Document:

Exhibit 10.12

              Top-Funding Facility Agreement
              for the Issue and Repayment of
              Notes - SMHL Gloval Fund No. 9

              Perpetual Limited
              ABN 86 000 431 827

              and

              ME Portfolio Management Limited
              ABN 79 005 964 134

              Freehills

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

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

              Reference LGR:OMT:36G

<PAGE>

                     Top-up Funding Facility Agreement - SMHL Global Fund No. 9
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<TABLE>
<CAPTION>
Table of contents

Clause                                                                                    Page

<S>                                                                                     <C>
1       Definitions and interpretation                                                       2

        1.1    Definitions                                                                   2
        1.2    Interpretation                                                                5
        1.3    Business Day                                                                  7
        1.4    Transaction Document                                                          7

2       The Notes                                                                            7

        2.1    Application for and Issue of Notes                                            7
        2.2    Acknowledgment of Indebtedness                                                7
        2.3    Obligations under Notes                                                       8
        2.4    Ownership of Notes                                                            8
        2.5    Register                                                                      8

3       Top-up Loan                                                                          8

        3.1    Purpose                                                                       8
        3.2    Suspension of the Facility                                                    8

4       Funding procedures                                                                   9

        4.1    Delivery of Funding Notice                                                    9
        4.2    Requirements for a Funding Notice                                             9
        4.3    Copy of the Funding Notice                                                    9
        4.4    Irrevocability of Funding Notice                                              9
        4.5    Notification of Funding Rate                                                  9

5       Loan Facility                                                                        9

        5.1    Provision of Funding Portions                                                 9
        5.2    Repayment                                                                    10
        5.3    Repayment of Outstanding Moneys                                              10
        5.4    Interest                                                                     10
        5.5    Order of Repayment                                                           11

6       Payments                                                                            11

        6.1    Manner of payments                                                           11
        6.2    Payments on a Business Day                                                   12
        6.3    Appropriation of payments                                                    12
        6.4    Payments in gross                                                            12
        6.5    Taxation deduction procedures                                                12
        6.6    Amounts payable on demand                                                    12

7       Representations and warranties                                                      13

        7.1    By the Issuer                                                                13
        7.2    By the SF Manager                                                            14
        7.3    Survival and repetition of representations and warranties                    14
        7.4    Reliance by the Note Holder and OF Manager                                   15

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                                                                                        page 1
</TABLE>

<PAGE>
<TABLE>
<CAPTION>
                                    Top-up Funding Facility Agreement - SMHL Global Fund No. 9
<S>                                                                                         <C>
8       Undertakings                                                                        15

        8.1    Term of undertakings                                                         15
        8.2    Compliance with Covenants                                                    15
        8.3    Notify Events of Default                                                     15
        8.4    Know your customer                                                           15
        8.5    Compliance with Regulation AB                                                15
        8.6    Direction of claims by the SF Manager                                        21
        8.7    Direction of defence of claims                                               21

9       Events of Default                                                                   22

        9.1    Effect of Event of Default                                                   22
        9.2    Issuer to continue to perform                                                22
        9.3    Enforcement                                                                  22

10      Increased costs, illegality and yield protection                                    23

        10.1   Increased costs                                                              23
        10.2   Illegality                                                                   24

11      Trustee Limitation of Liability Protection                                          24

        11.1   Limitation of Liability - Issuer                                             24
        11.2   Limitation of Liability - Note Holder                                        25
        11.3   Wilful Default of the Issuer and the Note Holder                             26

12      Indemnities                                                                         27

        12.1   General indemnity                                                            27
        12.2   Continuing indemnities and evidence of loss                                  28
        12.3   Funds available for indemnity                                                28
        12.4   Negligence, wilful default or breach of law                                  28
        12.5   Notification from Note Holder or OF Manager                                  28

13      Tax, costs and expenses                                                             29

        13.1   Tax                                                                          29
        13.2   Costs and expenses                                                           29
        13.3   Goods and services tax                                                       30

14      Interest on overdue amounts                                                         30

        14.1   Payment of interest                                                          30
        14.2   Accrual of interest                                                          30
        14.3   Rate of interest                                                             31

15      Assignment                                                                          31

        15.1   Assignment by Transaction Party                                              31
        15.2   Assignment by Note Holder and OF Manager                                     31
        15.3   Assist transfer or assignment                                                31
        15.4   Participation permitted                                                      31
        15.5   Lending Office                                                               31
        15.6   Disclosure                                                                   31
        15.7   No increase in costs                                                         32

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                                                                                        page 2
</TABLE>

<PAGE>
<TABLE>
<CAPTION>
                                    Top-up Funding Facility Agreement - SMHL Global Fund No. 9
<S>                                                                                         <C>
16      General                                                                             32

        16.1   Confidential information                                                     32
        16.2   Performance by Note Holder of obligations                                    32
        16.3   Transaction Party to bear cost                                               32
        16.4   Notices                                                                      32
        16.5   Governing law and jurisdiction                                               34
        16.6   Prohibition and enforceability                                               34
        16.7   Waivers                                                                      34
        16.8   Variation                                                                    35
        16.9   Cumulative rights                                                            35
        16.10  Attorneys                                                                    35
        16.11  Binding Obligations                                                          35
        16.12  Winding up of Securitisation Fund                                            35
        16.13  Termination clause                                                           35
        16.14  Counterparts                                                                 35

Schedule 3 - Report on assessment of compliance with Regulation AB servicing criteria       41

Schedule 4 - Servicing Criteria to be addressed in assessment of compliance                 42

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                                                                                        page 3
</TABLE>

<PAGE>
                      Top-up Funding Facility Agreement - SMHL Global Fund No. 9

--------------------------------------------------------------------------------
This Top-up Funding Facility Agreement

               is made on 21 September 2006 between the following parties:

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

               2.     Perpetual Limited ABN 86 000 431 827
                      in its capacity as trustee of the Origination Fund (as
                      hereinafter defined) of Level 12, 123 Pitt 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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                                                                         page 1
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                      Top-up Funding Facility Agreement - SMHL Global Fund No. 9

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1       Definitions and interpretation

        1.1    Definitions

               In this agreement:

               Attorney means an attorney appointed under a Material Document;

               Base Rate means in respect of a Funding Portion and a Payment
               Period:

               (a)  the rate percent per annum determined by the OF Manager by
                    taking the rates quoted on the page entitled "BBSW" on the
                    Reuters Monitor System at or about 10.10am (Melbourne time)
                    on the Funding Date by each Reference Bank (provided that at
                    least 4 Reference Banks are quoting) as being its mean
                    buying and selling rate for a bank accepted Bill having a
                    tenor equal to 90 days eliminating one of the highest and
                    one of the lowest mean rates, and then calculating the
                    average of the remaining mean rates and then (if necessary)
                    rounding up the resultant figure to four decimal places; or

               (b)  if in respect of any Funding Date the Base Rate cannot be
                    determined because:

                    (1)  less than 4 Reference Banks have quoted their relevant
                         rates; or

                    (2)  the Payment Period does not equal a tenor in relation
                         to which at least 4 Reference Banks have quoted their
                         relevant rates,

                         on the page entitled "BBSW" on the Reuters Monitor
                         System on the Funding Date, the rate percent per annum
                         calculated by the OF Manager in accordance with
                         paragraph (a) of this definition but by taking the
                         buying and selling rates otherwise quoted by 4 of the
                         Reference Banks on application by the OF Manager, for
                         bank accepted Bills of the same tenor and a face value
                         amount of A$1,000,000 each; or

               (c)  if in respect of any Funding Date the Base Rate cannot be
                    determined in accordance with paragraphs (a) or (b) of this
                    definition, the rate percent per annum determined by the OF
                    Manager in good faith to be the rate most nearly
                    approximating the rate that would otherwise have been
                    calculated by the OF Manager in accordance with paragraph
                    (a) of this definition having regard to comparable indices
                    then available in the then current bill market;

               Bill means a bill of exchange as defined in the Bills of Exchange
               Act 1909 (Cth), but does not include a cheque;

               Business Day means a day on which banks are open for business in
               Melbourne and Sydney excluding a Saturday, Sunday or public
               holiday;

               Class A Note has the same meaning as in the Supplementary Bond
               Terms;

               Class B Note has the same meaning as in the Supplementary Bond
               Terms;

               Commission has the same meaning as in the Supplementary Bond
               Terms;

               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;
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                                                                         page 2
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                      Top-up Funding Facility Agreement - SMHL Global Fund No. 9

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

               Exchange Act has the same meaning as in the Supplementary Bond
               Terms;

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

               Facility means the top-up funding facility made available by the
               Note Holder to the Issuer under this agreement (by purchase of
               Notes);

               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);

               Funding Rate means for any Payment Period the rate per cent per
               annum which is the aggregate of the Base Rate for that Payment
               Period and the Margin;

               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 Collections has the meaning given to it in the
               Supplementary Bond Terms;

               Lending Office means the office of the Note Holder set out on
               page 1 of this agreement or such other office as notified by the
               Note Holder under this agreement;

               Loan has the meaning given to it under the Master Trust Deed;

               Loan Redraw Facility has the meaning given to it under the
               Supplementary Bond Terms;

               Margin means that percentage notified by the OF Manager to the SF
               Manager on or about the issue of a Note as the margin applicable
               to that Note;

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

               Material Documents means:

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

               (d)  the Security Trust Deed; and

               (e)  the Supplementary Bond Terms;

               Mortgage has the meaning given to it under the Master Trust Deed;

               Note means a note issued under clause 2;
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                                                                         page 3
<PAGE>
                      Top-up Funding Facility Agreement - SMHL Global Fund No. 9

               Note Holder means Perpetual Limited (in its capacity as trustee
               of the Origination Fund) or any person entitled to be registered
               as a Note Holder in accordance with this agreement;

               Officer means:

               (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 "head" 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;

               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

               (g)  comprise any combination of the above;

               Overdue Rate means on any date the rate percent per annum which
               is the aggregate of 2% per annum and the Funding Rate;

               Payment Date has the meaning given to it under the Supplementary
               Bond Terms;

               Payment Period means the period from and including the last
               relevant Payment Date to but excluding the next relevant 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;

               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 Collections has the meaning given to it in the
               Supplementary Bond Terms;

               Principal Outstanding means at any time the aggregate principal
               amount of all outstanding Funding Portions at that time;

               Reference Bank means any one of Commonwealth Bank of Australia,
               Westpac Banking Corporation, National Australia Bank Limited and
               Australia and New Zealand Banking Group Limited;

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                                                                         page 4
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                      Top-up Funding Facility Agreement - SMHL Global Fund No. 9

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

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

               Same Day Funds means bank cheque or other immediately available
               funds;

               Secured Creditors has the meaning given to it in the Security
               Trust Deed;

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

               Security Trust Deed means the deed in respect of the
               Securitisation Fund between the Issuer, the SF Manager and
               Perpetual Trustee Company Limited ABN 42 000 001 007 (as security
               trustee) and the Bank of New York (as note trustee);

               Supplementary Bond Terms means the Supplementary Bond Terms
               Notice in respect of the Securitisation Fund and providing the
               terms of issue of Class A Notes and Class B Notes;

               Tax means:

               (a)  any tax (including GST), 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 day which is 1 Business Day prior to
               the Final Maturity Date as defined in the Supplementary Bond
               Terms;

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

               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;

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                                                                         page 5
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                      Top-up Funding Facility Agreement - SMHL Global Fund No. 9

               (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;

               (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

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                                                                         page 6
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                      Top-up Funding Facility Agreement - SMHL Global Fund No. 9

               (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 awareness or actual notice of that
                    thing, or grounds or reason to believe that thing (and
                    similar references will be interpreted in this way). In
                    addition, notice, knowledge or awareness of an Event of
                    Default means notice, knowledge or awareness of the
                    occurrence of the events or circumstances constituting an
                    Event of Default and that those events or circumstances
                    constitute an Event of Default.

        1.3    Business Day

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

--------------------------------------------------------------------------------
2       The Notes

        2.1    Application for and Issue of Notes

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

                    (1)  directing a Note be issued from the Securitisation
                         Fund;

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

                    (3)  specifying the proposed date and time 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 directed that the Issuer issues a Note
                    in accordance with clause 2.1(a), the Note Holder must
                    subscribe for the Note as directed by the SF Manager, and
                    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 and the
                    Security Trust Deed 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.

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                                                                         page 7
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                      Top-up Funding Facility Agreement - SMHL Global Fund No. 9

        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.

               (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, and 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.

--------------------------------------------------------------------------------
3       Top-up Loan

        3.1    Purpose

               The Issuer must, and the SF Manager must cause the Issuer to, use
               the proceeds of a Funding Portion only to make Top-up Loans.

        3.2    Suspension of the Facility

               (a)  The OF Manager may, as the OF Manager in its absolute
                    discretion determines, suspend the Facility at any time and
                    for any period of time after giving notice to the SF Manager
                    and the Issuer.

               (b)  Nothing in clause 3.2(a) affects the obligations of the Note
                    Holder to subscribe for Notes in respect of Top-up Loans
                    approved by the OF Manager prior to giving notice in
                    accordance with clause 3.2(a).

               (c)  The OF Manager may give notice at any time that it withdraws
                    the suspension.

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                                                                         page 8
<PAGE>
                      Top-up Funding Facility Agreement - SMHL Global Fund No. 9

--------------------------------------------------------------------------------
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 not
                    later than 12 noon on the Business Day which is the Funding
                    Date; and

               (c)  must be signed by an Officer of the SF Manager.

        4.3    Copy of the Funding Notice

               A copy of each Funding Notice must be provided to the Issuer at
               the same time it is given to the Note Holder and the OF Manager.

        4.4    Irrevocability of Funding Notice

               The Note Holder and the OF Manager must not decline to provide
               the funding specified in a Funding Notice. Following the issue of
               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.

        4.5    Notification of Funding Rate

               (a)  After the OF Manager has determined the Base Rate for a
                    Payment Period it must promptly notify the Issuer and SF
                    Manager in writing of the Funding Rate for that Payment
                    Period, specifying both the Base Rate and the Margin.

               (b)  In the absence of manifest error, each determination of the
                    Base Rate by the OF Manager is conclusive evidence of that
                    rate against the Issuer and the SF Manager.

--------------------------------------------------------------------------------
5       Loan Facility

        5.1    Provision of Funding Portions

               If the SF Manager gives a Funding Notice in accordance with
               clause 4, then, subject to this agreement (including, without
               limitation, clause 11), 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

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                                                                         page 9
<PAGE>
                      Top-up Funding Facility Agreement - SMHL Global Fund No. 9

               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

               On each relevant Payment Date and to the extent that during the
               Payment Period it has not done so, the Issuer must, and the SF
               Manager must cause the Issuer to:

               (a)  repay so much of the Principal Outstanding (to the extent
                    that funds are available from the Securitisation Fund) as
                    the Issuer is required to apply from Interest Collections to
                    repayment of any principal due and payable under any Top-up
                    Funding Facility pursuant to clauses 6.1(a)(14) and
                    6.1(c)(14) of the Supplementary Bond Terms; and

               (b)  repay so much of the Principal Outstanding (to the extent
                    that funds are available from the Securitisation Fund)
                    (after the repayment in clause 5.2(a)) as the Issuer is
                    required to apply from Principal Collections to repayment of
                    any Top-up Principal Outstanding under any Top-up Funding
                    Facility" pursuant to clauses 6.2(a)(5) and 6.2(c)(5) of the
                    Supplementary Bond Terms.

        5.3    Repayment of Outstanding Moneys

               (a)  The Principal Outstanding under the Facility must be repaid
                    by the Issuer to the Note Holder:

                    (1)  in full on the Termination Date; and

                    (2)  otherwise as specified in, or required under, the
                         Transaction Documents,

                    and the SF Manager must cause the Issuer to do so.

               (b)  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.

        5.4    Interest

               (a)  On each relevant Payment Date, the Issuer must, and the SF
                    Manager must cause the Issuer to, pay to the Note Holder
                    interest (to the extent that funds are available from the
                    Securitisation Fund) on the Principal Outstanding at the
                    Funding Rate:

                    (1)  in relation to any Funding Portion drawn during the
                         current Payment Period, for the period from and
                         including the relevant Funding Date to but excluding
                         the relevant Payment Date; and

                    (2)  in relation to the remainder of the Principal
                         Outstanding, for the Payment Period,

                    to the extent to which the Issuer is required to apply from
                    Interest Collections to payment of any interest due under
                    any Top-up Funding Facility pursuant to clauses 6.1(a)(4)
                    and 6.1(c)(4) of the Supplementary Bond Terms.

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                      Top-up Funding Facility Agreement - SMHL Global Fund No. 9

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

                    (1)  that unpaid interest shall accrue interest at the
                         Overdue Rate for the next Payment Period;

                    (2)  that unpaid interest and interest accrued under clause
                         5.4(b)(1) shall become payable on the next relevant
                         Payment Date to the extent to which (after payment of
                         interest under clause 5.4(a)) the Issuer is required to
                         apply from Interest Collections to repayment of
                         interest due under any Top-up Funding Facility pursuant
                         to clause 6.1(a) and 6.1(c) of the Supplementary Bond
                         Terms; and

                    (3)  to the extent to which any unpaid interest (including
                         any interest accrued under clause 5.4(b)(1)) remains
                         unpaid after that next relevant Payment Date it will
                         again be subject to clauses 5.4(b)(1) and 5.4(b)(2) for
                         each subsequent Payment Period and relevant Payment
                         Date until it has been paid.

               (c)  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.

        5.5    Order of Repayment

               (a)  In making repayments under clauses 5.2 and 5.3, 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.

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6       Payments

        6.1    Manner of payments

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

               (a)  in Same Day Funds;

               (b)  in Dollars; and

               (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.

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                      Top-up Funding Facility Agreement - SMHL Global Fund No. 9

        6.2    Payments on a Business Day

               If a payment is due on a day which is not a Business Day, the due
               date for that payment is the next Business 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)  first, towards reimbursement of all fees, costs,
                         expenses, charges, damages and indemnity payments
                         incurred or due and owing by the Transaction Parties
                         under the Material Documents;

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

                    (3)  third, 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

               (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    Taxation deduction procedures

               If a Transaction Party is required to make a deduction or
               withholding in respect of Tax from any payment to be made to the
               Note Holder under any Material Document, then:

               (a)  that Transaction Party has no obligation to indemnify the
                    Note Holder against that tax; and

               (b)  that Transaction Party must, and in the case of the Issuer,
                    the SF Manager must cause the Issuer to, use its best
                    endeavours to obtain official receipts or other
                    documentation from that Governmental Agency and within 2
                    Business Days after receipt the Issuer must, and the SF
                    Manager must cause the Issuer to, deliver them to the Note
                    Holder.

        6.6    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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                      Top-up Funding Facility Agreement - SMHL Global Fund No. 9

--------------------------------------------------------------------------------
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;

                    (1)  as such enforceability may be limited by any applicable
                         bankruptcy, insolvency, reorganisation, moratorium or
                         trust or other similar laws affecting creditors' rights
                         generally; and

                    (2)  that this representation and warranty does not apply to
                         the filing of ASIC form 309 in relation to the creation
                         of the Charge (as defined in the Security Trust Deed);

               (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 laws 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 Governmental 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;

               (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;

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                      Top-up Funding Facility Agreement - SMHL Global Fund No. 9

               (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.

        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.

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                      Top-up Funding Facility Agreement - SMHL Global Fund No. 9

        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 11 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 comply with all of its covenants and obligations under the
               Security Trust Deed and Supplementary Bond Terms.

        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.

        8.4    Know your customer

               Subject to any confidentiality, privacy or general trust law
               obligations owed by the Issuer to Bondholders and any applicable
               confidentiality or privacy laws, except to the extent those
               obligations or laws are overridden by applicable anti-money
               laundering or counter-terrorism financing laws, each party hereto
               (Information Provider) agrees to provide any information and
               documents reasonably required by another party hereto
               (Information Receiver) for the Information Receiver to comply
               with any applicable anti-money laundering or counter-terrorism
               financing laws including, without limitation, any laws imposing
               "know your customer" or other identification checks or procedures
               on a party, but only to the extent that such information is in
               the possession of, or otherwise readily available to, the
               Information Provider. The Information Receiver may, to the extent
               required by law, decline to perform its affected obligations
               under the Transaction Documents to which it is a party. Any
               Information Receiver receiving information and documents pursuant
               to this clause 8.4 agrees to utilize such information and
               documents solely for the purpose of complying with applicable
               anti-money laundering or counter-terrorism financing laws.

        8.5    Compliance with Regulation AB

               In relation to compliance with Regulation AB:

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                                                                        page 15
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                      Top-up Funding Facility Agreement - SMHL Global Fund No. 9

               (a)  the SF Manager and the Issuer acknowledge and agree that the
                    purpose of this clause 8.5 is to facilitate compliance by
                    the Issuer in relation to the Securitisation Fund with the
                    provisions of Regulation AB and related rules and
                    regulations of the Commission to the extent applicable to
                    the Issuer;

               (b)  the SF Manager shall not exercise its right to request
                    delivery of information or other performance under these
                    provisions other than as required to comply with the
                    Securities Act, the Exchange Act and the rules and
                    regulations of the Commission thereunder, including
                    Regulation AB, with respect to the Securitisation Fund. The
                    SF Manager shall not request the delivery of information or
                    other performance under this clause 8.5 unless the SF
                    Manager is required under the Exchange Act to file an annual
                    report on Form 10-K with respect to the Securitisation Fund.
                    The SF Manager and the Issuer acknowledge that
                    interpretations of the requirements of Regulation AB may
                    change over time, whether due to interpretive guidance
                    provided by the Commission or its staff, consensus among
                    participants in the asset-backed securities markets, advice
                    of counsel, or otherwise, and agrees to comply with requests
                    made by the SF Manager in good faith for delivery of
                    information under these provisions on the basis of evolving
                    interpretations of Regulation AB; provided that, to the
                    extent the SF Manager and the Issuer do not agree with
                    respect to an interpretation of Regulation AB, the SF
                    Manager and the Issuer shall obtain a written opinion of
                    counsel of U.S. national reputation in the practice of U.S.
                    federal securities laws reasonably acceptable to the SF
                    Manager and the Issuer, addressed to the SF Manager and the
                    Issuer, stating the opinion of such counsel with respect to
                    the interpretation of the relevant provision(s) of
                    Regulation AB; provided, further, that the costs and fees of
                    such counsel incurred in the preparation of such written
                    opinion shall be divided equally between the SF Manager and
                    the Issuer. In relation to the Securitisation Fund, the
                    Issuer shall cooperate fully with the SF Manager to deliver
                    to the SF Manager (including any of its assignees or
                    designees), any and all statements, reports, certifications,
                    records and any other information within the control of the
                    Issuer or for which the Issuer is responsible necessary in
                    the good faith determination of the SF Manager to permit the
                    SF Manager to comply with the provisions of Regulation AB,
                    together with such disclosures relating to the SF Manager,
                    the Issuer, any Subcontractor of the Issuer, the Loans, the
                    servicing of the Loans or any other servicing activities
                    within the meaning of Item 1122 of Regulation AB, reasonably
                    believed by the SF Manager to be necessary in order to
                    effect such compliance;

               (c)  the SF Manager (including any of its assignees or designees)
                    shall cooperate with the Issuer by providing timely notice
                    of requests for information under these provisions following
                    the SF Manager becoming aware that it is required under the
                    Exchange Act to file an annual report on Form 10-K in any
                    year and by reasonably limiting such requests to information
                    required, in the SF Manager's reasonable judgment, to comply
                    with Regulation AB;

               (d)  the Issuer acknowledges and agrees that, to the extent the
                    SF Manager reasonably determines, upon consultation with,
                    and to the extent agreed with, the Issuer, that the Issuer
                    is "participating in the servicing function" in relation to
                    the Securitisation Fund within the meaning of Item 1122 of

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                      Top-up Funding Facility Agreement - SMHL Global Fund No. 9

                    Regulation AB, the Issuer will comply with the applicable
                    requirements contained in clause 8.5(e) - (i); provided
                    that, to the extent the SF Manager and the Issuer do not
                    agree whether the Issuer is "participating in the servicing
                    function" with respect to one or more Servicing Criteria
                    within the meaning of Item 1122 in relation to the
                    Securitisation Fund, the SF Manager and the Issuer shall
                    obtain a written opinion of counsel of U.S. national
                    reputation in the practice of U.S. federal securities laws
                    reasonably acceptable to the SF Manager and the Issuer,
                    addressed to the SF Manager and the Issuer, stating whether,
                    in the opinion of such counsel, the Issuer is "participating
                    in the servicing function" with respect to such Servicing
                    Criteria within the meaning of Item 1122 in relation to the
                    Securitisation Fund; provided, further, that the costs and
                    fees of such counsel incurred in the preparation of such
                    written opinion shall be divided equally between the SF
                    Manager and the Issuer;

               (e)  on or before September 1 of each calendar year, commencing
                    in 2007, the Issuer shall upon the reasonable request of the
                    Manager:

                    (1)  deliver to the SF Manager a report (in form and
                         substance reasonably satisfactory to the SF Manager)
                         regarding the Issuer's assessment of compliance with
                         the Servicing Criteria during the immediately preceding
                         financial year ended June 30, as required under Rules
                         13a-18 and 15d-18 of the Exchange Act and Item 1122 of
                         Regulation AB. Such report shall be addressed to the SF
                         Manager and signed by an authorized officer of the
                         Issuer, and shall address each of the Servicing
                         Criteria specified on a certification substantially in
                         the form of Schedule 3 hereto and addressing, at a
                         minimum, the criteria identified in Schedule 4 hereto
                         as "Applicable Servicing Criteria", but only with
                         respect to such of the Servicing Criteria that the
                         Issuer performs;

                    (2)  deliver to the SF Manager a report of a registered
                         public accounting firm reasonably acceptable to the SF
                         Manager that attests to, and reports on, the assessment
                         of compliance made by the Issuer and delivered pursuant
                         to the preceding paragraph. Such attestation shall be
                         in accordance with Rules 1-02(a)(3) and 2-02(g) of
                         Regulation S-X under the Securities Act and the
                         Exchange Act;

                    (3)  cause each Subcontractor of the Issuer (if any)
                         determined by the Issuer pursuant to clause 8.5 to be
                         "participating in the servicing function" within the
                         meaning of Item 1122 of Regulation AB, to deliver to
                         the SF Manager an assessment of compliance and
                         accountants' attestation as and when provided in clause
                         8.5(e)(1) and 8.5(e)(2), but only with respect to such
                         of the Servicing Criteria that such Subcontractor of
                         the Issuer performs;

                    An assessment of compliance provided by a Subcontractor of
                    the Issuer pursuant to clause 8.5(e)(3) need not address any
                    elements of the Servicing Criteria other than those
                    specified by the Issuer pursuant to clause 8.5(f), and need
                    only address such of the Servicing Criteria that such
                    Subcontractor performs;

               (f)  in relation to the use of Subcontractors:

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                                                                        page 17
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                      Top-up Funding Facility Agreement - SMHL Global Fund No. 9

                    (1)  the Issuer shall promptly upon the reasonable request
                         of the SF Manager provide to the SF Manager (or any
                         designee of the SF Manager) a written description (in
                         form and substance satisfactory to the SF Manager) of
                         the role and function of each Subcontractor utilized by
                         the Issuer, specifying:

                         (A)  the identity of each such Subcontractor;

                         (B)  which (if any) of such Subcontractors are
                              "participating in the servicing function" within
                              the meaning of Item 1122 of Regulation AB; and

                         (C)  which elements of the Servicing Criteria will be
                              addressed in assessments of compliance provided by
                              each Subcontractor identified pursuant to clause
                              8.5(f)(1)(B);

                    (2)  as a condition to the utilization of any Subcontractor
                         determined to be "participating in the servicing
                         function" within the meaning of Item 1122 of Regulation
                         AB, (i) the Issuer shall cause any such Subcontractor
                         used by the Issuer for the benefit of the SF Manager to
                         comply with the provisions of clauses 8.5(e) - (i), 8.6
                         and 8.7 of this agreement to the same extent as if such
                         Subcontractor were the Issuer (provided that in the
                         case of a Subcontractor of the Issuer, the obligations
                         of such Subcontractor under clause 8.5(g) will be owed
                         directly to the SF Manager and the Issuer will do all
                         things reasonably necessary to cause the Subcontractor
                         to owe such obligations directly to the SF Manager) and
                         (ii) the Issuer shall obtain the written consent of the
                         SF Manager (which is not to be unreasonably withheld or
                         delayed) to the utilization of such Subcontractor. The
                         Issuer shall be responsible for obtaining from each
                         Subcontractor and delivering to the SF Manager any
                         assessment of compliance and accountants' attestation
                         required to be delivered by such Subcontractor under
                         clause 8.5(e) - (i), in each case as and when required
                         to be delivered;

               (g)  the Issuer shall indemnify the SF Manager and shall hold the
                    SF Manager harmless from and against any losses, damages,
                    penalties, fines, forfeitures, legal fees and expenses and
                    related costs, judgments, and any other costs, fees and
                    expenses that it sustains directly as a result of:

                    (1)  any untrue statement of a material fact contained or
                         alleged to be contained in any information, report,
                         certification, accountants' letter or other material
                         provided in written or electronic form under this
                         clause 8.5 by or on behalf of the Issuer, or provided
                         under this clause 8.5 by or on behalf of any
                         Subcontractor of the Issuer (collectively, the "Issuer
                         Information"); provided that in the case of any untrue
                         statement of a material fact contained or alleged to be
                         contained in the accountant's letter, the Issuer will
                         indemnify and hold harmless the SF Manager only to the
                         extent of the sum that the Issuer recovers from the
                         accounting firm providing such accountant's letter
                         (which recovery the Issuer must if the Issuer in good
                         faith determines the Issuer is entitled to do so after
                         taking professional advice pursue including by taking
                         action in any relevant court of competent
                         jurisdiction); provided, further, that the

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                      Top-up Funding Facility Agreement - SMHL Global Fund No. 9

                         Issuer will not indemnify and hold harmless the SF
                         Manager to the extent that the untrue statement of a
                         material fact contained or alleged to be contained in
                         the Issuer Information relates to information provided
                         to the Issuer by the SF Manager or any other party to
                         enable the Issuer to complete its duties under the
                         Transaction Documents; or

                    (2)  the omission or alleged omission to state in the Issuer
                         Information a material fact required to be stated in
                         the Issuer Information or necessary in order to make
                         the statements therein, in the light of the
                         circumstances under which they were made, not
                         misleading; provided, by way of clarification, that
                         this clause 8.5(g)(2) shall be construed solely by
                         reference to the Issuer Information and not to any
                         other information communicated in connection with a
                         sale or purchase of securities, without regard to
                         whether the Issuer Information or any portion thereof
                         is presented together with or separately from such
                         other information; provided, further, that in the case
                         of the omission or alleged omission to state in an
                         accountant's letter a material fact required to be
                         stated in the accountant's letter or necessary in order
                         to make the statements therein, in the light of the
                         circumstances under which they were made, not
                         misleading, the Issuer will indemnify and hold harmless
                         the SF Manager only to the extent of the sum that the
                         Issuer recovers from the accounting firm providing such
                         accountant's letter (which recovery the Issuer must if
                         the Issuer in good faith determines the Issuer is
                         entitled to do so after taking professional advice
                         pursue including by taking action in any relevant court
                         of competent jurisdiction); provided, further, that the
                         Issuer will not indemnify and hold harmless the SF
                         Manager to the extent that the omission or alleged
                         omission to state in the Issuer Information a material
                         fact required to be stated in the Issuer Information or
                         necessary in order to make the statements therein, in
                         the light of the circumstances under which they were
                         made, not misleading, relates to information provided
                         to the Issuer by the SF Manager or any other party to
                         enable the Issuer to complete its duties under the
                         Transaction Documents; or

                    (3)  any failure by the Issuer or any Subcontractor of the
                         Issuer to deliver any information, report,
                         certification, accountants' letter or other material
                         when and as required under this clause 8.5, including
                         any failure by the Issuer to disclose any
                         non-compliance with any of the Servicing Criteria in a
                         certification or to identify pursuant to clause 8.5(f)
                         any Subcontractor "participating in the servicing
                         function" within the meaning of Item 1122 of Regulation
                         AB. In the case of any failure of performance described
                         in clause 8.5(g)(3), the Issuer shall promptly
                         reimburse the SF Manager, for all costs reasonably
                         incurred by the SF Manager in order to obtain the
                         information, report, certification, accountants' letter
                         or other material not delivered as required by the
                         Issuer or any Subcontractor of the Issuer;

               (h)  any failure by the Issuer or any Subcontractor of the Issuer
                    to:

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                      Top-up Funding Facility Agreement - SMHL Global Fund No. 9

                    (1)  deliver any information, report, certification,
                         accountants' letter or other material when and as
                         required under this clause 8.5, shall, except as
                         provided in clause 8.5(h)(2), immediately and
                         automatically, without notice or grace period, entitle
                         the SF Manager, in its sole discretion:

                         (A)  to remove the Issuer or direct the Issuer to
                              remove the Subcontractor of the Issuer from the
                              performance of any activities which the SF Manager
                              reasonably determines to constitute "participating
                              in the servicing function" in relation to the
                              Securitisation Fund within the meaning of Item
                              1122 of Regulation AB; and

                         (B)  to replace such party with respect to such
                              activities, each at the expense of the Issuer,
                              without payment (notwithstanding anything in the
                              Transaction Documents to the contrary) of any
                              compensation to the Issuer; provided that to the
                              extent that any provision of the Transaction
                              Documents expressly provides for the survival of
                              certain rights or obligations following
                              termination of the Issuer, such provision shall be
                              given effect;

                    (2)  deliver any information, report, certification or
                         accountants' letter when and as required under clause
                         8.5(e) - (i) or (except as provided below) any failure
                         by the Issuer to identify pursuant to clause 8.5(f) any
                         Subcontractor of the Issuer "participating in the
                         servicing function" within the meaning of Item 1122 of
                         Regulation AB, which continues unremedied for ten
                         calendar days after the date on which such information,
                         report, certification or accountants' letter was
                         required to be delivered, shall entitle the SF Manager,
                         in its sole discretion:

                         (A)  to remove the Issuer or direct the Issuer to
                              remove the Subcontractor of the Issuer from the
                              performance of any activities which the SF Manager
                              reasonably determines to constitute "participating
                              in the servicing function" in relation to the
                              Securitisation Fund within the meaning of Item
                              1122 of Regulation AB; and

                         (B)  to replace such party with respect to such
                              activities, in the case of the Issuer or any
                              Subcontractor of the Issuer, at the expense of the
                              Issuer, without payment (notwithstanding anything
                              in the Transaction Documents to the contrary) of
                              any compensation to the Issuer;

                    provided that to the extent that any provision of the
                    Transaction Documents expressly provides for the survival of
                    certain rights or obligations following termination of the
                    Issuer, such provision shall be given effect; and

               (i)  the Issuer shall promptly reimburse the SF Manager (or any
                    designee of the SF Manager), for all reasonable expenses
                    incurred by the SF Manager (or such designee), as such are
                    incurred, in connection with the termination of the Issuer
                    and the transfer of servicing activities within the meaning
                    of Item 1122 of Regulation AB to a successor. The provisions
                    of this clause

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                      Top-up Funding Facility Agreement - SMHL Global Fund No. 9

                    8.5(i) shall not limit whatever rights the SF Manager may
                    have under other provisions of the Transaction Documents or
                    otherwise, whether in equity or at law, such as an action
                    for damages, specific performance or injunctive relief.

        8.6    Direction of claims by the SF Manager

               (a)  If the Issuer is entitled to recover from the accounting
                    firm providing the accountant's letter referred to in clause
                    8.5(g) by any action, proceeding, claim or demand (for the
                    purpose of this clause 8.6, a Claim), the Issuer must if the
                    Issuer in good faith determines that it is entitled to do so
                    after taking professional advice pursue such Claim and must
                    promptly notify the SF Manager in writing of such Claim.

               (b)  Upon notice to the SF Manager of any such Claim under clause
                    8.6(a), the SF Manager will have the option to assume the
                    direction of that Claim (including the employment of legal
                    advisers selected by the Issuer but approved by the SF
                    Manager subject to the payment by the Issuer of all fees and
                    expenses).

               (c)  If the Issuer receives notice from the SF Manager of its
                    election to direct the Claim and the SF Manager approves the
                    legal advisers selected by the Issuer for the purposes of
                    that Claim, the Issuer will not be liable to the SF Manager
                    under this clause 8.6 for any fees or expenses subsequently
                    incurred by the SF Manager in connection with the Claim
                    unless the Issuer does not employ legal advisers approved by
                    or on behalf of the SF Manager to represent the SF Manager
                    within a reasonable time after notice of the Claim.

        8.7    Direction of defence of claims

               (a)  If any action, proceeding, claim or demand brought against
                    the SF Manager in connection with (i) any untrue statement
                    of a material fact contained or alleged to be contained in
                    the Issuer Information referred to in clause 8.5(g) or (ii)
                    the omission or alleged omission to state in the Issuer
                    Information a material fact required to be stated in the
                    Issuer Information or necessary in order to make the
                    statements therein, in the light of the circumstances under
                    which they were made, not misleading (for the purpose of
                    this clause 8.7, a Claim), the Issuer will have the option
                    to assume the direction of that Claim (including the
                    employment of legal advisers selected by the Issuer but
                    approved by the SF Manager subject to the payment by the
                    Issuer of all fees and expenses).

               (b)  If the Issuer notifies the SF Manager in writing of its
                    election to direct the defence of a Claim brought against
                    the Issuer and the SF Manager approves the legal advisers
                    selected by the Issuer for the purposes of the defence of
                    that Claim, the Issuer will not be liable to the SF Manager
                    under this clause 8.7 for any fees or expenses subsequently
                    incurred by the SF Manager in connection with the Claim
                    against the Issuer unless the Issuer does not employ legal
                    advisers approved by or on behalf of the SF Manager to
                    represent the Issuer within a reasonable time after notice
                    of the Claim.

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                      Top-up Funding Facility Agreement - SMHL Global Fund No. 9

               (c)  If any Claim brought against the Issuer is settled with
                    respect to the Issuer with the consent of the SF Manager or
                    if there is a final judgement against the Issuer in relation
                    to it, the Issuer agrees to indemnify and hold harmless the
                    SF Manager from and against any loss or liability by reason
                    of such settlement or judgement (other than any fees and
                    expenses incurred in circumstances where the Issuer is not
                    liable for them under clause 8.7(b), or any fees and
                    expenses incurred in connection with any Claim brought
                    against the Issuer that is settled with respect to the
                    Issuer or compromised by the Issuer without the consent of
                    the SF Manager (unless the SF Manager has unreasonably
                    withheld its consent)).

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9       Events of Default

        9.1    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 9.1(a) immediately
                    repay in full the Outstanding Moneys to the Note Holder.

        9.2    Issuer to continue to perform

               (a)  If the Note Holder or OF Manager makes any declaration under
                    clause 9.1:

                    (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 9.2(a) does not affect the obligations of the Issuer
                    or the SF Manager under clause 9.1.

        9.3    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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                      Top-up Funding Facility Agreement - SMHL Global Fund No. 9

--------------------------------------------------------------------------------
10      Increased costs, illegality and yield protection

        10.1   Increased costs

               If the OF Manager determines that the Note Holder is affected by
               any future, or any change in any present or future, law,
               regulation, order, treaty, official directive or request (with
               which, if not having the force of law, compliance is in
               accordance with the practice of responsible bankers and financial
               institutions in the jurisdiction concerned) including, but not
               limited to in respect of:

               (a)  any reserve, liquidity, capital adequacy, capital
                    allocation, special deposit or similar requirement; or

               (b)  Tax (other than Excluded Tax in respect of the
                    Securitisation Fund) on or in respect of payments made or to
                    be made to the Note Holder under a Material Document,

               or a present or future interpretation or administration of any of
               them by a Governmental Agency, and that, as a result:

               (c)  the effective cost to the Note Holder of making, funding or
                    maintaining the Facility or the Principal Outstanding or
                    performing any of its obligations under or in respect of the
                    Material Documents is in any way directly or indirectly
                    increased; or

               (d)  any amount paid or payable to, or received or receivable by,
                    the Note Holder or the effective return to the Note Holder
                    under the Material Documents is in any way directly reduced;
                    or

               (e)  the Note Holder is required to make any payment or forego
                    any interest or other return on or calculated by reference
                    to:

                    (1)  any sum received or receivable by it under or in
                         respect of the Material Documents in an amount which
                         the OF Manager considers material; or

                    (2)  any capital or other amount which is or becomes
                         directly or indirectly allocated by the Note Holder to
                         the Principal Outstanding in an amount which the OF
                         Manager considers material; or

               (b)  the Note Holder is restricted in its capacity to enter into,
                    or is prevented from entering into, any other transaction
                    with any consequence referred to in clause 10.1(c), (d) or
                    (e) or with any other cost or loss of return to the Note
                    Holder,

               then, and in each such case:

               (c)  when it becomes aware of the relevant result and has
                    calculated or otherwise determined the relevant effects the
                    Note Holder must and the OF Manager must cause the Note
                    Holder to promptly notify each Transaction Party of such
                    event; and

               (d)  the Issuer and the SF Manager have no obligation to pay any
                    amount to compensate the Note Holder for such increased
                    cost, reduction, payment or foregone interest or other loss
                    of return.

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                      Top-up Funding Facility Agreement - SMHL Global Fund No. 9

        10.2   Illegality

               If any event occurs (including, but not limited to, any change
               in, or the introduction, implementation, operation or taking
               effect of, any law, regulation, treaty, order or official
               directive, or in their interpretation or application by any
               Governmental Agency) which makes it unlawful, or impracticable
               for the Note Holder to make, fund or maintain the Principal
               Outstanding or for the Note Holder or OF Manager to perform its
               obligations under any Material Documents then:

               (a)  the obligations of the Note Holder and the OF Manager under
                    the Material Documents are immediately suspended for the
                    duration of such illegality or other effect; and

               (b)  the Note Holder and the OF Manager may, by notice to the
                    Issuer terminate its obligations under the Material
                    Documents; and

               (c)  if required by the applicable event, or its effect, or if
                    necessary to prevent or remedy a breach or to comply with
                    any applicable law, regulation, treaty, order or official
                    directive the Issuer must and the SF Manager must cause it
                    to immediately prepay to the Note Holder the Outstanding
                    Moneys of it in full or, if in the OF Manager's opinion
                    delay in prepayment does not compound such breach or affect
                    such compliance, at the end of at least the longer of 30
                    days and the period ending on the next occurring relevant
                    Payment Date (or such lesser period if the applicable law,
                    regulation, treaty, order or official directive requires)
                    upon prior notice to that effect from the OF Manager.

--------------------------------------------------------------------------------
11      Trustee Limitation of Liability Protection

        11.1   Limitation of Liability - Issuer

               (a)  Clause 26 of the Master Trust Deed applies to the
                    obligations and liabilities of the Issuer and SF Manager
                    under this agreement.

               (b)  The Issuer enters into this agreement in its capacity as
                    trustee of the Securitisation Fund and in no other capacity
                    (except where the Transaction Documents provide otherwise).
                    Subject to clause 11.1(c) below, a liability of the Issuer
                    arising under or in connection with this agreement or the
                    Securitisation Fund is limited to and can be enforced
                    against the Issuer only to the extent to which it can be
                    satisfied out of the assets and property of the
                    Securitisation Fund which are available to satisfy the right
                    of the Issuer to be exonerated or indemnified for the
                    liability. This limitation of the Issuer's liability applies
                    despite any other provision of this 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
                    or the Securitisation Fund.

               (c)  Subject to clause 11.1(c) below, no person (including any
                    Relevant Party) may take action against the Issuer in any
                    capacity other than as trustee of the Securitisation Fund
                    or seek the appointment of a receiver (except under the
                    Security Trust Deed), or a liquidator, an administrator or
                    any similar person to the Issuer or prove in any
                    liquidation, administration or

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                      Top-up Funding Facility Agreement - SMHL Global Fund No. 9

                    arrangement of or affecting the Issuer (except in relation
                    to the assets of the Securitisation Fund).

               (d)  The provisions of this clause 11.1 shall not apply to any
                    obligation or liability of the Issuer to the extent that it
                    is not satisfied because under a Transaction Document or by
                    operation of law there is a reduction in the extent of the
                    Issuer's indemnification or exoneration out of the assets of
                    the Securitisation Fund, as a result of the Issuer's fraud,
                    negligence or wilful default.

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

               (f)  No attorney, agent, receiver or receiver and manager
                    appointed in accordance with this agreement or any other
                    Transaction Document has authority to act on behalf of the
                    Issuer in a way which exposes the Issuer to any personal
                    liability and no act or omission of any such person will be
                    considered fraud, negligence or wilful default of the Issuer
                    for the purposes of clause 11.1(c) above.

               (g)  In this clause 11.1 Relevant Parties means any party to a
                    Transaction Document other than the Issuer.

               (h)  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 paragraph (a) to (e) of this
                    clause 11.1.

        11.2   Limitation of Liability - Note Holder

               (a)  Clause 26 of the Master Trust Deed applies to the
                    obligations and liabilities of the Note Holder and OF
                    Manager under this agreement.

               (b)  The Note Holder enters into this agreement only in its
                    capacity as trustee of the Origination Fund and no other
                    capacity. A liability of the Note Holder 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.

               (c)  The parties other than the Note Holder may not take action
                    against the Note Holder in any capacity other than as
                    trustee of the Origination Fund

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                                                                        page 25
<PAGE>
                      Top-up Funding Facility Agreement - SMHL Global Fund No. 9

                    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).

               (d)  The provisions of this clause 11.2 shall not apply to any
                    obligation or liability of the Note Holder to the extent
                    that it is not satisfied because under the Master 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.

               (e)  It is acknowledged that the OF Manager is responsible under
                    the Master 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 (d) of this clause 11.2 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.

               (f)  No attorney, agent, receiver or receiver and manager
                    appointed in accordance with this 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 (d) of this clause 11.2.

               (g)  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 paragraph (b)to (f) of this
                    clause 11.2.

        11.3   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 or the Note
                              Holder or any person referred to in paragraph (b)
                              of this clause 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;

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                                                                        page 26
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                      Top-up Funding Facility Agreement - SMHL Global Fund No. 9

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

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

                    (2)  in circumstances where had it not committed that
                         default it would have been entitled to recoupment,
                         reimbursement or a right of indemnity for its costs and
                         expenses (if any) in complying with this 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 the
                    agents or delegates of the Issuer or the 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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12      Indemnities

        12.1   General indemnity

               (a)  Subject to clause 11.1 the Issuer, to the extent it is
                    permitted or contemplated under the terms of the 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 of the
                    Note Holder or OF Manager 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 but excluding any default by
                         the Note Holder or OF Manager, as the case may be;

                    (2)  the occurrence of any Default or Event of Default;

                    (3)  the Note Holder or OF Manager, as the case may be,
                         exercising its Powers consequent upon or arising out of
                         the occurrence of any Event of Default.

               (b)  Without limitation to the indemnity contained in clause
                    12.1(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.

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                      Top-up Funding Facility Agreement - SMHL Global Fund No. 9

        12.2   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:

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

                    (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.

        12.3   Funds available for indemnity

               The obligations of the Issuer under this clause 12 shall be
               payable solely to the extent that funds are available from time
               to time for that purpose under clause 6 of the Supplementary Bond
               Terms.

        12.4   Negligence, wilful default or breach of law

               The indemnities in this clause 12 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.

        12.5   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 12, 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 Business 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 12
               unless the Issuer has been prejudiced in any material respect by
               such failure.

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13      Tax, costs and expenses

        13.1   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, 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

                    (3)  any transaction contemplated under any Material
                         Document or any agreement or document described in
                         clause 13.1(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 13.1(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 13.1(a) or 13.1(b) or both.

        13.2   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 13.1(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
                    13.1(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 13.1(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 13.2(b) and (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.

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                      Top-up Funding Facility Agreement - SMHL Global Fund No. 9

        13.3   Goods and services tax

               (a)  Subject to clause 13.3(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 13.3(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 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.

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14      Interest on overdue amounts

        14.1   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.

        14.2   Accrual of interest

               The interest payable under this clause 14:

               (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 relevant
                    Payment Date.

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                      Top-up Funding Facility Agreement - SMHL Global Fund No. 9

        14.3   Rate of interest

               The rate of interest payable under this clause 14 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 14.2(a).

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15      Assignment

        15.1   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.

        15.2   Assignment by Note Holder and OF Manager

               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 without the prior written consent of the
               other parties. Any such assignment must contain an
               acknowledgement that the assignee is bound by the provisions of
               this agreement

        15.3   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 15.

        15.4   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.

        15.5   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.

        15.6   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.

-------------------------------------------------------------------------------
                                                                        page 31
<PAGE>
                      Top-up Funding Facility Agreement - SMHL Global Fund No. 9

        15.7   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

               (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.

--------------------------------------------------------------------------------
16      General

        16.1   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.

        16.2   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.

        16.3   Transaction Party to bear cost

               Without prejudice to clause 11, 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.

        16.4   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:

-------------------------------------------------------------------------------
                                                                        page 32
<PAGE>
                      Top-up Funding Facility Agreement - SMHL Global Fund No. 9

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

                                    Attention:  Head of Debt Markets / Manager -
                                                Securitisation

                                    Facsimile:  (02) 9221 7870; and

                         (B)  if to the Issuer:

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

                                    Attention:  Head of Debt Markets / 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:  Manager - Capital Markets

                                    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, as long as it is
                              legibly received, when transmitted to the
                              addressee,

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

-------------------------------------------------------------------------------
                                                                        page 33
<PAGE>
                      Top-up Funding Facility Agreement - SMHL Global Fund No. 9

                    (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 16.4(a)(3) and informs the sender that it is not
                    legible.

               (c)  In this clause 16.4, a reference to an addressee includes a
                    reference to an addressee's Officers, agents or employees.

        16.5   Governing law and jurisdiction

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

               (b)  The parties irrevocably submit to the non-exclusive
                    jurisdiction of the courts of New South Wales.

        16.6   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.

        16.7   Waivers

               (a)  Waiver of any right arising from a breach of this agreement
                    or of any Power arising upon default under this agreement or
                    upon the occurrence of an Event of Default 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 the
                         occurrence of an Event of Default; or

                    (2)  a Power created or arising upon default under this
                         agreement or upon the occurrence of an Event of
                         Default,

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

               (b)  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 or on
                    the occurrence of an Event of Default as constituting a
                    waiver of that right or Power.

               (c)  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.

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

-------------------------------------------------------------------------------
                                                                        page 34
<PAGE>
                      Top-up Funding Facility Agreement - SMHL Global Fund No. 9

        16.8   Variation

               A variation of any term of this agreement must be in writing and
               signed by the parties.

        16.9   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.

        16.10  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.

        16.11  Binding Obligations

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

        16.12  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 or the SF Manager.

        16.13  Termination clause

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

        16.14  Counterparts

               (a)  This agreement may be executed in any number of
                    counterparts.

               (b)  All counterparts, taken together, constitute 1 instrument.

               (c)  A party may execute this agreement by signing any
                    counterpart.

-------------------------------------------------------------------------------
                                                                        page 35
<PAGE>
                      Top-up Funding Facility Agreement - SMHL Global Fund No. 9

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

Schedule 1 - Funding Notice (clause 4.2)

To:     Perpetual Limited
        in its capacity as trustee of the Origination Fund No. 3
        (Note Holder)

        Attention:    Head of Debt Markets/Manager - Securitisation

And:    ME Portfolio Management Limited
        in its capacity as manager of the Origination Fund No. 3
        (OF Manager)

        Attention:    Manager - Capital Markets

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

We refer to the Top-up Funding Facility Agreement dated [insert date]
(Agreement). Pursuant to clause 4 of the Agreement:

(a)     We give you notice that we require the Issuer to issue to the Note
        Holder a Note from SMHL Global Fund No. 9 on [insert date] (Funding
        Date) at [insert date];

(b)     The aggregate principal amount of the Note is: $[insert amount];

(c)     The relevant Payment Period is a [Quarterly/Monthly] Payment Period
        commencing on the Funding Date;

(d)     We request that the proceeds be remitted to account number [insert
        details] at [insert address]/[insert alternative instructions].

Expressions defined in the Agreement have the same meaning when used in this
Funding Notice.

Dated:         [insert date]

Signed for and on behalf of
ME Portfolio Management Limited

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

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

-------------------------------------------------------------------------------
                                                                        page 36
<PAGE>
                      Top-up Funding Facility Agreement - SMHL Global Fund No. 9

--------------------------------------------------------------------------------
Schedule 2 - Conditions

           Top-up Funding Facility Agreement - SMHL Global Fund No. 9

                                PERPETUAL LIMITED
                              (ABN 86 000 431 827)
            in its capacity as trustee of the SMHL Global Fund No. 9

                 of Level l2, 123 Pitt Street, Sydney, NSW, 2000

                                    (Issuer)

whose office for the purposes of payment is at Level 12, 123 Pitt Street,
Sydney, New South Wales or such other address as the Issuer may notify to the
Note Holder from time to time.

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

1        Note

(a)      This Note certificate is issued as part of the Notes known as the SMHL
         Global Fund No. 9. The terms and conditions of the issue of this Note
         and repayment are constituted by this Note and the Top-up Funding
         Facility Agreement for the Issue and Repayment of Notes - SMHL Global
         Fund No. 9 dated [insert date] 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
         Securitisation Fund (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 Origination Fund (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 Note Holder 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)      Clause 26 of the Master Trust Deed applies to the obligations and
         liabilities of the Issuer and SF Manager under this Note.

(f)      The Issuer issues this Note in its capacity as trustee of the
         Securitisation Fund and no other capacity (except where the Transaction
         Documents provide otherwise). Subject to
-------------------------------------------------------------------------------
                                                                        page 37
<PAGE>
                      Top-up Funding Facility Agreement - SMHL Global Fund No. 9

         paragraph (d) below, a liability of the Issuer arising under or in
         connection with this Note or the Agreement or the Securitisation Fund
         is limited to and can be enforced against the Issuer only to the extent
         to which it can be satisfied out of the assets and property of the
         Securitisation Fund which are available to satisfy the right of the
         Trustee to be exonerated or 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 or the Securitisation Fund.

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

(h)      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 a Transaction Document or by operation of law there is a
         reduction in the extent of the Issuer's indemnification or exoneration
         out of the assets of the Securitisation Fund Issuer, as a result of the
         Issuer's fraud, negligence or wilful default.

(i)      It is acknowledged that the Relevant Parties are responsible under this
         Note, the Agreement or the other Transaction Documents for performing a
         variety of obligations relating to the Securitisation Fund. No act or
         omission of the Issuer (including any related failure to satisfy its
         obligations under this Note or the Agreement) will be considered fraud,
         negligence or wilful default of the Issuer for the purposes of
         paragraph (d) of this clause 3 above to the extent to which the act or
         omission was caused or contributed to by any failure by any Relevant
         Party or any other person who has been delegated or appointed by the
         Issuer in accordance with the Transaction Documents to fulfil its
         obligations relating to the Securitisation Fund or by any other act or
         omission of a Relevant Party or any other person.

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

(k)      In this clause 3 Relevant Parties means any party to a Transaction
         Document other than the Issuer.

(l)      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 (b) to (f) of this clause 3.

4       Extent of liability of Note Holder

(a)      Clause 26 of the Master Trust Deed applies to the obligations and
         liabilities of the Note Holder and OF Manager under this Note.

(b)      The Note Holder issues 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

-------------------------------------------------------------------------------
                                                                        page 38
<PAGE>
                      Top-up Funding Facility Agreement - SMHL Global Fund No. 9

         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.

(c)      The parties other than the Note Holder may not take action against 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).

(d)      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.

(e)      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 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 (d) 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.

(f)      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 (d) of this clause 4.

(g)      The Note Holder is not obliged to do or 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
         paragraph (b) to (f) of this clause 4.

5        Wilful Default of the Issuer and the Note Holder

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

(a)      in relation to the Issuer and the Note Holder, means a wilful default
         of this Note and the 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 or the Note Holder or any person
                    referred to in paragraph (b) of this clause 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
-------------------------------------------------------------------------------
                                                                        page 39
<PAGE>
                      Top-up Funding Facility Agreement - SMHL Global Fund No. 9

               (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 Note and the 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 the agents or delegates of the Issuer or
         the 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 Note and
         the Agreement.

-------------------------------------------------------------------------------
                                                                        page 40
<PAGE>
                      Top-up Funding Facility Agreement - SMHL Global Fund No. 9

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

Schedule 3 - Report on assessment of compliance with Regulation AB servicing
             criteria

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

               [________________] (the "Asserting Party") is responsible for
assessing compliance as of June 30, [ ] and for the period from [ ] (date of
issuance of SMHL Global Fund No. 9) through June 30, [ ] (the "Reporting
Period") with the servicing criteria set forth in Section 229.1122(d) of the
Code of Federal Regulations (the "CFR"), except for criteria 229.1122(d)[insert
section numbers in Regulation AB that are not applicable to Asserting Party] of
the CFR, which have not been determined pursuant to the transaction documents
for the SMHL Global Fund No. 9 to be, and the Asserting Party has concluded are
not, servicing criteria that the Asserting Party performs, or in which the
Asserting Party participates, in relation to SMHL Global Fund No. 9 (the
"Applicable Servicing Criteria"). This assessment of compliance is provided in
relation to SMHL Global Fund No. 9.

               The Asserting Party has assessed its compliance with the
Applicable Servicing Criteria for the Reporting Period and has concluded that
the Asserting Party has complied, in all material respects, with the Applicable
Servicing Criteria in relation to SMHL Global Fund No. 9.

               [____________], an independent registered public accounting firm,
has issued an attestation report on the assessment of compliance with the
Applicable Servicing Criteria for the Reporting Period as set forth in this
assertion.

[NAME OF ASSERTING PARTY]

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

By:

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

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

-------------------------------------------------------------------------------
                                                                        page 41
<PAGE>
                      Top-up Funding Facility Agreement - SMHL Global Fund No. 9

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

Schedule 4 - Servicing Criteria to be addressed in assessment of compliance

<TABLE>
<CAPTION>
<S>                     <C>                                                     <C>
------------------------------------------------------------------------------- -----------------
 SERVICING CRITERIA                                                             APPLICABLE
                                                                                SERVICING
                                                                                CRITERIA
----------------------- ------------------------------------------------------- -----------------
Reference               Criteria
----------------------- ------------------------------------------------------- -----------------
                        General Servicing Considerations
----------------------- ------------------------------------------------------- -----------------
1122(d)(1)(i)           Policies and procedures are instituted to monitor any
                        performance or other triggers and events of default in
                        accordance with the transaction agreements.
----------------------- ------------------------------------------------------- -----------------
1122(d)(1)(ii)          If any material servicing activities are outsourced to
                        third parties, policies and procedures are instituted to
                        monitor the third party's performance and compliance
                        with such servicing activities.
----------------------- ------------------------------------------------------- -----------------
1122(d)(1)(iii)         Any requirements in the transaction agreements to
                        maintain a back-up servicer for the mortgage loans are
                        maintained.
----------------------- ------------------------------------------------------- -----------------
1122(d)(1)(iv)          A fidelity bond and errors and omissions policy is in
                        effect on the party participating in the servicing
                        function throughout the reporting period in the
                        amount of coverage required by and otherwise in
                        accordance with the terms of the transaction
                        agreements.
----------------------- ------------------------------------------------------- -----------------
                        Cash Collection and Administration
----------------------- ------------------------------------------------------- -----------------
1122(d)(2)(i)           Payments on mortgage loans are deposited into the
                        appropriate custodial bank accounts and related bank
                        clearing accounts no more than two business days
                        following receipt, or such other number of days
                        specified in the transaction agreements.
----------------------- ------------------------------------------------------- -----------------
1122(d)(2)(ii)          Disbursements made via wire transfer on behalf of an
                        obligor or to an investor are made only by authorized
                        personnel.
----------------------- ------------------------------------------------------- -----------------
1122(d)(2)(iii)         Advances of funds or guarantees regarding collections,
                        cash flows or distributions, and any interest or other
                        fees charged for such advances, are made, reviewed and
                        approved as specified in the transaction agreements.
----------------------- ------------------------------------------------------- -----------------
1122(d)(2)(iv)          The related accounts for the transaction, such as cash
                        reserve accounts or accounts established as a form of
                        overcollateralization, are separately maintained (e.g.,
                        with respect to commingling of cash) as set forth in the
                        transaction agreements.
----------------------- ------------------------------------------------------- -----------------
1122(d)(2)(v)           Each custodial account is maintained at a federally
                        insured depository institution as set forth in the
----------------------- ------------------------------------------------------- -----------------

-------------------------------------------------------------------------------
                                                                        page 42
</TABLE>

<PAGE>
<TABLE>
<CAPTION>
<S>                   <C>                                                      <C>
                      Top-up Funding Facility Agreement - SMHL Global Fund No. 9

                        transaction agreements. For purposes of this criterion,
                        "federally insured depository institution" with respect
                        to a foreign financial institution means a foreign
                        financial institution that meets the requirements of
                        Rule 13k-1(b)(1) of the Securities Exchange Act.
----------------------- ------------------------------------------------------- -----------------
1122(d)(2)(vi)          Unissued checks are safeguarded so as to prevent
                        unauthorized access.
----------------------- ------------------------------------------------------- -----------------
1122(d)(2)(vii)         Reconciliations are prepared on a monthly basis for all
                        asset-backed securities related bank accounts, including
                        custodial accounts and related bank clearing accounts.
                        These reconciliations are (A) mathematically accurate;
                        (B) prepared within 30 calendar days after the bank
                        statement cutoff date, or such other number of days
                        specified in the transaction agreements; (C) reviewed
                        and approved by someone other than the person who
                        prepared the reconciliation; and (D) contain
                        explanations for reconciling items. These reconciling
                        items are resolved within 90 calendar days of their
                        original identification, or such other number of days
                        specified in the transaction agreements.
----------------------- ------------------------------------------------------- -----------------
                        Investor Remittances and Reporting
----------------------- ------------------------------------------------------- -----------------
1122(d)(3)(i)           Reports to investors, including those to be filed with
                        the Commission, are maintained in accordance with the
                        transaction agreements and applicable Commission
                        requirements. Specifically, such reports (A) are
                        prepared in accordance with timeframes and other terms
                        set forth in the transaction agreements; (B) provide
                        information calculated in accordance with the terms
                        specified in the transaction agreements; (C) are filed
                        with the Commission as required by its rules and
                        regulations; and (D) agree with investors' or the
                        trustee's records as to the total unpaid principal
                        balance and number of mortgage loans serviced by the
                        Servicer.
----------------------- ------------------------------------------------------- -----------------
1122(d)(3)(ii)          Amounts due to investors are allocated and remitted in
                        accordance with timeframes, distribution priority and
                        other terms set forth in the transaction agreements.
----------------------- ------------------------------------------------------- -----------------
1122(d)(3)(iii)         Disbursements made to an investor are posted within two
                        business days to the Servicer's investor records, or
                        such other number of days specified in the transaction
                        agreements.
----------------------- ------------------------------------------------------- -----------------
1122(d)(3)(iv)          Amounts remitted to investors per the investor
                        reports agree with cancelled checks, or other form of
                        payment, or custodial bank statements.
----------------------- ------------------------------------------------------- -----------------
                        Pool Asset Administration
----------------------- ------------------------------------------------------- -----------------
1122(d)(4)(i)           Collateral or security on mortgage loans is
                        maintained as required by the transaction agreements
                        or related

-------------------------------------------------------------------------------
                                                                        page 43
</TABLE>

<PAGE>
<TABLE>
<CAPTION>
<S>                    <C>                                                      <C>
                      Top-up Funding Facility Agreement - SMHL Global Fund No. 9

                        mortgage loan documents.
----------------------- ------------------------------------------------------- -----------------
1122(d)(4)(ii)          Mortgage loan and related documents are safeguarded as
                        required by the transaction agreements
----------------------- ------------------------------------------------------- -----------------
1122(d)(4)(iii)         Any additions, removals or substitutions to the asset
                        pool are made, reviewed and approved in accordance with
                        any conditions or requirements in the transaction
                        agreements.
----------------------- ------------------------------------------------------- -----------------
1122(d)(4)(iv)          Payments on mortgage loans, including any payoffs, made
                        in accordance with the related mortgage loan documents
                        are posted to the Servicer's obligor records maintained
                        no more than two business days after receipt, or such
                        other number of days specified in the transaction
                        agreements, and allocated to principal, interest or
                        other items (e.g., escrow) in accordance with the
                        related mortgage loan documents.
----------------------- ------------------------------------------------------- -----------------
1122(d)(4)(v)           The Servicer's records regarding the mortgage loans
                        agree with the Servicer's records with respect to an
                        obligor's unpaid principal balance.
----------------------- ------------------------------------------------------- -----------------
1122(d)(4)(vi)          Changes with respect to the terms or status of an
                        obligor's mortgage loans (e.g., loan modifications or
                        re-agings) are made, reviewed and approved by
                        authorized personnel in accordance with the
                        transaction agreements and related pool asset
                        documents.
----------------------- ------------------------------------------------------- -----------------
1122(d)(4)(vii)         Loss mitigation or recovery actions (e.g., forbearance
                        plans, modifications and deeds in lieu of foreclosure,
                        foreclosures and repossessions, as applicable) are
                        initiated, conducted and concluded in accordance with
                        the timeframes or other requirements established by the
                        transaction agreements.
----------------------- ------------------------------------------------------- -----------------
1122(d)(4)(viii)        Records documenting collection efforts are maintained
                        during the period a mortgage loan is delinquent in
                        accordance with the transaction agreements. Such records
                        are maintained on at least a monthly basis, or such
                        other period specified in the transaction agreements,
                        and describe the entity's activities in monitoring
                        delinquent mortgage loans including, for example, phone
                        calls, letters and payment rescheduling plans in cases
                        where delinquency is deemed temporary (e.g., illness or
                        unemployment).
----------------------- ------------------------------------------------------- -----------------
1122(d)(4)(ix)          Adjustments to interest rates or rates of return for
                        mortgage loans with variable rates are computed based
                        on the related mortgage loan documents.
----------------------- ------------------------------------------------------- -----------------
1122(d)(4)(x)           Regarding any funds held in trust for an obligor (such
                        as escrow accounts): (A) such funds are analyzed, in
                        accordance with the obligor's mortgage loan documents,
                        on at least an annual basis, or such other period
                        specified in the transaction agreements; (B)

-------------------------------------------------------------------------------
                                                                        page 44
</TABLE>

<PAGE>
                      Top-up Funding Facility Agreement - SMHL Global Fund No. 9

<TABLE>
<CAPTION>
<S>                     <C>                                                     <C>
----------------------- ------------------------------------------------------- -----------------
                        interest on such funds is paid, or credited, to
                        obligors in accordance with applicable mortgage loan
                        documents and state laws; and (C) such funds are
                        returned to the obligor within 30 calendar days of full
                        repayment of the related mortgage loans, or such other
                        number of days specified in the transaction agreements.
----------------------- ------------------------------------------------------- -----------------
1122(d)(4)(xi)          Payments made on behalf of an obligor (such as tax or
                        insurance payments) are made on or before the related
                        penalty or expiration dates, as indicated on the
                        appropriate bills or notices for such payments, provided
                        that such support has been received by the servicer at
                        least 30 calendar days prior to these dates, or such
                        other number of days specified in the transaction
                        agreements.
----------------------- ------------------------------------------------------- -----------------
1122(d)(4)(xii)         Any late payment penalties in connection with any
                        payment to be made on behalf of an obligor are paid from
                        the servicer's funds and not charged to the obligor,
                        unless the late payment was due to the obligor's error
                        or omission.
----------------------- ------------------------------------------------------- -----------------
1122(d)(4)(xiii)        Disbursements made on behalf of an obligor are posted
                        within two business days to the obligor's records
                        maintained by the servicer, or such other number of days
                        specified in the transaction agreements.
----------------------- ------------------------------------------------------- -----------------
1122(d)(4)(xiv)         Delinquencies, charge-offs and uncollectible accounts
                        are recognized and recorded in accordance with the
                        transaction agreements.
----------------------- ------------------------------------------------------- -----------------
1122(d)(4)(xv)          Any external enhancement or other support, identified in
                        Item 1114(a)(1) through (3) or Item 1115 of Regulation
                        AB, is maintained as set forth in the transaction
                        agreements.
----------------------- ------------------------------------------------------- -----------------

-------------------------------------------------------------------------------
                                                                        page 45
</TABLE>

<PAGE>
                      Top-up Funding Facility Agreement - SMHL Global Fund No. 9

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

Executed as an agreement:

ISSUER:

Signed for
Perpetual Limited
by its attorney in
the presence of:

  /s/ Simon Oh                            /s/ Jennifer Wu
---------------------------             ---------------------------
  Witness                                 Attorney

  Simon Oh                                Jennifer Wu
---------------------------             ---------------------------
  Name (please print)                     Name (please print)

NOTE HOLDER:

Signed for
Perpetual Limited
by its attorney in
the presence of:

  /s/ Simon Oh                            /s/ Jennifer Wu
---------------------------             ---------------------------
  Witness                                 Attorney

  Simon Oh                                Jennifer Wu
---------------------------             ---------------------------
  Name (please print)                     Name (please print)

-------------------------------------------------------------------------------
                                                                        page 46

<PAGE>
                      Top-up Funding Facility Agreement - SMHL Global Fund No. 9

SF MANAGER:

Signed by
ME Portfolio Management Limited
by:

  /s/ Paul Garvey                         /s/ N. Vamvakas
---------------------------             ---------------------------
  Attorney                                Attorney

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

                                        Witnessed by

                                        /s/ Cara Frances Elsley
                                        ---------------------------
                                        Cara Frances Elsley
                                        Level 23, 360 Collins Street,
                                        Melbourne 3000
                                        An Australian Legal Practitioner
                                        within the meaning of the Legal
                                        Profession Act 2004

OF MANAGER:

Signed by
ME Portfolio Management Limited
by:

  /s/ Paul Garvey                         /s/ N. Vamvakas
---------------------------             ---------------------------
  Attorney                                Attorney

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

                                        Witnessed by

                                        /s/ Cara Frances Elsley
                                        ---------------------------
                                        Cara Frances Elsley
                                        Level 23, 360 Collins Street,
                                        Melbourne 3000
                                        An Australian Legal Practitioner
                                        within the meaning of the Legal
                                        Profession Act 2004

-------------------------------------------------------------------------------
                                                                        page 47THIS
      NOTE AND THE SECURITIES ISSUABLE UPON THE CONVERSION HEREOF HAVE NOT BEEN
      REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THEY MAY NOT BE SOLD,
      OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE
      REGISTRATION STATEMENT AS TO THE SECURITIES UNDER SAID ACT OR AN OPINION OF
      COUNSEL SATISFACTORY TO BORROWER THAT SUCH REGISTRATION IS NOT
      REQUIRED.

    

    SUBORDINATED
      PROMISSORY NOTE

    

    
      	
              $1,500,000.00

            	
              June
                9, 2006

            

    

    

    FOR
      VALUE
      RECEIVED, the undersigned, RONCO CORPORATION, a Delaware corporation, and any
      successor corporation under the Loan Agreement (as hereinafter defined)
      (“Borrower”), promises to pay to the order of SANDERS MORRIS HARRIS INC., a
      Texas corporation, at its office at 600 Travis Street, Suite 3100, Houston,
      Harris County, Texas 77002, or at such other place as the holder of this Note
      (“Lender”) may from time to time designate in writing, the sum of One Million
      Five Hundred Thousand Dollars ($1,500,000.00), or
      such
      lesser amount as shall equal the outstanding principal amount hereof,
with
      interest on the unpaid principal balance from the date of disbursement by Lender
      until paid at the rates set forth below.

    

    Interest
      accruing on this Note will be calculated on the basis of the actual number
      of
      days elapsed for any whole or partial month in which interest is being
      calculated and on the basis of a 360-day year. 

    

    This
      Note
      is one of a duly authorized issue of Notes of Borrower (which term includes
      any
      successor corporation under the Loan Agreement hereinafter referred to) in
      the
      aggregate principal amount of up to $6,000,000.00, issued pursuant to a Letter
      Loan Agreement dated as of June 9, 2006 (the “Loan Agree-ment”), among the
      undersigned and the Lenders identified on Schedule 1 thereto. The terms of
      this
      Note include those stated in the Loan Agreement. Reference is hereby made to
      the
      Loan Agreement and all supple-ments thereto for a statement of the respective
      rights, limitations of rights, duties and immunities thereunder of Borrower
      and
      Lender and of the terms upon which the Notes are, and are to be, and
      delivered.

    

    1. 
Interest
      Rate.

     

    The
      per
      annum interest rate hereunder (the “Note Rate”) shall be 4.77%, being the
      short-term “applicable federal rate” for May 2006. Unpaid interest shall be
      compounded annually. Interest shall be payable on the first and second
      anniversary of this Note and at maturity. 

    

    2. 
Maturity.

     

    Any
      and
      all remaining unpaid principal of and interest on this Note shall be due and
      payable in full on June 9, 2009 (the “Maturity Date”); provided, however that
      the principal amount of this Note and all accrued and unpaid interest thereon
      shall be due and payable contemporaneous with the closing of any refinancing
      of
      the Credit Agreement (as hereinafter defined).

    

    
      
         

      

      
        1
          of
          9

        
          

        

      

      
         

      

    

    3. 
Application
      of Payments.

     

    So
      long
      as no Event of Default (as used in this Note, the term “Event of Default” have
      the meanings given to those terms in the Loan Agreement) exists, payments under
      this Note and the Security Documents (as defined below) shall be applied:
      (a) first, to the payment of accrued interest; (b) second, at the option of
      Lender, to the payment of any expenses owing under this Note; and (c) third,
      to
      the reduction of the principal amount of this Note. After the occurrence and
      during the continuance of an Event of Default, Lender may apply such payments
      to
      the obligations secured by the Security Instrument in such manner as it may
      elect in its sole discretion.

    

    4. 
Prepayment.

    

    Borrower
      may prepay, without premium or penalty, its obligation under this Note in whole
      or in part from time to time upon giving Lender at least five days prior written
      notice of its intention to prepay the Note specifying the amount of such
      prepayment.

    

    5. 
Subordination.
      No
      payment (whether principal, interest, or other) on account of this Note shall
      be
      made if prior to the time of such payment Lender has received written notice
      from Wells Fargo, National Association
      or
      Laurus Master Fund, Ltd., as the case may be, (each, the “Senior Lender”) that a
      default has occurred under the credit agreement (the “Credit Agreement”) between
      Borrower and such Senior Lender and such event of default shall not have been
      cured or waived or shall not have ceased to exist. The foregoing provision
      is
      not intended to and shall not impair as between the Borrower, its creditors
      other than the Senior Lender, and the holder of this Note, the obligation of
      Borrower, which shall be absolute and unconditional, to pay to the holder of
      this Note the principal of and interest on this Note, as and when the same
      shall
      become due and payable in accordance with the terms hereof, or to affect the
      relative rights of the holder of this Note and creditors of Borrower other
      than
      the Senior Lender, nor shall anything herein prevent the holder of this Note
      from exercising all remedies otherwise permitted by applicable law upon default,
      subject to the rights, under this Section 5, of the Senior Lender in respect
      of
      any required notice of the exercise of any such remedy or cash, property, or
      securities of Borrower received upon exercise of such remedy. The holder of
      this
      Note by acceptance hereof shall be deemed to acknowledge and agree that the
      subordination provisions of this Section 5 are, and are intended to be, an
      inducement and a consideration to the Senior Lender to enter into the Credit
      Agreement with Borrower. Notwithstanding the foregoing, in the event Lender
      shall receive payments in contravention of the terms and conditions of this
      Note
      then (a) all amounts so received shall be deemed to be held in trust for the
      benefit of the Senior Lender; and (b) all such amounts shall be, at the written
      request of Senior Lender, either paid directly to Senior Lender or to
      Borrower.

    

    6. 
Security.

     

    This
      Note
      is secured by a security agreement and an assignment of life insurance policy
      (the “Security Instruments”) of even date herewith executed by Borrower,
      encumbering the property described in the Security Instruments. The Security
      Instruments and any and all other documents securing this Note are collectively
      referred to as the “Security Documents.”

    
      

      
        
           

        

        
          2 of
            9

          
            

          

        

        
           

      

    

    7. 
Conversion.

    

    (a) After
      the
      later to occur of (i) seventy-five (75) days after the Initial Closing (as
      defined in the Loan Agreement) or (ii) the end of the Pricing Period (as defined
      below), Lender is entitled, at Lender’s option, at any time and from time to
      time prior to the Maturity Date (except that, in the case Borrower defaults
      on
      the payment of this Note on the Maturity Date, such right to convert shall
      terminate at the close of business on the date the Note is paid in full) and
      prior to payment of this Note, to convert all or a portion of the outstanding
      principal amount of and all accrued and unpaid interest under this Note into
      that number of shares of the Borrower’s common stock, $0.00001 par value (the
“Common Stock”) as is determined by dividing such principal amount and accrued
      and unpaid interest by the Conversion Price, determined as hereinafter provided,
      in effect at the time of conversion. The price at which shares of Common Stock
      shall be delivered upon conversion of this Note (the “Conversion Price”) shall
      be the greater of (i) the Current Market Price (as hereinafter defined) or
      (ii)
      $1.00, subject to adjustment, as hereinafter provided, for a
      stock
      split, stock dividend or other similar event and for merger, consolidation,
      exchange of shares, recapitalization, reorganization or other similar
      event.

    

    (b) In
      order
      to exercise the conversion privilege, the holder of this Note shall surrender
      the Note, duly endorsed or assigned to Borrower or in blank, at the principal
      executive office of Borrower, accompanied by written notice to Borrower at
      such
      office that the holder elects to convert this Note or, if less than the entire
      principal amount hereof is to be converted, the portion thereof to be converted.
      

    

    (c) This
      Note
      shall be deemed to have been converted immediately prior to the close of
      business on the day of surrender of this Note, duly endorsed or assigned to
      Borrower or in blank, for conversion in accordance with the foregoing
      provisions, and at such time the rights of the holder of this Note as a holder
      shall cease, and the person or persons entitled to receive the shares of Common
      Stock issuable upon conversion shall be treated for all purposes as the record
      holder or holders of such shares of Common Stock at such time. As promptly
      as
      practicable on or after the conversion date, Borrower shall issue and shall
      deliver to the holder of this Note, or its designated assigns, a certificate
      or
      certificates for the number of full shares of Common Stock issuable upon
      conversion (bearing such legends as are required by the Loan Agreement and
      applicable state and federal securities laws in the opinion of counsel to the
      Borrower). No payment or adjustment is to be made on conversion for interest
      accrued hereon after the date of conversion or for dividends on the Common
      Stock
      issued on conversion. In the case of this Note that is converted in part only,
      promptly following such conversion Borrower shall execute and Borrower shall
      deliver to the holder hereof, at the expense of Borrower, a new Note or Notes
      of
      authorized denominations in aggregate principal amount equal to the unconverted
      portion of the principal amount of this Note. 

    

    (d) If,
      prior
      to the conversion of this Note, (i) the number of outstanding shares of Common
      Stock is increased by a stock split, stock dividend, or other similar event,
      the
      Conversion Price shall be proportionately reduced, (ii) the number of
      outstanding shares of Common Stock is decreased by a combination or
      reclassification of shares, or other similar 

    
      

      
        
           

        

        
          3 of
            9

          
            

          

        

        
           

        

      

    

    event,
      the Conversion Price shall be proportionately increased, (iii) (A) there shall
      be any merger, consolidation, exchange of shares, recapitalization,
      reorganization, or other similar event, as a result of which shares of Common
      Stock shall be changed into the same or a different number of shares of the
      same
      or another class or classes of stock or securities of the Borrower or another
      entity or (B) there occurs a sale of all or substantially all of the Borrower’s
      assets that is not deemed to be a liquidation, dissolution or winding up of
      the
      Borrower, then the holder of this Note shall have the right to receive upon
      conversion of this Note, upon the basis and upon the terms and conditions
      specified herein and in lieu of the shares of Common Stock immediately
      theretofore issuable upon conversion, such stock, securities, and/or other
      assets which the holder of this Note would have been entitled to receive in
      such
      transaction had this Note, together with all unpaid and accrued interest
      thereon, been converted immediately prior to such transaction, and in any such
      case appropriate provisions shall be made with respect to the rights and
      interests of the holder of this Note to the end that the provisions hereof
      (including, without limitation, provisions for the adjustment of the Conversion
      Price) shall thereafter be applicable, as nearly as may be practicable in
      relation to any securities thereafter deliverable upon the exercise
      hereof.

    

    (e) No
      fractional shares shall be issued upon conversion of this Note. In lieu of
      the
      Borrower issuing any fractional shares to Lender upon the conversion of this
      Note, the Borrower shall pay to Lender an amount equal to the product obtained
      by multiplying the Conversion Price by the fraction of a share not issued
      pursuant to the previous sentence. Upon conversion of this Note in full and
      the
      payment of any amounts specified in this Section 7(e),
      the
      Borrower shall be forever released from all its obligations and liabilities
      under this Note.

    

    (f) “Current
      Market Price” means at any date the average of the closing price of the Common
      Stock on all securities exchanges (including the Nasdaq Stock Market) on which
      it may at the time be listed, or, if there if there have been no sales on any
      such exchange on any day, or, if on any day such security is not so listed,
      the
      average of the representative bid and asked prices quoted on the Nasdaq Stock
      Market as of 4:00 p.m., New York time, or if on any day such security is not
      quoted in the Nasdaq Stock Market, the average of the highest bid and lowest
      ask
      prices on such day in the domestic over-the-counter market as reported by the
      OTC Bulletin Board, Pink Sheets LLC, or any similar successor organization,
      in
      each case for the 40 consecutive trading days (the “Pricing Period”) commencing
      on the earlier of the first trading day immediately following the effective
      date
      (the “Effective Date”) of (i) Borrower’s Registration Statement on Form S-1
      (File No. 333-127056) originally filed with the Securities and Exchange
      Commission (the “SEC”) on Form SB-2 on July 29, 2005 (the “Original Registration
      Statement”) or (ii) such other registration statement as may be filed by the
      Borrower with the SEC covering shares of Common Stock issuable upon conversion
      of the Borrower’s Series A Convertible Preferred Stock (the “Contingent
      Registration Statement” and together with the Original Registration Statement,
      the “Current Registration Statement”). Lender agrees that it will not, without
      the prior written consent of Borrower, sell, offer, contract or grant any option
      to sell (including without limitation any short sale), transfer, or otherwise
      dispose of any shares of Common Stock of Borrower, options, or warrants to
      acquire shares of Common Stock, or securities exchangeable or exercisable for
      or
      convertible into shares of Common Stock owned by Lender during the Pricing
      Period.

    

    (g) Borrower
      shall pay all documentary, stamp, transfer or other transactional taxes
      attributable to the issuance or delivery of shares of Common Stock of Borrower
      or other securities or property upon conversion of any Notes: provided, however,
      that Borrower shall not be required to pay any taxes which may be payable in
      respect of any transfer involved in the issuance or delivery of any certificate
      for such shares or securities in the name other than that of the holder of
      this
      Note in respect of which such shares are being issued.

    
      

      
        
           

        

        
          4 of
            9

          
            

          

        

        
           

      

    

    (h) Borrower
      shall reserve at all times so long as this Note remains outstanding, free from
      preemptive rights, out of its treasury stock or its authorized but unissued
      shares of Common Stock, or both, solely for the purpose of effecting the
      conversion of this Note, sufficient shares of Common Stock to provide for the
      conversion of this Note.

    

    (i) If
      any
      shares of Common Stock or other securities to be reserved for the purpose of
      conversion of this Note require registration with or approval of any
      governmental authority under any Federal or state law before such shares or
      other securities may be validly issued or delivered upon conversion, then
      Borrower and the holders of this Note will in good faith and as expeditiously
      as
      possible endeavor to secure such registration or approval, as the case may
      be.

    

    (j) All
      shares of Common Stock or other securities which may be issued upon conversion
      of this Note will upon issuance by Borrower be duly and validly issued, fully
      paid and nonassessable and free from all taxes, liens and charges with respect
      to the issuance thereof and Borrower shall take no action which will cause
      a
      contrary result.

    

    (k)
      Borrower shall use its commercially reasonable efforts to register the shares
      issuable upon conversion of this Note on the Current Registration Statement;
      provided, however, that if the Borrower’s counsel determines in good faith that
      the shares issuable upon conversion of this Note cannot be registered on such
      Current Registration Statement then the
      Borrower agrees to use its commercially reasonable efforts to file an additional
      Registration Statement on Form S-1 (the “Additional Registration Statement”) or
      such other appropriate form for the general registration of the resale of the
      shares issuable upon conversion of this Note within 60 days following the
      Effective Date. The Borrower agrees to use commercially reasonable efforts
      to
      cause the Additional Registration Statement to be declared effective within
      90
      days of the date of filing of such Additional Registration Statement. Sections
      4, 5, 6, 8, 9, 10, 11 and 12(a), 12(b), 12(e), 12(g) (the “Incorporated
      Sections”) of that certain Registration Rights Agreement dated as of June 30,
      2005 between the Borrower and the parties set forth on the signature page and
      Exhibit A to such agreement (the “Existing Registration Rights Agreement”) are
      incorporated herein by reference and made a part of this Note. Terms used in
      the
      Incorporated Sections not otherwise defined in this Note shall have the meaning
      assigned to them under Section 1 of the Existing Registration Rights Agreement.
      The term Registrable Securities in the Incorporated Sections shall be deemed
      to
      include the shares issuable upon conversion of this Note. Nothing contained
      herein shall be construed to incorporate by reference any other section of
      the
      Existing Registration Rights Agreement except those specifically set forth
      herein.

     

    
      

      
        
           

        

        
          5 of
            9

          
            

          

        

        
           

      

    

    8. 
Default;
      Remedies.

     

    Upon
      the
      occurrence of an Event of Default, and without notice or demand, all amounts
      owed under this Note, including all accrued but unpaid interest, shall
      thereafter bear interest at the rate of 5% per annum above the Note Rate (the
      “Default Rate”) until all Events of Default are cured. Failure to exercise any
      option granted to Lender hereunder shall not waive the right to exercise the
      same in the event of any subsequent Event of Default. Interest at the Default
      Rate shall commence to accrue upon the occurrence of any Event of Default,
      including the failure to pay this Note at maturity.

    

    9. 
Attorneys’
      Fees.

     

    The
      Borrower agrees to pay all costs of collection incurred in enforcing this Note,
      including attorneys' fees and costs at both trial and appellate levels and
      in
      any bankruptcy action. In the event any legal proceedings are instituted in
      connection with, or for the enforcement of this Note, the Lender shall be
      entitled to recover its costs of suit, including attorneys' fees and costs,
      at
      both trial and appellate levels and in any bankruptcy action.
      

    

    10. 
Miscellaneous

    

    Every
      person or entity at any time liable for the payment of the indebtedness
      evidenced hereby waives presentment for payment, demand, and notice of
      nonpayment of this Note. Every such person or entity further hereby consents
      to
      any extension of the time of payment hereof, the release of all or any part
      of
      the security herefor or the release of any party liable for the payment of
      the
      indebtedness evidenced hereby at any time and from time to time at the request
      of anyone now or hereafter liable therefor. Any such extension or release may
      be
      made without notice to any of such persons or entities and without discharging
      their liability.

    

    The
      entity that signs this Note is liable for the full repayment of the entire
      indebtedness evidenced hereby and the full performance of each and every
      obligation contained in the Security Documents.

    

    The
      headings to the various sections have been inserted for convenience of reference
      only and do not define, limit, modify, or expand the express provisions of
      this
      Note.

    

    Any
      provision of this Note may be amended, waived or modified upon the written
      consent of the Borrower and the Lender.

    

    Time
      is
      of the essence under this Note and in the performance of every term, covenant,
      and obligation contained herein.

    

    This
      Note
      is made with reference to and is to be construed in accordance with the laws
      of
      the state of Texas, without regard to its conflict of law
      principles.

    

    If
      this
      Note or any of the Security Documents are lost, stolen, mutilated or destroyed
      and Lender delivers to Borrower an indemnification agreement in a form
      reasonably satisfactory to Borrower reasonably indemnifying Borrower against
      any
      loss or liability resulting therefrom, Borrower will execute and deliver to
      Lender a replacement thereof in form and content identical to the original
      document which will have the effect of the original for all
      purposes.

    
      

      
        
           

        

        
          6 of
            9

          
            

          

        

        
           

      

    

    11. 
Transfer
      of this Note or Securities Issuable on Conversion
      Hereof. 

    

    With
      respect to any offer, sale or other disposition of this Note or securities
      into
      which such Note may be converted, Lender will give written notice to the
      Borrower prior thereto, describing briefly the manner thereof, together with
      a
      written opinion of Lender’s counsel, or other evidence reasonably satisfactory
      to the Borrower, to the effect that such offer, sale, or other distribution
      may
      be effected without registration or qualification under any applicable federal
      or state law then in effect. Upon receiving such written notice and reasonably
      satisfactory opinion or other evidence, the Borrower, as promptly as
      practicable, shall notify Lender that Lender may sell or otherwise dispose
      of
      this Note or such securities, all in accordance with the terms of the notice
      delivered to the Borrower. If a determination has been made pursuant to this
      Section 11 that the opinion of counsel for Lender, or other evidence, is
      not reasonably satisfactory to the Borrower, the Borrower shall so notify Lender
      promptly after such determination has been made. Each Note thus transferred
      and
      each certificate representing the securities thus transferred shall bear a
      legend as to the applicable restrictions on transferability in order to ensure
      compliance with the Securities Act of 1933, as amended (the “Act”), unless in
      the opinion of counsel for the Borrower such legend is not required in order
      to
      ensure compliance with the Act. The Borrower may issue stop transfer
      instructions to its transfer agent in connection with such restrictions. Subject
      to the foregoing, transfers of this Note shall be registered upon registration
      books maintained for such purpose by or on behalf of the Borrower as provided
      in
      the Loan Agreement. Prior to presentation of this Note for registration of
      transfer, the Borrower shall treat the registered holder hereof as the owner
      and
      holder of this Note for the purpose of receiving all payments of principal
      and
      interest hereon and for all other purposes whatsoever, whether or not this
      Note
      shall be overdue and the Borrower shall not be affected by notice to the
      contrary. Notwithstanding the foregoing, this Section 11 shall not apply to
      securities into which this Note may be converted following the registration
      of
      such securities pursuant to Section 7(k) of this Agreement. Notwithstanding
      the
      foregoing, this Note may not be transferred prior to the completion of the
      Rights Offering (as defined in the Loan Agreement and the registration rights
      granted pursuant to Section 7(k) of this Note may not be
      transferred.

    

    12. 
Notices. 

    

    All
      notices, requests, demands, consents, instructions, or other communications
      required or permitted hereunder shall in writing and faxed, mailed, or delivered
      to each party at the respective addresses of the parties as set forth in the
      Loan Agreement, or at such other address or facsimile number as the Borrower
      shall have furnished to Lender in writing. All such notices and communications
      will be deemed effectively given the earlier of (a) when received,
      (b) when delivered personally, (c) one business day after being
      delivered by facsimile (with receipt of appropriate confirmation), (d) one
      business day after being deposited with an overnight courier service of
      recognized standing or (e) four days after being deposited in the U.S.
      mail, first class with postage prepaid.

    

    
      

      
        
           

        

        
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    13. 
Pari
      Passu Notes. 

    

    Lender
      acknowledges and agrees that the payment of all or any portion of the
      outstanding principal amount of this Note and all interest hereon shall be
      pari
      passu in
      right
      of payment and in all other respects to the other Notes issued pursuant to
      the
      Loan Agreement or pursuant to the terms of such Notes. In the event Lender
      receives payments in excess of its pro rata share of the Borrower’s payments to
      the Lenders of all of the Notes, then Lender shall hold in trust all such excess
      payments for the benefit of the holders of the other Notes and shall pay such
      amounts held in trust to such other holders upon demand by such
      holders.

    

    14. 
Consent
      to Jurisdiction.
      

    

    Borrower
      irrevocably submits to the jurisdiction of any state or federal court sitting
      in
      Houston, Texas, over any suit, action, or proceeding arising out of or relating
      to this Note or the loan evidenced hereby. Borrower irrevocably waives, to
      the
      fullest extent permitted by law, any objection that Borrower may now or
      hereafter have to the laying of venue of any such suit, action, or proceeding
      brought in any such court and any claim that any such suit, action, or
      proceeding brought in any such court has been brought in an inconvenient forum.
      Borrower further consents and agrees to service of any summons, complaint or
      other legal process in any such suit, action or proceeding by registered or
      certified U.S. mail, postage prepaid, to Borrower at the address for notices
      set
      forth following its signature, and consents and agrees that such service shall
      constitute in every respect valid and effective service (but nothing herein
      shall affect the validity or effectiveness of process served in any other manner
      permitted by law).

    

    15. 
WAIVER
      OF JURY TRIAL.
      

    

    LENDER
      AND BORROWER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHTS
      THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON,
      OR
      ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THE LOAN, THIS NOTE OR ANY OTHER
      LOAN DOCUMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER
      ORAL OR WRITTEN), OR ACTIONS OF LENDER OR BORROWER. THIS PROVISION IS A MATERIAL
      INDUCEMENT FOR LENDER TO MAKE THE LOAN TO BORROWER.

    

    
      

      
        
           

        

        
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    DATED
      as
      of the day and year first above written.

    

    
      	 	
              RONCO
                CORPORATION, a Delaware corporation

            
	 	 
	 	 
	 	
              By:/s/Paul
                Kabashima                                              
                

            
	 	
              Name:
                Paul Kabashima

            
	 	
              Title:
                Chief Operating Officer

            

    

    

    Address:

    

    21344
      Superior Street

    Chatsworth,
      California 91311

    

    
      

      
        
           

        

        
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