

Unless this Note is presented by an authorised representative of The Depository
Trust Company, a New York corporation (DTC), to the Issuer or its agent for
registration of transfer, exchange or payment, and any Note issued is
registered in the name of Cede & Co. or in such other name as is requested by
an authorised representative of DTC (and any payment is made to Cede & Co. or
to such other entity as is requested by an authorised representative of DTC),
ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an
interest herein.

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALMENTS AS SET FORTH HEREIN.
ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

                               Perpetual Limited

                              (ABN 86 000 431 827)

           (a limited liability company incorporated under the law of

                          New South Wales, Australia)

                       in its capacity as trustee of the

                             SMHL Global Fund No. 9

                            CLASS A1 BOOK-ENTRY NOTE

                                  representing

                                US$1,340,000,000

              Class A1 Mortgage Backed Floating Rate Notes Due on

                   the Payment Date falling in November 2039

This Note is a Class A1 Book-Entry Note in respect of a duly authorised issue
of Notes of Perpetual Limited in its capacity as trustee of the SMHL Global
Fund No. 9 (the "Securitisation Fund") (the "Issuer"), designated as specified
in the title above (the "Notes"), in an initial aggregate principal amount of

                             ** US$1,340,000,000 **

and (a) constituted by a Master Trust Deed (the "Master Trust Deed") dated 4
July 1994 as amended and restated from time to time between the Issuer as
trustee, and ME Portfolio Management Limited (the "Manager"), by a
Supplementary Bond Terms Notice (the "Supplementary Bond Terms Notice") dated 3
October 2006 executed by the Issuer, the Security Trustee (as defined herein),
The Bank of New York (the note trustee for the time being

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<PAGE>
                                         Note Trust Deed SMHL Global Fund No. 9

referred to as the "Note Trustee") as trustee for the holders for the time
being of the Class A Offered Notes (the "Class A Offered Noteholders") and the
Manager, and by the Conditions; (b) issued subject to a Note Trust Deed dated 3
October 2006 (the "Note Trust Deed") between (among others) the Issuer, the
Manager and the Note Trustee and AIB/BNY Fund Management (Ireland) Limited (the
"Irish Paying Agent"); and (c) secured by a Security Trust Deed (the "Security
Trust Deed") dated 17 August 2006 between the Issuer, the Manager, the Note
Trustee, and Perpetual Trustee Company Limited (ABN 42 000 001 007) (the
"Security Trustee", which expression shall include its successor for the time
being as security trustee under the Security Trust Deed) (as amended).
References to the Conditions (or to any particular numbered Condition) shall be
to the Terms and Conditions of the Class A1 Notes set out in Part A of Schedule
4 to the Note Trust Deed but with the deletion of those provisions which are
applicable only to Class A1 Notes in definitive form. Terms and expressions
defined in the Note Trust Deed and the Conditions shall, save as expressly
stated otherwise, bear the same meanings when used herein.

If the Issuer is obliged to issue Class A1 Definitive Notes under Clause 3.3 of
the Note Trust Deed this Class A1 Book-Entry Note will be exchangeable in whole
at the offices of the Note Registrar at 101 Barclay Street, Floor 21 West, New
York, New York 10286, United States of America (or such other place outside
Australia and any of its respective territories and possessions and other areas
subject to jurisdictions as the Note Trustee may agree) during normal business
hours for Class A1 Definitive Notes and the Issuer shall execute and procure
that the Principal Paying Agent authenticates and delivers in full exchange for
this Class A1 Book-Entry Note, Class A1 Definitive Notes in aggregate principal
amount equal to the Amount of all Class A1 Notes represented by this Class A1
Book-Entry Note. The Issuer is not obliged to issue Class A1 Definitive Notes
until 30 days after the occurrence of an event set out in clause 3.3 of the
Note Trust Deed.

The Issuer, in its capacity as trustee of the Securitisation Fund, subject to
this Class A1 Book-Entry Note and subject to and in accordance with the
Conditions and the Note Trust Deed promises to pay to Cede & Co., or registered
assigns of this Class A1 Book-Entry Note the principal sum of US$[ ] or such
lesser amount as may from time to time be represented by this Class A1
Book-Entry Note (or such part of that amount as may become repayable under the
Conditions, the Supplementary Bond Terms Notice and the Note Trust Deed) on
such date(s) that principal sum (or any part of it) becomes repayable in
accordance with the Conditions, the Supplementary Bond Terms Notice and the
Note Trust Deed and to pay interest in arrears on each Payment Date (as defined
in Condition 4) on the Invested Amount (as defined in Condition 5(a)) of this
Class A1 Book-Entry Note at rates determined in accordance with Condition 4 and
all subject to and in accordance with the certification requirements described
in this Class A1 Book-Entry Note, the Conditions, the Supplementary Bond Terms
Notice and the Note Trust Deed, which shall be binding on the registered holder
of this Class A1 Book-Entry Note (as if references in the Conditions to the
Notes and the Noteholders were references to this Class A1 Book-Entry Note and
the registered holder of this Class A1 Book-Entry Note respectively and as if
the same had been set out in this Class A1 Book-Entry Note in full with all
necessary changes, except as otherwise provided in this Class A1 Book-Entry
Note).

Payments of interest on this Class A1 Book-Entry Note due and payable on each
Payment Date, together with the instalment of principal, if any, shall be
payable to the nominee of the Clearing Agency (initially, such nominee to be
Cede & Co.). No payment of interest or principal may be made by the Issuer or
any Paying Agent in the Commonwealth of Australia or its possessions or into a
bank account or to an address in the Commonwealth of Australia. Each of the
persons appearing from time to time in the records of DTC, as the holder of a
beneficial interest in a Class A1 Note will be entitled to receive any payment
so made in respect of that Class A1 Note in accordance with the respective
rules and procedures of DTC. Such persons will have no claim

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<PAGE>
                                         Note Trust Deed SMHL Global Fund No. 9

directly against the Issuer in respect of payments due on the Class A1 Notes
which must be made by the holder of this Class A1 Book-Entry Note, for so long
as this Class A1 Book-Entry Note is outstanding.

On any payment of principal and/or interest on the Class A1 Notes as set out
above details of that payment shall be endorsed by the Note Registrar in the
Note Register and, in the case of payments of principal, the Outstanding
Principal Balance and Invested Amount of the Class A1 Notes shall be reduced
for all purposes by the amount so paid and endorsed in the Note Register. Any
such record shall be prima facie evidence that the payment in question has been
made.

If the Issuer is obliged to issue Class A1 Definitive Notes under Clause 3.3 of
the Note Trust Deed, the Class A1 Book-Entry Notes will be surrendered to the
Issuer by a Clearing Agency and a Clearing Agency will deliver the relevant
registration instructions to the Issuer. Class A1 Definitive Notes shall be
executed by the Issuer and authenticated by the Principal Paying Agent and
delivered as per the instructions of the Clearing Agency.

The Class A1 Definitive Notes to be issued on that exchange will be in
registered form each in the denomination of US$100,000 or integral multiples
thereof (in respect of each Class A1 Note). If the Issuer fails to meet its
obligations to issue Class A1 Definitive Notes (in respect of any Class A1
Note), this shall be without prejudice to the Issuer's obligations with respect
to the Class A1 Notes under the Note Trust Deed, the Master Trust Deed, the
Supplementary Bond Terms Notice and this Class A1 Book-Entry Note.

On an exchange of this Class A1 Book-Entry Note, this Class A1 Book-Entry Note
shall be surrendered to the Principal Paying Agent.

This Class A1 Book-Entry Note shall not become valid for any purpose unless and
until the Certificate of Authentication attached has been signed by an
Authorised Signatory of the Principal Paying Agent (as defined in the
Supplementary Bond Terms Notice).

This Class A1 Book-Entry Note is not a document of title. Title shall be
determined by entry in the Register and only the duly registered holder from
time to time is entitled to payments in respect of this Class A1 Book-Entry
Note.

This Class A1 Book-Entry Note is governed by, and shall be construed in
accordance with, the laws of New South Wales, Australia.

IN WITNESS the Issuer has caused this Class A1 Book-Entry Note to be signed
[manually/in facsimile] by a person duly authorised on its behalf

PERPETUAL LIMITED in its capacity as trustee of the SMHL Global Fund No. 9

By:
         --------------------------------------
         Authorised Signatory

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

IMPORTANT NOTICE:

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

(a)      The Class A1 Notes do not represent deposits or other liabilities of
         Perpetual Limited, ABN 86 000 431 827, or associates of Perpetual
         Limited.

(b)      The holding of Class A1 Notes is subject to investment risk, including
         possible delays in repayment and loss of income and principal
         invested.

--------------------------------------------------------------------------------
                                                                        page 119

<PAGE>
                                         Note Trust Deed SMHL Global Fund No. 9

(c)      None of Perpetual Limited, any associate of Perpetual Limited, the
         Security Trustee, the Note Trustee, the Note Registrar, the
         Calculation Agent, the Class A3 Irish Paying Agent or the Paying
         Agents in any way stands behind the capital value and/or performance
         of the Class A1 Notes or the assets of the Securitisation Fund except
         in the case of the Issuer only to the limited extent provided in the
         Transaction Documents for the Securitisation Fund.

(d)      None of Perpetual Limited, the Manager, the Security Trustee, the Note
         Trustee, the Note Registrar, the Calculation Agent, the Class A3 Irish
         Paying Agent, the Paying Agents, the Euro Currency Swap Provider or
         the US Currency Swap Provider (as defined in the Supplementary Bond
         Terms Notice) guarantees the payment of interest or the repayment of
         principal due on the Class A1 Notes.

(e)      None of the obligations of the Issuer or the Manager are guaranteed in
         any way by any associate either of them.

(f)      Without limiting the Conditions, the Issuer's liability to make
         payments in respect of the Class A1 Notes is limited to its right of
         indemnity from the assets of the Securitisation Fund from time to time
         available to make such payments under the Master Trust Deed and
         Supplementary Bond Terms Notice. All claims against the Issuer in
         relation to the Class A1 Notes can be enforced against the Issuer only
         to the extent to which it can be satisfied out of the assets of the
         Securitisation Fund out of which the Issuer is actually indemnified
         for the liability except in the case of (and to the extent of) any
         fraud, negligence or wilful default (as defined in the Master Trust
         Deed) on the part of the Issuer.

(g)      The Noteholder is required to accept any distribution of moneys under
         the Security Trust Deed in full and final satisfaction of all moneys
         owing to it, and any debt represented by any shortfall that exists
         after any such final distribution is extinguished.

                         CERTIFICATE OF AUTHENTICATION

This Class A1 Book-Entry Note is authenticated by The Bank of New York and
until so authenticated shall not be valid for any purpose.

THE BANK OF NEW YORK
as Principal Paying Agent
by:

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

Assignment

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

Social Security or taxpayer I.D. or other identifying number of assignee

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

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

-------------------------------------------------------------------------------
                         (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints

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

--------------------------------------------------------------------------------
                                                                        page 120

<PAGE>
                                         Note Trust Deed SMHL Global Fund No. 9

attorney, to transfer said Note on the books kept for registration thereof,
with full power of substitution in the premises.

Dated:   ---------------------------        -----------------------------------
                                            Signature
                                            Guaranteed:
Dated:   ---------------------------        -----------------------------------
                                             Signatures must be guaranteed by
                                             an "eligible guarantor
                                             institution" meeting the
                                             requirements of the Note
                                             Registrar, which requirements
                                             include membership or
                                             participation in STAMP or such
                                             other "signature guarantee
                                             program" as may be determined by
                                             the Note Registrar in addition to,
                                             or in substitution for, STAMP, all
                                             in accordance with the Securities
                                             Exchange Act of 1934, as amended.
                                            -----------------------------------

*        NOTE: The signature to this assignment must correspond with the name
         of the registered owner as it appears on the face of the within Note
         in every particular without alteration, enlargement or any change
         whatsoever.

--------------------------------------------------------------------------------
                                                                        page 121

<PAGE>
                                         Note Trust Deed SMHL Global Fund No. 9

PART B - Form of Temporary Class A2 Global Note

THIS TEMPORARY CLASS A2 GLOBAL NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED
UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES
ACT") OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND, AS A MATTER
OF U.S. LAW, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE LATER OF THE CLOSING
DATE AND THE COMMENCEMENT OF THE OFFERING OF THE CLASS A2 NOTES MAY NOT BE
OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHIN THE UNITED STATES, OR
FOR THE ACCOUNT OR BENEFIT OF U.S. PERSONS (AS DEFINED IN REGULATION S UNDER
THE SECURITIES ACT) EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH ANY APPLICABLE LAWS
OF ANY STATE OF THE UNITED STATES.

THIS TEMPORARY CLASS A2 GLOBAL NOTE IS A GLOBAL BOND FOR THE PURPOSES OF
SECTION 128F(10) OF THE INCOME TAX ASSESSMENT ACT 1936 OF THE COMMONWEALTH OF
AUSTRALIA.

REGISTERED                                      ISIN No........................

                                                Common Code....................

Unless this Temporary Class A2 Global Note is presented by an authorised
representative of Euroclear Bank S.A./N.V. as operator of Euroclear
("Euroclear") or of Clearstream Banking, Societe Anonyme ("Clearstream,
Luxembourg"), to the Issuer or its agent for registration of transfer, exchange
or payment, and any Temporary Class A2 Global Note issued is registered in the
name of The Bank of New York Depositary (Nominees) Limited (and any payment is
made to The Bank of New York Depositary (Nominees) Limited), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL inasmuch as the registered owner hereof, being The Bank of New York
Depositary (Nominees) Limited, has an interest herein.

THE PRINCIPAL OF THIS TEMPORARY CLASS A2 GLOBAL NOTE IS PAYABLE IN INSTALMENTS
AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS
TEMPORARY CLASS A2 GLOBAL NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON
THE FACE HEREOF.

                               Perpetual Limited

                              (ABN 86 000 431 827)

           (a limited liability company incorporated under the law of

                          New South Wales, Australia)

                       in its capacity as trustee of the

                             SMHL Global Fund No. 9

                         TEMPORARY CLASS A2 GLOBAL NOTE

                                  representing

                               (euro)450,000,000

              Class A2 Mortgage Backed Floating Rate Notes Due on

--------------------------------------------------------------------------------
                                                                        page 122

<PAGE>
                                         Note Trust Deed SMHL Global Fund No. 9

                   the Payment Date falling in November 2039

This Note is a Temporary Class A2 Global Note in respect of a duly authorised
issue of Notes of Perpetual Limited in its capacity as trustee of the SMHL
Global Fund No. 9 (the "Securitisation Fund") (the "Issuer"), designated as
specified in the title above (the "Notes"), in an initial aggregate principal
amount of

                            ** (euro)450,000,000 **

and (a) constituted by a Master Trust Deed (the "Master Trust Deed") dated 4
July 1994 between the Issuer as trustee, and ME Portfolio Management Limited
(the "Manager") as amended and restated from time to time, by a Supplementary
Bond Terms Notice (the "Supplementary Bond Terms Notice") dated 3 October 2006
executed by the Issuer, the Security Trustee (as defined herein), The Bank of
New York (the note trustee for the time being referred to as the "Note
Trustee") as trustee for the holders for the time being of the Class A Offered
Notes (the "Class A Offered Noteholders") and the Manager, and by the
Conditions; (b) issued subject to a Note Trust Deed dated 3 October 2006 (the
"Note Trust Deed") between (among others) the Issuer, the Manager, AIB/BNY Fund
Management (Ireland) Limited (the "Irish Paying Agent") and the Note Trustee;
and (c) secured by a Security Trust Deed (the "Security Trust Deed") dated 17
August 2006 between the Issuer, the Manager, the Note Trustee and Perpetual
Trustee Company Limited (ABN 42 000 001 007) (the "Security Trustee", which
expression shall include its successor for the time being as security trustee
under the Security Trust Deed) (as amended). References to the Conditions (or
to any particular numbered Condition) shall be to the Terms and Conditions of
the Class A2 Notes set out in Part B of Schedule 4 to the Note Trust Deed but
with the deletion of those provisions which are applicable only to Class A2
Notes in definitive form. Terms and expressions defined in the Note Trust Deed
and the Conditions shall, save as expressly stated otherwise, bear the same
meanings when used herein.

If the Issuer is obliged to issue Class A2 Definitive Notes under Clause 3.4 of
the Note Trust Deed this Temporary Class A2 Global Note will be exchangeable in
whole at the offices of the Note Registrar at 48th Floor, 1 Canada Square,
London, E14 5AL, United Kingdom (or such other place outside the United States
of America and Commonwealth of Australia and any of their respective
territories and possessions and other areas subject to jurisdictions as the
Note Trustee may agree) during normal business hours for Class A2 Definitive
Notes and the Issuer shall execute and procure that the Principal Paying Agent
authenticates and delivers in full exchange for this Temporary Class A2 Global
Note, Class A2 Definitive Notes in aggregate principal amount equal to the
Amount of all Class A2 Notes represented by this Temporary Class A2 Global
Note. The Issuer is not obliged to issue Class A2 Definitive Notes until the
later of:

(a)      the expiry of 40 days after the later of the first Bond Issue Date and
         the date on which the relevant Class A2 Notes are first offered to
         persons other than distributors in reliance on Regulation S of the
         Securities Act; and

(b)      30 days after it becomes aware of the occurrence of the relevant event
         or request in Clause 3.4(b) of the Note Trust Deed.

If the Issuer fails to meet its obligations to issue Class A2 Definitive Notes,
this shall be without prejudice to the Issuer's obligations with respect to the
Class A2 Notes under the Note Trust Deed, the Master Trust Deed, the
Supplementary Bond Terms Notice and this Temporary Class A2 Global Note.

The Issuer, in its capacity as trustee of the Securitisation Fund, subject to
this Temporary Class A2 Global Note and subject to and in accordance with the
Conditions and the Note Trust Deed promises to pay to the registered holder of
this Class A2 Global Note, or registered assigns of

--------------------------------------------------------------------------------
                                                                        page 123

<PAGE>
                                         Note Trust Deed SMHL Global Fund No. 9

this Temporary Class A2 Global Note the principal sum of (euro)[      ] or such
lesser amount as may from time to time be represented by this Temporary Class
A2 Global Note (or such part of that amount as may become repayable under the
Conditions, the Supplementary Bond Terms Notice and the Note Trust Deed) on
such date(s) that principal sum (or any part of it) becomes repayable in
accordance with the Conditions, the Supplementary Bond Terms Notice and the
Note Trust Deed and to pay interest in arrears on each Payment Date (as defined
in Condition 4) on the Invested Amount (as defined in Condition 5(a)) of this
Temporary Class A2 Global Note at rates determined in accordance with Condition
4 and all subject to and in accordance with the certification requirements
described in this Temporary Class A2 Global Note, the Conditions, the
Supplementary Bond Terms Notice and the Note Trust Deed, which shall be binding
on the registered holder of this Temporary Class A2 Global Note (as if
references in the Conditions to the Notes and the Noteholders were references
to this Temporary Class A2 Global Note and the registered holder of this
Temporary Class A2 Global Note respectively and as if the same had been set out
in this Temporary Class A2 Global Note in full with all necessary changes,
except as otherwise provided in this Temporary Class A2 Global Note).

Payments of interest on this Temporary Class A2 Global Note due and payable on
each Payment Date, together with the instalment of principal, if any, shall be
payable to the nominee of the Clearing Agency (initially, such nominee to be
the Common Depository in respect of the Class A2 Notes). No payment of interest
or principal may be made by the Issuer or any Paying Agent in the United States
of America or the Commonwealth of Australia or their possessions or into a bank
account or to an address in the United States of America or the Commonwealth of
Australia. Each of the persons appearing from time to time in the records of
Euroclear or Clearstream, Luxembourg, as the holder of a beneficial interest in
a Class A2 Note will be entitled to receive any payment so made in respect of
that Class A2 Note in accordance with the respective rules and procedures of
Euroclear and Clearstream, Luxembourg. Such persons will have no claim directly
against the Issuer in respect of payments due on the Class A2 Notes which must
be made by the holder of this Temporary Class A2 Global Note, for so long as
this Temporary Class A2 Global Note is outstanding.

Payments of interest on any portion of this Temporary Class A2 Global Note with
respect to any beneficial interest(s) in this Temporary Class A2 Global Note
and due to be made prior to the date or dates on which pertinent beneficial
interests in this Temporary Class A2 Global Note (or any portion of it) are
exchanged for a Permanent Class A2 Global Note (as provided below), which date
or dates shall be no earlier than the Exchange Date (as defined below), may, at
the direction of the registered holder of this Temporary Class A2 Global Note,
be made on each due date for that payment to Euroclear and/or Clearstream,
Luxembourg for credit to the accounts of the persons appearing in the records
of Euroclear and/or Clearstream, Luxembourg as having Class A2 Notes credited
to them.

On any payment of principal and/or interest on the Class A2 Notes as set out
above details of that payment shall be endorsed by the Note Registrar in the
Note Register and, in the case of payments of principal, the Outstanding
Principal Balance and Invested Amount of the Class A2 Notes shall be reduced
for all purposes by the amount so paid and endorsed in the Note Register. Any
such record shall be prima facie evidence that the payment in question has been
made.

On or after the date (the "Exchange Date") which is 40 days after the later of
the Bond Issue Date for the Class A2 Notes and the date the relevant Class A2
Notes were first offered to persons other than distributors in reliance on
Regulation S of the Securities Act, this Temporary Class A2 Global Note may be
exchanged in whole or in part for a Permanent Class A2 Global Note in the form
of part C of schedule 1 to the Note Trust Deed upon presentation of this
Temporary Class A2 Global Note to the Note Registrar at its offices at 48th
Floor, 1 Canada

--------------------------------------------------------------------------------
                                                                        page 124

<PAGE>
                                         Note Trust Deed SMHL Global Fund No. 9

Square, London, E14 5AL, United Kingdom (or such other place outside the United
States of America or Commonwealth of Australia, and any of their territories
and possessions and other areas subject to their jurisdictions as the Note
Trustee may agree) during normal business hours. On an exchange of part only of
this Temporary Class A2 Global Note for the Permanent Class A2 Global Note,
details of that exchange shall be entered by recording that exchange, following
which the Outstanding Principal Balance and Invested Amount of the Class A2
Notes to which this Temporary Class A2 Global Note relates shall be reduced for
all purposes by the amount so exchanged and the Note Register shall be endorsed
accordingly by the Note Registrar following which the Outstanding Principal
Balance of the Permanent Class A2 Global Note shall be increased by that
amount. On an exchange of the whole of this Temporary Class A2 Global Note,
this Temporary Class A2 Global Note shall be surrendered to the Principal
Paying Agent at its office at 48th Floor, 1 Canada Square, London, E14 5AL,
United Kingdom (or such other place outside the United States of America and
the Commonwealth of Australia, and any of their respective territories and
possessions and other areas subject to jurisdictions as the Note Trustee may
agree). If, following the issue of a Permanent Class A2 Global Note in exchange
for this Temporary Class A2 Global Note, further Class A2 Notes are to be
exchanged under this paragraph, that exchange may be effected, without the
issue of a new Permanent Class A2 Global Note, by the Note Registrar endorsing
the Note Register to reflect an increase in the aggregate Invested Amount of
that Permanent Class A2 Global Note by an amount equal to the aggregate
Invested Amount of the Permanent Class A2 Global Note which would otherwise
have been issued on that exchange.

On an exchange of this Temporary Class A2 Global Note, this Temporary Class A2
Global Note shall be surrendered to the Principal Paying Agent.

This Temporary Class A2 Global Note shall not become valid for any purpose
unless and until the Certificate of Authentication attached has been signed by
an Authorised Signatory of the Principal Paying Agent (as defined in the
Supplementary Bond Terms Notice).

This Temporary Class A2 Global Note is not a document of title. Title shall be
determined by entry in the Register and only the duly registered holder from
time to time is entitled to payments in respect of this Temporary Class A2
Global Note.

This Temporary Class A2 Global Note is governed by, and shall be construed in
accordance with, the laws of New South Wales, Australia.

IN WITNESS the Issuer has caused this Temporary Class A2 Global Note to be
signed [manually/in facsimile] by a person duly authorised on its behalf

PERPETUAL LIMITED in its capacity as trustee of the SMHL Global Fund No. 9

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

         Authorised Signatory

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

IMPORTANT NOTICE:

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

(a)      The Class A2 Notes do not represent deposits or other liabilities of
         Perpetual Limited, ABN 86 000 431 827, or associates of Perpetual
         Limited.

(b)      The holding of Class A2 Notes is subject to investment risk, including
         possible delays in

--------------------------------------------------------------------------------
                                                                        page 125

<PAGE>
                                         Note Trust Deed SMHL Global Fund No. 9

         repayment and loss of income and principal invested.

(c)      None of Perpetual Limited, any associate of Perpetual Limited, the
         Security Trustee, the Note Trustee, the Note Registrar, the
         Calculation Agent, the Class A3 Irish Paying Agent or the Paying
         Agents in any way stands behind the capital value and/or performance
         of the Class A2 Notes or the assets of the Securitisation Fund except
         in the case of the Issuer only to the limited extent provided in the
         Transaction Documents for the Securitisation Fund.

(d)      None of Perpetual Limited, the Manager, the Security Trustee, the Note
         Trustee, the Note Registrar, the Calculation Agent, the Class A3 Irish
         Paying Agent, the Paying Agents, the Euro Currency Swap Provider or,
         the US Currency Swap Provider (as defined in the Supplementary Bond
         Terms Notice) guarantees the payment of interest or the repayment of
         principal due on the Class A2 Notes.

(e)      None of the obligations of the Issuer or the Manager are guaranteed in
         any way by any associate either of them.

(f)      Without limiting the Conditions, the Issuer's liability to make
         payments in respect of the Class A2 Notes is limited to its right of
         indemnity from the assets of the Securitisation Fund from time to time
         available to make such payments under the Master Trust Deed and
         Supplementary Bond Terms Notice. All claims against the Issuer in
         relation to the Class A2 Notes can be enforced against the Issuer only
         to the extent to which it can be satisfied out of the assets of the
         Securitisation Fund out of which the Issuer is actually indemnified
         for the liability except in the case of (and to the extent of) any
         fraud, negligence or wilful default (as defined in the Master Trust
         Deed) on the part of the Issuer.

(g)      The Noteholder is required to accept any distribution of moneys under
         the Security Trust Deed in full and final satisfaction of all moneys
         owing to it, and any debt represented by any shortfall that exists
         after any such final distribution is extinguished.

                         CERTIFICATE OF AUTHENTICATION

This Temporary Class A2 Global Note is authenticated by The Bank of New York
and until so authenticated shall not be valid for any purpose.

THE BANK OF NEW YORK
as Principal Paying Agent
by:

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

--------------------------------------------------------------------------------
                                                                        page 126

<PAGE>
                                         Note Trust Deed SMHL Global Fund No. 9

PART C - Form of Permanent Class A2 Global Note

THIS PERMANENT CLASS A2 GLOBAL NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED
UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES
ACT") OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND, AS A MATTER
OF U.S. LAW, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE LATER OF THE CLOSING
DATE AND THE COMMENCEMENT OF THE OFFERING OF THE CLASS A2 NOTES MAY NOT BE
OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHIN THE UNITED STATES, OR
FOR THE ACCOUNT OR BENEFIT OF U.S. PERSONS (AS DEFINED IN REGULATION S UNDER
THE SECURITIES ACT) EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH ANY APPLICABLE LAWS
OF ANY STATE OF THE UNITED STATES.

THIS PERMANENT CLASS A2 GLOBAL NOTE IS A GLOBAL BOND FOR THE PURPOSES OF
SECTION 128F(10) OF THE INCOME TAX ASSESSMENT ACT 1936 OF THE COMMONWEALTH OF
AUSTRALIA.

REGISTERED                                    ISIN No..........................

                                              Common Code......................

Unless this Permanent Class A2 Global Note is presented by an authorised
representative of Euroclear Bank S.A./N.V. as operator of Euroclear
("Euroclear") or of Clearstream Banking, Societe Anonyme ("Clearstream,
Luxembourg"), to the Issuer or its agent for registration of transfer, exchange
or payment, and any Permanent Class A2 Global Note issued is registered in the
name of The Bank of New York Depositary (Nominees) Limited or the Common
Depository for Euroclear or Clearstream, Luxembourg or in such other name as is
requested by an authorised representative of Euroclear or Clearstream,
Luxembourg (and any payment is made to Euroclear or Clearstream, Luxembourg,
The Bank of New York Depositary (Nominees) Limited or that Common Depository or
to such other entity as is requested by an authorised representative of
Euroclear or Clearstream, Luxembourg), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the
registered owner hereof, being The Bank of New York Depositary (Nominees)
Limited, has an interest herein.

THE PRINCIPAL OF THIS PERMANENT CLASS A2 GLOBAL NOTE IS PAYABLE IN INSTALMENTS
AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS
PERMANENT CLASS A2 GLOBAL NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON
THE FACE HEREOF.

                               Perpetual Limited

                              (ABN 86 000 431 827)

           (a limited liability company incorporated under the law of

                          New South Wales, Australia)

                       in its capacity as trustee of the

                             SMHL Global Fund No. 9

                         PERMANENT CLASS A2 GLOBAL NOTE

--------------------------------------------------------------------------------
                                                                        page 127

<PAGE>
                                         Note Trust Deed SMHL Global Fund No. 9

                                  representing

                               (euro)450,000,000

              Class A2 Mortgage Backed Floating Rate Notes Due on

                   the Payment Date falling in November 2039

This Permanent Class A2 Global Note is a Permanent Class A2 Global Note in
respect of a duly authorised issue of Notes of Perpetual Limited in its
capacity as trustee of the SMHL Global Fund No. 9 (the "Securitisation Fund")
(the "Issuer"), designated as specified in the title above (the "Notes"), in an
initial aggregate principal amount of

                            ** (euro)450,000,000 **

and (a) constituted by a Master Trust Deed (the "Master Trust Deed") dated 4
July 1994 between the Issuer as trustee, and ME Portfolio Management Limited
(the "Manager") as amended and restated from time to time, by a Supplementary
Bond Terms Notice (the "Supplementary Bond Terms Notice") dated 3 October 2006
executed by the Issuer, the Security Trustee (as defined herein), The Bank of
New York (the note trustee for the time being referred to as the "Note
Trustee") as trustee for the holders for the time being of the Class A Offered
Notes (the "Class A Offered Noteholders") and the Manager, and by the
Conditions; (b) issued subject to a Note Trust Deed dated 3 October 2006 (the
"Note Trust Deed") between (among others) the Issuer, the Manager, AIB/BNY Fund
Management (Ireland) Limited (the "Irish Paying Agent") and the Note Trustee;
and (c) secured by a Security Trust Deed (the "Security Trust Deed") dated 17
August 2006 between the Issuer, the Manager, the Note Trustee and Perpetual
Trustee Company Limited (ABN 42 000 001 007) (the "Security Trustee", which
expression shall include its successor for the time being as security trustee
under the Security Trust Deed) (as amended). References to the Conditions (or
to any particular numbered Condition) shall be to the Terms and Conditions of
the Class A2 Notes set out in Part B of Schedule 4 to the Note Trust Deed but
with the deletion of those provisions which are applicable only to Class A2
Notes in definitive form. Terms and expressions defined in the Note Trust Deed
and the Conditions shall, save as expressly stated otherwise, bear the same
meanings when used herein.

The Class A2 Notes represented by this Permanent Class A2 Global Note were
originally represented by a Temporary Class A2 Global Note. Unless that
Temporary Class A2 Global Note was exchanged in whole on this issue of this
Permanent Class A2 Global Note, the Temporary Class A2 Global Note may be
further exchanged on the terms and conditions set out in that Temporary Class
A2 Global Note, for this Permanent Class A2 Global Note. If that exchange
occurs following the date of issue of this Permanent Class A2 Global Note, the
Note Registrar shall endorse the Note Register to reflect the increase in the
aggregate Invested Amount of this Permanent Class A2 Global Note due to that
exchange following which the Invested Amount of this Permanent Class A2 Global
Note shall be increased for all purposes by the amount so paid and endorsed in
the Note Register. Any such record shall be prima facie evidence that the
payment in question has been made.

If the Issuer is obliged to issue Class A2 Definitive Notes under Clause 3.4 of
the Note Trust Deed this Permanent Class A2 Global Note will be exchangeable in
whole at the offices of the Note Registrar at 48th Floor, 1 Canada Square,
London, E14 5AL, United Kingdom (or such other place outside the United States
of America and Commonwealth of Australia and any of their respective
territories and possessions and other areas subject to jurisdictions as the
Note Trustee may agree) during normal business hours for Class A2 Definitive
Notes and the Issuer shall execute and procure that the Principal Paying Agent
authenticates and delivers in full exchange for this Permanent Class A2 Global
Note, Class A2 Definitive Notes in aggregate

--------------------------------------------------------------------------------
                                                                        page 128

<PAGE>
                                         Note Trust Deed SMHL Global Fund No. 9

principal amount equal to the Amount of all Class A2 Notes represented by this
Permanent Class A2 Global Note. The Issuer is not obliged to issue Class A2
Definitive Notes until 30 days after it becomes aware of the occurrence of the
relevant event or request in clause 3.4(b).

If the Issuer fails to meet its obligations to issue Class A2 Definitive Notes,
this shall be without prejudice to the Issuer's obligations with respect to the
Class A2 Notes under the Note Trust Deed, the Master Trust Deed, the
Supplementary Bond Terms Notice and this Permanent Class A2 Global Note.

The Issuer, in its capacity as trustee of the Securitisation Fund, subject to
this Permanent Class A2 Global Note and subject to and in accordance with the
Conditions and the Note Trust Deed promises to pay to the registered holder of
this Permanent Class A2 Global Note, or registered assigns of this Permanent
Class A2 Global Note the principal sum of (euro)[ ] or such lesser amount as
may from time to time be represented by this Permanent Class A2 Global Note (or
such part of that amount as may become repayable under the Conditions, the
Supplementary Bond Terms Notice and the Note Trust Deed) on such date(s) that
principal sum (or any part of it) becomes repayable in accordance with the
Conditions, the Supplementary Bond Terms Notice and the Note Trust Deed and to
pay interest in arrears on each Payment Date (as defined in Condition 4) on the
Invested Amount (as defined in Condition 5(a)) of this Permanent Class A2
Global Note at rates determined in accordance with Condition 4 and all subject
to and in accordance with the certification requirements described in this
Permanent Class A2 Global Note, the Conditions, the Supplementary Bond Terms
Notice and the Note Trust Deed, which shall be binding on the registered holder
of this Permanent Class A2 Global Note (as if references in the Conditions to
the Notes and the Noteholders were references to this Permanent Class A2 Global
Note and the registered holder of this Permanent Class A2 Global Note
respectively and as if the same had been set out in this Permanent Class A2
Global Note in full with all necessary changes, except as otherwise provided in
this Permanent Class A2 Global Note).

Payments of interest on this Class A2 Note due and payable on each Payment
Date, together with the instalment of principal, if any, shall be payable to
the nominee of the Clearing Agency (initially, such nominee to be the Common
Depository in respect of the Class A2 Notes). No payment of interest or
principal may be made by the Issuer or any Paying Agent in the Commonwealth of
Australia or their possessions or into a bank account or to an address in the
Commonwealth of Australia. Each of the persons appearing from time to time in
the records of Euroclear or Clearstream, Luxembourg, as the holder of a
beneficial interest in a Class A2 Note will be entitled to receive any payment
so made in respect of that Class A2 Note in accordance with the respective
rules and procedures of Euroclear and Clearstream, Luxembourg. Such persons
will have no claim directly against the Issuer in respect of payments due on
the Class A2 Notes which must be made by the holder of this Permanent Class A2
Global Note, for so long as this Permanent Class A2 Global Note is outstanding.

On any payment of principal and/or interest on the Class A2 Notes as set out
above details of that payment shall be endorsed by the Note Registrar in the
Note Register and, in the case of payments of principal, the Outstanding
Principal Balance and Invested Amount of the Class A2 Notes shall be reduced
for all purposes by the amount so paid and endorsed in the Note Register. Any
such record shall be prima facie evidence that the payment in question has been
made.

Any certificate referred to in this Permanent Class A2 Global Note which is
delivered by Euroclear or Clearstream, Luxembourg may be relied upon by the
Issuer, the Note Trustee, the Manager and the Principal Paying Agent as
conclusive evidence that the corresponding certification or certifications have
been delivered to Euroclear or Clearstream, Luxembourg, as the case may be, as
contemplated by the terms of this Permanent Class A2 Global Note.

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                                         Note Trust Deed SMHL Global Fund No. 9

On an exchange of this Permanent Class A2 Global Note, this Permanent Class A2
Global Note shall be surrendered to the Principal Paying Agent.

This Permanent Class A2 Global Note shall not become valid for any purpose
unless and until the Certificate of Authentication attached has been signed by
an Authorised Signatory of the Principal Paying Agent (as defined in the
Supplementary Bond Terms Notice).

This Permanent Class A2 Global Note is not a document of title. Title shall be
determined by entry in the Register and only the duly registered holder from
time to time is entitled to payments in respect of this Permanent Class A2
Global Note.

This Permanent Class A2 Global Note is governed by, and shall be construed in
accordance with, the laws of New South Wales, Australia.

IN WITNESS the Issuer has caused this Permanent Class A2 Global Note to be
signed [manually/in facsimile] by a person duly authorised on its behalf

PERPETUAL LIMITED in its capacity as trustee of the SMHL Global Fund No. 9

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

         Authorised Signatory

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

IMPORTANT NOTICE:

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

(a)      The Class A2 Notes do not represent deposits or other liabilities of
         Perpetual Limited, ABN 86 000 431 827, or associates of Perpetual
         Limited.

(b)      The holding of Class A2 Notes is subject to investment risk, including
         possible delays in repayment and loss of income and principal
         invested.

(c)      None of Perpetual Limited, any associate of Perpetual Limited, the
         Security Trustee, the Note Trustee, the Note Registrar, the
         Calculation Agent, the Class A3 Irish Paying Agent or the Paying
         Agents in any way stands behind the capital value and/or performance
         of the Class A2 Notes or the assets of the Securitisation Fund except
         in the case of Perpetual Limited only to the limited extent provided
         in the Transaction Documents for the Securitisation Fund.

(d)      None of Perpetual Limited, the Manager, the Security Trustee, the Note
         Trustee, the Note Registrar, the Calculation Agent, the Class A3 Irish
         Paying Agent, the Paying Agents, the Euro Currency Swap Provider or,
         the US Currency Swap Provider (as defined in the Supplementary Bond
         Terms Notice) guarantees the payment of interest or the repayment of
         principal due on the Class A2 Notes.

(e)      None of the obligations of the Issuer or the Manager are guaranteed in
         any way by any associate either of them.

(f)      Without limiting the Conditions, the Issuer's liability to make
         payments in respect of the Class A2 Notes is limited to its right of
         indemnity from the assets of the Securitisation Fund from time to time
         available to make such payments under the Master Trust Deed and
         Supplementary Bond Terms Notice. All claims against the Issuer in
         relation to the Class A2 Notes can be enforced against the Issuer only
         to the extent to which it can be satisfied out of the assets of the
         Securitisation Fund out of which the Issuer is actually

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                                         Note Trust Deed SMHL Global Fund No. 9

         indemnified for the liability except in the case of (and to the extent
         of) any fraud, negligence or wilful default (as defined in the Master
         Trust Deed) on the part of the Issuer.

(g)      The Noteholder is required to accept any distribution of moneys under
         the Security Trust Deed in full and final satisfaction of all moneys
         owing to it, and any debt represented by any shortfall that exists
         after any such final distribution is extinguished.

                         CERTIFICATE OF AUTHENTICATION

This Permanent Class A2 Global Note is authenticated by The Bank of New York
and until so authenticated shall not be valid for any purpose.

THE BANK OF NEW YORK
as Principal Paying Agent
by:

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

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                                         Note Trust Deed SMHL Global Fund No. 9

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Schedule 2 - Noteholders Reports

Information to be contained in Noteholders Report

o        The applicable Record Date, Determination Date and Payment Date.

o        The aggregate amount of payments received with respect to the Loans
         secured by Mortgages comprised in Assets of the Securitisation Fund,
         including any prepayment amounts.

o        The Collections.

o        The Interest Collections.

o        The Principal Collections.

o        The aggregate principal amount redrawn under any Loan Redraw
         Facilities and the aggregate principal amount advanced under any
         Top-up Loans during the relevant Calculation Period.

o        The shortfall, if any, between the aggregate principal amount redrawn
         under any Loan Redraw Facilities payable by the Issuer and the amount
         of Collections that represent prepayments of principal received by the
         Issuer at the end of the relevant Calculation Period.

o        The shortfall, if any, between the aggregate principal amount advanced
         under any Top-up Loans payable by the Issuer and the amount of
         Collections that represent repayments or prepayments of principal
         received by the Issuer at the end of the relevant Calculation Period.

o        The shortfall, if any, between the amount payable by the Issuer to any
         Interest Hedge Provider or provider of any other Enhancement in
         respect of termination of the Interest Hedge or other Enhancement and
         the amount received in respect of these costs from the relevant
         Mortgage at the end of the relevant Calculation Period.

o        The amount, if any, for the relevant Calculation Period and each prior
         Calculation Period, paid or allocated under clauses 6.2(a)(1),
         6.2(a)(2), 6.2(a)(3) or 6.2(a)(4) (or 6.2(c)(1), 6.2(c)(2), 6.2(c)(3)
         or 6.2(c)(4)) of the Supplementary Bond Terms Notice and which has not
         been reimbursed under clause 6.1(a)(8) or 6.1(c)(8).

o        The bond factor for each class of Notes on the relevant Payment Date,
         which with respect to a Class of Notes means the aggregate of the
         Invested Amount of the Class of Notes on the relevant Payment Date,
         divided by the aggregate Original Principal Balance of that Class of
         Notes.

o        The Class A Charge Offs.

o        The Class B Charge Offs.

o        The Redraw Charge Offs.

o        The Top-up Charge Offs.

o        The Carry Over Class A Charge Offs.

o        The Carry Over Class B Charge Offs.

o        The Carry Over Redraw Charge Offs.

o        The Carry Over Top-up Charge Offs.

o        The threshold rate at the Determination Date.

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                                         Note Trust Deed SMHL Global Fund No. 9

o        The relevant Interest Rate of each class of Notes, as of the first day
         of the related Interest Period.

o        The amount of any fees or Expenses paid, with an identification of the
         general purpose of such fees or Expenses and the party receiving such
         fees or Expenses.

o        The aggregate amount of principal paid or allocated in respect of each
         Class of Notes, if any.

o        The aggregate amount of interest paid or allocated in respect of each
         Class of Notes, if any.

o        The Outstanding Principal Balance of each Class of Notes before and
         after giving effect to the payment or allocation of principal on the
         relevant Payment Date.

o        Updated pool composition information, including the weighted average
         seasoning and the weighted average remaining term in relation to each
         Class of Notes.

o        The balance of the Cash Collateral Account as at the relevant Payment
         Date and as at the previous Payment Date and the disposition of funds
         on deposit in the Cash Collateral Account since such previous Payment
         Date.

o        The percentage of the Outstanding Principal Balance of the Class A
         Notes, after giving effect to payments and allocations on the relevant
         Payment Date.

o        In the case of notes benefiting from Enhancements or other support
         described in a prospectus supplement, the amount of coverage under
         such arrangements as of the relevant Determination Date and, if
         applicable, a description of any Enhancement substituted therefore;

o        The Unpaid Balance presented with respect to each of fixed rate and
         variable rate Loans, after giving effect to the payment of principal
         on the relevant Payment Date, and the number of Loans secured by
         Mortgages comprised in Assets of the Securitisation Fund, at the
         beginning and end of the relevant Calculation Period.

o        Based on the most recent reports furnished by the Mortgage Manager or
         any subservicer, the number and aggregate principal balances of any
         Loans secured by Mortgages comprised in Assets of the Securitisation
         Fund that are delinquent:

         (a) 30-59 days;

         (b) 60-89 days;

         (c) 90-119 days; and

         (d) 120 or more days, and

         that are in foreclosure and any material changes to the information
         specified in the prospectus supplement with respect to how
         delinquencies, charge offs and uncollectible accounts are defined.

o        The amount of any Realised Losses on the Loans secured by Mortgages
         comprised in Assets of the Securitisation Fund during the relevant
         Calculation Period.

o        Information about the amount, terms and general purpose of any
         advances made or reimbursed during the relevant Calculation Period,
         including the general use of funds advanced and the general source of
         funds for reimbursements.

o        Any material modifications, extensions or waivers to the terms, fees,
         penalties or payments of the Loans secured by Mortgages comprised in
         Assets of the Securitisation Fund during the Calculation Period or
         that have cumulatively become material over time.

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                                         Note Trust Deed SMHL Global Fund No. 9

o        Any material breaches of housing loan representations or warranties or
         covenants in the Mortgage Origination and Management Agreement, the
         Supplementary Bond Terms Notice and the Bond Issue Confirmation
         Certificate (as defined in the Mortgage Origination and Management
         Agreement).

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                                         Note Trust Deed SMHL Global Fund No. 9

-------------------------------------------------------------------------------
Schedule 3 - Meeting Procedures

         1.       Convening of Meetings

         1.1      A meeting of Class A Offered Noteholders must be convened by
                  the Note Registrar if required to do so in writing:

                  (a)      by the Issuer:

                  (b)      by the Note Trustee; or

                  (c)      by Class A Offered Noteholders representing not less
                           than 25% of the Class A Offered Notes calculated and
                           expressed in the A$ Equivalent.

         1.2      Each meeting of Class A Offered Noteholders will be held at
                  the time and place designated by the Note Registrar.

         2.       Notice of Meetings

         2.1      The Note Registrar shall give notice of a proposed meeting of
                  Class A Offered Noteholders to each Class A Offered
                  Noteholder, the Issuer and the Note Trustee as follows:

                  (a)      the notice must specify the date, time and place of
                           the meeting and the nature of each specific
                           resolution (if any) to be proposed at that meeting;

                  (b)      the notice must be given 5 Banking Days in advance
                           of the meeting (inclusive of the day on which the
                           notice is given and of the day on which the meeting
                           is held), unless the matter requires, in the opinion
                           of the Note Trustee, urgent attention; and

                  (c)      the notice may be given to each recipient in any
                           manner provided in relation to that recipient under
                           this deed.

         2.2      An accidental omission to give notice to, or the non-receipt
                  of notice by, any person entitled to such notice, does not
                  invalidate the proceedings at any meeting.

         3.       Chairman

                  A representative of the Note Trustee, nominated in writing,
                  is entitled to take the chair at every meeting of Class A
                  Offered Noteholders. If no such nomination is made or the
                  person nominated is not present at the meeting within 15
                  minutes after the time appointed for the meeting to be held,
                  the Class A Offered Noteholders present may choose one of
                  their number to be chairman.

         4.       Quorum

                  At any meeting of Class A Offered Noteholders any 2 or more
                  persons present in person, by telephone, by video conference
                  or other means of simultaneous electronic communication, or
                  by Representative, being Class A Offered Noteholders who
                  represent in excess of 50% of the aggregate Invested Amount
                  of the Class A Offered Notes calculated and expressed in the
                  A$ Equivalent will form a quorum for the transaction of
                  business and no business (other than the choosing of a
                  chairman) may be transacted at any meeting unless the
                  requisite quorum is present at the commencement of business.

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                                         Note Trust Deed SMHL Global Fund No. 9

         5.       Adjournment

         5.1      If within 15 minutes from the time appointed for any meeting
                  of Noteholders a quorum is not present then:

                  (a)      If convened on the requisition of Class A Offered
                           Noteholders, the meeting will be dissolved; and

                  (b)      in any other case, the meeting will stand adjourned
                           (unless the Note Trustee agrees that it be
                           dissolved) for the period, not less than 7 days or
                           more than 42 days determined by the chairman.

                  In any adjourned meeting two or more Class A Offered
                  Noteholders present in person or by Representative
                  representing in excess of 25% of the aggregate Invested
                  Amount of the Class A Offered Notes calculated and expressed
                  in the A$ Equivalent will form a quorum and will have the
                  power to pass any resolution and to decide all matters which
                  could properly have been dealt with at the meeting from which
                  the adjournment took place had a quorum been present.

         5.2      The chairman may with the consent of (and must if directed
                  by) any meeting adjourn it from time to time and from place
                  to place. No business may be transacted at any adjourned
                  meeting except business which might lawfully have been
                  transacted at the meeting from which the adjournment took
                  place.

         5.3      Notice of any meeting adjourned through want of a quorum must
                  be given in accordance with clause 2.1 of the Meetings
                  Procedures and must state the quorum required at that
                  adjourned meeting. That notice need not contain any further
                  information regarding the adjourned meeting.

         6.       Voting Procedure

         6.1      Every question submitted to a meeting will be decided in the
                  first instance by a show of hands.

         6.2      Unless a poll is (before or on the declaration of the result
                  of the show of hands) demanded by the chairman, the Issuer,
                  the Note Trustee or by one or more Class A Offered
                  Noteholders or Representatives of Class A Offered Noteholders
                  whose aggregate Invested Amount calculated and expressed in
                  the A$ Equivalent exceeds 5% of the full Invested Amount
                  calculated and expressed in the A$ Equivalent, a declaration
                  by the chairman that a resolution has been carried by a
                  particular majority or lost or not carried by any particular
                  majority is conclusive.

         6.3      If a poll is so demanded, it must be taken in such manner and
                  (subject to clause 6.5) either at once or after such
                  adjournment as the chairman directs and the result of such
                  poll is taken to be the resolution of the meeting at which
                  the poll was demanded. The demand for a poll will not prevent
                  the continuance of the meeting for the transaction of any
                  business other than the question on which the poll has been
                  demanded.

         6.4      Any poll demanded at any meeting on the election of a
                  chairman or on any question of adjournment will be taken at
                  the meeting without adjournment.

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                                         Note Trust Deed SMHL Global Fund No. 9

         6.5      (a)      On a show of hands every person present being a Class
                           A Offered Noteholder holding, or a Representative
                           holding or representing, one or more Class A Offered
                           Notes has one vote except that the Note Trustee shall
                           represent each Class A Offered Noteholder who has
                           directed the Note Trustee to vote on its behalf.

                  (b)      On a poll every Class A Offered Noteholder (or its
                           Representative) present has one vote for each A$100
                           (but not part thereof) of the Outstanding Principal
                           Balance of the Class A Offered Notes held and
                           registered in the Class A Offered Noteholder's name
                           calculated and expressed in the A$ Equivalent.

                  (c)      Any person entitled to more than one vote need not:

                           (1) use all their votes; or

                           (2) cast all their votes in the same way.

         7.       Right to attend and speak

                  The Manager, the Issuer and the Note Trustee (through their
                  respective representatives) and their respective financial
                  and legal advisers is entitled to attend and speak at any
                  meeting of the Class A Offered Noteholders. No other person
                  is entitled to attend or vote at any meeting of the Class A
                  Offered Noteholders or to join with others in requesting the
                  convening of such a meeting unless they are a Class A Offered
                  Noteholder or a Representative of a Class A Offered
                  Noteholder.

         8.       Appointment of proxies

         8.1      Each appointment of a proxy:

                  (a)      must be in writing;

                  (b)      if so required by the Issuer, must be accompanied by
                           proof satisfactory to the Issuer of its due
                           execution; and

                  (c)      must be deposited with the Note Registrar at its
                           address for service of notices under this deed or at
                           such other place as the Note Registrar designated or
                           approves not less than 24 hours before the time
                           appointed for holding the meeting or adjourned
                           meeting at which the named proxy proposes to vote.

                  In default, the appointment of proxy is not valid unless the
                  chairman of the meeting decided otherwise before such meeting
                  or adjourned meeting proceeds to business.

         8.2      The proxy named in any appointment of proxy need not be a
                  Class A Offered Noteholder.

         8.3      The Issuer is not obliged to investigate or be concerned with
                  the validity of, or the authority of, the proxy named in any
                  appointment of proxy.

         8.4      Any vote cast in accordance with the terms of an appointment
                  of proxy conforming with clause 8.1 is valid despite the
                  previous revocation or amendment of the appointment of proxy
                  or of any of the Class A Offered Noteholder's instructions
                  under which it was executed, unless written notice of that
                  revocation or amendment is received by the Note Registrar at
                  its address for service of notices under this deed or by the
                  chairman of the meeting not less than 24 hours

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                                         Note Trust Deed SMHL Global Fund No. 9

                  before the commencement of the meeting or adjourned meeting at
                  which the appointment of proxy is used.

         9.       Appointment of corporate representatives

         A person authorised in a manner similar to sections 249(3)-(6) of the
         Corporations Act (as if that section applied to meetings of Class A
         Offered Noteholders) by a Class A Offered Noteholder being a body
         corporate to act for it at any meeting shall, in accordance with the
         person's authority (until the Note Registrar receives notice of
         revocation of the person's authority) be entitled to exercise the same
         powers on behalf of that body corporate as that body corporate could
         exercise if it were an individual Class A Offered Noteholder and must,
         if requested to do so by the chairman of any meeting or adjourned
         meeting, produce evidence of authority so to act at or before the
         meeting.

         10.      Rights of representatives

         A Representative of a Class A Offered Noteholder may demand or join in
         demanding a poll and (except to the extent the Representative is
         specifically directed to vote for or against any proposal) has power
         generally to act at a meeting for the Class A Offered Noteholder.

         11. Minutes and records

         11.1     The Note Registrar shall make and enter in its books minutes
                  of all resolutions and proceedings at every meeting of Class
                  A Offered Noteholders promptly following the conclusion of
                  the relevant meeting.

         11.2     Minutes of meetings of Class A Offered Noteholders are
                  conclusive evidence if signed (or purportedly signed) by the
                  chairman of that meeting or the chairman of the next
                  succeeding meeting. Until the contrary is proved every
                  meeting of which minutes have been made and signed is taken
                  to have been duly convened and held and all resolutions
                  passed or proceedings transacted at that meeting are taken to
                  have been duly passed and transacted.

         11.3     The Note Registrar shall provide a Class A Offered Noteholder
                  with a copy of the minutes of each meeting of Class A Offered
                  Noteholders promptly after request.

         12.      Written resolutions

         Despite the above provisions of these Meeting Procedures, a resolution
         of all the Class A Offered Noteholders (including an Extraordinary
         Resolution) may be passed and adopted without any meeting being
         required, by an instrument in writing signed (including by
         counterparts):

                  (a)      in the case of a Class A Offered Noteholders'
                           Resolution by Class A Offered Noteholders whose
                           aggregate Invested Amount is not less than 50% of
                           the aggregate Invested Amount of all Class A Offered
                           Notes calculated and expressed in the A$ Equivalent
                           unless the relevant resolution concerns action to be
                           taken under Condition 8 following the occurrence of
                           an Event of Default, in which case the required
                           percentage is 67%; and

                  (b)      in the case of an Extraordinary Resolution, by Class
                           A Offered Noteholders whose aggregate Invested
                           Amount is not less than 75% of the aggregate
                           Invested Amount of all Class A Offered Notes
                           calculated and expressed in the A$ Equivalent.

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                                         Note Trust Deed SMHL Global Fund No. 9

         Any such instrument is effective on presentation to the Note Registrar
         and Note Trustee for entry in the records of the Note Trust. The Note
         Registrar shall give to each Class A Offered Noteholder, the Note
         Trustee and the Issuer at least 5 Banking Days' notice of the proposed
         resolution.

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                                         Note Trust Deed SMHL Global Fund No. 9

--------------------------------------------------------------------------------
Schedule 4 - Terms and Conditions of the Class A Offered Notes

PART A - Terms and Conditions of the Class A1 Notes

The issue of US$1,340,000,000 Class A1 Note Mortgage Backed Pass Through
Floating Rate Notes due 9 November 2039 (the "Class A1 Notes"),
(euro)450,000,000 Class A2 Note Mortgage Backed Pass Through Floating Rate
Notes due 9 November 2039 (the "Class A2 Notes" and together with the Class A1
Notes, the "Class A Offered Notes"), A$406,000,000 Class A3 Note Mortgaged
Backed Pass Through Floating Rate Notes due 9 November 2039 (the "Class A3
Notes" and together with the Class A Offered Notes, the "Class A Notes") and
A$57,000,000 Class B Mortgage Backed Pass Through Floating Rate Notes due 9
November 2039 (the "Class B Notes" and together with the Class A Notes, the
"Notes") by Perpetual Limited, in its capacity as trustee of the SMHL Global
Fund No. 9 (the "Securitisation Fund") (in such capacity, the "Issuer"). These
Notes are (a) issued subject to a Master Trust Deed (the "Master Trust Deed")
dated 4 July 1994 between the Issuer and ME Portfolio Management Limited
(formerly called Superannuation Members' Home Loans Limited) (in such capacity,
the "Manager") (as amended and restated), a Supplementary Bond Terms Notice
(the "Supplementary Bond Terms Notice") dated on or about 3 October 2006
executed by (among others) the Issuer, Perpetual Trustee Company Limited (ABN
42 000 001 007) (as the security trustee for the time being referred to as the
"Security Trustee"), The Bank of New York (the note trustee for the time being
referred to as the "Note Trustee") and the Manager, and in respect of the Class
A Offered Notes these terms and conditions (the "Conditions"); (b) in respect
of the Class A Offered Notes only, constituted by a note trust deed dated on or
about 3 October 2006 (the "Note Trust Deed") between the Issuer, the Manager,
the Security Trustee, The Bank of New York as trustee for the holders for the
time being of the Class A Offered Notes (the "Class A Offered Noteholders" and
together with the holders for the time being of the Class A3 Notes (the "Class
A3 Noteholders"), the "Class A Noteholders" and together with the holders for
the time being of the Class B Notes (the "Class B Noteholders"), the
"Noteholders"), The Bank of New York as Principal Paying Agent (the "Principal
Paying Agent", which expression includes its successors as Principal Paying
Agent under the Note Trust Deed), AIB/BNY Fund Management (Ireland) Limited as
Irish Paying Agent (the "Irish Paying Agent", which expression includes its
successors as Irish Paying Agent under the Note Trust Deed), AIB/BNY Fund
Management (Ireland) Limited as Class A3 Irish Paying Agent (the "Class A3
Irish Paying Agent", which expression includes its successors as Class A3 Irish
Paying Agent under the Note Trust Deed), The Bank of New York, as calculation
agent (the "Calculation Agent", which expression includes its successors as
Calculation Agent under the Note Trust Deed) and The Bank of New York as note
registrar (the "Note Registrar"); and (c) secured by a Security Trust Deed (the
"Security Trust Deed") dated 17 August 2006 between the Issuer, the Manager,
the Note Trustee and the Security Trustee (as amended).

The statements set out below include summaries of, and are subject to the
detailed provisions of, the Master Trust Deed, the Supplementary Bond Terms
Notice, the Security Trust Deed and the Note Trust Deed. Certain words and
expressions used herein have the meanings defined in those documents. In
accordance with the Note Trust Deed, under which further paying agents may be
appointed (together with the Principal Paying Agent and the Irish Paying Agent,
the "Paying Agents", which expression includes the successors of each paying
agent under the Note Trust Deed and any additional paying agents appointed),
payments in respect of the Class A Offered Notes will be made by the Paying
Agents and the Calculation Agent will make the determinations specified in the
Note Trust Deed. The Class A Offered Noteholders will be entitled (directly or
indirectly) to the benefit of, will be bound by, and will be deemed to have

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                                         Note Trust Deed SMHL Global Fund No. 9

notice of, all the provisions of the Master Trust Deed, the Supplementary Bond
Terms Notice, the Security Trust Deed, the Note Trust Deed, the Mortgage
Origination and Management Agreement dated 4 July 1994 and novated by the Deed
of Novation dated 28 September 1995 (as amended) (the "Mortgage Origination and
Management Agreement") between Members' Equity Pty Limited (formerly known as
NMFM Lending Pty Limited) as mortgage manager (together with any substitute or
successor, the "Mortgage Manager"), the Manager and the Issuer, (together with
the agreements with respect to the Fixed Floating Rate Swap, and the Currency
Swaps (as each such term is defined below), (those documents the "Relevant
Documents") and certain other transaction documents defined as such in the
Master Trust Deed, collectively the "Transaction Documents"). Copies of the
Transaction Documents are available for inspection at the office of the
Principal Paying Agent, being at the date hereof The Bank of New York at its
offices at 101 Barclay Street, Floor 21 West, New York, New York, United States
of America.

The Issuer has entered into a separate ISDA Master Agreement dated 22 September
2006 with Australia and New Zealand Banking Group Limited (the "Fixed-Floating
Rate Swap Provider") together with a confirmation relating thereto as at the
Closing Date (the "Fixed-Floating Rate Swap"). The Issuer has also entered into
a ISDA Master Agreement dated 22 September 2006 with Commonwealth Bank of
Australia (the "US Currency Swap Provider" and the "Euro Currency Swap
Provider", or the "Currency Swap Provider"), (together the Fixed-Floating Rate
Swap Provider, and the Currency Swap Provider, the "Swap Provider") together
with the confirmations relating thereto which have an effective date of the
Closing Date in respect of the Class A Offered Notes (the "US Currency Swap"
and the "Euro Currency Swap", respectively and together the "Currency Swaps").

Perpetual Limited as trustee of the Securitisation Fund, at the direction of
the Manager, may in the future enter into Fixed-Floating Rate Swaps with new
fixed-floating rate swap providers provided that each new fixed-floating rate
swap provider has at least the minimum credit rating specified by each rating
agency, if any, in order to provide such fixed-floating rate swaps to the
Securitisation Fund.

Class A1 Book-Entry Notes will also bear the following legend: "This book-entry
note is a global note for the purposes of section 128F(10) of the Income Tax
Assessment Act 1936 of the Commonwealth of Australia".

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1        Form, Denomination and Title

The Class A1 Notes will be issued in registered form without interest coupons
in minimum denominations of US$100,000 and integral multiples thereof.

Each Class A1 Book Entry Note is not a document of title. Title shall be
determined by entry in the Register and only the duly registered holder from
time to time is entitled to payments in respect of a Class A1 Book Entry Note.

Each Class A1 Note will be represented by one or more typewritten fully
registered book-entry notes (each, a "Class A1 Book-Entry Note" and
collectively, the "Class A1 Book-Entry Notes") registered in the name of Cede &
Co ("Cede") as nominee of The Depository Trust Company ("DTC"). Beneficial
interests in the Class A1 Book-Entry Notes will be shown on, and transfers
thereof will be effected only through, records maintained by DTC and its
participants. Euroclear Bank S.A./N.V, as operator of the Euroclear System
("Euroclear") and Clearstream Banking, Societe Anonyme ("Clearstream,
Luxembourg"), may hold interests in the Class A1 Book-Entry Notes on behalf of
persons who have accounts with Euroclear and Clearstream,

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Luxembourg through accounts maintained in the names of Euroclear or
Clearstream, Luxembourg, or in the names of their respective depositories, with
DTC.

If the Issuer is obliged to issue Class A1 Definitive Notes under clause 3.3 of
Note Trust Deed, interests in the applicable Class A1 Book-Entry Note will be
transferred to the beneficial owners thereof in the form of Class A1 Definitive
Notes, without interest coupons, in the denominations set forth above. A Class
A1 Definitive Note will be issued to each Class A1 Noteholder in respect of its
registered holding or holdings of Class A1 Notes against delivery by such Class
A1 Noteholders of a written order containing instructions and such other
information as the Issuer and The Bank of New York, acting as a note registrar
(the "Note Registrar") may require to complete, execute and deliver such Class
A1 Definitive Notes. In such circumstances, the Issuer will cause sufficient
Class A1 Definitive Notes to be executed and delivered to the Note Registrar
for completion, authentication (by the Principal Paying Agent) and dispatch to
the relevant Class A1 Noteholders.

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2        Status, Security and Relationship Between the Class A Notes and the
         Class B Notes

The Class A Notes are secured by a first ranking floating charge over all of
the assets of the Trust (which include, among other things, the Loans (as
defined below) and the Mortgages (as defined below) and related securities) (as
more particularly described in the Security Trust Deed) and will rank pari
passu and rateably without any preference or priority among themselves.

The Class A Notes are issued subject to the Master Trust Deed and the
Supplementary Bond Terms Notice and are secured by the same security as the
Class B Notes but the Class A Notes will rank in priority to the Class B Notes
both before and after enforcement of the security and in respect of both
principal and interest (as set out in Conditions 4 and 5).

The proceeds of the issue of the Class A Notes and the Class B Notes are to be
used by the Issuer to purchase an interest in certain housing loans (the
"Loans") and certain related mortgages (the "Mortgages").

In the event that the security for the Class A Notes is enforced and the
proceeds of such enforcement are insufficient, after payment of all other
claims ranking in priority to or pari passu with the Class A Notes under the
Security Trust Deed, to pay in full all principal and interest and other
amounts due in respect of the Class A Notes, then the Class A Noteholders shall
have no further claim against the Issuer in respect of any such unpaid amounts.

The net proceeds of realisation of the assets of the Securitisation Fund
(including following enforcement of the Security Trust Deed) may be
insufficient to pay all amounts due to the Noteholders. Save in certain limited
circumstances the other assets of the Issuer will not be available for payment
of any shortfall and all claims in respect of such shortfall shall be
extinguished (see further Condition 15). None of the Mortgage Manager, the
Manager, the Note Trustee, the Calculation Agent, the Principal Paying Agent,
the Irish Paying Agent, the Note Registrar, the Security Trustee or the Swap
Provider (as defined in the Supplementary Bond Terms Notice) has any obligation
to any Noteholder for payment of any amount by the Issuer in respect of the
Notes.

The Note Trust Deed contains provisions requiring the Note Trustee to have
regard to the interests of Class A Offered Noteholders as regards all the
powers, trusts, authorities, duties and discretions of the Note Trustee (except
where expressly provided otherwise).

The Security Trust Deed contains provisions requiring the Security Trustee,
subject to the other provisions of the Security Trust Deed, to give priority to
the interests of the Class A Noteholders,

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                                         Note Trust Deed SMHL Global Fund No. 9

if there is a conflict between the interest of such Noteholders and any other
Voting Secured Creditor (as defined below).

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3        Covenants of the Issuer

So long as any of the Class A Notes remain outstanding, the Issuer has made
certain covenants for the benefit of the Class A Noteholders which are set out
in the Master Trust Deed.

These covenants include the following.

(a)      The Issuer shall act continuously as trustee of the Securitisation
         Fund until the Securitisation Fund is terminated as provided by the
         Master Trust Deed or the Issuer has retired or been removed from
         office in the manner provided under the Master Trust Deed.

(b)      The Issuer shall:

         (1)      act honestly and in good faith and comply with all relevant
                  material laws in the performance of its duties and in the
                  exercise of its discretions under the Master Trust Deed;

         (2)      exercise such diligence and prudence as a prudent person of
                  business would exercise in performing its express functions
                  and in exercising its discretions under the Master Trust
                  Deed, having regard to the interests of the Class A
                  Noteholders, the Class B Noteholders, the Beneficiaries and
                  other Noteholders of the Securitisation Fund in accordance
                  with its obligations under the relevant Transaction
                  Documents;

         (3)      use its best endeavours to carry on and conduct its business
                  in so far as it relates to the Master Trust Deed in a proper
                  and efficient manner;

         (4)      do everything and take all such actions which are necessary
                  (including obtaining all such authorisations and approvals as
                  are appropriate) to ensure that it is able to exercise all
                  its powers and remedies and perform all its obligations under
                  the Master Trust Deed, the Transaction Documents and all
                  other deeds, agreements and other arrangements entered into
                  by the Issuer pursuant to the Master Trust Deed;

         (5)      not, as Issuer, engage in any business or activity in respect
                  of the Securitisation Fund except as contemplated or required
                  by the Transaction Documents;

         (6)      except as contemplated or required by the Transaction
                  Documents, not, in respect of the Securitisation Fund,
                  guarantee or become obligated for the debts of any other
                  entity or hold out its credit as being available to settle
                  the obligations of others;

         (7)      within 45 days of notice from the Manager to do so, remove
                  any of its agents or delegates that breaches any obligation
                  imposed on the Issuer under the Master Trust Deed or any
                  other Transaction Document where the Manager reasonably
                  believes it will materially adversely affect the rating of
                  either or both of the Class A Notes and Class B Notes; and

         (8)      not agree to any amendment to Agreed Procedures (as defined
                  in the Mortgage Origination and Management Agreement) unless
                  each Designated Rating Agency confirms that it will not
                  withdraw or downgrade the rating of the Notes as a result of
                  such amendment.

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                                         Note Trust Deed SMHL Global Fund No. 9

(c)      Except as provided in any Transaction Document (and other than the
         charge given to the Security Trustee and the Issuer's lien over the
         assets of the Securitisation Fund), the Issuer shall not nor permit
         any of its officers to sell, mortgage, charge or otherwise encumber or
         part with possession of any assets of the Securitisation Fund (the
         "Fund Assets").

(d)      The Issuer shall duly observe and perform the covenants and
         obligations of the Master Trust Deed and will be personally liable to
         the Noteholders, the Beneficiaries, or any other creditors for its
         negligence, fraud or wilful default (as defined in Condition 15).

(e)      The Issuer will open and operate certain bank accounts in accordance
         with the Master Trust Deed and any Transaction Document.

(f)      Subject to the Master Trust Deed and any Transaction Document to which
         it is a party, the Issuer must act on all directions given to it by
         the Manager in accordance with the terms of the Master Trust Deed.

(g)      The Issuer must properly perform the functions which are necessary for
         it to perform under all Transaction Documents in respect of the
         Securitisation Fund.

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4        Interest

(a)      Quarterly Payment Dates

         Each Class A1 Note bears interest on the Invested Amount (as defined
         in the Supplementary Bond Terms Notice) of that Class A1 Note from and
         including 11 October 2006 or such later date as may be agreed between
         the Manager and the Issuer for the issue of the Class A1 Notes (the
         "Closing Date"). Interest in respect of the Class A1 Notes will be
         payable in arrears on 9 November 2006 in respect of the period from
         (and including) the Closing Date and ending on (but excluding) 9
         November 2006 (the "First Quarterly Payment Date") and thereafter on
         each 9th February, May, August and November (each such date a
         "Quarterly Payment Date"). If any Quarterly Payment Date would
         otherwise fall on a day which is not a Banking Day (as defined below),
         it shall be postponed to the next day which is a Banking Day. The
         final Quarterly Payment Date for a Class of Notes will be the earlier
         of the Final Maturity Date for that Class of Notes and the Quarterly
         Payment Date on which the Notes are redeemed in full.

         "Banking Day" in this Condition 4 (other than Condition 4(b)) and in
         Conditions 5 and 9 below means any day (other than a Saturday, Sunday
         or public holiday) on which banks are open for business in London, New
         York, Sydney and Melbourne and which is a TARGET Settlement Day.

         The period beginning on (and including) the Closing Date and ending on
         (but excluding) the first Quarterly Payment Date, and each successive
         period beginning on (and including) a Quarterly Payment Date and
         ending on (but excluding) the next Quarterly Payment Date is called an
         "Interest Period". Interest payable on a Class A1 Note in respect of
         any Interest Period or any other period will be calculated on the
         basis of the actual number of days in that Interest Period and a 360
         day year.

         A Class A1 Note will stop earning interest on any date on which the
         Outstanding Principal Balance of the Class A1 Note is zero (provided
         that interest shall thereafter begin to accrue from (and including)
         any date on which the Outstanding Principal Balance of the Class A1
         Note becomes greater than zero) or if the Outstanding Principal
         Balance of the Class A1 Note is not zero on the due date for
         redemption in full of the Class A1 Note, unless payment of principal
         is improperly withheld or refused, following

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                                         Note Trust Deed SMHL Global Fund No. 9

         which the Class A1 Note will continue to earn interest on the Invested
         Amount of the Class A1 Note at the rate from time to time applicable
         to the Class A1 Note until the later of the date on which the Note
         Trustee or Principal Paying Agent receives the moneys in respect of
         the Class A1 Notes and notifies the holders of that receipt or the
         date on which the Outstanding Principal Balance of the Class A1 Note
         has been reduced to zero but interest will begin to accrue from and
         including any date on which the Outstanding Principal Balance of the
         Class A1 Note becomes greater than zero.

         If interest is not paid on a Class A1 Note on the date when it is due
         and payable (other than because the due date is not a Banking Day)
         that unpaid interest will itself bear interest at the Interest Rate
         applicable to that Class A1 Note until the unpaid interest and the
         amount of interest on it is available for payment by the Issuer.

(b)      Interest Rate

         The rate of interest applicable from time to time for Class A1 Notes
         (the "Class A1 Interest Rate") will be determined by the Calculation
         Agent on the basis of the following paragraphs.

         The second Banking Day before the beginning of each Interest Period
         (each an "Interest Determination Date"), the Calculation Agent will
         determine the rate "USD-LIBOR-BBA" as the applicable Floating Rate
         Option under the Definitions of the International Swaps and
         Derivatives Association, Inc. ("ISDA") (the "ISDA Definitions") being
         the rate applicable to any Interest Period for three-month (or in the
         case of the first Interest Period, the rate will be determined by
         linear interpolation calculated by reference to the duration of that
         first Interest Period) deposits in US dollars which appears on the
         Telerate Page 3750 as of 11.00 am, London time, on the Interest
         Determination Date. If such rate does not appear on the Telerate Page
         3750, the rate for that Interest Period will be determined as if the
         Issuer and Calculation Agent had 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 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. If no such rates are
         available in New York City, then the rate for such Interest Period
         shall be the most recently determined rate in accordance with this
         paragraph.

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                                         Note Trust Deed SMHL Global Fund No. 9

         For the purpose of the foregoing paragraph, Banking Day means any day
         on which commercial banks are open for business (including dealings in
         foreign exchange and foreign currency deposits) in London.

         The Class A1 Interest Rate applicable to the Class A1 Notes for such
         Interest Period will be the aggregate of (i) the interest rate or
         arithmetic mean as determined by the Calculation Agent under the
         previous paragraph; and (ii) the margin of 0.06% (the "Class A1
         Margin") in relation to the Class A1 Notes.

         If the Issuer has not redeemed all of the Class A Notes on or before
         the Quarterly Payment Date falling on 9 August 2012, the Class A1
         Margin will increase to 0.12% for the period from (and including) that
         date until (but excluding) the date on which the Class A1 Notes are
         redeemed in full in accordance with these Conditions.

         There is no maximum or minimum Class A1 Interest Rate.

(c)      Determination of Interest Rate and Calculation of Interest

         The Calculation Agent will, as soon as practicable after 11.00 am
         (London time) on each Interest Determination Date, determine the Class
         A1 Interest Rate applicable to, and calculate the amount of interest
         payable (the "Class A1 Interest") for, the immediately succeeding
         Interest Period in respect of the Class A1 Notes. The Class A1
         Interest is calculated by applying the Class A1 Interest Rate for the
         Class A1 Notes to the Invested Amount (as defined in the Supplementary
         Bond Terms Notice) of that Class A1 Note on the first day of the next
         Interest Period after giving effect to any payments of principal made
         with respect for such class on such day, multiplying such product by a
         fraction, the numerator of which is the actual number of days in the
         relevant Interest Period and the denominator of which is 360 days and
         rounding the resultant figure down to the nearest cent (half a cent
         being rounded upwards). The determination of the Class A1 Interest
         Rate and the Class A1 Interest by the Calculation Agent shall (in the
         absence of manifest error) be final and binding upon all parties.

(d)      Notification of Class A1 Interest Rate and Class A1 Interest

         The Calculation Agent will cause the Class A1 Interest Rate and the
         Class A1 Interest applicable to each Class A1 Note for each Interest
         Period and the relevant Quarterly Payment Date to be notified to the
         Issuer, the Manager, the Note Trustee and the Paying Agents. The Class
         A1 Interest, Class A1 Interest Rate and the relevant Quarterly Payment
         Date so made available may subsequently be amended (or appropriate
         alternative arrangements made by way of adjustment) without notice in
         the event of a shortening of the Interest Period.

(e)      Determination or Calculation by the Manager

         If the Calculation Agent at any time for any reason does not determine
         the relevant Class A1 Interest Rate or calculate the Class A1 Interest
         for a Class A1 Note, the Manager shall do so and each such
         determination or calculation shall be deemed to have been made by the
         Calculation Agent. In doing so, the Manager shall apply the foregoing
         provisions of this Condition, with any necessary consequential
         amendments, to the extent that in its opinion, it can do so, and, in
         all other respects it shall do so in such a manner as it reasonably
         considers to be fair and reasonable in all the circumstances.

(f)      Calculation Agent

         The Issuer will procure that, so long as any of the Class A Offered
         Notes remains outstanding, there will, at all times, be a Calculation
         Agent. The Issuer, or the Manager with the consent of the Issuer (such
         consent not to be unreasonably withheld), reserves

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                                         Note Trust Deed SMHL Global Fund No. 9

         the right at any time to terminate the appointment of the Calculation
         Agent subject to the terms of the Note Trust Deed. Notice of that
         termination will be given to the Class A Offered Noteholders. If any
         person is unable or unwilling to continue to act as the Calculation
         Agent, or if the appointment of the Calculation Agent is terminated,
         the Issuer will, with the approval of the Note Trustee, appoint a
         successor Calculation Agent to act as such in its place, provided that
         neither the resignation nor removal of the Calculation Agent shall
         take effect until a successor approved by the Note Trustee has been
         appointed.

(g)      Interest distribution

         On each Quarterly Payment Date, and based on the calculations,
         instructions and directions provided to it by the Manager, and subject
         to the terms of the Security Trust Deed and the Supplementary Bond
         Terms Notice, (to the extent it has not already done so) the Issuer
         must apply the Interest Collections for the Monthly Calculation Period
         ending immediately before the relevant Quarterly Payment Date but in
         respect of the applicable Quarterly Calculation Period 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;

         (2)      secondly, pari passu and rateably in payment of the Issuer's
                  Fee, the Manager's Fee and any Expenses (other than the
                  Expenses referred to in paragraph (9) below) 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;

         (3)      thirdly, without duplication, in or toward any amounts
                  payable or to be applied under paragraph (4) below on any
                  previous Quarterly Payment Date, if there had been sufficient
                  Interest Collections, which have not previously been paid or
                  allocated by the Issuer, together with accrued interest
                  thereon which in the case of a Note must be at the Interest
                  Rate applicable to the relevant Note;

         (4)      fourthly, pari passu and rateably:

                  (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) amounts allocated on the two
                           preceding Monthly Payment Dates (Non-Distributed
                           Amount); and

                  (B)      in payment to the Currency Swap Providers, in
                           payment of the A$ Class A Interest Amount payable
                           under the Confirmations 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) any Non-Distributed Amount;
                           and

                  (C)      in payment of any interest due under any Class A3
                           Notes for the applicable Monthly Interest Period;

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

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                                         Note Trust Deed SMHL Global Fund No. 9

         (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) any
                  Non-Distributed Amount;

         (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 Condition 5(b) any amounts that have been paid or
                  allocated in any previous Interest Periods under Conditions
                  5(b)(1), (2), (3) and (4) (to the extent not previously
                  reimbursed under this Condition 4(g)(8)) for the applicable
                  Monthly Interest Period (in the case of Conditions 5(b)(1),
                  (2) and (3)) and Quarterly Interest Period (in the case of
                  Condition 5(b)(4)) including (without duplication) any
                  Non-Distributed Amount;

         (9)      ninthly, in payment toward any break costs payable on
                  cancellation of any Fixed-Floating Rate Swap to the extent
                  that those amounts are not recovered under the relevant Loan
                  secured by Mortgages comprised in the Assets of the
                  Securitisation Fund in the form of any applicable prepayment
                  fees or a drawing has not been made under a Payment Funding
                  Facility including (without duplication) any Non-Distributed
                  Amount;

         (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) any
                  Non-Distributed Amount;

         (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
                  Securitisation 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 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, including any Non-Distributed Amount;

         (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 of in the books of the Securitisation 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:

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

                           (ii) any Carry Over Redraw Charge Offs; and

                           (iii) 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 including (without
                  duplication) any Non-Distributed

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                                         Note Trust Deed SMHL Global Fund No. 9

                  Amount (in the case 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 in and towards
                  reinstatement of in the books of the Securitisation Fund
                  including any Non-Distributed Amount and in the following
                  order:

                  (A)      any Class B Charge Offs for the applicable
                           Calculation Period; and

                  (B)      pari passu and rateably the Invested Amount of the
                           Class B Notes to the extent of any Carry Over Class
                           B Charge Offs;

         (14)     fourteenthly, (to the extent not paid under Condition 5(b))
                  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 or toward repayment of any principal due and
                  payable under any Payment Funding Facility including (without
                  duplication) any Non-Distributed Amount;

         (15)     fifteenthly, in payment of or provision for amounts payable
                  to the Income Unitholder of the Securitisation Fund in
                  accordance with Conditions 22.1(d) and 22.3(d) of the Master
                  Trust Deed including (without duplication) any
                  Non-Distributed Amount.

         Capitalised terms in this Condition 4(g) have the same meaning given
         in the Supplementary Bond Terms Notice unless otherwise defined in
         this document.

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5        Redemption and Purchase

Capitalised terms in this Condition 5 have the same meaning given in the
Supplementary Bond Terms Notice unless otherwise defined in this document.

(a)      Mandatory Redemption in part from Principal Collections and
         apportionment of Principal Collections between the Class A Notes and
         the Class B Notes

         The Class A Notes shall be subject to mandatory redemption in part on
         any Quarterly Payment Date (or in the case of the Class A3 Notes, any
         Monthly Payment Date) if on that date there are any Principal
         Collections available to be distributed in relation to such Class A
         Notes. The principal amount so redeemable in respect of each Class A
         Note prior to enforcement of the Security Trust Deed (each a
         "Principal Payment") on any Quarterly Payment Date shall be the amount
         available for payment as set out in Condition 5(b) on the day which is
         seven Banking Days prior to the Quarterly Payment Date (the "Cut Off")
         divided by the aggregate Invested Amount of all Class A Notes,
         multiplied by the Invested Amount of that Note, provided always that
         no Principal Payment on a Class A Note on any date may exceed the
         amount equal to the Invested Amount of that Class A Note at that date.

         Notice of amounts to be redeemed will be provided by the Manager to
         the Issuer, the Calculation Agent, the Principal Paying Agent and the
         Note Trustee.

(b)      Principal Distributions on Notes

         On each Quarterly Payment Date, and in accordance with the
         calculations, instructions and directions provided to it by the
         Manager and subject to the terms of the Security Trust Deed and the
         Supplementary Bond Terms Notice (to the extent it has not already

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                                         Note Trust Deed SMHL Global Fund No. 9

         done so), the Issuer must apply the Principal Collections together
         with any amounts to be applied under this Condition 5(b) pursuant to
         Condition 5(d)(2) for the Monthly Calculation Period ending
         immediately before the relevant Quarterly Payment Date but in respect
         of the applicable Quarterly Calculation Period and Condition 5(d)(2)
         in relation to the two preceding Monthly Payment Dates 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 as described in Condition 4);

         (2)      secondly, pari passu and rateably in payment of the Issuer's
                  Fee, the Manager's Fee and any Expenses (other than the
                  Expenses referred to in this Condition 5(b) below) in respect
                  of the Securitisation Fund (to the extent not paid or
                  provided for as described in Condition 4(g));

         (3)      thirdly, in payment of the amounts payable and in the
                  priority under Condition 4(g)(4) and which have not
                  previously been paid or allowed for on a previous Payment
                  Date (or on the relevant Monthly Payment Date, in respect of
                  the Class A3 Notes) (to the extent not paid or allowed for as
                  described in Condition 4(g)(3));

         (4)      fourthly, in payment of the amounts payable under and in the
                  priority as specified in, Condition 4(g)(6) and which have not
                  previously been paid or allowed for on a previous Payment
                  Date for the applicable Quarterly Calculation Period,
                  including (without duplication) any amounts allocated on the
                  two preceding Monthly Payment Dates (Non-Distributed Amount)
                  (to the extent not paid or allowed for under Condition
                  4(g)(5));

         (5)      fifthly, pari passu and rateably in repayment of any Redraw
                  Principal Outstanding under a Redraw Funding Facility or any
                  Top-up Principal Outstanding under any Top-up Funding
                  Facility for the applicable Quarterly Calculation Period,
                  including (without duplication) any Non-Distributed Amount;

         (6)      sixthly, pari passu and rateably in payment of amounts
                  approved by the Manager under any Loan Redraw Facility or
                  Top-up Loan for the applicable Quarterly Calculation Period,
                  including (without duplication) any Non-Distributed Amount;

         (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 Provider under a
                           Confirmation relating to the Class A Offered Notes
                           for the applicable Quarterly Calculation Period
                           including (without duplication) any Non-Distributed
                           Amount 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
                           paragraph (7) after all payments which have priority
                           under this paragraph (b); and

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

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                                         Note Trust Deed SMHL Global Fund No. 9

         (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:

                  (A)      the amount available for distribution under this
                           paragraph (8) after all payments which have priority
                           under this paragraph (b); and

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

                  including (without duplication) all Non-Distributed Amounts;

         (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 Provider under a
                           Confirmation of the A$ Equivalent of any Carry Over
                           Class A Charge Offs relating to the Class A Offered
                           Notes including (without duplication) all
                           Non-Distributed Amounts;

                  (B)      in repaying the Redraw Principal Outstanding of each
                           Redraw Funding Facility to the extent of any Carry
                           Over Redraw Charge Offs including (without
                           duplication) all Non-Distributed Amounts; 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 Non-Distributed Amounts; and

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

         (10)     tenthly, in repaying the Invested Amount of the Class B Notes
                  to the extent of any Carry Over Class B Charge Offs including
                  (without duplication) all amounts all Non-Distributed
                  Amounts;

         (11)     eleventhly, in payment towards any break costs payable on
                  cancellation of any Fixed-Floating Rate Swap to the extent
                  that those amounts are not recovered under the relevant Loan
                  secured by Mortgages comprised in Assets of the
                  Securitisation Fund in the form of any applicable prepayment
                  fees or a drawing has not been made under a Payment Funding
                  Facility (to the extent not paid as described under Condition
                  4(g)); and

         (12)     twelfthly, subject to paragraph (c) below, pari passu and
                  rateably in 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
                  Non-Distributed Amounts.

         Capitalised terms in this Condition 5(b) have the same meaning given
         in the Supplementary Bond Terms Notice unless otherwise defined in
         this document.

(c)      Rights of Liquidity Noteholder

         On any Quarterly Payment Date, the Issuer must not make any payments
         out of Principal Collections to the Liquidity Noteholder under
         Condition 5(b) above unless the Invested Amount of all the Notes is
         zero, or will be zero following any payments made on the relevant
         Quarterly Payment Date.

(d)      Payment of Charge Offs and Non-Distributed Amounts

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                                         Note Trust Deed SMHL Global Fund No. 9

         (1)      The amount of any reinstatement under Conditions 4(g)(11),
                  (12) and (13) together with any amounts reimbursed under
                  Condition 4(g)(8) must be applied on the Quarterly Payment
                  Date of the reimbursement in accordance with Condition 5(b)
                  as if the amount reimbursed formed part of Principal
                  Collections.

         (2)      Any Non-Distributed Amount relating to the two Monthly
                  Payment Dates which precede a Quarterly Payment Date which
                  has not previously been paid or allowed for under Condition
                  4(g), must be applied in accordance with Condition 5(b) as if
                  the amount reimbursed formed part of Principal Collections.

(e)      General

         No amount of principal will be paid to a Noteholder in excess of the
         Invested Amount applicable to the Notes held by that Noteholder.

(f)      Euro Account

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

         On each Quarterly Payment Date, the Issuer must, on the direction of
         the Manager, or must require that the Principal Paying Agent on its
         behalf, distribute from the 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
         Conditions 4(g) and 5(b).

(g)      US$ Account

         The Issuer must direct the US Currency Swap Provider to pay all
         amounts denominated in US$ payable to the Issuer by the US Currency
         Swap Provider under the US Currency Swap into the US$ Account or to
         the Principal Paying Agent on behalf of the Issuer.

         On each Quarterly Payment Date, the Issuer must, on the direction of
         the Manager, or must require that the Principal Paying Agent on its
         behalf, distribute from the US$ Account the relevant amounts of
         interest and principal due in respect of each Class A1 Note in
         accordance with the Note Trust Deed and in order of priority in
         Conditions 4(g) and 5(b).

(h)      Calculation of Principal Payments, Outstanding Principal Balance and
         Invested Amount

         The Manager must, not later than two Banking Days before each
         Quarterly Payment Date advise the Issuer, and in respect of the Class
         A Offered Notes only, the Currency Swap Providers in writing of:

         (1)      all amounts payable or to be provided for under clause 6 of
                  the Supplementary Bond Terms Notice (which includes the
                  amounts payable to be provided under Conditions 4(g) and
                  5(b));

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

         (3)      the Outstanding Principal Balance and Invested Amount of each
                  Class A Note and Class B Note following the making of all
                  payments to be made on that Quarterly Payment Date in
                  accordance with the Supplementary Bond Terms Notice.

         The Manager must also notify the Issuer of all details of payments
         which are to be made by or on behalf of the Issuer on or by each
         Quarterly Payment Date. The Manager must, not later than two Banking
         Days before each Quarterly Payment Date, also notify the

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                                         Note Trust Deed SMHL Global Fund No. 9

         Currency Swap Provider of all payments which are to be made by or on
         behalf of the Issuer under Conditions 4(g) and 5(b) in respect of the
         Class A Offered Notes.

         The Manager will notify the Issuer, the Note Trustee, the Principal
         Paying Agent and the Calculation Agent by not later than two Banking
         Days prior to the relevant Quarterly Payment Date (the "Determination
         Date") of each such determination and will immediately cause details,
         of each of those determinations to be made available in accordance
         with Condition 12 one Banking Day before the relevant Quarterly
         Payment Date. If no repayment of principal is due to be made on the
         Class A Notes on any Quarterly Payment Date a notice to this effect
         will be given to the Class A Noteholders in accordance with Condition
         12.

         If the Manager does not at any time for any reason determine a
         repayment of principal or the Outstanding Principal Balance and the
         Invested Amount applicable to Class A Offered Notes in accordance with
         this paragraph, the repayment of principal and Outstanding Principal
         Balance and the Invested Amount may be determined by the Calculation
         Agent in accordance with this paragraph (but based on the information
         in its possession) and each such determination or calculation shall be
         deemed to have been made by the Manager.

(i)      Call

         The Issuer must, when so directed by the Manager (at the Manager's
         option), having given not more than 60 nor less than 45 days' notice
         to the Class A Noteholders and in 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:

         (1)      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 initial
                  Outstanding Principal Balance of all Notes calculated and
                  expressed in the A$ Equivalent; and

         (2)      in the case of Class A Offered Notes, the Quarterly Payment
                  Date falling on 9 August 2012 and in the case of the Class A3
                  Notes, the Monthly Payment Date falling on 9 August 2012,

         provided that:

         (3)      if the aggregate Outstanding Principal Balance for all Class
                  A Notes calculated and expressed in the A$ Equivalent on such
                  date of redemption or repurchase has been reduced by Class A
                  Charge Offs which have not been repaid under Conditions
                  4(g)(10) and (11), the Noteholders owning at least 75% of the
                  aggregate Invested Amount of the Class A Notes calculated and
                  expressed in the A$ Equivalent must consent to such
                  repurchase or redemption; and

         (4)      the Issuer will be in a position on such Quarterly Payment
                  Date to discharge (and the Manager so certifies to the Issuer
                  and the Note Trustee upon which certification the Issuer and
                  the Note Trustee will rely conclusively) all its liabilities
                  in respect of the Class A Notes (at their Outstanding
                  Principal Balance) and any amounts which would be required
                  under the Security Trust Deed to be paid in priority or pari
                  passu with the Class A Notes if the security for the Notes
                  were being enforced.

(j)      Redemption for Taxation or Other Reasons

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                                         Note Trust Deed SMHL Global Fund No. 9

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

         (1)      that on the next Quarterly Payment Date the Issuer would be
                  required to deduct or withhold from any payment of principal
                  or interest in respect of the Class A Notes, the Currency
                  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

         (2)      the total amount payable in respect of interest in relation
                  to any of the Loans secured by Mortgages comprised in the
                  Assets of the Securitisation Fund for a Calculation Period
                  ceases to be receivable (whether or not actually received) by
                  the Issuer during such Calculation Period (but this paragraph
                  (2) 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 Issuer must, when so directed by the Manager, at the Manager's
         option (provided that the Issuer will be in a position on such
         Quarterly Payment Date to discharge (and the Manager will so certify
         to the Issuer and the Note Trustee) all its liabilities in respect of
         the Class A Notes (at their Invested Amount) and any amounts which
         would be required under the Security Trust Deed to be paid in priority
         or pari passu with the Class A Notes if the security for the Class A
         Notes were being enforced), having given not more than 60 nor less
         than 45 days' notice to the Class A Noteholders in accordance with
         Condition 12, redeem all, but not some only, of the Class A Notes at
         their then Invested Amount together with accrued interest to (but
         excluding) the date of redemption on any subsequent Quarterly Payment
         Date, provided that the Class A Noteholders may by Extraordinary
         Resolution elect, and shall notify the Issuer and the Manager not less
         than 21 days before the next Quarterly Payment Date following the
         receipt of notice of such proposed redemption that they do not require
         the Issuer to redeem the Class A Notes.

(k)      Redemption on Final Maturity

         If not otherwise redeemed, the Class A Notes must be repaid in full on
         9 November 2039.

(l)      Cancellation

         All Class A Notes redeemed in full pursuant to the above provisions
         will be cancelled.

(m)      Certification

         For the purposes of any redemption made pursuant to this Condition 5,
         the Note Trustee may rely upon an Officer's Certificate under the Note
         Trust Deed from the Manager certifying or stating the opinion of each
         person signing such certificate as:

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

         (2)      that in the opinion of such person the proposed release will
                  not impair the security under the Security Trust Deed in
                  contravention of the provisions of the Security Trust Deed or
                  the Note Trust Deed; and

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

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                                         Note Trust Deed SMHL Global Fund No. 9

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

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6        Payments

(a)      Method of payment

         Any instalment of interest or principal, payable on any Class A1 Note
         which is punctually paid or duly provided for by the Issuer to the
         Principal Paying Agent on the applicable Quarterly Payment Date or
         Final Maturity Date shall be paid to the person in whose name such
         Class A1 Note is registered on the Record Date, by cheque mailed
         first-class, postage prepaid, to such person's address as it appears
         on the Note Register on such Record Date, except that, unless Class A1
         Definitive Notes have been issued pursuant to clause 3.3 of the Note
         Trust Deed, with respect to Class A1 Notes registered on the Record
         Date in the name of the nominee of the Clearing Agency (initially in
         respect of the Class A1 Notes such Clearing Agency to be DTC and such
         nominee to be Cede & Co.), payment will be made by wire transfer in
         immediately available funds to the account designated by such nominee
         and except for the final instalment of principal payable with respect
         to such Class A1 Note on a Quarterly Payment Date or Final Maturity
         Date.

(b)      Initial Principal Paying Agent

         The initial Principal Paying Agent for the Class A1 Note is The Bank
         of New York at its offices in New York City.

(c)      Paying Agents

         The Issuer may (at the direction of the Manager) at any time (with the
         prior written approval of the Note Trustee) terminate the appointment
         of any Paying Agent and appoint additional or other Paying Agents,
         provided that (among other things) the new Paying Agent has been
         approved in writing by the Note Trustee and appointed on terms
         previously approved in writing by the Note Trustee, notice has been
         provided to the Class A Offered Noteholder, and it will at all times
         maintain a Paying Agent having a specified office in New York City (in
         respect of the Class A1 Notes) and the United Kingdom (in respect of
         the Class A2 Notes) and the Republic of Ireland (for so long as the
         Class A2 Notes are listed on the Irish Stock Exchange). Notice of any
         such termination or appointment and of any change in the office
         through which any Paying Agent will act will be given in accordance
         with Condition 12.

(d)      Payment on Banking Days

         If the due date for payment of any amount of principal or interest in
         respect of any Class A1 Note is not a Banking Day then payment will
         not be made until the next succeeding Banking Day and the holder of
         that Class A1 Note shall not be entitled to any further interest or
         other payment in respect of that delay. In this Condition 6 the
         expression "Banking Day" means any day (other than a Saturday, Sunday
         or a public holiday) on which banks are open for business in the place
         where the specified office of the Paying Agent at which the Class A1
         Note is presented for payment is situated and, in the case of payment
         by transfer to a US dollar account, in New York City prior to the
         exchange of a Class A1 Book-Entry Note for any Class A1 Definitive
         Notes, means any day on which DTC is open for business.

(e)      Interest

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                                         Note Trust Deed SMHL Global Fund No. 9

         If interest is not paid in respect of a Class A1 Note on the date when
         due and payable (other than because the due date is not a Banking
         Day), that unpaid interest shall itself bear interest at the Interest
         Rate applicable from time to time to the Class A1 Notes until the
         unpaid interest, and interest on it, is available for payment and
         notice of that availability has been duly given in accordance with
         Condition 12.

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7        Taxation

All payments in respect of the Class A Notes will be made without withholding
or deduction for, or on account of, any present or future taxes, duties or
charges of whatsoever nature unless the Issuer or any Paying Agent is required
by applicable law to make any such payment in respect of the Class A Notes
subject to any withholding or deduction for, or on account of, any present or
future taxes, duties or charges of whatever nature. In that event the Issuer or
that Paying Agent (as the case may be) shall make such payment after such
withholding or deduction has been made and shall account to the relevant
authorities for the amount so required to be withheld or deducted. Neither the
Issuer nor any Paying Agent nor the Note Trustee will be obliged to make any
additional payments to Class A Noteholders in respect of that withholding or
deduction.

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8        Prescription

A Class A Note shall become void in its entirety unless surrendered for payment
within ten years of the Relevant Date (as such term is defined below) in
respect of any payment on it the effect of which would be to reduce the
Outstanding Principal Balance of that Class A Note to zero. After the date on
which a Class A Note becomes void in its entirety, no claim may be made in
respect of it.

As used in these Conditions, the "Relevant Date" means the date on which a
payment first becomes due but, if the full amount of the money payable has not
been received by the Principal Paying Agent or the Note Trustee on or prior to
that date, it means the date on which the full amount of such money having been
so received, notice to that effect is duly given by the Principal Paying Agent
in accordance with Condition 12.

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9        Events of Default

Subject to the Supplementary Bond Terms Notice each of the following events is
an Event of Default whether or not caused by any reason whatsoever outside the
control of an Interested Person (as defined in the Security Trust Deed) or any
other person:

(a)      the Issuer does not within 10 Banking Days of the due date, and in the
         specified manner, pay in full any Secured Moneys (except in respect of
         any moneys payable under any Payment Funding Facility, Top-up Funding
         Facility and Redraw Funding Facility which fall due for payment prior
         to the Repayment Date or payment of interest on Class B Notes unless
         all Class A Notes have been repaid);

(b)      the Issuer defaults in fully performing observing and fulfilling any
         material obligation in relation to the Securitisation Fund under the
         Security Trust Deed or any Secured Document (other than a provision
         requiring the payment of money as contemplated by paragraph (a) of
         this clause or, prior to the Repayment Date, in respect of any such
         default under a Payment Funding Facility, Top-up Funding Facility and
         Redraw Funding Facility) and such default has not been remedied within
         10 Banking Days of the Issuer

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                                         Note Trust Deed SMHL Global Fund No. 9

         receiving notice from the Security Trustee specifying the breach and
         requiring the same to be rectified;

(c)      any representation, warranty or statement in relation to the
         Securitisation Fund made, repeated or deemed to be made or repeated in
         the Security Trust Deed or in any Secured Document by the Issuer is
         proved to be untrue in any material respect when made, repeated or
         deemed to be made or repeated (as the case may be) (except, prior to
         the Repayment Date, in respect of any representation, warranty or
         statement made, repeated or deemed to be made or repeated under the
         Payment Funding Facility, Top-up Funding Facility and Redraw Funding
         Facility);

(d)      the Issuer breaches any material undertaking given at any time to the
         Security Trustee in relation to the Securitisation Fund or fails to
         comply with any material condition imposed by the Security Trustee in
         relation to the Securitisation Fund in agreeing to any matter
         (including any waiver) (except, prior to the Repayment Date, in
         respect of any breach of any material undertaking or failure to comply
         with any material condition under the Payment Funding Facility, Top-up
         Funding Facility and Redraw Funding Facility);

(e)      any Insolvency Event occurs in relation to the Issuer other than for
         the reconstruction of the Issuer or the Securitisation Fund with the
         prior written approval of the Manager and the Security Trustee and
         provided that each Designated Rating Agency has confirmed in writing
         that such reconstruction will not have an adverse effect on the rating
         of the Notes;

(f)      any Encumbrance over any Charged Property becomes enforceable or any
         Encumbrance that is a floating security over any Charged Property
         crystallises or otherwise becomes a fixed or specific security;

(g)      any investigation into the affairs, or into particular affairs, of the
         Issuer in relation to the Securitisation Fund is directed or commenced
         under any Statute;

(h)      any Secured Document is, becomes or is claimed by the Issuer or the
         Manager to be void, voidable or unenforceable in whole or in any
         material part;

(i)      the Issuer disaffirms, disclaims, repudiates or rejects any Secured
         Document in whole or in any material part;

(j)      there occurs without the prior written approval of the Security
         Trustee, any vesting or distribution of any assets of the
         Securitisation Fund other than in accordance with the relevant
         Supplementary Bond Terms Notices;

(k)      any material breach of trust in relation to the Securitisation Fund by
         the Issuer or the Issuer for any reason loses or ceases to be entitled
         to a material extent to its right of indemnity against the assets of
         the Securitisation Fund;

(l)      as a result of the act or omission of the Issuer the assets of the
         Securitisation Fund are materially diminished or made materially less
         accessible to the Security Trustee;

(m)      without the prior consent of the Security Trustee, the Securitisation
         Fund is wound-up, or the Issuer is required to wind up the
         Securitisation Fund under the Master Trust Deed or the applicable law,
         or the winding up of the Securitisation Fund commences; and

(n)      the Charge ceases to rank as contemplated by clause 4.2 of the
         Security Trust Deed.

Capitalised terms in this Condition 9 have the same meaning given in the
Security Trust Deed unless defined in this document.

In the event that the security constituted by the Security Trust Deed becomes
enforceable following an event of default under the Notes, any funds resulting
from the realisation of such

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                                         Note Trust Deed SMHL Global Fund No. 9

security shall be applied in accordance with the order of priority of payments
as stated in the Security Trust Deed.

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10       Enforcement

At any time after an Event of Default occurs, the Security Trustee may (subject
to the Security Trust Deed), if so directed by (a) the Noteholder Secured
Creditors (as defined in the Security Trust Deed) alone, where the Noteholder
Secured Creditors are the only Voting Secured Creditors, or otherwise (b) an
"Extraordinary Resolution" of the Voting Secured Creditors (being 75% of votes
capable of being cast by Voting Secured Creditors present in person or by proxy
at the relevant meeting or a written resolution signed by all Voting Secured
Creditors, which includes the Note Trustee on behalf of Class A Offered
Noteholders, but not, unless the Note Trustee has become bound to take steps
and/or proceed under the Security Trust Deed and fails to do so within a
reasonable period of time and such failure is continuing, the Class A Offered
Noteholders themselves), declare the Class A Notes immediately due and payable
and declare the security to be enforceable. If an Extraordinary Resolution of
the Voting Secured Creditors referred to above elects not to direct the
Security Trustee to enforce the Security Trust Deed, in the circumstances where
the Security Trustee could enforce, the Noteholder Secured Creditor may
nevertheless, and the Note Trustee as Noteholder Secured Creditor shall subject
to the terms of the Note Trust Deed, at the direction of the Class A Offered
Noteholders, direct the Security Trustee to enforce the Security Trust Deed on
behalf of the Class A Offered Noteholders.

"Voting Secured Creditor" means:

(a)      with respect only to the enforcement of the security under the
         Security Trust Deed, for so long as the Secured Moneys of the Class A
         Noteholders and the Class B Noteholders each calculated and expressed
         in the A$ Equivalent are 75% or more of total Secured Moneys
         calculated and expressed in the A$ Equivalent, the Noteholder Secured
         Creditors alone; and

(b)      at any other time (subject to clause 16.3 of the Security Trust Deed):

         (1)      the Note Trustee, acting on behalf of the Class A Offered
                  Noteholders under the Note Trust Deed and clause 3 of the
                  Security Trust Deed or, if the Note Trustee has become bound
                  to take steps and/or to proceed under the Security Trust Deed
                  and fails to do so within a reasonable time and such failure
                  is continuing, the Class A Offered Noteholders and then only
                  to the extent permitted by the Australian Law; and

         (2)      each other Secured Creditor (other than a Class A Offered
                  Noteholder).

Any reference to the Noteholder Secured Creditors while they are the only
Voting Secured Creditors, or where their consent is required under the Security
Trust Deed in relation to a direction or act of the Security Trustee, means the
Noteholder Secured Creditors representing more than 50% of the aggregate
Invested Amount of the Class A Notes and the Class B Notes each calculated and
expressed in the A$ Equivalent.

Subject to the Security Trust Deed, the Security Trustee shall take all action
necessary to give effect to any direction by the Noteholder Secured Creditors
where they are the only Voting Secured Creditors or to any Extraordinary
Resolution of the Voting Secured Creditors and shall comply with all directions
given by the Note Trustee where it is the only Voting Secured Creditor or
contained in or given pursuant to any Extraordinary Resolution of the Voting
Secured Creditors in accordance with the Security Trust Deed.

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                                         Note Trust Deed SMHL Global Fund No. 9

No Class A Noteholder is entitled to enforce the Security Trust Deed or to
appoint or cause to be appointed a receiver to any of the assets secured by the
Security Trust Deed or otherwise to exercise any power conferred by the terms
of any applicable law on chargees except as provided in the Security Trust
Deed.

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

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

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

(c)      the Note Trustee is directed by the Holders of at least 75% of the
         aggregate Invested Amount of Class A Offered Notes calculated and
         expressed in the A$ Equivalent.

Neither the Note Trustee nor the Security Trustee will be liable for any
decline in the value, nor any loss realised upon any sale or other dispositions
made under the Security Trust Deed, of any Charged Property or any other
property which is charged to the Security Trustee by any other person in
respect of or relating to the obligations of the Issuer or any third party in
respect of the Issuer or the Secured Moneys or the Class A Offered Notes or
relating in any way to the Charged Property. Without limitation, neither the
Note Trustee nor the Security Trustee shall be liable for any such decline or
loss directly or indirectly arising from its acting, or failing to act, as a
consequence of an opinion reached by it.

The Note Trustee shall not be bound to vote under the Security Trust Deed, or
otherwise direct the Security Trustee under the Security Trust Deed or to take
any proceedings, actions or steps under, or any other proceedings pursuant to
or in connection with the Security Trust Deed, the Note Trust Deed, any Class A
Offered Notes, unless directed or requested to do so in writing by Noteholders
holding at least 75% of the aggregate Invested Amount of Class A Offered Notes
calculated and expressed in the A$ Equivalent at the time; and then only if the
Note Trustee is indemnified to its satisfaction against all action,
proceedings, claims and demands to which it may render itself liable and all
costs, charges, damages and expenses which it may incur by so doing.

Only the Security Trustee may enforce the provisions of the Security Trust Deed
and neither the Note Trustee nor any Class A Offered Noteholder is entitled to
proceed directly against the Issuer to enforce the performance of any of the
provisions of the Security Trust Deed and the Class A Offered Notes (including
these Class A Offered Note Conditions) unless otherwise as set out in a
Transaction Document.

The rights, remedies and discretions of the Class A Offered Noteholders under
the Security Trust Deed including all rights to vote or give instructions or
consent can only be exercised by the Note Trustee on behalf of the Class A
Offered Noteholders in accordance with the Security Trust Deed. The Security
Trustee may rely on any instructions or directions given to it by the Note
Trustee as being given on behalf of the Class A Offered Noteholders from time
to time and need

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not enquire whether the Note Trustee or the Class A Offered Noteholders from
time to time have complied with any requirements under the Note Trust Deed or
as to the reasonableness or otherwise of the Note Trustee. The Security Trustee
is not obliged to take any action, give any consent or waiver or make any
determination under the Security Trust Deed without being directed to do so by
the Note Trustee or the Voting Secured Creditors in accordance with the
Security Trust Deed.

Upon enforcement of the security created by the Security Trust Deed, the net
proceeds of enforcement may be insufficient to pay all amounts due on
redemption to the Noteholders. The proceeds from enforcement (which will not
include amounts required by law to be paid to the holder of any prior ranking
security interest, and the proceeds of cash collateral lodged with and payable
to a Swap Provider or other provider of an Enhancement (as defined in the
Master Trust Deed)) will be applied in the order of priority as set out in the
Security Trust Deed. Any claims of the Noteholders remaining after realisation
of the security and application of the proceeds as aforesaid shall, except in
certain limited circumstances, be extinguished.

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11       Replacement of Class A Offered Notes

If any Class A Offered Note is lost, stolen, mutilated, defaced or destroyed,
it may be replaced at the specified office of the Principal Paying Agent upon
payment by the claimant of the expenses incurred in connection with that
replacement and on such terms as to evidence and indemnity as the Manager may
reasonably require. Mutilated or defaced Class A Offered Notes must be
surrendered before replacements will be issued.

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12       Notices

All notices, other than notices given in accordance with the following
paragraphs, to Class A Offered Noteholders shall be deemed to be given if in
writing and mailed, first-class, postage prepaid to each Class A Offered
Noteholder, at his or her address as it appears on the Note Register, not later
than the latest date, and not earlier than the earliest date, prescribed for
the giving of such notice. In any case where notice to Class A Offered
Noteholders is given by mail, neither the failure to mail such notice nor any
defect in any notice so mailed to any particular Class A Offered Noteholder
shall affect the sufficiency of such notice with respect to other Class A
Offered Noteholders, and any notice that is mailed in the manner herein
provided shall conclusively be presumed to have been duly given.

A notice may be waived in writing by the relevant Class A Offered Noteholder,
either before or after the event, and such waiver shall be the equivalent of
such notice. Waivers of notice by the Class A Offered Noteholders shall be
filed with the Note Trustee but such filing shall not be a condition precedent
to the validity of any action taken in reliance upon such a waiver.

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

The Manager shall deliver a quarterly servicing report for each Calculation
Period to each Class A Offered Noteholder on the notice date relating to such
Calculation Period in the method provided in the first paragraph of this
Condition 12.

All consents and approvals in these Conditions are to be given in writing.

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13       Meetings of Voting Secured Creditors and Meetings of Class A Offered
         Noteholders; Modifications; Consents; Waiver

The Security Trust Deed contains provisions for convening meetings of the
Voting Secured Creditors to, among other things, enable the Voting Secured
Creditors to direct or consent to the Security Trustee taking or not taking
certain actions under the Security Trust Deed, for example to enable the Voting
Secured Creditors to direct the Security Trustee to enforce the Security Trust
Deed.

The Note Trust Deed contains provisions for convening meetings of Class A
Offered Noteholders to consider any matter affecting their interests, including
the directing of the Note Trustee to direct the Security Trustee to enforce the
security under the Security Trust Deed, or the sanctioning by the Extraordinary
Resolution of the Class A Offered Noteholders of a modification of the Class A
Offered Notes (including these Class A Offered Note Conditions) or the
provisions of any of the Transaction Documents, provided that no modification
of certain terms including, among other things, the date of maturity of the
Class A Offered Notes, or a modification which would have the effect of
altering the amount of interest payable in respect of a Class A Offered Note or
modification of the method of calculation of the interest payable or of the
date for payment of interest in respect of any Class A Offered Notes, reducing
or cancelling the amount of principal payable in respect of any Class A Offered
Notes or altering the majority required to pass an Extraordinary Resolution or
altering the currency of payment of any Class A Offered Notes or an alteration
of the date or priority of payment of interest on, or redemption of, the Class
A Offered Notes in the event of a call under Condition 5(i) or 5(j) (any such
modification being referred to below as a "Basic Terms Modification") shall be
effective except that, if the Note Trustee is of the opinion that such a Basic
Terms Modification is being proposed by the Issuer as a result of, or in order
to avoid, an Event of Default, such Basic Terms Modification may be sanctioned
by Extraordinary Resolution of the Class A Offered Noteholders as described
below. An Extraordinary Resolution passed by the Class A Offered Noteholders
shall be binding on all Class A Offered Noteholders. The vote required for an
Extraordinary Resolution shall be a majority consisting of not less than 75% of
the votes capable of being cast by Voting Secured Creditors present in person
or by proxy at a duly convened meeting or a written resolution signed by all of
the Voting Secured Creditors.

The Note Trust Deed permits the Note Trustee, the Manager and the Issuer to,
following the giving of not less than 10 Banking Days' notice to each
Designated Rating Agency, alter, add to or modify, by way of supplementary
deed, the Note Trust Deed (including the meeting and amendment provisions), the
Conditions (subject to the proviso more fully described in clause 35.2 of the
Note Trust Deed or any other terms of that deed or the Conditions to which it
refers) or any Transaction Document so long as that alteration, addition or
modification is:

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

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

o        in the opinion of the Note Trustee appropriate or expedient as a
         consequence of a change to any law or regulation or a change in the
         requirements of any Government Agency (including, but not limited to,
         an alteration, addition or modification which is in the opinion of the
         Note Trustee appropriate or expedient as a consequence of the
         enactment of a law or regulation or an amendment to any law or
         regulation or ruling by the Commissioner or Deputy Commissioner of
         Taxation or any governmental announcement

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                                         Note Trust Deed SMHL Global Fund No. 9

         or statement, in any case which has or may have the effect of altering
         the manner or basis of taxation of trusts generally or of trusts
         similar to the Securitisation Fund); or

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

Where, in the opinion of the Note Trustee, a proposed alteration, addition or
modification to the Note Trust Deed, other than an alteration, addition or
modification referred to above, is prejudicial or likely to be prejudicial to
the interests of Class A Offered Noteholders as a whole or any Class of Class A
Offered Noteholders, the Note Trustee, the Manager and the Issuer may make that
alteration, addition or modification only if sanctioned in writing by holders
of at least 75% of the aggregate Invested Amount of the Class A Offered Notes
calculated and expressed in the A$ Equivalent.

The Note Trustee may also, in accordance with the Note Trust Deed and without
the consent of the Class A Offered Noteholders (but not in contravention of an
Extraordinary Resolution), waive or authorise any breach or proposed breach of
the Class A Offered Notes (including these Class A Offered Note Conditions) or
any Transaction Document or determine that any Event of Default or any
condition, event or act which with the giving of notice and/or lapse of time
and/or the issue of a certificate would constitute an Event of Default shall
not, or shall not subject to specified conditions, be treated as such. Any such
modification, waiver, authorisation or determination shall be binding on the
Class A Offered Noteholders and, if, but only if, the Note Trustee so requires,
any such modification shall be notified to the Class A Offered Noteholders in
accordance with Condition 12 as soon as practicable.

Every amendment to the Note Trust Deed must conform to the requirements of the
TIA as then in effect so long as the Note Trust Deed shall be qualified under
the TIA.

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

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14       Indemnification and Exoneration of the Note Trustee and the Security
         Trustee

(a)      The Note Trust Deed and the Security Trust Deed contain provisions for
         the indemnification of the Note Trustee and the Security Trustee
         (respectively) and for their relief from responsibility, including
         provisions relieving them from taking proceedings to realise the
         security and to obtain repayment of the Class A Offered Notes (in
         respect of the Note Trustee) and the Class A Notes (in respect of the
         Security Trustee) unless indemnified to their satisfaction. Each of
         the Note Trustee and the Security Trustee is entitled to enter into
         business transactions with the Issuer and/or any other party to the
         Transaction Documents without accounting for any profit resulting from
         such transactions. Except in the case of negligence, fraud or wilful
         default (in the case of the Security Trustee) or negligence, fraud, or
         wilful default (in the case of the Note Trustee), neither the Security
         Trustee nor the Note Trustee will be responsible for any loss, expense
         or liability which may be suffered as a result of any assets secured
         by the Security Trust Deed, Charged Property or any deeds or documents
         of title thereto, being uninsured or inadequately insured or being
         held by or to the order of the Mortgage Manager or any of its
         affiliates or by clearing organisations or their operators or by any
         person on behalf of the Note Trustee if prudently chosen in accordance
         with the Transaction Documents.

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                                         Note Trust Deed SMHL Global Fund No. 9

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

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15       Limitation of Liability of the Issuer

(a)      General

         Clause 26 of the Master Trust Deed applies to the obligations and
         liabilities of the Issuer in relation to the Class A Notes.

(b)      Liability of issuer limited to its right of indemnity

         (1)      The Issuer enters into the Transaction Documents and issues
                  the Notes only in its capacity as trustee of the
                  Securitisation Fund and in no other capacity (except where
                  the Transaction Documents provide otherwise). Subject to
                  paragraph (3) below, a liability arising under or in
                  connection with the Transaction Documents, the Notes or the
                  Securitisation Fund is limited to and can be enforced against
                  the Issuer only to the extent to which it can be satisfied
                  out of the assets and property of the Securitisation Fund and
                  which are available to satisfy the right of the Issuer to be
                  exonerated or indemnified for the liability. This limitation
                  of the Issuer's liability applies despite any other provision
                  of the Transaction Documents and extends to all liabilities
                  and obligations of the Issuer in any way connected with any
                  representation, warranty, conduct, omission, agreement or
                  transaction related to the Transaction Documents, the Notes
                  or the Securitisation Fund.

         (2)      Subject to paragraph (3) below, no person (including any
                  Relevant Party) may take action against the Issuer in any
                  capacity other than as trustee of the Securitisation Fund or
                  seek the appointment of a receiver (except under the Security
                  Trust Deed), or a liquidator, an administrator or any similar
                  person to the Issuer or prove in any liquidation,
                  administration or arrangements of or affecting the Issuer
                  except in relation to the Assets of the Securitisation Fund.

         (3)      The provisions of this Condition 15 shall not apply to any
                  obligation or liability of the Issuer to the extent that it
                  is not satisfied because under a Transaction Document or by
                  operation of law there is a reduction in the extent of the
                  Issuer's indemnification or exoneration out of the assets of
                  the Securitisation Fund as a result of the Issuer's fraud,
                  negligence or wilful default.

         (4)      It is acknowledged that the Relevant Parties are responsible
                  under the Transaction Documents for performing a variety of
                  obligations relating to the Securitisation Fund. No act or
                  omission of the Issuer (including any related failure to
                  satisfy its obligations under the Transaction Documents or
                  the Notes) will be considered fraud, negligence or wilful
                  default of the Issuer for the purpose of paragraph (b)(3) of
                  this Condition 15 to the extent to which the act or omission
                  was caused or contributed to by any failure by any Relevant
                  Party or any person who has been delegated or appointed by
                  the Issuer in accordance with the Transaction Documents to
                  fulfil its obligations relating to the Securitisation Fund or
                  by any other act or omission of a Relevant Party or any such
                  person.

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                                         Note Trust Deed SMHL Global Fund No. 9

         (5)      No attorney, agent, delegate, receiver or receiver and
                  manager appointed in accordance with this deed or any other
                  Transaction Documents has authority to act on behalf of the
                  Issuer in a way which exposes the Issuer to any personal
                  liability and no act or omission of any such person will be
                  considered fraud, negligence or wilful default of the Issuer
                  for the purpose of paragraph (b)(3).

         (6)      The Issuer is not obliged to do or refrain from doing
                  anything under the Transaction Documents (including incur any
                  liability) unless the Issuer's liability is limited in the
                  same manner as set out in paragraphs (1) to (5).

         (7)      In this Condition 15 "Relevant Parties" means each party to a
                  Transaction Document other than the Issuer.

         (8)      The expression "wilful default" as used in this Condition 15
                  is defined in clause 26.6 of the Security Trust Deed.

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16       Governing Law

The Class A Notes and the Relevant Documents are governed by, and shall be
construed in accordance with, the laws of New South Wales, Australia. The
administration of the Note Trust created under the Note Trust Deed, including
the exercise of the Note Trustee's powers under clause 13 of the Note Trust
Deed, is governed by the law of New York. In the event of any inconsistency
between the operation of the law of New South Wales, Australia and the law of
New York in respect of the application of those powers, the law of New York
will prevail to the extent of the inconsistency.

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17       Summary of Provisions Relating to the Class A1 Notes While in
         Book-Entry Form

Each Class A1 Note will initially be represented by typewritten book-entry
notes (the "Class A1 Book-Entry Notes"), without coupons, in the principal
amount of US$1,340,000,000. The Class A1 Book-Entry Notes will be deposited
with the Common Depositary for DTC on or about the Closing Date. Upon deposit
of the Class A1 Book-Entry Notes with the Common Depositary, DTC will credit
each investor in the Class A1 Notes with a principal amount of Class A1 Notes
for which it has subscribed and paid.

The Class A1 Book-Entry Notes will be exchangeable for Class A1 Definitive
Notes in certain circumstances described below.

Each person who is shown in the Note Register as the holder of a particular
principal amount of Class A1 Notes will be entitled to be treated by the Issuer
and the Note Trustee as a holder of such principal amount of Class A1 Notes and
the expression "Class A1 Noteholder" shall be construed accordingly, but
without prejudice to the entitlement of the holder of the Class A1 Book-Entry
Note to be paid principal and interest thereon in accordance with its terms.
Such persons shall have no claim directly against the Issuer in respect of
payment due on the Class A1 Notes for so long as the Class A1 Notes are
represented by a Class A1 Book-Entry Note and the relevant obligations of the
Issuer will be discharged by payment to the registered holder of the Class A1
Book-Entry Note in respect of each amount so paid.

(a)      Payments

         Interest and principal on each Class A1 Book-Entry Note will be
         payable by the Principal Paying Agent to the Common Depositary
         provided that no payment of interest may be

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                                         Note Trust Deed SMHL Global Fund No. 9

         made by the Issuer or any Paying Agent in the Commonwealth of
         Australia or its possessions or into a bank account or to an address
         in the Commonwealth of Australia or its possessions.

         Each of the persons appearing from time to time as the beneficial
         owner of a Class A1 Note will be entitled to receive any payment so
         made in respect of that Class A1 Note in accordance with the
         respective rules and procedures of DTC (in respect of the Class A1
         Notes). Such persons will have no claim directly against the Issuer in
         respect of payments due on the Class A1 Notes which must be made by
         the holder of the relevant Class A1 Book-Entry Note, for so long as
         such Class A1 Book-Entry Note is outstanding.

         A record of each payment made on a Class A1 Book-Entry Note,
         distinguishing between any payment of principal and any payment of
         interest, will be recorded in the Note Register by the Note Registrar
         and such record shall be prima facie evidence that the payment in
         question has been made.

(b)      Exchange

         The Class A1 Book-Entry Notes will be exchangeable for Class A1
         Definitive Notes only if:

         (1)      the Principal Paying Agent advises the Manager in writing
                  that the Clearing Agency is no longer willing or able to
                  discharge properly its responsibilities as depository of the
                  Class A1 Notes and the Manager is not able to locate a
                  qualified successor;

         (2)      the Issuer, at the direction of the Manager (at the Manager's
                  option), advises the Principal Paying Agent in writing that
                  it elects to terminate the book entry system through the
                  Clearing Agency in respect of the Class A1 Notes; or

         (3)      after the occurrence of an Event of Default, the Note Trustee
                  at the written direction of the Class A1 Noteholders holding
                  a majority of the aggregate Outstanding Principal Balance of
                  the Class A1 Notes, advises both the Principal Paying Agent
                  and Issuer that the continuation of a book entry system is no
                  longer in the best interest of the Class A1 Noteowners,

         then the Principal Paying Agent must within 30 days of such event
         instruct the Clearing Agency to notify all Class A1 Noteowners of the
         occurrence of any such event and of the availability of Class A1
         Definitive Notes. Upon the surrender of the Class A1 Book-Entry Notes
         to the Issuer by the Clearing Agency, and the delivery by the Clearing
         Agency of the relevant registration instructions to the Issuer, the
         Issuer shall execute and procure the Principal Paying Agent to
         authenticate the Class A1 Definitive Notes in accordance with the
         instructions of the Clearing Agency.

         Class A1 Noteowner has the meaning given to it in the Note Trust Deed.

(c)      Notices

         So long as the Class A1 Notes are represented by the Class A1
         Book-Entry Note and the same is/are held on behalf of the Clearing
         Agency, notices to Class A1 Noteholders may be given by delivery of
         the relevant notice to the Clearing Agency for communication by the
         Clearing Agency to entitled account holders in substitution for
         delivery to each Class A1 Noteholder as required by the Conditions.

(d)      Cancellation

         The Note Registrar shall ensure that all Class A1 Notes:

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                                         Note Trust Deed SMHL Global Fund No. 9

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

         (2)      in the case of any Class A1 Definitive Note, which, being
                  mutilated or defaced, have been surrendered and replaced
                  under Condition 11,

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

         (3)      the aggregate Outstanding Principal Balance of Class A1 Notes
                  which have been redeemed; and

         (4)      the serial numbers of such Class A1 Notes in definitive form
                  (where applicable).

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                                         Note Trust Deed SMHL Global Fund No. 9

PART B - Terms and Conditions of the Class A2 Notes

The issue of US$1,340,000,000, Class A1 Note Mortgage Backed Pass Through
Floating Rate Notes due 9 November 2039 (the "Class A1 Notes"),
(euro)450,000,000 Class A2 Note Mortgage Backed Pass Through Floating Rate
Notes due 9 November 2039 (the "Class A2 Notes"), and together with the Class
A1 Notes, the ("Class A Offered Notes"), A$406,000,000 Class A3 Note Mortgage
Backed Pass Through Floating Rate Notes due 9 November 2039 (the "Class A3
Notes" and together with the Class A Offered Notes, the "Class A Notes") and
A$57,000,000 Class B Mortgage Backed Pass Through Floating Rate Notes due 9
November 2039 (the "Class B Notes" and together with the Class A Notes, the
"Notes") by Perpetual Limited, in its capacity as trustee of the SMHL Global
Fund No. 9 (the "Securitisation Fund") (in such capacity, the "Issuer"). These
Notes are (a) issued subject to a Master Trust Deed (the "Master Trust Deed")
dated 4 July 1994 between the Issuer and ME Portfolio Management Limited
(formerly called Superannuation Members' Home Loans Limited) (in such capacity,
the "Manager") (as amended and restated), a Supplementary Bond Terms Notice
(the "Supplementary Bond Terms Notice") dated on or about 3 October 2006
executed by (among others) the Issuer, Perpetual Trustee Company Limited (ABN
42 000 001 007) (as the security trustee for the time being referred to as the
"Security Trustee"), The Bank of New York (the note trustee for the time being
referred to as the "Note Trustee") and the Manager, and in respect of the Class
A Offered Notes these terms and conditions (the "Conditions"); (b) in respect
of the Class A Offered Notes only, constituted by a note trust deed dated on or
about 3 October 2006 (the "Note Trust Deed") between the Issuer, the Manager,
the Security Trustee, The Bank of New York as trustee for the holders for the
time being of the Class A Offered Notes (the "Class A Offered Noteholders" and
together with the holders for the time being of the Class A3 Notes (the "Class
A3 Noteholders"), the "Class A Noteholders" and together with the holders for
the time being of the Class B Notes (the "Class B Noteholders"), the
"Noteholders"), The Bank of New York as Principal Paying Agent (the "Principal
Paying Agent", which expression includes its successors as Principal Paying
Agent under the Note Trust Deed), AIB/BNY Fund Management (Ireland) Limited as
Irish Paying Agent (the "Irish Paying Agent", which expression includes its
successors as Irish Paying Agent under the Note Trust Deed), AIB/BNY Fund
Management (Ireland) Limited as Class A3 Irish Paying Agent (the "Class A3
Irish Paying Agent", which expression includes its successors as Class A3 Irish
Paying Agent under the Note Trust Deed), The Bank of New York, as calculation
agent (the "Calculation Agent", which expression includes its successors as
Calculation Agent under the Note Trust Deed) and The Bank of New York as note
registrar (the "Note Registrar"); and (c) secured by a Security Trust Deed (the
"Security Trust Deed") dated 17 August 2006 between the Issuer, the Manager,
the Note Trustee and the Security Trustee (as amended).

The statements set out below include summaries of, and are subject to the
detailed provisions of, the Master Trust Deed, the Supplementary Bond Terms
Notice, the Security Trust Deed and the Note Trust Deed. Certain words and
expressions used herein have the meanings defined in those documents. In
accordance with the Note Trust Deed, under which further paying agents may be
appointed (together with the Principal Paying Agent and the Irish Paying Agent,
the "Paying Agents", which expression includes the successors of each paying
agent under the Note Trust Deed and any additional paying agents appointed),
payments in respect of the Class A Offered Notes will be made by the Paying
Agents and the Calculation Agent will make the determinations specified in the
Note Trust Deed. The Class A Offered Noteholders will be entitled (directly or
indirectly) to the benefit of, will be bound by, and will be deemed to have
notice of, all the provisions of the Master Trust Deed, the Supplementary Bond
Terms Notice, the Security Trust Deed, the Note Trust Deed, the Mortgage
Origination and Management Agreement dated 4 July 1994 and novated by the Deed
of Novation dated 28 September 1995 (as amended) (the "Mortgage Origination and
Management Agreement") between Members'

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                                         Note Trust Deed SMHL Global Fund No. 9

Equity Pty Limited (formerly known as NMFM Lending Pty Limited) as mortgage
manager (together with any substitute or successor, the "Mortgage Manager"),
the Manager and the Issuer, (together with the agreements with respect to the
Fixed Floating Rate Swap, and the Currency Swaps (as each such term is defined
below), (those documents the "Relevant Documents") and certain other
transaction documents defined as such in the Master Trust Deed, collectively
the "Transaction Documents"). Copies of the Transaction Documents are available
for inspection at the office of the Principal Paying Agent, being at the date
hereof The Bank of New York at its offices at 48th Floor, 1 Canada Square,
London, E14 5AL, United Kingdom, and at the registered office of the Irish
Paying Agent, being at the date hereof AIB/BNY Fund Management (Ireland)
Limited at Guild House, Guild Street, Dublin 1, Republic of Ireland.

The Issuer has entered into a ISDA Master Agreement dated 22 September 2006
with Australia and New Zealand Banking Group Limited (the "Fixed-Floating Rate
Swap Provider") together with a confirmation relating thereto as at the Closing
Date (the "Fixed-Floating Rate Swap"). The Issuer has also entered into a ISDA
Master Agreement dated 22 September 2006 with Commonwealth Bank of Australia
(the "US Currency Swap Provider" and the "Euro Currency Swap Provider" or the
"Currency Swap Provider"), (together the Fixed-Floating Rate Swap Provider, and
the Currency Swap Provider, the "Swap Provider") together with the
confirmations relating thereto which have an effective date of the Closing Date
in respect of the Class A Offered Notes (the "US Currency Swap" and the "Euro
Currency Swap", respectively and together the "Currency Swaps").

Perpetual Limited as trustee of the Securitisation Fund, at the direction of
the Manager, may in the future enter into Fixed-Floating Rate Swaps with new
fixed-floating rate swap providers provided that each new fixed-floating rate
swap provider has at least the minimum credit rating specified by each rating
agency, if any, in order to provide such fixed-floating rate swaps to the
Securitisation Fund.

Class A2 Book-Entry Notes will also bear the following legend: "This book-entry
note is a global note for the purposes of section 128F(10) of the Income Tax
Assessment Act 1936 of the Commonwealth of Australia".

The Class A2 Notes will also bear the following legend:

"THIS CLASS A2 NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED
STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") OR THE
SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND, AS A MATTER OF U.S. LAW,
PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE LATER OF THE CLOSING DATE AND THE
COMMENCEMENT OF THE OFFERING OF THE CLASS A2 NOTES MAY NOT BE OFFERED, RESOLD,
PLEDGED OR OTHER WISE TRANSFERRED WITHIN THE UNITED STATES, OR FOR THE ACCOUNT
OR BENEFIT OF U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES
ACT) EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT AND IN ACCORDANCE WITH ANY APPLICABLE LAWS OF ANY STATE OF THE
UNITED STATES."

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1        Form, Denomination and Title

The Class A2 Notes will be issued in registered form without interest coupons
in minimum denominations of (euro)100,000 and integral multiples thereof.

Each Class A2 Book Entry Note is not a document of title. Title shall be
determined by entry in the Register and only the duly registered holder from
time to time is entitled to payments in

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                                         Note Trust Deed SMHL Global Fund No. 9

respect of a Class A2 Book Entry Note.

The Class A2 Note will be represented initially by a temporary global note in
registered form (each a "Temporary Class A2 Global Note" registered in the name
of The Bank of New York Depositary (Nominees) Limited and deposited with the
Common Depository in respect of the Class A2 Notes. Interests in the Temporary
Class A2 Global Notes will be exchangeable 40 days after the later of the first
Bond Issue Date and the date on which the relevant Class A2 Notes are first
offered to persons other than distributors in reliance on Regulation S of the
Securities Act for a permanent global note in registered form (each a
"Permanent Class A2 Global Note") in an equivalent principal amount to the
relevant Temporary Class A2 Global Note. Beneficial interests in the Class A2
Book-Entry Notes will be shown on, and transfers thereof will be effected only
through, records maintained by Euroclear or Clearstream, Luxembourg and their
participants. Euroclear and Clearstream, Luxembourg may hold interests in the
Class A2 Book-Entry Notes on behalf of persons who have accounts with Euroclear
and Clearstream, Luxembourg through accounts maintained in the names of
Euroclear or Clearstream, Luxembourg.

If the Issuer is obliged to issue Class A2 Definitive Notes under clause 3.4 of
Note Trust Deed, interests in the applicable Class A2 Book-Entry Note will be
transferred to the beneficial owners thereof in the form of Class A2 Definitive
Notes, without interest coupons, in the denominations set forth above. A Class
A2 Definitive Note will be issued to each Class A2 Noteholder in respect of its
registered holding or holdings of Class A2 Notes against delivery by such Class
A2 Noteholders of a written order containing instructions and such other
information as the Issuer and The Bank of New York, acting as a note registrar
(the "Note Registrar") may require to complete, execute and deliver such Class
A2 Definitive Notes. In such circumstances, the Issuer will cause sufficient
Class A2 Definitive Notes to be executed and delivered to the Note Registrar
for completion, authentication (by the Principal Paying Agent) and dispatch to
the relevant Class A2 Noteholders.

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2        Status, Security and Relationship Between the Class A Notes and the
         Class B Notes

The Class A Notes are secured by a first ranking floating charge over all of
the assets of the Trust (which include, among other things, the Loans (as
defined below) and the Mortgages (as defined below) and related securities) (as
more particularly described in the Security Trust Deed) and will rank pari
passu and rateably without any preference or priority among themselves.

The Class A Notes are issued subject to the Master Trust Deed and the
Supplementary Bond Terms Notice and are secured by the same security as the
Class B Notes but the Class A Notes will rank in priority to the Class B Notes
both before and after enforcement of the security and in respect of both
principal and interest (as set out in Conditions 4 and 5).

The proceeds of the issue of the Class A Notes and the Class B Notes are to be
used by the Issuer to purchase an interest in certain housing loans (the
"Loans") and certain related mortgages (the "Mortgages").

In the event that the security for the Class A Notes is enforced and the
proceeds of such enforcement are insufficient, after payment of all other
claims ranking in priority to or pari passu with the Class A Notes under the
Security Trust Deed, to pay in full all principal and interest and other
amounts due in respect of the Class A Notes, then the Class A Noteholders shall
have no further claim against the Issuer in respect of any such unpaid amounts.

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                                         Note Trust Deed SMHL Global Fund No. 9

The net proceeds of realisation of the assets of the Securitisation Fund
(including following enforcement of the Security Trust Deed) may be
insufficient to pay all amounts due to the Noteholders. Save in certain limited
circumstances the other assets of the Issuer will not be available for payment
of any shortfall and all claims in respect of such shortfall shall be
extinguished (see further Condition 15). None of the Mortgage Manager, the
Manager, the Note Trustee, the Calculation Agent, the Principal Paying Agent,
the Irish Paying Agent, the Note Registrar, the Security Trustee or the Swap
Provider (as defined in the Supplementary Bond Terms Notice) has any obligation
to any Noteholder for payment of any amount by the Issuer in respect of the
Notes.

The Note Trust Deed contains provisions requiring the Note Trustee to have
regard to the interests of Class A Offered Noteholders as regards all the
powers, trusts, authorities, duties and discretions of the Note Trustee (except
where expressly provided otherwise).

The Security Trust Deed contains provisions requiring the Security Trustee,
subject to the other provisions of the Security Trust Deed, to give priority to
the interests of the Class A Noteholders, if there is a conflict between the
interest of such Noteholders and any other Voting Secured Creditor (as defined
below).

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3        Covenants of the Issuer

So long as any of the Class A Notes remain outstanding, the Issuer has made
certain covenants for the benefit of the Class A Noteholders which are set out
in the Master Trust Deed.

These covenants include the following.

(a)      The Issuer shall act continuously as trustee of the Securitisation
         Fund until the Securitisation Fund is terminated as provided by the
         Master Trust Deed or the Issuer has retired or been removed from
         office in the manner provided under the Master Trust Deed.

(b)      The Issuer shall:

         (1)      act honestly and in good faith and comply with all relevant
                  material laws in the performance of its duties and in the
                  exercise of its discretions under the Master Trust Deed;

         (2)      exercise such diligence and prudence as a prudent person of
                  business would exercise in performing its express functions
                  and in exercising its discretions under the Master Trust
                  Deed, having regard to the interests of the Class A
                  Noteholders, the Class B Noteholders, the Beneficiaries and
                  other Noteholders of the Securitisation Fund in accordance
                  with its obligations under the relevant Transaction
                  Documents;

         (3)      use its best endeavours to carry on and conduct its business
                  in so far as it relates to the Master Trust Deed in a proper
                  and efficient manner;

         (4)      do everything and take all such actions which are necessary
                  (including obtaining all such authorisations and approvals as
                  are appropriate) to ensure that it is able to exercise all
                  its powers and remedies and perform all its obligations under
                  the Master Trust Deed, the Transaction Documents and all
                  other deeds, agreements and other arrangements entered into
                  by the Issuer pursuant to the Master Trust Deed;

         (5)      not, as Issuer, engage in any business or activity in respect
                  of the Securitisation Fund except as contemplated or required
                  by the Transaction Documents;

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                                         Note Trust Deed SMHL Global Fund No. 9

         (6)      except as contemplated or required by the Transaction
                  Documents, not, in respect of the Securitisation Fund,
                  guarantee or become obligated for the debts of any other
                  entity or hold out its credit as being available to settle
                  the obligations of others;

         (7)      within 45 days of notice from the Manager to do so, remove
                  any of its agents or delegates that breaches any obligation
                  imposed on the Issuer under the Master Trust Deed or any
                  other Transaction Document where the Manager reasonably
                  believes it will materially adversely affect the rating of
                  either or both of the Class A Notes and Class B Notes; and

         (8)      not agree to any amendment to Agreed Procedures (as defined
                  in the Mortgage Origination and Management Agreement) unless
                  each Designated Rating Agency confirms that it will not
                  withdraw or downgrade the rating of the Notes as a result of
                  such amendment.

(c)      Except as provided in any Transaction Document (and other than the
         charge given to the Security Trustee and the Issuer's lien over the
         assets of the Securitisation Fund), the Issuer shall not nor permit
         any of its officers to sell, mortgage, charge or otherwise encumber or
         part with possession of any assets of the Securitisation Fund (the
         "Fund Assets").

(d)      The Issuer shall duly observe and perform the covenants and
         obligations of the Master Trust Deed and will be personally liable to
         the Noteholders, the Beneficiaries, or any other creditors for its
         negligence, fraud or wilful default (as defined in Condition 15).

(e)      The Issuer will open and operate certain bank accounts in accordance
         with the Master Trust Deed and any Transaction Document.

(f)      Subject to the Master Trust Deed and any Transaction Document to which
         it is a party, the Issuer must act on all directions given to it by
         the Manager in accordance with the terms of the Master Trust Deed.

(g)      The Issuer must properly perform the functions which are necessary for
         it to perform under all Transaction Documents in respect of the
         Securitisation Fund.

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4        Interest

(a)      Quarterly Payment Dates

         Each Class A2 Note bears interest on the Invested Amount (as defined
         in the Supplementary Bond Terms Notice) of that Class A2 Note from and
         including 11 October 2006 or such later date as may be agreed between
         the Manager and the Issuer for the issue of the Class A2 Notes (the
         "Closing Date"). Interest in respect of the Class A2 Notes will be
         payable in arrears on 9 November 2006 in respect of the period from
         (and including) the Closing Date and ending on (but excluding) 9
         November 2006 (the "First Quarterly Payment Date") and thereafter on
         each 9th February, May, August and November (each such date a
         "Quarterly Payment Date"). If any Quarterly Payment Date would
         otherwise fall on a day which is not a Banking Day (as defined below),
         it shall be postponed to the next day which is a Banking Day. The
         final Quarterly Payment Date for a Class of Notes will be the earlier
         of the Final Maturity Date for that Class of Notes and the Quarterly
         Payment Date on which the Notes are redeemed in full.

         "Banking Day" in this Condition 4 (other than Condition 4(b)) and in
         Conditions 5 and 9 below means any day (other than a Saturday, Sunday
         or public holiday) on which banks

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                                         Note Trust Deed SMHL Global Fund No. 9

         are open for business in London, New York, Sydney and Melbourne and
         which is a TARGET Settlement Day.

         The period beginning on (and including) the Closing Date and ending on
         (but excluding) the first Quarterly Payment Date, and each successive
         period beginning on (and including) a Quarterly Payment Date and
         ending on (but excluding) the next Quarterly Payment Date is called an
         "Interest Period". Interest payable on a Class A2 Note in respect of
         any Interest Period or any other period will be calculated on the
         basis of the actual number of days in that Interest Period and a 360
         day year.

         A Class A2 Note will stop earning interest on any date on which the
         Outstanding Principal Balance of the Class A2 Note is zero (provided
         that interest shall thereafter begin to accrue from (and including)
         any date on which the Outstanding Principal Balance of the Class A2
         Note becomes greater than zero) or if the Outstanding Principal
         Balance of the Class A Note is not zero on the due date for redemption
         in full of the Class A2 Note, unless payment of principal is
         improperly withheld or refused, following which the Class A2 Note will
         continue to earn interest on the Invested Amount of the Class A2 Note
         at the rate from time to time applicable to the Class A2 Note until
         the later of the date on which the Note Trustee or Principal Paying
         Agent receives the moneys in respect of the Class A2 Notes and
         notifies the holders of that receipt or the date on which the
         Outstanding Principal Balance of the Class A2 Note has been reduced to
         zero but interest will begin to accrue from and including any date on
         which the Outstanding Principal Balance of the Class A2 Note becomes
         greater than zero.

         If interest is not paid on a Class A2 Note on the date when it is due
         and payable (other than because the due date is not a Banking Day)
         that unpaid interest will itself bear interest at the Interest Rate
         applicable to that Class A2 Note until the unpaid interest and the
         amount of interest on it is available for payment by the Issuer.

(b)      Interest Rate

         The rate of interest applicable from time to time for Class A2 Notes
         (the "Class A2 Interest Rate") will be determined by the Calculation
         Agent on the basis of the following paragraphs.

         The second Banking Day before the beginning of each Interest Period
         (each an Interest Determination Date), the Calculation Agent will
         determine the rate "EUR-EURIBOR-Telerate" as the applicable Floating
         Rate Option under the Definitions of the International Swaps and
         Derivatives Association, Inc. ("ISDA") (the "ISDA Definitions") being
         the rate applicable to any Interest Period for three-month (or, in the
         case of the first Interest Period, the rate will be determined by
         linear interpolation calculated by reference to the duration of 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. If such rate does not
         appear on the Telerate Page 248, the rate for that Interest Period
         will be determined as if the Issuer 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 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

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                                         Note Trust Deed SMHL Global Fund No. 9

         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.
         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.

         For the purpose of the foregoing paragraph, Banking Day means any day
         which is a TARGET Settlement Day.

         The Class A2 Interest Rate applicable to the Class A2 Notes for such
         Interest Period will be the aggregate of (i) the interest rate or
         arithmetic mean as determined by the Calculation Agent under the
         previous paragraph; and (ii) the margin of 0.08% (the "Class A2
         Margin") in relation to the Class A2 Notes.

         If the Issuer has not redeemed all of the Class A Notes on or before
         the Quarterly Payment Date falling 9 August 2012, the Class A2 Margin
         will increase to 0.16% for the period from (and including) that date
         until (but excluding) the date on which the Class A2 Notes are
         redeemed in full in accordance with these Conditions.

         There is no maximum or minimum Class A2 Interest Rate.

(c)      Determination of Interest Rate and Calculation of Interest

         The Calculation Agent will, as soon as practicable after 11.00 am
         (Brussels time) on each Interest Determination Date, determine the
         Class A2 Interest Rate applicable to, and calculate the amount of
         interest payable (the "Class A2 Interest") for, the immediately
         succeeding Interest Period in respect of the Class A2 Notes. The Class
         A2 Interest is calculated by applying the Class A2 Interest Rate for
         the Class A2 Notes to the Invested Amount (as defined in the
         Supplementary Bond Terms Notice) of that Class A2 Note on the first
         day of the next Interest Period after giving effect to any payments of
         principal made with respect for such class on such day, multiplying
         such product by a fraction, the numerator of which is the actual
         number of days in the relevant Interest Period and the denominator of
         which is 360 days and rounding the resultant figure down to the
         nearest cent (half a cent being rounded upwards). The determination of
         the Class A2 Interest Rate and the Class A2 Interest by the
         Calculation Agent shall (in the absence of manifest error) be final
         and binding upon all parties.

(d)      Notification of Class A2 Interest Rate and Class A2 Interest

         The Calculation Agent will cause the Class A2 Interest Rate and the
         Class A2 Interest applicable to each Class A2 Note for each Interest
         Period and the relevant Quarterly Payment Date to be notified to the
         Issuer, the Manager, the Note Trustee , the Irish Stock Exchange and
         the Paying Agents. The Class A2 Interest, Class A2 Interest Rate and
         the relevant Quarterly Payment Date so made available may subsequently
         be amended (or appropriate alternative arrangements made by way of
         adjustment) without notice in the event of a shortening of the
         Interest Period.

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                                         Note Trust Deed SMHL Global Fund No. 9

(e)      Determination or Calculation by the Manager

         If the Calculation Agent at any time for any reason does not determine
         the relevant Class A2 Interest Rate or calculate the Class A2 Interest
         for a Class A2 Note, the Manager shall do so and each such
         determination or calculation shall be deemed to have been made by the
         Calculation Agent. In doing so, the Manager shall apply the foregoing
         provisions of this Condition, with any necessary consequential
         amendments, to the extent that in its opinion, it can do so, and, in
         all other respects it shall do so in such a manner as it reasonably
         considers to be fair and reasonable in all the circumstances.

(f)      Calculation Agent

         The Issuer will procure that, so long as any of the Class A Offered
         Notes remains outstanding, there will, at all times, be a Calculation
         Agent. The Issuer, or the Manager with the consent of the Issuer (such
         consent not to be unreasonably withheld), reserves the right at any
         time to terminate the appointment of the Calculation Agent subject to
         the terms of the Note Trust Deed. Notice of that termination will be
         given to the Class A Offered Noteholders. If any person is unable or
         unwilling to continue to act as the Calculation Agent, or if the
         appointment of the Calculation Agent is terminated, the Issuer will,
         with the approval of the Note Trustee, appoint a successor Calculation
         Agent to act as such in its place, provided that neither the
         resignation nor removal of the Calculation Agent shall take effect
         until a successor approved by the Note Trustee has been appointed.

(g)      Interest distribution

         On each Quarterly Payment Date, and based on the calculations,
         instructions and directions provided to it by the Manager, and subject
         to the terms of the Security Trust Deed and the Supplementary Bond
         Terms Notice, (to the extent it has not already done so) the Issuer
         must apply the Interest Collections for the Monthly Calculation Period
         ending immediately before the relevant Quarterly Payment Date but in
         respect of the applicable Quarterly Calculation Period 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;

         (2)      secondly, pari passu and rateably in payment of the Issuer's
                  Fee, the Manager's Fee and any Expenses (other than the
                  Expenses referred to in paragraph (9) below) in respect of
                  the Securitisation Fund which have not previously been paid
                  on a prior Monthly Payment Date;

         (3)      thirdly, without duplication, in or toward any amounts
                  payable or to be applied under paragraph (4) below on any
                  previous Quarterly Payment Date, if there had been sufficient
                  Interest Collections, which have not previously been paid or
                  allocated by the Issuer, together with accrued interest
                  thereon which in the case of a Note must be at the Interest
                  Rate applicable to the relevant Note;

         (4)      fourthly, pari passu and rateably:

                  (A)      in payment of any interest due under any Redraw
                           Funding Facility or Top-up Funding Facility for the
                           applicable Quarterly Calculation Period including
                           (without duplication) any amounts allocated on the
                           two preceding Monthly Payment Dates (Non-Distributed
                           Amount); and

                  (B)      and in payment to the Currency Swap Provider, in
                           payment of the A$ Class A Interest Amount payable
                           under the Confirmations on that

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                                         Note Trust Deed SMHL Global Fund No. 9

                           Quarterly Payment Date, which is thereafter to be
                           applied to payment of interest on the Class A
                           Offered Notes for the for the applicable Quarterly
                           Calculation Period including (without duplication)
                           any Non-Distributed Amount; and

                  (C)      in payment of any interest due under any Class A3
                           Notes for the applicable Monthly Interest Period;

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

         (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) any
                  Non-Distributed Amount;

         (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 Condition 5(b) any amounts that have been paid or
                  allocated in any previous Interest Periods under Conditions
                  5(b)(1), (2), (3) and (4) (to the extent not previously
                  reimbursed under this Condition 4(g)(8)) for the applicable
                  Monthly Interest Period (in the case of Conditions 5(b)(1),
                  (2) and (3)) and Quarterly Interest Period (in the case of
                  Condition 5(b)(4)) including (without duplication) any
                  Non-Distributed Amount;

         (9)      ninthly, in payment toward any break costs payable on
                  cancellation of any Fixed-Floating Rate Swap to the extent
                  that those amounts are not recovered under the relevant Loan
                  secured by Mortgages comprised in the Assets of the
                  Securitisation Fund in the form of any applicable prepayment
                  fees or a drawing has not been made under a Payment Funding
                  Facility including (without duplication) any Non-Distributed
                  Amount;

         (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) any
                  Non-Distributed Amount;

         (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
                  Securitisation 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 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, including any Non-Distributed Amount;

         (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

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                                         Note Trust Deed SMHL Global Fund No. 9

                  (B)      each Class A Offered Note,

                  in reinstatement of in the books of the Securitisation 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:

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

                  (ii)     any Carry Over Redraw Charge Offs; and

                  (iii)    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 including (without
                  duplication) any Non-Distributed Amount (in the case 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 in and towards
                  reinstatement of in the books of the Securitisation Fund
                  including any Non-Distributed Amount and in the following
                  order:

                  (A)      any Class B Charge Offs for the applicable
                           Calculation Period; and

                  (B)      pari passu and rateably the Invested Amount of the
                           Class B Notes to the extent of any Carry Over Class
                           B Charge Offs;

         (14)     fourteenthly, (to the extent not paid under Condition 5(b))
                  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 or toward repayment of any principal due and
                  payable under any Payment Funding Facility including (without
                  duplication) any Non-Distributed Amount;

         (15)     fifteenthly, in payment of or provision for amounts payable
                  to the Income Unitholder of the Securitisation Fund in
                  accordance with Conditions 22.1(d) and 22.3(d) of the Master
                  Trust Deed including (without duplication) any
                  Non-Distributed Amount.

         Capitalised terms in this Condition 4(g) have the same meaning given
         in the Supplementary Bond Terms Notice unless otherwise defined in
         this document.

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5        Redemption and Purchase

Capitalised terms in this Condition 5 have the same meaning given in the
Supplementary Bond Terms Notice unless otherwise defined in this document.

(a)      Mandatory Redemption in part from Principal Collections and
         apportionment of Principal Collections between the Class A Notes and
         the Class B Notes

         The Class A Notes shall be subject to mandatory redemption in part on
         any Quarterly Payment Date (or in the case of the Class A3 Notes, any
         Monthly Payment Date) if on that date there are any Principal
         Collections available to be distributed in relation to such Class A
         Notes. The principal amount so redeemable in respect of each Class A
         Note prior to enforcement of the Security Trust Deed (each a
         "Principal Payment") on any Quarterly Payment Date shall be the amount
         available for payment as set out in Condition

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                                         Note Trust Deed SMHL Global Fund No. 9

         5(b) on the day which is seven Banking Days prior to the Quarterly
         Payment Date (the "Cut Off") divided by the aggregate Invested Amount
         of all Class A Notes, multiplied by the Invested Amount of that Note,
         provided always that no Principal Payment on a Class A Note on any
         date may exceed the amount equal to the Invested Amount of that Class
         A Note at that date.

         Notice of amounts to be redeemed will be provided by the Manager to
         the Issuer, the Calculation Agent, the Principal Paying Agent and the
         Note Trustee.

(b)      Principal Distributions on Notes

         On each Quarterly Payment Date, and in accordance with the
         calculations, instructions and directions provided to it by the
         Manager and subject to the terms of the Security Trust Deed and the
         Supplementary Bond Terms Notice (to the extent it has not already done
         so), the Issuer must apply the Principal Collections together with any
         amounts to be applied under this Condition 5(b) pursuant to Condition
         5(d) for the Monthly Calculation Period ending immediately before the
         relevant Quarterly Payment Date but in respect of the applicable
         Quarterly Calculation Period and Condition 5(d)(2), in relation to the
         two preceding Monthly Payment Dates, 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 as described in Condition 4);

         (2)      secondly, pari passu and rateably in payment of the Issuer's
                  Fee, the Manager's Fee and any Expenses (other than the
                  Expenses referred to in this Condition 5(b) below) in respect
                  of the Securitisation Fund (to the extent not paid or
                  provided for as described in Condition 4(g));

         (3)      thirdly, in payment of the amounts payable and in the
                  priority under Condition 4(g)(4) and which have not
                  previously been paid or allowed for on a previous Payment
                  Date (or in relation to the Monthly Payment Date which falls
                  on that Quarterly Payment Date, in respect of the Class A3
                  Notes) (to the extent not paid or allowed for as described in
                  Condition 4(g)(3));

         (4)      fourthly, in payment of the amounts payable under and in the
                  priority as specified in, Condition 4(g)(6) and which have not
                  previously been paid or allowed for on a previous Payment
                  Date for the applicable Quarterly Calculation Period,
                  including (without duplication) any amounts allocated on the
                  two preceding Monthly Payment Dates (Non-Distributed Amount)
                  (to the extent not paid or allowed for under Condition
                  4(g)(5));

         (5)      fifthly, pari passu and rateably in repayment of any Redraw
                  Principal Outstanding under a Redraw Funding Facility or any
                  Top-up Principal Outstanding under any Top-up Funding
                  Facility for the applicable Quarterly Calculation Period,
                  including (without duplication) all Non-Distributed Amounts;

         (6)      sixthly, pari passu and rateably in payment of amounts
                  approved by the Manager under any Loan Redraw Facility or
                  Top-up Loan for the applicable Quarterly Calculation Period,
                  including (without duplication) all Non-Distributed Amounts;

         (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

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                                         Note Trust Deed SMHL Global Fund No. 9

                  (B)      payment to the Currency Swap Provider under a
                           Confirmation relating to the Class A Notes for the
                           applicable Quarterly Calculation Period, including
                           (without duplication) any Non-Distributed Amount
                           until the Outstanding Principal Balance of the Class
                           A Offered Notes is reduced to zero, of an amount
                           equal to the lesser of:

                           (i)  the amount available for distribution under
                                this paragraph (7) after all payments which
                                have priority under this paragraph (b); and

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

                           including (without duplication) all Non-Distributed
                           Amounts

         (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:

                  (A)      the amount available for distribution under this
                           paragraph (8) after all payments which have priority
                           under this paragraph (b); and

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

                  including (without duplication) all Non-Distributed Amounts;

         (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 Provider under a
                           Confirmation of the A$ Equivalent of any Carry Over
                           Class A Charge Offs relating to the Class A Offered
                           Notes including (without duplication) all
                           Non-Distributed Amounts;

                  (B)      in repaying the Redraw Principal Outstanding of each
                           Redraw Funding Facility to the extent of any Carry
                           Over Redraw Charge Offs including (without
                           duplication) all Non-Distributed Amounts; 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 Non-Distributed Amounts; and

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

         (10)     tenthly, in repaying the Invested Amount of the Class B Notes
                  to the extent of any Carry Over Class B Charge Offs including
                  (without duplication) all Non-Distributed Amounts;

         (11)     eleventhly, in payment towards any break costs payable on
                  cancellation of any Fixed-Floating Rate Swap to the extent
                  that those amounts are not recovered under the relevant Loan
                  secured by Mortgages comprised in Assets of the
                  Securitisation Fund in the form of any applicable prepayment
                  fees or a drawing has not been made under a Payment Funding
                  Facility (to the extent not paid as described under Condition
                  4(g)); and

         (12)     twelfthly, subject to Condition (c) below, 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

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                                         Note Trust Deed SMHL Global Fund No. 9

                  Funding Facility for the applicable Quarterly Calculation
                  Period including (without duplication) all Non-Distributed
                  Amounts.

         Capitalised terms in this Condition (b) have the same meaning given in
         the Supplementary Bond Terms Notice unless otherwise defined in this
         document.

(c)      Rights of Liquidity Noteholder

         On any Quarterly Payment Date, the Issuer must not make any payments
         out of Principal Collections to the Liquidity Noteholder under
         Condition (b) above unless the Invested Amount of all the Notes is
         zero, or will be zero following any payments made on the relevant
         Quarterly Payment Date.

(d)      Payment of Charge Offs and Non-Distributed Amounts

         (1)      The amount of any reinstatement under Conditions 4(g)(11),
                  (12) and (13) together with any amounts reimbursed under
                  Condition 4(g)(8) must be applied on the Quarterly Payment
                  Date of the reimbursement in accordance with Condition 5(b)
                  as if the amount reimbursed formed part of Principal
                  Collections.

         (2)      Any Non-Distributed Amount relating to the two Monthly
                  Payment Dates which precede a Quarterly Payment Date which
                  has not previously been paid or allowed for under Condition
                  4(g), must be applied in accordance with Condition 5(b) as if
                  the amounts allowed for formed part of Principal Collections.

(e)      General

         No amount of principal will be paid to a Noteholder in excess of the
         Invested Amount applicable to the Notes held by that Noteholder.

(f)      Euro Account

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

         On each Quarterly Payment Date, the Issuer must, on the direction of
         the Manager, or must require that the Principal Paying Agent on its
         behalf, distribute from the 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
         Conditions 4(g) and 5(b).

(g)      US$ Account

         The Issuer must direct the US Currency Swap Provider to pay all
         amounts denominated in US$ payable to the Issuer by the US Currency
         Swap Provider under the US Currency Swap into the US$ Account or to
         the Principal Paying Agent on behalf of the Issuer.

         On each Quarterly Payment Date, the Issuer must, on the direction of
         the Manager, or must require that the Principal Paying Agent on its
         behalf, distribute from the US$ Account the relevant amounts of
         interest and principal due in respect of each Class A1 Note in
         accordance with the Note Trust Deed and in order of priority in
         Conditions 4(g) and 5(b).

(h)      Calculation of Principal Payments, Outstanding Principal Balance and
         Invested Amount

         The Manager must, not later than two Banking Days before each
         Quarterly Payment Date advise the Issuer, and in respect of the Class
         A Offered Notes only, the Currency Swap Provider in writing of:

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                                         Note Trust Deed SMHL Global Fund No. 9

         (1)      all amounts payable or to be provided for under clause 6 of
                  the Supplementary Bond Terms Notice (which includes the
                  amounts payable to be provided under Conditions 4(g) and
                  5(b));

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

         (3)      the Outstanding Principal Balance and Invested Amount of each
                  Class A Note and Class B Note following the making of all
                  payments to be made on that Quarterly Payment Date in
                  accordance with the Supplementary Bond Terms Notice.

         The Manager must also notify the Issuer of all details of payments
         which are to be made by or on behalf of the Issuer on or by each
         Quarterly Payment Date. The Manager must, not later than two Banking
         Days before each Quarterly Payment Date, also notify the Currency Swap
         Provider of all payments which are to be made by or on behalf of the
         Issuer under Conditions 4(g) and 5(b) in respect of the Class A
         Offered Notes.

         The Manager will notify the Issuer, the Note Trustee, the Principal
         Paying Agent and the Calculation Agent by not later than two Banking
         Days prior to the relevant Quarterly Payment Date (the "Determination
         Date") of each such determination and will immediately cause details,
         of each of those determinations to be made available in accordance
         with Condition 12 one Banking Day before the relevant Quarterly
         Payment Date. If no repayment of principal is due to be made on the
         Class A Offered Notes on any Quarterly Payment Date a notice to this
         effect will be given to the Class A Offered Noteholders in accordance
         with Condition 12.

         If the Manager does not at any time for any reason determine a
         repayment of principal or the Outstanding Principal Balance and the
         Invested Amount applicable to Class A Offered Notes in accordance with
         this paragraph, the repayment of principal and Outstanding Principal
         Balance and the Invested Amount may be determined by the Calculation
         Agent in accordance with this paragraph (but based on the information
         in its possession) and each such determination or calculation shall be
         deemed to have been made by the Manager.

(i)      Call

         The Issuer must, when so directed by the Manager (at the Manager's
         option), having given not more than 60 no less than 45 days' notice to
         the Class A Noteholders and in 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:

         (1)      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 initial
                  Outstanding Principal Balance of all Notes calculated and
                  expressed in the A$ Equivalent; and

         (2)      in the case of Class A Notes, the Quarterly Payment Date
                  falling on 9 August 2012 and in the case of the Class A3
                  Notes, the Monthly Payment Date falling on 9 August 2012,

         provided that:

         (3)      if the aggregate Outstanding Principal Balance for all Class
                  A Notes calculated and expressed in the A$ Equivalent on such
                  date of redemption or repurchase has been reduced by Class A
                  Charge Offs which have not been repaid under

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                                         Note Trust Deed SMHL Global Fund No. 9

                  Conditions 4(g)(10) and (11), the Noteholders owning at least
                  75% of the aggregate Invested Amount of the Class A Notes
                  calculated and expressed in the A$ Equivalent must consent to
                  such repurchase or redemption; and

         (4)      the Issuer will be in a position on such Quarterly Payment
                  Date to discharge (and the Manager so certifies to the Issuer
                  and the Note Trustee upon which certification the Issuer and
                  the Note Trustee will rely conclusively) all its liabilities
                  in respect of the Class A Notes (at their Outstanding
                  Principal Balance) and any amounts which would be required
                  under the Security Trust Deed to be paid in priority or pari
                  passu with the Class A Notes if the security for the Notes
                  were being enforced.

(j)      Redemption for Taxation or Other Reasons

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

         (1)      that on the next Quarterly Payment Date the Issuer would be
                  required to deduct or withhold from any payment of principal
                  or interest in respect of the Class A Notes, the Currency
                  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

         (2)      the total amount payable in respect of interest in relation
                  to any of the Loans secured by Mortgages comprised in the
                  Assets of the Securitisation Fund for a Calculation Period
                  ceases to be receivable (whether or not actually received) by
                  the Issuer during such Calculation Period (but this paragraph
                  (2) 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 Issuer must, when so directed by the Manager, at the Manager's
         option (provided that the Issuer will be in a position on such
         Quarterly Payment Date to discharge (and the Manager will so certify
         to the Issuer and the Note Trustee) all its liabilities in respect of
         the Class A Notes (at their Invested Amount) and any amounts which
         would be required under the Security Trust Deed to be paid in priority
         or pari passu with the Class A Notes if the security for the Class A
         Notes were being enforced), having given not more than 60 nor less
         than 45 days' notice to the Class A Noteholders in accordance with
         Condition 12, redeem all, but not some only, of the Class A Notes at
         their then Invested Amount together with accrued interest to (but
         excluding) the date of redemption on any subsequent Quarterly Payment
         Date, provided that the Class A Noteholders may by Extraordinary
         Resolution elect, and shall notify the Issuer and the Manager not less
         than 21 days before the next Quarterly Payment Date following the
         receipt of notice of such proposed redemption that they do not require
         the Issuer to redeem the Class A Notes.

(k)      Redemption on Final Maturity

         If not otherwise redeemed, the Class A Notes must be repaid in full on
         9 November 2039.

(l)      Cancellation

         All Class A Notes redeemed in full pursuant to the above provisions
         will be cancelled.

(m)      Certification

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                                         Note Trust Deed SMHL Global Fund No. 9

         For the purposes of any redemption made pursuant to this Condition 5,
         the Note Trustee may rely upon an Officer's Certificate under the Note
         Trust Deed from the Manager certifying or stating the opinion of each
         person signing such certificate as:

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

         (2)      that in the opinion of such person the proposed release will
                  not impair the security under the Security Trust Deed in
                  contravention of the provisions of the Security Trust Deed or
                  the Note Trust Deed; and

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

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

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6        Payments

(a)      Method of payment

         Any instalment of interest or principal, payable on any Class A2 Note
         which is punctually paid or duly provided for by the Issuer to the
         Principal Paying Agent on the applicable Quarterly Payment Date or
         Final Maturity Date shall be paid to the person in whose name such
         Class A2 Note is registered on the Record Date, by cheque mailed
         first-class, postage prepaid, to such person's address as it appears
         on the Note Register on such Record Date, except that, unless Class A2
         Definitive Notes have been issued pursuant to clause 3.4 of the Note
         Trust Deed, with respect to Class A2 Notes registered on the Record
         Date in the name of the nominee of the Clearing Agency (initially in
         respect of the Class A2 Notes such Clearing Agency to be Euroclear or
         Clearstream, Luxembourg and such nominee to be the Common Depository
         of Euroclear or Clearstream, Luxembourg), payment will be made by wire
         transfer in immediately available funds to the account designated by
         such nominee and except for the final instalment of principal payable
         with respect to such Class A2 Note on a Quarterly Payment Date or
         Final Maturity Date.

(b)      Initial Principal Paying Agent

         The initial Principal Paying Agent in respect of the Class A2 Notes is
         The Bank of New York at its offices in London, United Kingdom.

(c)      Paying Agents

         The Issuer may (at the direction of the Manager) at any time (with the
         prior written approval of the Note Trustee) terminate the appointment
         of any Paying Agent and appoint additional or other Paying Agents,
         provided that (among other things) the new Paying Agent has been
         approved in writing by the Note Trustee and appointed on terms
         previously approved in writing by the Note Trustee, notice has been
         provided to the Class A Offered Noteholders, and it will at all times
         maintain a Paying Agent having a specified office in New York City (in
         respect of the Class A1 Notes) and the United Kingdom (in respect of
         the Class A2 Notes) and the Republic of Ireland (for so long as the
         Class A2 Notes are listed and traded on the Irish Stock Exchange).
         Notice of any such termination or appointment and of any change in the
         office through which any Paying Agent will act will be given in
         accordance with Condition 12.

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                                         Note Trust Deed SMHL Global Fund No. 9

         The initial Irish Paying Agent is AIB/BNY Fund Management (Ireland)
         Limited at its registered office in Guild House, Guild Street, Dublin
         1, Republic of Ireland.

(d)      Payment on Banking Days

         If the due date for payment of any amount of principal or interest in
         respect of any Class A2 Note is not a Banking Day then payment will
         not be made until the next succeeding Banking Day and the holder of
         that Class A2 Note shall not be entitled to any further interest or
         other payment in respect of that delay. In this Condition 6 the
         expression "Banking Day" means any day (other than a Saturday, Sunday
         or a public holiday) on which banks are open for business in London
         and in the place where the specified office of the Paying Agent at
         which the Class A2 Note is presented for payment is situated and which
         is a TARGET Settlement Day and, in the case of payment by transfer to
         a Euro account in London, prior to the exchange of a Class A2
         Book-Entry Note for any Class A2 Definitive Notes, means any day
         (other than Saturday, Sunday or public holiday) on which banks are
         open for business in London and on which Euroclear or Clearstream,
         Luxembourg is open for business and which is a TARGET Settlement Day.

(e)      Interest

         If interest is not paid in respect of a Class A2 Note on the date when
         due and payable (other than because the due date is not a Banking
         Day), that unpaid interest shall itself bear interest at the Interest
         Rate applicable from time to time to the Class A2 Notes until the
         unpaid interest, and interest on it, is available for payment and
         notice of that availability has been duly given in accordance with
         Condition 12.

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7        Taxation

All payments in respect of the Class A Notes will be made without withholding
or deduction for, or on account of, any present or future taxes, duties or
charges of whatsoever nature unless the Issuer or any Paying Agent is required
by applicable law to make any such payment in respect of the Class A Notes
subject to any withholding or deduction for, or on account of, any present or
future taxes, duties or charges of whatever nature. In that event the Issuer or
that Paying Agent (as the case may be) shall make such payment after such
withholding or deduction has been made and shall account to the relevant
authorities for the amount so required to be withheld or deducted. Neither the
Issuer nor any Paying Agent nor the Note Trustee will be obliged to make any
additional payments to Class A Noteholders in respect of that withholding or
deduction.

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8        Prescription

A Class A Note shall become void in its entirety unless surrendered for payment
within ten years of the Relevant Date (as such term is defined below) in
respect of any payment on it the effect of which would be to reduce the
Outstanding Principal Balance of that Class A Note to zero. After the date on
which a Class A Note becomes void in its entirety, no claim may be made in
respect of it.

As used in these Conditions, the "Relevant Date" means the date on which a
payment first becomes due but, if the full amount of the money payable has not
been received by the Principal Paying Agent or the Note Trustee on or prior to
that date, it means the date on which the full amount of such money having been
so received, notice to that effect is duly given by the Principal Paying Agent
in accordance with Condition 12.

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                                         Note Trust Deed SMHL Global Fund No. 9

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9        Events of Default

Subject to the Supplementary Bond Terms Notice each of the following events is
an Event of Default whether or not caused by any reason whatsoever outside the
control of an Interested Person (as defined in the Security Trust Deed) or any
other person:

(a)      the Issuer does not within 10 Banking Days of the due date, and in the
         specified manner, pay in full any Secured Moneys (except in respect of
         any moneys payable under any Payment Funding Facility, Top-up Funding
         Facility and Redraw Funding Facility which fall due for payment prior
         to the Repayment Date or payment of interest on Class B Notes unless
         all Class A Notes have been repaid);

(b)      the Issuer or the Manager defaults in fully performing observing and
         fulfilling any material obligation in relation to the Securitisation
         Fund under the Security Trust Deed or any Secured Document (other than
         a provision requiring the payment of money as contemplated by
         paragraph (a) of this clause or, prior to the Repayment Date, in
         respect of any such default under a Payment Funding Facility, Top-up
         Funding Facility and Redraw Funding Facility) and such default has not
         been remedied within 10 Banking Days of the Issuer or the Manager (as
         the case requires) receiving notice from the Security Trustee
         specifying the breach and requiring the same to be rectified;

(c)      any representation, warranty or statement in relation to the
         Securitisation Fund made, repeated or deemed to be made or repeated in
         the Security Trust Deed or in any Secured Document by the Issuer or
         the Manager (as the case requires) is proved to be untrue in any
         material respect when made, repeated or deemed to be made or repeated
         (as the case may be) (except, prior to the Repayment Date, in respect
         of any representation, warranty or statement made, repeated or deemed
         to be made or repeated under the Payment Funding Facility, Top-up
         Funding Facility and Redraw Funding Facility);

(d)      the Issuer or the Manager (as the case requires) breaches any material
         undertaking given at any time to the Security Trustee in relation to
         the Securitisation Fund or fails to comply with any material condition
         imposed by the Security Trustee in relation to the Securitisation Fund
         in agreeing to any matter (including any waiver) (except, prior to the
         Repayment Date, in respect of any breach of any material undertaking
         or failure to comply with any material condition under the Payment
         Funding Facility, Top-up Funding Facility and Redraw Funding
         Facility);

(e)      any Insolvency Event occurs in relation to the Issuer other than for
         the reconstruction of the Issuer or the Securitisation Fund with the
         prior written approval of the Manager and the Security Trustee and
         provided that each Designated Rating Agency has confirmed in writing
         that such reconstruction will not have an adverse effect on the rating
         of the Notes;

(f)      any Encumbrance over any Charged Property becomes enforceable or any
         Encumbrance that is a floating security over any Charged Property
         crystallises or otherwise becomes a fixed or specific security;

(g)      any investigation into the affairs, or into particular affairs, of the
         Issuer in relation to the Securitisation Fund is directed or commenced
         under any Statute;

(h)      any Secured Document is, becomes or is claimed by the Issuer or the
         Manager to be void, voidable or unenforceable in whole or in any
         material part;

(i)      the Issuer or the Manager disaffirms, disclaims, repudiates or rejects
         any Secured Document in whole or in any material part;

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                                         Note Trust Deed SMHL Global Fund No. 9

(j)      there occurs without the prior written approval of the Security
         Trustee, any vesting or distribution of any assets of the
         Securitisation Fund other than in accordance with the relevant
         Supplementary Bond Terms Notices;

(k)      any material breach of trust in relation to the Securitisation Fund by
         the Issuer or the Issuer for any reason loses or ceases to be entitled
         to a material extent to its right of indemnity against the assets of
         the Securitisation Fund;

(l)      as a result of the act or omission of the Issuer the assets of the
         Securitisation Fund are materially diminished or made materially less
         accessible to the Security Trustee;

(m)      without the prior consent of the Security Trustee, the Securitisation
         Fund is wound-up, or the Issuer is required to wind up the
         Securitisation Fund under the Master Trust Deed or the applicable law,
         or the winding up of the Securitisation Fund commences; and

(n)      the Charge ceases to rank as contemplated by clause 4.2 of the
         Security Trust Deed.

Capitalised terms in this Condition 9 have the same meaning given in the
Security Trust Deed unless defined in this document.

In the event that the security constituted by the Security Trust Deed becomes
enforceable following an event of default under the Notes, any funds resulting
from the realisation of such security shall be applied in accordance with the
order of priority of payments as stated in the Security Trust Deed.

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10       Enforcement

At any time after an Event of Default occurs, the Security Trustee may (subject
to the Security Trust Deed), if so directed by (a) the Noteholder Secured
Creditors (as defined in the Security Trust Deed) alone, where the Noteholder
Secured Creditors are the only Voting Secured Creditors, or otherwise (b) an
"Extraordinary Resolution" of the Voting Secured Creditors (being 75% of votes
capable of being cast by Voting Secured Creditors present in person or by proxy
at the relevant meeting or a written resolution signed by all Voting Secured
Creditors, which includes the Note Trustee on behalf of Class A Offered
Noteholders, but not, unless the Note Trustee has become bound to take steps
and/or proceed under the Security Trust Deed and fails to do so within a
reasonable period of time and such failure is continuing, the Class A Offered
Noteholders themselves), declare the Class A Notes immediately due and payable
and declare the security to be enforceable. If an Extraordinary Resolution of
the Voting Secured Creditors referred to above elects not to direct the
Security Trustee to enforce the Security Trust Deed, in the circumstances where
the Security Trustee could enforce, the Noteholder Secured Creditor may
nevertheless, and the Note Trustee as Noteholder Secured Creditor shall subject
to the terms of the Note Trust Deed, at the direction of the Class A Offered
Noteholders, direct the Security Trustee to enforce the Security Trust Deed on
behalf of the Class A Offered Noteholders.

"Voting Secured Creditor" means:

(a)      with respect only to the enforcement of the security under the
         Security Trust Deed, for so long as the Secured Moneys of the Class A
         Noteholders and the Class B Noteholders each calculated and expressed
         in the A$ Equivalent are 75% or more of total Secured Moneys
         calculated and expressed in the A$ Equivalent, the Noteholder Secured
         Creditors alone; and

(b)      at any other time (subject to clause 16.3 of the Security Trust Deed):

         (1)      the Note Trustee, acting on behalf of the Class A Offered
                  Noteholders under the Note Trust Deed and clause 3 of the
                  Security Trust Deed or, if the Note Trustee

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                                         Note Trust Deed SMHL Global Fund No. 9

                  has become bound to take steps and/or to proceed under the
                  Security Trust Deed and fails to do so within a reasonable
                  time and such failure is continuing, the Class A Offered
                  Noteholders and then only to the extent permitted by the
                  Australian Law; and

         (2)      each other Secured Creditor (other than a Class A Offered
                  Noteholder).

Any reference to the Noteholder Secured Creditors while they are the only
Voting Secured Creditors, or where their consent is required under the Security
Trust Deed in relation to a direction or act of the Security Trustee, means the
Noteholder Secured Creditors representing more than 50% of the aggregate
Invested Amount of the Class A Notes and the Class B Notes each calculated and
expressed in the A$ Equivalent.

Subject to the Security Trust Deed, the Security Trustee shall take all action
necessary to give effect to any direction by the Noteholder Secured Creditors
where they are the only Voting Secured Creditors or to any Extraordinary
Resolution of the Voting Secured Creditors and shall comply with all directions
given by the Note Trustee where it is the only Voting Secured Creditor or
contained in or given pursuant to any Extraordinary Resolution of the Voting
Secured Creditors in accordance with the Security Trust Deed.

No Class A Noteholder is entitled to enforce the Security Trust Deed or to
appoint or cause to be appointed a receiver to any of the assets secured by the
Security Trust Deed or otherwise to exercise any power conferred by the terms
of any applicable law on chargees except as provided in the Security Trust
Deed.

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

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

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

(c)      the Note Trustee is directed by the Holders of at least 75% of the
         aggregate Invested Amount of Class A Offered Notes calculated and
         expressed in the A$ Equivalent.

Neither the Note Trustee nor the Security Trustee will be liable for any
decline in the value, nor any loss realised upon any sale or other dispositions
made under the Security Trust Deed, of any Charged Property or any other
property which is charged to the Security Trustee by any other person in
respect of or relating to the obligations of the Issuer or any third party in
respect of the Issuer or the Secured Moneys or the Class A Offered Notes or
relating in any way to the Charged Property. Without limitation, neither the
Note Trustee nor the Security Trustee shall be liable for any such decline or
loss directly or indirectly arising from its acting, or failing to act, as a
consequence of an opinion reached by it.

The Note Trustee shall not be bound to vote under the Security Trust Deed, or
otherwise direct the Security Trustee under the Security Trust Deed or to take
any proceedings, actions or steps under, or any other proceedings pursuant to
or in connection with the Security Trust Deed, the

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                                         Note Trust Deed SMHL Global Fund No. 9

Note Trust Deed, any Class A Offered Notes, unless directed or requested to do
so in writing by Noteholders holding at least 75% of the aggregate Invested
Amount of Class A Offered Notes calculated and expressed in the A$ Equivalent
at the time; and then only if the Note Trustee is indemnified to its
satisfaction against all action, proceedings, claims and demands to which it
may render itself liable and all costs, charges, damages and expenses which it
may incur by so doing.

Only the Security Trustee may enforce the provisions of the Security Trust Deed
and neither the Note Trustee nor any Class A Offered Noteholder is entitled to
proceed directly against the Issuer to enforce the performance of any of the
provisions of the Security Trust Deed and the Class A Offered Notes (including
these Class A Offered Note Conditions) unless otherwise as set out in a
Transaction Document.

The rights, remedies and discretions of the Class A Offered Noteholders under
the Security Trust Deed including all rights to vote or give instructions or
consent can only be exercised by the Note Trustee on behalf of the Class A
Offered Noteholders in accordance with the Security Trust Deed. The Security
Trustee may rely on any instructions or directions given to it by the Note
Trustee as being given on behalf of the Class A Offered Noteholders from time
to time and need not enquire whether the Note Trustee or the Class A Offered
Noteholders from time to time have complied with any requirements under the
Note Trust Deed or as to the reasonableness or otherwise of the Note Trustee.
The Security Trustee is not obliged to take any action, give any consent or
waiver or make any determination under the Security Trust Deed without being
directed to do so by the Note Trustee or the Voting Secured Creditors in
accordance with the Security Trust Deed.

Upon enforcement of the security created by the Security Trust Deed, the net
proceeds of enforcement may be insufficient to pay all amounts due on
redemption to the Noteholders. The proceeds from enforcement (which will not
include amounts required by law to be paid to the holder of any prior ranking
security interest, and the proceeds of cash collateral lodged with and payable
to a Swap Provider or other provider of an Enhancement (as defined in the
Master Trust Deed)) will be applied in the order of priority as set out in the
Security Trust Deed. Any claims of the Noteholders remaining after realisation
of the security and application of the proceeds as aforesaid shall, except in
certain limited circumstances, be extinguished.

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11       Replacement of Class A Offered Notes

If any Class A Offered Note is lost, stolen, mutilated, defaced or destroyed,
it may be replaced at the specified office of the Principal Paying Agent upon
payment by the claimant of the expenses incurred in connection with that
replacement and on such terms as to evidence and indemnity as the Manager may
reasonably require. Mutilated or defaced Class A Offered Notes must be
surrendered before replacements will be issued.

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12       Notices

All notices, other than notices given in accordance with the following
paragraphs, to Class A Offered Noteholders shall be deemed to be given if in
writing and mailed, first-class, postage prepaid to each Class A Offered
Noteholder, at his or her address as it appears on the Note Register, not later
than the latest date, and not earlier than the earliest date, prescribed for
the giving of such notice. In any case where notice to Class A Offered
Noteholders is given by mail, neither the failure to mail such notice nor any
defect in any notice so mailed to any particular Class A Offered Noteholder
shall affect the sufficiency of such notice with respect to other Class

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                                                                        page 187

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                                         Note Trust Deed SMHL Global Fund No. 9

A Offered Noteholders, and any notice that is mailed in the manner herein
provided shall conclusively be presumed to have been duly given.

A notice may be waived in writing by the relevant Class A Offered Noteholder,
either before or after the event, and such waiver shall be the equivalent of
such notice. Waivers of notice by the Class A Offered Noteholders shall be
filed with the Note Trustee but such filing shall not be a condition precedent
to the validity of any action taken in reliance upon such a waiver.

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

The Manager shall deliver a quarterly servicing report for each Calculation
Period to each Class A Offered Noteholder on the notice date relating to such
Calculation Period in the method provided in the first paragraph of this
Condition 12.

All consents and approvals in these Conditions are to be given in writing.

-------------------------------------------------------------------------------
13       Meetings of Voting Secured Creditors and Meetings of Class A Offered
         Noteholders; Modifications; Consents; Waiver

The Security Trust Deed contains provisions for convening meetings of the
Voting Secured Creditors to, among other things, enable the Voting Secured
Creditors to direct or consent to the Security Trustee taking or not taking
certain actions under the Security Trust Deed, for example to enable the Voting
Secured Creditors to direct the Security Trustee to enforce the Security Trust
Deed.

The Note Trust Deed contains provisions for convening meetings of Class A
Offered Noteholders to consider any matter affecting their interests, including
the directing of the Note Trustee to direct the Security Trustee to enforce the
security under the Security Trust Deed, or the sanctioning by the Extraordinary
Resolution of the Class A Offered Noteholders of a modification of the Class A
Offered Notes (including these Class A Offered Note Conditions) or the
provisions of any of the Transaction Documents, provided that no modification
of certain terms including, among other things, the date of maturity of the
Class A Offered Notes, or a modification which would have the effect of
altering the amount of interest payable in respect of a Class A Offered Note or
modification of the method of calculation of the interest payable or of the
date for payment of interest in respect of any Class A Offered Notes, reducing
or cancelling the amount of principal payable in respect of any Class A Offered
Notes or altering the majority required to pass an Extraordinary Resolution or
altering the currency of payment of any Class A Offered Notes or an alteration
of the date or priority of payment of interest on, or redemption of, the Class
A Offered Notes in the event of a call under Condition 5(i) or 5(j) (any such
modification being referred to below as a "Basic Terms Modification") shall be
effective except that, if the Note Trustee is of the opinion that such a Basic
Terms Modification is being proposed by the Issuer as a result of, or in order
to avoid, an Event of Default, such Basic Terms Modification may be sanctioned
by Extraordinary Resolution of the Class A Offered Noteholders as described
below. An Extraordinary Resolution passed by the Class A Offered Noteholders
shall be binding on all Class A Offered Noteholders. The vote required for an
Extraordinary Resolution shall be a majority consisting of not less than 75% of
the votes capable of being cast by Voting Secured Creditors present in person
or by proxy at a duly convened meeting or a written resolution signed by all of
the Voting Secured Creditors.

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<PAGE>
                                         Note Trust Deed SMHL Global Fund No. 9

The Note Trust Deed permits the Note Trustee, the Manager and the Issuer to,
following the giving of not less than 10 Banking Days' notice to each
Designated Rating Agency, alter, add to or modify, by way of supplementary
deed, the Note Trust Deed (including the meeting and amendment provisions), the
Conditions (subject to the proviso more fully described in clause 35.2 of the
Note Trust Deed or any other terms of that deed or the Conditions to which it
refers) or any Transaction Document so long as that alteration, addition or
modification is:

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

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

o        in the opinion of the Note Trustee appropriate or expedient as a
         consequence of a change to any law or regulation or a change in the
         requirements of any Government Agency (including, but not limited to,
         an alteration, addition or modification which is in the opinion of the
         Note Trustee appropriate or expedient as a consequence of the
         enactment of a law or regulation or an amendment to any law or
         regulation or ruling by the Commissioner or Deputy Commissioner of
         Taxation or any governmental announcement or statement, in any case
         which has or may have the effect of altering the manner or basis of
         taxation of trusts generally or of trusts similar to the
         Securitisation Fund); or

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

Where, in the opinion of the Note Trustee, a proposed alteration, addition or
modification to the Note Trust Deed, other than an alteration, addition or
modification referred to above, is prejudicial or likely to be prejudicial to
the interests of Class A Offered Noteholders as a whole or any Class of Class A
Offered Noteholders, the Note Trustee, the Manager and the Issuer may make that
alteration, addition or modification only if sanctioned in writing by holders
of at least 75% of the aggregate Invested Amount of the Class A Offered Notes
calculated and expressed in the A$ Equivalent.

The Note Trustee may also, in accordance with the Note Trust Deed and without
the consent of the Class A Offered Noteholders (but not in contravention of an
Extraordinary Resolution), waive or authorise any breach or proposed breach of
the Class A Offered Notes (including these Class A Offered Note Conditions) or
any Transaction Document or determine that any Event of Default or any
condition, event or act which with the giving of notice and/or lapse of time
and/or the issue of a certificate would constitute an Event of Default shall
not, or shall not subject to specified conditions, be treated as such. Any such
modification, waiver, authorisation or determination shall be binding on the
Class A Offered Noteholders and, if, but only if, the Note Trustee so requires,
any such modification shall be notified to the Class A Offered Noteholders in
accordance with Condition 12 as soon as practicable.

Every amendment to the Note Trust Deed must conform to the requirements of the
TIA as then in effect so long as the Note Trust Deed shall be qualified under
the TIA.

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

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                                         Note Trust Deed SMHL Global Fund No. 9

-------------------------------------------------------------------------------
14       Indemnification and Exoneration of the Note Trustee and the Security
         Trustee

(a)      The Note Trust Deed and the Security Trust Deed contain provisions for
         the indemnification of the Note Trustee and the Security Trustee and
         for their relief from responsibility, including provisions relieving
         them from taking proceedings to realise the security and to obtain
         repayment of the Class A Offered Notes (in respect of the Note
         Trustee) and the Class A Notes (in respect of the Security Trustee)
         unless indemnified to their satisfaction. Each of the Note Trustee and
         the Security Trustee is entitled to enter into business transactions
         with the Issuer and/or any other party to the Transaction Documents
         without accounting for any profit resulting from such transactions.
         Except in the case of negligence, fraud or wilful default (in the case
         of the Security Trustee) or negligence, fraud, or wilful default (in
         the case of the Note Trustee), neither the Security Trustee nor the
         Note Trustee will be responsible for any loss, expense or liability
         which may be suffered as a result of any assets secured by the
         Security Trust Deed, Charged Property or any deeds or documents of
         title thereto, being uninsured or inadequately insured or being held
         by or to the order of the Mortgage Manager or any of its affiliates or
         by clearing organisations or their operators or by any person on
         behalf of the Note Trustee if prudently chosen in accordance with the
         Transaction Documents.

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

-------------------------------------------------------------------------------
15       Limitation of Liability of the Issuer

(a)      General

         Clause 26 of the Master Trust Deed applies to the obligations and
         liabilities of the Issuer in relation to the Class A Notes.

(b)      Liability of issuer limited to its right of indemnity

         (1)      The Issuer enters into the Transaction Documents and issues
                  the Notes only in its capacity as trustee of the
                  Securitisation Fund and in no other capacity (except where
                  the Transaction Documents provide otherwise). Subject to
                  paragraph (3) below, a liability arising under or in
                  connection with the Transaction Documents, the Notes or the
                  Securitisation Fund is limited to and can be enforced against
                  the Issuer only to the extent to which it can be satisfied
                  out of the assets and property of the Securitisation Fund and
                  which are available to satisfy the right of the Issuer to be
                  exonerated or indemnified for the liability. This limitation
                  of the Issuer's liability applies despite any other provision
                  of the Transaction Documents and extends to all liabilities
                  and obligations of the Issuer in any way connected with any
                  representation, warranty, conduct, omission, agreement or
                  transaction related to the Transaction Documents, the Notes
                  or the Securitisation Fund.

         (2)      Subject to paragraph (3) below, no person (including any
                  Relevant Party) may take action against the Issuer in any
                  capacity other than as trustee of the Securitisation Fund or
                  seek the appointment of a receiver (except under the

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<PAGE>
                                         Note Trust Deed SMHL Global Fund No. 9

                  Security Trust Deed), or a liquidator, an administrator or
                  any similar person to the Issuer or prove in any liquidation,
                  administration or arrangements of or affecting the Issuer
                  except in relation to the Assets of the Securitisation Fund.

         (3)      The provisions of this Condition 15 shall not apply to any
                  obligation or liability of the Issuer to the extent that it
                  is not satisfied because under a Transaction Document or by
                  operation of law there is a reduction in the extent of the
                  Issuer's indemnification or exoneration out of the assets of
                  the Securitisation Fund as a result of the Issuer's fraud,
                  negligence or wilful default.

         (4)      It is acknowledged that the Relevant Parties are responsible
                  under the Transaction Documents for performing a variety of
                  obligations relating to the Securitisation Fund. No act or
                  omission of the Issuer (including any related failure to
                  satisfy its obligations under the Transaction Documents or
                  the Notes) will be considered fraud, negligence or wilful
                  default of the Issuer for the purpose of paragraph (3) of
                  this Condition 15 to the extent to which the act or omission
                  was caused or contributed to by any failure by any Relevant
                  Party or any person who has been delegated or appointed by
                  the Issuer in accordance with the Transaction Documents to
                  fulfil its obligations relating to the Securitisation Fund or
                  by any other act or omission of a Relevant Party or any such
                  person.

         (5)      No attorney, agent, delegate, receiver or receiver and
                  manager appointed in accordance with this deed or any other
                  Transaction Documents has authority to act on behalf of the
                  Issuer in a way which exposes the Issuer to any personal
                  liability and no act or omission of any such person will be
                  considered fraud, negligence or wilful default of the Issuer
                  for the purpose of paragraph (3).

         (6)      The Issuer is not obliged to do or refrain from doing
                  anything under the Transaction Documents (including incur any
                  liability) unless the Issuer's liability is limited in the
                  same manner as set out in paragraphs (1) to (5).

         (7)      In this Condition 15 "Relevant Parties" means each party to a
                  Transaction Document other than the Issuer.

         (8)      The expression "wilful default" as used in this Condition 15
                  is defined in clause 26.6 of the Security Trust Deed.

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16       Governing Law

The Class A2 Notes and the Relevant Documents are governed by, and shall be
construed in accordance with, the laws of New South Wales, Australia. The
administration of the Note Trust created under the Note Trust Deed, including
the exercise of the Note Trustee's powers under clause 13 of the Note Trust
Deed, is governed by the law of New York. In the event of any inconsistency
between the operation of the law of New South Wales, Australia and the law of
New York in respect of the application of those powers, the law of New York
will prevail to the extent of the inconsistency.

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17       Summary of Provisions Relating to the Class A Notes While in Book-Entry
         Form

Each Class A2 Note will be represented by typewritten book-entry notes, without
coupons, in the principal amount of (euro)450,000,000, initially represented by
a temporary global note (the

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<PAGE>
                                         Note Trust Deed SMHL Global Fund No. 9

"Temporary Class A2 Global Notes"). The Temporary Class A2 Global Notes will be
registered in the name of The Bank of New York Depositary (Nominees) Limited
and deposited with the Common Depository in respect of the Class A2 Notes on or
about the Closing Date. The Temporary Class A2 Global Notes will be
exchangeable 40 days after the later of the first Bond Issue Date and the date
on which the relevant Class A2 Notes are first offered to persons other than
distributors in reliance on Regulation S of the Securities Act for a permanent
global note in registered form (the "Permanent Class A2 Global Notes" and
together with the Temporary Class A2 Global Notes, the "Class A2 Book-Entry
Notes") in an equivalent principal amount to the relevant Temporary Class A2
Global Note. Upon deposit of the Class A2 Book-Entry Notes with the Common
Depository, the Common Depository will credit each investor in the Class A2
Notes with a principal amount of Class A2 Notes for which it has subscribed and
paid. The Class A2 Book-Entry Notes will be deposited with the Common
Depository on or about the Closing Date.

Each person who is shown in the Note Register as the holder of a particular
principal amount of Class A2 Notes will be entitled to be treated by the Issuer
and the Note Trustee as a holder of such principal amount of Class A2 Notes and
the expression "Class A2 Noteholder" shall be construed accordingly, but
without prejudice to the entitlement of the holder of the Class A2 Book-Entry
Note to be paid principal and interest thereon in accordance with its terms.
Such persons shall have no claim directly against the Issuer in respect of
payment due on the Class A2 Notes for so long as the Class A2 Notes are
represented by a Class A2 Book-Entry Note and the relevant obligations of the
Issuer will be discharged by payment to the registered holder of the Class A2
Book-Entry Note in respect of each amount so paid.

(a)      Payments

         Interest and principal on each Class A2 Book-Entry Note will be
         payable by the Principal Paying Agent to the Common Depositary
         provided that no payment of interest may be made by the Issuer or any
         Paying Agent in the Commonwealth of Australia or their possessions or
         into a bank account or to an address in the Commonwealth of Australia
         or their possessions.

         Each of the persons appearing from time to time as the beneficial
         owner of a Class A2 Note will be entitled to receive any payment so
         made in respect of that Class A2 Note in accordance with the
         respective rules and procedures of Euroclear or Clearstream,
         Luxembourg (in respect of the Class A2 Notes). Such persons will have
         no claim directly against the Issuer in respect of payments due on the
         Class A2 Notes which must be made by the holder of the relevant Class
         A2 Book-Entry Note, for so long as such Class A2 Book-Entry Note is
         outstanding.

         A record of each payment made on a Class A2 Book-Entry Note,
         distinguishing between any payment of principal and any payment of
         interest, will be recorded in the Note Register by the Note Registrar
         and such record shall be prima facie evidence that the payment in
         question has been made.

(b)      Exchange

         The Class A2 Book-Entry Notes will be exchangeable for Class A2
         Definitive Notes only if:

         (1)      that Class A2 Book-Entry Note being a Permanent Class A2
                  Global Note becomes immediately due and repayable by reason
                  of the occurrence of an Event of Default:

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<PAGE>
                                         Note Trust Deed SMHL Global Fund No. 9

         (2)      either Euroclear or Clearstream, Luxembourg is closed for
                  business for a continuous period of 14 days (other than by
                  reason of holiday, statutory or otherwise) or announces an
                  intention permanently to cease business; or

         (3)      as the result of any amendment to, or change in, the laws or
                  regulations of any jurisdiction or any body politic, or
                  government in any jurisdiction, or any minister, department,
                  office, commission, instrumentality, agency, board, authority
                  or organisation of any government or any corporation owned or
                  controlled by any government having power to tax or in the
                  interpretation by a revenue authority or a court of, or in
                  the administration of, laws or regulations relating to
                  taxation which becomes effective on or after the first Bond
                  Issue Date, the Issuer or any Paying Agent is or will be
                  required to make any deduction or withholding from any
                  payment in respect of any of the relevant Class A2 Notes
                  which would not be required were those Class A2 Notes in
                  definitive form,

         then the Issuer (with the assistance of the Manager) shall (but
         subject to Clause 3.4(c) of the Note Trust Deed), within 30 days of
         becoming aware of the occurrence of the relevant event, but not prior
         to 40 days after the Bond Issue Date issue Class A2 Definitive Notes
         in exchange for the whole of the outstanding interest in that Class A2
         Book-Entry Note being a Permanent Class A2 Global Note in respect of
         Class A2 Notes.

         Class A2 Noteowner has the meaning given to it in the Note Trust Deed.

(c)      Notices

         So long as the Class A2 Notes are represented by the Class A2
         Book-Entry Note and the same is/are held on behalf of the Clearing
         Agency, notices to Class A2 Noteholders may be given by delivery of
         the relevant notice to the Clearing Agency for communication by the
         Clearing Agency to entitled account holders in substitution for
         delivery to each Class A2 Noteholder as required by the Conditions.

         So long as the Class A2 Notes are listed on the Irish Stock Exchange
         and the rules of the Irish Stock Exchange so require the Manager will
         inform the Irish Stock Exchange if the ratings assigned to the Class
         A2 Notes as of the Closing Date are, at any time, downgraded or
         withdrawn.

(d)      Cancellation

         The Note Registrar shall ensure that all Class A2 Notes:

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

         (2)      in the case of any Class A2 Definitive Note, which, being
                  mutilated or defaced, have been surrendered and replaced
                  under Condition 11,

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

         (1)      the aggregate Outstanding Principal Balance of Class A2 Notes
                  which have been redeemed; and

         (2)      the serial numbers of such Class A2 Notes in definitive form
                  (where applicable).

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                                         Note Trust Deed SMHL Global Fund No. 9

-------------------------------------------------------------------------------
Schedule 5 - Form of Class A2 Definitive Notes

THIS OBLIGATION HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE US SECURITIES
ACT OF 1933, AS AMENDED, AND MAY NOT BE OFFERED OR SOLD IN CONTRAVENTION OF
THAT ACT.

THIS CLASS A2 NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED
STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") OR THE
SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND, AS A MATTER OF U.S. LAW,
PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE LATER OF THE CLOSING DATE AND THE
COMMENCEMENT OF THE OFFERING OF THE CLASS A2 NOTES MAY NOT BE OFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED WITHIN THE UNITED STATES, OR FOR THE ACCOUNT
OR BENEFIT OF U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES
ACT) EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT AND IN ACCORDANCE WITH ANY APPLICABLE LAWS OF ANY STATE OF THE
UNITED STATES.

THIS CLASS A2 DEFINITIVE NOTE IS A GLOBAL BOND FOR THE PURPOSE OF SECTION
128F(10) OF THE INCOME TAX ASSESSMENT ACT 1936 OF THE COMMONWEALTH OF AUSTRALIA

REGISTERED                                ISIN No...............................

                                          Common Code...........................

                               Perpetual Limited

                              (ABN 86 000 431 827)

           (a limited liability company incorporated under the law of

                          New South Wales, Australia)

                       in its capacity as trustee of the

                             SMHL Global Fund No. 9

                                 (euro)100,000

              Class A2 Mortgage Backed Floating Rate Notes Due on

                   the Payment Date falling in November 2039

This Class A2 Definitive Note in respect of a duly authorised issue of Notes of
Perpetual Limited in its capacity as trustee of the SMHL Global Fund No. 9 (the
"Securitisation Fund") (the "Issuer"), designated as specified in the title
above (the "Notes"), in an initial aggregate principal amount of

                            ** (euro)450,000,000 **

and (a) constituted by a Master Trust Deed (the "Master Trust Deed") dated 4
July 1994 between the Issuer as trustee, and ME Portfolio Management Limited
(the "Manager") as amended and restated from time to time, by a Supplementary
Bond Terms Notice (the

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                                                                        page 194

<PAGE>
                                         Note Trust Deed SMHL Global Fund No. 9

"Supplementary Bond Terms Notice") dated 3 October 2006 executed by the Issuer,
the Security Trustee (as defined herein), The Bank of New York (the note
trustee for the time being referred to as the "Note Trustee") as trustee for
the holders for the time being of the Class A Offered Notes (the "Class A
Offered Noteholders") and the Manager, and by the Conditions; (b) issued
subject to a Note Trust Deed dated 3 October 2006 (the "Note Trust Deed")
between (among others) the Issuer, the Manager, AIB/BNY Fund Management
(Ireland) Limited (the "Irish Paying Agent" and "Class A3 Irish Paying Agent")
and the Note Trustee; and (c) secured by a Security Trust Deed (the "Security
Trust Deed") dated 17 August 2006 between the Issuer, the Manager, the Note
Trustee and Perpetual Trustee Company Limited (ABN 42 000 001 007) (the
"Security Trustee", which expression shall include its successor for the time
being as security trustee under the Security Trust Deed) (as amended).
References to the Conditions (or to any particular numbered Condition) shall be
to the Terms and Conditions of the Class A2 Notes set out in Schedule 5 to the
Note Trust Deed. Terms and expressions defined in the Note Trust Deed and the
Conditions shall, save as expressly stated otherwise, bear the same meanings
when used herein.

The Issuer, in its capacity as trustee of the Securitisation Fund, subject to
this Class A2 Note and subject to and in accordance with the Conditions and the
Note Trust Deed promises to pay to the registered holder of this Class A2
Definitive Note on the Payment Date (as defined in Condition 4) endorsed on
this Class A2 Definitive Note falling in [________________] (or on such earlier
date(s) as the Invested Amount of this Class A2 Definitive Note (as defined in
Condition 5(a)) (or any part of it) may become repayable in accordance with the
Conditions, the principal sum of:

                   (euro)100,000 (One Hundred Thousand Euros)

or such part of that amount as may be repayable on such date(s) in accordance
with the Conditions, the Supplementary Bond Terms Notice, the Master Trust Deed
and the Note Trust Deed, together with interest on the Invested Amount (as
defined in Condition 5(a)) and payable in arrear on each Payment Date and such
other amounts (if any) as may be payable, all subject to and in accordance with
the Conditions and the provisions of the Supplementary Bond Terms Notice, the
Master Trust Deed and the Note Trust Deed.

This Class A2 Definitive Note shall not become valid for any purpose unless and
until the attached Certificate of Authentication has been signed by any
signatory of the Bank of New York as Principal Paying Agent.

This Class A2 Definitive Note is not a document of title. Title shall be
determined by entry in the Register and only the duly registered holder from
time to time is entitled to payments in respect of this Class A2 Definitive
Note.

Terms used in this Class A2 Definitive Note and not otherwise defined in it
have the same meaning as in the Supplementary Bond Terms Notice.

IN WITNESS the Issuer has caused this Class A2 Definitive Note to be signed
[manually/in facsimile] by a person duly authorised on its behalf.

PERPETUAL LIMITED in its capacity as trustee of the SMHL Global Fund No. 9

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

         Authorised Signatory

--------------------------------------------------------------------------------
                                                                        page 195

<PAGE>
                                         Note Trust Deed SMHL Global Fund No. 9

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

IMPORTANT NOTICE:

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

(a)      The Class A2 Notes do not represent deposits or other liabilities of
         Perpetual  Limited,  ABN 86 000 431 827, or associates of Perpetual
         Limited.

(b)      The holding of Class A2 Notes is subject to investment risk, including
         possible delays in repayment and loss of income and principal
         invested.

(c)      None of Perpetual Limited, any associate of Perpetual Limited, the
         Security Trustee, the Note Trustee, the Note Registrar, the
         Calculation Agent, the Class A3 Irish Paying Agent or the Paying
         Agents in any way stands behind the capital value and/or performance
         of the Class A2 Notes or the assets of the Securitisation Fund except
         in the case of the Issuer only to the limited extent provided in the
         Transaction Documents for the Securitisation Fund.

(d)      None of Perpetual Limited, the Manager, the Security Trustee, the Note
         Trustee, the Note Registrar, the Calculation Agent, the Class A3 Irish
         Paying Agent, the Paying Agents, the Euro Currency Swap Provider or,
         the US Currency Swap Provider (as defined in the Supplementary Bond
         Terms Notice) guarantees the payment of interest or the repayment of
         principal due on the Class A2 Notes.

(e)      None of the obligations of the Issuer or the Manager are guaranteed in
         any way by any associate either of them.

(f)      Without limiting the Conditions, the Issuer's liability to make
         payments in respect of the Class A2 Notes is limited to its right of
         indemnity from the assets of the Securitisation Fund from time to time
         available to make such payments under the Master Trust Deed and
         Supplementary Bond Terms Notice. All claims against the Issuer in
         relation to the Class A2 Notes can be enforced against the Issuer only
         to the extent to which it can be satisfied out of the assets of the
         Securitisation Fund out of which the Issuer is actually indemnified
         for the liability except in the case of (and to the extent of) any
         fraud, negligence or wilful default (as defined in the Master Trust
         Deed) on the part of the Issuer.

(g)      The Noteholder is required to accept any distribution of moneys under
         the Security Trust Deed in full and final satisfaction of all moneys
         owing to it, and any debt represented by any shortfall that exists
         after any such final distribution is extinguished.

                         CERTIFICATE OF AUTHENTICATION

This Class A2 Definitive Note is authenticated by The Bank of New York and
until so authenticated shall not be valid for any purpose.

THE BANK OF NEW YORK
as Principal Paying Agent
by:

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

--------------------------------------------------------------------------------
                                                                        page 196

<PAGE>
                                         Note Trust Deed SMHL Global Fund No. 9

                             PRINCIPAL PAYING AGENT

                              THE BANK OF NEW YORK
                                   48th Floor
                                1 Canada Square
                                London, E14 5AL
                                 United Kingdom

and/or such other Principal Paying Agent and/or other or further Paying Agents
outside the United States (subject to Condition 6(b)) and the Commonwealth of
Australia and/or specified offices outside the United States (subject to
Condition 6(b)) and the Commonwealth of Australia as may from time to time be
duly appointed by the Issuer with the approval of the Note Trustee and notice
of which has been given to the Class A2 Noteholders.

                               IRISH PAYING AGENT

                   AIB/BNY FUND MANAGEMENT (IRELAND) LIMITED
                                  Guild House
                                  Guild Street
                                    Dublin 1
                              Republic of Ireland

and/or such other Irish Paying Agent that may from time to time be duly
appointed by the Issuer with the approval of the Note Trustee and notice of
which has been given to the Class A2 Noteholders.

--------------------------------------------------------------------------------
                                                                        page 197

<PAGE>
                                         Note Trust Deed SMHL Global Fund No. 9

-------------------------------------------------------------------------------
Schedule 6 - 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 198

<PAGE>
                                         Note Trust Deed SMHL Global Fund No. 9

-------------------------------------------------------------------------------
Schedule 7 - Servicing Criteria to be addressed in assessment of compliance

<TABLE>
<CAPTION>

---------------------------------------------------------------------------------- -------------
                                                                                   APPLICABLE
SERVICING CRITERIA                                                                 SERVICING
                                                                                   CRITERIA
<S>                          <C>                                                   <C>
---------------------------- ----------------------------------------------------- -------------
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 199
</TABLE>

<PAGE>

                                         Note Trust Deed SMHL Global Fund No. 9
<TABLE>
<CAPTION>
<S>                          <C>                                                   <C>
---------------------------- ----------------------------------------------------- -------------
                             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,
---------------------------- ----------------------------------------------------- -------------

------------------------------------------------------------------------------------------------
                                                                                        page 200
</TABLE>

<PAGE>

                                         Note Trust Deed SMHL Global Fund No. 9
<TABLE>
<CAPTION>
<S>                          <C>                                                   <C>
---------------------------- ----------------------------------------------------- -------------
                             or custodial bank statements.
---------------------------- ----------------------------------------------------- -------------
                             Pool Asset Administration
---------------------------- ----------------------------------------------------- -------------
1122(d)(4)(i)                Collateral or security on mortgage loans is
                             maintained as required by the transaction
                             agreements or related mortgage loan documents.
---------------------------- ----------------------------------------------------- -------------
1122(d)(4)(ii)               Mortgage loan and related documents are
                             safeguarded as required by the transaction
                             agreements
---------------------------- ----------------------------------------------------- -------------
1122(d)(4)(iii)              Any additions, removals or substitutions to the
                             asset pool are made, reviewed and approved in
                             accordance with any conditions or requirements in
                             the transaction agreements.
---------------------------- ----------------------------------------------------- -------------
1122(d)(4)(iv)               Payments on mortgage loans, including any payoffs,
                             made in accordance with the related mortgage loan
                             documents are posted to the Servicer's obligor
                             records maintained no more than two business days
                             after receipt, or such other number of days
                             specified in the transaction agreements, and
                             allocated to principal, interest or other items
                             (e.g., escrow) in accordance with the related
                             mortgage loan documents.
---------------------------- ----------------------------------------------------- -------------
1122(d)(4)(v)                The Servicer's records regarding the mortgage
                             loans agree with the Servicer's records with
                             respect to an obligor's unpaid principal balance.
---------------------------- ----------------------------------------------------- -------------
1122(d)(4)(vi)               Changes with respect to the terms or status of an
                             obligor's mortgage loans (e.g., loan modifications
                             or re-agings) are made, reviewed and approved by
                             authorized personnel in accordance with the
                             transaction agreements and related pool asset
                             documents.
---------------------------- ----------------------------------------------------- -------------
1122(d)(4)(vii)              Loss mitigation or recovery actions (e.g.,
                             forbearance plans, modifications and deeds in lieu
                             of foreclosure, foreclosures and repossessions, as
                             applicable) are initiated, conducted and concluded
                             in accordance with the timeframes or other
                             requirements established by the transaction
                             agreements.
---------------------------- ----------------------------------------------------- -------------
1122(d)(4)(viii)             Records documenting collection efforts are
                             maintained during the period a mortgage loan is
                             delinquent in accordance with the transaction
                             agreements. Such records are maintained on at
                             least a monthly basis, or such other period
                             specified in the transaction agreements, and
                             describe the entity's activities in monitoring
                             delinquent mortgage loans including, for example,
                             phone calls, letters and payment rescheduling
                             plans in cases where delinquency is deemed
                             temporary
---------------------------- ----------------------------------------------------- -------------

------------------------------------------------------------------------------------------------
                                                                                        page 201
</TABLE>

<PAGE>

                                         Note Trust Deed SMHL Global Fund No. 9
<TABLE>
<CAPTION>
<S>                          <C>                                                   <C>
---------------------------- ----------------------------------------------------- -------------
                             (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) 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 202
</TABLE>

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