Document:

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                PAYMENT FUNDING FACILITY
                AGREEMENT FOR ISSUE AND REPAYMENT
                OF NOTES - SMHL GLOBAL FUND NO. 5

                PERPETUAL TRUSTEES AUSTRALIA LIMITED
                ABN 86 000 431 827

                PERPETUAL TRUSTEES AUSTRALIA LIMITED
                ABN 86 000 431 827

                ME PORTFOLIO MANAGEMENT LIMITED
                ABN 79 005 964 134

                and

                ME PORTFOLIO MANAGEMENT LIMITED
                ABN 79 005 964 134

                [Freehills LOGO OMITTED]

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

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

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

                Reference PJSR:TEL:25E

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                                                        Payment Funding Facility

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TABLE OF CONTENTS
Clause                                                                     Page

1     DEFINITIONS AND INTERPRETATION                                         2

      1.1      Definitions                                                   2
      1.2      Interpretation                                                6
      1.3      Banking Day                                                   8
      1.4      Transaction Document                                          8

2     THE NOTES                                                              8

      2.1      Application for and Issue of Notes                            8
      2.2      Acknowledgment of Indebtedness                                8
      2.3      Obligations under Notes                                       8
      2.4      Ownership of Notes                                            9
      2.5      Register                                                      9

3     PURPOSE                                                                9

4     FUNDING PROCEDURES                                                    10

      4.1      Delivery of Funding Notice                                   10
      4.2      Requirements for a Funding Notice                            10
      4.3      Copy of the Funding Notice to be provided to the Issuer      10
      4.4      Irrevocability of Funding Notice                             10

5     LOAN FACILITY                                                         11

      5.1      Provision of Funding Portions                                11
      5.2      Repayment of Outstanding Moneys                              11
      5.3      Interest                                                     11
      5.4      Order of Repayment                                           12
      5.5      Acknowledgments                                              12

6     PAYMENTS                                                              13

      6.1      Manner of payments                                           13
      6.2      Payments on a Banking Day                                    13
      6.3      Appropriation of payments                                    13
      6.4      Payments in gross                                            13
      6.5      Amounts payable on demand                                    14

7     REPRESENTATIONS AND WARRANTIES                                        14

      7.1      By the Issuer                                                14
      7.2      By the SF Manager                                            15
      7.3      Survival and repetition of representations and warranties    16
      7.4      Reliance by the Note Holder and OF Manager                   16

8     UNDERTAKINGS                                                          16

      8.1      Term of undertakings                                         16
      8.2      Compliance with Covenants                                    16

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      8.3      Notify Events of Default                                     16

9     EVENTS OF DEFAULT                                                     16

      9.1      Operation of clause 9                                        16
      9.2      Effect of Event of Default                                   17
      9.3      Issuer to continue to perform                                17
      9.4      Enforcement                                                  17

10    TRUSTEE LIMITATION OF LIABILITY PROTECTION                            17

      10.1     Limitation of Liability - Issuer                             17
      10.2     Limitation of Liability - Note Holder                        18
      10.3     Wilful Default of the Issuer and the Note Holder             19

11    INDEMNITIES                                                           20

      11.1     General indemnity                                            20
      11.2     Continuing indemnities and evidence of loss                  20
      11.3     Funds available for indemnity                                21
      11.4     Negligence, wilful default or breach of law                  21
      11.5     Notification from Note Holder or OF Manager                  21

12    TAX, COSTS AND EXPENSES                                               21

      12.1     Tax                                                          21
      12.2     Costs and expenses                                           22
      12.3     Goods and services tax                                       22

13    INTEREST ON OVERDUE AMOUNTS                                           23

      13.1     Payment of interest                                          23
      13.2     Accrual of interest                                          23
      13.3     Rate of interest                                             23

14    ASSIGNMENT                                                            24

      14.1     Assignment by Transaction Party                              24
      14.2     Assignment by Note Holder                                    24
      14.3     Assist transfer or assignment                                24
      14.4     Participation permitted                                      24
      14.5     Lending Office                                               24
      14.6     Disclosure                                                   24
      14.7     No increase in costs                                         24

15    GENERAL                                                               25

      15.1     Confidential information                                     25
      15.2     Performance by Note Holder of obligations                    25
      15.3     Transaction Party to bear cost                               25
      15.4     Notices                                                      25
      15.5     Governing law and jurisdiction                               27
      15.6     Prohibition and enforceability                               27
      15.7     Waivers                                                      27
      15.8     Variation                                                    27
      15.9     Cumulative rights                                            27

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      15.10    Attorneys                                                    27
      15.11    Binding Obligations                                          28
      15.12    Winding up of Securitisation Fund                            28
      15.13    Termination                                                  28

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THIS PAYMENT FUNDING FACILITY AGREEMENT

                  is made on      November 2003 between the following parties:

                  1       PERPETUAL TRUSTEES AUSTRALIA LIMITED
                          ABN 86 000 431 827
                          in its capacity as trustee of the Securitisation Fund
                          (as hereinafter defined) of Level 7, 39 Hunter Street,
                          Sydney, New South Wales
                          (ISSUER)

                  2       PERPETUAL TRUSTEES AUSTRALIA LIMITED
                          ABN 86 000 431 827
                          in its capacity as trustee of the Origination Fund (as
                          hereinafter defined) of Level 7, 39 Hunter Street,
                          Sydney, New South Wales
                          (NOTE HOLDER)

                  3       ME PORTFOLIO MANAGEMENT LIMITED
                          ABN 79 005 964 134
                          in its capacity as manager of the Securitisation Fund
                          of Level 23, 360 Collins Street,
                          Melbourne, Victoria
                          (SF MANAGER)

                  4.      ME PORTFOLIO MANAGEMENT LIMITED
                          ABN 79 005 964 134
                          in its capacity as manager of the Origination Fund
                          of Level 23, 360 Collins Street,
                          Melbourne, Victoria
                          (OF MANAGER)

RECITALS

                  A.      The Issuer is the trustee, and the SF Manager is the
                          manager, of the Securitisation Fund.

                  B.      The Note Holder is the trustee, and the OF Manager is
                          the manager, of the Origination Fund.

                  C.      The SF Manager has requested the OF Manager to direct
                          the Note Holder to make available a loan facility to
                          the Issuer under which the Issuer will issue notes to
                          the Note Holder and the Note Holder will purchase
                          notes from the Issuer.

                  D.      The Note Holder and the OF Manager have agreed to make
                          available a facility on the terms and conditions of
                          this agreement and have agreed with the SF Manager and
                          the Issuer that the terms and conditions of the issue
                          and repayment of any such notes are those contained in
                          this agreement.

THE PARTIES AGREE

                  in consideration of, among other things, the mutual promises
                  contained in this agreement:

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                                                        Payment Funding Facility

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1        DEFINITIONS AND INTERPRETATION

         1.1    DEFINITIONS

                In this agreement, unless the context otherwise requires:

                ATTORNEY means an attorney appointed under a Material Document;

                AUTHORISATION includes:

                (a)  any consent, registration, filing, agreement, notarisation,
                     certificate, licence, approval, permit, authority or
                     exemption from, by or with a Governmental Agency; and

                (b)  any consent or authorisation regarded as given by a
                     Governmental Agency due to the expiration of the period
                     specified by a statute within which the Governmental Agency
                     should have acted if it wished to proscribe or limit
                     anything already lodged, registered or notified under that
                     statute;

                AUTHORISED INVESTMENTS has the meaning given to it in the Master
                Trust Deed;

                BANK has the meaning given to it in the Master Trust Deed;

                BANKING DAY means a day on which Banks are open for business in
                Melbourne and Sydney excluding a Saturday, Sunday or public
                holiday;

                BOND ISSUE DATE has the meaning given to it in the Master Trust
                Deed;

                BOND ISSUE DIRECTION has the meaning given to it in the Master
                Trust Deed;

                CHARGE means the charge created under the Security Trust Deed;

                CLASS A NOTE has the meaning given to it in the Supplementary
                Bond Terms Notice;

                CLASS B NOTE has the meaning given to it in the Supplementary
                Bond Terms Notice;

                COLLECTIONS has the meaning given to it in the Supplementary
                Bond Terms Notice;

                CONDITIONS means the terms and conditions as set out in
                schedule 2;

                DESIGNATED RATING AGENCY has the meaning given to it in the
                Master Trust Deed;

                DOLLARS, A$ and $ means the lawful currency of the Commonwealth
                of Australia;

                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 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;

                ENTITY has the same meaning as in Chapter 2E of the Corporations
                Act;

                EVENT OF DEFAULT means an Event of Default as defined in the
                Security Trust Deed;

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                                                        Payment Funding Facility

                EXCLUDED TAX means any Tax imposed by any jurisdiction on the
                net income of the Note Holder;

                FACILITY means the payment funding facility made available by
                the Note Holder to the Issuer under this agreement (by purchase
                of Notes);

                FITCH RATINGS has the meaning given to it in the Supplementary
                Bond Terms Notice;

                FUNDING DATE means the date on which a Note will be issued (as
                stipulated in the Funding Notice) and the date on which a
                Funding Portion is, or is to be, advanced or regarded as
                advanced to the Issuer under this agreement;

                FUNDING NOTICE means a notice given, or to be given, under
                clauses 4.1 and 4.2;

                FUNDING PORTION means in relation to any Note, the principal
                amount of that Note to be provided or outstanding at that time
                (as the case may be);

                GOVERNMENTAL AGENCY means any government or any governmental,
                semi-governmental, administrative, fiscal or judicial body,
                department, commission, authority, tribunal, agency or entity;

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

                INTEREST AMOUNT means for any Payment Period all of the net
                income derived from the investment of the net proceeds of the
                Principal Outstanding for that Payment Period;

                LENDING OFFICE means the office of the Note Holder set out in
                clause 15.4(a)(1)(A) or such other office as notified by the
                Note Holder under this agreement;

                LIQUIDITY NOTES has the meaning given to it in the Supplementary
                Bond Terms Notice;

                MASTER TRUST DEED means the Master Trust Deed dated 4 July 1994
                made between Perpetual Trustees Australia Limited and ME
                Portfolio Management Limited, and providing for the
                establishment of a series of trusts known collectively as the
                Superannuation Members' Home Loans Trusts, as amended from time
                to time;

                MATERIAL DOCUMENTS means:

                (a) this agreement (including each Note); and

                (b) the Security Trust Deed; and

                (c) the Supplementary Bond Terms Notice.

                MOODY'S has the meaning given to it in the Master Trust Deed;

                MORTGAGE has the meaning given to it in the Master Trust Deed;

                NOTE means a note issued under clauses 2 and 4;

                NOTE HOLDER means Perpetual Trustees Australia Limited or any
                person entitled to be registered as a Note Holder in accordance
                with this agreement;

                OFFICER means:

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                                                        Payment Funding Facility

                (a)  in relation to the Issuer and Note Holder, a director,
                     secretary or other person whose title contains the word or
                     words "manager" or "counsel" or a person performing the
                     functions of any of them; and

                (b)  in relation to the SF Manager and OF Manager, a director or
                     a secretary, or a person notified to be an authorised
                     officer of the relevant party.

                ORIGINATION FUND means Superannuation Members' Home Loans
                Origination Fund No. 3 established pursuant to the Master Trust
                Deed;

                OUTSTANDING MONEYS means all debts and monetary liabilities of
                the Issuer to the Note Holder under or in relation to any
                Material Document 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 Issuer alone,
                     or severally or jointly with any other person;

                (e)  are owed to or incurred for the account of the Note Holder
                     alone, or severally or jointly with any other person;

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

                comprise any combination of the above, after:

                (a)  deducting the aggregate amount of any payments made under
                     clause 3(b); and

                (b)  adding the aggregate of any amounts recovered by or
                     otherwise paid to the Issuer where the original non-payment
                     of those amounts was a Payment Amount Shortfall;

                OUTSTANDING PRINCIPAL BALANCE in respect of a Mortgage has the
                same meaning as in the Supplementary Bond Terms Notice;

                OVERDUE RATE means on any date the rate percent per annum
                calculated by the OF Manager which is the rate, expressed as a
                percentage, derived from dividing the Interest Amount by the
                average of the Principal Outstanding on each Banking Day during
                the Payment Period immediately preceding the date the Overdue
                Rate is calculated;

                PAYMENT AMOUNT means an amount payable by the Issuer to the
                counterparty to any Enhancement or Interest Hedge (as those
                terms are defined in the Security Trust Deed) in respect of any
                loss suffered by the counterparty as a consequence of the
                termination before its due date of any arrangement to hedge or
                otherwise manage the Issuer's interest rate exposure for any
                Mortgage being an Asset of the Securitisation Fund where all or
                part of the interest payable is subject to a fixed rate;

                PAYMENT AMOUNT SHORTFALL means as the case requires:

                (a)  a Recovery Shortfall; and

                (b)  a Threshold Rate Shortfall;

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                                                        Payment Funding Facility

                PAYMENT DATE has the meaning given to it in the Supplementary
                Bond Terms Notice;

                PAYMENT PERIOD means the period from and including the last
                Payment Date to but excluding the next Payment Date except that
                the first Payment Period will commence on the relevant Funding
                Date and the last Payment Period will end on the Termination
                Date;

                PERMITTED ENCUMBRANCE means:

                (a)  every lien created by operation of law securing an
                     obligation that is not yet due;

                (b)  every lien for the unpaid balance of purchase moneys under
                     an instalment contract entered into in the ordinary course
                     of business;

                (c)  every lien for the unpaid balance of moneys owing for
                     repairs; and

                (d)  an Encumbrance granted under a Transaction Document,

                which affects or relates to any of the assets of the
                Securitisation Fund;

                POWER means any right, power, authority, discretion or remedy
                conferred on the Note Holder or OF Manager, or a Receiver or an
                Attorney by any Transaction Document or any applicable law;

                PRINCIPAL OUTSTANDING means at any time the aggregate principal
                amount of all outstanding Funding Portions at that time after:

                (a)  deducting the aggregate amount of any payments made under
                     clause 3(b); and

                (b)  adding the aggregate of any amounts recovered by or
                     otherwise paid to the Issuer in respect of a Payment Amount
                     Shortfall;

                RECOVERY SHORTFALL means an amount equal to the difference
                between the Payment Amount and the amount recovered or
                recoverable under or pursuant to the Mortgage in respect of the
                Payment Amount;

                REDRAW FUNDING FACILITY has the meaning given to it in the
                Security Trust Deed;

                REGISTER means the register of Note Holders maintained by the
                Issuer;

                S&P has the meaning given to it in the Master Trust Deed;

                SAME DAY FUNDS means bank cheque or other immediately available
                funds;

                SECURITISATION FUND means the Securitisation Fund constituted
                under the Master Trust Deed known as SMHL Global Fund No. 5;

                SECURITY TRUST DEED means the security trust deed (as amended
                from time to time) in respect of the Securitisation Fund between
                the Issuer, the SF Manager, Perpetual Trustee Company Limited
                ABN 42 000 001 007 (as security trustee) and The Bank of New
                York (as note trustee);

                SET DATE means in relation to the initial Payment Period, the
                Funding Date, and in relation to each subsequent Payment Period,
                the Payment Date at the commencement of that Payment Period;

                SUPPLEMENTARY BOND TERMS NOTICE means the Supplementary Bond
                Terms Notice dated on or about the date of this agreement in
                respect of the Securitisation Fund and providing terms of issue
                for Class A Notes and Class B Notes;

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                                                        Payment Funding Facility

                TAX means:

                (a)  any tax (including goods and services tax), levy, charge,
                     impost, duty, fee, deduction, compulsory loan or
                     withholding; or

                (b)  any income, stamp or transaction duty, tax or charge,

                which is assessed, levied, imposed or collected by any
                Governmental Agency and includes, but is not limited to, any
                interest, fine, penalty, charge, fee or other amount imposed on
                or in respect of any of the above;

                TERMINATION DATE means, the first to occur of:

                (a)  the date on which the Total Outstanding Principal Balance
                     is zero or will be zero following any payments made on the
                     relevant Payment Date (as defined under the Supplementary
                     Bond Terms Notice); and

                (b)  the date by which the SF Manager has received written
                     notification from each Designated Rating Agency (as defined
                     in the Master Trust Deed) that the provision of the
                     Facility and the subscription and issue of Notes under the
                     Facility (including any outstanding Notes) is no longer
                     necessary in order to maintain the "AAA", "Aaa" and "AAA"
                     rating of notes in the Securitisation Fund known as the
                     "Class A Notes" by S&P, Moody's and Fitch Ratings
                     respectively;

                THRESHOLD RATE SHORTFALL means any shortfall arising under any
                determination under clause 11(a) of the Supplementary Bond Terms
                Notice;

                TOTAL OUTSTANDING PRINCIPAL BALANCE has the meaning given to it
                under the Supplementary Bond Terms Notice;

                TRANSACTION DOCUMENT has the meaning given to it in the Master
                Trust Deed and includes this agreement and any document or
                agreement entered into or given under it (including Notes);

                TRANSACTION PARTY means:

                (a)  the Issuer; or

                (b)  the SF Manager.

         1.2    INTERPRETATION

                In this agreement, headings and boldings are for convenience
                only and do not affect the interpretation of this agreement and,
                unless the context otherwise requires:

                (a)  words importing the singular include the plural and vice
                     versa;

                (b)  words importing a gender include any gender;

                (c)  other parts of speech and grammatical forms of a word or
                     phrase defined in this agreement have a corresponding
                     meaning;

                (d)  an expression importing a natural person includes any
                     company, partnership, joint venture, association,
                     corporation or other body corporate and any Governmental
                     Agency;

                (e)  a reference to any thing (including, but not limited to,
                     any right) includes a part of that thing;

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                                                        Payment Funding Facility

                (f)  a reference to a part, clause, party, annexure, exhibit or
                     schedule is a reference to a part and clause of, and a
                     party, annexure, exhibit and schedule to, this agreement
                     and a reference to this agreement includes any annexure,
                     exhibit and schedule;

                (g)  a reference to a statute, regulation, proclamation,
                     ordinance or by-law includes all statutes, regulations,
                     proclamations, ordinances or by-laws amending,
                     consolidating or replacing it, and a reference to a statute
                     includes all regulations, proclamations, ordinances and
                     by-laws issued under that statute;

                (h)  a reference to a document includes all amendments or
                     supplements to, or replacements or novations of, that
                     document;

                (i)  a reference to liquidation includes appointment of an
                     administrator, compromise, arrangement, merger,
                     amalgamation, reconstruction, winding up, dissolution,
                     assignment for the benefit of creditors, scheme,
                     composition or arrangement with creditors, insolvency,
                     bankruptcy, or a similar procedure or, where applicable,
                     changes in the constitution of any partnership or person or
                     death;

                (j)  a reference to a party to any document includes that
                     party's successors and permitted assigns;

                (k)  a reference to an agreement other than this agreement
                     includes an undertaking, deed, agreement or legally
                     enforceable arrangement or understanding whether or not in
                     writing;

                (l)  a reference to an asset includes all property of any
                     nature, including, but not limited to, a business, and all
                     rights, revenues and benefits;

                (m)  a reference to a document includes any agreement in
                     writing, or any certificate, notice, instrument or other
                     document of any kind;

                (n)  no provision of this agreement will be construed adversely
                     to a party solely on the ground that the party was
                     responsible for the preparation of this agreement or that
                     provision;

                (o)  a reference to the drawing, accepting, endorsing or other
                     dealing with or of a Bill refers to a drawing, accepting,
                     endorsing or dealing within the meaning of the Bills of
                     Exchange Act 1909;

                (p)  a reference to a body, other than a party to this agreement
                     (including, without limitation, an institute, association
                     or authority), whether statutory or not:

                     (1)  which ceases to exist; or

                     (2)  whose powers or functions are transferred to another
                          body,

                     is a reference to the body which replaces it or which
                     substantially succeeds to its powers or functions; and

                (q)  the Issuer or the Note Holder will only be considered to
                     have knowledge or awareness of, or notice of, a thing, or
                     grounds to believe any thing, by virtue of the officers of
                     the Issuer or the Note Holder having day to day
                     responsibility for the administration of the Origination
                     Fund or the Securitisation Fund (as the case may be) having
                     actual knowledge, actual

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                                                        Payment Funding Facility

                     awareness or actual notice of that thing, or grounds or
                     reason to believe that thing (and similar references will
                     be interpreted in this way).

         1.3    BANKING DAY

                Unless otherwise stipulated in this agreement, where the day on
                or by which any thing is to be done is not a Banking Day, that
                thing must be done on or by the succeeding Banking Day.

         1.4    TRANSACTION DOCUMENT

                The parties agree that this agreement and any document or
                agreement entered into or given under it (including a Note) is a
                "Transaction Document" for the purposes of the Master Trust
                Deed.

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2        THE NOTES

         2.1    APPLICATION FOR AND ISSUE OF NOTES

                (a)  The SF Manager may request that the Issuer issues a Note to
                     the Note Holder by:

                   (1)  requesting a Note be issued from "SMHL Global Fund
                        No. 5";

                   (2)  specifying the principal amount of the Note required;

                   (3)  specifying the proposed date of issue of the Note; and

                   (4)  providing to the Note Holder and the OF Manager a
                        Funding Notice (and a copy to the Issuer) pursuant to
                        clause 4.

                (b)  If the SF Manager has requested that the Issuer issues a
                     Note in accordance with clause 2.1(a) and the OF Manager
                     and Note Holder agree to subscribe for the Note as
                     requested by the SF Manager, the Issuer must, on the terms
                     of this agreement, issue the Note to the Note Holder in
                     consideration for the principal amount provided that the OF
                     Manager and Note Holder have complied with clause 5.1.

                (c)  The parties agree that the terms and conditions contained
                     in this agreement, the Supplementary Bond Terms Notice (to
                     the extent applicable) and the Security Trust Deed (to the
                     extent applicable) govern the issue and repayment of the
                     Notes.

         2.2    ACKNOWLEDGMENT OF INDEBTEDNESS

                The Issuer acknowledges its indebtedness to the Note Holder in
                respect of each Note issued under this agreement.

         2.3    OBLIGATIONS UNDER NOTES

                (a)  The obligations of the Issuer under the Notes are
                     constituted by, and specified in, this agreement and in the
                     Conditions.

                (b)  Each Note is a separate debt of the Issuer.

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                                                        Payment Funding Facility

                (c)  The entitlement of any person to a Note is determined by
                     registration as a Note Holder of that Note.

                (d)  The making of, or giving effect to, a manifest error in an
                     inscription in the Register will not avoid the creation or
                     transfer of a Note.

         2.4    OWNERSHIP OF NOTES

                (a)  A Note may be transferred by the Note Holder to any person
                     in accordance with this agreement.

                (b)  The person whose name is registered as the Note Holder of a
                     Note in the Register will be treated by the Issuer as the
                     absolute owner of the Note.

         2.5    REGISTER

                The Issuer must:

                (a)  establish and maintain the Register;

                (b)  enter in the Register in respect of each Note:

                     (1)  the principal amount and principal outstanding in
                          respect of each Note;

                     (2)  its date of issue and date of redemption and
                          cancellation; and

                     (3)  the date on which any person becomes, or ceases to be,
                          a Note Holder.

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3        PURPOSE

                (a)  Subject to clause 3(b), the Issuer must, and the SF Manager
                     must cause the Issuer to, keep the proceeds of a Funding
                     Portion invested in Authorised Investments:

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

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

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

                (b)  The Issuer must and the SF Manager must cause the Issuer
                     to, apply funds invested under clause 3(a):

                     (1)  to the extent of any Payment Amount Shortfall and
                          subject to clause 5.5(b)(3), towards Collections in
                          accordance with the Supplementary Bond Terms Notice;
                          and

                     (2)  otherwise as required under clause 5 or clause 11.

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                                                        Payment Funding Facility

4        FUNDING PROCEDURES

         4.1    DELIVERY OF FUNDING NOTICE

                If the SF Manager determines that the Issuer requires a Note to
                be issued, the SF Manager must deliver to the Note Holder and
                the OF Manager a Funding Notice in accordance with this
                clause 4.

         4.2    REQUIREMENTS FOR A FUNDING NOTICE

                A Funding Notice:

                (a)  must be in writing in the form of, and specifying the
                     matters set out in, schedule 1;

                (b)  must be received by the Note Holder and the OF Manager at
                     least 2 Banking Days before the proposed Funding Date (or
                     such shorter period as the OF Manager may agree in
                     writing);

                (c)  must be signed by an Officer of the SF Manager and an
                     Officer of the Issuer;

                (d)  whether or not stated in the notice, constitutes a
                     representation and warranty by each of the Issuer and the
                     SF Manager that so far as it is aware (without the need to
                     make enquiry) each representation and warranty set out in
                     clause 7 and given by it is true, correct and not
                     misleading as if made at the date of the Funding Notice and
                     the Funding Date in respect of the facts and circumstances
                     then subsisting, but if the representation and warranty
                     constituted by this clause 4.2(d) is not correct the
                     Funding Notice must contain a statement to that effect and
                     must set out full details of any exceptions and the reasons
                     and any remedial action taken or proposed. Any such
                     statement is without prejudice to the rights of the Note
                     Holder and OF Manager.

         4.3    COPY OF THE FUNDING NOTICE TO BE PROVIDED TO THE ISSUER

                A copy of each Funding Notice must be provided to the Issuer at
                least 1 Banking Day before the proposed Funding Date together
                with the Bond Issue Direction for the issue of the Notes.

         4.4    IRREVOCABILITY OF FUNDING NOTICE

                The Note Holder or the OF Manager may, in its absolute
                discretion, decide to decline to provide the requested funding
                specified in the Funding Notice, in which case the OF Manager
                must notify each of the Issuer and the SF Manager in writing.
                Following agreement by the Note Holder and the OF Manager to the
                issue of the relevant Note specified in the Funding Notice, the
                Issuer is irrevocably committed to, and the SF Manager is
                irrevocably committed to cause the Issuer to, issue the relevant
                Note and to draw Funding Portions from the Note Holder in
                accordance with the Funding Notice given to the OF Manager and
                the Note Holder.

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5        LOAN FACILITY

         5.1    PROVISION OF FUNDING PORTIONS

                If the SF Manager gives a Funding Notice in accordance with
                clause 4 and the OF Manager and the Note Holder agree to the
                issue of the specified Note, then, subject to this agreement
                (including, without limitation, clause 10), the Note Holder
                must, and the OF Manager must cause the Note Holder to, provide
                the relevant Funding Portion under the Facility as payment for
                the relevant Note in Same Day Funds in Dollars not later than 12
                noon (Melbourne time) on the specified Funding Date and in
                accordance with that Funding Notice.

         5.2    REPAYMENT OF OUTSTANDING MONEYS

                (a)  If after having regard to clause 5.5, the SF Manager
                     determines that on any Banking Day the Principal
                     Outstanding is greater than the amount agreed from time to
                     time by the Manager and each Designated Rating Agency the
                     Issuer must, and the SF Manager must cause the Issuer to,
                     repay to the Note Holder so much of the Principal
                     Outstanding so that the Principal Outstanding immediately
                     after that repayment will not cause the current rating of
                     the Class A Notes and the Class B Notes issued by the
                     Issuer to be downgraded or withdrawn by any Designated
                     Rating Agencies.

                (b)  The Issuer must, and the SF Manager must cause the Issuer
                     to, repay the Principal Outstanding, if any, in full on the
                     Termination Date.

                (c)  The Issuer must, and the SF Manager must cause the Issuer
                     to, pay or repay the balance of the Outstanding Moneys in
                     full to the Note Holder on the Termination Date or on such
                     other date on which the Principal Outstanding is, or is
                     required to be, repaid in full.

                (d)  The Issuer is not obliged to make a repayment under this
                     clause 5.2 other than out of the funds invested or
                     available for investment under clause 3.

         5.3    INTEREST

                (a)

                     (1)  On each Payment Date, the Issuer must, and the SF
                          Manager must cause the Issuer to, pay to the Note
                          Holder interest on the Payment Period being an amount
                          equal to the Interest Amount.

                     (2)  The Issuer is not obliged to pay interest under clause
                          5.3(a)(1) other than out of the Interest Amount.

                (b)  The Issuer and the SF Manager acknowledge that the Interest
                     Amount is not available to meet any payment obligation of
                     the Issuer other than its obligation to pay interest under
                     clauses 5.3(a) and 5.3(c).

                (c)  If on any Payment Date, the Interest Amount in respect of
                     the relevant Payment Period is not paid on the whole amount
                     of the Principal Outstanding:

                     (1)  the Interest Amount shall accrue interest at the
                          Overdue Rate for the next Payment Period;

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                                                        Payment Funding Facility

                     (2)  the Interest Amount and interest accrued under
                          paragraph (1) shall become payable on the next Payment
                          Date; and

                     (3)  to the extent to which any unpaid Interest Amount
                          (including any interest accrued under paragraph (1))
                          remains unpaid after that next Payment Date it will
                          again be subject to paragraphs (1) and (2) for each
                          subsequent Payment Period and Payment Date until it
                          has been paid.

                (d)  Interest must be calculated in arrears on daily balances on
                     the basis of a 365 day year and for the actual number of
                     days elapsed during the relevant period.

         5.4    ORDER OF REPAYMENT

                (a)  In making repayments under clause 5.2, the Issuer must, and
                     the SF Manager must cause the Issuer to, apply the amount
                     of the repayment to repay the Principal Outstanding under
                     the Notes in order of the date of issue of the Notes so
                     that the Notes issued earlier in time are repaid first.

                (b)  The Note Holder must, and the OF Manager must cause the
                     Note Holder to, apply repayments in accordance with clause
                     6.3(a).

                (c)  The OF Manager must advise the Issuer and the SF Manager in
                     writing of the Notes which have been wholly or partly
                     repaid, the amount of the repayment and the Principal
                     Outstanding under that Note.

         5.5    ACKNOWLEDGMENTS

                (a)  The Issuer acknowledges that if an amount is paid out of
                     the Securitisation Fund as a consequence of a Payment
                     Amount Shortfall, and an amount referable to that Payment
                     Amount Shortfall is subsequently recovered by or otherwise
                     paid to the Issuer, such amounts are to be available for
                     repayment under clause 5.

                (b)  Each of the parties acknowledges that:

                     (1)  the Issuer will not be able to issue the Class A Notes
                          or the Class B Notes unless and until a Funding
                          Portion has been provided and maintained under clause
                          5.1 such that the Principal Outstanding is not less
                          than 0.00% of the Outstanding Principal Balance of the
                          Loans secured by the Mortgages comprised in the Assets
                          of Securitisation Fund on the issue date of the notes;

                     (2)  in order to maintain the assigned rating by each
                          Designated Rating Agency (which rating confirmation by
                          each Designated Rating Agency must be in writing) of
                          the Class A Notes or the Class B Notes it may be
                          necessary to increase the amount of the Principal
                          Outstanding to an amount in excess of 0.00% of the
                          Outstanding Principal Balance of the Loans secured by
                          Mortgages comprised in the Assets of Securitisation
                          Fund;

                     (3)  the amount of the Principal Outstanding up to an
                          amount equal to 0.00% of the Outstanding Principal
                          Balance of the Loans secured by Mortgages comprised in
                          the Assets of Securitisation Fund is only available in
                          respect of Payment Amount Shortfalls being

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                                                        Payment Funding Facility

                          Recovery Shortfalls and any Principal Outstanding in
                          excess of 0.00% of the Outstanding Principal Balance
                          of the Loans secured by Mortgages comprised in the
                          Assets of Securitisation Fund is only available in
                          respect of Payment Amount Shortfalls being Threshold
                          Rate Shortfalls; and

                     (4)  if a Threshold Rate Shortfall exists and the amount of
                          the Funding Portion is not increased as contemplated
                          by clause 5.5(b)(2), the SF Manager must comply with
                          clauses 12(a) and (b) of the Supplementary Bond Terms
                          Notice.

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6        PAYMENTS

         6.1    MANNER OF PAYMENTS

                All payments to the Note Holder under the Transaction Documents
                must be made:

                (a)  in Same Day Funds;

                (b)  in Dollars;

                (c)  not later than 11:00 am (Melbourne time) on the due date,

                to the account of the Note Holder specified by the OF Manager to
                the Issuer or in such other manner to an account of the Note
                Holder as the OF Manager directs from time to time.

         6.2    PAYMENTS ON A BANKING DAY

                If a payment is due on a day which is not a Banking Day, the due
                date for that payment is the next Banking Day and interest must
                be adjusted accordingly.

         6.3    APPROPRIATION OF PAYMENTS

                (a)  All payments made by the Issuer to the Note Holder under
                     this agreement may be appropriated as between principal,
                     interest and other amounts, as the OF Manager in its
                     absolute discretion determines or, failing any
                     determination, in the following order:

                     (1)  firstly, towards reimbursements of all fees, costs,
                          expenses, charges, damages and indemnity payments
                          incurred or due and owing by the Transaction Party
                          under the Material Documents;

                     (2)  secondly, towards payment of interest due and payable
                          under the Material Documents; and

                     (3)  thirdly, towards repayment of the Principal
                          Outstanding.

                (b)  Any appropriation under clause 6.3(a) overrides any
                     appropriation made by the Issuer.

         6.4    PAYMENTS IN GROSS

                All payments which a Transaction Party is required to make under
                any Material Document must be:

                (a)  without any set-off, counterclaim or condition; and

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                                                        Payment Funding Facility

                (b)  without any deduction or withholding for any Tax or any
                     other reason, unless the Transaction Party is required to
                     make a deduction or withholding by applicable law.

         6.5    AMOUNTS PAYABLE ON DEMAND

                If any amount payable by a Transaction Party under any Material
                Document is not expressed to be payable on a specified date that
                amount is payable by the Transaction Party on demand by the Note
                Holder or OF Manager.

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7        REPRESENTATIONS AND WARRANTIES

         7.1    BY THE ISSUER

                The Issuer hereby represents and warrants to the OF Manager and
                Note Holder that:

                (a)  (DUE INCORPORATION): it 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
                     this agreement and any Note does not and will not violate
                     its Constitution;

                (c)  (CORPORATE POWER): it has the power and has taken all
                     corporate and other action required to enter into this
                     agreement and each Note and to authorise the execution and
                     delivery of this agreement and each Note and the
                     performance of its obligations thereunder;

                (d)  (FILINGS): it has filed all corporate notices and effected
                     all registrations with the Australian Securities and
                     Investments Commission or similar office in the
                     jurisdiction of incorporation and in any other jurisdiction
                     as required by law 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 in relation to the creation of the Charge;

                (e)  (LEGALLY BINDING OBLIGATION): this agreement and each Note
                     constitutes or will constitute a valid, legally binding and
                     enforceable obligation of it 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 this agreement and each Note by
                     it does not violate any existing law or regulation or any
                     document or agreement to which it 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 it in connection with the execution and
                     delivery of, and performance of its obligations under, this
                     agreement and any Note have been obtained and are valid and
                     subsisting;

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                                                                        PAGE 14
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                                                        Payment Funding Facility

                (h)  (SECURITISATION FUND VALIDLY CREATED): the Securitisation
                     Fund has been validly created and is in existence at the
                     date of this agreement;

                (i)  (SOLE TRUSTEE): it has been validly appointed as trustee of
                     the Securitisation Fund and is presently the sole trustee
                     of the Securitisation Fund;

                (j)  (MASTER TRUST DEED): the Securitisation Fund is constituted
                     pursuant to the Master Trust Deed; and

                (k)  (NO PROCEEDINGS TO REMOVE): no notice has been given to it
                     and to its knowledge no resolution has been passed or
                     direction or notice has been given, removing it as trustee
                     of the Securitisation Fund.

         7.2    BY THE SF MANAGER

                The SF Manager hereby represents and warrants to the OF Manager
                and Note Holder that:

                (a)  (DUE INCORPORATION): it 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 by
                     it of this agreement and each Note does not and will not
                     violate its Constitution;

                (c)  (CORPORATE POWER): the SF Manager has the power and has
                     taken all corporate and other action required to enter into
                     this agreement and each Note and to authorise the execution
                     and delivery of this agreement and each Note and the
                     performance of its obligations hereunder;

                (d)  (FILINGS): the SF 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): this agreement and each Note
                     constitutes or will constitute a valid, legally binding and
                     enforceable obligation of the SF 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 this agreement and each Note by
                     the SF Manager does not violate any existing law or
                     regulation or any document or agreement to which the SF
                     Manager is a party or which is binding upon it or any of
                     its assets; and

                (g)  (AUTHORISATION): all consents, licences, approvals and
                     authorisations of every Government Agency required to be
                     obtained by the SF Manager in connection with the
                     execution, delivery and performance of this agreement and
                     each Note have been obtained and are valid and subsisting.

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                                                        Payment Funding Facility

         7.3    SURVIVAL AND REPETITION OF REPRESENTATIONS AND WARRANTIES

                The representations and warranties in, or given under, this
                agreement including, but not limited to, clauses 7.1 and 7.2:

                (a)  survive the execution of each Transaction Document; and

                (b)  are regarded as repeated on each Funding Date with respect
                     to the facts and circumstances then subsisting.

         7.4    RELIANCE BY THE NOTE HOLDER AND OF MANAGER

                The Issuer and the SF Manager each acknowledge that the Note
                Holder and OF Manager have entered into each Transaction
                Document to which it is a party in reliance on the
                representations and warranties in, or given under, this
                agreement including, but not limited to, clauses 7.1 and 7.2.

--------------------------------------------------------------------------------
8        UNDERTAKINGS

         8.1    TERM OF UNDERTAKINGS

                Unless the OF Manager otherwise agrees in writing, until the
                Outstanding Moneys are fully and finally repaid the Issuer and
                the SF Manager must, at its own cost (but without prejudice to
                clause 10 in the case of the Issuer), comply with the
                undertakings in this clause 8.

         8.2    COMPLIANCE WITH COVENANTS

                The Issuer must and the SF Manager must ensure that the Issuer
                does:

                (a)  comply with all of its covenants and obligations under the
                     Security Trust Deed and Supplementary Bond Terms Notice;
                     and

                (b)  wherever it is required to obtain consent of the Security
                     Trustee (as defined in the Security Trust Deed) under the
                     Security Trust Deed also obtain the prior written consent
                     of the Note Holder and OF Manager.

         8.3    NOTIFY EVENTS OF DEFAULT

                On and from the Termination Date, each of the SF Manager and the
                Issuer must immediately notify all the other parties to this
                agreement in writing if it becomes actually aware of the
                occurrence of any Event of Default and must provide full and
                complete details in relation thereto immediately upon becoming
                actually aware of such details.

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9        EVENTS OF DEFAULT

         9.1    OPERATION OF CLAUSE 9

                Clauses 9.2 to 9.4 only have effect on and from the Termination
                Date.

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                                                                        PAGE 16
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                                                        Payment Funding Facility

         9.2    EFFECT OF EVENT OF DEFAULT

                (a)  Upon or at any time after the occurrence of an Event of
                     Default the Note Holder or the OF Manager may by notice to
                     the Issuer and the SF Manager declare that the Outstanding
                     Moneys are immediately due and payable.

                (b)  The Issuer must and the SF Manager must cause the Issuer to
                     upon receipt of a notice under clause 9.2(a) immediately
                     repay in full the Outstanding Moneys to the Note Holder.

         9.3    ISSUER TO CONTINUE TO PERFORM

                (a)  If the Note Holder or OF Manager makes any declaration
                     under clause 9.2:

                     (1)  the declaration does not affect or diminish the duties
                          and obligations of the Issuer or the SF Manager under
                          the Transaction Documents; and

                     (2)  each of the Issuer and the SF Manager must continue to
                          perform its obligations under the Transaction
                          Documents as if the declaration had not been made,
                          subject to any directions that may be given by the
                          Note Holder or the OF Manager from time to time under
                          any Transaction Document.

                (b)  Clause 9.3(a) does not affect the obligations of the Issuer
                     or the SF Manager under clause 9.2.

         9.4    ENFORCEMENT

                (a)  The Material Documents may be enforced without notice to or
                     consent by the Issuer or SF Manager or any other person
                     even if the Note Holder accepts any part of the Outstanding
                     Moneys after an Event of Default or there has been any
                     other Event of Default.

                (b)  Neither the Note Holder nor the OF Manager is liable to any
                     Transaction Party for any loss or damage a Transaction
                     Party may suffer, incur or be liable for arising out of or
                     in connection with the Note Holder or OF Manager exercising
                     any Power under any Material Document.

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10       TRUSTEE LIMITATION OF LIABILITY PROTECTION

         10.1   LIMITATION OF LIABILITY - ISSUER

                (a)  The Issuer enters into this agreement only in its capacity
                     as trustee of the Securitisation Fund and no other
                     capacity. A liability of the Issuer arising under or in
                     connection with this agreement is limited to and can be
                     enforced against the Issuer only to the extent to which it
                     can be satisfied out of property of the Securitisation Fund
                     out of which the Issuer is actually indemnified for the
                     liability. This limitation of the Issuer's liability
                     applies despite any other provision of this agreement and
                     extends to all liabilities and obligations of the Issuer in
                     any way connected with any representation, warranty,
                     conduct, omission, agreement or transaction related to this
                     agreement.

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                                                                        PAGE 17
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                                                        Payment Funding Facility

                (b)  The parties other than the Issuer may not sue the Issuer 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), a
                     liquidator, an administrator or any similar person to the
                     Issuer or prove in any liquidation, administration or
                     arrangement of or affecting the Issuer (except in relation
                     to property of the Securitisation Fund).

                (c)  The provisions of this clause 10.1 shall not apply to any
                     obligation or liability of the Issuer to the extent that it
                     is not satisfied because under the Master Trust Deed
                     establishing the Securitisation Fund or by operation of law
                     there is a reduction in the extent of the Issuer's
                     indemnification out of the assets of the Securitisation
                     Fund, as a result of the Issuer's fraud, negligence or
                     wilful default.

                (d)  It is acknowledged that the SF Manager is responsible under
                     the Master Trust Deed establishing the Securitisation Fund
                     for performing a variety of obligations relating to the
                     Securitisation Fund, including under this agreement. No act
                     or omission of the Issuer (including any related failure to
                     satisfy its obligations or breach of representation or
                     warranty under this agreement) will be considered fraud,
                     negligence or wilful default of the Issuer for the purposes
                     of paragraph (c) of this clause 10.1 to the extent to which
                     the act or omission was caused or contributed to by any
                     failure by the SF Manager or any other person to fulfil its
                     obligations relating to the Securitisation Fund or by any
                     other act or omission of the SF Manager or any other
                     person.

                (e)  No attorney, agent, receiver or receiver and manager
                     appointed in accordance with this agreement has authority
                     to act on behalf of the Trustee in a way which exposes the
                     Issuer to any personal liability and no act or omission of
                     any such person will be considered fraud, negligence or
                     wilful default of the Issuer for the purposes of paragraph
                     (c) of this clause 10.1.

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

         10.2   LIMITATION OF LIABILITY - NOTE HOLDER

                (a)  The Note Holder enters into this agreement only in its
                     capacity as trustee of the Origination Fund and no other
                     capacity. A liability arising under or in connection with
                     this agreement is limited to and can be enforced against
                     the Note Holder only to the extent to which it can be
                     satisfied out of property of the Origination Fund out of
                     which the Note Holder is actually indemnified for the
                     liability. This limitation of the Note Holder's liability
                     applies despite any other provision of this agreement and
                     extends to all liabilities and obligations of the Note
                     Holder in any way connected with any representation,
                     warranty, conduct, omission, agreement or transaction
                     related to this agreement.

                (b)  The parties other than the Note Holder may not sue the Note
                     Holder in any capacity other than as trustee of the
                     Origination Fund or seek the appointment of a receiver
                     (except in relation to property of the Origination Fund), a
                     liquidator, an administrator or any similar person to the
                     Note

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                                                                        PAGE 18
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                                                        Payment Funding Facility

                     Holder or prove in any liquidation, administration or
                     arrangement of or affecting the Note Holder (except in
                     relation to property of the Origination Fund).

                (c)  The provisions of this clause 10.2 shall not apply to any
                     obligation or liability of the Note Holder to the extent
                     that it is not satisfied because under the trust deed
                     establishing the Origination Fund or by operation of law
                     there is a reduction in the extent of the Note Holder's
                     indemnification out of the assets of the Origination Fund,
                     as a result of the Note Holder's fraud, negligence or
                     wilful default.

                (d)  It is acknowledged that the OF Manager is responsible under
                     the trust deed establishing the Origination Fund for
                     performing a variety of obligations relating to the
                     Origination Fund, including under this agreement. No act or
                     omission of the Note Holder (including any related failure
                     to satisfy its obligations or breach of representation or
                     warranty under this agreement) will be considered fraud,
                     negligence or wilful default of the Note Holder for the
                     purposes of paragraph (c) of this clause 10.2 to the extent
                     to which the act or omission was caused or contributed to
                     by any failure by the OF Manager or any other person to
                     fulfil its obligations relating to the Origination Fund or
                     by any other act or omission of the OF Manager or any other
                     person.

                (e)  No attorney, agent, receiver or receiver and manager
                     appointed in accordance with this agreement has authority
                     to act on behalf of the Trustee in a way which exposes the
                     Note Holder to any personal liability and no act or
                     omission of any such person will be considered fraud,
                     negligence or wilful default of the Note Holder for the
                     purposes of paragraph (c) of this clause 10.2.

                (f)  The Note Holder is not obliged to do or refrain from doing
                     anything under this agreement (including incur any
                     liability) unless the Note Holder's liability is limited in
                     the same manner as set out in paragraphs (a) to (c) of this
                     clause.

         10.3   WILFUL DEFAULT OF THE ISSUER AND THE NOTE HOLDER

                For the purposes of this agreement, the expression "wilful
                default":

                (a)  in relation to the Issuer and the Note Holder, means a
                     wilful default of this agreement by the Issuer or the Note
                     Holder, as the case may be:

                     (1)  other than a default which:

                          (A)  arises out of a breach of a Transaction Document
                               by a person other than the Issuer, Note Holder or
                               any person referred to in paragraph 10.3(b) in
                               relation to the Issuer or the Note Holder;

                          (B)  arises because some other act or omission is a
                               precondition to the relevant act or omission of
                               the Issuer or the Note Holder, 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

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                                                                        PAGE 19
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                                                        Payment Funding Facility

                          (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 agreement
                          from the Fund.

                (b)  A reference to the "fraud", "negligence" or "wilful
                     default" of the Issuer or the Note Holder means the fraud,
                     negligence or wilful default of the Issuer or the Note
                     Holder, as the case may be, and of the officers or
                     employees, but not of the agents or delegates of the Issuer
                     or Note Holder, unless the Issuer or the Note Holder is
                     liable for the acts or omissions of such other person under
                     the terms of this agreement.

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11       INDEMNITIES

         11.1   GENERAL INDEMNITY

                (a)  The Issuer, to the extent it is permitted or contemplated
                     under the terms of the Master Trust Deed, indemnifies on a
                     full indemnity basis (including legal costs and expenses
                     charged at the usual commercial rates of the relevant legal
                     services provider) and out of the property of the
                     Securitisation Fund the Note Holder and OF Manager against
                     any claim, action, damage, loss, liability, cost, charge,
                     expense, outgoing or payment which the Note Holder or OF
                     Manager, as the case may be, or an Attorney pays, suffers,
                     incurs or is liable for, in respect of any of the
                     following:

                     (1)  a Funding Portion required by a Funding Notice, not
                          being made for any reason including, but excluding any
                          default by the Note Holder or OF Manager, as the case
                          may be;

                     (2)  any repayment or prepayment of all or part of a
                          Funding Portion being made on a date other than the
                          relevant Payment Date.

                (b)  Without limitation to the indemnity contained in clause
                     11.1(a), that indemnity includes the amount determined by
                     the Note Holder or OF Manager, as the case may be, as being
                     incurred by reason of the liquidation or re-employment of
                     deposits or other funds acquired or contracted for by the
                     Note Holder or OF Manager, as the case may be to fund or
                     maintain the Principal Outstanding or the relevant Funding
                     Portion and includes, but is not limited to, loss of
                     margin.

         11.2   CONTINUING INDEMNITIES AND EVIDENCE OF LOSS

                (a)  Each indemnity of the Issuer contained in this agreement is
                     a continuing obligation of the Issuer, despite:

                     (1)  any settlement of account; or

                     (2)  the occurrence of any other thing,

                     and remains in full force and effect until:

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                                                                        PAGE 20
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                     (3)  all moneys owing, contingently or otherwise, under any
                          of the Material Documents have been paid in full; and

                     (4)  the Outstanding Moneys are fully and finally repaid.

                (b)  Each indemnity of the Issuer contained in this agreement is
                     an additional, separate and independent obligation of the
                     Issuer and no one indemnity limits the generality of any
                     other indemnity.

                (c)  Each indemnity of the Issuer contained in this agreement
                     survives the termination of any Transaction Document.

                (d)  A certificate under the hand of an Officer of the OF
                     Manager detailing the amount of any damage, loss,
                     liability, cost, charge, expense, outgoing or payment
                     covered by any indemnity in this agreement is sufficient
                     evidence unless the contrary is proved.

         11.3   FUNDS AVAILABLE FOR INDEMNITY

                  The obligations of the Issuer under this clause 11 shall be
                  payable solely to the extent of funds invested or available
                  for investment under clause 3.

         11.4   NEGLIGENCE, WILFUL DEFAULT OR BREACH OF LAW

                  The indemnities in this clause 11 do not extend to any
                  liability, loss, cost, charge or expense that is finally and
                  judicially determined to result from any negligence, wilful
                  default or breach of law by the other parties to this
                  agreement.

         11.5   NOTIFICATION FROM NOTE HOLDER OR OF MANAGER

                  If the Note Holder or the OF Manager receives written notice
                  of any act, matter or thing which may give rise to a
                  liability, loss, cost, charge or expense in relation to which
                  the Issuer would be required to indemnify it under this clause
                  11, the Note Holder or the OF Manager (as the case may be)
                  will notify the Issuer of that act, matter or thing giving
                  such details as it is practicable to give as soon as it is
                  reasonably practicable and in any event within 5 Banking Days
                  of it coming to its attention, provided that failure to do so
                  will not result in any loss or reduction in the indemnity
                  contained in this clause 11 unless the Issuer has been
                  prejudiced in any material respect by such failure.

--------------------------------------------------------------------------------
12       TAX, COSTS AND EXPENSES

         12.1   TAX

                (a)  The Issuer must and the SF Manager must cause the Issuer to
                     pay any Tax, other than an Excluded Tax in respect of the
                     Securitisation Fund or a Tax referred to in clause 12.3, in
                     respect of the execution, delivery, performance, release,
                     discharge, amendment, enforcement or attempted enforcement
                     or otherwise in respect of any of the following:

                     (1)  any Material Document;

                     (2)  any agreement or document entered into or signed under
                          any Material Document; and

--------------------------------------------------------------------------------
                                                                        PAGE 21
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                                                        Payment Funding Facility

                     (3)  any transaction contemplated under any Material
                          Document or any agreement or document described in
                          clause 12.1(a)(2).

                (b)  The Issuer must and the SF Manager must cause the Issuer to
                     pay any fine, penalty or other cost in respect of a failure
                     to pay any Tax described in clause 12.1(a) except to the
                     extent that the fine, penalty or other cost is caused by
                     the Note Holder's failure to lodge money received from the
                     Issuer before the due date for lodgement.

                (c)  The Issuer indemnifies out of the property of the
                     Securitisation Fund the Note Holder against any amount
                     payable under clause 12.1(a) or 12.1(b) or both.

         12.2   COSTS AND EXPENSES

                The Issuer must, and the SF Manager must cause the Issuer to,
                pay all costs and expenses of the Note Holder and the OF Manager
                and any employee, Officer, agent or contractor of the Note
                Holder and the OF Manager in relation to:

                (a)  the negotiation, preparation, execution, delivery,
                     stamping, registration, completion, variation and discharge
                     of any Material Document or any agreement or document
                     described in clause 12.1(a);

                (b)  the enforcement, protection or waiver, or attempted
                     enforcement or protection, of any rights under any Material
                     Document or any agreement or document described in clause
                     12.1(a);

                (c)  the consent or approval of the Note Holder or OF Manager
                     given under any Material Document or any agreement or
                     document described in clause 12.1(a); and

                (d)  any enquiry by any Governmental Agency involving a
                     Transaction Party,

                including, but not limited to, any administration costs of the
                Note Holder or the OF Manager, as the case may be, in connection
                with the matters referred to in clause 12.2(b) and 12.2(d) and
                any legal costs and expenses (charged at the usual commercial
                rates of the relevant legal services provider) and any
                professional consultant's fees for any of the above on a full
                indemnity basis.

         12.3   GOODS AND SERVICES TAX

                (a)  Subject to clause 12.3(b), all amounts referred to in this
                     Agreement which are relevant in determining a payment to be
                     made by one party to another are exclusive of GST unless
                     specifically indicated otherwise.

                (b)  If a party to this Agreement is entitled to be indemnified
                     or reimbursed for any cost or expense incurred by that
                     party, then the indemnity or reimbursement will be
                     calculated by reference to the GST-exclusive amount of that
                     cost or expense, increased by an amount equal to that part
                     of the cost or expense for which the party or its
                     representative member is not entitled to an input tax
                     credit but would be entitled if that entity was entitled to
                     a full input tax credit. For the avoidance of doubt, the
                     amount calculated under this clause 12.3(b) is a
                     GST-exclusive amount.

                (c)  If GST is levied or imposed on or in respect of any supply
                     made under or in connection with this Agreement for which
                     the consideration is a monetary payment, then the
                     consideration provided for that supply is

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                                                                        PAGE 22
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                                                        Payment Funding Facility

                     increased by an amount equal to the consideration
                     multiplied by the rate at which that GST is levied or
                     imposed. This additional amount is payable to the party
                     with the liability to remit GST in the manner and at the
                     time when the consideration to which it relates is payable.

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

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

--------------------------------------------------------------------------------
13       INTEREST ON OVERDUE AMOUNTS

         13.1   PAYMENT OF INTEREST

                The Issuer must, and the SF Manager must cause the Issuer to,
                pay interest on:

                (a)  any of the Outstanding Moneys due and payable, but unpaid;
                     and

                (b)  on any interest payable but unpaid in accordance with
                     clause 5.

         13.2   ACCRUAL OF INTEREST

                The interest payable under this clause 13:

                (a)  accrues from day to day from and including the due date for
                     payment up to the actual date of payment, before and, as an
                     additional and independent obligation, after any judgment
                     or other thing into which the liability to pay the
                     Outstanding Moneys becomes merged; and

                (b)  may be capitalised by the Note Holder on any Payment Date.

         13.3   RATE OF INTEREST

                The  rate of interest payable under this clause 13 on any part
                     of the Outstanding Moneys is the higher of:

                (a)  the Overdue Rate; and

                (b)  the rate fixed or payable under a judgment or other thing
                     referred to in clause 13.2(a).

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                                                        Payment Funding Facility

14       ASSIGNMENT

         14.1   ASSIGNMENT BY TRANSACTION PARTY

                A Transaction Party must not transfer or assign any of its
                rights or obligations under any Material Document without the
                prior written consent of the OF Manager, the Note Holder and
                each Designated Rating Agency.

         14.2   ASSIGNMENT BY NOTE HOLDER

                Neither the Note Holder nor the OF Manager may assign any of its
                rights or transfer by novation any of its rights and obligations
                under this agreement or any Note without the prior written
                consent of the other parties and a prior written notice of such
                assignment been given to each Designated Rating Agency. Any such
                assignment must contain an acknowledgment that the assignee is
                bound by the provisions of this agreement.

         14.3   ASSIST TRANSFER OR ASSIGNMENT

                At the request of the Note Holder or OF Manager, the Issuer and
                the SF Manager must do any thing including, but not limited to,
                executing any documents or amending any Material Document, to
                effect any transfer or assignment under this clause 14.

         14.4   PARTICIPATION PERMITTED

                The Note Holder and OF Manager may grant by way of
                sub-participation (being a right to share in the financial
                effects of this agreement, without any rights against the
                Issuer) all or part of the Note Holder's or OF Manager's, as the
                case may be, rights and benefits under this agreement to any
                other person without having to obtain the consent of or to
                notify the Issuer or the SF Manager.

         14.5   LENDING OFFICE

                (a)  The Note Holder may change its Lending Office at any time.

                (b)  The Note Holder must promptly notify the Issuer and the SF
                     Manager of any such change.

         14.6   DISCLOSURE

                Any party may disclose to a proposed assignee, transferee or
                sub-participant any information relating to any other party or
                the Transaction Documents whether or not confidential and
                whether or not the disclosure would be in breach of any law or
                of any duty owed to that other party.

         14.7   NO INCREASE IN COSTS

                If the Note Holder or OF Manager assigns or transfers any of its
                rights or obligations under any Material Document or changes its
                Lending Office the Issuer is not required to pay any net
                increase in the aggregate amount of costs, Taxes, fees or
                charges which:

                (a)  are a direct consequence of the transfer or assignment or
                     change of Lending Office; and

--------------------------------------------------------------------------------
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                                                        Payment Funding Facility

                (b)  the Note Holder or OF Manager as the case may be, or its
                     transferee or assignee was aware of or ought reasonably to
                     have been aware of, at the time of the transfer or
                     assignment or change of Lending Office.

--------------------------------------------------------------------------------
15       GENERAL

         15.1   CONFIDENTIAL INFORMATION

                The Note Holder and OF Manager may, for the purpose of
                exercising any Power, disclose to any person any documents or
                records of, or information about, any Transaction Document, or
                the assets, business or affairs of any Transaction Party,
                whether or not confidential and whether or not the disclosure
                would be in breach of any law or of any duty owed to any
                Transaction Party.

         15.2   PERFORMANCE BY NOTE HOLDER OF OBLIGATIONS

                If a Transaction Party defaults in fully and punctually
                performing any obligation contained or implied in any
                Transaction Document, the Note Holder and OF Manager may,
                without prejudice to any Power do all things necessary or
                desirable, in the opinion of the Note Holder or OF Manager, as
                the case may be, to make good or attempt to make good that
                default to the satisfaction of the Note Holder or OF Manager, as
                the case may be.

         15.3   TRANSACTION PARTY TO BEAR COST

                Without prejudice to clause 10, any thing which must be done by
                a Transaction Party under any Material Document, whether or not
                at the request of the Note Holder or OF Manager, must be done at
                the cost of the Transaction Party.

         15.4   NOTICES

                (a)  Any notice or other communication including, but not
                     limited to, any request, demand, consent or approval, to or
                     by a party to any Material Document:

                     (1)  must be in legible writing and in English addressed as
                          shown below (or if sent by facsimile, to the facsimile
                          numbers below) and marked to the attention of the
                          following:

                          (A)  if to the Note Holder:

                               Address:    Level 7
                                           9 Castlereagh Street
                                           Sydney, NSW, 2000

                               Attention:  Head of Securitisation/Manager -
                                           Securitisation

                               Facsimile:  (02) 9221 7870; and

                          (B)  if to the Issuer:

--------------------------------------------------------------------------------
                                                                        PAGE 25
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                                                        Payment Funding Facility

                               Address:    Level 7
                                           9 Castlereagh Street
                                           Sydney, NSW, 2000

                               Attention:  Head of Securitisation/Manager -
                                           Securitisation

                               Facsimile:  (02) 9221 7870;

                          (C)  if to the SF Manager:

                               Address:    Level 23,
                                           360 Collins Street,
                                           Melbourne, Victoria 3000

                               Attention:  Manager - Capital Markets

                               Facsimile:  (03) 9605 6200; and

                          (D)  if to the OF Manager:

                               Address:    Level 23,
                                           360 Collins Street,
                                           Melbourne, Victoria 3000

                               Attention:  Funding Manager

                               Facsimile:  (03) 9605 6200;

                          or as specified to the sender by any party by notice;

                     (2)  where the sender is a company, must be signed by an
                          Officer or under the common seal of the sender;

                     (3)  is regarded as being given by the sender and received
                          by the addressee:

                          (A)  if by delivery in person, when delivered to the
                               addressee;

                          (B)  if by post, on delivery to the addressee; or

                          (C)  if by facsimile transmission, whether or not
                               legibly received, when transmitted to the
                               addressee,

                          but if the delivery or receipt is on a day which is
                          not a Banking Day or is after 4.00 pm (addressee's
                          time) it is regarded as received at 9.00 am on the
                          following Banking Day;

                     (4)  can be relied upon by the addressee and the addressee
                          is not liable to any other person for any consequences
                          of that reliance if the addressee believes it to be
                          genuine, correct and authorised by the sender; and

                     (5)  if to the Note Holder must be copied to the OF Manager
                          and if to the Issuer must be copied to the SF Manager.

                (b)  A facsimile transmission is regarded as legible unless the
                     addressee telephones the sender within 2 hours after the
                     transmission is received or regarded as received under
                     clause 15.4(a)(3) and informs the sender that it is not
                     legible.

                (c)  In this clause 15.4, a reference to an addressee includes a
                     reference to an addressee's Officers, agents or employees.

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                                                        Payment Funding Facility

         15.5   GOVERNING LAW AND JURISDICTION

                (a)  This agreement is governed by the laws of New South Wales.

                (b)  The Issuer and the SF Manager irrevocably submit to the
                     non-exclusive jurisdiction of the courts of New South
                     Wales.

         15.6   PROHIBITION AND ENFORCEABILITY

                (a)  Any provision of, or the application of any provision of,
                     any Material Document or any Power which is prohibited in
                     any jurisdiction is, in that jurisdiction, ineffective only
                     to the extent of that prohibition.

                (b)  Any provision of, or the application of any provision of,
                     any Material Document which is void, illegal or
                     unenforceable in any jurisdiction does not affect the
                     validity, legality or enforceability of that provision in
                     any other jurisdiction or of the remaining provisions in
                     that or any other jurisdiction.

         15.7   WAIVERS

                (a)  Waiver of any right arising from a breach of this agreement
                     or of any Power arising upon default under this agreement
                     must be in writing and signed by the party granting the
                     waiver.

                (b)  A failure or delay in exercise, or partial exercise, of:

                     (1)  a right arising from a breach of this agreement; or

                     (2)  a Power created or arising upon default under this
                          agreement,

                     does not result in a waiver of that right or Power.

                (c)  A party is not entitled to rely on a delay in the exercise
                     or non-exercise of a right or Power arising from a breach
                     of this agreement or on a default under this agreement as
                     constituting a waiver of that right or Power.

                (d)  A party may not rely on any conduct of another party as a
                     defence to exercise of a right or Power by that other
                     party.

                (e)  This clause may not itself be waived except by writing.

         15.8   VARIATION

                A variation of any term of this agreement must be in writing and
                signed by the parties. No variation may be made if it will cause
                the current rating of any bonds issued by the Issuer to be
                downgraded or withdrawn by any Designated Rating Agency.

         15.9   CUMULATIVE RIGHTS

                The Powers are cumulative and do not exclude any other right,
                power, authority, discretion or remedy of the Note Holder or OF
                Manager.

         15.10  ATTORNEYS

                Each of the Attorneys executing this agreement states that the
                Attorney has no notice of the revocation of the power of
                attorney appointing that Attorney.

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                                                        Payment Funding Facility

         15.11  BINDING OBLIGATIONS

                Each party to this agreement acknowledges that the obligations
                expressed in this agreement are binding upon it.

         15.12  WINDING UP OF SECURITISATION FUND

                Prior to the Termination Date, neither the Note Holder nor the
                OF Manager may seek to terminate or wind up the Securitisation
                Fund as a consequence of any breach of this agreement or any
                Note by the Issuer on the SF Manager.

         15.13  TERMINATION

                This agreement can only be terminated on or after the
                Termination Date.

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                                                        Payment Funding Facility

--------------------------------------------------------------------------------
SCHEDULE 1 - FUNDING NOTICE (CLAUSE 4.2)

TO:      PERPETUAL TRUSTEES AUSTRALIA LIMITED
         in its capacity as trustee of the Origination Fund
         (NOTE HOLDER)

AND:     ME PORTFOLIO MANAGEMENT LIMITED
         (OF MANAGER)

         Attention: Head of Securitisation/Manager - Securitisation

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

We refer to the agreement dated [INSERT DATE] (AGREEMENT). Pursuant to clause 4
of the Agreement:

(a)   we give you notice that we wish to request the Issuer to issue to the Note
      Holder a Note pursuant to the Agreement on ............... 2003. (FUNDING
      DATE);

(b)   the aggregate principal amount of the Note is: $........;

(c)   we request that the proceeds be remitted to account number ........... at
      ...................; /[INSERT ALTERNATIVE INSTRUCTIONS]

(d)   The Issuer represents and warrants that:

      (1)  [(except as disclosed in paragraph (d)(2))] each representation and
           warranty given by it in the Agreement is to the best of its
           knowledge, true, correct and not misleading as though it had been
           made at the date of this Funding Notice and the Funding Date
           specified above in respect of the facts and circumstances then
           subsisting;[ AND]

      (2)  details of the exceptions to paragraph (d)(1) are as follows:.......
           ..........., and the Issuer [has taken/proposes] the
           following remedial action ......................];

(e)   The SF Manager represents and warrants that:

      (1)  [(except as disclosed in paragraph (e)(2))] each representation and
           warranty given by it in the Agreement is to the best of its
           knowledge, true, correct and not misleading as though it had been
           made at the date of this Funding Notice and the Funding Date
           specified above in respect of the facts and circumstances then
           subsisting;[ AND]

      (2)  details of the exceptions to paragraph (e)(1) are as follows:....
           .............., and the SF Manager [has taken/proposes] the
           following remedial action ......................];

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                                                        Payment Funding Facility

DATED:

SIGNED for and on behalf of
ME PORTFOLIO MANAGEMENT LIMITED

------------------------------------------------
Officer's signature

------------------------------------------------
Name (please print)

SIGNED for and on behalf of
PERPETUAL TRUSTEES AUSTRALIA LIMITED

------------------------------------------------
Officer's signature

------------------------------------------------
Name (please print)

--------------------------------------------------------------------------------
                                                                        PAGE 30
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                                                        Payment Funding Facility

--------------------------------------------------------------------------------
SCHEDULE 2 - CONDITIONS

           Payment Funding Facility Agreement - SMHL Global Fund No. 5

                      PERPETUAL TRUSTEES AUSTRALIA LIMITED
                               ABN 86 000 431 827
            IN ITS CAPACITY AS TRUSTEE OF THE SMHL GLOBAL FUND NO. 5

                 of Level 7, 39 Hunter Street, Sydney, NSW, 2000

                                   ("ISSUER")

whose office for the purposes of payment is at Level 7, 9 Castlereagh Street,
Sydney, NSW, 2000 or such other address as the Issuer may notify to the Note
Holder from time to time.

1        NOTE

(a)      The terms and conditions of the issue of this Note and repayment are
         constituted by this Note and the Payment Funding Facility Agreement for
         Issue and Repayment of Notes dated [INSERT DATE] November 2003 between
         the Issuer, the Note Holder, ME Portfolio Management Limited (ABN 79
         005 964 134) of Level 23, 360 Collins Street, Melbourne, Victoria, in
         its capacity as manager of the SMHL Global Fund No. 5 (SF MANAGER) and
         ME Portfolio Management Limited (ABN 79 005 964 134) of Level 23, 360
         Collins Street, Melbourne, Victoria, in its capacity as manager of the
         Superannuation Members' Home Loans Origination Fund No. 3 (OF MANAGER)
         (AGREEMENT). Terms defined in the Agreement have the same meaning when
         used in these Conditions.

(b)      Subject to clause 3, the Issuer promises to repay the principal amount
         in accordance with the Agreement.

(c)      This Note may only be assigned or transferred with the prior written
         consent of the Issuer and subject to and in accordance with the
         Agreement.

2        DERIVATION OF PAYMENT

         The parties acknowledge that the payments to be made by the Issuer
         under this Note are derived by it from the receipts from a "mortgage"
         or "pool of mortgages", as those terms are defined in section 3 of the
         Duties Act 2000 (Vic).

3        EXTENT OF LIABILITY OF ISSUER

(a)      The Issuer issues this Note only in its capacity as trustee of the
         Securitisation Fund and no other capacity. A liability of the Issuer
         arising under or in connection with this Note or the Agreement is
         limited to and can be enforced against the Issuer only to the extent to
         which it can be satisfied out of property of the Securitisation Fund
         out of which the Issuer is actually indemnified for the liability. This
         limitation of the Issuer's liability applies despite any other
         provision of this Note or the Agreement and extends to all liabilities
         and obligations of the Issuer in any way connected with any
         representation, warranty, conduct, omission, agreement or transaction
         related to this Note or the Agreement.

(b)      The parties other than the Issuer may not sue the Issuer 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), a liquidator, an administrator or any similar

--------------------------------------------------------------------------------
                                                                        PAGE 31
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                                                        Payment Funding Facility

         person to the Issuer or prove in any liquidation, administration or
         arrangement of or affecting the Issuer (except in relation to property
         of the Securitisation Fund).

(c)      The provisions of this clause 3 shall not apply to any obligation or
         liability of the Issuer to the extent that it is not satisfied because
         under the Master Trust Deed establishing the Securitisation Fund or by
         operation of law there is a reduction in the extent of the Issuer's
         indemnification out of the assets of the Securitisation Fund Issuer, as
         a result of the Issuer's fraud, negligence or wilful default.

(d)      It is acknowledged that the SF Manager is responsible under the Master
         Trust Deed establishing the Securitisation Fund for performing a
         variety of obligations relating to the Securitisation Fund, including
         under this Note and the Agreement. No act or omission of the Issuer
         (including any related failure to satisfy its obligations or breach of
         representation or warranty under this Note or the Agreement) will be
         considered fraud, negligence or wilful default of the Issuer for the
         purposes of paragraph (c) of this clause 3 to the extent to which the
         act or omission was caused or contributed to by any failure by the SF
         Manager or any other person to fulfil its obligations relating to the
         Securitisation Fund or by any other act or omission of the SF Manager
         or any other person.

(e)      No attorney, agent, receiver or receiver and manager appointed in
         accordance with this Note or the Agreement has authority to act on
         behalf of the Issuer in a way which exposes the Issuer to any personal
         liability and no act or omission of any such person will be considered
         fraud, negligence or wilful default of the Issuer for the purposes of
         paragraph (c) of this clause 3.

(f)      The Issuer is not obliged to do or refrain from doing anything under
         this Note or the Agreement (including incur any liability) unless the
         Issuer's liability is limited in the same manner as set out in
         paragraphs (a) to (c) of this clause 3.

4        EXTENT OF LIABILITY OF NOTE HOLDER

(a)      The Note Holder enters into this Note only in its capacity as trustee
         of the Origination Fund and no other capacity. A liability arising
         under or in connection with this Note or the Agreement is limited to
         and can be enforced against the Note Holder only to the extent to which
         it can be satisfied out of property of the Origination Fund out of
         which the Note Holder is actually indemnified for the liability. This
         limitation of the Note Holder's liability applies despite any other
         provision of this Note or the Agreement and extends to all liabilities
         and obligations of the Note Holder in any way connected with any
         representation, warranty, conduct, omission, agreement or transaction
         related to this Note or the Agreement.

(b)      The parties other than the Note Holder may not sue the Note Holder in
         any capacity other than as trustee of the Origination Fund or seek the
         appointment of a receiver (except in relation to property of the
         Origination Fund), a liquidator, an administrator or any similar person
         to the Note Holder or prove in any liquidation, administration or
         arrangement of or affecting the Note Holder (except in relation to
         property of the Origination Fund).

(c)      The provisions of this clause 4 shall not apply to any obligation or
         liability of the Note Holder to the extent that it is not satisfied
         because under the trust deed establishing the Origination Fund or by
         operation of law there is a reduction in the extent of the Note
         Holder's indemnification out of the assets of the Origination Fund, as
         a result of the Note Holder's fraud, negligence or wilful default.

(d)      It is acknowledged that the OF Manager is responsible under the trust
         deed establishing the Origination Fund for performing a variety of
         obligations relating to the Origination Fund, including under this Note
         and the Agreement. No act or omission of the Note

--------------------------------------------------------------------------------
                                                                        PAGE 32
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                                                        Payment Funding Facility

         Holder (including any related failure to satisfy its obligations or
         breach of representation or warranty under this Note or the Agreement)
         will be considered fraud, negligence or wilful default of the Note
         Holder for the purposes of paragraph (c) of this clause 4 to the extent
         to which the act or omission was caused or contributed to by any
         failure by the OF Manager or any other person to fulfil its obligations
         relating to the Origination Fund or by any other act or omission of the
         OF Manager or any other person.

(e)      No attorney, agent, receiver or receiver and manager appointed in
         accordance with this Note or the Agreement has authority to act on
         behalf of the Note Holder in a way which exposes the Note Holder to any
         personal liability and no act or omission of any such person will be
         considered fraud, negligence or wilful default of the Note Holder for
         the purposes of paragraph (c) of this clause 4.

(f)      The Note Holder is not obliged to refrain from doing anything under
         this Note or the Agreement (including incur any liability) unless the
         Note Holder's liability is limited in the same manner as set out in
         paragraphs (a) to (c) of this clause 4.

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                                                                        PAGE 33
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                                                        Payment Funding Facility

--------------------------------------------------------------------------------
EXECUTED AS AN AGREEMENT:

SIGNED for
PERPETUAL TRUSTEE AUSTRALIA LIMITED
in its capacity as trustee of SMHL Global Fund No. 5
by its attorney under a Power of Attorney dated
and who declares that he has not received any notice of the
revocation of such Power of Attorney in the presence of:

-----------------------------------        -------------------------------------
Witness                                    Attorney

-----------------------------------        -------------------------------------
Name (please print)                        Name (please print)

SIGNED for
PERPETUAL TRUSTEES AUSTRALIA LIMITED
in its capacity as trustee of Superannuation Members'
Home Loans Origination Fund No. 3
by its attorney under a Power of Attorney dated
and who declares that he has not received any notice of the
revocation of such Power of Attorney in the presence of:

-----------------------------------        -------------------------------------
Witness                                    Attorney

-----------------------------------        -------------------------------------
Name (please print)                        Name (please print)

--------------------------------------------------------------------------------
                                                                        PAGE 34
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                                                        Payment Funding Facility

SIGNED for
ME PORTFOLIO MANAGEMENT LIMITED
in its capacity as manager of SMHL Global Fund No. 5
by its attorney under a Power of Attorney dated
and who declares that he has not received any notice of the
revocation of such Power of Attorney in the presence of:

-----------------------------------        -------------------------------------
Witness                                    Attorney

-----------------------------------        -------------------------------------
Name (please print)                        Name (please print)

SIGNED for
ME PORTFOLIO MANAGEMENT LIMITED
in its capacity as manager of Superannuation Members'
Home Loans Origination Fund No. 3
by its attorney under a Power of Attorney dated
and who declares that he has not received any notice of the
revocation of such Power of Attorney in the presence of:

-----------------------------------        -------------------------------------
Witness                                    Attorney

-----------------------------------        -------------------------------------
Name (please print)                         Name (please print)

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

                                    SCHEDULE
                                     TO THE
                                MASTER AGREEMENT
                            DATED AS OF    NOVEMBER 2003
                                     BETWEEN
          WESTPAC BANKING CORPORATION (ABN 33 007 457 141) ("PARTY A")
                                       AND
  PERPETUAL TRUSTEES AUSTRALIA LIMITED (ABN 86 000 431 827) IN ITS CAPACITY AS
 TRUSTEE OF THE SECURITISATION FUND KNOWN AS SMHL GLOBAL FUND NO. 5 ("PARTY B")
                                       AND
     ME PORTFOLIO MANAGEMENT LIMITED (ABN 79 005 964 134) IN ITS CAPACITY AS
 MANAGER OF THE SECURITISATION FUND KNOWN AS SMHL GLOBAL FUND NO. 5 ("MANAGER")

PART 1. TERMINATION PROVISIONS.

In this Agreement:

(a)  "SPECIFIED ENTITY" is not applicable to Party A and Party B.

(b)  "SPECIFIED TRANSACTION" will not apply.

(c)  "EVENTS OF DEFAULT"

     (i)  Sections 5(a)(ii), 5(a)(iii), 5(a)(iv), 5(a)(v), 5(a)(vi), 5(b)(iii)
          and 5(b)(iv) will not apply to Party A or Party B.

     (ii) In Section 5(a), delete paragraph (i) and replace it with the
          following:

               "(i) FAILURE TO PAY OR DELIVER. Failure by the party to make when
                    due any payment under this Agreement or delivery under
                    Section 2(a)(i) or 2(e) required to be made by it if such
                    failure is not remedied at or before 10:00am on the tenth
                    Local Business Day after the due date;"

     (iii) Section 5(b)(ii) will not apply if Party A is the sole Affected Party
          (subject to Section 6(aa)(iii) of the Agreement, inserted by Part 5(y)
          of this Schedule).

(d)  The "Bankruptcy" provisions of Section 5(a)(vii) are replaced by "An
     Insolvency Event under the Security Trust Deed has occurred in respect of
     Party A (which will be the Defaulting Party) or Party B (which will be the
     Defaulting Party); or". The occurrence of an Insolvency Event under the
     Security Trust Deed in respect of Party B in its personal capacity will not
     constitute an Event of Default PROVIDED that within thirty Local Business
     Days of that occurrence, Party A, Party B and the Manager are able to
     procure the novation of this Agreement and all Transactions to a third
     party in respect of which the Designated Rating Agencies confirm that the
     novation will not cause a reduction or withdrawal of the rating of the
     Notes, and Party A and Party B agree to execute such a novation agreement
     in a form agreed between the parties.

(e)  The "AUTOMATIC EARLY TERMINATION" provisions of Section 6(a) will not apply
     to Party A and will not apply to Party B.

(f)  PAYMENTS ON EARLY TERMINATION for the purpose of Section 6(e) of this
     Agreement:

<PAGE>

     (i)  Market Quotation will apply.
     (ii) The Second Method will apply.

(g)  "TERMINATION CURRENCY" means United States Dollars provided that if an
     amount due in respect of an Early Termination Date will be payable by Party
     B to Party A, the Termination Currency for the purpose of calculating and
     paying that amount is Australian Dollars.

(h)  "ADDITIONAL TERMINATION EVENT" means:

     (i)  Party B becomes obliged to make a withholding or deduction in respect
          of any Class A Notes and the Class A Notes are redeemed as a result
          (and Party B is the Affected Party and, notwithstanding Section
          6(b)(iv) of this Agreement, as a result thereof Party B must, at the
          direction of the Manager, give a notice designating an Early
          Termination Date in respect of this Agreement and all Transactions);

     (ii) An Event of Default (as defined in the Security Trust Deed) occurs and
          the Security Trustee has declared, in accordance with the Security
          Trust Deed, the Class A Notes immediately due and payable (and Party B
          is the Affected Party); and

    (iii) Party A breaches Part 5(w) (and Party A is the Affected Party and,
          notwithstanding Section 6(b)(iv) of the Agreement, as a result
          thereof Party B must, at the direction of the Manager, give a notice
          designating an Early Termination Date in respect of this Agreement
          and all Transactions).

(i)  TRANSFER TO AVOID TERMINATION EVENT. In Section 6(b)(ii), after the words
     "another of its Offices or Affiliates" on the seventh line add "(in respect
     of which the Designated Rating Agencies have given prior written
     confirmation to the Manager that such a transfer will not result in a
     reduction or withdrawal of the rating of the Notes)"

<PAGE>

PART 2.  TAX REPRESENTATIONS.

(a)  PAYER REPRESENTATIONS: For the purpose of Section 3(e), Party A will make
     the following representation and Party B will make the following
     representation:-

     It is not required by any applicable law, as modified by the practice of
     any relevant governmental revenue authority, of any Relevant Jurisdiction
     to make any deduction or withholding for or on account of any Tax from any
     payment (other than interest under Section 2(e), 6(d)(ii) or 6(e) of this
     Agreement) to be made by it to the other party under this Agreement. In
     making this representation, it may rely on:

     (i)  the accuracy of any representations made by the other party pursuant
          to Section 3(f);

     (ii) the satisfaction of the agreement of the other party contained in
          Section 4(a)(i) or 4(a)(iii) of this Agreement and the accuracy and
          effectiveness of any document provided by the other party pursuant to
          Section 4(a)(i) or 4(a)(iii) of this Agreement; and

    (iii) the satisfaction of the agreement of the other party contained in
          Section 4(d) of this Agreement,

     provided that it shall not be a breach of this representation where
     reliance is placed on clause (ii) and the other party does not deliver a
     form or document under Section 4(a)(iii) of the Agreement by reason of
     material prejudice to its legal or commercial position.

(b)  PAYEE REPRESENTATIONS:

     For the purpose of Section 3(f) of this Agreement, Party A will make the
     following representation and Party B will make the following
     representation:

     It is an Australian resident and does not derive the payments under this
     Agreement in part or whole in carrying on business in a country outside
     Australia at or through a permanent establishment of itself in that
     country. Party B further represents that it is a "foreign trust" for United
     States tax purposes.

<PAGE>

PART 3. DOCUMENTS TO BE DELIVERED.

For the purposes of Section 4(a)(i) and (ii) of this Agreement, each party
agrees to deliver the following documents as applicable:-

(a)  Tax forms, documents or certificates to be delivered are:-

     FORM/DOCUMENT/CERTIFICATE: Any document or certificate required or
     requested by Party A or Party B in connection with its obligations under
     this Agreement which would enable that party to make the payment free from
     any deduction or withholding for or on account of Tax or as would reduce
     the rate at which deduction or withholding for or on account of Tax is
     applied to that payment.

     PARTY REQUIRED TO DELIVER DOCUMENT: Party A and Party B.

     DATE BY WHICH TO BE DELIVERED: On the earlier of (a) as soon as reasonably
     practicable following learning that such document or certificate is
     required and (b) as soon as reasonably practicable following a request by
     the other party.

     Each document provided under this paragraph (a) is covered by the
     representation contained in Section 3(d) of this Agreement.

(b)  Other documents to be delivered are:-

<TABLE>
<CAPTION>

         ------------------------------------------------------------------------------------------------------------
                                                                                                 COVERED BY SECTION
            PARTY REQUIRED                                              DATE BY WHICH TO BE             3(D)
              TO DELIVER              FORM/DOCUMENT/CERTIFICATE              DELIVERED             REPRESENTATIONS
         ------------------------------------------------------------------------------------------------------------
         <S>                      <C>                                <C>                        <C>

         Party A and Party B      A list of authorised signatories   On execution and delivery   Yes
         and the Manager          for the party and evidence         of this Agreement or any
                                  satisfactory in form and           relevant Confirmation and
                                  substance to the other parties     thereafter promptly upon
                                  of the authorised signatories of   any change in authorised
                                  the party to execute this          persons or upon request.
                                  Agreement and each Confirmation
                                  on behalf of each relevant party.
         ------------------------------------------------------------------------------------------------------------
         Party B and the Manager  Copies of any reports or           Upon reasonable request     Yes
                                  accounts relating to the           by Party A subject to not
                                  Securitisation Fund that are       being obliged to deliver
                                  produced for (a) distribution to   any document if to do so
                                  the investors in the Class A       would breach or infringe
                                  Notes, or (b) presentation to      any law or legally
                                  the Board of Directors of the      binding obligation or
                                  Manager and such other             restraint.
                                  information in the Managers
                                  control regarding the financial
                                  condition and business
                                  operations of the Securitisation
                                  Fund as Party A may reasonably
                                  require.
         ------------------------------------------------------------------------------------------------------------
         Party B and the          Legal opinions as to the           Promptly after              Yes
         Manager                  validity and enforceability of     entering into this

<PAGE>
         ------------------------------------------------------------------------------------------------------------
                                                                                                 COVERED BY SECTION
            PARTY REQUIRED                                              DATE BY WHICH TO BE             3(D)
              TO DELIVER              FORM/DOCUMENT/CERTIFICATE              DELIVERED             REPRESENTATIONS
         ------------------------------------------------------------------------------------------------------------

                                  the obligations of Party B and     Agreement, the form previously
                                  the Manager under this             agreed with the other
                                  Agreement, the Master Trust        parties.
                                  Deed, the Security Trust Deed
                                  and the Class A Notes in form
                                  and substance and issued by
                                  legal counsel reasonably
                                  acceptable to Party A.
         ------------------------------------------------------------------------------------------------------------
         Party A                  A legal opinion as to the          Promptly after entering     Yes
                                  validity and enforceability of     into this agreement.
                                  the obligations of Party A under
                                  this Agreement issued by legal
                                  counsel to Party A.
         ------------------------------------------------------------------------------------------------------------
         Manager                  Copies (certified to be true       On execution and delivery   Yes
                                  copies by an authorised            of this Agreement.
                                  signatory of the Manager) of the
                                  Master Trust Deed, the Note
                                  Trust Deed, the Security Trust
                                  Deed and the Supplementary Bond
                                  Terms Notice.
         ------------------------------------------------------------------------------------------------------------
         Manager                  A copy (certified to be a true     Promptly upon any such      Yes
                                  copy by an authorised signatory    document becoming
                                  of the Manager) of any document    effective in accordance
                                  amending or varying the terms of   with its terms.
                                  the Master Trust Deed or the
                                  Security Trust Deed.
         ------------------------------------------------------------------------------------------------------------

</TABLE>

<PAGE>

PART 4 - MISCELLANEOUS

(a)  ADDRESS FOR NOTICES. For the purpose of Section 12(a) of this Agreement:-

     (i)  All notices to Party A under this Agreement shall be sent to:

          Westpac Banking Corporation Level 3, 255 Elizabeth Street, Sydney,
          NSW, 2000

          Attention:                Senior Manager, Global Derivatives
                                        Operations
          Telephone:                61- 2 - 9284 8849
          Facsimile:                61- 2 - 9283 1724

     (ii) All notices to Party B under this Agreement shall be sent to:

          Perpetual Trustees Australia Limited
          Level 7
          39 Hunter Street
          SYDNEY   NSW 2000

          Attention:                 Manager, Securitisation Services
          Telephone:                 61-2-9229-9000
          Facsimile:                 61-2-9221-7870

     (iii) All notices to the Manager under this Agreement shall be sent to:

           ME Portfolio Management Limited
           Level 23
           360 Collins Street
           MELBOURNE   VIC   3000

           Attention:                 The Manager, Treasury Operations
                                          Administration
           Telephone:                 61-3-9605-6000
           Facsimile:                 61-3-9605-6200

(b)  PROCESS AGENT. For the purpose of Section 13(c):

     Party A appoints as its Process Agent - not applicable. Party B
     appoints as its Process Agent - not applicable.

(c)  OFFICES. The provisions of Section 10(a) will not apply to this Agreement.

(d)  MULTIBRANCH PARTY. For the purpose of Section 10(c) of this Agreement:-

     Party A is not a Multibranch Party.
     Party B is not a Multibranch Party.

<PAGE>

(e)  CALCULATION AGENT. The Calculation Agent is Party A, unless otherwise
     specified in a Confirmation in relation to the relevant Transaction.

(f)  CREDIT SUPPORT DOCUMENT. Details of any Credit Support Document:-

     In relation to Party A:  None.

     In relation to Party B:  Security Trust Deed

(g)  CREDIT SUPPORT PROVIDER.

     Credit Support Provider means in relation to Party A:-
     Not Applicable.

     Credit Support Provider in relation to Party B:-
     Not Applicable

(h)  GOVERNING LAW. This Agreement will be governed by and construed in
     accordance with the laws in force in the State of New South Wales and each
     party submits to the non-exclusive jurisdiction of the Courts of the State
     of New South Wales and the courts of appeal from them.

(i)  NETTING OF PAYMENTS. Subparagraph (ii) of Section 2(c) of this Agreement
     will not apply to the following Transactions or group of Transactions (in
     each case starting from the date of this Agreement).

     All Transactions being of the same type and which have been entered into
     through the same Office of Party A.

(j)  "AFFILIATE" will have the meaning specified in Section 14 of this
     Agreement. For the purposes of Section 3(c), each of Party A, Party B and
     the Manager are deemed not to have any Affiliates.

<PAGE>

PART 5. OTHER PROVISIONS.

(a)  In Section 2(a)(i) add the following sentence:

     "Each payment will be by way of exchange for the corresponding payment or
     payments payable by the other party."

(b)  In Section 2(a)(ii) insert the following immediately after the words
     "freely transferable funds":

     ", free of any set-off, counterclaim, deduction or withholding (except as
     expressly provided in this Agreement)".

(c)  Insert new Sections 2(a)(iv) and (v) immediately after Section 2(a)(iii) as
     follows:

    "(iv) The condition precedent in Section 2(a)(iii)(1) does not apply to a
          payment due to be made by a party if it has satisfied all its payment
          obligations under Section 2(a)(i) of this Agreement and has no future
          payment obligations, whether absolute or contingent under Section
          2(a)(i).

     (v)  Where:

          (1)  payments are due pursuant to Section 2(a)(i) by Party A to Party
               B (THE "PARTY A PAYMENT") and by Party B to Party A (the "PARTY B
               PAYMENT") on the same day; and

          (2)  the Security Trust Deed applicable to Party B's obligations and
               entitlement referred to in Section 2(a)(v)(1) has become, and
               remains at the time, enforceable,

               then Party A's obligation to make the Party A Payment will be
               subject to the condition precedent (which will be an "applicable
               condition precedent" for the purpose of Section 2(a)(iii)(3))
               that Party A first receives either:

          (3)  the Party B Payment; or

          (4)  confirmation from Party B's bank that it holds irrevocable
               instructions to effect payment of the Party B Payment and that
               funds are available to make that payment."

(d)  Add the following new sentence to Section 2(b):

     "Each new account so designated shall be in same tax jurisdiction as the
     original account."

(e)  Delete the word "if" at the beginning of Section 2(d)(i)(4) and insert the
     following words instead:

     "if and only if X is Party A and".

(f)  In Section 2(d)(ii) insert the words "(if and only if Y is Party A)" after
     the word "then" at the beginning of the last paragraph. Party B will have
     no obligation to pay any amount to Party A under Section 2(d)(ii), and may
     make any payment under or in connection with this Agreement net of any
     deduction or withholding referred to in Section 2(d)(i).

<PAGE>

(g)  Section 3(a)(v) of this Agreement is modified by adding in the fourth line
     thereof the words "including without limitation in the case of Party A
     being an authorised deposit taking institution authorised to carry on
     banking business in the Commonwealth of Australia, Subsection 13A(3) of the
     Banking Act 1959 (Cth) and Section 86 of the Reserve Bank Act 1959 (Cth) or
     any amending or replacement legislation as may be in effect" after the word
     "generally".

(h)  In the third line of Section 3(c), insert "materially" before the word
     "affect".

(i)  Insert new Sections 3(g), 3(h) and 3(i) immediately after Section 3(f) as
     follows:

     "(g) NON ASSIGNMENT. It has not assigned (whether absolutely, in equity or
          otherwise) or declared any trust or given any charge over any of its
          rights under this Agreement or any Transaction (other than, in respect
          of Party B, the Securitisation Fund created pursuant to the Master
          Trust Deed and the charge given pursuant to the Security Trust Deed).

     (h)  RELATIONSHIP BETWEEN PARTIES

          Each party will be deemed to represent to the other party on the date
          on which it enters into a Transaction that (absent a written agreement
          between the parties that expressly imposes affirmative obligations to
          the contrary for that Transaction):-

               (i)  NON-RELIANCE. It is acting for its own account (or, in the
                    case of Party B, as trustee of the Securitisation Fund), and
                    has made its own independent decision to enter into that
                    Transaction and as to whether that Transaction is
                    appropriate or proper for it based upon its own judgment and
                    in the case of Party B, on the judgement of the Manager,
                    upon advice from such advisers as it has deemed necessary.
                    It is not relying on any communication (written or oral) of
                    the other party as investment advice or as a recommendation
                    to enter into that Transaction; it being understood that
                    information and explanations related to the terms and
                    conditions of a Transaction shall not be considered
                    investment advice or a recommendation to enter into that
                    Transaction. No communication (written or oral) received
                    from the other party shall be deemed to be an assurance or
                    guarantee as to the expected results of that Transaction.

               (ii) ASSESSMENT AND UNDERSTANDING. It is capable of assessing the
                    merits of and understanding (on its own behalf or through
                    independent professional advice), and understands and
                    accepts, the terms, conditions and risks of that
                    Transaction. It is also capable of assuming, and assumes,
                    the risks of that Transaction.

              (iii) STATUS OF PARTIES. The other party is not acting as a
                    fiduciary for or as an adviser to it in respect of that
                    Transaction.

     (i)  SECURITISATION FUND. Party B represents to Party A, in respect of
          Party B only (which representations will be deemed to be repeated by
          Party B on each date on which a Transaction is entered into) that:

               (i)  SECURISATION FUND VALIDLY CREATED. The Securitisation Fund
                    has been validly created and is in existence at the date of
                    this Agreement and each Transaction.

<PAGE>

               (ii) SOLE TRUSTEE. It has been validly appointed as trustee of
                    the Securitisation Fund and is presently the sole trustee of
                    the Securitisation Fund.

              (iii) NO PROCEEDINGS TO REMOVE. No notice has been given to it
                    and to its knowledge no resolution has been passed, or
                    direction or notice has been given, removing it as trustee
                    of the Securitisation Fund.

               (iv) POWER. It has power to enter into this Agreement and the
                    Security Trust Deed in its capacity as trustee
                            of the Securitisation Fund.

               (v)  GOOD TITLE. It is the legal owner of the assets of the
                    Securitisation Fund and has the power under the Master Trust
                    Deed to mortgage or charge them in the manner provided in
                    the Security Trust Deed and those assets are free from all
                    other prior encumbrances except for the Prior Interest."

(j)  In Section 4, add the following new paragraph immediately after Section
     4(e):

     "(f) CONTRACTING AS PRINCIPAL. Party A will enter into each Transaction as
          principal and not otherwise and, subject to Section 15, Party B will
          enter into each Transaction in its capacity as trustee of the
          Securitisation Fund and not otherwise."

(k)  In Section 6(d)(i) in the seventh line, insert "in the absence of manifest
     error" after the word "evidence".

(l)  CONFIRMATIONS. For the purposes of Section 9(e)(ii), Party A will, on or
     promptly after the relevant Trade Date, send the Manager a confirmation
     confirming that Transaction and the Manager and Party B must (either itself
     or through the Manager) promptly then confirm the accuracy of and sign and
     return, or request the correction of the Confirmation. Notwithstanding the
     provisions of Section 9(e)(ii), each Confirmation in respect of a
     Transaction which is confirmed by electronic messaging system, an exchange
     of telexes or an exchange of facsimiles will be further evidenced by an
     original Confirmation signed by the parties, however any failure to sign an
     original Confirmation will not affect the validity or enforcement of any
     Transaction.

(m)  In Section 6(e), delete the sentence "The amount, if any, payable in
     respect of an Early Termination Date and determined pursuant to this
     Section will be subject to any Set-off.", at the end of the first
     paragraph.

(n)  In Section 12:

     (i)  insert the words "and settlement instructions requiring payment to an
          entity other than the original counterparty" after the words "Section
          5 or 6" in line 2.

     (ii) replace Section 12(a)(iii) with:

         "(iii)if sent by facsimile transmission, on the date a transmission
               report is produced by the machine from which the facsimile was
               sent which indicates that the facsimile was sent in its entirety
               to the facsimile number of the recipient notified for the
               purposes of this Section unless the recipient notifies the sender
               within one Local Business Day of the facsimile being sent that
               the facsimile was not received in its entirety and in legible
               form;"

<PAGE>

     (iii) insert a new paragraph (vi) in Section 12(a) immediately after
           Section 12(a)(v) as follows:

          "(vi) if sent by ordinary mail, on the third (seventh, if posted to or
                from a place outside Australia) day after posting."

(o)  DEFINITIONS AND INTERPRETATION

     (i)  Section 14 of the Agreement is modified by inserting the following new
          definitions:

          "MASTER TRUST DEED" means the Master Trust Deed dated 4 July 1994 as
          amended between Party B and the Manager.

          "RELEVANT SWAP TRANSACTION" means in relation to the Class A Notes,
          each Transaction which is a Currency Swap for Class A Notes only.

          "SECURITY TRUST DEED" means the Security Trust Deed dated on or about
          the date of this Agreement between Party B as issuing trustee, ME
          Portfolio Management Limited as manager, Perpetual Trustee Company
          Limited as security trustee and The Bank of New York as note trustee.

          The definition of "Local Business Day" is replaced with the following:

          "LOCAL BUSINESS DAY" has the same meaning as Business Day.

          (ii) Each of the following expressions has the meaning given to them
               in the Master Trust Deed and the Security Trust Deed (as the case
               may be):

               "CHARGED PROPERTY"
               "CURRENCY SWAP"
               "DESIGNATED RATING AGENCY"
               "EXPENSE"
               "EXTRAORDINARY RESOLUTION"
               "NOTE TRUSTEE"
               "NOTE TRUST DEED"
               "OUTSTANDING PRINCIPAL BALANCE"
               "PRIOR INTEREST"
               "SECURED CREDITOR"
               "SECURED DOCUMENT"
               "SECURED MONEYS"
               "SECURITISATION FUND"
               "SUPPLEMENTARY BOND TERMS NOTICE"
               "WILFUL DEFAULT"

               The expressions "CLASS A NOTES", "CLASS A NOTEHOLDER", "INVESTED
               AMOUNT" and "NOTES" have the meanings given to them in the
               Supplementary Bond Terms Notice.

         (iii) Unless defined in this Agreement, words and phrases defined in
               the Master Trust Deed, the Security Trust Deed and the
               Supplementary Bond Terms Notice (each in the form as at the date
               of this Agreement) have the same meaning in this Agreement. Where
               there is any inconsistency in a definition between this Agreement
               (on the one hand) and the Master Trust Deed, Security Trust Deed
               or the Supplementary Bond Terms Notice (on the other hand), this
               Agreement prevails. Where words or phrases

<PAGE>

               used but not defined in this Agreement are defined in the Master
               Trust Deed in relation to a Securitisation Fund (as defined in
               the Master Trust Deed) such words or phrases are to be construed
               in this Agreement, where necessary, as being used only in
               relation to the Securitisation Fund (as defined in the
               Supplementary Bond Terms Notice).

          (iv) Where in this Agreement a word or expression is defined by
               reference to its meaning in another Transaction Document or there
               is a reference to another Transaction Document or to a provision
               of another Transaction Document, any amendment to the meaning of
               that word or expression or to that other Transaction Document or
               provision (as the case may be) will be of no effect for the
               purposes of this Agreement unless and until the amendment is
               consented to by the parties to this Agreement.

(p)  MASTER TRUST DEED AND SECURITY TRUST DEED. The parties acknowledge for the
     purposes of the Master Trust Deed and Security Trust Deed that:

     (i)  this Agreement and all Transactions under this Agreement are Secured
          Documents;

     (ii) Party A is a Secured Creditor; and

    (iii) all of the obligations of Party B under this Agreement and any/all
          Transactions under it are Secured Moneys.

(q)  ISDA DEFINITIONS. This Agreement, each Confirmation and each Transaction
     are subject to the 2000 ISDA Definitions (as published by the International
     Swaps and Derivatives Association, Inc) (the "ISDA Definitions"), and will
     be governed in all respects by any provisions set forth in the ISDA
     Definitions, without regard to any amendments to the ISDA Definitions made
     after the date of this Agreement. The ISDA Definitions are incorporated by
     reference in, and shall be deemed to be part of, this Agreement and each
     Confirmation.

(r)  INCONSISTENCY. In the event of any inconsistency between any two or more of
     the following documents in respect of a Transaction, they will take
     precedence over each other in the following descending order in respect of
     that Transaction:

     (i)  any Confirmation;
     (ii) the Schedule to the Agreement;
     (iii) the other provisions of the Agreement;
     (iv) the ISDA Definitions.

(s)  Any reference to a:

     (i)  "SWAP TRANSACTION" in the ISDA Definitions is deemed to be a reference
          to a "Transaction" for the purpose of interpreting this Agreement or
          any Confirmation; and

     (ii) "TRANSACTION" in this Agreement or any Confirmation is deemed to be a
          reference to a "Swap Transaction" for the purpose of interpreting the
          ISDA Definitions.

(t)  New Sections 15, 16 and 17 are inserted immediately after Section 14 as
     follows:

     "15. CAPACITY OF PARTY B AND THE MANAGER

<PAGE>

          (a)  Party B enters into this Agreement only in its capacity as
               trustee of the Securitisation Fund under the Master Trust Deed
               and in no other capacity. A liability incurred by Party B arising
               under or in connection with this Agreement is limited to and can
               be enforced against Party B only to the extent to which it can be
               satisfied out of the property of the Securitisation Fund which
               Party B is actually indemnified for the liability. This
               limitation of Party B's liability applies despite any other
               provision of this Agreement other than Section 15(c) and extends
               to all liabilities and obligations of Party B in any way
               connected with any representation, warranty, conduct, omission,
               agreement or transaction related to this Agreement.

          (b)  The parties other than Party B may not sue Party B (in respect of
               liabilities incurred by Party B in its capacity as trustee of the
               Securitisation Fund) in any capacity other than as trustee of the
               Securitisation Fund including seeking the appointment of a
               receiver (except in relation to property of the Securitisation
               Fund), a liquidator, an administrator or any similar person to
               Party B or prove in any liquidation, administration or
               arrangement of or affecting Party B (except in relation to the
               property of the Securitisation Fund).

          (c)  The provisions of this Section 15 shall not apply to any
               obligation or liability of Party B except to the extent that it
               is not satisfied because under the Master Trust Deed or by
               operation of law there is a reduction in the extent of Party B's
               indemnification out of the assets of the Securitisation Fund, as
               a result of Party B's fraud, negligence or Wilful Default

          (d)  It is acknowledged that the Manager is responsible under the
               Master Trust Deed for performing a variety of obligations
               relating to the Securitisation Fund, including under this
               Agreement. No act or omission of Party B (including any related
               failure to satisfy its obligations or breach of representation or
               warranty under this Agreement) will be considered fraud,
               negligence or Wilful Default of Party B for the purposes of
               paragraph (c) of this Section 15 to the extent to which the act
               or omission was caused or contributed to by any failure by the
               Manager or any other person to fulfil its obligations relating to
               the Securitisation Fund or by any other act or omission of the
               Manager or any other person.

          (e)  Party B is not obliged to do or refrain from doing anything under
               this Agreement (including incurring any liability) unless Party
               B's liability is limited in the same manner set out in paragraphs
               (a) to (c) of this Section 15.

     16.  REPLACEMENT CURRENCY SWAP

          (a)  If this Agreement or any Transaction under this Agreement which
               is a currency swap is terminated prior to the day upon which the
               Class A Notes are redeemed in full, Party B must, subject to
               paragraph (b), at the direction of the Manager, enter into one or
               more currency swaps which replace the Transactions under this
               Agreement (collectively, a "REPLACEMENT CURRENCY SWAP") but only
               under the following conditions:

               (i)  the amount payable under Section 6(e) (if any) by Party B to
                    Party A upon termination of this Agreement or any
                    Transaction will be paid in

<PAGE>

                    full when due in accordance with the Supplementary Bond
                    Terms Notice and this Agreement;

               (ii) the Designated Rating Agencies confirm in writing that the
                    entry into the Replacement Currency Swap by Party B will not
                    cause a reduction or withdrawal of the ratings of the Notes;
                    and

              (iii) the liability of Party B under the Replacement
                    Currency Swap is limited to at least the same extent that
                    its liability is limited under that Transaction.

          (b)  If the conditions in Section 16(a) are satisfied, Party B must,
               provided it is satisfied with the terms of the Replacement
               Currency Swap, acting reasonably and considering the interests of
               the Class A Noteholders, at the direction of the Manager, enter
               into the Replacement Currency Swap and if the amount calculated
               to be payable under Section 6(e) ("TOTAL SETTLEMENT AMOUNT") is
               payable by Party B to Party A upon termination of the Transaction
               referred to in Section 16(a), Party B must direct the Replacement
               Currency Swap provider to pay any upfront premium to enter into
               the Replacement Currency Swap due to Party B directly to Party A
               in satisfaction of and to the extent of Party B's obligation to
               pay the Total Settlement Amount to Party A, and to the extent
               such premium is not greater than or equal to the Total Settlement
               Amount, the balance may be satisfied by Party B as an Expense of
               the Securitisation Fund.

          (c)  If Party B enters into a Replacement Currency Swap pursuant to
               Section 16(a) and a Total Settlement Amount is payable by Party A
               to Party B upon termination of the Transaction referred to in
               Section 16(a), Party B must direct Party A to pay that amount to
               the Replacement Currency Swap provider in satisfaction of or
               towards and to the extent of Party B's obligations (if any) to an
               upfront premium to the Replacement Currency Swap provider to
               enter into the Replacement Currency Swap in satisfaction of and
               to the extent of Party A's obligation to pay that party of the
               amount payable under Section 6(e) to Party B.

17. SEGREGATION

     The liability of Party B under this Agreement is several and is separate in
     respect of each Relevant Swap Transaction. The failure of Party B to
     perform its obligations in respect of any relevant Swap Transaction does
     not release Party B from its obligations under this Agreement or under any
     other Relevant Swap Transaction in respect of any other Class A Notes
     issued by Party B. Nothing in this Agreement affects the respective
     priority rankings of claims against the Charged Property under the Security
     Trust Deed. Without limiting the generality of the foregoing, the
     provisions of this Agreement have effect separately and severally in
     respect of each Relevant Swap Transaction and are enforceable by or against
     Party B as though a separate agreement applied between Party A, Party B and
     the Manager for each Relevant Swap Transaction, so that (among other
     things):

     (i)  this Agreement together with each Confirmation relating to a Relevant
          Swap Transaction will form single separate agreement between Party A,
          Party B and the Manager and references to the respective obligations
          (including references to payment obligations generally and in the
          context of provisions for the netting of payments and the calculation
          of amounts due on early termination) of Party A, Party B and the
          Manager shall be construed

<PAGE>

          accordingly as a several reference to each mutual set of obligations
          arising under each such separate agreement between Party A, Party B
          and the Manager;

     (ii) representations made and agreements entered into by the parties under
          this Agreement are made and entered into separately and severally in
          respect of each Relevant Swap Transaction and may be enforced
          separately and severally in respect of each Relevant Swap Transaction;

    (iii) rights of termination, and obligations and entitlements consequent
          upon termination, only accrue to Party A against Party B separately
          and severally in respect of each Relevant Swap Transaction, and only
          accrue to Party B against Party A separately and severally in respect
          of each Relevant Swap Transaction; and

     (iv) the occurrence of an Event of Default or Termination Event in respect
          of a Relevant Swap Transaction does not in itself constitute an Event
          of Default or Termination Event in respect of any other Relevant Swap
          Transaction."

(u)  TELEPHONE RECORDING. Each party:

     (i)  consents to the electronic recording of its telephone conversations
          with the other party (or any of its associated persons) with or
          without the use of an automated warning device;

     (ii) acknowledges that such recordings and transcripts can be used as
          evidence by another party in any dispute between them; and

     (iii) acknowledges that no party is obligated to maintain copies of such
          recordings and transcripts for the benefit of the other party.

(v)  APPOINTMENT OF MANAGER. Party A acknowledges that under the Master Trust
     Deed Party B has appointed the Manager as manager of the Securitisation
     Fund with the powers set out in, and upon and subject to the terms of, the
     Master Trust Deed. Accordingly, subject to the terms of the Master Trust
     Deed, the Manager:

     (i)  may arrange, enter into, and monitor Transactions, execute
          Confirmations and exercise all other rights and powers of Party B
          under this Agreement; and

     (ii) without limiting the generality of the foregoing, the Manager shall
          issue and receive, on behalf of Party B all notices, Confirmations,
          certificates and other communications to Party A under this Agreement.

(w)  RATINGS DOWNGRADE

     (i)  In the event that the unsecured and unsubordinated debt obligations of
          Party A (or any applicable assignee or its guarantor) shall have (1) a
          short-term credit rating of less than A-1+ by S&P, or (2) a long-term
          credit rating of less than A2 by Moody's and a short-term credit
          rating of less than P-1 by Moody's, or (3) a long-term credit rating
          of less than AA- by Fitch Ratings and a short-term credit rating of
          less than F1+ by Fitch Ratings and Party B does not receive written
          affirmation of the then current rating of the Notes; or

<PAGE>

     (ii) in the event that the Commonwealth of Australia's foreign currency
          rating shall have a long-term credit rating of less than AA- by Fitch
          Ratings and a short-term credit rating of less than F1+ by Fitch
          Ratings and Party B does not receive written affirmation of the then
          current rating of the Notes,

     THEN Party A shall immediately notify the Designated Rating Agencies and
     Party B and within 5 Local Business Days (or 30 Local Business Days if the
     downgrade is to no less than A-1 (S&P short-term) and A3 (Moody's
     long-term) and A- (Fitch Ratings long-term) and F1 (Fitch Ratings
     short-term) of such downgrade (unless during this period, Party A and Party
     B receive written confirmation from S&P, Moody's and Fitch Ratings that
     such downgrade would not result in the Notes being downgraded) at its cost
     either:

          (A)  if a downgrade in respect of either or each of Part 5(w)(i) or
               Part 5(w)(ii) has occurred, put in place an appropriate
               mark-to-market collateral agreement (consisting of either cash or
               securities) which may be based either on S&P's New Interest Rate
               and Currency Swap Criteria published in January 1999 (as may be
               amended from time to time) or on any other agreement reached
               between the parties, in support of its obligations under the
               Agreement PROVIDED that Party A and Party B receive prior written
               confirmation from S&P, Moody's and Fitch Ratings that the rating
               assigned to the Notes then outstanding by S&P, Moody's and Fitch
               Ratings is not adversely affected by the downgrade following such
               collateral arrangements being put in place.

               If collateral is lodged under this sub-paragraph (A), the parties
               must execute an amending agreement incorporating into this
               Agreement the 1995 ISDA Credit Support Annex (Bilateral Form -
               Transfer), and until executed the 1995 ISDA Credit Support Annex
               will be taken to supplement and form part of this Agreement and
               any collateral lodged under this sub-paragraph (A) is subject to
               its terms as if the Credit Support Annex were incorporated into
               this Agreement (but without any Paragraph 11 other than as
               necessary to give effect to the obligations described in this
               sub-paragraph (A) prior to the lodgement of such collateral; or

          (B)  transfer all its rights and obligations with respect to this
               Agreement to:

               (i)  if a downgrade in respect of Part 5(w)(i) alone has
                    occurred, a replacement third party whose unsecured and
                    unsubordinated debt obligations have (1) a short-term credit
                    rating of at least A-1+ by S&P, and (2) a long-term credit
                    rating of at least A2 by Moody's and a short-term credit
                    rating of at least P-1 by Moody's, and (3) a long-term
                    credit rating of at least AA- by Fitch Ratings and a
                    short-term credit rating of at least F1+ by Fitch Ratings;
                    or

               (ii) if a downgrade in respect of Part 5(w)(ii) alone has
                    occurred, a replacement third party whose country of
                    domicile shall have a foreign currency rating assigned by
                    Fitch Ratings of at least AA- long-term and F1+ short-term,
                    PROVIDED that the replacement third party is acceptable to
                    each Designated Rating Agency; or

              (iii) if each of the downgrades in respect of Part 5(w)(i) and
                    Part 5(w)(ii) have occurred, a replacement third party
                    whose:

                    (a)  unsecured and unsubordinated debt obligations have (1)
                         a short-term credit rating of at least A-1+ by S&P, and
                         (2) a long-term credit rating of at least A2 by Moody's
                         and a short-term credit

<PAGE>

                         rating of at least P-1 by Moody's, and (3) a long-term
                         credit rating of at least AA- by Fitch Ratings and a
                         short-term credit rating of at least F1+ by Fitch
                         Ratings; and

                    (b)  country of domicile has a foreign currency rating
                         assigned by Fitch Ratings of at least AA- a long-term
                         and F1+ short-term; or

          (C)  procure that its obligations with respect to this Agreement are
               guaranteed by:

               (i)  if a downgrade in respect of Part 5(w)(i) alone has
                    occurred, a replacement third party whose unsecured and
                    unsubordinated debt obligations have (1) a short-term credit
                    rating of at least A-1+ by S&P, and (2) a long-term credit
                    rating of at least A2 by Moody's and a short-term credit
                    rating of at least P-1 by Moody's, and (3) a long-term
                    credit rating of at least AA- by Fitch Ratings and a
                    short-term credit rating of at least F1+ by Fitch Ratings;
                    or

               (ii) if a downgrade in respect of Part 5(w)(ii) alone has
                    occurred, a replacement third party whose country of
                    domicile shall have a foreign currency rating assigned by
                    Fitch Ratings of at least AA- long-term and F1+ short-term,
                    PROVIDED that the replacement third party is acceptable to
                    each Designated Rating Agency; or

              (iii) if each of the downgrades in respect of Part 5(w)(i) and
                    Part 5(w)(ii) have occurred, a replacement third party
                    whose:

                    (a)  unsecured and unsubordinated debt obligations have (1)
                         a short-term credit rating of at least A-1+ by S&P, and
                         (2) a long-term credit rating of at least A2 by Moody's
                         and a short-term credit rating of at least P-1 by
                         Moody's, and (3) a long-term credit rating of at least
                         AA- by Fitch Ratings and a short-term credit rating of
                         at least F1+ by Fitch Ratings; and

                    (b)  country of domicile has a foreign currency rating
                         assigned by Fitch Ratings of at least AA- long-term and
                         F1+ short-term; or

          (D)  enter into such other arrangements which each Designated Rating
               Agency has confirmed will not result in there being a withdrawal
               or downgrade of any credit rating assigned by it to the Notes.

    (iii) Where Party A transfers its rights and obligations to a replacement
          counterparty in accordance with Part 5(w)(i)(B) or 5(w)(ii)(B), the
          Trustee, at the direction of the Manager, and each other party to this
          Agreement shall do all things reasonably necessary at the cost of
          Party A to novate the relevant rights and obligations to the
          replacement counterparty.

     (iv) If, at any time, Party A's obligations under this Agreement are
          transferred in accordance with Part 5(w)(i)(B) or 5(w)(ii)(B), Party A
          shall be immediately entitled to any collateral which it has provided
          under any collateral agreement contemplated by Part 5(w)(i)(A) or
          5(w)(ii)(A) (less any amount withdrawn in accordance with
          sub-paragraph (v) below).

     (v)  Party B may only make withdrawals from any account into which
          collateral is provided by Party A (the COLLATERAL ACCOUNT) if directed
          to do so by the Manager and then only for the purpose of:

<PAGE>

          (A)  transferring obligations under this Agreement in accordance with
               Part 5(w)(i)(B) or 5(w)(ii)(B) (including the costs of obtaining
               a replacement counterparty);

          (B)  refunding to Party A any excess in the amount of any collateral
               deposited to the Collateral Account over the amount Party A is
               required to maintain under any collateral agreement contemplated
               by Part 5(w)(i)(A) or 5(w)(ii)(A);

          (C)  withdrawing any amount which has been incorrectly deposited into
               the Collateral Account;

          (D)  paying bank accounts debit tax or other equivalent Taxes payable
               in respect of the Collateral Account; or

          (E)  funding the amount of any payment due to be made by Party A under
               this Agreement following the failure by Party A to make that
               payment.

               The Manager must direct Party B to, and Party B must, refund or
               pay to Party A the amount of any payment which may be made to
               Party A under Part 5(w)(v)(B) or 5(w)(v)(C) as soon as such
               refund or payment is possible.

     (vi) All interest on the Collateral Account will accrue and be payable
          monthly to Party A providing the amount deposited to the Collateral
          Account is not less than the amount Party A is required to maintain
          under the collateral agreement contemplated by Part 5(w)(i)(A) or
          5(w)(ii)(A)."

(x)  EXCHANGE CONTROLS

     Section 5(b)(i) (ILLEGALITY) is amended by adding the following paragraph
          at the end:-

     "This sub-paragraph (i) does not apply to the imposition by the Australian
     government or any agency of the Australian government of any exchange
     control restrictions or prohibitions ("EXCHANGE CONTROLS")." For the
     avoidance of doubt:

     (A)  exchange controls do not constitute an Illegality or other Termination
          Event or an Event of Default under this Agreement, and do not entitle
          a party to terminate a Transaction or otherwise refuse to make any
          payments it is obliged to make under a Transaction: and

     (B)  if and for so long as exchange controls are imposed, delivery by Party
          B of Australian dollar amounts required to be paid by it under any
          relevant Confirmation to the bank account in Australia notified in
          writing by Party A to Party B from time to time specified in that
          Confirmation will constitute proper payment of those amounts by Party
          B and Party A's obligations under this Agreement will be unaffected by
          any such exchange controls."

(y)  Add a new Section 6(aa) as follows:

     "(aa) RESTRICTED TERMINATION RIGHTS

          (i)  TERMINATION BY PARTY B: Party B must not designate an Early
               Termination Date without the prior written consent of the Note
               Trustee.

          (ii) CONSULTATION REGARDING TIMING: Each party may only designate an
               Early Termination Date following prior consultation with the
               other parties as to the

<PAGE>

               timing of the Early Termination Date. Subject to Party B's duties
               under the Master Trust Deed and the Supplementary Bond Terms
               Notice, Party B may exercise its rights only on the instructions
               of the Note Trustee and only after consultation between Party A,
               Party B, the Manager and the Note Trustee.

          (iii) PARTY A'S LIMITED RIGHTS IN RELATION TO A TAX EVENT:

               (a)  Notwithstanding Part 1(c)(ii) of this Schedule, Party A may
                    designate an Early Termination Date if it is an Affected
                    Party following a Tax Event but only if the Note Trustee has
                    confirmed that the Class A Notes will be redeemed at the
                    full amount of the Invested Amount (or, if the Class A
                    Noteholders by Extraordinary Resolution have so agreed; at a
                    lesser amount) together with accrued interest to (but
                    excluding) the date of the redemption.

               (b)  If a Tax Event occurs where Party A is the Affected Party
                    and Party A is unable to transfer all its rights and
                    obligations under this Agreement and each Transaction to an
                    Affiliate pursuant to Section 6(b)(ii), Party A may, at its
                    cost, transfer all its rights, powers and privileges and all
                    its unperformed and future obligations under this Agreement
                    and each Transaction to any person provided that, each
                    Designated Rating Agency has confirmed in writing that the
                    transfer will not result in a reduction, qualification or
                    withdrawal of the credit ratings then assigned by them to
                    the relevant Class A Notes.

          (iv) TRANSFER WHERE PARTY B DOES NOT GROSS-UP: If any payment by Party
               B to Party A under this Agreement is, or is likely to be, made
               subject to any deduction or withholding on account of Tax, Party
               B will endeavour to procure the substitution as principal obligor
               under this Agreement in respect of each Affected Transaction of a
               replacement Party B incorporated in another jurisdiction approved
               by Party A and the Note Trustee and in respect of which the
               Designated Rating Agencies confirm that the substitution will not
               cause a reduction or withdrawal of the rating of the Class A
               Notes."

(z)  TRANSFER. A new paragraph (c) is added to Section 7 as follows:

     "a party may make such a transfer under, or in accordance with, this
     Agreement."

     and the full stop at the end of paragraph (b) is replaced with "; and".

(aa) PARTY B'S PAYMENT INSTRUCTIONS. Party B irrevocably authorises and
     instructs Party A to make payment of:

     (i)  the "Initial Exchange Amount" payable by Party A under a currency swap
          transaction by paying that amount direct to the account notified in
          writing by Party B to Party A for that purpose; and

     (ii) any other amount due from Party A to Party B under this Agreement by
          paying that amount direct to the Principal Paying Agent to the account
          outside Australia notified in writing by the Principal Paying Agent to
          Party A for that purpose. Party A is entitled to rely on any such
          notice.

<PAGE>

(ab) NO AMENDMENT. Each of Party B and the Manager agrees that it will not
     consent to any amendment to any provision in any Transaction Document
     dealing with the ranking, priority or entitlement of Party A in respect of
     any security or moneys without the prior written consent of Party A.

IN WITNESS WHEREOF the parties have executed this Agreement on the respective
dates and specified below with effect from the date specified on the first page
of this Agreement.

SIGNED for
WESTPAC BANKING CORPORATION
ABN 33 007 457 141 (PARTY A)
by its attorney in
the presence of:

<TABLE>
<CAPTION>
<S>                                                              <C>

------------------------------------------------                 --------------------------------------------------
Witness                                                          Attorney

------------------------------------------------                 --------------------------------------------------
Name (please print)                                              Name (please print)

SIGNED for
PERPETUAL TRUSTEES AUSTRALIA LIMITED
ABN 86 000 431 827 (PARTY B)
by its attorney in
the presence of:

------------------------------------------------                 --------------------------------------------------
Witness                                                          Attorney

------------------------------------------------                 --------------------------------------------------
Name (please print)                                              Name (please print)

ME PORTFOLIO MANAGEMENT LIMITED
ABN 79 005 964 134 (MANAGER)
for the SMHL Global Fund No. 5
by its attorney in
the presence of:

------------------------------------------------                 --------------------------------------------------
Witness                                                          Attorney

------------------------------------------------                 --------------------------------------------------
Name (please print)                                              Name (please print)
</TABLE>

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