Document:

Exhibit 4.5

               Security Trust Deed - SMHL Global Fund No. 9

               Perpetual Limited
               ABN 86 000 431 827

               ME Portfolio Management Limited
               ABN 79 005 964 134

               Perpetual Trustee Company Limited
               ABN 42 000 001 007

               and

               The Bank of New York

               Freehils
               --------

               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

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                                   Security Trust Deed - SMHL Global Fund No. 9

Table of contents
Clause                                                                  Page

1        Definitions and Interpretation                                   1

         1.1      Definitions                                             1
         1.2      Definitions from other documents                        9
         1.3      Interpretation                                          9
         1.4      Benefit of Covenants Hereunder                         10
         1.5      Transaction Document                                   11
         1.6      Knowledge of Issuing Trustee                           11
         1.7      Knowledge of the Security Trustee                      11
         1.8      Knowledge of the Note Trustee                          11

2        Acceptance of Trust                                             11

         2.1      Appointment of Security Trustee                        11
         2.2      Duration of Trust                                      11
         2.3      Benefit of trusts                                      11
         2.4      Terms of Notes                                         12
         2.5      Interested Persons bound                               12
         2.6      Resolution of conflicts                                12

3        Note Trustee                                                    12

         3.1      Capacity                                               12
         3.2      Exercise of rights                                     13
         3.3      Instructions or directions                             13
         3.4      Payments                                               13
         3.5      Notices                                                13
         3.6      Limitation of liability of Note Trustee                13

4        Charge                                                          14

         4.1      Charge                                                 14
         4.2      Priority                                               14
         4.3      Nature of Charge                                       14
         4.4      Crystallisation                                        14
         4.5      De-crystallisation                                     15
         4.6      Prospective liability                                  16
         4.7      Amount ultimately recoverable                          16

5        Representations and Warranties                                  16

         5.1      By the Issuing Trustee                                 16
         5.2      By the Manager                                         17
         5.3      Survival of Representations and Warranties             18

6        Issuing Trustee's and Manager's Covenants                       18

         6.1      Covenants                                              18
         6.2      Negative Covenants                                     19
         6.3      Fixed Rate Mortgages                                   20

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                                   Security Trust Deed - SMHL Global Fund No. 9

         6.4      Dealing in Accordance with Transaction Documents      21
         6.5      Notify Events of Default                              21

7        Events of Default                                              21

         7.1      Events of Default                                     21
         7.2      Rights of the Security Trustee upon Event of Default  22
         7.3      Notify Events of Default                              23

8        Enforcement                                                    23

         8.1      Power to Deal with the Charged Property Ceases        23
         8.2      Protection of Charged Property                        23
         8.3      Power to Enforce                                      23
         8.4      No Obligation to Enforce                              24
         8.5      Obligation to Convene Meeting                         24
         8.6      Security Trustee to Act in Accordance with
                  Directions                                            24
         8.7      Security Trustee Must Receive Indemnity               25
         8.8      Limitation on Rights of Secured Creditors             25
         8.9      Immaterial waivers                                    26
         8.10     Acts pursuant to resolutions                          26
         8.11     Overriding provision                                  26

9        Receiver                                                       27

         9.1      Appointment of Receiver                               27
         9.2      Agency of Receiver                                    27
         9.3      Powers of Receiver                                    27
         9.4      Nature of Receiver's Powers                           29
         9.5      Status of Receiver after commencement of winding-up   29
         9.6      Powers exercisable by the Security Trustee            30
         9.7      Notice of exercise of rights                          30
         9.8      Termination of receivership and possession            30

10       Security Trustee's Powers                                      30

         10.1     Act jointly                                           30
         10.2     Appointment of Attorney                               31
         10.3     Purposes of appointment                               31
         10.4     Delegation and substitution                           31
         10.5     Security Trustee may make good default                31

11       Protection of Persons Dealing with Security Trustee
         or Receiver                                                    32

         11.1     No Enquiry                                            32
         11.2     Receipts                                              32

12       Application of Moneys                                          32

         12.1     Priority of Payments                                  32
         12.2     Moneys Received                                       34
         12.3     Satisfaction of debts                                 34
         12.4     Investment of Funds                                   34
         12.5     Powers to Invest                                      35
         12.6     Limit of Security Trustee's Liability                 35
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                                   Security Trust Deed - SMHL Global Fund No. 9

         12.7     Amounts contingently due                              35
         12.8     Notice of a subsequent Encumbrance                    35
         12.9     Payments into Euro Account                            36
         12.10    Payments out of Euro Account                          36
         12.11    Payments into US$ Account                             36
         12.12    Payments out of US$ Account                           37
         12.13    Excluded amounts                                      37
         12.14    Proportionate Sharing                                 37
         12.15    Currency Indemnity                                    38
         12.16    Currency conversion                                   38

13       Remuneration and Indemnification of Security Trustee           40

         13.1     Fee                                                   40
         13.2     Cessation of Fee                                      40
         13.3     Expenses                                              40
         13.4     Costs                                                 41
         13.5     Indemnity                                             41
         13.6     Non-Discharge                                         41

14       Supplemental Security Trustee Provisions                       41

         14.1     Additional Powers, Protections, etc.                  41
         14.2     Security Trustee Not Precluded From Entering
                  into Contracts                                        43
         14.3     Duties of the Security Trustee                        44
         14.4     Security Trustee Liable for Negligence etc.           44
         14.5     Reliance on Experts                                   44
         14.6     Information                                           44

15       Retirement and Removal of Security Trustee                     45

         15.1     Retirement                                            45
         15.2     Removal                                               45
         15.3     Appointment                                           46
         15.4     Retirement or Removal Effective                       46
         15.5     Vesting of Property in Security Trustee               46
         15.6     Retention of Lien                                     46

16       Meetings of Secured Creditors                                  47

         16.1     Meetings Regulated by the Schedule                    47
         16.2     Limitation on Security Trustee's Powers               47
         16.3     Security Trustee rights                               47

17       Continuing Security and Releases                               48

         17.1     Liability Preserved                                   48
         17.2     Issuing Trustee's Liability Not Affected              48
         17.3     Waiver by Issuing Trustee                             48
         17.4     No Notice or Enforcement                              49
         17.5     No Liability for Loss                                 49
         17.6     No Liability to Account                               49
         17.7     Indemnity Regarding Exercise of Powers                49
         17.8     No Conflict                                           49
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                                   Security Trust Deed - SMHL Global Fund No. 9

         17.9     Contract Involving Conflict of Duty                   50
         17.10    Benefit for Receiver etc.                             50

18       Assurance                                                      50

         18.1     Further Assurance                                     50
         18.2     Postponement or Waiver of Encumbrances                50

19       Payments                                                       51

         19.1     Moneys Repayable as Agreed or on Demand               51
         19.2     No Set-Off or Deduction                               51

20       Discharge of the Charge                                        51

         20.1     Release                                               51
         20.2     Contingent Liabilities                                51
         20.3     Charge Reinstated                                     52

21       Amendment                                                      52

         21.1     Amendment by Security Trustee                         52
         21.2     Amendment with Consent                                53
         21.3     Distribution of Amendments                            53

22       Expenses, Stamp Duties and Registration                        53

         22.1     Expenses                                              53
         22.2     Stamp Duties                                          53
         22.3     Registration                                          54
         22.4     Goods and services tax in relation to the
                  Security Trustee                                      54
         22.5     Indemnity                                             55

23       Governing Law and Jurisdiction                                 55

         23.1     Governing Law                                         55
         23.2     Jurisdiction                                          55

24       Notices                                                        56

         24.1     Service of Notices                                    56
         24.2     Addresses                                             56

25       Miscellaneous                                                  57

         25.1     Assignments                                           57
         25.2     Certificate of Security Trustee                       57
         25.3     Continuing Obligation                                 57
         25.4     Settlement Conditional                                58
         25.5     No Merger                                             58
         25.6     Interest on Judgment                                  58
         25.7     No Postponement                                       58
         25.8     Severability of Provisions                            58
         25.9     Remedies Cumulative                                   58
         25.10    Waiver                                                58
         25.11    Consents and Approvals                                59

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                                   Security Trust Deed - SMHL Global Fund No. 9

         25.12    Written Waiver, Consent and Approval                  59
         25.13    Time of Essence                                       59
         25.14    Moratorium Legislation                                59
         25.15    Debit Accounts                                        59
         25.16    Binding on Each Signatory                             60
         25.17    Counterparts                                          60
         25.18    Certificate of amount of Secured Moneys etc           60
         25.19    Attorneys                                             60
         25.20    Know Your Customer                                    60
         25.21    Compliance with Regulation AB                         60
         25.22    Direction of claims by the Manager                    66
         25.23    Direction of defence of claims                        67

26       Trustees' liability                                            68

         26.1     Limitation on Issuing Trustee's liability             68
         26.2     Limitation on Security Trustee's liability            69
         26.3     Rights against Charged Property Preserved             69
         26.4     Waiver of Personal Liability                          69
         26.5     Restricted remedies                                   70
         26.6     Wilful Default of the Issuing Trustee                 70
         26.7     Wilful default of the Security Trustee                71
         26.8     Wilful default of the Note Trustee                    71

27       Privacy                                                        72

Schedule 1 - Meetings Procedures                                        74

Schedule 2 - Servicing Criteria to be addressed in assessment of
             compliance                                                 83

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                                   Security Trust Deed - SMHL Global Fund No. 9

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This Security Trust Deed

                  is made on 17 August 2006 between the following parties:

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

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

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

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

                  Recitals

                  A.      The Issuing Trustee is the trustee, and the Manager
                          is the manager, of the Securitisation Fund.

                  B.      Under the terms of the Master Trust Deed, the
                          Issuing Trustee is authorised to enter into this
                          Deed to charge the assets of the Securitisation Fund
                          to secure payment of the Secured Moneys and the due
                          and punctual performance of its obligations under
                          the Secured Documents to the Secured Creditors.

                  C.      The Security Trustee has agreed to act as trustee
                          for the benefit of the Secured Creditors on the
                          terms and conditions and with the powers and
                          authorities contained in this Deed.

This deed witnesses

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

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1        Definitions and Interpretation

         1.1      Definitions

                  In this Deed unless the context indicates a contrary
                  intention:

                  Attorney means an attorney appointed under this Deed.

                  Charge means the charge created by this Deed.

                  Charged Property means:

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                                   Security Trust Deed - SMHL Global Fund No. 9

                  (a)  all of the present and future property, rights,
                       entitlements, benefits and money from time to time
                       forming part of the Securitisation Fund pursuant to the
                       terms of the Master Trust Deed, including, but not
                       limited to, the property, rights, entitlements and
                       benefits of the Issuing Trustee as trustee of the
                       Securitisation Fund in the Fund Property, but excluding
                       any property, rights, entitlements, benefits and money
                       located or taken for the purposes of any legislation of
                       a State or Territory of Australia with respect to stamp
                       duties to be located in a State or Territory other than
                       New South Wales, the Australian Capital Territory or
                       the Northern Territory;

                  (b)  all property, rights, entitlements, benefits and money
                       of the Issuing Trustee as trustee of the Securitisation
                       Fund acquired after the date of this deed, including,
                       but not limited to, property, rights, entitlements and
                       benefits of the Issuing Trustee as trustee of the
                       Securitisation Fund in the Fund Property, but
                       excluding:

                       (1)  the Future Property; and

                       (2)  all property, rights, entitlements, benefits and
                            money which form part of the Charged Property
                            under paragraph (a) above; and

                  (c)  all Future Property of the Chargor as at 12 noon on the
                       last day of the Relevant Period.

                  Charge Release Date means, subject to clause 20.3, the date
                  the Security Trustee discharges the Charge and this Deed
                  pursuant to clause 20.1.

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

                  Currency Swap means each:

                  (a)  Euro Currency Swap; and

                  (b)  US Currency Swap.

                  Currency Swap Provider means each:

                  (a)  Euro Currency Swap Provider; and

                  (b)  US Currency Swap Provider.

                  Encumbrance means an interest or power:

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

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

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

                  Enhancement means each Enhancement (as defined in the Master
                  Trust Deed) entered into by the Issuing Trustee, except for
                  any Mortgage Insurance Policy.

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                                   Security Trust Deed - SMHL Global Fund No. 9

                  Enhancement Provider means, in relation to an Enhancement,
                  the person who has entered into or agreed to make that
                  Enhancement available to the Issuing Trustee.

                  Euro Currency Swap has the same meaning as in the Notes
                  Supplementary Bond Terms Notice.

                  Euro Currency Swap Provider has the same meaning as in the
                  Notes Supplementary Bond Terms Notice.

                  Event of Crystallisation means an event upon which the
                  Charge crystallises pursuant to clause 4.4.

                  Event of Default means each of the events set out or
                  referred to in this Deed as an Event of Default.

                  Extraordinary Resolution in relation to the Voting Secured
                  Creditors means:

                  (a)  a resolution passed at a meeting of the Voting Secured
                       Creditors duly convened and held in accordance with the
                       provisions contained in this Deed by a majority
                       consisting of not less than 75% of the votes cast
                       thereat; or

                  (b)  a resolution in writing pursuant to clause 15 of the
                       Schedule signed by all the Voting Secured Creditors.

                  Financial Indebtedness means moneys borrowed or raised
                  (including rentals under financial leases) and interest
                  thereon; any liability under any bill of exchange,
                  debenture, note or other security or under any acceptance
                  credit facility; any liability in respect of the acquisition
                  cost of assets or services to the extent payable after the
                  time of acquisition or possession thereof; any guarantee,
                  indemnity or other assurance against financial loss in
                  respect of any moneys borrowed or raised, interest or
                  liabilities; and any other arrangement which achieves in
                  substance the same or equivalent effect as any of the
                  foregoing.

                  Fund Property means:

                  (a)  all Loans, Mortgages and Related Securities;

                  (b)  all Interest Hedges;

                  (c)  all Enhancements;

                  (d)  all bank accounts;

                  (e)  all other Authorised Investments;

                  (f)  all computer software and models, accounting records,
                       financial statements, vouchers and other similar
                       documents relating in any way to the Securitisation
                       Fund;

                  (g)  all Redraw Funding Facilities;

                  (h)  all Top-Up Funding Facilities;

                  (i)  all Payment Funding Facilities; and

                  (j)  all Title Documents.

                  Future Property means land in Western Australia, other than
                  a security interest, acquired within 12 months after the
                  date of this deed.

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                                   Security Trust Deed - SMHL Global Fund No. 9

                  The terms "land" and "security interest" referred to in the
                  definition of Future Property have the same meanings as in
                  Section 87 of the Western Australian Stamp Act 1921.

                  GST has the same meaning as in the A New Tax System (Goods
                  and Services) Act 1999.

                  Insolvency Event means in respect of a person (and, in the
                  case of the Issuing Trustee, excluding in its personal
                  capacity):

                  (a)  an application or order is made for the bankruptcy,
                       winding up or dissolution of the person other than a
                       frivolous or vexatious application or an application
                       which is not stayed within 21 days;

                  (b)  a resolution is passed, or steps are taken to pass a
                       resolution, for the winding up or dissolution of the
                       person, otherwise than for the purpose of an
                       amalgamation or reconstruction while solvent on terms
                       previously approved by the Security Trustee;

                  (c)  the person is otherwise wound up or dissolved or made
                       bankrupt;

                  (d)  a liquidator, provisional liquidator, official manager,
                       administrator, receiver, receiver and manager, trustee
                       in bankruptcy or any similar official is appointed to
                       the person or any of the assets of the person, but in
                       the case of a receiver or receiver and manager only, in
                       respect of the assets of the Fund, or any steps are
                       taken for any such appointment and such appointment is
                       not revoked within 21 days;

                  (e)  the person suspends payment of its debts generally;

                  (f)  the person is, or becomes unable to pay its debts when
                       they are due or is, or becomes, unable to pay its debts
                       within the meaning of the Corporations Act;

                  (g)  the person enters into, or resolves to enter into, any
                       arrangement, composition or compromise with, or
                       assignment for the benefit of, its creditors or any
                       class of them;

                  (h)  the person ceases or threatens to cease, to carry on
                       business;

                  (i)  a notice under section 601AB(3) of the Corporations Act
                       is given to, or in respect of, the person;

                  (j)  the person is, or becomes, or under the Corporations
                       Act is presumed to be, insolvent;

                  (k)  the person takes any steps to obtain, or is granted
                       protection from its creditors or any class of them,
                       under applicable legislation;

                  (l)  anything analogous or having substantially similar
                       effect, to any of the above occurs under or in respect
                       of any existing or future law.

                  Interested Person means a collective reference to the
                  Issuing Trustee, the Bondholders, the Beneficiaries of the
                  Securitisation Fund, the Manager and all persons claiming
                  through them and "Interested Person" means a several
                  reference to all Interested Persons.

                  Liquidity Noteholder means a Bondholder (as defined in the
                  Master Trust Deed) of an SMHL Global No. 9 Liquidity Note.

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                                   Security Trust Deed - SMHL Global Fund No. 9

                  Master Trust Deed means the Master Trust Deed for the
                  Superannuation Members' Home Loans Trusts, dated 4 July 1994
                  made between the Manager (as manager) and the Issuing
                  Trustee (as trustee), as amended and restated from time to
                  time.

                  Mortgage Documents means all original Mortgages, Loan
                  agreements, Related Securities and documents amending or
                  varying the foregoing and all certificates of title to Land
                  affected by any Mortgage and all searches, certificates,
                  results of statutory enquiries, answers to requisitions on
                  title, opinions, correspondence, accounts and other
                  supporting materials provided to or held by the Issuing
                  Trustee or any agent or servant thereof in relation to every
                  Mortgage, Loan agreement or Related Security.

                  Noteholder Secured Creditor means together:

                  (a)  the Note Trustee on behalf of the Class A Offered
                       Noteholders save that where the Note Trustee has become
                       bound to take steps and/or proceed under this Deed and
                       fails to do so within a reasonable period of time and
                       such failure is continuing, the Class A Offered
                       Noteholders and then only to the extent permitted by
                       Australian law;

                  (b)  each Class A3 Noteholder; and

                  (c)  each Class B Noteholder.

                  Notes means Class A Notes, Class B Notes and Liquidity
                  Notes.

                  Notes Supplementary Bond Terms Notice means the
                  Supplementary Bond Terms Notice dated on or about the date
                  of this Deed in respect of the Securitisation Fund and
                  providing the terms of issue of Class A Notes and Class B
                  Notes and executed by, among others, the Issuing Trustee,
                  the Manager and the Security Trustee.

                  Outstanding Principal Balance has the same meaning as in the
                  Notes Supplementary Bond Terms Notice.

                  Payment Funding Facility means any facility provided to the
                  Issuing Trustee to enable the Issuing Trustee to support or
                  fund payments required or to be made by the Issuing Trustee
                  in respect of any Enhancement or Hedge or as otherwise
                  provided in that facility.

                  Payment Funding Facility Provider means, in relation to a
                  Payment Funding Facility, the person who has entered into or
                  agreed to make that Payment Funding Facility available to
                  the Issuing Trustee.

                  Power means any right, power, authority, discretion or
                  remedy conferred on the Security Trustee, Receiver or
                  Attorney by any Secured Document or any applicable law.

                  Prior Interest means the lien over, and right of
                  indemnification from, the Charged Property held by the
                  Issuing Trustee under, and calculated in accordance with,
                  the Master Trust Deed for paid but not reimbursed, or for
                  unpaid, Expenses (other than the Secured Moneys) in relation
                  to the Securitisation Fund.

                  Receiver means a receiver appointed by the Security Trustee
                  hereunder and includes a receiver and manager and where more
                  than one person has been

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                                   Security Trust Deed - SMHL Global Fund No. 9

                  appointed as receiver or receiver and manager each such
                  person and also any servant agent or delegate of any such
                  receiver or receiver and manager.

                  Redraw Facility Provider means, in relation to a Redraw
                  Funding Facility, the person who has entered into or agreed
                  to make that Redraw Funding Facility available to the
                  Issuing Trustee.

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

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

                  Related Body Corporate has the meaning given to it in
                  section 9 of the Corporations Act.

                  Relevant Period means the period which commences on and
                  includes the date of this deed and ends on and includes the
                  earlier of:

                  (a)  the date 12 months and 1 day after the date of this
                       deed; and

                  (b)  the date (if any) on which an Event of Default occurs.

                  Repayment Date means the date on which the Total Outstanding
                  Principal Balance is zero or will be zero following any
                  payments made on the relevant Payment Date.

                  Representative means:

                  (a)  in the case of a Class A Offered Noteholder, the Note
                       Trustee as its representative or any other person
                       appointed as a proxy for the Class A Offered
                       Noteholders in accordance with this Deed);

                  (b)  in the case of any other Secured Creditor, a person who
                       is appointed as a proxy for that Secured Creditor
                       pursuant to clause 9 of the Schedule; and

                  (c)  without limiting the generality of paragraph (a), in
                       the case of a Voting Secured Creditor which is a body
                       corporate, a person who is appointed pursuant to clause
                       10 of Schedule 1 by the Secured Creditor.

                  Secured Creditor means:

                  (a)  each Payment Funding Facility Provider;

                  (b)  the Security Trustee in relation to its rights (held on
                       its own right or for the benefit of other Secured
                       Creditors) under this Deed;

                  (c)  any Class A Offered Noteholder in relation to its
                       rights under the Class A Offered Notes held by it;

                  (d)  any Class A3 Noteholder in relation to its rights under
                       the Class A3 Notes held by it;

                  (e)  any Class B Noteholder in relation to its rights under
                       the Class B Notes held by it;

                  (f)  the Manager in relation to its rights as manager under
                       the Secured Documents for the Securitisation Fund;

                  (g)  each Enhancement Provider in relation to its rights
                       under each Enhancement;

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                                   Security Trust Deed - SMHL Global Fund No. 9

                  (h)  each Interest Hedge Provider in relation to its rights
                       under each Interest Hedge;

                  (i)  the Note Trustee in relation to its rights (held on its
                       own right or for the benefit of any Class A Offered
                       Noteholder) under the Secured Documents;

                  (j)  each Paying Agent, the Note Registrar, the Calculation
                       Agent and the Class A3 Irish Paying Agent in relation
                       to its rights under the Secured Documents;

                  (k)  the Lead Manager in relation to its rights under the
                       Secured Documents;

                  (l)  each Currency Swap Provider in relation to its rights
                       under its Currency Swap;

                  (m)  each Redraw Facility Provider;

                  (n)  each Top-Up Funding Facility Provider; and

                  (o)  any Liquidity Noteholder in relation to its rights
                       under Liquidity Notes held by it.

                  Secured Documents means each of:

                  (a)  this Deed;

                  (b)  the Master Trust Deed, insofar as it relates to the
                       Securitisation Fund;

                  (c)  the Mortgage Origination and Management Agreement,
                       insofar as it relates to the Securitisation Fund;

                  (d)  each Note;

                  (e)  each Supplementary Bond Terms Notice;

                  (f)  each Enhancement;

                  (g)  each Hedge;

                  (h)  the Note Trust Deed;

                  (i)  each Payment Funding Facility;

                  (j)  each Redraw Funding Facility;

                  (k)  each Top-Up Funding Facility;

                  (l)  each Currency Swap; and

                  (m)  the Committed Bond Subscription Agreement.

                  Secured Moneys means all debts and monetary liabilities of
                  the Issuing Trustee to Secured Creditors on any account
                  under or in relation to any Secured Document and in any
                  capacity and irrespective of whether the debts or
                  liabilities:

                  (a)  are present or future;

                  (b)  are actual, prospective, contingent or otherwise;

                  (c)  are at any time ascertained or unascertained;

                  (d)  are owed or incurred by or on account of the Issuing
                       Trustee alone, or severally or jointly with any other
                       person;

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                                   Security Trust Deed - SMHL Global Fund No. 9

                  (e)  are owed to or incurred for the account of the Security
                       Trustee, a Secured Creditor or any person whose account
                       the Security Trustee is owed or incurs it, alone, or
                       severally or jointly with any other person;

                  (f)  are owed to any other person as agent (whether
                       disclosed or not) for or on behalf of the Security
                       Trustee, a Secured Creditor or any person whose account
                       the Security Trustee is owed or incurs it;

                  (g)  are owed or incurred as principal, interest, fees,
                       charges, Taxes, damages (whether for breach of contract
                       or tort or incurred on any other ground), losses, costs
                       or expenses, or on any other account;

                  (h)  are owed to or incurred for the account of the Security
                       Trustee, a Secured Creditor or any person whose account
                       the Security Trustee is owed or incurs it, directly or
                       as a result of:

                       (1)  the assignment to the Security Trustee, a Secured
                            Creditor or any person whose account the Security
                            Trustee is owed or incurs it, of any debt or
                            liability of the Issuing Trustee; or

                       (2)  any other dealing with any such debt or liability;

                  (i) are owed to or incurred for the account of the Security
                      Trustee, a Secured Creditor or any person whose account
                      the Security Trustee is owed or incurs it, before the
                      date of this Deed, before the date of any assignment of
                      this Deed to the Security Trustee, a Secured Creditor or
                      any person whose account the Security Trustee is owed or
                      incurs it, by any other person or otherwise; or

                  (j) comprise any combination of the above.

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

                  Side Letter to the Mortgage Origination and Management
                  Agreement has the same meaning as in the Notes Supplementary
                  Bond Terms Notice.

                  Supplementary Bond Terms Notice means each Supplementary
                  Bond Terms Notice dated or about the date of this Deed in
                  respect of the Securitisation Fund.

                  Statute means any legislation now or hereafter in force of
                  the Parliament of the Commonwealth of Australia or of any
                  State or Territory thereof and any rule regulation ordinance
                  by-law statutory instrument order or notice now or hereafter
                  made under such legislation.

                  Title Documents means all certificates, documents,
                  instruments, indicia of title or other evidence of the
                  right, title, interest and estate of the Issuing Trustee in
                  the items referred to in paragraphs (a) - (c) (inclusive) of
                  the definition of "Charged Property" in this clause 1.1,
                  including without limiting the generality of the foregoing,
                  all Mortgage Documents.

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

                  Top-up Funding Facility Provider means, in relation to a
                  Top-up Funding Facility, the person who has entered into or
                  agreed to make that Top-up Funding Facility available to the
                  Issuing Trustee.

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                                                                          page 8
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                                   Security Trust Deed - SMHL Global Fund No. 9

                  Top-up Loan has the meaning given to it under the Notes
                  Supplementary Bond Terms Notice.

                  US Currency Swap has the same meaning as in the Notes
                  Supplementary Bond Terms Notice.

                  US Currency Swap Provider has the same meaning as in the
                  Notes Supplementary Bond Terms Notice.

                  Voting Secured Creditor means:

                  (a)  with respect only to the enforcement of the security
                       under this 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)

                       (1) the Note Trustee, acting on behalf of the Class A
                           Offered Noteholders under the Note Trust Deed and
                           clause 3 or, if the Note Trustee has become bound
                           to take steps and/or to proceed hereunder 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).

         1.2      Definitions from other documents

                  (a)  Subject to clause 1.1 each expression used herein that
                       is defined in the Master Trust Deed (as amended by the
                       Notes Supplementary Bond Terms Notice) and the Notes
                       Supplementary Bond Terms Notice has the same meaning
                       when used in this Deed unless the context otherwise
                       requires or unless otherwise defined in this Deed.

                  (b)  Subject to clause 21, no change to the Master Trust
                       Deed or any other document after the date of this Deed
                       will change the meaning of terms used in this Deed or
                       adversely affect the rights of the Security Trustee
                       under this Deed unless the Security Trustee (subject to
                       clause 16.3) with the prior written consent of the
                       Noteholder Secured Creditors has agreed to the changes.

         1.3      Interpretation

                  In this Deed unless the context indicates a contrary
                  intention:

                  (a)  the expression "person" includes an individual, a
                       corporation and a Government Agency;

                  (b)  the expression "power" in relation to the Security
                       Trustee or a Receiver includes all powers authorities
                       rights remedies privileges and discretions conferred
                       upon the Security Trustee or the Receiver by this Deed,
                       by any other deed agreement document or instrument by
                       any Statute or otherwise by law;

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                                                                          page 9
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                                   Security Trust Deed - SMHL Global Fund No. 9

                  (c)  a reference to any party includes that party's
                       executors, administrators, successors, substitutes and
                       assigns, including any person taking by way of
                       novation;

                  (d)  a reference to this Deed, the Master Trust Deed, each
                       Supplementary Bond Terms Notice or to any other deed
                       agreement document or instrument includes respectively
                       this Deed, the Master Trust Deed or such other deed
                       agreement document or instrument as amended, novated,
                       supplemented, varied or replaced from time to time;

                  (e)  a reference to any Statute or to any section or
                       provision thereof includes any statutory modification
                       or re-enactment or any statutory provision substituted
                       therefor and all ordinances, by-laws regulations and
                       other statutory instruments issued thereunder;

                  (f)  a reference to a Related Body Corporate shall include a
                       corporation which is or becomes a Related Body
                       Corporate during the currency of this Deed;

                  (g)  words importing the singular shall include the plural
                       (and vice versa) and words denoting a given gender
                       shall include all other genders;

                  (h)  headings are for convenience only and shall not affect
                       the interpretation hereof;

                  (i)  a reference to a clause is a reference to a clause of
                       this Deed;

                  (j)  a reference to the Schedule is a reference to the
                       Schedule to this Deed;

                  (k)  where any word or phrase is given a defined meaning any
                       other part of speech or other grammatical form in
                       respect of such word or phrase has a corresponding
                       meaning;

                  (l)  where the day on or by which any sum is payable
                       hereunder or any act matter or thing is to be done is a
                       day other than a Banking Day such sum shall be paid and
                       such act matter or thing shall be done on the
                       immediately succeeding Banking Day;

                  (m)  all accounting terms used in this Deed shall have the
                       same meaning ascribed to those terms under accounting
                       principles and practices generally accepted in
                       Australia from time to time;

                  (n)  a reference to the Issuing Trustee is a reference to
                       the Issuing Trustee in its capacity as trustee of the
                       Securitisation Fund, and in no other capacity; and

                  (o)  a reference to the property, business, assets,
                       undertaking or money of the Issuing Trustee is a
                       reference to the property, business, assets,
                       undertaking or money of the Issuing Trustee in the
                       capacity referred to in paragraph (n) only.

         1.4      Benefit of Covenants Hereunder

                  Unless the context indicates a contrary intention, the
                  Security Trustee shall hold the covenants, undertaking and
                  other obligations and liabilities of the Issuing Trustee and
                  the Manager hereunder on trust for the benefit of the
                  Secured Creditors on the terms and conditions of this Deed.

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                                                                         page 10
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                                   Security Trust Deed - SMHL Global Fund No. 9

         1.5      Transaction Document

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

         1.6      Knowledge of Issuing Trustee

                  In relation to the Securitisation Fund, the Issuing Trustee
                  will only be considered to have knowledge or notice of or be
                  aware of any matter or thing if the Issuing Trustee 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 Issuing Trustee who have day to day
                  responsibility for the administration of the Securitisation
                  Fund.

         1.7      Knowledge of the Security Trustee

                  In relation to the Securitisation Fund, the Security Trustee
                  will only be considered to have knowledge or notice of or be
                  aware of any matter or thing if the Security Trustee 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 Security Trustee who have day to day
                  responsibility for the administration of the trust created
                  by this Deed.

         1.8      Knowledge of the Note Trustee

                  In relation to the Securitisation Fund, the Note Trustee
                  will only be considered to have knowledge or notice of or be
                  aware of any matter or thing if the Note Trustee 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 who have day to day
                  responsibility for the administration of the trust created
                  by this Deed.

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2        Acceptance of Trust

         2.1      Appointment of Security Trustee

                  The Security Trustee is hereby appointed, and by its
                  execution hereof accepts its appointment, as trustee on
                  behalf of, and for, the Secured Creditors on the terms and
                  conditions of this Deed.

         2.2      Duration of Trust

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

                  (a)  the Charge Release Date; and

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

         2.3      Benefit of trusts

                  Each Secured Creditor is entitled to the benefit of the
                  trusts created by this Deed on the terms and conditions
                  herein contained.

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                                                                         page 11
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                                   Security Trust Deed - SMHL Global Fund No. 9

         2.4      Terms of Notes

                  All Notes relating to the Securitisation Fund shall be
                  issued with the benefit of, and subject to, the provisions
                  of this Deed, the Master Trust Deed, each Supplementary Bond
                  Terms Notice, the Note Trust Deed and Conditions for the
                  Class A Offered Notes.

         2.5      Interested Persons bound

                  The provisions of this Deed and the Master Trust Deed shall
                  be binding upon every Interested Person and the Security
                  Trustee.

         2.6      Resolution of conflicts

                  (a)  The Security Trustee must, as regards the exercise of
                       all discretions vested in it by this Deed and all other
                       Transaction Documents, except where expressly provided
                       otherwise, have regard to the interest of the Secured
                       Creditors.

                  (b)  Subject to the provisions of this Deed, if there is at
                       any time, with respect to enforcement, a conflict
                       between a duty owed by the Security Trustee to any
                       Secured Creditor or class of Secured Creditors, and a
                       duty owed by it to another Secured Creditor or class of
                       Secured Creditors, the Security Trustee must give
                       priority to the interests of the Noteholders (which, in
                       the case of Class A Offered Noteholders, shall be
                       determined by the Note Trustee acting on their behalf
                       (as provided in clause 16.3) or the Class A Offered
                       Noteholders, as provided herein and in the Note Trust
                       Deed, which, in the case of Class A3 Noteholders and
                       Class B Noteholders, shall be determined by the Class
                       A3 Noteholders and Class B Noteholders as provided
                       herein, and which, in the case of the Liquidity
                       Noteholders, shall be determined by the Liquidity
                       Noteholders as provided herein).

                  (c)  Subject to the provisions of this Deed (other than
                       paragraph (b)), the Security Trustee must give priority
                       to the interests only of the Class A Noteholders if, in
                       the Security Trustee's opinion (in relation to which in
                       determining the interests of the Class A Offered
                       Noteholders, the Security Trustee may rely on a
                       determination of the Note Trustee) there is a conflict
                       between the interests of the Class A Noteholders and
                       the interests of the Class B Noteholders or other
                       Secured Creditors.

                  (d)  Provided that the Security Trustee acts in accordance
                       with this clause 2.6 and in good faith, it shall not
                       incur any liability to any Secured Creditor for giving
                       effect to paragraph (b) or (c).

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3        Note Trustee

         3.1      Capacity

                  The Note Trustee is a party to this Deed in its capacity as
                  trustee for the Class A Offered Noteholders from time to
                  time under the Note Trust Deed. Notwithstanding any other
                  provision of this Deed, this Deed becomes effective against
                  the Note Trustee only upon execution of the Note Trust Deed.

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                                                                         page 12
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                                   Security Trust Deed - SMHL Global Fund No. 9

         3.2      Exercise of rights

                  Except as otherwise provided in this Deed and in the Note
                  Trust Deed:

                  (a)  the rights, remedies and discretions of the Class A
                       Offered Noteholders under this Deed including all
                       rights to vote or give instructions or consent to the
                       Security Trustee and to enforce any undertakings or
                       warranties under this Deed, may only be exercised by
                       the Note Trustee on behalf of the Class A Offered
                       Noteholders in accordance with the Note Trust Deed; and

                  (b)  the Class A Offered Noteholders may only exercise
                       enforcement rights in respect of the Charged Property
                       through the Note Trustee and only in accordance with
                       this Deed and the Note Trust Deed.

         3.3      Instructions or directions

                  The Security Trustee may rely on any instructions or
                  directions given to it by the Note Trustee as being given on
                  behalf of all Class A Offered Noteholders from time to time
                  and need not inquire 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.

         3.4      Payments

                  Any payment to be made to a Class A Offered Noteholder under
                  this Deed may be made to the Note Trustee or a Paying Agent
                  on behalf of that Class A Offered Noteholder.

         3.5      Notices

                  Any notice to be given to a Class A Offered Noteholder under
                  this Deed may be given to the Note Trustee on behalf of that
                  Class A Offered Noteholder. Any costs to the Note Trustee of
                  publishing such notice to the Class A Offered Noteholders
                  will be reimbursed by the Issuing Trustee to the Note
                  Trustee.

         3.6      Limitation of liability of Note Trustee

                  Notwithstanding any other provision of this deed, the Note
                  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 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, any other
                  Transaction Document or by operation of laws, 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. Nothing in this clause or any
                  similar provision in any other Transaction Document limits
                  or adversely affects the powers of the Note Trustee.

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                                                                         page 13
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                                   Security Trust Deed - SMHL Global Fund No. 9

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4        Charge

         4.1      Charge

                  (a)  The Issuing Trustee in its capacity as trustee of the
                       Charged Property charges all of its interest in the
                       Charged Property to the Security Trustee as security
                       for the due and punctual payment of the Secured Moneys
                       and the performance of its obligations under the
                       Secured Documents.

                  (b)  The Charge does not charge any Charged Property as at
                       the date of this Deed which as at that date is, or is
                       taken under the applicable stamp duties legislation of
                       the relevant jurisdiction to be, situated in any State
                       or Territory of Australia other than New South Wales,
                       the Australian Capital Territory or the Northern
                       Territory.

         4.2      Priority

                  The parties intend that the Charge take priority over all
                  other Encumbrances over the Charged Property other than the
                  Prior Interest.

         4.3      Nature of Charge

                  The Charge is a floating charge over all Charged Property.

         4.4      Crystallisation

                  The floating charge created in clauses 4.1 and 4.3
                  automatically and immediately crystallises and becomes fixed:

                  (a)  without the Security Trustee giving any notice to the
                       Issuing Trustee, in respect of:

                      (1)  all of the Charged Property:

                           (A)  when a Receiver or any other receiver or
                                receiver and manager or administrator or
                                provisional liquidator is appointed, or
                                proposed to be appointed, in respect of any of
                                the Charged Property;

                           (B)  when the Charge or any other Encumbrance over
                                any of the Charged Property is enforced in any
                                other way;

                           (C)  when a notice under section 218 of the Income
                                Tax Assessment Act 1936 (Cth), section 260-5
                                in Schedule 1 of the Tax Administration Act
                                1953 or similar provision under the Income Tax
                                Assessment Act 1997 in respect of the Issuing
                                Trustee is signed by, or on behalf of, the
                                Commissioner of Taxation or the Deputy
                                Commissioner of Taxation;

                           (D)  upon any Government Agency taking any step
                                which may result in an amount of Tax or an
                                amount owing to a Government Agency ranking
                                ahead of the Charge;

                           (E)  when an order is made or a resolution is
                                passed for the liquidation of the Issuing
                                Trustee whether in its personal capacity or in
                                its capacity as trustee of the Securitisation
                                Fund;

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                                                                         page 14
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                                   Security Trust Deed - SMHL Global Fund No. 9

                           (F)  when a resolution is passed or a direction is
                                given by the Beneficiaries for the winding-up
                                or termination of the Securitisation Fund;

                           (G)  when all of the Beneficiaries give a direction
                                to the Issuing Trustee to distribute the
                                assets of the Securitisation Fund;

                           (H)  upon the termination of the Securitisation
                                Fund, whether under the Master Trust Deed or
                                by expiration of time or otherwise;

                           (I)  when an order is made requiring distribution
                                of any Securitisation Fund assets to any
                                person or appointing a Receiver in respect of
                                the Securitisation Fund;

                           (J)  when the Issuing Trustee resolves, or any
                                other person on whose instructions the Issuing
                                Trustee must act directs the Issuing Trustee,
                                to distribute any corpus of the Charged
                                Property which is subject to the floating
                                charge;

                           (K)  when any step is taken to issue, levy or
                                enforce any distress, attachment, execution or
                                other process against or upon any of the
                                Charged Property;

                           (L)  when any Encumbrance over any of the Charged
                                Property is, or becomes capable of being,
                                enforced or any floating Encumbrance over any
                                of the Charged Property crystallises or
                                otherwise becomes a fixed Encumbrance; or

                           (M)  upon occurrence of an Event of Default; or

                      (2)  in respect of any asset, if the Issuing Trustee:

                           (A)  creates or allows any Encumbrance over;

                           (B)  sells, leases or otherwise disposes of;

                           (C)  creates or allows any interest in; or

                           (D)  parts with possession of,

                           that asset in breach of the Master Trust Deed or
                           this Deed, or agrees or attempts to do so or take
                           any step towards doing so.

         4.5      De-crystallisation

                  (a)  Where an asset has become subject to a fixed charge
                       under clause 4.4, the Security Trustee may release the
                       asset from that fixed charge by notice in writing to
                       the Issuing Trustee.

                  (b)  When an asset is released from the fixed charge under
                       clause 4.5(a)) the asset will again be subject to:

                       (1)  the floating charge under clauses 4.1 and 4.3; and

                       (2)  the further operation of clause 4.4.

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                                                                         page 15
<PAGE>

                  (c)  The Security Trustee must promptly give each Designated
                       Rating Agency a notice of any release made pursuant to
                       clause 4.5(a).

         4.6      Prospective liability

                  (a)  The parties acknowledge that the maximum amount of the
                       prospective liability secured by this Deed for the
                       purposes of establishing priority under section 282(3)
                       of the Corporations Act, is $5,000,000,000.

                  (b)  The Security Trustee may from time to time lodge a
                       notice under s268(2) of the Corporations Act on behalf
                       of the Issuing Trustee specifying an increase in the
                       maximum amount of the prospective liability referred to
                       in clause 4.6(a) and from the date of lodgment the
                       amount specified in clause 4.6(a) is to be regarded as
                       varied to the amount specified in that notice.

                  (c)  Neither clause 4.6(a) nor clause 4.6(b) in any way
                       affects or limits the actual amount of Secured Moneys
                       which may in fact be secured by the Charge.

                  (d)  Clauses 4.6(a), 4.6(b) and 4.6(c) are to be construed
                       independently of each other.

         4.7      Amount ultimately recoverable

                  Subject to this Deed and without limiting the Secured
                  Moneys, the amount ultimately recoverable by the Chargee
                  under this Deed is limited to $5,000,000,000.

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5        Representations and Warranties

         5.1      By the Issuing Trustee

                  The Issuing Trustee hereby represents and warrants to the
                  Security Trustee:

                  (a)  (Due Incorporation): the Issuing Trustee is duly
                       incorporated and has the corporate power to own its
                       property and to carry on its business as is now being
                       conducted;

                  (b)  (constitution): the execution delivery and performance
                       of each Secured Document does not violate the
                       constitution of the Issuing Trustee;

                  (c)  (Corporate Power): the Issuing Trustee has the power
                       and has taken all corporate and other action required
                       to enter into each Secured Document and to authorise
                       the execution and delivery of each Secured Document and
                       the performance of its obligations hereunder;

                  (d)  (Filings): the Issuing Trustee has filed all material
                       corporate notices and effected all material
                       registrations with the Australian Securities and
                       Investments Commission or similar office in the
                       jurisdiction of incorporation and all such filings and
                       registrations are current, complete and accurate,
                       except that this representation and warranty does not
                       apply to the filing of an ASIC form 309 or ASIC form
                       350 in relation to the creation of the Charge;

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                                                                         page 16
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                                   Security Trust Deed - SMHL Global Fund No. 9

                  (e)  (Legally Binding Obligation): each Secured Document
                       constitutes a valid, legally binding and enforceable
                       obligation of the Issuing Trustee in accordance with
                       its terms except as such enforceability may be limited
                       by any applicable bankruptcy, insolvency,
                       reorganisation, moratorium or trust or other similar
                       laws affecting creditors' rights generally;

                  (f)  (Execution, Delivery and Performance): the execution,
                       delivery and performance of each Secured Document by
                       the Issuing Trustee does not violate any existing law
                       or regulation or any document or agreement to which the
                       Issuing Trustee is a party in either case in its
                       capacity as trustee of the Securitisation Fund or which
                       is binding upon it or any of its assets in its capacity
                       as trustee of the Securitisation Fund;

                  (g)  (Authorisation): all consents, licences, approvals and
                       authorisations of every Government Agency required to
                       be obtained by the Issuing Trustee in connection with
                       the execution and delivery of, and performance of its
                       obligations under, each Secured Document have been
                       obtained and are valid and subsisting;

                  (h)  (Good Title): the Issuing Trustee is the legal owner of
                       and has the power under the Master Trust Deed to enter
                       into each Secured Document and to charge in the manner
                       provided in this Deed, the Charged Property and,
                       subject only to the Master Trust Deed, this Deed and
                       the Prior Interest, the Charged Property is free of all
                       other Encumbrances;

                  (i)  (Securitisation Fund Validly Created): the
                       Securitisation Fund has been validly created and is in
                       existence at the date of this Deed;

                  (j)  (Sole Trustee): the Issuing Trustee has been validly
                       appointed as trustee of the Securitisation Fund and is
                       presently the sole trustee of the Securitisation Fund;

                  (k)  (Master Trust Deed): the Securitisation Fund is
                       constituted pursuant to the Master Trust Deed; and

                  (l)  (No Proceedings to Remove): no notice has been given to
                       the Issuing Trustee and to the Issuing Trustee's
                       knowledge no resolution has been passed or direction or
                       notice has been given, removing the Issuing Trustee as
                       trustee of the Securitisation Fund.

         5.2      By the Manager

                  The Manager hereby represents and warrants to the Security
                  Trustee that:

                  (a)  (Due incorporation): the Manager is duly incorporated
                       and has the corporate power to own its property and to
                       carry on its business as is now being conducted;

                  (b)  (constitution): the execution, delivery and performance
                       of each Secured Document does not violate the
                       constitution of the Manager;

                  (c)  (Corporate power): the Manager has the power and has
                       taken all corporate and other action required to enter
                       into each Secured Document and to authorise the
                       execution and delivery of each Secured Document and the
                       performance of its obligations hereunder;

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                                                                         page 17
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                                   Security Trust Deed - SMHL Global Fund No. 9

                  (d)  (Filings): the Manager has filed all corporate notices
                       and effected all registrations with the Australian
                       Securities and Investments Commission or similar office
                       in its jurisdiction of incorporation and in any other
                       jurisdiction as required by law and all such filings
                       and registrations are current, complete and accurate;

                  (e)  (Legally Binding Obligation): each Secured Document
                       constitutes a valid, legally binding and enforceable
                       obligation of the Manager in accordance with its terms
                       except as such enforceability may be limited by any
                       applicable bankruptcy, insolvency, re-organisation,
                       moratorium or trust or other similar laws affecting
                       creditors' rights generally;

                  (f)  (Execution, Delivery and Performance): the execution,
                       delivery and performance of each Secured Document by
                       the Manager does not violate any existing law or
                       regulation or any document or agreement to which the
                       Manager is a party or which is binding upon it or any
                       of its assets;

                  (g)  (Authorisation): all consents, licences, approvals and
                       authorisations of every Government Agency required to
                       be obtained by the Manager in connection with the
                       execution, delivery and performance of each Secured
                       Document have been obtained and are valid and
                       subsisting; and

                  (h)  (Warranties): to the Manager's knowledge, all
                       representations and warranties given by the Manager in
                       any Transaction Document are true and accurate.

         5.3      Survival of Representations and Warranties

                  All representations and warranties in this Deed survive the
                  execution and delivery of this Deed and the provision of
                  advances and accommodation.

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6        Issuing Trustee's and Manager's Covenants

         6.1      Covenants

                  (a)  The Issuing Trustee covenants in favour of the Security
                       Trustee that it will duly and punctually perform
                       observe and fulfil its obligations under the Secured
                       Documents and in accordance with the terms of the
                       Secured Documents, will pay the Secured Moneys to, or
                       to the order of, the Security Trustee as and when the
                       same fall due for payment.

                  (b)  Notwithstanding clause 6.1(a), every payment by the
                       Issuing Trustee, or the Security Trustee in accordance
                       with this Deed, to the Secured Creditors on account of
                       the Secured Moneys will operate as payment by the
                       Issuing Trustee to the Security Trustee in satisfaction
                       of the Issuing Trustee's obligations in respect
                       thereof.

                  (c)  Each of the Issuing Trustee and the Manager will ensure
                       that it complies with its obligations under the Secured
                       Documents.

                  (d)  Each of the Issuing Trustee and the Manager will give
                       to the Note Trustee a copy of the Register, and to the
                       Security Trustee any information in the power or
                       possession of the Issuing Trustee or the Manager
                       relating to

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                                                                         page 18
<PAGE>
                                   Security Trust Deed - SMHL Global Fund No. 9

                  the Securitisation Fund that the Security Trustee reasonably
                  requests in connection with the exercise and performance of
                  its powers and obligations under this Deed, including
                  without limitation:

                      (1)  the identity, and notice details of, each Secured
                           Creditor and Beneficiary; and

                      (2)  the Secured Moneys owing to each Secured Creditor.

         6.2      Negative Covenants

                  The Issuing Trustee shall not do, nor shall the Manager
                  direct the Issuing Trustee to do, any of the following
                  without the prior written consent of the Security Trustee
                  and without prior written confirmation from each Designated
                  Rating Agency of the rating assigned to the Notes in
                  relation to the Securitisation Fund and the Notes, except as
                  permitted by this Deed or the Master Trust Deed or the
                  Supplementary Bond Terms Notice:

                  (a)  (No Encumbrances): subject only to the Prior Interest,
                       create, purport or attempt to create or permit to exist
                       any Encumbrance howsoever ranking over any part of the
                       Charged Property;

                  (b)  (No Sale, Lease etc.): subject to clause 6.4, convey,
                       assign, transfer, lease or otherwise dispose or part
                       with possession of, make any bailment over, or create
                       or permit to exist any other interest in any part of
                       the Charged Property whilst such part of the Charged
                       Property is subject to the Charge;

                  (c)  (No Financial Indebtedness): create, incur, assume,
                       permit or suffer to exist any Financial Indebtedness
                       except for:

                       (1)  the Notes;

                       (2)  Financial Indebtedness arising under the
                            Transaction Documents in relation to the
                            Securitisation Fund;

                       (3)  Financial Indebtedness which is fully subordinated
                            to the Secured Moneys, or is non-recourse other
                            than with respect to proceeds in excess of those
                            needed to pay the Secured Moneys, and does not
                            constitute a claim against the Issuing Trustee in
                            the event that those excess proceeds are
                            insufficient to pay that subordinated Financial
                            Indebtedness; or

                       (4)  Financial Indebtedness that will not result in any
                            reduction or withdrawal of the rating assigned to
                            the initial Notes by each such Designated Rating
                            Agency;

                  (d)  (No Release under Transaction Documents): give any
                       release or discharge (whether full, partial or
                       conditional) to any person in respect of their
                       obligations under any of the Transaction Documents
                       relating to the Securitisation Fund, except as
                       contemplated by those Transaction Documents; and

                  (e)  (Bank accounts): open any bank account not permitted in
                       the Transaction Documents.

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                                   Security Trust Deed - SMHL Global Fund No. 9

         6.3      Fixed Rate Mortgages

                  (a)  Unless each Designated Rating Agency should otherwise
                       notify the Manager in writing, the Manager must not at
                       any time cause:

                       (1)  the aggregate Outstanding Principal Balance of all
                            fixed interest rate Mortgages to exceed 50% of the
                            aggregate Outstanding Principal Balance of all
                            Mortgages;

                       (2)  the aggregate Outstanding Principal Balance of all
                            fixed interest rate Mortgages with an outstanding
                            fixed interest rate period of 3 years or less to
                            exceed 50% of the aggregate Outstanding Principal
                            Balance of all Mortgages; and

                       (3)  the aggregate Outstanding Principal Balance of all
                            fixed interest rate Mortgages with an outstanding
                            fixed interest rate period of greater than 3 years
                            and not exceeding 5 years to exceed 25% of the
                            aggregate Outstanding Principal Balance of all
                            Mortgages; and

                       (4)  the fixed interest rate period for any Mortgage to
                            end on or after the date nominated by the Manager
                            and notified in writing to the Issuing Trustee,
                            the Security Trustee and the Note Trustee prior to
                            the issue of any Notes by the Issuing Trustee.

                  (b)  The Manager must not cause any fixed interest rate
                       Mortgage to become an Asset of the Fund unless:

                       (1)  the Trustee has entered into a Payment Funding
                            Facility for such amount agreed to from time to
                            time by the Manager and each Designated Rating
                            Agency so that the rating of the Notes by each
                            Designated Rating Agency will not be downgraded or
                            withdrawn by the Trustee holding fixed interest
                            rate Mortgages; and

                       (2)  the Trustee has entered into an Enhancement or
                            Interest Hedge in respect of the fixed interest
                            rate component of the Mortgage for the period of
                            that fixed interest rate component and whether in
                            respect of that Mortgage alone or with any other
                            Mortgage that is an Asset of the Securitisation
                            Fund.

                  (c)  Subject to the terms of any such Payment Funding
                       Facility, the Manager must cause the principal amount
                       outstanding under the Payment Funding Facility to be
                       not less than the amount agreed from time to time by
                       the Manager and each Designated Rating Agency.

                  (d)  For the purposes of clause 6.3 a reference:

                       (1)  to a Mortgage is to a Mortgage which is an Asset
                            of the Securitisation Fund;

                       (2)  to a fixed interest rate Mortgage is a Mortgage
                            under which all or part of the interest payable is
                            set at a fixed rate;

                       (3)  the Outstanding Principal Balance of a fixed
                            interest rate Mortgage is that portion of the
                            Outstanding Principal Balance of the Mortgage
                            which is subject to a fixed interest rate.

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                                                                         page 20
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                                   Security Trust Deed - SMHL Global Fund No. 9

         6.4      Dealing in Accordance with Transaction Documents

                  The Issuing Trustee may in respect of a given part of the
                  Charged Property whilst subject to the floating charge deal
                  with and pay or apply that part of the Charged Property in
                  accordance with the provisions of the Transaction Documents.

         6.5      Notify Events of Default

                  Each of the Manager and the Issuing Trustee must immediately
                  notify the Security Trustee in writing if it becomes
                  actually aware of the occurrence of any Event of Default and
                  must provide the Security Trustee with full and complete
                  details in relation thereto immediately upon becoming
                  actually aware of such details.

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7        Events of Default

         7.1      Events of Default

                  Subject to the Supplementary Bond Terms Notice for the Class
                  A Notes and Class B Notes and the Liquidity Notes, 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 or any other person:

                  (a)  (Failure to Pay): the Issuing Trustee 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)  (Failure to Comply): the Issuing Trustee defaults in
                       fully performing observing and fulfilling any material
                       obligation in relation to the Securitisation Fund under
                       this Deed or a 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 Issuing Trustee receiving
                       notice from the Security Trustee specifying the breach
                       and requiring the same to be rectified);

                  (c)  (Untrue Warranty): any representation, warranty or
                       statement in relation to the Securitisation Fund made,
                       repeated or deemed to be made or repeated in this Deed
                       or in a Secured Document by the Issuing Trustee 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)  (Breach of Undertaking): the Issuing Trustee 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

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                                                                         page 21
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                                   Security Trust Deed - SMHL Global Fund No. 9

                       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)  (Insolvency Event): any Insolvency Event occurs in
                       relation to the Issuing Trustee other than for the
                       reconstruction of the Issuing Trustee 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)  (Encumbrance): 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)  (Investigation): any investigation into the affairs, or
                       into particular affairs, of the Issuing Trustee in
                       relation to the Securitisation Fund is directed or
                       commenced under any Statute;

                  (h)  (Void or Voidable): any Secured Document is, becomes or
                       is claimed by the Issuing Trustee or the Manager to be
                       void, voidable or unenforceable in whole or in any
                       material part;

                  (i)  (Repudiation): the Issuing Trustee disaffirms,
                       disclaims, repudiates or rejects any Secured Document
                       to which it is a party in whole or in any material
                       part;

                  (j)  (Vesting of Assets): 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)  (Breach of Trust): any material breach of trust in
                       relation to the Securitisation Fund by the Issuing
                       Trustee or the Issuing Trustee 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)  (Diminution of Assets): as a result of the act or
                       omission of the Issuing Trustee the assets of the
                       Securitisation Fund are materially diminished or made
                       materially less accessible to the Security Trustee;

                  (m)  (Winding-up): without the prior consent of the Security
                       Trustee the Securitisation Fund is wound-up or the
                       Issuing Trustee is required to wind up the
                       Securitisation Fund under the Master Trust Deed or
                       applicable law, or the winding up of the Securitisation
                       Fund commences; and

                  (n)  (Priority of Charge): the Charge ceases to rank as
                       contemplated by clause 4.2.

         7.2      Rights of the Security Trustee upon Event of Default

                  Upon the occurrence of an Event of Default, the Security
                  Trustee may in its absolute discretion, and shall, subject
                  to clauses 8.4, 8.5, 8.6 and 8.7, if so directed by an
                  Extraordinary Resolution:

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                                                                         page 22
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                                   Security Trust Deed - SMHL Global Fund No. 9

                  (a)  declare the Charge immediately enforceable;

                  (b)  declare the Secured Moneys immediately due and payable;

                  (c)  give a notice crystallising the charge in relation to
                       any or all of the Secured Property under clause 4.4;
                       and/or

                  (d)  appoint a Receiver over the Charged Property, or
                       exercise the powers that a Receiver would otherwise
                       have if appointed under this Deed.

                  The Security Trustee may exercise its rights pursuant to
                  this clause notwithstanding any delay or previous waiver.

         7.3      Notify Events of Default

                  Each of the Issuing Trustee and the Manager must promptly
                  (and in any event within 5 Banking Days) notify the Note
                  Trustee on behalf of the Class A Offered Noteholders, and
                  all other Secured Creditors, the Security Trustee, and each
                  of the Designated Rating Agencies if, to the knowledge of
                  its officers who are responsible for the administration of
                  the Securitisation Fund, it becomes aware of the occurrence
                  of an Event of Default or any event specified in clause 4.4
                  and they must provide full details of the Event of Default
                  or other event and the actions and procedures which are
                  being taken or will be taken by the Issuing Trustee and the
                  Manager to remedy the relevant Event of Default or other
                  event.

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8        Enforcement

         8.1      Power to Deal with the Charged Property Ceases

                  The Issuing Trustee's power to deal for any purpose with all
                  or any part of the Charged Property, other than by or
                  through a Receiver appointed under this Deed shall
                  immediately cease upon the Charge crystallising and becoming
                  fixed pursuant to the provisions of this Deed (subject only
                  to the operation of clause 4.5, in which case the Issuing
                  Trustee's power to deal in accordance with this Deed with
                  any asset or assets the subject of a notice under such
                  clause shall be reinstated from the date of such notice).

         8.2      Protection of Charged Property

                  If the Charge crystallises and becomes fixed pursuant to the
                  provisions of this Deed upon the occurrence of an Event of
                  Crystallisation, the Security Trustee shall have the right
                  either in its own name or in the name of the Issuing Trustee
                  to immediately seek and obtain appropriate relief in
                  relation to that part of the Charged Property affected or
                  threatened by such Event of Crystallisation.

         8.3      Power to Enforce

                  At any time after the Charge becomes enforceable, the
                  Security Trustee may, without reference to Secured
                  Creditors, at its discretion and without further notice
                  (subject to the terms of this Deed) take such proceedings as
                  it may think fit to enforce any of the provisions of this
                  Deed.

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                                                                         page 23

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                                   Security Trust Deed - SMHL Global Fund No. 9

         8.4      No Obligation to Enforce

                  Subject to clauses 8.5 and 14.4, upon the occurrence of an
                  Event of Default, pending the receipt of directions from the
                  Voting Secured Creditors as contemplated by clauses 8.5 and
                  8.6, the Security Trustee shall not be bound to take any
                  action under this Deed or give any consent or waiver or make
                  any determination hereunder (including, without limiting the
                  generality of the foregoing, to appoint any Receiver, to
                  declare the Charge enforceable or the Secured Moneys
                  immediately due and payable pursuant to clause 7.2 or to
                  take any other proceedings referred to in clause 8.3).
                  Nothing in this clause shall affect the operation of clause
                  4.4 upon the occurrence of an Event of Crystallisation or
                  the Charge becoming enforceable prior to the Security
                  Trustee receiving directions from the Secured Creditors.

         8.5      Obligation to Convene Meeting

                  (a)  Following the Security Trustee becoming actually aware
                       of the occurrence of an Event of Default, it shall,
                       subject to clause 8.9, promptly convene a meeting of
                       the Voting Secured Creditors in accordance with this
                       Deed, at which it shall seek directions from the Voting
                       Secured Creditors by way of an Extraordinary Resolution
                       of the Voting Secured Creditors regarding the action it
                       should take as a result of such Event of Default.

                  (b)  If the Security Trustee fails to convene a meeting, or
                       to propose the necessary Extraordinary Resolutions, in
                       accordance with clause 8.5(a), the Manager must convene
                       a meeting of Voting Secured Creditors, or propose the
                       necessary Extraordinary Resolutions (as the case may
                       be), in accordance with this clause 8, which meeting is
                       to have only the same powers as if convened by the
                       Security Trustee and is to be conducted in accordance
                       with the provisions of the Schedule, in which event all
                       references in this Deed and the Schedule to the
                       Security Trustee in relation to the requirements of
                       meetings of Voting Secured Creditors will be read and
                       construed, mutatis mutandis, as references to the
                       Manager.

         8.6      Security Trustee to Act in Accordance with Directions

                  (a)  Subject to sub-clause 8.6(b), the Security Trustee
                       shall take all action necessary to give effect to any
                       Extraordinary Resolution of the Voting Secured
                       Creditors and shall comply with all directions
                       contained in or given pursuant to any Extraordinary
                       Resolution of the Voting Secured Creditors.

                  (b)  The obligation of the Security Trustee pursuant to
                       sub-clause 8.6(a) is subject to:

                       (1)  this Deed; and

                       (2)  if required by the Security Trustee (in its
                            absolute discretion) the receipt from the Voting
                            Secured Creditors (other than the Note Trustee) of
                            an indemnity in a form reasonably satisfactory to
                            the Security Trustee (which may be by way of an
                            Extraordinary Resolution of the Voting Secured
                            Creditors) against all actions, proceedings,
                            claims and demands to which it may render itself
                            liable, and all costs, charges, damages and
                            expenses which it may

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                                                                         page 24
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                                   Security Trust Deed - SMHL Global Fund No. 9

                            incur, in giving effect to an Extraordinary
                            Resolution of the Voting Secured Creditors.

                       The Security Trustee shall first claim on its indemnity
                       from the property held on trust under clause 2.1 before
                       it claims on any indemnity from the Secured Creditors
                       (other than the Note Trustee), including any indemnity
                       provided under clause 8.7. The Note Trustee is in no
                       circumstance required to give any indemnity to the
                       Security Trustee.

                  (c)  If an Event of Default is a payment default in respect
                       of a subordinated Class of Notes, as long as there are
                       Class A Notes outstanding that rank prior to those
                       subordinated Notes, the Security Trustee must not take
                       any action without the consent of the Class A3
                       Noteholders, and the consent of the Note Trustee acting
                       at the direction of the Class A Offered Noteholders, by
                       Extraordinary Resolution.

                  (d)  If the Security Trustee becomes bound to take steps
                       and/or proceed under this Deed and it fails to do so
                       within a reasonable time and such failure is
                       continuing, the Voting Secured Creditors may exercise
                       such powers as they determine by Extraordinary
                       Resolution.

         8.7      Security Trustee Must Receive Indemnity

                  If:

                  (a)  the Security Trustee convenes a meeting of the Voting
                       Secured Creditors, or is required by an Extraordinary
                       Resolution to take any action under this Deed, and
                       advises them that the Security Trustee will not act in
                       relation to the enforcement of this Deed unless it is
                       personally indemnified by the Voting Secured Creditors
                       (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 the enforcement of this Deed and
                       put in funds to the extent to which it may become
                       liable (including costs and expenses); and

                  (b)  the Voting Secured Creditors refuse to grant the
                       requested indemnity and put the Security Trustee in
                       funds,

                  then the Security Trustee will not be obliged to act in
                  relation to such enforcement. In those circumstances, the
                  Voting Secured Creditors may exercise such Powers and enjoy
                  such protections and indemnities, of the Security Trustee
                  under this Deed, any Encumbrance or other document or
                  agreement created or entered into in favour of the Security
                  Trustee as security for the Secured Moneys or by law as they
                  determine by Extraordinary Resolution. The Note Trustee is
                  in no circumstance required to give an indemnity to the
                  Security Trustee.

         8.8      Limitation on Rights of Secured Creditors

                  Subject to this Deed, the powers, rights and remedies
                  conferred on the Security Trustee by this Deed are
                  exercisable by the Security Trustee only, and no Secured
                  Creditor is entitled without the written consent of the
                  Security Trustee to exercise the same or any of them.
                  Without limiting the generality of the foregoing, subject to
                  clause 8.7, no Secured Creditor is entitled to enforce the
                  Charge or the
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                                                                         page 25
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                                   Security Trust Deed - SMHL Global Fund No. 9

                  provisions of this Deed or to appoint or cause to be
                  appointed a Receiver to any of the Charged Property or
                  otherwise to exercise any power conferred by the terms of
                  any applicable law on chargees except as provided in this
                  Deed.

         8.9      Immaterial waivers

                  (a)  The Security Trustee may (subject to clause 16.3), with
                       the prior written consent of the Noteholder Secured
                       Creditors agree, on any terms and conditions as it may
                       deem expedient, having first given notice to any
                       Designated Rating Agency for each Class of Notes, but
                       without the consent of the other Secured Creditors and
                       without prejudice to its rights in respect of any
                       subsequent breach, to any waiver or authorisation of
                       any breach or proposed breach of any of the terms and
                       conditions of the Secured Documents or any of the
                       provisions of this Deed which is not, in the reasonable
                       opinion of the Security Trustee, materially prejudicial
                       to the interests of the Secured Creditors and may
                       determine that any event that would otherwise be an
                       Event of Default shall not be treated as an Event of
                       Default for the purpose of this Deed.

                  (b)  No such waiver, authorisation or determination shall be
                       made in contravention of any directions contained in an
                       Extraordinary Resolution of Voting Secured Creditors.

                  (c)  Any such waiver, authorisation or determination shall,
                       if the Security Trustee so requires, be notified to the
                       Voting Secured Creditors by the Manager as soon as
                       practicable thereafter in accordance with this Deed.

         8.10     Acts pursuant to resolutions

                  The Security Trustee shall not be responsible for having
                  acted in good faith upon any resolution purporting to have
                  been passed at any meeting of the Voting Secured Creditors
                  in respect of which minutes have been made and signed, even
                  though it may subsequently be found that there was some
                  defect in the constitution of that meeting or the passing of
                  that resolution or that for any reason that resolution was
                  not valid or binding upon the Voting Secured Creditors.

         8.11     Overriding provision

                  Notwithstanding any other provision of this Deed:

                  (a)  the Security Trustee is not obliged to do or omit to do
                       anything including entering into any transaction or
                       incurring any liability unless the Security Trustee's
                       liability is limited in a manner satisfactory to the
                       Security Trustee in its absolute discretion; and

                  (b)  the Security Trustee will not be under any obligation
                       to advance or use its own funds for the payment of any
                       costs, expenses or liabilities, except in respect of
                       its own fraud, negligence or wilful default.

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                                                                         page 26
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                                   Security Trust Deed - SMHL Global Fund No. 9

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9        Receiver

         9.1      Appointment of Receiver

                  Subject to clause 8 upon or at any time after the occurrence
                  of an Event of Default the Security Trustee may:

                  (a)  appoint any person or any 2 or more persons jointly, or
                       severally, or jointly and severally to be a receiver or
                       a receiver and manager of the Charged Property;

                  (b)  remove any Receiver and on the removal, retirement or
                       death of any Receiver, appoint another Receiver; and

                  (c)  fix or vary the remuneration and direct payment of that
                       remuneration and any costs, charges and expenses of the
                       Receiver out of the proceeds of any realisation of the
                       Charged Property.

         9.2      Agency of Receiver

                  (a)  Subject to clause 9.5, each Receiver is the agent of
                       the Issuing Trustee.

                  (b)  The Issuing Trustee is responsible for the acts,
                       defaults and remuneration of the Receiver.

                  (c)  Each Secured Creditor acknowledges that:

                       (1)  any Receiver will be only the agent of the Issuing
                            Trustee in its capacity as trustee of the
                            Securitisation Fund; and

                       (2)  notwithstanding anything else in this Deed or at
                            law, the Issuing Trustee in its personal capacity
                            is not responsible for any act or omission of the
                            Receiver.

         9.3      Powers of Receiver

                  Subject to any express exclusion by the terms of the
                  Receiver's appointment, and whether or not the Receiver has
                  taken possession of the whole or any part of the Charged
                  Property, the Receiver has, in addition to any powers
                  conferred on the Receiver by applicable law, power to do any
                  of the following:

                  (a)  manage, possession or control: to manage, enter into
                       possession or assume control of any of the Charged
                       Property;

                  (b)  lease or licence: to accept the surrender of,
                       determine, grant or renew any lease or licence in
                       respect of the use or occupation of any of the Charged
                       Property:

                       (1)  on any terms or special conditions that the
                            Security Trustee or Receiver thinks fit; and

                       (2)  in conjunction with the sale, lease or licence of
                            any other property by any person;

                  (c)  sale: to sell or concur in selling any of the Charged
                       Property to any person:

                       (1)  by auction, private treaty or tender;

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                                                                         page 27
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                                   Security Trust Deed - SMHL Global Fund No. 9

                       (2)  on such terms and special conditions as the
                            Security Trustee or the Receiver thinks fit;

                       (3)  for cash or for a deferred payment of the purchase
                            price, in whole or in part, with or without
                            interest or security;

                       (4)  in conjunction with the sale of any property by
                            any other person; and

                       (5)  in one lot or in separate parcels;

                  (d)  grant options to purchase: to grant to any person an
                       option to purchase any of the Charged Property;

                  (e)  acquire property: to acquire any interest in any
                       property, in the name or on behalf of the Issuing
                       Trustee, which on acquisition forms part of the Charged
                       Property;

                  (f)  carry on business: to carry on or concur in carrying on
                       any business of the Issuing Trustee in respect of the
                       Charged Property;

                  (g)  borrowings and security:

                       (1)  to raise or borrow any money, in its name or the
                            name or on behalf of the Issuing Trustee, from the
                            Security Trustee or any person approved by the
                            Security Trustee in writing; and

                       (2)  to secure money raised or borrowed under clause
                            9.3(g)(1) by an Encumbrance over any of the
                            Charged Property, ranking in priority to, equal
                            with, or after, the Charge;

                  (h)  maintain or improve Charged Property: to do anything to
                       maintain, protect or improve any of the Charged
                       Property including, but not limited to, completing,
                       repairing, erecting a new improvement on, demolishing
                       or altering any of the Charged Property;

                  (i)  income and bank accounts: to do anything to manage or
                       obtain income or revenue from any of the Charged
                       Property including, but not limited to, operating any
                       bank account which forms part of the Charged Property
                       or opening and operating a new bank account;

                  (j)  access to Charged Property: to have access to any of
                       the Charged Property;

                  (k)  insure Charged Property: to insure any of the Charged
                       Property;

                  (l)  sever fixtures: to sever fixtures in respect of any of
                       the Charged Property;

                  (m)  compromise: to make or accept any compromise or
                       arrangement;

                  (n)  surrender Charged Property: to surrender or transfer
                       any of the Charged Property to any person;

                  (o)  exchange Charged Property: to exchange with any person
                       any of the Charged Property for any other property
                       whether of equal value or not;

                  (p)  employ or discharge: to employ or discharge any person
                       as an employee, contractor, agent, professional adviser
                       or auctioneer for any of the purposes of this Deed;

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                                                                         page 28
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                                   Security Trust Deed - SMHL Global Fund No. 9

                  (q)  delegate: to delegate to any person any Power of the
                       Receiver;

                  (r)  perform or enforce documents: to observe, perform,
                       enforce, exercise or refrain from exercising any right,
                       power, authority, discretion or remedy of the Issuing
                       Trustee under, or otherwise obtain the benefit of:

                       (1)  any document, agreement or right which attaches to
                            or forms part of the Charged Property; and

                       (2)  any document or agreement entered into in exercise
                            of any Power by the Receiver;

                  (s)  receipts: to give effectual receipts for all moneys and
                       other assets which may come into the hands of the
                       Receiver;

                  (t)  take proceedings: to commence, discontinue, prosecute,
                       defend, settle or compromise in its name or the name or
                       on behalf of the Issuing Trustee, any proceedings
                       including, but not limited to, proceedings in relation
                       to any insurance in respect of any of the Charged
                       Property;

                  (u)  insolvency proceedings: in connection with any Charged
                       Property, to make any debtor bankrupt, wind-up any
                       company, corporation or other entity and do all things
                       in relation to any bankruptcy or winding-up which the
                       Receiver thinks necessary or desirable including, but
                       not limited to, attending and voting at creditors'
                       meetings and appointing proxies for those meetings;

                  (v)  execute documents: in connection with any Charged
                       Property, to enter into and execute any document or
                       agreement in the name of the Receiver or the name or on
                       behalf of the Issuing Trustee including, but not
                       limited to, notices, bills of exchange, cheques or
                       promissory notes for any of the purposes of this Deed;

                  (w)  vote: to exercise any voting rights or powers in
                       respect of any part of the Charged Property;

                  (x)  ability of Issuing Trustee: to do anything the Issuing
                       Trustee could do in respect of the Charged Property;
                       and

                  (y)  incidental power: to do anything necessary or
                       incidental to the exercise of any Power of the
                       Receiver.

         9.4      Nature of Receiver's Powers

                  The Powers of the Receiver must be construed independently
                  and no one Power limits the generality of any other Power.
                  Any dealing under any Power of the Receiver will be on the
                  terms and conditions the Receiver thinks fit.

         9.5      Status of Receiver after commencement of winding-up

                  (a)  The power to appoint a Receiver under clause 9.1 may be
                       exercised even if at the time an Event of Default
                       occurs or if at the time a Receiver is appointed, an
                       order has been made or a resolution has been passed for
                       the winding-up of the Issuing Trustee or any event set
                       out in clause 4.4(a)(1)(E) to clause 4.4(a)(1)(K) has
                       occurred.

                  (b)  If for any reason, including, but not limited to
                       operation of law, a Receiver:

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                                   Security Trust Deed - SMHL Global Fund No. 9

                       (1)  appointed in the circumstances described in clause
                            9.5(a); or

                       (2)  appointed at any other time,

                       ceases to be the agent of the Issuing Trustee upon or
                       by virtue of, or as a result of, an order or a
                       resolution being passed for the winding-up of the
                       Issuing Trustee, then the Receiver immediately becomes
                       the agent of the Security Trustee.

         9.6      Powers exercisable by the Security Trustee

                  (a)  Whether or not a Receiver is appointed under clause
                       9.1, the Security Trustee may, on or after the
                       occurrence of an Event of Default and without giving
                       notice to any person, exercise any Power of the
                       Receiver in addition to any Power of the Security
                       Trustee.

                  (b)  The exercise of any Power by the Security Trustee,
                       Receiver or Attorney does not cause or deem the
                       Security Trustee, Receiver or Attorney:

                       (1)  to be a mortgagee in possession;

                       (2)  to account as mortgagee in possession; or

                       (3)  to be answerable for any act or omission for which
                            a mortgagee in possession is liable.

         9.7      Notice of exercise of rights

                  The Security Trustee, Receiver or Attorney is not required:

                  (a)  to give notice of the Charge to any debtor or creditor
                       of the Issuing Trustee or to any other person;

                  (b)  to enforce payment of any money payable to the Issuing
                       Trustee including, but not limited to, any of the debts
                       or monetary liabilities charged by this Deed; or

                  (c)  to obtain the consent of the Issuing Trustee to any
                       exercise of a Power.

         9.8      Termination of receivership and possession

                  The Security Trustee may, at any time, terminate the
                  appointment of a Receiver and may, at any time, give up
                  possession of the Charged Property.

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10       Security Trustee's Powers

         10.1     Act jointly

                  The Security Trustee or Receiver may exercise any of the
                  powers conferred upon the Security Trustee or the Receiver
                  in conjunction with the exercise of similar powers by any
                  other Encumbrancee of the Charged Property or part thereof
                  or by any receiver appointed by such other Encumbrancee and
                  may enter into and give effect to such agreements and
                  arrangements with such other Encumbrancee or receiver as the
                  Security Trustee or Receiver thinks fit.

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                                   Security Trust Deed - SMHL Global Fund No. 9

         10.2     Appointment of Attorney

                  In consideration of the Security Trustee entering into the
                  Secured Documents, the Issuing Trustee irrevocably appoints
                  each Receiver and each of the directors, secretaries and
                  managers for the time being of the Security Trustee
                  severally its attorney for the purposes set out in clause
                  10.3.

         10.3     Purposes of appointment

                  The Attorney may, in its name or in the name of the Issuing
                  Trustee, Security Trustee or Receiver, at any time after the
                  occurrence of an Event of Default do any of the following:

                  (a)  do any thing which ought to be done by the Issuing
                       Trustee under this Deed;

                  (b)  exercise any right, power, authority, discretion or
                       remedy of the Issuing Trustee under:

                       (1)  this Deed;

                       (2)  any other Secured Document; or

                       (3)  any agreement forming part of the Charged Property;

                  (c)  do any thing which in the opinion of the Security
                       Trustee, Receiver or Attorney is necessary or expedient
                       for securing or perfecting the Charge;

                  (d)  execute in favour of the Security Trustee any legal
                       mortgage, transfer, assignment and any other assurance of
                       any of the Charged Property;

                  (e)  execute Deeds of assignment, composition or release in
                       connection with the Charged Property;

                  (f)  sell or otherwise part with the possession of any of the
                       Charged Property; and

                  (g)  generally, do any other thing, whether or not of the same
                       kind as those set out in clause 10.3 (a) to (f), which in
                       the opinion of the Security Trustee, Receiver or Attorney
                       is necessary or expedient:

                       (1)  to more satisfactorily secure to the Security
                            Trustee the payment of the Secured Moneys; or

                       (2)  in relation to any of the Charged Property.

         10.4     Delegation and substitution

                  The Attorney may, at any time, for any of the purposes in
                  clause 10.3, appoint or remove any substitute or delegate or
                  sub-attorney.

         10.5     Security Trustee may make good default

                  If the Issuing Trustee defaults in duly performing observing
                  and fulfilling any covenant on the part of the Issuing
                  Trustee herein contained or implied it shall be lawful for,
                  but not obligatory upon the Security Trustee, without
                  prejudice to any other power of the Security Trustee, to do
                  all things and pay all moneys necessary or expedient in the
                  opinion of the Security Trustee to make good or to attempt
                  to

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                                   Security Trust Deed - SMHL Global Fund No. 9

                  make good such default to the satisfaction of the
                  Security Trustee and all such moneys shall form part of the
                  Secured Moneys.

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11       Protection of Persons Dealing with Security Trustee or Receiver

         11.1     No Enquiry

                  No purchaser or other person dealing with the Security
                  Trustee, the Receiver or any attorney appointed hereunder or
                  to whom is tendered for registration an instrument executed
                  by the Security Trustee, the Receiver or any attorney
                  appointed hereunder, shall be bound to inquire as to whether
                  any Event of Default has occurred or whether the Charge has
                  become enforceable or whether any Secured Moneys are owing
                  or payable or whether the Receiver or attorney has been
                  properly appointed or as to the propriety or regularity of
                  the exercise or purported exercise of any power by the
                  Security Trustee, the Receiver or such attorney or any other
                  matter or thing or be affected by actual or constructive
                  notice that any lease, sale, dealing or instrument is
                  unnecessary or improper and notwithstanding any irregularity
                  or impropriety in any lease, sale, dealing or instrument the
                  same shall as regards the protection and title of the
                  lessee, purchaser or such other person be deemed to be
                  authorised by the aforesaid powers and shall be valid and
                  effectual accordingly.

         11.2     Receipts

                  The receipt of the Security Trustee, the Receiver or any
                  attorney appointed hereunder of any moneys or assets which
                  come into the hands of the Security Trustee, the Receiver or
                  such attorney by virtue of the powers of the Security
                  Trustee, the Receiver or the attorney shall as to the moneys
                  or assets paid or handed over effectually discharge the
                  person, other than the Issuing Trustee, paying or handing
                  over the same from being concerned to see to the application
                  or being answerable or accountable for any loss or
                  misapplication thereof and from any liability to inquire
                  whether the Charge has become enforceable or whether the
                  Secured Moneys have become payable pursuant to the
                  provisions of this Deed or otherwise as to the propriety or
                  regularity of the appointment of such Receiver or attorney
                  or the propriety or regularity of the exercise of such
                  powers by the Security Trustee, the Receiver or the attorney
                  (as the case may be).

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12       Application of Moneys

         12.1     Priority of Payments

                  All moneys received by the Security Trustee or by the
                  Receiver as a result of the exercise of the powers conferred
                  by this Deed in relation to the Charged Property pursuant to
                  the provisions of this Deed shall, subject to this Deed, be
                  applied as follows:

                  (a)  Firstly: in payment of all amounts which, to the extent
                       required by law, have priority over the payments
                       specified in the balance of this clause 12.1;

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                                   Security Trust Deed - SMHL Global Fund No. 9

                  (b)  Secondly: in payment (pari passu and rateably) of:

                       (1)  any fees and any other expenses, liabilities,
                            losses, costs, claims, actions, proceedings,
                            damages, demands, charges, stamp and other duties
                            and Taxes due to the Issuing Trustee, the Security
                            Trustee or the Note Trustee;

                       (2)  any fees and any other expenses, liabilities,
                            losses, costs, claims, actions, proceedings,
                            damages, demands, charges, stamp and other duties
                            and Taxes due to the Principal Paying Agent, the
                            Calculation Agent, the Note Registrar, the other
                            Paying Agents or the Class A3 Irish Paying Agent;
                            and

                       (3)  the Receivers remuneration;

                  (c)  Thirdly: in payment of all costs, charges, expenses and
                       disbursements incurred in or incidental to the exercise
                       or performance or attempted exercise or performance of
                       any Powers of the Receiver, the Security Trustee, an
                       Attorney or the Note Trustee in relation to the
                       Securitisation Fund and the Charged Property;

                  (d)  Fourthly: subject to this clause 12.1, in payment of
                       such other Expenses in relation to the Securitisation
                       Fund or the Charged Property as the Receiver or the
                       Security Trustee shall think fit to pay;

                  (e)  Fifthly: in payment of other Encumbrances over the
                       Charged Property of which the Security Trustee is aware
                       having priority to the Charge (including the Prior
                       Interest), in the order of their priority and the
                       Security Trustee and the Receiver shall be entitled to
                       rely upon a certificate from the prior Encumbrancee as
                       to the amount so secured and shall not be bound to
                       enquire further as to the accuracy of that amount or as
                       to whether that amount or any part thereof is validly
                       secured by such other prior Encumbrance;

                  (f)  Sixthly: in payment of (pari passu and rateably):

                       (1)  all Secured Moneys owing to the Enhancement
                            Providers;

                       (2)  all Secured Moneys owing (as at the date of
                            payment) to;

                            (A) each Class A Offered Noteholder of a Class A1
                                Note as calculated and expressed in the A$
                                Equivalent in the manner set out in clause
                                12.16(a); and

                            (B) each Class A Offered Noteholder of a Class A2
                                Note as calculated and expressed in the A$
                                Equivalent in the manner set out in clause
                                12.16(b);

                       (3)  all Secured Moneys owing to each Class A3
                            Noteholder (as at the date of payment);

                       (4)  all Secured Moneys owing to:

                            (A) each US Currency Swap Provider as calculated
                                and expressed in the A$ Equivalent in the
                                manner set out in clause 12.16(c);

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                                   Security Trust Deed - SMHL Global Fund No. 9

                            (B) each Euro Currency Swap Provider as calculated
                                and expressed in the A$ Equivalent in the
                                manner set out in clause 12.16(d); and

                       (5) all Secured Moneys owing to each Interest Hedge
                           Provider;

                       (6)  all Secured Moneys owing to the Redraw Facility
                            Provider;

                       (7)  all Secured Moneys owing to the Top-up Funding
                            Facility Provider;

                       (8)  all fees and other amounts owing to the Manager
                            under the Master Trust Deed;

                  (g)  Seventhly: in payment of all Secured Moneys owing to
                       the Class B Noteholders (as at the date of payment);

                  (h)  Eighthly: pari passu and rateably in payment or towards
                       satisfaction of all amounts not covered above owing to
                       any Secured Creditor under any Secured Document;

                  (i)  Ninthly: in payment of subsequent Encumbrances over the
                       Charged Property of which the Security Trustee is
                       aware, in the order of their priority and the Security
                       Trustee and the Receiver shall be entitled to rely upon
                       a certificate from any subsequent Encumbrancee as to
                       the amount so secured and shall not be bound to enquire
                       further as to the accuracy of that amount or as to
                       whether that amount or any part thereof is validly
                       secured by the subsequent Encumbrance; and

                  (j)  Tenthly: the surplus (if any) shall be paid to the
                       Issuing Trustee to be distributed in accordance with
                       the terms of the Master Trust Deed, but shall not carry
                       interest as against the Security Trustee.

         12.2     Moneys Received

                  In applying any moneys towards satisfaction of the Secured
                  Moneys the Issuing Trustee shall be credited only with so
                  much of the said moneys available for that purpose as shall
                  be actually received by the relevant Secured Creditor,
                  Security Trustee or the Receiver and not required for
                  whatever reason to be disgorged, such credit to date from
                  the time of such receipt.

         12.3     Satisfaction of debts

                  Each Secured Creditor shall accept the distribution of
                  moneys under this clause in full and final satisfaction of
                  all Secured Moneys.

         12.4     Investment of Funds

                  If the amount of the moneys at any time available for
                  payment in respect of the Secured Documents in relation to
                  the Securitisation Fund under clause 12.1 shall be less than
                  the total amount then due in respect of the Secured
                  Documents in relation to the Securitisation Fund, the
                  Security Trustee may, at its discretion, invest such moneys
                  upon some or one of the investments authorised under clause
                  12.5 with power from time to time similarly to vary such
                  investments. Such investments with the resulting income
                  therefrom shall be accumulated until the accumulations,
                  together with any other funds for the time being under the
                  control of the Security Trustee and available for such
                  payment, shall amount to at least the

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                                   Security Trust Deed - SMHL Global Fund No. 9

                  total amount then due in respect of the Secured Documents in
                  relation to the Securitisation Fund and then such
                  accumulations and funds (after deduction of any Taxes
                  applicable thereto) shall be applied as specified in clause
                  12.1.

         12.5     Powers to Invest

                  Any moneys received in or towards satisfaction of the
                  Secured Moneys pending application pursuant to the
                  provisions of this Deed, or surplus moneys which under this
                  Deed ought to or may be invested by the Security Trustee,
                  may be invested in the name or under the control of the
                  Security Trustee in any Authorised Investments which may be
                  selected by the Security Trustee and the Security Trustee
                  may at any time vary or transpose any such investments for
                  or into other such investments and shall not be responsible
                  for any loss occasioned thereby, whether by depreciation in
                  value or otherwise.

         12.6     Limit of Security Trustee's Liability

                  Notwithstanding anything to the contrary contained in this
                  Deed (and subject only to clause 14) the Security Trustee
                  shall be under no obligation to account to any Interested
                  Person for any moneys received pursuant to the trusts of
                  this Deed other than those received by the Security Trustee
                  from the Issuing Trustee or received or recovered by the
                  Security Trustee or the Receiver hereunder, subject always
                  to such deductions and withholdings by the Security Trustee
                  or the Receiver as are authorised by this Deed.

         12.7     Amounts contingently due

                  (a)  If at the time of a distribution of any money under
                       clause 12.1 any part of the Secured Moneys is
                       contingently owing to any Secured Creditor, the
                       Security Trustee, Receiver or Attorney may retain an
                       amount equal to the amount contingently owing or any
                       part of it.

                  (b)  If the Security Trustee, Receiver or Attorney retains
                       any amount under clause 12.7(a) it must place that
                       amount on short-term interest bearing deposit which is
                       an Authorised Investment until the amount contingently
                       owing becomes actually due and payable or otherwise
                       ceases to be contingently owing at which time the
                       Security Trustee, Receiver or Attorney must:

                       (1)  pay to the Secured Creditor the amount which has
                            become actually due to it; and

                       (2)  apply the balance of the amount retained, together
                            with any interest on the amount contingently
                            owing, in accordance with clause 12.1.

         12.8     Notice of a subsequent Encumbrance

                  (a)  If the Security Trustee receives actual or constructive
                       notice of a subsequent Encumbrance, the Security
                       Trustee:

                       (1)  may open a new account in the name of the Issuing
                            Trustee in its books; or

                       (2)  is regarded as having opened a new account in the
                            name of the Issuing Trustee in its books,

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                                   Security Trust Deed - SMHL Global Fund No. 9

                          on the date it received or was regarded as having
                          received notice of the subsequent Encumbrance.

                  (b)  From the date on which that new account is opened or
                       regarded as opened:

                       (1)  all payments made by the Issuing Trustee to the
                            Security Trustee; and

                       (2)  all financial accommodation and advances by the
                            Security Trustee to the Issuing Trustee,

                       are or are regarded as credited and debited, as the case
                       may be, to the new account.

                  (c)  The payments by the Issuing Trustee under clause
                       12.8(b) must be applied:

                       (1)  first, in reduction of the debit balance, if any,
                            in the new account; and

                       (2)  second, if there is no debit balance in the new
                            account, in reduction of the Secured Moneys which
                            have not been debited or regarded as debited to
                            the new account.

         12.9     Payments into Euro Account

                  (a)  The Issuing Trustee must direct the Euro Currency Swap
                       Provider to pay all amounts denominated in Euro payable
                       to the Issuing Trustee by the Euro Currency Swap
                       Provider under the Euro Currency Swap into the Euro
                       Account or to the Principal Paying Agent.

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

         12.10    Payments out of Euro Account

                  (a)  The Issuing Trustee must, or must require that the
                       Paying Agents on its behalf, pay all amounts credited
                       to the Euro Account as follows and in accordance with
                       the Notes Supplementary Bond Terms Notice for the
                       Securitisation Fund and the Note Trust Deed.

                  (b)  All amounts credited to the Euro Account by the Euro
                       Currency Swap Provider in relation to a payment by the
                       Issuing Trustee under clause 12.1(f)(2), will be
                       applied pari passu to pay all Secured Moneys owing to
                       Class A2 Noteholders.

         12.11    Payments into US$ Account

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

                  (b)  If the Issuing Trustee receives any amount denominated
                       in US$ from the US Currency Swap Provider under the US
                       Currency Swap it will promptly

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                                   Security Trust Deed - SMHL Global Fund No. 9

                       pay that amount to the credit of the US$ Account or to
                       the Principal Paying Agent.

         12.12    Payments out of US$ Account

                  (a)  The Issuing Trustee must, or must require that the
                       Paying Agents on its behalf, pay all amounts credited
                       to the US$ Account as follows and in accordance with
                       the Notes Supplementary Bond Terms Notice for the
                       Securitisation Fund and the Note Trust Deed.

                  (b)  All amounts credited to the US$ Account by the US
                       Currency Swap Provider in relation to a payment by the
                       Issuing Trustee under clause 12.1(f)(2), will be
                       applied pari passu to pay all Secured Moneys owing to
                       Class A1 Noteholders.

         12.13    Excluded amounts

                  The following amounts shall not be treated as assets of the
                  Trust available for distribution under clause 12.1:

                  (a)  the proceeds of cash collateral lodged by the provider
                       of an Interest Hedge which are payable to that person
                       under that Interest Hedge;

                  (b)  the proceeds of cash collateral lodged by the provider
                       of a Currency Swap which are payable to that person
                       under that Currency Swap; and

                  (c)  the proceeds of any other cash collateral lodged by an
                       Enhancement Provider under an Enhancement which are
                       payable to the Enhancement Provider.

                  This clause 12.13 shall not apply to the extent that the
                  relevant moneys are applied in accordance with the relevant
                  document to satisfy any obligation owed to the Issuing
                  Trustee by the relevant Interest Hedge Provider, Currency
                  Swap Provider or Enhancement Provider.

         12.14    Proportionate Sharing

                  (a)  Whenever any Secured Creditor receives or recovers any
                       money in respect of any sum due from the Issuing
                       Trustee under a Secured Document in any way (including
                       without limitation by set-off) except those referred to
                       in clause 12.13 or through distribution by the Security
                       Trustee under this Deed (the Received Moneys) after the
                       Charge has been enforced:

                       (1)  the Secured Creditor must immediately notify the
                            Security Trustee;

                       (2)  the Secured Creditor must immediately pay that
                            money to the Security Trustee (unless the Security
                            Trustee directs otherwise). As between each Class
                            A Noteholder, such payments (if any) are to be
                            made pari passu and rateably;

                       (3)  the Security Trustee must treat the payment as if
                            it were a payment by the Issuing Trustee on
                            account of all sums then payable to the Secured
                            Creditors; and

                       (4)  (A)  the payment or recovery will be taken to have
                                 been a payment for the account of the Security
                                 Trustee and not to the

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                                   Security Trust Deed - SMHL Global Fund No. 9

                                 Secured Creditor for its own account, and to
                                 that extent the liability of the Issuing
                                 Trustee to the Secured Creditor will not be
                                 reduced by the recovery or payment, other than
                                 to the extent of any distribution received by
                                 the Secured Creditor under paragraph
                                 12.14(a)(3); and

                            (B)  (without limiting sub-paragraph 12.14(a)(4)(A))
                                 immediately on the Secured Creditor making or
                                 becoming liable to make a payment under
                                 paragraph 12.14(a)(2), the Issuing Trustee
                                 shall indemnify the Secured Creditor against
                                 the payment to the extent that (despite
                                 sub-paragraph 12.14(a)(4)(A)) its liability has
                                 been discharged by the recovery or payment.

                  (b)  If a Secured Creditor receives or recovers any Received
                       Moneys, and does not pay that amount to the Security
                       Trustee under clause 12.14(a), the Security Trustee may
                       retain out of amounts which would otherwise be payable
                       to the Secured Creditor under this Deed any amounts
                       which the Security Trustee considers necessary to put
                       all Secured Creditors in the same position as if that
                       Secured Creditor had complied with, or been required to
                       comply with, clause 12.14(a) and the Security Trustee's
                       obligation to apply monies to such Secured Creditor
                       shall be discharged to the extent of such retention.

         12.15    Currency Indemnity

                  The Issuing Trustee shall indemnify each Secured Creditor
                  against any deficiency which arises whenever, for any reason
                  (including as a result of a judgement, order or Insolvency
                  Event):

                  (a)  that Secured Creditor receives or recovers an amount in
                       one currency (the Payment Currency) in respect of any
                       amount denominated under a Secured Document in another
                       currency (the Due Currency); and

                  (b)  the amount actually received or recovered by that
                       Secured Creditor in accordance with its normal practice
                       when it converts the Payment Currency into the Due
                       Currency is less than the relevant amount of the Due
                       Currency.

         12.16    Currency conversion

                  (a)  For the purposes of determining the pro rata
                       entitlements of Class A1 Noteholders for amounts
                       available for distribution under clause 12.1 (but
                       without limiting the amounts actually available to be
                       converted to the relevant currency at any time, or to
                       be applied towards paying Class A1 Noteholders under
                       clause 12.1), the A$ Equivalent of the US$ denominated
                       amount owed to the Class A1 Noteholders will be
                       determined by the Manager and notified to the Security
                       Trustee by reference to:

                       (1)  if the US Currency Swap is then in full force and
                            effect, the A$ Exchange Rate; or

                       (2)  if the US Currency Swap is not then in full force
                            and effect, the spot rate of exchange advised to
                            the Security Trustee by the

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                                   Security Trust Deed - SMHL Global Fund No. 9

                            Manager which is used for calculation of amounts
                            payable on the occurrence of an Early Termination
                            Date under the relevant US Currency Swap (as
                            determined under that US Currency Swap).

                  (b)  For the purposes of determining the pro rata
                       entitlements of Class A2 Noteholders for amounts
                       available for distribution under clause 12.1 (but
                       without limiting the amounts actually available to be
                       converted to the relevant currency at any time, or to
                       be applied towards paying Class A2 Noteholders under
                       clause 12.1, the A$ Equivalent of the Euro denominated
                       amount owed to the Class A2 Noteholders will be
                       determined by the Manager and notified to the Security
                       Trustee by reference to:

                       (1)  if the Euro Currency Swap is then in full force
                            and effect, the A$ Exchange Rate; or

                       (2)  if the Euro Currency Swap is not then in full
                            force and effect, the spot rate of exchange
                            advised to the Security Trustee by the Manager
                            which is used for calculation of amounts payable
                            on the occurrence of an Early Termination Date
                            under the relevant Euro Currency Swap (as
                            determined under that Euro Currency Swap).

                  (c)  For the purposes of determining the pro rata
                       entitlements of the US Currency Swap Provider for
                       amounts available for distribution under clause 12.1
                       (but without limiting the amounts actually available to
                       be converted to the relevant currency at any time, or
                       to be applied towards paying the US Currency Swap
                       Provider under clause 12.1), the A$ Equivalent of the
                       US$ denominated amounts owed to the US Currency Swap
                       Provider will be determined by the Manager and notified
                       to the Security Trustee by reference to:

                       (1)  if the US Currency Swap is then in full force and
                            effect, the A$ Exchange Rate; or

                       (2)  if the US Currency Swap is not then in full force
                            and effect, the spot rate of exchange advised to
                            the Security Trustee by the Manager which is used
                            for calculation of amounts payable on the
                            occurrence of an Early Termination Date under the
                            relevant US Currency Swap (as determined under
                            that US Currency Swap).

                  (d)  For the purposes of determining the pro rata
                       entitlements of the Euro Currency Swap Provider for
                       amounts available for distribution under clause 12.1
                       (but without limiting the amounts actually available to
                       be converted to the relevant currency at any time, or
                       to be applied towards paying the Euro Currency Swap
                       Provider under clause 12.1), the A$ Equivalent of the
                       Euro denominated amounts owed to the Euro Currency Swap
                       Provider will be determined by the Manager and notified
                       to the Security Trustee by reference to:

                       (1)  if the Euro Currency Swap is then in full force
                            and effect, the A$ Exchange Rate; or

                       (2)  if the Euro Currency Swap is not then in full
                            force and effect, the spot rate of exchange
                            advised to the Security Trustee by the Manager
                            which is used for calculation of amounts payable
                            on the

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                                   Security Trust Deed - SMHL Global Fund No. 9

                            occurrence of an Early Termination Date under the
                            relevant Euro Currency Swap (as determined under
                            that Euro Currency Swap).

                  (e)  Any amount to be paid to a Class of Noteholders or a
                       Currency Swap Provider must be made in A$, US$ or Euro
                       as applicable (and where relevant based on the
                       respective entitlements calculated under clause
                       12.16(a) to 12.16(d) as applicable). All amounts held
                       in A$ must, to the extent required to be converted to
                       the relevant currency after the relevant Currency Swap
                       has terminated, be converted to the relevant currency
                       at the available spot rate of exchange for acquiring
                       that currency in the spot foreign exchange market as at
                       the time of conversion, provided that if, following
                       that conversion and based on their respective
                       entitlements, any Class of Noteholders or Currency Swap
                       Provider would be entitled to an amount greater than
                       their Secured Moneys as at the relevant date of
                       payment, the excess is to be applied (in the applicable
                       currency) towards payment of the Secured Moneys of
                       Secured Creditors who rank equally within that Class of
                       Noteholders or equally with that Currency Swap
                       Provider.

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13       Remuneration and Indemnification of Security Trustee

         13.1     Fee

                  (a)  Upon and from the Charge becoming enforceable, the
                       Security Trustee shall be entitled from the proceeds of
                       the Charged Property by way of remuneration for the
                       Security Trustee's services hereunder to a fee being
                       the time costs of the employees of the Security Trustee
                       during that period for the time spent by such employees
                       relating to the enforcement of the Charge, and any
                       matters incidental thereto, costed at the rate then
                       usually charged by the Security Trustee for the
                       services of such employees to external parties of the
                       Security Trustee.

                  (b)  The Security Trustee's fee under sub-clause (a) shall
                       be payable in arrears for a given period on the same
                       dates as the Issuing Trustee's fee under the Master
                       Trust Deed for the Securitisation Fund.

         13.2     Cessation of Fee

                  The Security Trustee shall not be entitled to remuneration
                  pursuant to clause 13.1 in respect of any period after the
                  Charge Release Date.

         13.3     Expenses

                  The Issuing Trustee shall from the assets of the Fund pay or
                  discharge all costs, charges, liabilities and expenses
                  reasonably incurred by the Security Trustee in relation to
                  the preparation and execution of this Deed including, but
                  not limited to reasonable legal expenses and any stamp and
                  other Taxes or duties paid by the Security Trustee in
                  connection with the preparation and execution of this Deed.

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                                   Security Trust Deed - SMHL Global Fund No. 9

         13.4     Costs

                  All costs, charges and expenses incurred and payments made
                  by the Security Trustee in the lawful exercise of its Powers
                  are payable or reimbursable by the Issuing Trustee within
                  fourteen days following demand by the Security Trustee.

         13.5     Indemnity

                  Subject to clause 26, the Issuing Trustee shall indemnify
                  the Security Trustee and every or any Receiver, Attorney, or
                  other person appointed under this Deed in respect of all
                  liabilities and reasonable expenses (including Taxes)
                  properly incurred by it or by any person appointed by it or
                  to whom any duties, powers, trusts, authorities or
                  discretions may be delegated by it in the execution or
                  purported execution of any duties, powers, trusts,
                  authorities or discretions vested in it hereby and against
                  all liabilities, actions, proceedings, costs, claims and
                  demands in respect of any matter or thing properly done or
                  omitted in any way relating hereto. Failing due payment in
                  accordance with the preceding provision of this clause, the
                  Security Trustee may in priority to any payment to the
                  Secured Creditors retain and pay out of any moneys in its
                  hands upon the trusts of this Deed the amount of any such
                  liabilities and expenses, and also any remuneration
                  outstanding to the Security Trustee under this clause 13.

         13.6     Non-Discharge

                  Unless otherwise specifically stated in any discharge of the
                  trusts of this Deed the provisions of this clause 13 shall
                  continue in full force and effect despite such discharge.

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14       Supplemental Security Trustee Provisions

         14.1     Additional Powers, Protections, etc.

                  By way of supplement to any Statute regulating the conduct
                  of the trusts contained in this Deed and in addition to the
                  powers and rights which may from time to time be vested in
                  the Security Trustee by the general law it is expressly
                  declared as follows:

                  (a)  (Act on Professional Advice): The Security Trustee may
                       act on the opinion or advice of, or information
                       obtained from, any lawyer, valuer, banker, broker,
                       accountant or other expert appointed by the Security
                       Trustee and shall not be responsible to any Interested
                       Person for any loss occasioned by so acting so long as
                       the Security Trustee has exercised good faith in
                       respect of the appointment. Any such opinion, advice or
                       information may be sent or obtained by letter or
                       facsimile transmission and the Security Trustee shall
                       not be liable to any Interested Person for acting in
                       good faith on any opinion, advice or information
                       purporting to be conveyed by such means even though it
                       shall contain some error which is not a manifest error
                       or shall not be authentic.

                  (b)  (No Enquiry): The Security Trustee shall not be bound
                       to give notice to any person of the execution hereof or
                       to take any steps to ascertain whether

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                                   Security Trust Deed - SMHL Global Fund No. 9

                       any Event of Default has happened and, until it shall
                       have actual knowledge or shall have express notice to
                       the contrary, the Security Trustee shall be entitled to
                       assume that no such Event of Default has happened and
                       that the Issuing Trustee is performing all its
                       obligations under this Deed and under the Secured
                       Documents, and that all other persons are performing
                       all of the obligations imposed on them under the
                       Transaction Documents.

                  (c)  (Acts Pursuant to Resolutions): The Security Trustee
                       shall not be responsible for having acted in good faith
                       upon any resolution purporting to have been passed at
                       any meeting of the Secured Creditors in respect whereof
                       minutes have been made and signed even though it may
                       subsequently be found that there was some defect in the
                       constitution of such meeting or the passing of such
                       resolution or that for any reason such resolution was
                       not valid or binding upon the Secured Creditors.

                  (d)  (Directors' Certificates): The Security Trustee may
                       call for and may accept as sufficient evidence of any
                       fact or matter or of the expediency of any dealing,
                       transaction, step or thing a certificate signed by any
                       two directors or duly authorised officers of the
                       Issuing Trustee or the Manager as to any fact or matter
                       upon which the Security Trustee may, in the exercise of
                       any of its duties, powers, authorities and discretions
                       hereunder, require to be satisfied or to have
                       information to the effect that in the opinion of the
                       person or persons so certifying any particular dealing,
                       transaction, step or thing is expedient and the
                       Security Trustee shall not be bound to call for further
                       evidence and shall not be responsible for any loss that
                       may be occasioned by acting on any such certificate.

                  (e)  (Custody of Documents): The Security Trustee may hold
                       or deposit this Deed and any deed or documents relating
                       hereto or to the Secured Documents with any banker or
                       banking company or entity whose business includes
                       undertaking the safe custody of deeds or documents or
                       with any lawyer or firm of lawyers believed by it to be
                       of good repute and the Security Trustee shall not be
                       responsible for any loss incurred in connection with
                       any such holding or deposit and may pay all sums to be
                       paid on account of or in respect of any such deposit.

                  (f)  (Discretion): The Security Trustee shall, as regards
                       all the powers, trusts, authorities and discretions
                       vested in it hereby, have absolute and uncontrolled
                       discretion as to the exercise thereof and shall,
                       subject to clause 14.4, be in no way responsible to any
                       Interested Person or any other person for any loss,
                       costs, damages, expenses or inconvenience which may
                       result from the exercise or non-exercise thereof.

                  (g)  (Employ Agents): Wherever it considers it expedient in
                       the interests of the Secured Creditors, the Security
                       Trustee may, instead of acting personally, employ and
                       pay an agent selected by it, whether or not 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 by
                       the Security Trustee (including the receipt and payment
                       of money under this Deed). Any such agent being a
                       lawyer, banker, broker or other person engaged in any
                       profession or business shall be entitled to

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                                   Security Trust Deed - SMHL Global Fund No. 9

                       charge and be paid all usual professional and other
                       charges for business transacted and acts done by him or
                       any partner of his or by his firm in connection with
                       the trusts hereof and also his reasonable charges in
                       addition to disbursements for all other work and
                       business done and all time spent by him or his partners
                       or firm on matters arising in connection herewith
                       including matters which might or should have been
                       attended to in person by a trustee not being a lawyer,
                       banker, broker or other professional person.

                  (h)  (Delegation): The Security Trustee may whenever it
                       thinks it expedient in the interests of Secured
                       Creditors, delegate to any person or fluctuating body
                       of persons selected by it (including, without
                       limitation, a Related Body Corporate) all or any of the
                       duties, powers, trusts, authorities and discretions
                       vested in the Security Trustee by this Deed. Any such
                       delegation may be by power of attorney or in such other
                       manner as the Security Trustee may think fit and may be
                       made upon such terms and conditions (including power to
                       sub-delegate) as the Security Trustee may think fit.
                       Except for its own fraud, negligence or wilful default,
                       the Security Trustee is not liable for any loss
                       incurred as a result of any fraud, neglect, default or
                       breach of duty by any of its attorneys, agents or
                       delegates provided that the Security Trustee exercised
                       reasonable care in choosing each such person and such
                       appointment was made in good faith, except where such
                       attorney, agent or delegate is a Related Body Corporate
                       of the Security Trustee or the Security Trustee
                       expressly directed the relevant attorney, agent or
                       delegate to take or not to take (as applicable) the
                       relevant action (in which case the Security Trustee is
                       liable for the action or inaction of such person).

                  (i)  (Disclosure): Subject to this Deed, the Security
                       Trustee may disclose to any Secured Creditor any
                       confidential, financial or other information made
                       available to the Security Trustee by the Issuing
                       Trustee, the Manager, any other Interested Person or
                       any other person in connection with this Deed.

                  (j)  (Determination): The Security Trustee, as between
                       itself and the Secured Creditors, shall have full power
                       to determine all questions and doubts arising in
                       relation to any of the provisions of this Deed and
                       every such determination, whether made upon such a
                       question actually raised or implied in the acts or
                       proceedings of the Security Trustee, shall be
                       conclusive and shall bind the Security Trustee and the
                       Secured Creditors.

         14.2     Security Trustee Not Precluded From Entering into Contracts

                  The Security Trustee, any Related Body Corporate of the
                  Security Trustee and any director or officer of the Security
                  Trustee or of any Related Body Corporate of the Security
                  Trustee shall not be precluded from subscribing for some or
                  all of the Notes with or without a commission or other
                  remuneration or from purchasing or otherwise acquiring,
                  holding, dealing in or disposing of Notes, at any time from
                  contracting or entering into any financial or other
                  transactions with the Issuing Trustee, the Manager or any
                  Related Body Corporate thereof or from being interested in
                  any contract or transaction or from accepting and holding
                  the office of trustee for the holders of any securities or
                  interests of the Issuing Trustee, the Manager or any Related
                  Body Corporate thereof and shall not be liable to account

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                                                                         page 43
<PAGE>

                  to any Interested Person for any profit made by it or him
                  thereby or in connection therewith, provided that the
                  Security Trustee, any Related Body Corporate of the Security
                  Trustee and any director or officer of the Security Trustee
                  or any Related Body Corporate of the Security Trustee shall,
                  in connection with the above mentioned, act in utmost good
                  faith in relation to the Interested Person.

         14.3     Duties of the Security Trustee

                  The Security Trustee has no duties or responsibilities in
                  its capacity as trustee other than those expressly set out
                  in this Deed.

         14.4     Security Trustee Liable for Negligence etc.

                  Subject to clause 14.5, nothing in this Deed shall, in any
                  case where the Security Trustee has failed to comply with
                  the terms of this Deed, or to show the degree of skill, care
                  and diligence required of it as Security Trustee (having
                  regard to the provisions of this Deed conferring on the
                  Security Trustee any duties, powers, trusts, authorities or
                  discretions) relieve or indemnify the Security Trustee from
                  or against any liability which would otherwise attach to it
                  in respect of any fraud, negligence or wilful default.

         14.5     Reliance on Experts

                  The Security Trustee may act upon the opinion or statement
                  or certificate or advice of or information obtained from any
                  barrister, solicitor, banker, accountant, broker, valuer or
                  other person believed by it in good faith to be expert or
                  properly informed in relation to the matters upon which they
                  are consulted and the Security Trustee shall not be liable
                  for anything done or suffered by it in good faith in
                  reliance upon such opinion, statement, certificate, advice
                  or information so long as the Security Trustee has exercised
                  good faith in respect of the appointment.

         14.6     Information

                  The Issuing Trustee and the Manager authorises:

                  (a)  the Security Trustee to provide any Secured Creditor;

                  (b)  the Note Trustee and any Paying Agent to provide any
                       Class A Offered Noteholder; and

                  (c)  the Class A3 Irish Paying Agent to provide any Class A3
                       Noteholder,

                  with any information concerning the Securitisation Fund and
                  Notes which may come into the possession of the Security
                  Trustee, the Note Trustee, or any Paying Agent or the Class
                  A3 Irish Paying Agent (as the case may be). Save for the
                  information which is required by any Transaction Document to
                  be provided by it to the respective persons referred to in
                  paragraph 14.6(a) or 14.6(b) (as the case may be), none of
                  the Security Trustee, Note Trustee, Paying Agents, or the
                  Class A3 Irish Paying Agent need otherwise provide any other
                  person with such information.

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                                   Security Trust Deed - SMHL Global Fund No. 9

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15       Retirement and Removal of Security Trustee

         15.1     Retirement

                  The Security Trustee may retire at any time upon giving not
                  less than three months' notice (or such shorter period as
                  the Manager may agree) in writing to the Issuing Trustee,
                  the Note Trustee, each Designated Rating Agency and the
                  Manager without assigning any reason. The retiring Security
                  Trustee will be responsible for any costs incurred as a
                  result of a voluntary retirement.

         15.2     Removal

                  The Security Trustee may be removed:

                  (a)  by the Manager after prior notice to each Designated
                       Rating Agency if any of the following occurs in
                       relation to the Security Trustee in its personal
                       capacity:

                       (1)  the commencement of the winding up of the Security
                            Trustee;

                       (2)  the appointment of a receiver or administrator or
                            analogous person in respect of the whole or part
                            of the undertaking of the Security Trustee;

                       (3)  the cessation by the Security Trustee of its
                            business;

                       (4)  a compromise or arrangement by the Security
                            Trustee with its creditors;

                       (5)  failure of the Security Trustee to remedy within
                            fourteen days after written notice by the Manager
                            any material breach of duty on the part of the
                            Security Trustee; or

                       (6)  if without the prior written consent of the
                            Manager there occurs:

                            (A) a change in fifty-one per cent (or such other
                                percentage the Manager may in its absolute
                                discretion determine shall constitute a change
                                in the effective control of the Security
                                Trustee) of the shareholding of the Security
                                Trustee existing at the date of this Deed
                                (whether occurring at one time or through a
                                series or succession of transfers or issues of
                                shares);

                            (B) a change in the effective management of the
                                Security Trustee as existing at the date of
                                this Deed such that the Security Trustee is no
                                longer able to fulfil its duties and
                                obligations in relation to the Charged
                                Property; or

                            (C) the establishment by any means of any trust
                                under which any third party becomes a
                                beneficial owner of any of the Security
                                Trustee's rights under this Deed,

                            and the determination of the Manager (acting bona
                            fide and reasonably) that any of these matters has
                            occurred shall be conclusive; and

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                                   Security Trust Deed - SMHL Global Fund No. 9

                  (b)  at any time by an Extraordinary Resolution of the
                       Voting Secured Creditors.

         15.3     Appointment

                  The power of appointing a new Security Trustee shall be
                  vested in the Manager but no person shall be so appointed
                  who shall not have previously been approved by an
                  Extraordinary Resolution of the Voting Secured Creditors.
                  Any appointment of a new Security Trustee shall as soon as
                  practicable thereafter be notified by the Manager to the
                  Secured Creditors.

         15.4     Retirement or Removal Effective

                  (a)  Subject to clause 15.4(b)), the retirement or removal
                       of the Security Trustee shall not become effective
                       until a new Security Trustee is appointed and the
                       Manager has received confirmation by the Designated
                       Rating Agencies that such appointment will not cause a
                       downgrading, qualification or withdrawal of the then
                       current ratings of the Notes.

                  (b)  If the Security Trustee gives notice pursuant to clause
                       15.1 and no new Security Trustee have been appointed by
                       the Manager prior to the expiry of this notice, the
                       retirement of the Security Trustee shall become
                       effective upon expiry of the notice given under clause
                       15.1 and the Manager shall act as an interim Security
                       Trustee until the new Security Trustee has been
                       appointed and the Manager has received confirmation by
                       the Designated Rating Agencies that such appointment
                       will not cause a downgrading, qualification or
                       withdrawal of the then current ratings of the Notes.

         15.5     Vesting of Property in Security Trustee

                  The new Security Trustee shall forthwith upon appointment
                  execute a deed in such form as the Manager may reasonably
                  require whereby such new Security Trustee undertakes to the
                  Secured Creditors jointly and severally to be bound by all
                  the covenants and obligations on the part of the outgoing
                  Security Trustee under this Deed from the date of such
                  appointment and from such date the outgoing Security Trustee
                  will be absolved and released from all such covenants and
                  obligations under this Deed in respect thereof (save in
                  respect of any antecedent fraud, negligence or wilful
                  default) and the new Security Trustee will and may
                  thereafter exercise all the powers and enjoy all the rights
                  and will be subject to all the duties and obligations of the
                  Security Trustee under this Deed in respect thereof as fully
                  as though the new Security Trustee had been originally named
                  as a party to this Deed.

         15.6     Retention of Lien

                  Notwithstanding any release of the outgoing Security Trustee
                  under this clause, the outgoing Security Trustee shall
                  remain entitled to the benefit of the indemnities granted by
                  this Deed to the outgoing Security Trustee in respect of any
                  liability, cost or other obligation incurred by it whilst
                  acting as Security Trustee, as if it were still the Security
                  Trustee under this Deed.

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                                   Security Trust Deed - SMHL Global Fund No. 9

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16       Meetings of Secured Creditors

         16.1     Meetings Regulated by the Schedule

                  The provisions of the Schedule shall apply to all meetings
                  of Secured Creditors and to the passing of resolutions
                  thereat.

         16.2     Limitation on Security Trustee's Powers

                  Save as provided for in this Deed, the Security Trustee
                  shall not assent or give effect to any matter which a
                  meeting of Secured Creditors is empowered by Extraordinary
                  Resolution to do, unless the Security Trustee has previously
                  been authorised to do so by an Extraordinary Resolution of
                  Voting Secured Creditors.

         16.3     Security Trustee rights

                  (a)  Despite any other provision of this Deed, for so long
                       as the Noteholder Secured Creditors are the only Voting
                       Secured Creditors they may direct the Security Trustee
                       to do any act or thing which the Security Trustee is
                       required to do, or may only do, at the direction of an
                       Extraordinary Resolution of Voting Secured Creditors
                       including those acts or things referred to in clause 12
                       of Schedule 1 and the Security Trustee shall, subject
                       to this Deed, comply with such direction of the
                       Noteholder Secured Creditors.

                  (b)  Neither the Security Trustee nor the Manager may call a
                       meeting of Voting Secured Creditors while the
                       Noteholder Secured Creditors are the only Voting
                       Secured Creditors, unless the Noteholder Secured
                       Creditors otherwise consent.

                  (c)  Despite any other provision of this Deed, at any time
                       while an Event of Default subsists:

                       (1)  if the Noteholder Secured Creditors are not the
                            only Voting Secured Creditors; and

                       (2)  if Noteholder Secured Creditors direct the
                            Security Trustee to enforce the Charge (including
                            whether in the case of the Note Trustee as
                            directed to do so by the Class A Offered
                            Noteholders or as it determines on behalf of the
                            Class A Offered Noteholders),

                       the Security Trustee shall enforce the Charge under
                       clause 7.2 as if directed to do so by an Extraordinary
                       Resolution of Voting Secured Creditors and clause 16.3(a)
                       shall apply as if the Noteholder Secured Creditors were
                       the only Voting Secured Creditors.

                  (d)  The Security Trustee shall not be liable to any Secured
                       Creditor for acting, or not acting, on the directions
                       of the Noteholder Secured Creditors except where in so
                       doing the Security Trustee engages in any fraud,
                       negligence or wilful default.

                  (e)  Any reference to the Noteholder Secured Creditors
                       where:

                       (1)  they are the only Voting Secured Creditors; or

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                                   Security Trust Deed - SMHL Global Fund No. 9

                       (2)  where the consent of the Noteholder Secured
                            Creditors is required under this Deed in relation
                            to a discretion or act of the Security Trustee,

                       means so many of the Noteholder Secured Creditors who
                       represent more than 50% of the aggregate of the
                       Invested Amount of the Class A Notes and the Class B
                       Notes each calculated and expressed in the A$
                       Equivalent.

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17       Continuing Security and Releases

         17.1     Liability Preserved

                  Notwithstanding any payout figure quoted or other form of
                  account stated by the Security Trustee and notwithstanding
                  the rule in Groongal Pastoral Company Limited (In
                  Liquidation) v. Falkiner (1924) 35 CLR 157, no grant of full
                  or partial satisfaction of or discharge from this Deed by
                  the Security Trustee shall release the Issuing Trustee
                  hereunder until all the Secured Moneys have in fact been
                  received by the Security Trustee and are not liable for
                  whatever reason to be disgorged notwithstanding that such
                  quotation or statement of account may have arisen from the
                  mistake, negligence, error of law or error of fact of the
                  Security Trustee its servants or agents.

         17.2     Issuing Trustee's Liability Not Affected

                  This Deed and the liability of the Issuing Trustee hereunder
                  shall not be affected or discharged by any of the following:

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

                  (b)  (Delay in Recovery): the Security Trustee failing or
                       neglecting to recover by the realisation of any other
                       security or otherwise any of the Secured Moneys;

                  (c)  (Laches): any other laches, acquiescence, delay, act,
                       omission or mistake on the part of the Security 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 Security Trustee from or against the
                       Issuing Trustee or any other person.

         17.3     Waiver by Issuing Trustee

                  The Issuing Trustee hereby waives in favour of the Security
                  Trustee:

                  (a)  all rights whatsoever against the Security Trustee and
                       any other person estate or assets so far as necessary
                       to give effect to anything in this Deed;

                  (b)  promptness and diligence on the part of the Security
                       Trustee and any other requirement that the Security
                       Trustee take any action or exhaust any right against
                       any other person before enforcing this Deed; and

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                                   Security Trust Deed - SMHL Global Fund No. 9

                  (c)  all rights inconsistent with the provisions of this
                       Deed including any rights as to contribution or
                       subrogation which the Issuing Trustee might otherwise
                       be entitled to claim or enforce.

         17.4     No Notice or Enforcement

                  It shall not be incumbent on the Security Trustee to give
                  any notice of the Charge to any debtors of the Issuing
                  Trustee or to any purchaser or any other person whomsoever
                  or, subject to this Deed, to enforce payment of any moneys
                  payable to the Issuing Trustee or to realise any of the
                  Charged Property or to take any steps or proceedings for
                  that purpose unless the Security Trustee thinks fit to do
                  so.

         17.5     No Liability for Loss

                  The Security Trustee shall not nor shall any Receiver be
                  liable or otherwise accountable for any omission delay or
                  mistake or any loss or irregularity in or about the
                  exercise, attempted exercise non-exercise or purported
                  exercise of any of the powers of the Security Trustee or of
                  the Receiver except for actual fraud, negligence or wilful
                  default.

         17.6     No Liability to Account

                  Neither the Security Trustee nor any Receiver shall by
                  reason of the Security Trustee or the Receiver entering into
                  possession of the Charged Property or any part thereof be
                  liable to account as mortgagee or chargee in possession or
                  for anything except actual receipts or be liable for any
                  loss upon realisation or for any default, omission, delay or
                  mistake for which a mortgagee or chargee in possession might
                  be liable.

         17.7     Indemnity Regarding Exercise of Powers

                  Without prejudice to the right of indemnity given to
                  trustees by law, each of the Security Trustee and the
                  Receiver shall be entitled to be indemnified out of the
                  Charged Property in respect of all costs expenses
                  liabilities and losses incurred by it in the execution or
                  purported execution of the provisions hereof or of any of
                  the powers vested in it pursuant to this Deed, including
                  liabilities and expenses consequent upon any mistake,
                  oversight, error of judgment or want of prudence on the part
                  of the Security Trustee or the Receiver and against all
                  actions, proceedings, costs, claims and demands in respect
                  of any matter or thing done or omitted in any way relating
                  to the Charged Property unless any of the foregoing is due
                  to actual fraud, negligence or wilful default of the
                  Security Trustee and the Security Trustee may obtain and pay
                  out of any moneys in its possession arising from the trusts
                  or powers of this Deed all sums necessary to effect such
                  indemnity.

         17.8     No Conflict

                  The Security Trustee and any Receiver may exercise any power
                  under this Deed notwithstanding that the exercise of that
                  power involves a conflict between any duty owed to the
                  Issuing Trustee by the Security Trustee or such Receiver
                  and:

                  (a)  any duty owed by the Security Trustee or Receiver to
                       any other person; or

                  (b)  the interests of the Security Trustee or Receiver.

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                                   Security Trust Deed - SMHL Global Fund No. 9

         17.9     Contract Involving Conflict of Duty

                  Any contract which involves any such conflict of duty or
                  interest shall not be void or voidable by virtue of any such
                  conflict of duty or interest nor shall the Security Trustee
                  or Receiver be liable to account to the Issuing Trustee or
                  any other person for any moneys because of any such conflict
                  of interest or duty.

         17.10    Benefit for Receiver etc.

                  The Security Trustee shall be deemed to have accepted the
                  benefit of this clause 17 as agent for the Receiver and any
                  attorney, agent or other person appointed hereunder or by
                  the Security Trustee who are not parties to this Deed and
                  the Security Trustee shall hold the benefit of such
                  provisions on trust for the benefit of those grantees.

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18       Assurance

         18.1     Further Assurance

                  The Issuing Trustee shall procure that all persons having or
                  claiming any estate or interest in the Charged Property or
                  any part thereof shall from time to time and at all times
                  hereafter upon the request of the Security Trustee and at
                  the cost of the Issuing Trustee, make do and execute or
                  cause to be made, done and executed all such acts, deeds and
                  assurances whatsoever for more satisfactorily securing to
                  the Security Trustee the payment of the Secured Moneys or
                  for assuring or more satisfactorily assuring the Charged
                  Property to the Security Trustee or as the Security Trustee
                  may direct and in particular shall, whenever requested by
                  the Security Trustee so to do, execute in favour of the
                  Security Trustee such legal mortgages transfers assignments
                  or other assurances of all or any part of the Charged
                  Property in such form and containing such powers and
                  provisions as the Security Trustee shall require.

         18.2     Postponement or Waiver of Encumbrances

                  The Manager and the Issuing Trustee shall if required by the
                  Security Trustee forthwith cause:

                  (a)  any Encumbrance (other than the Prior Interest) which
                       has arisen or which arises from time to time by
                       operation of law over the Charged Property in favour of
                       any person including the Issuing Trustee to be at the
                       Security Trustee's option postponed in all respects
                       after and subject to this Deed or to be otherwise
                       discharged released or terminated; and

                  (b)  any borrowing or other obligation secured by any such
                       Encumbrance at the Security Trustee's option to be
                       waived released paid or performed.

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                                   Security Trust Deed - SMHL Global Fund No. 9

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19       Payments

         19.1     Moneys Repayable as Agreed or on Demand

                  In the absence of any agreement to the contrary, the Secured
                  Moneys shall following the occurrence of an Event of Default
                  be payable by the Issuing Trustee to the Security Trustee in
                  Dollars immediately upon demand by the Security Trustee.

         19.2     No Set-Off or Deduction

                  All payments by the Issuing Trustee of any moneys forming
                  part of the Secured Moneys shall be free of any set-off or
                  counterclaim and without deduction or withholding for any
                  present or future Taxes unless the Issuing Trustee is
                  compelled by law to deduct or withhold the same.

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20       Discharge of the Charge

         20.1     Release

                  Upon the Manager providing a certificate to the Security
                  Trustee stating that all Secured Moneys have been paid in
                  full and that all the obligations have been performed,
                  observed and fulfilled, including that all costs, charges,
                  moneys and expenses incurred by or payable to or at the
                  direction of the Security Trustee, the Receiver or any
                  attorney appointed hereunder in respect of the
                  Securitisation Fund have been paid (upon which certificate,
                  the Security Trustee may rely conclusively) and upon
                  adequate provision having been made to the reasonable
                  satisfaction of the Security Trustee of all costs, charges,
                  moneys and expenses reasonably likely thereafter to be
                  incurred by or payable to or at the direction of the
                  Security Trustee, the Receiver or any attorney appointed
                  hereunder in respect of the Securitisation Fund, then the
                  Security Trustee shall, subject to clause 20.2, at the
                  request of the Manager or the Issuing Trustee, and at the
                  cost of the Issuing Trustee, release the Charged Property
                  from the Charge and this Deed.

         20.2     Contingent Liabilities

                  The Security Trustee shall be under no obligation to grant a
                  release of the Charge or this Deed in respect of the
                  Securitisation Fund unless at the time such release is
                  sought:

                  (a)  none of the Secured Moneys in respect of the
                       Securitisation Fund are contingently or prospectively
                       owing except where there is no reasonable likelihood of
                       the contingent or prospective event occurring; and

                  (b)  the Security Trustee has no contingent or prospective
                       liabilities in respect of the Securitisation Fund
                       whether or not there is any reasonable likelihood of
                       such liabilities becoming actual liabilities in respect
                       of any bills, notes, drafts, cheques, guarantees,
                       letters of credit or other instruments or documents
                       issued, drawn, endorsed or accepted by the Security
                       Trustee for the account or at the request of the
                       Issuing Trustee for the Securitisation Fund.

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                                   Security Trust Deed - SMHL Global Fund No. 9

         20.3     Charge Reinstated

                  If any claim is made by any person that any moneys applied
                  in payment or satisfaction of the Secured Moneys must be
                  repaid or refunded under any law (including, without limit,
                  any law relating to preferences, bankruptcy, insolvency or
                  the winding up of bodies corporate) and the Charge has
                  already been discharged, the Issuing Trustee shall, at the
                  Issuing Trustee's expense, promptly do, execute and deliver,
                  and cause any relevant person to do, execute and deliver,
                  all such acts and instruments as the Security Trustee may
                  require to reinstate this Charge and this clause shall
                  survive the discharge of the Charge unless the Security
                  Trustee agrees otherwise in writing.

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21       Amendment

         21.1     Amendment by Security Trustee

                  The Security Trustee, the Note Trustee and the Issuing
                  Trustee may, following the giving of at least 5 Banking
                  Days' notice to each Designated Rating Agency, and with the
                  written approval of the Manager and subject to clause 16.3,
                  (and, if the proposed alteration, addition or modification
                  is or is likely to be prejudicial to their interests) the
                  Noteholder Secured Creditors by way of supplemental deed
                  alter, add to or modify this Deed (including this clause 21)
                  so long as such alteration, addition or modification is:

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

                  (b)  in the opinion of the Security Trustee necessary to
                       comply with the provisions of any Statute or regulation
                       or with the requirements of any Governmental Authority;

                  (c)  in the opinion of the Security 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 Security Trustee appropriate or
                       expedient as a consequence of the enactment of a
                       Statute or regulation or an amendment to any Statute 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);

                  (d)  in the opinion of the Security Trustee neither
                       prejudicial nor likely to be prejudicial to the
                       interests of the Secured Creditors as a whole or any
                       class of Secured Creditors; or

                  (e)  such that it does not adversely affect the rating of
                       the Notes by each Designated Rating Agency in respect
                       of the Securitisation Fund and the Notes.

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                                   Security Trust Deed - SMHL Global Fund No. 9

         21.2     Amendment with Consent

                  Where in the opinion of the Security Trustee a proposed
                  alteration, addition or modification to this Deed, save and
                  except an alteration, addition or modification referred to
                  in clause 21.1, is prejudicial or likely to be prejudicial
                  to the interests of Secured Creditors as a whole or any
                  class of Secured Creditors, the Security Trustee and the
                  Trustee may make such alteration, addition or modification
                  if sanctioned by an Extraordinary Resolution of the Voting
                  Secured Creditors or relevant class of Secured Creditors (as
                  the case requires).

         21.3     Distribution of Amendments

                  The Manager shall distribute to all Secured Creditors and
                  each Designated Rating Agency a copy of any amendment made
                  pursuant to clause 21.1 or 21.2 as soon as reasonably
                  practicable after the amendment has been made.

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22       Expenses, Stamp Duties and Registration

         22.1     Expenses

                  The Issuing Trustee shall on demand reimburse the Security
                  Trustee and the Note Trustee for and keep the Security
                  Trustee and the Note Trustee indemnified against all
                  expenses including legal costs and disbursements (on a
                  solicitor/own client basis) incurred by the Security Trustee
                  and the Note Trustee in connection with:

                  (a)  the preparation and execution of this Deed and any
                       subsequent consent, agreement, approval or waiver
                       hereunder or amendment hereto;

                  (b)  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 Security Trustee;

                  (c)  any enquiry by a Government Agency concerning the
                       Issuing Trustee or the Charged Property or a
                       transaction or activity the subject of the Secured
                       Documents; and

                  (d)  the compliance by each of the Security Trustee and the
                       Note Trustee with its obligations under clause 25.21.

         22.2     Stamp Duties

                  (a)  Except to the extent contemplated by clause 3.4 of the
                       Note Trust Deed, the Issuing Trustee shall pay (and
                       reimburse each Secured Creditor for any such amounts
                       paid by it) all stamp, loan, transaction, registration
                       and similar Taxes including fines and penalties,
                       financial institutions duty and federal debits tax
                       which may be payable to or required to be paid by any
                       appropriate authority or determined to be payable in
                       connection with the execution, delivery, performance or
                       enforcement of this Deed or any payment, receipt or
                       other transaction contemplated herein.

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                                   Security Trust Deed - SMHL Global Fund No. 9

                  (b)  The Issuing Trustee shall indemnify the Security
                       Trustee and the Note Trustee against any loss or
                       liability incurred or suffered by it as a result of the
                       delay or failure by the Issuing Trustee to pay such
                       Taxes.

         22.3     Registration

                  The Issuing Trustee shall at its own expense ensure that
                  this Deed is registered to the extent and within such time
                  limits as may be prescribed by law so as to ensure the full
                  efficacy of this Deed as a security to the Security Trustee
                  in all jurisdictions in which any part of the Charged
                  Property may now or at any time during the continuance of
                  this Deed be located, in which the Issuing Trustee may carry
                  on any business or in which the Issuing Trustee is or may
                  become resident or registered.

         22.4     Goods and services tax in relation to the Security
                           Trustee

                  (a)  The fees payable to the Security Trustee referred to in
                       clause 13.1 are exclusive of GST.

                  (b)  In relation to any supply by the Security Trustee under
                       this deed, the fee payable will be adjusted:

                       (1)  by the net increase or decrease in the costs to
                            the Security Trustee of making the supply arising
                            from the New Tax System Changes (including any GST
                            payable on the supply); and

                       (2)  to take into account any changes in the rate of
                            GST payable pursuant to the A New Tax System
                            (Goods and Services Tax Imposition - General) Act
                            1999.

                       The Security Trustee may not exercise its rights under
                       this clause 22.4(b) unless it has received a
                       confirmation from each Designated Rating Agency (if any)
                       confirming the rating given by it in respect of the
                       Notes. Such confirmation may be given prior to the issue
                       of the Notes but no subsequent adjustment may be made
                       until a further confirmation has been obtained.

                  (c)  If the Security Trustee is entitled under this deed to
                       be reimbursed or indemnified by any other party for a
                       liability, loss cost or expense incurred in connection
                       with this deed, the reimbursement or indemnity payment
                       must not include any GST component of the cost or
                       expense for which an input tax credit may be properly
                       claimed by the party entitled to be reimbursed or
                       indemnified, or by its representative member.

                  (d)  For the purposes of this clause New Tax System Changes
                       means:

                       (1)  the amendment of the Sales Tax (Exemption and
                            Classifications) Act 1992 made by the A New Tax
                            System (Goods and Services Tax Transition) Act
                            1999;

                       (2)  the ending of sales tax, as provided for in the A
                            New Tax System (End of Sales Tax) Act 1999;

                       (3)  the imposition of the GST; and

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                                   Security Trust Deed - SMHL Global Fund No. 9

                       (4)  any other changes (including changes to
                            Commonwealth, State or Territory laws) prescribed
                            by the Trade Practices Regulations for the
                            purposes of the definition of New Tax System
                            Changes in Trade Practices Act 1974.

         22.5     Indemnity

                  Subject to this Deed and without prejudice to any right of
                  indemnity given by law, the Security Trustee, the Manager,
                  the Note Trustee, the Receiver or attorney or other person
                  appointed under this Deed (including, without limitation,
                  any person appointed by the Security Trustee, the Manager,
                  the Note Trustee or the Receiver or any person to whom any
                  duties, powers, trusts, authorities or discretions may be
                  delegated by the Security Trustee, the Manager, the Note
                  Trustee or the Receiver) (appointee) will be indemnified by
                  the Issuing Trustee against all loss, liabilities and
                  expenses reasonably and properly incurred by the Security
                  Trustee, the Manager, the Note Trustee, the Receiver,
                  attorney or appointee (as the case may be) in the execution
                  or purported execution of any duties, powers, trusts,
                  authorities or discretions vested in such persons pursuant
                  to this Deed, including, without limitation, all liabilities
                  and expenses consequent upon any mistake or oversight, error
                  of judgment or want of prudence on the part of such persons
                  and against all actions, proceedings, costs, claims and
                  demands in respect of any matter or thing properly done or
                  omitted in any way relating to this Deed, unless any of the
                  foregoing is due to actual fraud, negligence or wilful
                  default on the part of the Security Trustee, the Manager,
                  the Note Trustee, the Receiver, attorney or appointee (as
                  the case may be). The Security Trustee may in priority to
                  any payment to the Secured Creditors retain and pay out of
                  any moneys in its hands upon the trusts of this Deed all
                  sums necessary to effect such indemnity including, without
                  limitation, the amount of any such liabilities and expenses,
                  and also any remuneration outstanding to the Security
                  Trustee under clause 13.1.

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23       Governing Law and Jurisdiction

         23.1     Governing Law

                  This Deed shall be governed by and construed in accordance
                  with the laws of the State of New South Wales.

         23.2     Jurisdiction

                  (a)  The Issuing Trustee, the Security Trustee, the Manager
                       and the Secured Creditors each irrevocably submits to
                       and accepts generally and unconditionally the
                       non-exclusive jurisdiction of the Courts and appellate
                       Courts of the State of New South Wales with respect to
                       any legal action or proceedings which may be brought at
                       any time relating in any way to this Deed.

                  (b)  The Issuing Trustee, the Security Trustee, the Manager
                       and the Secured Creditors each irrevocably waives any
                       objection it may now or in the future have to the venue
                       of any such action or proceedings and any claim it

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                                   Security Trust Deed - SMHL Global Fund No. 9

                       may now or in the future have that any such action or
                       proceedings have been brought in an inconvenient forum.

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24       Notices

         24.1     Service of Notices

                  Every notice or other communication of any nature whatsoever
                  required to be served given or made under or arising from
                  this Deed:

                  (a)  shall be in writing in order to be valid;

                  (b)  shall be deemed to have been duly served, given or made
                       to a person if it is:

                       (1)  in the case of a party to this Deed:

                            (A)    delivered to the address of that party;

                            (B)    posted by prepaid post to such address; or

                            (C)    sent by facsimile to the facsimile number
                                   of that party; or

                       (2)  in the case of a Bondholder: delivered or posted
                            by pre-paid mail to the address of such Bondholder
                            then appearing on the Register;

                  (c)  shall be sufficient if executed by the party giving
                       serving or making the same or on its behalf by any
                       attorney, director, secretary other duly authorised
                       officer or solicitor of such party; and

                  (d)  shall be deemed to be given, served or made:

                       (1)  (in the case of prepaid registered post within
                            Australia) within 3 Banking Days of posting;

                       (2)  (in the case of prepaid international registered
                            post) within 7 Banking Days of posting;

                       (3)  (in the case of facsimile) on receipt of a
                            transmission report confirming successful receipt
                            at the conclusion of the transmission; and

                       (4)  (in the case of delivery by hand) on delivery.

         24.2     Addresses

                  The address and facsimile number of each of the Security
                  Trustee, the Note Trustee, the Issuing Trustee and the
                  Manager for the purposes of clause 24.1 shall be as follows
                  until the party concerned notifies in writing all other
                  parties hereto of any variation thereto:

                  Issuing Trustee

                          Address:          Perpetual Limited
                                            Level 12, 123 Pitt Street
                                            Sydney NSW 2000

                          Facsimile No:     (02) 9221 7870

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                                   Security Trust Deed - SMHL Global Fund No. 9

                          Attention:        Head of Debt Markets/Manager -
                                            Securitisation

                  Manager

                          Address:          ME Portfolio Management Limited
                                            Level 23, 360 Collins Street
                                            Melbourne, VIC, 3000

                          Facsimile No:     (03) 9605 6200

                          Attention:        Manager - Capital Markets

                  Security Trustee

                          Address:          Perpetual Trustee Company Limited
                                            Level 12, 123 Pitt Street
                                            Sydney, NSW 2000

                          Facsimile No:     (02) 9221 0920

                          Attention:        Head of Debt Markets/Manager -
                                            Securitisation

                  Note Trustee

                          Address:          The Bank of New York
                                            101 Barclay Street
                                            Floor 21 West, New York, NY
                                            United States of America

                          Facsimile No:     (0011) 1 212 815 5915

                          Attention:        Global Structured Finance

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25       Miscellaneous

         25.1     Assignments

                  Subject to clause 15, neither the Issuing Trustee nor the
                  Security Trustee shall assign any of its rights or
                  obligations hereunder without the prior written consent of
                  the Manager, the Note Trustee and each Designated Rating
                  Agency.

         25.2     Certificate of Security Trustee

                  A certificate in writing signed by an officer of the
                  Security Trustee certifying the amount payable by the
                  Issuing Trustee to the Security Trustee or to the Secured
                  Creditors or stating any other act, matter or thing relating
                  to this Deed shall be conclusive and binding on the Issuing
                  Trustee in the absence of manifest error on the face of the
                  certificate.

         25.3     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
                  Issuing Trustee.

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                                   Security Trust Deed - SMHL Global Fund No. 9

         25.4     Settlement Conditional

                  Any settlement or discharge between the Issuing Trustee and
                  the Security Trustee shall be conditional upon any security
                  or payment given or made to the Security Trustee by the
                  Issuing Trustee or any other person in relation to the
                  Secured Documents or the Secured Moneys not being avoided
                  repaid or reduced by virtue of any provision or enactment
                  relating to bankruptcy insolvency or liquidation for the
                  time being in force and, in the event of any such security
                  or payment being so avoided repaid or reduced the Security
                  Trustee shall be entitled to recover the value or amount of
                  such security or payment avoided, repaid or reduced from the
                  Issuing Trustee subsequently as if such settlement or
                  discharge had not occurred.

         25.5     No Merger

                  Neither this Deed nor any of the Security Trustee's or the
                  Receiver's powers shall merge or prejudicially affect nor be
                  merged in or prejudicially affected by and the Issuing
                  Trustee'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.

         25.6     Interest on Judgment

                  If a liability under this Deed (other than a liability for
                  negligence, fraud or wilful default of the Issuing Trustee
                  under the Secured Documents) becomes merged in a judgment or
                  order then the Issuing Trustee as an independent obligation
                  shall pay interest to the Security Trustee on the amount of
                  that liability at a rate being the higher of the rate
                  payable pursuant to the judgment or order and the highest
                  rate payable on the Secured Moneys from the date it becomes
                  payable until it is paid.

         25.7     No Postponement

                  The Security Trustee's rights under this Deed shall not be
                  discharged, postponed or in any way prejudiced by any
                  subsequent Encumbrance nor by the operation of the rules
                  known as the rule in Hopkinson v Rolt or the rule in
                  Claytons Case.

         25.8     Severability of Provisions

                  Any provision of this Deed which is illegal void or
                  unenforceable shall be ineffective to the extent only of
                  such illegality voidness or unenforceability without
                  invalidating the remaining provisions hereof.

         25.9     Remedies Cumulative

                  The rights and remedies conferred by this Deed upon the
                  Security Trustee and the Receiver are cumulative and in
                  addition to all other rights or remedies available to the
                  Security Trustee or the Receiver by Statute or by general
                  law.

         25.10    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 the Security
                  Trustee shall not in any way preclude or operate as a waiver
                  of any

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                                   Security Trust Deed - SMHL Global Fund No. 9

                  further exercise or enforcement thereof or the
                  exercise or enforcement of any other right remedy power or
                  privilege hereunder or provided by law.

         25.11    Consents and Approvals

                  Where any act matter or thing hereunder depends on the
                  consent or approval of the Security Trustee then unless
                  expressly provided otherwise herein such consent or approval
                  may be given or withheld in the absolute and unfettered
                  discretion of the Security Trustee and may be given subject
                  to such conditions as the Security Trustee thinks fit in its
                  absolute and unfettered discretion.

         25.12    Written Waiver, Consent and Approval

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

         25.13    Time of Essence

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

         25.14    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 Issuing Trustee any obligation under this Deed; or

                  (b)  to delay or otherwise prevent or prejudicially affect
                       the exercise of any powers conferred on the Security
                       Trustee or the Receiver under this Deed,

                  are hereby expressly waived negatived and excluded.

         25.15    Debit Accounts

                  The Issuing Trustee authorises the Security Trustee at any
                  time after the Charge becomes enforceable pursuant to the
                  provisions of this Deed, to apply without prior notice any
                  credit balance whether or not then due to which the Issuing
                  Trustee is at any time entitled on any account at any office
                  of the Security Trustee in or towards satisfaction of any
                  sum then due and unpaid from the Issuing Trustee to the
                  Security Trustee under this Deed or on any other account
                  whatsoever and the Issuing Trustee further authorises the
                  Security Trustee without prior notice to set-off any amount
                  owing whether present or future actual contingent or
                  prospective and on any account whatsoever by the Security
                  Trustee to the Issuing Trustee against any of the Secured
                  Moneys. The Security Trustee shall not be obliged to
                  exercise any of its rights under this clause, which shall be
                  without prejudice and in addition to any right of set-off
                  combination of accounts lien or other right to which it is
                  at any time otherwise entitled whether by operation of law
                  contract or otherwise.

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                                   Security Trust Deed - SMHL Global Fund No. 9

         25.16    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.

         25.17    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.

         25.18    Certificate of amount of Secured Moneys etc

                  A certificate signed by a director, secretary or manager of
                  the Security Trustee will be sufficient evidence against the
                  Issuing Trustee and the Secured Creditors, in the absence of
                  manifest error or proof to the contrary:

                  (a)  as to the amount of the Secured Moneys stated in the
                       certificate;

                  (b)  that a person specified in that certificate is a
                       Secured Creditor;

                  (c)  that a document specified in the certificate is a
                       Secured Document; and

                  (d)  that the Security Trustee is of the opinion stated in
                       the certificate.

         25.19    Attorneys

                  Each of the attorneys executing this Deed states that the
                  attorney has no notice of the revocation of the power of
                  attorney appointing that attorney.

         25.20    Know Your Customer

                  Subject to any confidentiality, privacy or general trust law
                  obligations owed by the Note Trustee or the Issuing Trustee
                  to Bondholders and any applicable confidentiality or privacy
                  laws, except to the extent those obligations or laws are
                  overridden by applicable anti-money laundering or
                  counter-terrorism financing laws, each party hereto (the
                  Information Provider) agrees to provide any information and
                  documents reasonably required by another party hereto (the
                  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 25.20 agrees to utilize such
                  information and documents solely for the purpose of
                  complying with applicable anti-money laundering or
                  counter-terrorism financing laws.

         25.21    Compliance with Regulation AB

                  In relation to compliance with Regulation AB:

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                                   Security Trust Deed - SMHL Global Fund No. 9

                  (a)  each party to this deed acknowledges and agrees that
                       the purpose of this clause 25.21 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
                       25.21 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 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 such party do not
                       agree with respect to an interpretation of Regulation
                       AB, the Manager and such party 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 such party, addressed to
                       the Manager and such party, 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 such
                       party. 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, upon
                       consultation with, and to the extent

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                                   Security Trust Deed - SMHL Global Fund No. 9

                       agreed 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 25.21(e) -
                       (j); provided that, to the extent the Manager and such
                       party 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
                       such party 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 such party, addressed to the Manager and
                       such party, stating whether, in the opinion of such
                       counsel, such party 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 such party;

                  (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 2 hereto and addressing, at a
                            minimum, the criteria identified in Schedule 2
                            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
                            25.21(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
                            25.21(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 25.21(e)(3) need not
                       address any elements of the Servicing Criteria other
                       than those specified by such party pursuant to clause

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                       25.21(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:

                            (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 25.21(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 25.21(e) - (j), 25.22 and
                            25.23 of this Deed to the same extent as if such
                            Subcontractor were such party (provided that in
                            the case of a Subcontractor of the Issuing Trustee
                            or the Security Trustee, the obligations of such
                            Subcontractor under clause 25.21(h) will be owed
                            directly to the Manager and the Issuing Trustee 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 Issuing
                            Trustee 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 attestation required
                            to be delivered by such Subcontractor under clause
                            25.21(e) - (j), in each case as and when required
                            to be delivered;

                  (g)  the Note Trustee represents, warrants and agrees that
                       each report required pursuant to clauses 25.21(e)(1)
                       and 25.21(e)(3) to be provided by the Note Trustee or
                       any Subcontractor of the Note Trustee 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 Issuing Trustee 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

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                                   Security Trust Deed - SMHL Global Fund No. 9

                       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 25.21 by or on behalf of
                            such party, or provided under this clause 25.21 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 a material fact
                            contained or alleged to be contained in the
                            accountant's letter, each of the Issuing Trustee
                            and the Security Trustee will indemnify and hold
                            harmless the Manager only to the extent of the sum
                            that the Issuing Trustee or the Security Trustee,
                            respectively, recovers from the accounting firm
                            providing such accountant's letter (which recovery
                            the Issuing Trustee and the Security Trustee (as
                            the case may be) must if the Issuing Trustee or
                            the Security Trustee (as the case may be) in good
                            faith determines the Issuing Trustee 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 Issuing Trustee 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 Issuing Trustee 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 25.21(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 Issuing Trustee and
                            the Security Trustee will indemnify and hold
                            harmless the Manager only to the extent of the sum
                            that the Issuing Trustee or the Security Trustee,
                            respectively, recovers from the accounting firm
                            providing such accountant's letter (which recovery
                            the Issuing Trustee and the Security Trustee (as
                            the case may be) must if the Issuing Trustee or
                            the Security Trustee (as the case may be) in good
                            faith determines the Issuing Trustee or the
                            Security Trustee (as the case may be) is

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                            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 Issuing Trustee 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
                            Issuing Trustee 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

                       (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
                            25.21, 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 25.21(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 25.21(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 25.21, shall, except as
                            provided in clause 25.21(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 25.21(e) - (j) or (except as

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                                   Security Trust Deed - SMHL Global Fund No. 9

                            provided below) any failure by such party to
                            identify pursuant to clause 25.21(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 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, in the case of the Issuing
                                Trustee, 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 Issuing Trustee 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 25.21(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.

         25.22    Direction of claims by the Manager

                  (a)  If the Issuing Trustee or the Security Trustee (for the
                       purposes of this clause 25.22, each a Relevant
                       Claimant) is entitled to recover from the accounting
                       firm providing the accountant's letter referred to in
                       clause 25.21(h) by any action, proceeding, claim or
                       demand ((for the purpose of this clause 25.22, a
                       Claim), the Relevant Claimant must if the Issuing
                       Trustee 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 25.22(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).

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                  (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 25.22 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.

         25.23    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 25.21(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
                       25.23, a Claim), the Issuing Trustee and the Security
                       Trustee (for the purpose of this clause 25.23, 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 25.23 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 25.23(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)).

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--------------------------------------------------------------------------------
26       Trustees' liability

         26.1     Limitation on Issuing Trustee's liability

                  (a)  Clause 26 of the Master Trust Deed applies to the
                       obligations and liabilities of the Issuing Trustee and
                       the Manager under this deed.

                  (b)  The Issuing Trustee enters into the Transaction
                       Documents and issues the Notes in its capacity as
                       trustee of the Securitisation Fund and in no other
                       capacity (except where the Transaction Documents
                       provide otherwise). Subject to clause 26.1(d) below, a
                       liability arising under or in connection with the
                       Notes, the Transaction Documents or the Securitisation
                       Fund is limited to and can be enforced against the
                       Issuing Trustee 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 Issuing Trustee to be exonerated or
                       indemnified for the liability. This limitation of the
                       Issuing Trustee's liability applies despite any other
                       provision of the Transaction Documents (other than
                       clause 12.1 of the Note Trust Deed) and extends to all
                       liabilities and obligations of the Issuing Trustee in
                       any way connected with any representation, warranty,
                       conduct, omission, agreement or transaction related to
                       the Notes, the Transaction Documents or the
                       Securitisation Fund.

                  (c)  Subject to clause 26.1(d) below, no person (including
                       any Relevant Party) may take action against the Issuing
                       Trustee in any capacity other than as trustee of the
                       Securitisation Fund or seek the appointment of a
                       receiver (except in relation to property of the
                       Securitisation Fund), or a liquidator, an administrator
                       or any similar person to the Issuing Trustee or prove
                       in any liquidation, administration or arrangement of or
                       affecting the Issuing Trustee except in relation to the
                       assets of the Securitisation Fund.

                  (d)  The provisions of this clause 26.1 shall not apply to
                       any obligation or liability of the Issuing Trustee 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 Issuing Trustee's
                       indemnification or exoneration out of the assets of the
                       Securitisation Fund, as a result of the Issuing
                       Trustee's fraud, negligence or wilful default.

                  (e)  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 Issuing Trustee (including any related failure
                       to satisfy its obligations under this Deed) will be
                       considered fraud, negligence or wilful default of the
                       Issuing Trustee for the purpose of clause 26.1(d) above
                       to the extent to which the act or omission was caused
                       or contributed to by any failure by any Relevant Party
                       or any other person who has been delegated or appointed
                       by the Issuing Trustee 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 other person.

                  (f)  No attorney, agent, delegate, receiver or receiver and
                       manager appointed in accordance with this deed or any
                       other Transaction Documents has

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                                   Security Trust Deed - SMHL Global Fund No. 9

                       authority to act on behalf of the Issuing Trustee in a
                       way which exposes the Issuing Trustee to any personal
                       liability and no act or omission of any such person
                       will be considered fraud, negligence or wilful default
                       of the Issuing Trustee for the purposes of clause
                       26.1(d).

                  (g)  The Issuing Trustee is not obliged to do or refrain
                       from doing anything under this Deed (including incur
                       any liability) unless the Issuing Trustee's liability
                       is limited in the same manner as set out in paragraphs
                       (b) to (f) of this clause 26.1.

                  (h)  For the purposes of this clause 26.1, "Relevant
                       Parties" means each party to a Transaction Document
                       other than the Issuing Trustee.

         26.2     Limitation on Security Trustee's liability

                  Notwithstanding any other provision of this Deed, the
                  Security 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 Security
                  Trustee is actually indemnified for the liability. This
                  limitation will not apply to a liability of the Security
                  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 Security Trustee's indemnification as a
                  result of the Security Trustee's fraud, negligence or wilful
                  default. Nothing in this clause or any similar provision in
                  any other Secured Document limits or adversely affects the
                  powers of the Security Trustee, any Receiver or attorney in
                  respect of the Charge or the Charged Property.

         26.3     Rights against Charged Property Preserved

                  The Charged Property shall secure to the Security Trustee,
                  and the Security Trustee shall have recourse to the Charged
                  Property for, all of the liabilities of the Issuing Trustee
                  to the Secured Creditors under the Secured Documents
                  notwithstanding that at general law, under statute or under
                  the Master Trust Deed the Issuing Trustee shall not have
                  properly incurred such liability as Issuing Trustee or not
                  have a right of indemnity in relation thereto from the
                  Charged Property or has failed to execute that degree of
                  care, diligence and prudence required of a trustee
                  (including, without limiting the generality of the foregoing
                  any fraud, negligence or breach of trust).

         26.4     Waiver of Personal Liability

                  Except in the case of fraud, negligence or wilful default on
                  the part of the Issuing Trustee in its capacity as Issuing
                  Trustee each of the Manager and Security Trustee severally
                  waives its rights and releases the Issuing Trustee from any
                  personal liability whatsoever, for any loss or damage
                  whatsoever in any way arising in respect of:

                  (a)  the Secured Moneys; or

                  (b)  this Deed

                  which cannot be paid or satisfied out of the Charged
                  Property.

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         26.5     Restricted remedies

                  Except as provided in clauses 26.1(d) and 26.2, the Security
                  Trustee shall not, in respect of this Deed:

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

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

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

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

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

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

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

                  or take proceedings for any of the above and the Security
                  Trustee waives its rights to make those applications and
                  take those proceedings.

                  A reference to the Issuing Trustee in this clause 26.5 is to
                  the Issuing Trustee in its personal capacity and not as
                  trustee of the Securitisation Fund.

         26.6     Wilful Default of the Issuing Trustee

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

                  (a)  in relation to the Issuing Trustee, means a wilful
                       default of this Deed by the Issuing Trustee

                       (1)  other than a default which:

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

                            (B) arises because some other act or omission is a
                                precondition to the relevant act or omission
                                of the Issuing 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

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                                   Security Trust Deed - SMHL Global Fund No. 9

                            indemnity for its costs and expenses (if any) in
                            complying with this Deed from the Fund.

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

         26.7     Wilful default of the Security Trustee

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

                  (a)  in relation to the Security Trustee, means a wilful
                       default of this Deed by the Security Trustee

                       (1)  other than a default which:

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

                            (B) arises because some other act or omission is a
                                precondition to the relevant act or omission
                                of the Security 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 Fund.

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

         26.8     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 paragraph
                                26.8(b) in relation to the Note Trustee;

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                                   Security Trust Deed - SMHL Global Fund No. 9

                            (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 Fund.

                  (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.

--------------------------------------------------------------------------------
27       Privacy

                  (a)  Each party to this Deed acknowledges that Personal
                       Information may be exchanged between the parties
                       pursuant to the terms of this Deed.

                  (b)  If Personal Information is exchanged between the
                       parties, the party which provides the Personal
                       Information must ensure that it obtains such consents,
                       if any, as are required by the Privacy Act 1988 (as
                       amended by the Privacy Amendment (Private Sector) Act
                       2000 to be obtained by that party in relation to the
                       collection, use or disclosure of the Personal
                       Information.

                  (c)  Each party to this Deed undertakes to use its best
                       endeavours to ensure that at all times during the term
                       of this Deed:

                       (1)  Personal Information provided to it (the receiving
                            party) by another party (the providing party):

                            (A) unless otherwise required by law, will be used
                                only for the purpose of fulfilling the
                                receiving party's obligations under the
                                Transaction Documents; and

                            (B) except as expressly provided pursuant to the
                                Transaction Documents, will not be disclosed
                                to any third party unless express consent in
                                writing is obtained from the providing party;
                                and

                       (2)  in addition to the obligation under clause 27(b)
                            above, it will comply with the Privacy Act 1988
                            (as amended by the Privacy Amendment (Private
                            Sector) Act 2000 and all applicable regulations,
                            principles, standards, codes of conduct or
                            guidelines concerning the handling of Personal
                            Information under that Act or with any request or
                            direction arising directly from or in connection

--------------------------------------------------------------------------------
                                                                         page 72
<PAGE>
                                   Security Trust Deed - SMHL Global Fund No. 9

                            with the proper exercise of the functions of the
                            Privacy Commissioner.

                  (d)  In this clause 27 "Personal Information" has the same
                       meaning as in the Privacy Act 1988.

                  (e)  Notwithstanding anything else contained in this clause
                       27, paragraphs 27(a) to 27(c) above do not apply to the
                       Note Trustee, the Principal Paying Agent, the Irish
                       Paying Agent, the Class A3 Irish Paying Agent, the
                       Calculation Agent or the Note Registrar. 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 agrees to
                       comply with all privacy legislation applicable to it.

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                                                                         page 73
<PAGE>
                                   Security Trust Deed - SMHL Global Fund No. 9

Schedule 1 - Meetings Procedures

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

1        Definitions and Incorporation of Terms

         (a) In this Schedule, unless the context indicates a contrary
             intention:

             (1)  words and expressions which are defined in clause 1.1 of the
                  above mentioned Security Trust Deed (the "Security Trust
                  Deed") or which are defined by virtue of clause 1.2 of the
                  Security Trust Deed have the same meanings in this Schedule;
                  and

             (2)  a "holder" in relation to Secured Moneys shall be construed as
                  meaning a Bondholder (as defined in the Master Trust Deed) in
                  relation to any outstanding Notes.

         (b) The provisions of this Schedule regarding a meeting of the Voting
             Secured Creditors shall apply, mutatis mutandis, to a meeting of
             any class of Voting Secured Creditors.

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

2        Convening of Meetings

         (a) Generally

             (1)  Subject to clause 16.3 of the Security Trust Deed the Security
                  Trustee or the Manager at any time may convene a meeting of
                  the Voting Secured Creditors.

             (2)  Subject to clause 16.3 of the Security Trust Deed and subject
                  to the Security Trustee being indemnified to its reasonable
                  satisfaction against all costs and expenses occasioned
                  thereby, the Security Trustee shall convene a meeting of the
                  Voting Secured Creditors if requested to do so:

                  (A)   by the Issuing Trustee;

                  (B)   in the case of a meeting to consider the initial
                        enforcement of this Deed following the occurrence of an
                        Event of Default where a meeting has not been convened
                        by the Security Trustee in accordance with clause 8.5 of
                        the Security Trust Deed, by Voting Secured Creditors
                        being holders of not less than 10% of the then Secured
                        Moneys calculated and expressed in the A$ Equivalent;
                        and

                  (C)   in the case of a meeting following the enforcement of
                        this Deed or a meeting to consider any matter which does
                        not relate to the actual enforcement of this Deed, by
                        Voting Secured Creditors being holders of not less than
                        10% of the then Secured Moneys calculated and expressed
                        in the A$ Equivalent.

         (b) Time and place

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                                                                         page 74
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                                   Security Trust Deed - SMHL Global Fund No. 9

             (1)  Every meeting of Voting Secured Creditors shall be held at
                  such time and place as the Security Trustee approves, provided
                  (subject to sub-paragraph (2)) that any such meeting shall not
                  be held until the Class A Offered Noteholders have determined
                  how to direct the Note Trustee to vote (as the case may be) in
                  the meeting of Voting Secured Creditors.

             (2)  The proviso in sub-paragraph (1) shall not apply if:

                  (A)   the meeting of Class A Offered Noteholders called in
                        accordance with the Note Trust Deed for the purposes of
                        sub-paragraph (1) is adjourned more than once; and

                  (B)   the Class A Offered Noteholders' determination under
                        sub-paragraph (1) is not made at the meeting or
                        adjourned meeting (as the case may be).

         (c) Conduct

             The Voting Secured Creditors may meet together in person, by
             telephone, facsimile, electronic media or other means of
             instantaneous communication provided that each Voting Secured
             Creditor may communicate with each other Voting Secured Creditor of
             the Securitisation Fund.

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

3        Notice of meetings

         (a) Subject to clause 2(b), at least 7 days' notice (inclusive of the
             day on which the notice is given and of the day on which the
             meeting is held) shall be given to the Voting Secured Creditors,
             the Beneficiary and all the Designated Rating Agencies.

         (b) Notwithstanding that a meeting is convened upon shorter notice than
             as specified in clause 3(a), or a meeting or details of that
             meeting are not notified, advised or approved in accordance with
             this Schedule, it shall be deemed to be duly convened if it is so
             agreed by the Voting Secured Creditors representing a quorum (which
             quorum must include the Note Trustee or the Class A Offered
             Noteholders, as the case may be).

         (c) A copy of the notice shall in all cases be given by the party to
             the Security Trust Deed convening the meeting to the other parties
             to the Security Trust Deed.

         (d) Notice of a meeting shall be given in the manner provided in the
             Security Trust Deed.

         (e) Notice of a meeting of Voting Secured Creditors must specify,
             unless in any particular case the Security Trustee otherwise
             agrees:

             (1)  the day, time and place of the proposed meeting; and

             (2)  the nature of the resolutions to be proposed.

         (f) The accidental omission to give notice to or the non-receipt of
             notice by any person entitled to receive it shall not invalidate
             the proceedings at any meeting.

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                                                                         page 75
<PAGE>
                                   Security Trust Deed - SMHL Global Fund No. 9

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

4        Chairman

         A person (who need not be a Voting Secured Creditor and who may be a
         representative of the Security Trustee) nominated in writing by the
         Security Trustee shall be entitled to take the chair at every such
         meeting but if no such nomination is made or if at any meeting the
         person nominated shall not be present within 15 minutes after the time
         appointed for the holding of such meeting the Secured Creditors present
         shall choose one of their number to be chairman.

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

5        Quorum

         At any such meeting any two or more persons present in person holding,
         or being Representatives holding or representing, in the aggregate not
         less than 51% of the then Secured Moneys calculated and expressed in
         the A$ Equivalent shall (except for the purpose of passing an
         Extraordinary Resolution) form a quorum for the transaction of business
         and no business (other than the choosing of a chairman) shall be
         transacted at any meeting unless the requisite quorum is present at the
         commencement of business. The quorum at any such meeting for passing an
         Extraordinary Resolution shall be persons present holding, or being
         Representatives holding or representing, in aggregate 67% or more of
         the then Secured Moneys calculated and expressed in the A$ Equivalent.

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

6        Adjournment

         (a) If within 15 minutes from the time appointed for any such meeting a
             quorum is not present the meeting shall, if convened upon the
             requisition of Secured Creditors be dissolved. In any other case it
             shall stand adjourned (unless the Security Trustee agrees that it
             be dissolved) for such period, not being less than 7 days nor more
             than 42 days, as may be appointed by the chairman. At such
             adjourned meeting two or more persons present in person holding, or
             being Representatives holding or representing in the aggregate not
             less than 15% of the then, Secured Moneys calculated and expressed
             in the A$ Equivalent shall (except for the purpose of passing an
             Extraordinary Resolution) form a quorum and shall have the power to
             pass any resolution and to decide upon all matters which could
             properly have been dealt with at the meetings from which the
             adjournment took place had a quorum been present at such meeting.
             The quorum at any such adjourned meeting for passing an
             Extraordinary Resolution shall be two or more persons present in
             person holding, or being Representatives holding or representing in
             the aggregate not less than 20% of the then Secured Moneys
             calculated and expressed in the A$ Equivalent.

         (b) The chairman may with the consent of (and shall if directed by) any
             meeting adjourn the same from time to time and from place to place
             but no business shall be transacted at any adjourned meeting except
             business which might lawfully have been transacted at the meeting
             from which the adjournment took place.

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                                                                         page 76
<PAGE>
                                   Security Trust Deed - SMHL Global Fund No. 9

         (c) At least 5 days' notice of any meeting adjourned through want of a
             quorum shall be given in the same manner as of an original meeting
             and such notice shall state the quorum required at such adjourned
             meeting. It shall not, however, otherwise be necessary to give any
             notice of an adjourned meeting.

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

7        Voting Procedure

         (a) Every question submitted to a meeting shall be decided in the first
             instance by a show of hands and in case of equality of votes the
             chairman shall both on a show of hands and on a poll have a casting
             vote in addition to the vote or votes (if any) to which he may be
             entitled as a Voting Secured Creditor or as a Representative.

         (b) At any meeting, unless a poll is (before or on the declaration of
             the result of the show of hands) demanded by the chairman, the
             Issuing Trustee, the Manager or the Security Trustee or by one or
             more persons holding, or being Representatives holding or
             representing, in aggregate not less than 15% of the then Secured
             Moneys 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 shall be
             conclusive evidence of the fact without proof of the number or
             proportion of the votes recorded in favour of or against such
             resolution.

         (c) If at any meeting a poll is so demanded, it shall be taken in such
             manner and (subject as hereinafter provided) either at once or
             after such an adjournment as the chairman directs and the result of
             such poll shall be deemed to be the resolution of the meeting at
             which the poll was demanded as at the date of the taking of the
             poll. The demand for a poll shall not prevent the continuance of
             the meeting for the transaction of any business other than the
             question on which the poll has been demanded.

         (d) Any poll demanded at any meeting on the election of a chairman or
             on any question of adjournment shall be taken at the meeting
             without adjournment.

         (e) Subject to clause (a), at any meeting:

             (1)  on a show of hands, every person holding, or being a
                  Representative holding or representing other persons who hold,
                  Secured Moneys shall have 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 under the
                  Note Trust Deed; and

             (2)  on a poll, every person who is present shall have one vote for
                  each A$100 (but not part thereof) of the Secured Moneys
                  calculated and expressed in the A$ Equivalent that he holds or
                  in respect of which he is a Representative.

             Any person entitled to more than one vote need not use or cast all
             of the votes to which he is entitled in the same way.

--------------------------------------------------------------------------------
                                                                         page 77
<PAGE>
                                   Security Trust Deed - SMHL Global Fund No. 9

         (f) A certificate from the Note Trustee to the Security Trustee that
             the Note Trustee is entitled to vote on behalf of a Class A Offered
             Noteholder will be satisfactory evidence to the Security Trustee
             that the Note Trustee is so entitled to vote.

         For the purpose of determining the amount of Secured Moneys at any
         time, the Security Trustee may rely on the Accounts of the Issuing
         Trustee and any information provided by the Auditor of the Issuing
         Trustee. Clause 25.18 of the Security Trust Deed will apply to any
         determination of Secured Moneys for the definition of Voting Secured
         Creditors and this Schedule 1.

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

8        Right to Attend and Speak

         The Issuing Trustee, the Manager and the Security Trustee (through
         their respective representatives) and their respective financial and
         legal advisers shall be entitled to attend and speak at any meeting of
         Voting Secured Creditors. No person shall otherwise be entitled to
         attend or vote at any meeting of the Voting Secured Creditors or to
         join with others in requesting the convening of such a meeting unless
         he is a Voting Secured Creditor or is a Representative.

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

9        Appointment of Proxies

         (a) Each appointment of a proxy shall be in writing and, together (if
             so required by the Security Trustee) with proof satisfactory to the
             Security Trustee of its due execution, shall be deposited at the
             registered office of the Security Trustee or at such other place as
             the Security Trustee shall designate or approve not less than 24
             hours before the time appointed for holding the meeting or
             adjourned meeting at which the named proxy proposes to vote and in
             default, the appointment of proxy shall not be treated as valid
             unless the chairman of the meeting decides otherwise before such
             meeting or adjourned meeting proceeds to business. A notarially
             certified copy proof as aforesaid (if applicable) of due execution
             shall if required by the Security Trustee be produced by the proxy
             at the meeting or adjourned meeting but the Security Trustee shall
             not thereby be obliged to investigate or be concerned with the
             validity of, or the authority of, the proxy named in any such
             appointment. The proxy named in any appointment of proxy need not
             be a Voting Secured Creditor.

         (b) Any vote given in accordance with the terms of an appointment of
             proxy conforming with clause 9(a) shall be valid notwithstanding
             the previous revocation or amendment of the appointment of proxy or
             of any of the Voting Secured Creditor's instructions pursuant to
             which it was executed, provided that no intimation in writing of
             such revocation or amendment shall have been received by the
             Security Trustee at its registered office or by the chairman of the
             meeting in each case not less than 24 hours before the commencement
             of the meeting or adjourned meeting at which the appointment of
             proxy is used.

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                                                                         page 78
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                                   Security Trust Deed - SMHL Global Fund No. 9

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

10       Corporate Representatives

         A person authorised pursuant to sections 250D of the Corporations Act
         by a Voting Secured Creditor being a body corporate to act for it at
         any meeting shall, in accordance with his authority until his authority
         is revoked by the body corporate concerned, be entitled to exercise the
         same powers on behalf of that body corporate as that body corporate
         could exercise if it were an individual Secured Creditor and shall be
         entitled to produce evidence of his authority to act at any time before
         the time appointed for the holding of or at the meeting or adjourned
         meeting or for the taking of a poll at which he proposes to vote.

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

11       Rights of Representatives

         A Representative shall have the right to demand or join in demanding a
         poll and shall (except and to the extent to which the Representative is
         specially directed to vote for or against any proposal) have power
         generally to act at a meeting for the Secured Creditor concerned. The
         Security Trustee and any officer of the Security Trustee may be
         appointed a Representative.

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

12       Extraordinary Resolutions

         (a) A meeting of Voting Secured Creditors shall, without prejudice to
             any rights or powers conferred on other persons by the Security
             Trust Deed, have power exercisable by Extraordinary Resolution:

             (1)  to direct the Security Trustee in the action that should be
                  taken by it following the occurrence of an Event of Default or
                  the charge or the Security Trust Deed becoming enforceable;

             (2)  to sanction any action that the Security Trustee or a Receiver
                  proposes to take to enforce the provisions of the Security
                  Trust Deed;

             (3)  to sanction any proposal by the Manager, the Issuing Trustee
                  or the Security Trustee for any modification, abrogation,
                  variation or compromise of, or arrangement in respect of, the
                  rights of the Secured Creditors against the Issuing Trustee or
                  the Manager whether such rights shall arise under the Security
                  Trust Deed, the Secured Documents or otherwise;

             (4)  subject to clause 12(b)(2), to postpone the day when the
                  Secured Moneys or any part thereof become payable and to
                  suspend or postpone for a time the payment of the Secured
                  Moneys or any part thereof;

             (5)  to sanction the exchange or substitution of the Secured Moneys
                  for, or the conversion of the Secured Moneys into, Notes or
                  other obligations or securities of the Issuing Trustee or any
                  other body corporate formed or to be formed;

--------------------------------------------------------------------------------
                                                                         page 79
<PAGE>
                                   Security Trust Deed - SMHL Global Fund No. 9

             (6)  to assent to any modification of the provisions contained in
                  the Security Trust Deed or Notes which shall be proposed by
                  the Issuing Trustee, the Manager or the Security Trustee;

             (7)  to assent to any alteration, addition or modification of the
                  Master Trust Deed or the Supplementary Bond Terms Notice which
                  shall be proposed by the Issuing Trustee or the Manager;

             (8)  to give any authority, direction, guidance or sanction sought
                  by the Security Trustee from the Voting Secured Creditors;

             (9)  to appoint any persons (whether Voting Secured Creditors or
                  not) as a committee or committees to represent the interests
                  of the Voting Secured Creditors and to confer upon such
                  committee or committees any powers or discretions which the
                  Voting Secured Creditors could themselves exercise by
                  Extraordinary Resolution;

             (10) to approve a person proposed to be appointed as a new Security
                  Trustee under the Security Trust Deed and power to remove any
                  Security Trustee for the time being thereof;

             (11) to discharge or exonerate the Security Trustee from any
                  liability in respect of any act or omission for which it may
                  become responsible under the Security Trust Deed;

             (12) to do any other thing which under the Security Trust Deed is
                  required to be given by an Extraordinary Resolution of the
                  Secured Creditors;

             (13) to authorise the Security Trustee or any other person to
                  concur in and execute and do all such documents, acts and
                  things as may be necessary to carry out and give effect to any
                  Extraordinary Resolution; and

             (14) to determine whether the Security Trustee should or should not
                  perform any act and any such Extraordinary Resolution will
                  (where relevant and in accordance with clause 16.3 of the
                  Security Trust Deed) override any decision by the Note
                  Trustee.

         (b) A meeting of Voting Secured Creditors shall not have power in
             relation to any Secured Creditor (without the consent of each such
             Secured Creditor) to:

             (1)  release any obligation to pay any of the Secured Moneys to
                  that Secured Creditor;

             (2)  alter any date upon which any of the Secured Moneys is payable
                  or otherwise do any thing referred to in clause 12(a)(4);

             (3)  alter the amount of any payment of any part of the Secured
                  Moneys; or

             (4)  alter clause 12.1 of the Security Trust Deed in relation to
                  that Secured Creditor without the consent of that Secured
                  Creditor.

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                                                                         page 80
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                                   Security Trust Deed - SMHL Global Fund No. 9

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

13       Resolution Binding on Voting Secured Creditors

         Subject to clause 12(b), a resolution passed at a meeting of the Voting
         Secured Creditors duly convened and held in accordance with this
         Schedule 1 shall be binding upon all Voting Secured Creditors whether
         or not present at such meeting and each of the Voting Secured Creditors
         and the Issuing Trustee, the Manager and the Security Trustee shall be
         bound to give effect thereto accordingly.

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

14       Minutes and Records

         Minutes of all resolutions and proceedings at every such meeting as
         aforesaid shall be made and duly entered in the books to be from time
         to time provided for that purpose by the Security Trustee and any such
         minutes as aforesaid if purporting to be signed by the chairman of the
         meeting at which such resolutions were passed or proceedings transacted
         or by the chairman of the next succeeding meeting of the Voting Secured
         Creditors shall be conclusive evidence of the matters therein contained
         and until the contrary is proved provided every such meeting in respect
         of the proceedings of which minutes have been made and signed as
         aforesaid shall be deemed to have been duly convened and held and all
         resolutions passed or proceedings transacted thereat to have been duly
         passed and transacted.

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

15       Written Resolutions

         Notwithstanding the preceding provisions of this Schedule 1, a
         resolution of all the Voting Secured Creditors (including an
         Extraordinary Resolution) may be passed, without any meeting or
         previous notice being required, by an instrument or instruments in
         writing which have:

         (a) in the case of a resolution (including an Extraordinary Resolution)
             of all the Voting Secured Creditors, been signed by all the Voting
             Secured Creditors; and

         (b) any such instrument shall be effective upon presentation to the
             Voting Security Trustee for entry in the records referred to in
             clause 14.

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

16       Further Procedures for Meetings

         Subject to all other provisions contained in the Security Trust Deed,
         the Security Trustee may without the consent of the Voting Secured
         Creditors prescribe such further regulations regarding the holding of
         meetings of the Voting Secured Creditors and attendance and voting
         thereat as the Security Trustee may in its sole discretion determine
         including particularly (but without prejudice to the generality of the
         above) such regulations and requirements as the Security Trustee thinks
         reasonable:

         (a) so as to satisfy itself that persons are in fact Voting Secured
             Creditors who purport to requisition a meeting or who purport to
             make any requisition to the Security Trustee in accordance with the
             Security Trust Deed;

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                                                                         page 81
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                                   Security Trust Deed - SMHL Global Fund No. 9

         (b) so as to satisfy itself that persons who purport to attend or vote
             at any meeting of Voting Secured Creditors are entitled to do so in
             accordance with this Schedule 1 and the Security Trust Deed; and

         (c) as to the form of appointment of a Representative.

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                                                                         page 82
<PAGE>
                                   Security Trust Deed - SMHL Global Fund No. 9

--------------------------------------------------------------------------------
Schedule 2 - Servicing Criteria to be addressed in assessment of compliance
The assessment of compliance to be delivered by the Issuing Trustee or any
Subcontractor of the Issuing Trustee under clause 25.21 of this Deed shall
address, at a minimum, the criteria identified as below as "Applicable
Servicing Criteria":

<TABLE>
<CAPTION>

          --------------------------------------------------------------------------------------------------- ----------------------
                                                                                                                APPLICABLE
                                                                                                                SERVICING CRITERIA
                 SERVICING CRITERIA
          --------------------------------------------------------------------------------------------------- ----------------------
                 Reference                Criteria
          ----------------------------- --------------------------------------------------------------------- ----------------------
                                          General Servicing Considerations
          ----------------------------- --------------------------------------------------------------------- ----------------------
                 <S>                      <C>                                                                 <C>
                 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.,

--------------------------------------------------------------------------------
                                                                         page 82
<PAGE>
                                   Security Trust Deed - SMHL Global Fund No. 9

          --------------------------------------------------------------------------------------------------- ----------------------
                                                                                                                APPLICABLE
                                                                                                                SERVICING CRITERIA
                 SERVICING CRITERIA
          --------------------------------------------------------------------------------------------------- ----------------------
                 Reference                Criteria
          ----------------------------- --------------------------------------------------------------------- ----------------------

                                          with  respect to commingling of cash) as set forth in the
                                          transaction agreements.
          ----------------------------- --------------------------------------------------------------------- ----------------------
                 1122(d)(2)(v)            Each custodial account is maintained at a federally insured
                                          depository institution as set forth in the transaction agreements.
                                          For purposes of this criterion, "federally insured depository
                                          institution" with respect to a foreign financial institution means
                                          a foreign financial institution that meets the requirements of
                                          Rule 13k-1(b)(1) of the Securities Exchange Act.
          ----------------------------- --------------------------------------------------------------------- ----------------------
                 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.
          ----------------------------- --------------------------------------------------------------------- ----------------------

--------------------------------------------------------------------------------
                                                                         page 84
<PAGE>
                                   Security Trust Deed - SMHL Global Fund No. 9

          --------------------------------------------------------------------------------------------------- ----------------------
                                                                                                                APPLICABLE
                                                                                                                SERVICING CRITERIA
                 SERVICING CRITERIA
          --------------------------------------------------------------------------------------------------- ----------------------
                 Reference                Criteria
          ----------------------------- --------------------------------------------------------------------- ----------------------

          ----------------------------- --------------------------------------------------------------------- ----------------------
                 1122(d)(3)(iii)          Disbursements made to an investor are posted within two business
                                          days to the Servicer's investor records, or such other number of
                                          days specified in the transaction agreements.
          ----------------------------- --------------------------------------------------------------------- ----------------------
                 1122(d)(3)(iv)           Amounts remitted to investors per the investor reports agree with
                                          cancelled checks, or other form of payment, or custodial bank
                                          statements.
          ----------------------------- --------------------------------------------------------------------- ----------------------
                                          Pool Asset Administration
          ----------------------------- --------------------------------------------------------------------- ----------------------
                 1122(d)(4)(i)            Collateral or security on mortgage loans is maintained as
                                          required by the transaction agreements or related 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.
          ----------------------------- --------------------------------------------------------------------- ----------------------

--------------------------------------------------------------------------------
                                                                         page 85
<PAGE>
                                   Security Trust Deed - SMHL Global Fund No. 9

          --------------------------------------------------------------------------------------------------- ----------------------
                                                                                                                APPLICABLE
                                                                                                                SERVICING CRITERIA
                 SERVICING CRITERIA
          --------------------------------------------------------------------------------------------------- ----------------------
                 Reference                Criteria
          ----------------------------- --------------------------------------------------------------------- ----------------------

          ----------------------------- --------------------------------------------------------------------- ----------------------
                 1122(d)(4)(viii)         Records documenting collection efforts are maintained during the
                                          period a mortgage loan is delinquent in accordance with the
                                          transaction agreements. Such records are maintained on at least
                                          a monthly basis, or such other period specified in the
                                          transaction agreements, and describe the entity's activities
                                          in monitoring delinquent mortgage loans including, for example,
                                          phone calls, letters and payment rescheduling plans in
                                          cases where delinquency is deemed temporary (e.g., illness or
                                          unemployment).
          ----------------------------- --------------------------------------------------------------------- ---------------------
                 1122(d)(4)(ix)           Adjustments to interest rates or rates of return for mortgage
                                          loans with variable rates are computed based on the related
                                          mortgage loan documents.
          ----------------------------- --------------------------------------------------------------------- ----------------------
                 1122(d)(4)(x)            Regarding any funds held in trust for an obligor (such as escrow
                                          accounts): (A) such funds are analyzed, in accordance with the
                                          obligor's mortgage loan documents, on at least an annual basis,
                                          or such other period specified in the transaction agreements;
                                          (B) 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

--------------------------------------------------------------------------------
                                                                         page 86
<PAGE>
                                   Security Trust Deed - SMHL Global Fund No. 9

          --------------------------------------------------------------------------------------------------- ----------------------
                                                                                                                APPLICABLE
                                                                                                                SERVICING CRITERIA
                 SERVICING CRITERIA
          --------------------------------------------------------------------------------------------------- ----------------------
                 Reference                Criteria
          ----------------------------- --------------------------------------------------------------------- ----------------------

                                          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.
          ----------------------------- --------------------------------------------------------------------- ----------------------

          ----------------------------- --------------------------------------------------------------------- ----------------------
</TABLE>

[NAME OF COMPANY] [NAME OF SUBSERVICER]

Date:
         -----------------------------------

By:

Name:
      --------------------------------------

Title:
         -----------------------------------

--------------------------------------------------------------------------------
                                                                         page 87
<PAGE>
                                   Security Trust Deed - SMHL Global Fund No. 9

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
Executed as a deed:

Signed sealed and delivered for
Perpetual Limited
by its attorney in the
presence of:

<S>                                                                   <C>

  /s/ Lachlan Gavin Roots                                               /s/ Caroline Cole
------------------------------------------------                      --------------------------------------------
  Witness                                                               Attorney

  Lachlan Gavin Roots                                                   Caroline Cole
------------------------------------------------                      --------------------------------------------
  Name (please print)                                                   Name (please print)

Signed sealed and delivered for
ME Portfolio Management Limited
by its attorney in the
presence of:

  /s/ Owen Terei                                                        /s/ Lachlan Gavin Roots
------------------------------------------------                      --------------------------------------------
  Witness                                                               Attorney

  Owen Terei                                                            Lachlan Gavin Roots
------------------------------------------------                      --------------------------------------------
  Name (please print)                                                   Name (please print)

Signed sealed and delivered for
Perpetual Trustee Company Limited
by its attorney in the
presence of:

  /s/ Lachlan Gavin Roots                                               /s/ Caroline Cole
------------------------------------------------                      --------------------------------------------
  Witness                                                               Attorney

  Lachlan Gavin Roots                                                   Caroline Cole
------------------------------------------------                      --------------------------------------------
  Name (please print)                                                   Name (please print)

</TABLE>

--------------------------------------------------------------------------------
                                                                         page 88
<PAGE>
                                   Security Trust Deed - SMHL Global Fund No. 9

<TABLE>
<CAPTION>
Executed for
and on behalf of
The Bank of New York
by its Authorised Officer in the
presence of:

<S>                                                                   <C>
  /s/ Joseph Constantino                                                /s/ Christopher Curti
------------------------------------------------                      --------------------------------------------
  Witness                                                               Authorised Officer

  Joseph Constantino                                                    Christopher Curti
------------------------------------------------                      --------------------------------------------
  Name (please print)                                                   Name (please print)
</TABLE>

--------------------------------------------------------------------------------
                                                                         page 89Exhibit 4.5.1

                                                                      Deed

           Amending deed to the
           Security Trust Deed -
           SMHL Global Fund No. 9
           ----------------------

           Perpetual Limited

           ME Portfolio Management Limited

           Perpetual Trustee Company Limited

           The Bank of New York

               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

               david.barber@freehills.com

--------------------------------------------------------------------------------
<PAGE>

                                                                    Contents

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

     The agreement                                                             1

     Operative part                                                            3

1    Definitions and interpretations                                           3
     1.1    Definitions........................................................3
     1.2    Incorporated definitions...........................................3
     1.3    Interpretations....................................................3

2    Amendments to the Security Trust Deed                                     3
     2.1    Amendments.........................................................3
     2.2    Effectiveness......................................................3
     2.3    Amendments not to affect validity, rights, obligations.............3
     2.4    Acknowledgements...................................................4

3    General                                                                   4
     3.1    Governing law and jurisdiction.....................................4
     3.2    Variation..........................................................4
     3.3    Further assurances.................................................4
     3.4    Counterparts.......................................................4
     3.5    Attorneys..........................................................5
     3.6    Issuing Trustee and Security Trustee limitation of liability.......5
     3.7    Limitation of liability of Note Trustee............................5

     Schedules

     Amendments                                                                7

     Compliance with Regulation AB                                             8

     Report on assessment of compliance with Regulation AB servicing criteria 14

     Servicing criteria to be addressed in assessment of compliance           15

     Signing page                                                             19

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

<PAGE>

                                                                The agreement

Amending deed to the Security Trust Deed - SMHL Global Fund
No. 9
--------------------------------------------------------------------------------

           Date -       21 September 2006

           ---------------------------------------------------------------------
           Between the parties
           ---------------------------------------------------------------------
           Issuing Trustee             Perpetual Limited

                                       ABN 86 000 431 827 of Level 12 123 Pitt
                                       Street Sydney NSW 2000
           ---------------------------------------------------------------------
           Manager                     ME Portfolio Management Limited

                                       ABN 79 005 964 134 of Level 23 360
                                       Collins Street Melbourne VIC 3000
           ---------------------------------------------------------------------
           Security Trustee            Perpetual Trustee Company Limited

                                       ABN 42 000 001 007 of Level 12 123 Pitt
                                       Street Sydney NSW 2000
           ---------------------------------------------------------------------
           Note Trustee                The Bank of New York

                                       of 101 Barclay Street Floor 21 West New
                                       York New York United States of America
           ---------------------------------------------------------------------
           Background                  1   The Issuing Trustee is the trustee,
                                           and the Manager is the manager, of
                                           the Securitisation Fund.

                                       2   Under the terms of the Master Trust
                                           Deed, the Issuing Trustee is
                                           authorised to enter into the
                                           Security Trust Deed to charge the
                                           assets of the Securitisation Fund to
                                           secure payment of the Secured Moneys
                                           and the due and punctual performance
                                           of its obligations under the Secured
                                           Documents to the Secured Creditors.

                                       3   The Security Trustee has agreed to
                                           act as trustee for the benefit of
                                           the Secured Creditors on the terms
                                           and conditions and with the powers
                                           and authorities contained in the
                                           Security Trust Deed.

                                       4   The parties wish to amend the
                                           Security Trust Deed in the manner
                                           set out in this deed.

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

                                                                 The agreement
           --------------------------------------------------------------------
           This deed witnesses         that in consideration of, among other
                                       things, the mutual promises contained in
                                       this deed, the parties agree as set out
                                       in the Operative part of this deed.

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

--------------------------------------------------------------------------------
                                                                          page 2

<PAGE>

                                                               Operative part

1      Definitions and interpretations
--------------------------------------------------------------------------------

1.1        Definitions

           The meanings of the terms used in this document are set out below.

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

Term                         Meaning
--------------------------------------------------------------------------------
Security Trust Deed          The deed entitled "Security Trust Deed
                             - SMHL Global Fund No. 9" dated 17 August 2006
                             between the Issuing Trustee, the Manager, the
                             Security Trustee and the Note Trustee.
--------------------------------------------------------------------------------

1.2        Incorporated definitions

           Clauses 1.1 and 1.2(a) of the Security Trust Deed are incorporated
           in this deed as if set out in full in this deed.

1.3        Interpretations

           Clause 1.3 of the Security Trust Deed is incorporated in this deed
           as if set out in full in this deed.

2          Amendments to the Security Trust Deed
--------------------------------------------------------------------------------

2.1        Amendments

           The Security Trust Deed is amended as set out in schedule 1.

2.2        Effectiveness

           The amendments to the Security Trust Deed in clause 2.1 take effect
           on and from the date of this deed.

2.3        Amendments not to affect validity, rights, obligations

(a)        An amendment to the Security Trust Deed does not affect
           the validity or enforceability of the Security Trust Deed.

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

(b)        Nothing in this deed:

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

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

2.4        Acknowledgements

(a)        The Security Trustee, Note Trustee and Issuing Trustee, by executing
           this deed, confirm for the purposes of clause 21.1(a) of the
           Security Trust Deed that the amendments to the Security Trust Deed
           in clause 2.1 are of a formal, technical and administrative nature
           only.

(b)        The Manager confirms that each Designated Rating Agency has been
           given 5 Banking Days notice of the amendments to the Security Trust
           Deed in clause 2.1 in accordance with clause 21.1 of the Security
           Trust Deed.

(c)        The Manager, by executing this deed, gives its written approval to
           the amendments to the Security Trust Deed in clause 2.1 in
           accordance with clause 21.1 of the Security Trust Deed.

3          General
--------------------------------------------------------------------------------

3.1        Governing law and jurisdiction

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

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

3.2        Variation

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

3.3        Further assurances

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

3.4        Counterparts

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

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

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

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

3.5        Attorneys

           Each of the attorneys executing this deed states that the attorney
           has no notice of the revocation of the power of attorney appointing
           that attorney.

3.6        Issuing Trustee and Security Trustee limitation of liability

           Clause 26 of the Security Trust Deed is incorporated in this deed as
           if set out in full in this deed.

3.7        Limitation of liability of Note Trustee

           Clause 3.6 of the Security Trust Deed is incorporated in this deed
           as if set out in full in this deed.

--------------------------------------------------------------------------------
                                                                          page 5
<PAGE>

                                                                       Schedules

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

     Amendments                                                               7

     Compliance with Regulation AB                                            8

     Report on assessment of compliance with Regulation AB servicing
     criteria                                                                14

     Servicing criteria to be addressed in assessment of compliance          15

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

                                                                     Schedule 1

           Amendments
--------------------------------------------------------------------------------

           The Security Trust Deed is amended by:

(a)        deleting clause 25.21 in its entirety and inserting a new clause
           25.21 as set out in Schedule 2 of this deed;

(b)        deleting Schedule 2 in its entirety and inserting a new Schedule 2
           as set out in Schedule 3 of this deed; and

(c)        inserting a new Schedule 3 as set out in Schedule 4 of this deed.

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

                                                                     Schedule 2

           Compliance with Regulation AB
--------------------------------------------------------------------------------

           "25.21    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 25.21 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 25.21 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 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
                              Issuing Trustee or the Security Trustee do not
                              agree with respect to an interpretation of
                              Regulation AB, the Manager and the Issuing
                              Trustee 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 Issuing Trustee or the
                              Security Trustee (as applicable), addressed to
                              the Manager and the Issuing Trustee 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
                              Issuing Trustee 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

--------------------------------------------------------------------------------
                                                                          page 8
<PAGE>
                                       Schedule 2  Compliance with Regulation AB

                              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 Issuing Trustee and
                                       the Security Trustee - upon consultation
                                       with, and to the extent agreed with,
                                       such party; and

                              (2)      in respect of the Note Trustee - 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 25.21(e) - (j); provided that, to the
                              extent the Manager and the Issuing Trustee 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 Issuing Trustee 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
                              Issuing Trustee or the Security Trustee (as
                              applicable), addressed to the Manager and the
                              Issuing Trustee or the Security Trustee (as
                              applicable), stating whether, in the opinion of
                              such counsel, the Issuing Trustee 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 Issuing Trustee 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 2 hereto and addressing, at
                                       a minimum, the criteria identified in
                                       Schedule 3 hereto as "Applicable
                                       Servicing Criteria", but only with
                                       respect to such of the Servicing
                                       Criteria that such party performs;

                              (2)      deliver to the Manager a report of a
                                       registered public accounting firm
                                       reasonably acceptable to the Manager
                                       that

--------------------------------------------------------------------------------
                                                                          page 9
<PAGE>
                                       Schedule 2  Compliance with Regulation AB

                                       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 25.21(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 25.21(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
                              25.21(e)(3) need not address any elements of the
                              Servicing Criteria other than those specified by
                              such party pursuant to clause 25.21(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:

                                       (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
                                                25.21(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 25.21(e) - (j), 25.22 and 25.23
                                       of this Deed to the same extent as if
                                       such Subcontractor were such party
                                       (provided that in the case of a
                                       Subcontractor of the Issuing Trustee or
                                       the Security Trustee, the obligations of
                                       such Subcontractor under clause 25.21(h)
                                       will be owed directly to the Manager and
                                       the Issuing Trustee 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 Issuing Trustee 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 25.21(e)-(j), in each case as and
                                       when required to be delivered;

--------------------------------------------------------------------------------
                                                                         page 10
<PAGE>
                                       Schedule 2  Compliance with Regulation AB

                     (g)      the Note Trustee represents, warrants and agrees
                              that each report required pursuant to clauses
                              25.21(e)(1) and 25.21(e)(3) to be provided by the
                              Note Trustee or any Subcontractor of the Note
                              Trustee 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 Issuing Trustee 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 25.21 by or on behalf
                                       of such party, or provided under this
                                       clause 25.21 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 a
                                       material fact contained or alleged to be
                                       contained in the accountant's letter,
                                       each of the Issuing Trustee and the
                                       Security Trustee will indemnify and hold
                                       harmless the Manager only to the extent
                                       of the sum that the Issuing Trustee or
                                       the Security Trustee, respectively,
                                       recovers from the accounting firm
                                       providing such accountant's letter
                                       (which recovery the Issuing Trustee and
                                       the Security Trustee (as the case may
                                       be) must if the Issuing Trustee or the
                                       Security Trustee (as the case may be) in
                                       good faith determines the Issuing
                                       Trustee 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 Issuing Trustee 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 Issuing
                                       Trustee 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 25.21(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 Issuing Trustee and the
                                       Security Trustee will indemnify and hold

--------------------------------------------------------------------------------
                                                                         page 11
<PAGE>
                                       Schedule 2  Compliance with Regulation AB

                                       harmless the Manager only to the extent
                                       of the sum that the Issuing Trustee or
                                       the Security Trustee, respectively,
                                       recovers from the accounting firm
                                       providing such accountant's letter
                                       (which recovery the Issuing Trustee and
                                       the Security Trustee (as the case may
                                       be) must if the Issuing Trustee or the
                                       Security Trustee (as the case may be) in
                                       good faith determines the Issuing
                                       Trustee 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 Issuing Trustee 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
                                       Issuing Trustee 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

                              (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
                                       25.21, 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 25.21(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 25.21(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 25.21, shall, except
                                       as provided in clause 25.21(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;

--------------------------------------------------------------------------------
                                                                         page 12
<PAGE>
                                     Schedule   2  Compliance with Regulation AB

                              (2)      deliver any information, report,
                                       certification or accountants' letter
                                       when and as required under clause
                                       25.21(e)-(j) or (except as provided
                                       below) any failure by such party to
                                       identify pursuant to clause 25.21(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

                                       (B)    to replace such party with
                                              respect to such activities, in
                                              the case of the Issuing Trustee,
                                              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 Issuing Trustee 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 25.21(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.

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

                                                                      Schedule 3

           Report on assessment of compliance with Regulation AB
           servicing criteria
-------------------------------------------------------------------------------

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

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

                            [________________] (the "Asserting Party") is
           responsible for assessing compliance as of June 30, [ ] and for the
           period from [ ] (date of issuance of SMHL Global Fund No. 9) through
           June 30, [ ] (the "Reporting Period") with the servicing criteria
           set forth in Section 229.1122(d) of the Code of Federal Regulations
           (the "CFR"), except for criteria 229.1122(d)[insert section numbers
           in Regulation AB that are not applicable to Asserting Party] of the
           CFR, which have not been determined pursuant to the transaction
           documents for the SMHL Global Fund No. 9 to be, and the Asserting
           Party has concluded are not, servicing criteria that the Asserting
           Party performs, or in which the Asserting Party participates, in
           relation to the 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 14
<PAGE>

                                                                      Schedule 4

        Servicing criteria to be addressed in assessment of compliance
--------------------------------------------------------------------------------

-------------------------------------------------------------------- -----------
SERVICING CRITERIA                                                   APPLICABLE
                                                                     SERVICING
                                                                     CRITERIA
----------------- -------------------------------------------------- -----------
Reference         Criteria
----------------- -------------------------------------------------- -----------
                  General Servicing Considerations
----------------- -------------------------------------------------- -----------
1122(d)(1)(i)     Policies and procedures are instituted to
                  monitor any performance or other triggers and
                  events of default in accordance with the
                  transaction agreements.
----------------- -------------------------------------------------- -----------
1122(d)(1)(ii)    If any material servicing activities are
                  outsourced to third parties, policies and
                  procedures are instituted to monitor the third
                  party's performance and compliance with such
                  servicing activities.
----------------- -------------------------------------------------- -----------
1122(d)(1)(iii)   Any requirements in the transaction agreements
                  to maintain a back-up servicer for the mortgage
                  loans are maintained.
----------------- -------------------------------------------------- -----------
1122(d)(1)(iv)    A fidelity bond and errors and omissions policy
                  is in effect on the party participating in the
                  servicing function throughout the reporting
                  period in the amount of coverage required by and
                  otherwise in accordance with the terms of the
                  transaction agreements.
----------------- -------------------------------------------------- -----------
                  Cash Collection and Administration
----------------- -------------------------------------------------- -----------
1122(d)(2)(i)     Payments on mortgage loans are deposited into
                  the appropriate custodial bank accounts and
                  related bank clearing accounts no more than two
                  business days following receipt, or such other
                  number of days specified in the transaction
                  agreements.
----------------- -------------------------------------------------- -----------
1122(d)(2)(ii)    Disbursements made via wire transfer on behalf
                  of an obligor or to an investor are made only by
                  authorized personnel.
----------------- -------------------------------------------------- -----------
1122(d)(2)(iii)   Advances of funds or guarantees regarding
                  collections, cash flows or distributions, and
                  any interest or other fees charged for such
                  advances, are made, reviewed and approved as
                  specified in the transaction agreements.
----------------- -------------------------------------------------- -----------
1122(d)(2)(iv)    The related accounts for the transaction, such
                  as cash reserve accounts or accounts established
                  as a form of overcollateralization, are
                  separately maintained (e.g., with respect to
                  commingling of cash) as set forth in the
                  transaction agreements.
----------------- -------------------------------------------------- -----------
1122(d)(2)(v)     Each custodial account is maintained at a
                  federally insured depository institution as set
                  forth in the transaction agreements. For
                  purposes of this criterion,

--------------------------------------------------------------------------------
                                                                         page 15
<PAGE>
                  Schedule 4    Servicing criteria to be addressed in assessment
                                                                   of compliance

----------------- -------------------------------------------------- -----------
                  "federally insured depository institution" with
                  respect to a foreign financial institution means
                  a foreign financial institution that meets the
                  requirements of Rule 13k-1(b)(1) of the
                  Securities Exchange Act.
----------------- -------------------------------------------------- -----------
1122(d)(2)(vi)    Unissued checks are safeguarded so as to prevent
                  unauthorized access.
----------------- -------------------------------------------------- -----------
1122(d)(2)(vii)   Reconciliations are prepared on a monthly basis
                  for all asset-backed securities related bank
                  accounts, including custodial accounts and
                  related bank clearing accounts. These
                  reconciliations are (A) mathematically accurate;
                  (B) prepared within 30 calendar days after the
                  bank statement cutoff date, or such other number
                  of days specified in the transaction agreements;
                  (C) reviewed and approved by someone other than
                  the person who prepared the reconciliation; and
                  (D) contain explanations for reconciling items.
                  These reconciling items are resolved within 90
                  calendar days of their original identification,
                  or such other number of days specified in the
                  transaction agreements.
----------------- -------------------------------------------------- -----------
                  Investor Remittances and Reporting
----------------- -------------------------------------------------- -----------
1122(d)(3)(i)     Reports to investors, including those to be
                  filed with the Commission, are maintained in
                  accordance with the transaction agreements and
                  applicable Commission requirements.
                  Specifically, such reports (A) are prepared in
                  accordance with timeframes and other terms set
                  forth in the transaction agreements; (B) provide
                  information calculated in accordance with the
                  terms specified in the transaction agreements;
                  (C) are filed with the Commission as required by
                  its rules and regulations; and (D) agree with
                  investors' or the trustee's records as to the
                  total unpaid principal balance and number of
                  mortgage loans serviced by the Servicer.
----------------- -------------------------------------------------- -----------
1122(d)(3)(ii)    Amounts due to investors are allocated and
                  remitted in accordance with timeframes,
                  distribution priority and other terms set forth
                  in the transaction agreements.
----------------- -------------------------------------------------- -----------
1122(d)(3)(iii)   Disbursements made to an investor are posted
                  within two business days to the Servicer's
                  investor records, or such other number of days
                  specified in the transaction agreements.
----------------- -------------------------------------------------- -----------
1122(d)(3)(iv)    Amounts remitted to investors per the investor
                  reports agree with cancelled checks, or other
                  form of payment, or custodial bank statements.
----------------- -------------------------------------------------- -----------
                  Pool Asset Administration
----------------- -------------------------------------------------- -----------
1122(d)(4)(i)     Collateral or security on mortgage loans is
                  maintained as required by the transaction
                  agreements or related 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

--------------------------------------------------------------------------------
                                                                         page 16
<PAGE>
                  Schedule 4 Servicing criteria to be addressed in assessment of
                                                                      compliance

----------------- -------------------------------------------------- -----------
                  agreements.
----------------- -------------------------------------------------- -----------
1122(d)(4)(iv)    Payments on mortgage loans, including any
                  payoffs, made in accordance with the related
                  mortgage loan documents are posted to the
                  Servicer's obligor records maintained no more
                  than two business days after receipt, or such
                  other number of days specified in the
                  transaction agreements, and allocated to
                  principal, interest or other items (e.g.,
                  escrow) in accordance with the related mortgage
                  loan documents.
----------------- -------------------------------------------------- -----------
1122(d)(4)(v)     The Servicer's records regarding the mortgage
                  loans agree with the Servicer's records with
                  respect to an obligor's unpaid principal
                  balance.
----------------- -------------------------------------------------- -----------
1122(d)(4)(vi)    Changes with respect to the terms or status of
                  an obligor's mortgage loans (e.g., loan
                  modifications or re-agings) are made, reviewed
                  and approved by authorized personnel in
                  accordance with the transaction agreements and
                  related pool asset documents.
----------------- -------------------------------------------------- -----------
1122(d)(4)(vii)   Loss mitigation or recovery actions (e.g.,
                  forbearance plans, modifications and deeds in
                  lieu of foreclosure, foreclosures and
                  repossessions, as applicable) are initiated,
                  conducted and concluded in accordance with the
                  timeframes or other requirements established by
                  the transaction agreements.
----------------- -------------------------------------------------- -----------
1122(d)(4)(viii)  Records documenting collection efforts are
                  maintained during the period a mortgage loan is
                  delinquent in accordance with the transaction
                  agreements. Such records are maintained on at
                  least a monthly basis, or such other period
                  specified in the transaction agreements, and
                  describe the entity's activities in monitoring
                  delinquent mortgage loans including, for
                  example, phone calls, letters and payment
                  rescheduling plans in cases where delinquency is
                  deemed temporary (e.g., illness or
                  unemployment).
----------------- -------------------------------------------------- -----------
1122(d)(4)(ix)    Adjustments to interest rates or rates of return
                  for mortgage loans with variable rates are
                  computed based on the related mortgage loan
                  documents.
----------------- -------------------------------------------------- -----------
1122(d)(4)(x)     Regarding any funds held in trust for an obligor
                  (such as escrow accounts): (A) such funds are
                  analyzed, in accordance with the obligor's
                  mortgage loan documents, on at least an annual
                  basis, or such other period specified in the
                  transaction agreements; (B) 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

--------------------------------------------------------------------------------
                                                                         page 17
<PAGE>
                  Schedule 4 Servicing criteria to be addressed in assessment of
                                                                      compliance

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

                                                                   Signing page

           Executed as a deed
-------------------------------------------------------------------------------

           Issuing Trustee

           Signed sealed and delivered for
           Perpetual Limited
           by its attorney

sign here -/s/ Jennifer Wu
           ----------------------------------------
           Attorney

print name Jennifer Wu
           ----------------------------------------

           in the presence of

sign here -/s/ Simon Oh
           ----------------------------------------
           Witness

print name Simon Oh
           ----------------------------------------

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

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

                                                                   Signing page

           Manager

           Signed sealed and delivered for
           ME Portfolio Management Limited
           by its attorney

sign here -/s/ N. Vamvakas
           ----------------------------------------
           Attorney

print name N. Vamvakas
           ----------------------------------------

           in the presence of

sign here -/s/ Paul Garvey
           ----------------------------------------
           Attorney

print name Paul Garvey
           ----------------------------------------

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

           Security Trustee

           Signed sealed and delivered for
           Perpetual Trustee Company Limited
           by its attorney

sign here -/s/ Jennifer Wu
           -------------------------------------------------
           Attorney

print name Jennifer Wu
           -------------------------------------------------

           in the presence of

sign here -/s/ Simon Oh
           -------------------------------------------------
           Witness

print name Simon Oh
           -------------------------------------------------

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

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

                                                                   Signing page

           Note Trustee

           Executed for and on behalf of
           The Bank of New York
           by its Authorised Officer

sign here -/s/ Christopher Curti
           -------------------------------------------------
           Authorised Officer

print name Christopher Curti
           -------------------------------------------------

           in the presence of

sign here -/s/ Charles Austin
           -------------------------------------------------
           Witness

print name Charles Austin
           -------------------------------------------------

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

--------------------------------------------------------------------------------
                                                                         page 21

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