Document:

EXHIBIT
      10.19

     

    CONFIDENTIAL
      TREATMENT REQUESTED WHERE INDICATED *

     

    
      Certain
        confidential portions of this Exhibit were omitted by means of blackout
of
        the
        text (the "Mark"). This Exhibit has been filed separately with the Secretary
        of the Commission without the Mark pursuant to the Company's Application
        for Confidential Treatment under Rule 24b-2 under the Securities Exchange
        Act of 1934.

    

    

    March
      28,
      2007

    

    Damien
      Tanaka

    President
      & CEO

    Aduromed
      Corporation

    3
      Trowbridge Drive

    Bethel,
      CT 06801

    

    Dear
      Mr.
      Tanaka:

    

    This
      Letter Amendment shall confirm the understanding between you and our
      representatives that, effective January 1, 2007, the Master Agreement between
      ADUROMED
      CORPORATION (“Aduromed”)
      and ARAMARK
      MANAGEMENT SERVICES LIMITED PARTNERSHIP
      (“ARAMARK”) dated September 1, 2004 (the “Agreement”) shall be amended as
      follows:

    

    1.    Products
      and Services.    Section
      1.1, Products
      and Services,
      is
      amended as follows:

    

    
      	 	
              a.

            	
              “Participating
                ARAMARK Clients” shall be defined as those entities listed on a separate
                written schedule which is provided from time to time by ARAMARK to
                Aduromed. Such written schedule may be amended by ARAMARK from time
                to
                time; however, as of any specific date, Aduromed shall be entitled
                to rely
                on the latest written version of such schedule which Aduromed has
                as of
                such date. 

            

    

    

    
      	 	
              b.

            	
              New
                Sections 1.1(h) and 1.1(i) are added, as
                follows:

            

    

    

    “(h) Aduromed
      will provide support to ARAMARK accounts only in accordance with the terms
      of
      this Agreement. Notwithstanding any language to the contrary in this Agreement,
      ARAMARK District Managers will lead the sales effort, and Aduromed sales
      representatives may attend sales interactions as directed by the ARAMARK
      District Manager. Aduromed sales representatives agree not to approach ARAMARK
      Clients directly, unless authorized by ARAMARK.”

    

    (i) For
      new
      ARAMARK EVS or Facilities sales, if Aduromed has not provided a quote at the
      time of ARAMARK’s survey scheduling, ARAMARK will be given the opportunity to
      include Waste Stream QL (with Aduromed) in the proposal to such
      client.

    

    2.    Removal
      of Volume Allowance.    Section
      7.1
      is
      deleted in its entirety. 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    CONFIDENTIAL
      TREATMENT REQUESTED WHERE INDICATED *

     

    

    3.    Restructure
      Growth Allowance Rates.    Section
      7.2
      is
      revised to include the following chart:

    

    
      	
              Total
                Purchases

              Of
                All Products

              (Equipment
                and Consumables and All Maintenance)

              (Annual
                Sales per Contract Year)

            	
              Growth
                Allowance Rate

              Multiplied
                by Total Purchase of

              All
                consumables

              (Excluding
                Equipment)

              And

              All
                Maintenance

            
	
              *

            	
              *

            
	
              *

            	
              *

            
	
              *

            	
              *

            
	
              *

            	
              *

            
	
              *

            	
              *

            
	
              *

            	
              *

            
	
              *

            	
              *

            

    

    

    4.    Removal
      of Catch-All Allowance.    Section
      7.3
      is
      deleted in its entirety.

    

    5.    Payment
      of Allowances.    Consistent
      with paragraphs 2 through 4 above, Section
      7.5
      is
      revised to state as follows:

    

    “7.5 Payment
      of Allowances. Within
      60
      days after the end of each Contract Year, Aduromed will pay to ARAMARK the
      Growth Allowance for all Aduromed Volume Reports for that respective Contract
      Year. All amounts which are not paid when due to ARAMARK under this Agreement
      will bear interest at the rate of 1% per month until paid in full.

    

    All
      Allowance payments will be made by check payable to ARAMARK but, at ARAMARK’s
      direction herein, will be made payable to ARAMARK’s affiliate, ARAMARK Food and
      Support Services Group, Inc., at the following address:

    

    ARAMARK
      FOOD AND SUPPORT SERVICES GROUP, INC.

    22nd
      floor

    1101
      Market Street

    Philadelphia,
      Pennsylvania 19107

    Attn: Vice
      President, Finance and Allied Procurement”

    

    6.    Removal
      of Exclusivity Threshold.  

    

    
      	 	
              a.

            	
              Exhibit
                C,
                Section 1 is deleted in its entirety and replaced with the following
                new
                Section 1:

            

    

    

    “1. Dealings
      with ARAMARK Competitors; Restrictive Covenant.
      Aduromed covenants and agrees that for the Term of this Agreement (as amended),
      that Aduromed, directly or indirectly, will not solicit or
      enter
      into an exclusive agreement to provide waste equipment (by
      bid,
      proposal, offer, or otherwise) or provide, on an exclusive basis, Products
      or
      Services of the general nature described in Section 1 of this Agreement,
      directly or indirectly, to or on behalf of any competitors of ARAMARK in the
      outsourced management

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    CONFIDENTIAL
      TREATMENT REQUESTED WHERE INDICATED *

    

    services
      industry (including but not limited to competitors such as Crothall, Sodexho,
      Compass, Johnson Controls, Siemens, Morrison’s, and Hospital Housekeeping of
      America), or to any general purchasing organization.

    

    Aduromed
      acknowledges and agrees that any breach or threatened breach by Aduromed of
      this
      Section would cause irreparable damage and harm to ARAMARK, which would be
      difficult to ascertain. Accordingly, ARAMARK will be entitled to seek injunctive
      or other equitable relief, if ARAMARK so elects, in addition to any other
      remedies available to ARAMARK at law or in equity.

    

    
      	 	
              b.

            	
              Exhibit
                C,
                Section 2 is deleted in its entirety and replaced with the following
                new
                Section 2:

            

    

    

    “2. Dealings
      with Aduromed Competitors; Restrictive Covenant.
      Subject
      to Sections 3 and 4, below, ARAMARK covenants and agrees that for the Term
      of
      this Agreement (as amended), that ARAMARK, directly or indirectly, will not
      solicit or enter into an exclusive agreement for waste equipment (by bid,
      proposal, offer, or otherwise) with any competitors of Aduromed. 

    

    ARAMARK
      acknowledges and agrees that any breach or threatened breach by ARAMARK of
      this
      Section would cause irreparable damage and harm to Aduromed, which would be
      difficult to ascertain. Accordingly, Aduromed will be entitled to seek
      injunctive or other equitable relief, if Aduromed so elects, in addition to
      any
      other remedies available to Aduromed at law or in equity.”

    

    
      	 	
              c.

            	
              Exhibit
                C,
                Section 3.4(a) is deleted in its
                entirety.

            

    

    

    
      	 	
              7.

            	
              Referral
                Award Bonus.
                ARAMARK will receive a referral award bonus of *% of the total sales
                price
                (“Referral Award Bonus”) for each ARAMARK Independent Account that ARAMARK
                opens up for Aduromed sales representatives, that results in a sale
                for
                Aduromed.

            

    

    

    In
      all
      other respects, the Agreement shall remain in full force and effect. This Letter
      Amendment shall be attached to, and become a part of, the
      Agreement.

    

    If
      the
      foregoing is in accordance with your understanding, kindly sign, date and return
      this Letter Amendment at your earliest convenience.

    

    Very
      truly yours,

     

    ARAMARK
      MANAGEMENT SERVICES LIMITED PARTNERSHIP,
By
      its General Partner ARAMARK SMMS LLC

     

     

    By: 
      /s/
      Mary
      Ann Wyman 
      
        

      

    

    MaryAnn
      Wyman

    Executive
      Vice President

     

    Agreed
      to
      and accepted this 28th
      day of
      March, 2007.

     

    ADUROMED
      CORPORATION

     

     

    By: 
      /s/
      Damien Tanaka 
      
        

      

    

    Damien
      Tanaka

    President
      & CEOSUPPLEMENTAL DEED
TO THE MASTER TRUST DEED FOR THE
SUPERANNUATION MEMBERS' HOME
LOANS TRUSTS

ME PORTFOLIO MANAGEMENT LIMITED
ABN 79 005 964 134

and

PERPETUAL LIMITED
ABN 86 000 431 827

[LOGO] Freehills

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

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

Reference LGR:HS:38G

<PAGE>

                                      Supplemental Deed - SMHL Master Trust Deed

--------------------------------------------------------------------------------
TABLE OF CONTENTS

Clause                                                                      Page

1     DEFINITIONS AND INTERPRETATION                                           1

      1.1      Definitions                                                     1
      1.2      Interpretation                                                  1

2     AMENDMENT TO MASTER TRUST DEED                                           2

      2.1      Application                                                     2
      2.2      Amendment                                                       2
      2.3      Further Amendments                                              2
      2.4      When amendments effective                                       2
      2.5      Amendments not to affect validity, rights, obligations          2
      2.6      Confirmation                                                    2
      2.7      Acknowledgement                                                 3
      2.8      Approval                                                        3

3     GENERAL                                                                  3

      3.1      Governing law and jurisdiction                                  3
      3.2      Further action                                                  3
      3.3      Counterparts                                                    3
      3.4      Attorneys                                                       3
      3.5      Trustee's limitation of liability                               3

SCHEDULE - AMENDMENTS TO THE MASTER TRUST DEED                                 4

--------------------------------------------------------------------------------
                                                                          Page i
<PAGE>

--------------------------------------------------------------------------------
THIS SUPPLEMENTAL DEED

            is made on 18 April 2006 between the following parties:

            1.    ME PORTFOLIO MANAGEMENT LIMITED
                  ABN 79 005 964 134
                  of Level 23, 360 Collins Street, Melbourne, Victoria
                  (MANAGER)

            2.    PERPETUAL LIMITED
                  ABN 86 000 431 827
                  of Level 12, 123 Pitt Street, Sydney, New South Wales
                  (TRUSTEE)

RECITALS

            A     The parties entered into a Master Trust Deed in relation to
                  the  Superannuation  Members' Home Loans Trusts on 4 July 1994
                  (as amended and restated) (MASTER TRUST DEED).

            B     The Manager and Trustee are respectively the manager and
                  trustee of the trusts constituted under the Master Trust Deed.

            C     Clause 28.1 of the Master Trust Deed permits the Trustee and
                  the  Manager  to  amend  the  Master  Trust  Deed  in  certain
                  circumstances.

            D     The parties  wish to amend the Master Trust Deed in the manner
                  set out in this deed.

THIS DEED WITNESSES

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

--------------------------------------------------------------------------------
1     DEFINITIONS AND INTERPRETATION

      1.1   DEFINITIONS

            In this deed, a word or phrase defined in the Master Trust Deed has
            the same meaning as in the Master Trust Deed and in addition:

            SPECIFIED FUNDS means each of:

            (a)   the Superannuation Members' Home Loans Origination Fund No. 3;
                  and

            (b)   the SMHL Global Fund No. 8A.

      1.2   INTERPRETATION

            Clause 1.2 of the Master Trust Deed applies to this deed.

--------------------------------------------------------------------------------
                                                                          Page 1
<PAGE>

                                      Supplemental Deed - SMHL Master Trust Deed

--------------------------------------------------------------------------------
2     AMENDMENT TO MASTER TRUST DEED

      2.1   APPLICATION

            The  amendments to the Master Trust Deed in clauses 2.2 and 2.3 only
            apply to the Specified  Funds and to Funds created after the date of
            this deed.

      2.2   AMENDMENT

            The Master Trust Deed is amended as set out in the schedule.

      2.3   FURTHER AMENDMENTS

            The Master Trust Deed is also amended by:

            (a)   deleting from clauses 3.1(a) and 3.1(b) the word "Beneficiary"
                  after "Income" and replacing it with "Unitholder";

            (b)   deleting from clause 4.1(a) after "Residual  Capital" the word
                  "Beneficiary" and replacing it with "Unitholder"; and

            (c)   amending clause 4.1(b) by:

                  (1)   after the words  "balance,  for" inserting  "each Income
                        Unitholder";

                  (2)   deleting  the  words  "The  Trustee  as  trustee  of the
                        relevant Fund"; and

                  (3)   deleting  the  words  "(or if more  that  one Fund is so
                        specified, in the percentages therein referred to)".

      2.4   WHEN AMENDMENTS EFFECTIVE

            The  amendments  to the Master Trust Deed set out in clauses 2.2 and
            2.3 take effect on and from the date of this deed.

      2.5   AMENDMENTS NOT TO AFFECT VALIDITY, RIGHTS, OBLIGATIONS

            (a)   The amendments to the Master Trust Deed set out in clauses 2.2
                  and 2.3 do not affect the  validity or  enforceability  of the
                  Master Trust Deed.

            (b)   Nothing in this deed:

                  (1)   prejudices  or  adversely  affects  any  right,   power,
                        authority, discretion or remedy arising under the Master
                        Trust Deed before the date of this deed; or

                  (2)   discharges,  releases or otherwise affects any liability
                        or obligation arising under the Master Trust Deed before
                        the date of this deed.

      2.6   CONFIRMATION

            Each  party is bound by the  Master  Trust  Deed as  amended by this
            deed. The Master Trust Deed as amended by this deed shall be binding
            on all Bondholders and the Beneficiaries as if each was originally a
            party to each of the Master Trust Deed and this deed.

--------------------------------------------------------------------------------
                                                                          Page 2
<PAGE>

                                      Supplemental Deed - SMHL Master Trust Deed

      2.7   ACKNOWLEDGEMENT

            Each party  acknowledges that this deed is issued in accordance with
            the Master Trust Deed.

      2.8   APPROVAL

            The Manager  approves the  amendments to be made to the Master Trust
            Deed by this deed.

--------------------------------------------------------------------------------
3     GENERAL

      3.1   GOVERNING LAW AND JURISDICTION

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

            (b)   Each   party   irrevocably   submits   to  the   non-exclusive
                  jurisdiction of the courts of New South Wales.

      3.2   FURTHER ACTION

            Each  party must do all things and  execute  all  further  documents
            necessary to give full effect to this deed.

      3.3   COUNTERPARTS

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

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

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

      3.4   ATTORNEYS

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

      3.5   TRUSTEE'S LIMITATION OF LIABILITY

            The  provisions  of clauses 26.14 and 26.16 of the Master Trust Deed
            are incorporated in this document as if set out in full.

--------------------------------------------------------------------------------
                                                                          Page 3
<PAGE>

                                      Supplemental Deed - SMHL Master Trust Deed
--------------------------------------------------------------------------------

SCHEDULE - AMENDMENTS TO THE MASTER TRUST DEED

--------------------------------------------------------------------------------
                                                                          Page 4
<PAGE>

MASTER TRUST DEED

SUPERANNUATION MEMBERS' HOME LOANS
PROGRAMME

ME PORTFOLIO MANAGEMENT LIMITED
ABN 79 005 964 134

and

PERPETUAL LIMITED
ABN 86 000 431 827

[LOGO] Freehills

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

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

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

Reference  PSJR:LGR:25D

<PAGE>

                                                      LGR-SMHL Master Trust Deed

--------------------------------------------------------------------------------
TABLE OF CONTENTS

Clause                                                                      Page

1     DEFINITIONS AND INTERPRETATION                                           1

      1.1      Definitions                                                     1
      1.2      Interpretation                                                 16
      1.3      Binding on Bondholders and Unitholders                         17

2     THE SUPERANNUATION MEMBERS' HOME LOANS TRUSTS                           17

      2.1      Appointment of Trustee                                         17
      2.2      Trustee to Act in Interests of Unitholders and Bondholders
               of a Fund                                                      17
      2.3      Separate and Distinct Funds                                    17
      2.4      Schedule 10 Provisions                                         17

3     THE ORIGINATION FUND                                                    17

      3.1      [The text of clause 3.1 has not been shown, but
               has not been amended except as provided in the
               Supplemental Deed to the Master Trust Deed dated
               18 April 2006]                                                 17
      3.2      Creation of the First Origination Fund                         17
      3.3      Creation of Additional Origination Funds                       17
      3.4      Name of the Origination Funds                                  18
      3.5      Duration of an Origination Fund                                18

4     THE SECURITISATION FUNDS                                                18

      4.1      [The text of clause 3.1 has not been shown, but
               has not been amended except as provided in the
               Supplemental Deed to the Master Trust Deed dated
               18 April 2006]                                                 18
      4.2      Creation of Securitisation Funds                               18
      4.3      Name of the Securitisation Funds                               19
      4.4      Duration of a Securitisation Fund                              19

5     BONDS                                                                   19

      5.1      Acknowledgment of Indebtedness                                 19
      5.2      Legal Nature of bonds                                          19
      5.3      Terms of Bonds                                                 19
      5.4      Interest and Principal Entitlement of Bondholders              20
      5.5      Not used                                                       20
      5.6      Bonds Not Invalid if Issued in Breach                          20
      5.7      Location of Bonds                                              20
      5.8      No Discrimination between Bondholders                          20

6     LIMITS ON RIGHTS OF BONDHOLDERS AND UNITHOLDERS                         20

      6.1      General Limits                                                 20
      6.2      Limit on Interest of Income Unitholder in Assets of an
               Origination Fund                                               21
      6.3      Limit on Interest of Residual Capital Unitholder in assets
               of a Securitisation Fund                                       21
      6.4      Further Limits on Interests of Unitholders                     21
      6.5      Ranking of Interest of Unitholders                             22
      6.6      Further Limit on Interest of Bondholders and Couponholders     22
      6.7      No Liability of Bondholders or Unitholders                     22

--------------------------------------------------------------------------------
                                                                          Page 1
<PAGE>

                                                      LGR-SMHL Master Trust Deed

7     PROCEDURE FOR ISSUE OF BONDS                                            22

      7.1      Bond Issue Direction for an Origination Fund                   22
      7.2      Bond Issue Direction for a Securitisation Fund                 23
      7.3      Requirements for a Bond Issue Direction                        23
      7.4      Supplementary Bond Terms Notice                                24
      7.5      Amendment                                                      25
      7.6      Comply with Bond Issue Direction                               26
      7.7      Proviso on Compliance with Bond Issue Direction                26
      7.8      Issue of Bonds and Transfer of Benefit of Mortgages            27
      7.9      Amount of Bonds Created for a Securitisation Fund              28
      7.10     Issue of Bonds for Benefit of Origination Fund                 29
      7.11     Issue of Bonds During a Subscription Period for
               Origination Fund                                               29
      7.12     Action following Bond Issue                                    29
      7.13     No Liability for Insufficient Moneys                           30
      7.14     Further Assurance                                              30
      7.15     Subsequent Adjustment                                          30
      7.16     Committed Bond Subscription Agreement                          31
      7.17     Further Issues Subject to Rating Agency Approval               31
      7.18     Issue of Unrated Bonds                                         31
      7.19     No Limit on Bonds                                              31
      7.20     Offers of Bonds in Australia                                   32
      7.21     Issues not in Australia                                        32

8     TRANSFERS OF BONDS                                                      32

      8.1      No Restrictions on Transfer of Bonds                           32
      8.2      Transfer                                                       32
      8.3      Form of Transfer                                               32
      8.4      Execution of Bond Transfer                                     32
      8.5      Stamping of Bond Transfer                                      32
      8.6      Delivery of Bond Transfer to Trustee                           33
      8.7      Registration of Transferee as Bondholder                       33
      8.8      Trustee Entitled to Refuse to Register Transfer                33
      8.9      Refusal to Register Absolute                                   33
      8.10     No Fee for Registration of a Bond Transfer                     33
      8.11     Taking Effect of Bond Transfers                                33
      8.12     Rights and Obligations of Transferee                           34
      8.13     Payments to Transferee                                         34
      8.14     Transmission of Entitlements                                   34
      8.15     Marked Bond Transfer                                           34
      8.16     Reliance on Documents                                          35
      8.17     Specimen Signatures                                            35

9     BOND REGISTRATION CONFIRMATION                                          35

      9.1      Issue of Bond Registration Confirmation                        35
      9.2      Bond Registration Confirmation Not Certificate of Title        35
      9.3      Execution of Bond Registration Confirmation                    36
      9.4      More than One Bond Registration Confirmation                   36
      9.5      Worn out, Defaced or Lost Bond Registration Confirmation       36
      9.6      Joint Holdings                                                 36
      9.7      Delivery of Bond Registration Confirmation                     36

--------------------------------------------------------------------------------
                                                                          Page 2
<PAGE>

                                                      LGR-SMHL Master Trust Deed

10    INVESTMENT OF THE FUNDS: GENERALLY                                      37

      10.1     Authorised Investments only                                    37
      10.2     Primary Investment Policy                                      37
      10.3     Manager Selects Investments                                    37
      10.4     Investment Proposals                                           37
      10.5     Limitation on Acquisition of Authorised Investments for
               Rated Funds                                                    38
      10.6     Disposal or Realisation of Authorised Investments              38
      10.7     Temporary Investment of Cash and Limitation on Maturity of
               Authorised Investments                                         39
      10.8     Hedges and Enhancements                                        39
      10.9     Substitution of Mortgages in a Fund                            40
      10.10    Authorised Trustee Investments                                 41
      10.11    Limitation of Trustee's Personal Liability                     41
      10.12    Moneys Payable to Trustee                                      41
      10.13    Segregation of Assets of a Fund                                41
      10.14    Assets of Funds                                                42
      10.15    Liabilities of a Fund                                          42
      10.16    Mixture of Assets                                              42

11    ORIGINATION AND MANAGEMENT OF MORTGAGES                                 42

      11.1     Power to enter into Mortgage Origination and Management
               Agreements                                                     42
      11.2     Appointment of a Mortgage Manager                              42
      11.3     Mortgages to be Originated etc.                                42
      11.4     Enforcement of Rights                                          43
      11.5     Manager will act as Mortgage Manager                           43

12    THE MANAGER                                                             43

      12.1     Appointment of Manager                                         43
      12.2     Complete Powers of Management                                  43
      12.3     Manager to Act in Interests of Unitholders and Bondholders     43
      12.4     Manager to Assist Trustee                                      43
      12.5     Manager's Power to Delegate                                    43
      12.6     Manager's Power to Appoint Advisers                            44
      12.7     Manager's Books Available to Trustee                           44
      12.8     Manager will Account to Trustee for Moneys Received            45
      12.9     Manager to Keep Trust Fund Separate                            45
      12.10    Manager to Prepare Notices etc.                                45
      12.11    Prior Approval of Circulars                                    45
      12.12    Taxes                                                          45
      12.13    Acquisition or Disposal of Assets and Enforcement of
               Mortgage Origination and Management Agreements                 45
      12.14    Monitor Enhancements and Hedges                                45
      12.15    Manager Cannot Bind Trustee Unless Authorised                  46
      12.16    Manager Must Perform Obligations under other Transaction
               Documents                                                      46
      12.17    Additional Covenants by Manager                                46

--------------------------------------------------------------------------------
                                                                          Page 3
<PAGE>

                                                      LGR-SMHL Master Trust Deed

13    MANAGER'S FEE                                                           46

14    RETIREMENT OF MANAGER                                                   47

      14.1     Retirement for Cause                                           47
      14.2     Trustee may Remove Recalcitrant Manager                        47
      14.3     Trustee Appoints Replacement Manager                           47
      14.4     Voluntary Retirement                                           48
      14.5     Release of Outgoing Manager                                    48
      14.6     New Manager to Execute Deed                                    48
      14.7     Settlement and Discharge                                       48
      14.8     Manager's Entitlements on Retirement/Removal                   49
      14.9     Delivery of Books, Documents, etc.                             49
      14.10    Notice to Bondholders of New Manager                           49
      14.11    Waiver of Manager's Defaults                                   49

15    TRUSTEE'S POWERS                                                        50

      15.1     General Power                                                  50
      15.2     Specific Powers                                                50
      15.3     Powers to be Exercised with Others                             52
      15.4     Delegation                                                     52
      15.5     Power to Enforce                                               53
      15.6     Trustee's Power to Appoint Attorneys and Agents                53
      15.7     Generally Unlimited Discretion                                 53

16    TRUSTEE'S COVENANTS                                                     54

      16.1     General                                                        54
      16.2     To Act Continuously as Trustee                                 54
      16.3     To Act Honestly, Diligently and Prudently                      54
      16.4     No Dispositions of Assets except in Accordance with Trust
               Deed                                                           55
      16.5     Indemnity re Acts of Trustee's Delegates                       55
      16.6     Forward Notices etc to Manager                                 55
      16.7     Trustee will Implement Manager's Directions                    55
      16.8     Custodian                                                      55
      16.9     Perform Transaction Documents                                  55

17    TRUSTEE'S FEES AND EXPENSES                                             55

      17.1     Trustee's Fee                                                  55
      17.2     Reimbursement of Expenses                                      56
      17.3     Segregation of Fund Expenses                                   56

18    RETIREMENT OF TRUSTEE                                                   56

      18.1     Retirement for Cause                                           56
      18.2     Manager may Remove Recalcitrant Trustee                        56
      18.3     Manager Appoints Replacement                                   56
      18.4     Voluntary Retirement for Cause                                 56
      18.5     Funds to be Vested in New Trustee                              57
      18.6     Release of Outgoing Trustee                                    57
      18.7     New Trustee to Execute Deed                                    57
      18.8     Manager and Outgoing Trustee to Settle Amounts Payable         57

--------------------------------------------------------------------------------
                                                                          Page 4
<PAGE>

                                                      LGR-SMHL Master Trust Deed

      18.9     Outgoing Trustee to Retain Lien                                58
      18.10    Delivery of Books, Documents, etc                              58
      18.11    Notice to Bondholders of New Trustee                           58

19    BANK ACCOUNTS                                                           58

      19.1     Opening of Bank Accounts                                       58
      19.2     Location of Bank Accounts                                      59
      19.3     Name of Bank Accounts                                          59
      19.4     Purpose of Bank Accounts                                       59
      19.5     Authorised Signatories                                         59
      19.6     Manager Not Entitled to Have Access                            59
      19.7     Bank Statements and Account Information                        59
      19.8     Deposits                                                       60
      19.9     Withdrawals                                                    60
      19.10    All Transactions through Central Accounts                      60
      19.11    Central Clearing Account                                       61

20    THE AUDITOR                                                             61

      20.1     Auditor must be Registered                                     61
      20.2     Appointment of Auditor                                         61
      20.3     Removal and Retirement of Auditor                              61
      20.4     Appointment of Replacement Auditor                             61
      20.5     Auditor may have other Offices                                 61
      20.6     Access to Working Papers                                       62
      20.7     Auditor's Remuneration and Costs                               62
      20.8     Access to Information                                          62

21    ACCOUNTS AND AUDIT                                                      62

      21.1     Manager and Trustee to Keep Accounts                           62
      21.2     Manager, Trustee and Auditors may Inspect Books                62
      21.3     Accounts to be kept in accordance with Approved Accounting
               Standards                                                      62
      21.4     Preparation of Annual Accounts                                 62
      21.5     Annual Audited Accounts                                        63
      21.6     Despatch & Inspection of Audited Accounts                      63
      21.7     Tax Returns                                                    63

22    PAYMENTS                                                                63

      22.1     Order of Payment of Income of Funds                            63
      22.2     Order of Payment of Capital of Funds                           63
      22.3     Payments to Funds Unitholder                                   64
      22.4     Subordination of Unitholder's Entitlements                     65
      22.5     Insufficient Moneys                                            65
      22.6     Income or Capital                                              65
      22.7     Net Income, Income and Capital                                 65
      22.8     Action on the Termination of the Fund                          66
      22.9     Costs of Winding Up of a Fund                                  66
      22.10    Goods and Services Tax                                         66

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                                                                          Page 5
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                                                      LGR-SMHL Master Trust Deed

23    THE REGISTER                                                            67

      23.1     Details to be kept on the Register                             67
      23.2     Place of Keeping Register, Copies and Access                   68
      23.3     Branch Registers                                               68
      23.4     Details on Register Conclusive                                 69
      23.5     Closing of Register                                            69
      23.6     Alteration of Details on Register                              69
      23.7     Rectification of Register                                      70
      23.8     Correctness of Register                                        70
      23.9     Manager Must Provide Information                               70
      23.10    Access to Register by Income Unitholder                        70

24    MEETINGS OF BONDHOLDERS                                                 70

      24.1     Application of this clause                                     70
      24.2     Convening of Meetings by Trustee and Manager                   70
      24.3     Convening of Meetings by Bondholders                           71
      24.4     Notice of Meetings                                             71
      24.5     Chairman                                                       72
      24.6     Quorum                                                         72
      24.7     Adjournment                                                    72
      24.8     Voting Procedure                                               73
      24.9     Right to Attend and Speak                                      74
      24.10    Appointment of Proxies                                         74
      24.11    Corporate Representatives                                      74
      24.12    Rights of Representatives                                      75
      24.13    Powers of a Meeting of Bondholders                             75
      24.14    Extraordinary Resolution Binding on Bondholders                76
      24.15    Minutes and Records                                            76
      24.16    Written Resolutions                                            76
      24.17    Further Procedures for Meetings                                76

25    PAYMENTS GENERALLY                                                      77

      25.1     Cheque Details                                                 77
      25.2     Payments Good Discharge                                        77
      25.3     Trustee to Prepare Cheques                                     77
      25.4     Valid Receipts                                                 77

26    TRUSTEE'S AND MANAGER'S POWERS, LIABILITY AND INDEMNITY GENERALLY       77

      26.1     Reliance on Certificates                                       78
      26.2     Trustee and Manager May Assume Signed Documents to be
               Genuine                                                        78
      26.3     Trustee's Reliance on Manager                                  79
      26.4     Manager's Reliance on Trustee                                  79
      26.5     Compliance with Laws                                           80
      26.6     Taxes                                                          80
      26.7     Reliance on Experts                                            80
      26.8     Oversights of Others                                           80
      26.9     Powers, Authorities and Discretions                            80
      26.10    Impossibility or Impracticability                              81
      26.11    Duties and Charges                                             81
      26.12    Legal and Other Proceedings                                    81

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                                                                          Page 6
<PAGE>

                                                      LGR-SMHL Master Trust Deed

      26.13    No Liability except for Negligence etc                         82
      26.14    Further Limitations on Trustee's Liability                     82
      26.15    Further Limitations on the Manager's Liability                 83
      26.16    Liability of Trustee Limited to its Right of Indemnity         83
      26.17    Trustee's Right of Indemnity                                   84
      26.18    Trustee's Indemnity under UCCC                                 85
      26.19    Extent of Liability of Manager                                 85
      26.20    Right of Indemnity                                             85
      26.21    Conflicts                                                      85
      26.22    Trustee Not Obliged To Investigate the Manager etc             86
      26.23    Independent Investigation of Credit                            86
      26.24    Information                                                    87
      26.25    Wilful Default Defined                                         87

27    NOTICES                                                                 87

      27.1     Notices Generally                                              87
      27.2     Notices to Bondholders                                         89
      27.3     Notices to Designated Rating Agencies                          89
      27.4     Additional Materials to each Designated Rating Agency          89

28    AMENDMENT                                                               90

      28.1     Amendment by Trustee                                           90
      28.2     Amendment with Consent                                         90
      28.3     Copy of Amendments to Bondholders                              91
      28.4     Copy of Amendments in Advance to Designated Rating
               Agencies                                                       91

29    MISCELLANEOUS                                                           91

      29.1     Data Base to be retained as Confidential                       91
      29.2     Certificates by Manager                                        91
      29.3     Waivers, Remedies Cumulative                                   92
      29.4     Retention of Documents                                         92
      29.5     Governing Law                                                  92
      29.6     Jurisdiction                                                   92
      29.7     Severability of Provisions                                     92
      29.8     Counterparts                                                   92
      29.9     Inspection of this Deed                                        92

SCHEDULE 1 - APPLICATION FOR BONDS                                            93

SCHEDULE 2 - BOND REGISTRATION CONFIRMATION                                   95

SCHEDULE 3 - SECURITISATION FUND BOND ISSUE DIRECTION                         97

SCHEDULE 4 - BOND TRANSFER AND ACCEPTANCE                                     99

SCHEDULE 5 - NOTICE OF CREATION OF A SECURITISATION FUND                     102

SCHEDULE 6 - MORTGAGE TRANSFER PROPOSAL                                      103

SCHEDULE 7 - NOTICE OF CREATION OF AN ORIGINATION FUND                       104

SCHEDULE 8 - ORIGINATION FUND BOND ISSUE DIRECTION                           105

SCHEDULE 9 - MANAGER'S FEE                                                   107

SCHEDULE 10 - FUND PROVISIONS                                                109

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                                                                          Page 7
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                                                      LGR-SMHL Master Trust Deed

--------------------------------------------------------------------------------
TABLE OF AMENDMENTS AND CONSOLIDATIONS

This consolidated master trust deed incorporates all amendments made by the
following documents:

--------------------------------------------------------------------------------
AMENDING DOCUMENT             DATE                NOTES
--------------------------------------------------------------------------------
Supplemental Deed             16 June 2000        See clauses 2.1 and 2.2 and
                                                  schedule A.  Amendments  apply
                                                  in respect of any Fund created
                                                  after    the   date   of   the
                                                  Supplemental Deed.
--------------------------------------------------------------------------------
Supplemental Deed             28 June 2000        See clause 2.1. Amendments
                                                  apply    in     respect     of
                                                  Superannuation  Members'  Home
                                                  Loans  Securitisation Fund PP7
                                                  and all  Securitisation  Funds
                                                  after    the   date   of   the
                                                  Supplemental Deed.
--------------------------------------------------------------------------------
Supplemental Deed             26 October 2000     See clause 2.1.  Amendments
                                                  apply in respect of all Funds.
--------------------------------------------------------------------------------
Supplemental Deed             7 August 2001       Clause 2.1. Amendments apply
                                                  in respect of all Funds.
--------------------------------------------------------------------------------
Supplemental Deed             17 December 2001    Clause 2.1.  Amendments apply
                                                  in respect of all Funds.
--------------------------------------------------------------------------------
Supplemental Deed             29 September 2003   See clause 2.1 and schedule 1.
                                                  Amendments apply in respect of
                                                  Origination Funds only.
--------------------------------------------------------------------------------
Amending and Restating Deed   1 June 2004         See clause 2.1 and Annexure A.
                                                  Amendments apply in respect of
                                                  all  Funds  created  after the
                                                  date  of  the   Amending   and
                                                  Restating Deed.
--------------------------------------------------------------------------------

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                                                                          Page 1
<PAGE>

--------------------------------------------------------------------------------
THIS MASTER TRUST DEED

            is made in Sydney on the 4th day of July 1994 between:

            1.    ME PORTFOLIO MANAGEMENT LIMITED (FORMERLY KNOWN AS
                  SUPERANNUATION MEMBERS' HOME
                  LOANS LIMITED)
                  ABN 79 005 964 134
                  of Level 17, 360 Collins Street, Melbourne
                  (MANAGER)

            2.    PERPETUAL LIMITED (FORMERLY KNOWN AS PERPETUAL TRUSTEES
                  AUSTRALIA LIMITED)
                  ABN 86 000 431 827
                  of Level 12, 123 Pitt Street, Sydney
                  (TRUSTEE)

RECITALS

            A.    It is intended by this Deed to establish a series of separate
                  trusts, being Origination Funds and Securitisation Funds, to
                  be called collectively the "Superannuation Members' Home Loans
                  Trusts" (or such other name as the Trustee and the Manager may
                  from time to time agree upon, subject to any approvals
                  required by law).

            B.    The Trustee has agreed to act as the trustee, and the Manager
                  as the manager, of the Origination Funds and the
                  Securitisation Funds.

            C.    The Trustee as trustee of an Origination Fund will issue Bonds
                  and apply the proceeds in the acquisition of Mortgages and
                  other Authorised Investments.

            D.    The Trustee will reliquefy the position of an Origination Fund
                  by transferring amongst other things the benefit of Mortgages
                  from the Origination Fund to a Securitisation Fund
                  simultaneously with the issue of Bonds by the Trustee as
                  trustee of the Securitisation Fund and by then applying the
                  proceeds thereof to the credit of the Origination Fund.

            E.    The Trustee may enter into, amongst other documents,
                  Enhancements, Hedges and a Security Trust Deed in connection
                  amongst other things with the issue of Bonds by the Trustee as
                  the trustee of an Origination Fund or a Securitisation Fund.

THIS DEED WITNESSES

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

--------------------------------------------------------------------------------
1     DEFINITIONS AND INTERPRETATION

      1.1   DEFINITIONS

            In this Deed, the Recitals and the Schedules, unless the context
            indicates a contrary intention:

            ACCOUNTS means accounts as defined in section 9 of the Corporations
            Act.

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                                                                          Page 1
<PAGE>

                                                      LGR-SMHL Master Trust Deed

            AGENCY AGREEMENT means in relation to a Fund any agreement specified
            as an agency agreement in a Supplementary Bond Terms Notice for the
            Fund.

            AGREED PROCEDURES has the same meaning as in the Mortgage
            Origination and Management Agreement referred to in paragraph (a) of
            the definition of that term.

            APPLICATION FOR BONDS means an application for Bonds in the form of
            Schedule 1 or in such other form or manner as may from time to time
            be agreed between the Trustee and the Manager.

            APPROVED ACCOUNTING STANDARDS means:

            (a)   the accounting standards from time to time approved under the
                  Corporations Act;

            (b)   the requirements of the Corporations Act in relation to the
                  preparation and content of accounts; and

            (c)   generally accepted accounting principles and practices in
                  Australia consistently applied, except where inconsistent with
                  the standards or requirements referred to in paragraphs (a) or
                  (b).

            APPROVED SOLICITOR has the same meaning as in the Agreed Procedures.

            ASSETS in relation to a Fund means the assets forming that Fund.

            ASSOCIATE in relation to a person means a person that is taken to be
            an associate of the first mentioned person by virtue of Division 2
            of Part 1.2 of the Corporations Act.

            AUDITOR in relation to a Fund means the auditor of that Fund
            appointed from time to time pursuant to clause 20.

            AUSTRACLEAR means Austraclear Limited a company incorporated in New
            South Wales and currently carrying on business in New South Wales at
            2 O'Connell Street, Sydney.

            AUSTRALIAN JURISDICTION means a State or Territory of the
            Commonwealth and the Commonwealth of Australia.

            AUTHORISED INVESTMENTS means investments which at their date of
            acquisition are of the following types:

            (a)   Loans secured by Mortgages over Land;

            (b)   cash on hand or at a Bank;

            (c)   bonds, debentures, stock or treasury bills of the Commonwealth
                  of Australia or the Government of any State or Territory of
                  the Commonwealth;

            (d)   debentures or stock of any public statutory body constituted
                  under the law of the Commonwealth of Australia or of any State
                  of the Commonwealth where the repayment of the principal
                  secured and the interest payable thereon is guaranteed by the
                  Commonwealth or the State;

            (e)   notes or other securities of the Commonwealth of Australia or
                  the Government of any State or Territory of the Commonwealth;

            (f)   deposits with, or the acquisition of certificates of deposit
                  (whether negotiable, convertible or otherwise), issued by, a
                  Bank;

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                                                                          Page 2
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                                                      LGR-SMHL Master Trust Deed

            (g)   bills of exchange which at the time of acquisition have a
                  remaining term to maturity of not more than 200 days, accepted
                  or endorsed by a Bank;

            (h)   securities which are "mortgage-backed securities" within the
                  meaning of the Duties Act 1997 of New South Wales or the
                  Duties Act 2000 of Victoria; and

            (i)   any other assets of a class of assets that are:

            (1)   "prescribed property" as defined in the Duties Act 1997 of New
                  South Wales or the Duties Act 2000 of Victoria; or

                  (2)   part of a "pool of mortgages" as defined in the Duties
                        Act 1997 of New South Wales or the Duties Act 2000 of
                        Victoria;

            (j)   for an Origination Fund only, without limiting clause 10.2,
                  the holding of shares and the making of loans so long as the
                  holding of shares in Origination Capital Pty Limited ACN 106
                  421 765 or the making of loans does not prevent the Bonds or
                  any beneficial interests in the Origination Fund from
                  constituting "mortgage backed securities" for the purposes of
                  the Duties Act 1997 of New South Wales or the Duties Act 2000
                  of Victoria.

            (In paragraphs (b)-(j) inclusive of this definition, expressions
            shall be construed and, if necessary read down, so that the Bonds in
            relation to any Fund constitute mortgage-backed securities for the
            purposes of both the Duties Act 1997 of New South Wales and the
            Duties Act 2000 of Victoria.)

            AUTHORISED SIGNATORY in relation to any corporation means any person
            from time to time certified in writing by any director of the
            corporation (or, in the case of the Trustee, by any divisional
            manager) to be an authorised signatory of the corporation, whose
            signature appears on such certificate and which such signature is
            certified thereon by such director (or such divisional manager) to
            be that person's signature and in the case of the Trustee or the
            Security Trustee includes any person with "manager" or "counsel" in
            their title.

            AUTHORISED TRUSTEE INVESTMENT means an investment in which a trustee
            is authorised from time to time to invest trust funds under the laws
            of an Australian Jurisdiction.

            BANK means:

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

            (b)   where a Transaction Document requires money to be deposited by
                  or on behalf of the Trustee outside Australia, a corporation
                  that the Manager determines is authorised by the banking
                  legislation of the relevant jurisdiction to carry on the
                  general business of banking in that jurisdiction.

            BANKING DAY means a day, other than a Saturday, Sunday or public
            holiday in New South Wales and Victoria, on which Banks are open for
            business in Sydney and Melbourne.

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                                                                          Page 3
<PAGE>

                                                      LGR-SMHL Master Trust Deed

            BENEFICIARY means a Unitholder.

            BOND means a debt security of the nature referred to in clause 5.2
            issued by the Trustee as trustee of a Fund whether described as a
            bond, note or otherwise.

            BONDHOLDER means at any given time, in relation to a Fund, the
            persons who are for the time being holders of the Bonds with respect
            to that Fund and the term NOTEHOLDERS, HOLDER and HOLDERS have a
            corresponding meaning.

            BOND ISSUE DATE in relation to a Fund and Bonds means the date on
            which the Bonds are issued by the Trustee as trustee of that Fund
            and, in the case of a proposed issue of Bonds, means the date for
            this referred to in the corresponding Bond Issue Direction.

            BOND ISSUE DIRECTION means an Origination Fund Bond Issue Direction
            or a Securitisation Fund Bond Issue Direction.

            BOND REGISTRATION CONFIRMATION means a confirmation relating to the
            registration of a person as the holder of a Bond in the form set out
            in Schedule 2 or in such other form as may from time to time be
            agreed between the Trustee and the Manager.

            BOND TRANSFER means a transfer and acceptance of Bonds in the form
            of Schedule 4 or in such other form as may from time to time be
            agreed between the Trustee and the Manager.

            CALCULATION AGENT means in relation to a Fund any person appointed
            as such under the Note Trust Deed or any Agency Agreement for that
            Fund.

            CLASS in relation to Bonds issued, or to be issued, in respect of a
            Fund means Bonds having as amongst themselves the same rights or
            restrictions with regard to the payment of interest, the repayment
            of principal, voting or otherwise. CLEARSTREAM, LUXEMBOURG means
            Clearstream Banking, societe anonyme.

            COMMITTED BOND SUBSCRIPTION AGREEMENT means any deed, agreement or
            arrangement relating to the issue, subscription, sale, underwriting
            or distribution or similar of Bonds including, without limiting the
            generality of the foregoing, any underwriting agreement, dealer
            agreement, issue and purchase agreement (however called) or
            subscription agreement relating to Bonds.

            CORPORATIONS ACT means the Corporations Act 2001 (Cth).

            COUPON (if any) in relation to a Bond has the meaning specified in
            the Supplementary Bond Terms Notice in relation to the Bond.

            COUPONHOLDER in relation to a Coupon issued in respect of a Trust at
            any time means the person who is the bearer of the Coupon at that
            time.

            CREDITOR in relation to a Fund means a creditor of the Trustee
            (including without limiting the generality of the foregoing, the
            Bondholders and the Manager in relation to the Fund) in its capacity
            as trustee of the Fund.

            DATA BASE in relation to the Trustee and the Manager means all
            information, data and records collected, held or stored in any way
            or in any medium (including, without limiting the generality of the
            foregoing, computer retention and storage) by or for the Trustee and
            the Manager respectively relating to persons to whom a Loan has been
            granted by the Trustee or by whom a Mortgage or any Related Security
            is given to the Trustee pursuant to or as contemplated by this Deed
            or a Mortgage Origination and Management Agreement.

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                                                                          Page 4
<PAGE>

                                                      LGR-SMHL Master Trust Deed

            DEED OF INDEMNITY means the deed dated 28 April 1997 between Members
            Equity Bank Pty Limited (formerly known as Members Equity Pty
            Limited and NMFM Lending Pty Limited) and the Trustee;

            DESIGNATED RATING in relation to a Hedge or Enhancement provided to,
            or the benefit of which is held by, the Trustee as trustee of a
            Rated Fund, means a credit rating of the party providing the Hedge
            or Enhancement as specified or approved by each Designated Rating
            Agency for the Rated Fund.

            DESIGNATED RATING AGENCY in relation to a Rated Fund, or Bonds
            issued or to be issued by the Trustee of a Rated Fund, means each
            Rating Agency which has been requested by the Manager to rate such
            Bonds in relation to the Fund.

            DOLLAR, A$ or $ means the lawful currency for the time being of the
            Commonwealth of Australia.

            ENHANCEMENTS means a Mortgage Insurance Policy, a Stand-by
            Arrangement, a Guaranteed Investment Contract and any other
            security, support, rights or benefits in support of or substitution
            for an Authorised Investment or the income or benefit arising
            thereon.

            EUROCLEAR means Morgan Guaranty Trust Company of New York (Brussels
            office) as operator of the Euroclear system.

            EVENT OF INSOLVENCY in relation to the Trustee or the Manager (each
            is hereinafter referred to as a RELEVANT CORPORATION) means any of
            the following events:

            (a)   (LIQUIDATION): the relevant corporation goes into liquidation
                  (except for the purpose of amalgamation or reconstruction or
                  some similar purpose);

            (b)   (RECEIVERSHIP): a receiver, receiver and manager or
                  administrator is appointed (by the relevant corporation or by
                  any other person) to the undertaking of the relevant
                  corporation or any part thereof (except, in the case of the
                  Trustee where this occurs in relation to another trust of
                  which it is the trustee); or

            (c)   (CEASES TO CARRY ON BUSINESS): the relevant corporation ceases
                  to carry on business.

            EXISTING ORIGINATION FUND means an Origination Fund specified in an
            Origination Fund Bond Issue Direction as an Existing Origination
            Fund for the purposes of clause 7.8(e)(2);

            EXISTING ORIGINATION FUND ASSETS means the assets of an Existing
            Origination Fund which is specified in an Origination Fund Bond
            Issue Direction;

            EXPENSES in relation to a Fund means all costs, charges, liabilities
            and expenses incurred by the Trustee or the Manager in the operation
            of the Fund pursuant to this Deed including, without limiting the
            generality of the foregoing, the following to the extent to which
            they relate to the Fund:

            (a)   any amounts payable or incurred by the Trustee or the Manager
                  under any Enhancement or Hedge;

            (b)   any amounts (other than fees) payable by the Trustee or the
                  Manager to a Mortgage Manager under its corresponding Mortgage
                  Origination and Management Agreement;

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                                                                          Page 5
<PAGE>

                                                      LGR-SMHL Master Trust Deed

            (c)   any amounts payable under or incurred by the Trustee or the
                  Manager under any Committed Bond Subscription Agreement or
                  Security Trust Deed or otherwise in relation to the issue of a
                  Bond;

            (d)   any fees and other amounts payable to the Manager under this
                  Deed;

            (e)   any fees and expenses payable to the Auditor;

            (f)   any fees and expenses charged from time to time by or in
                  relation to a Securities System or any Stock Exchange to the
                  Trustee's account in the exercise of the Trustee's power
                  pursuant to clause 15.2(k);

            (g)   any costs of postage and printing of all cheques, accounts,
                  statements, notices, Bond Registration Confirmations and other
                  documents required to be posted to the Unitholders or
                  Bondholders of the Fund under this Deed;

            (h)   any costs of any valuation of the Fund or of any Asset of the
                  Fund;

            (i)   any expenses incurred in connection with the bank accounts of
                  the Trustee in relation to the Fund and bank fees (including
                  but not limited to account keeping fees) and other bank or
                  government charges incurred in connection with the keeping of,
                  or the transaction of business through, the internal accounts
                  and bank accounts of the Trustee and their management;

            (j)   any fees, charges and amounts which are paid or payable to any
                  person appointed or engaged by the Trustee or the Manager
                  pursuant to this Deed to the extent that the fees, charges and
                  amounts would be payable or reimbursable to the Trustee or the
                  Manager under any other provision of this definition or under
                  any other provision of this Deed if the services performed by
                  the person so appointed or engaged had been carried out
                  directly by the Trustee or the Manager and to the extent that
                  those fees, charges and amounts are reasonable in amount and
                  properly incurred;

            (k)   the amount of any indemnity from the Fund claimed by the
                  Trustee or the Manager pursuant to clause 26.12;

            (l)   reasonable in amount and properly incurred legal costs and
                  disbursements (calculated in the same manner pursuant to
                  clause 26.12) incurred by the Manager and the Trustee in
                  relation to settling and executing any Transaction Document
                  and any subsequent consent, agreement, approval, waiver or
                  amendment thereto or in relation to any matter of concern to
                  the Manager or the Trustee in relation to a Transaction
                  Document or the Fund provided that the basis of incurring any
                  such costs and disbursements by the Trustee has been approved
                  in advance by the Manager;

            (m)   except where otherwise provided by this Deed, any costs
                  incurred by the Manager or the Trustee in, or in connection
                  with, the retirement or removal of the Trustee or the Manager
                  respectively under this Deed and the appointment of any person
                  in substitution to the extent that those costs are reasonable
                  in amount and properly incurred;

            (n)   any amount specified as an Expense for the purpose of this
                  Deed in any Transaction Document for a Fund; and

            (o)   any other costs, charges, expenses, fees, liabilities, Taxes
                  (including stamp duty payable on cheques), imposts and other
                  outgoings properly incurred by the Trustee or the Manager in
                  exercising their respective powers, duties

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                                                                          Page 6
<PAGE>

                                                      LGR-SMHL Master Trust Deed

                  and obligations under this Deed or any other Transaction
                  Document (other than the Bonds),

            provided that

            (p)   general overhead costs and expenses of the Trustee and the
                  Manager (including, without limitation, rents and any amounts
                  payable by the Trustee or the Manager (as applicable) to its
                  employees in connection with their employment) incurred
                  directly or indirectly in connection with the business of the
                  Trustee or the Manager (as applicable) or in the exercise of
                  its rights, powers and discretions or the performance of its
                  duties and obligations in relation to the Fund; and

            (q)   any fees payable by the Manager under the Management Support
                  Deed,

            shall not constitute Expenses.

            EXTRAORDINARY RESOLUTION in relation to the Bondholders of a Fund
            means, subject to the provisions of any Security Trust Deed in
            respect of the Fund:

            (a)   a resolution passed at a meeting of the Bondholders of that
                  Fund duly convened and held in accordance with the provisions
                  contained in clause 24 by a majority consisting of not less
                  than three quarters of the votes cast thereat; or

            (b)   a resolution in writing pursuant to clause 24.16 signed by all
                  the Bondholders of that Fund.

            FACE VALUE means:

            (a)   in relation to an Authorised Investment, the face value or the
                  principal amount payable in respect of the Authorised
                  Investment;

            (b)   in relation to a Mortgage, the original principal amount of
                  the Loan secured by that Mortgage; and

            (c)   in relation to any Bond, the principal face value of the Bond
                  or (as the case may be) the aggregate of such face values in
                  relation to all Bonds on issue in respect of a Fund.

            FEE PAYMENT DATE in relation to a Fund means each date for the
            payment of the Manager's Fee in relation to that Fund pursuant to
            Schedule 9.

            FINAL MATURITY DATE in relation to a Bond means the date specified
            in the corresponding Supplementary Bond Terms to be the last, or
            where there is only one specified the, Principal Amortisation Date
            of the Bond.

            FINANCIAL DEFAULT in relation to any Bonds in respect of a Fund
            means, subject to any provision to the contrary in the corresponding
            Supplementary Bond Terms, any failure by the Trustee as trustee of
            the Fund to pay within 3 Banking Days of the due date:

            (a)   the Manager's Fee in relation to the Fund;

            (b)   the Trustee's Fee in relation to the Fund;

            (c)   any amounts payable under any Hedge or Enhancement in relation
                  to the Fund; or

            (d)   any Interest Entitlement or Principal Entitlement on any Bonds
                  in relation to the Fund,

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                                                                          Page 7
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                                                      LGR-SMHL Master Trust Deed

            construed in all cases in the absence of any provision in this Deed
            or in any document in relation to the foregoing regarding a
            limitation on the Trustee's liability which would have the effect of
            reducing the amount otherwise due and, in the case of paragraph (d),
            also construed in the absence of clause 22.5 unless the
            Supplementary Bond Terms for the Bonds provide otherwise.

            FINANCIAL YEAR in relation to a Fund means each period of 12 months
            ending on 30 June in each calendar year provided that the first
            Financial Year of a Fund shall be the period form the date of its
            creation pursuant to this Deed to the immediately following 30 June
            and the last Financial Year of a Fund shall commence on the day
            immediately after the last day of the full Financial Year
            immediately preceding its Termination Date and end on that
            Termination Date.

            FITCH RATINGS means Fitch Australia Pty Limited ABN 93 081 339 184
            and its successors and assigns.

            FIRST FUND has the meaning given to that term in clause 7.10.

            FUND means each Origination Fund and Securitisation Fund and FUNDS
            means every Fund.

            GOVERNMENT AGENCY means the government of any Australian
            Jurisdiction or of any other country or political subdivision
            thereof and any minister, department, office, commission,
            instrumentality, agency, board, authority or organ thereof, or any
            delegate or person deriving authority from any of the foregoing.

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

            GUARANTEED INVESTMENT CONTRACT means a guaranteed investment
            contract (expressed in Dollars) of a type approved by the Chief
            Commissioner of Stamp Duties in New South Wales pursuant to
            paragraph (d) of Regulation 4 of the Stamp Duties (Mortgage-Backed
            Securities) Regulation, 1986 of New South Wales or any equivalent
            regulations issued under the Duties Act, 1997.

            HEDGE means any futures contract, option agreement, hedge, swap,
            cap, collar, forward rate agreement or other derivative product or
            arrangement whether or not in relation to interest rates, currencies
            or the income from any investment for a Fund made by the Trustee
            (whether alone or with the Manager or any other person).

            INCOME BENEFICIARY means an Income Unitholder.

            INCOME DISTRIBUTION DATE in relation to an Income Distribution
            Period for a Fund means the date falling on the last day of the
            first calendar month after the end of that Income Distribution
            Period (or such other date specified by the Manager in writing to
            the Trustee prior to the first issue of Bonds by the Trustee as
            trustee of the Fund).

            INCOME DISTRIBUTION PERIOD in relation to a Fund means each
            Financial Year of the Fund or any series of periods during the
            Financial Year of a Fund specified in writing by the Manager to the
            Trustee prior to the first issue of Bonds by the Trustee as trustee
            of the Fund provided the first of such periods in a Financial Year
            commences on (and includes) the first day of the Financial Year and
            the last of such periods in a Financial year ends on (and includes)
            the last day of the Financial Year.

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                                                      LGR-SMHL Master Trust Deed

            INCOME TRUST DEED means the Trust Deed dated on or about the date of
            this Deed between the Income Trusts Trustee and the Manager.

            INCOME TRUSTS means the trusts known as the Superannuation Members'
            Home Loans Income Trusts and established pursuant to the Income
            Trust Deed.

            INCOME TRUSTS TRUSTEE means P.T. Limited ABN 67 004 454 666 or such
            other person from time to time fulfilling the role of trustee of the
            Income Trusts.

            INCOME UNIT means, in relation to a Fund, an individual interest in:

            (a)   where that Fund is an Origination Fund - the Net Income as
                  provided for in clause 3.1(a) of this Deed; and

            (b)   where that Fund is a Securitisation Fund - the balance of that
                  Fund as provided for in clause 4.1(b) of this Deed.

            INCOME UNITHOLDER means any person who holds an Income Unit from
            time to time.

            INTEREST ENTITLEMENT in relation to a Bond and an Interest Payment
            Date means the amount of interest accrued in respect of that Bond
            and due for payment on that Interest Payment Date, determined in
            accordance with the corresponding Supplementary Bond Terms.

            INTEREST HEDGE means a Hedge in relation to interest rates.

            INTEREST PAYMENT DATE in relation to a Bond means each date for the
            payment of interest under the Bond as specified in the corresponding
            Supplementary Bond Terms.

            LAND means:

            (a)   any estate or interest whether at law or in equity in freehold
                  or leasehold land, including all improvements on such land;
                  and

            (b)   any parcel and any lot, common property and land comprising a
                  parcel within the meaning of the Strata Titles Act, 1973 (New
                  South Wales) or the Community Land Development Act, 1989 (New
                  South Wales) or any equivalent legislation in any other
                  Australian Jurisdiction.

            LOAN means a loan or other form of financial accommodation.

            MANAGEMENT SUPPORT DEED means a Management Support Deed dated 16
            June 2000 and made between the Manager, Members Equity Bank Pty
            Limited, ABN 56 070 887 679 (formerly known as Members Equity Pty
            Limited) and the Trustee.

            MANAGER means ME Portfolio Management Limited or, in the event of
            the retirement or removal of ME Portfolio Management Limited as
            Manager, the substitute person appointed in its place by the Trustee
            pursuant to this Deed, and includes the Trustee when acting as the
            Manager in accordance with this Deed.

            MANAGER'S DEFAULT in relation to a Fund means subject to clause
            14.11:

            (a)   (BREACH BY MANAGER): the Manager breaches any obligation or
                  duty imposed on the Manager under this Deed or any other
                  Transaction Document in relation to the Fund; and

            (b)   (REMAINS UNREMEDIED): the Manager fails or neglects after 30
                  days' notice from the Trustee to remedy such breach.

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                                                      LGR-SMHL Master Trust Deed

            MANAGER'S FEE in relation to a Fund means the Manager's fee in
            relation to that Fund pursuant to clause 13 and Schedule 9.

            MARKED BOND TRANSFER means a Bond Transfer marked by the Trustee in
            accordance with clause 8.15.

            MOODY'S means Moody's Investors Service Pty Limited ABN 61 003 399
            657 and its respective successors and assigns.

            MORTGAGE means a registered (or pending registration, registrable)
            mortgage over Land, situated in any Australian Jurisdiction, granted
            or transferred to the Trustee and securing the repayment of the
            principal amount of a Loan and all other moneys payable under the
            Loan and the Mortgage and granted or transferred to the Trustee.

            MORTGAGE INSURANCE POLICY means a policy of insurance under which,
            amongst other things, an insurer insures a Mortgage against loss by
            the Trustee for a fixed sum or a percentage (up to and including
            100%) of the principal amount of the Loan secured thereby.

            MORTGAGE INSURER means an insurer under a Mortgage Insurance Policy.

            MORTGAGE MANAGER means:

            (a)   Members Equity Bank Pty Limited ABN 56 070 887 679 (formerly
                  known as Members Equity Pty Limited) , and any other person
                  appointed as a Mortgage Manager under a Mortgage Origination
                  and Management Agreement; and

            (b)   otherwise the Manager.

            MORTGAGE ORIGINATION AND MANAGEMENT AGREEMENT means:

            (a)   a Mortgage Origination and Management Agreement dated on or
                  about the date of this Deed and made between the Trustee, the
                  Manager and National Mutual Property Services (Aust) Pty
                  Limited (as novated to Members Equity Bank Pty Limited ABN 56
                  070 887 679 (formerly known as Members Equity Pty Limited) and
                  amended); and

            (b)   any other agreement from time to time entered into, inter
                  alia, by the Trustee, the Manager and any other person
                  appointed thereunder as Mortgage Manager regarding the
                  origination, management and enforcement of Mortgages, Loans
                  and Related Securities.

            MORTGAGE TRANSFER PROPOSAL means a proposal by the Manager to the
            Trustee in the form of Schedule 6 or in such other form as may from
            time to time be agreed between the Trustee and the Manager.

            MORTGAGOR means the mortgagor under a Mortgage.

            NET INCOME in relation to a Fund for an Income Distribution Period
            has the meaning given to it for that Fund and for that Income
            Distribution Period pursuant to clause 22.7.

            NET INCOME ACCOUNT in relation to an Origination Fund means the bank
            account established by the Trustee as trustee of that Origination
            Fund pursuant to clause 19.1(c).

            NOTE TRUST DEED means in relation to a Fund any deed specified as
            such in a Supplementary Bond Terms Notice for the Fund.

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                                                                         Page 10
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            NOTE TRUSTEE means in relation to a Fund any person specified as
            such in a Supplementary Bond Terms Notice for the Fund.

            NOTICE OF CREATION OF A SECURITISATION FUND means a notice in the
            form of Schedule 5 or in such other form as may from time to time be
            agreed between the Trustee and the Manager.

            NOTICE OF CREATION OF AN ORIGINATION FUND means a notice in the form
            of Schedule 7 or in such other form as may from time to time be
            agreed between the Trustee and the Manager.

            ORIGINATION FUND means each individual trust fund from time to time
            created pursuant to clauses 3.2 and 3.3.

            ORIGINATION FUND BOND ISSUE DIRECTION means a direction by the
            Manager to the Trustee to issue Bonds as trustee of the Origination
            Fund, in the form of Schedule 8 or in such other form as may from
            time to time be agreed between the Trustee and the Manager.

            OUTSTANDING PRINCIPAL BALANCE means:

            (a)   in relation to a Bond at a given time:

                  (1)   in the case of a Bond issued at a discount, the
                        principal payable on the maturity of the Bond; and

                  (2)   in every other case, the then principal paid up on the
                        Bond and which has not been repaid prior to that time;
                        and

            (b)   in relation to a Mortgage at a give time, the then principal
                  under the Loan secured by the Mortgage and which has not been
                  repaid prior to that time.

            PAYING AGENT means in relation to a Fund any person for the time
            being appointed as paying agent under the Note Trust Deed or any
            Agency Agreement for that Fund and includes the Principal Paying
            Agent.

            PORTFOLIO OF MORTGAGES means the Mortgages specified by the Manager
            in a Securitisation Fund Bond Issue Direction.

            PRINCIPAL AMORTISATION DATE in relation to a Bond means each date
            for the repayment of part or all of the outstanding principal in
            relation to the Bond as specified in the corresponding Supplementary
            Bond Terms.

            PRINCIPAL ENTITLEMENT in relation to a Bond and a Principal
            Amortisation Date means the amount of principal in respect of the
            Bond due to be repaid on that Principal Amortisation Date,
            determined in accordance with the corresponding Supplementary Bond
            Terms.

            PRINCIPAL PAYING AGENT means in relation to a Fund any person
            appointed as such under the Note Trust Deed or any Agency Agreement
            for that Fund.

            RATED FUND means a Fund in respect of which there is a Designated
            Rating Agency.

            RATING AGENCY means Moody's, S&P, Fitch Ratings or any other
            recognised rating agency designated from time to time in writing by
            the Manager to the Trustee.

            REGISTER means the register maintained by the Trustee pursuant to
            clause 23.

            REGISTERED COMPANY AUDITOR has the same meaning as in the
            Corporations Act.

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                                                                         Page 11
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                                                      LGR-SMHL Master Trust Deed

            RELATED BODY CORPORATE has the same meaning as in section 9 of the
            Corporations Act.

            RELATED SECURITIES in relation to a Mortgage or a Loan means any
            guarantees, indemnities or Security Interest granted in respect of,
            or in connection with, the Mortgage or the Loan.

            REPRESENTATIVE means:

            (a)   in the case of any Bondholder, a person appointed as a proxy
                  for that bondholder pursuant to clause 24.10; and

            (b)   without limiting the generality of paragraph (a), in the case
                  of a Bondholder which is a body corporate, a person appointed
                  pursuant to clause 24.11 by the Bondholder.

            RESIDUAL CAPITAL BENEFICIARY means a Residual Capital Unitholder.

            RESIDUAL CAPITAL UNIT means, in relation to a Fund, an individual
            interest in:

            (a)   where that Fund is an Origination Fund - the balance of that
                  Fund as provided in clause in clause 3.1(b) of this Deed; and

            (b)   where that Fund is a Securitisation Fund - the balance of that
                  Fund as provided for in clause 4.1(a) of this Deed.

            RESIDUAL CAPITAL UNITHOLDER means any person who holds a Residual
            Capital Unit from time to time.

            S&P means Standard & Poor's (Australia) Pty Limited ABN 62 007 324
            852 and its successors and assigns.

            SECOND FUND has the meaning given to that term in clause 7.10.

            SECURITIES SYSTEM means any securities title transfer, holding or
            clearing system or agency which operates by physical, electronic or
            other means including, without limitation, Euroclear and any system
            operated by Austraclear or Clearstream, Luxembourg.

            SECURITIES SYSTEM REGULATIONS means any rules, regulations or
            by-laws issued or published by any Securities System, or any
            operator of any Securities System.

            SECURITISATION FUND means each individual trust fund from time to
            time created pursuant to clause 4.2.

            SECURITISATION FUND BOND ISSUE DIRECTION means a direction by the
            Manager to the Trustee to issue Bonds as trustee of a Securitisation
            Fund, in the form of Schedule 3 or in such other form as may from
            time to time be agreed between the Trustee and the Manager.

            SECURITY INTEREST includes any mortgage, pledge, lien, charge,
            encumbrance, hypothecation, title retention, preferential right or
            trust arrangement.

            SECURITY TRUST DEED in relation to a Fund means a deed between,
            amongst others, the Trustee as trustee of that Fund, the Manager and
            a person acting as security trustee under which, amongst other
            things, the Trustee as trustee of the Fund charges all or some of
            the Assets of the Fund to secure the payment of moneys owing to the
            Bondholders and other Creditors of the Fund in favour of such
            security trustee as trustee for such Bondholders and other
            Creditors.

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                                                                         Page 12
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                                                      LGR-SMHL Master Trust Deed

            SECURITY TRUSTEE means a security trustee under a Security Trust
            Deed and any successor trustee appointed under that Security Trust
            Deed.

            STAND-BY ARRANGEMENT means an agreement made by the Trustee as
            trustee of a Fund (whether alone or with the Manager or any other
            person) with a person where the person agrees to fund the payment to
            Bondholders by the Trustee as trustee of the Fund of amounts due to
            the Bondholders to an agreed limit or extent to cover a short-fall
            of funds available in the Fund due to, amongst other things, default
            by a Mortgagor or Mortgagors under one or more Mortgages.

            STOCK EXCHANGE means, in relation to a Bond, any stock exchange on
            which the Bond is listed from time to time.

            SUBSCRIPTION AMOUNT in relation to any proposed Bonds means the
            total amount payable by the proposed Bondholders in relation
            thereto, as specified in the corresponding Bond Issue Direction.

            SUBSCRIPTION PERIOD in relation to a proposed issue of Bonds by the
            Trustee as trustee of an Origination Fund, means the period in which
            subscriptions for Bonds may be received from intending Bondholders
            as specified in the corresponding Origination Fund Bond Issue
            Direction.

            SUPPLEMENTARY BOND TERMS in relation to a Bond means the
            supplementary terms relating to the Bond specified in the
            corresponding Supplementary Bond Terms Notice.

            SUPPLEMENTARY BOND TERMS NOTICE means a written notice from the
            Manager to the Trustee satisfying the requirements of clause 7.4.

            TAXATION ACT means the Income Tax Assessment Act, 1936
            (Commonwealth) and the Income Tax Assessment Act, 1997 (Cth).

            TAX and TAXES means any tax, levy, impost, deduction, charge, rate,
            stamp duty, goods and services tax or any other tax, withholding or
            remittance of any nature which is now or later payable or required
            to be remitted to, or imposed or levied, collected or assessed by a
            Government Agency, together with any interest, penalty, charge, fee
            or other amount imposed or made in respect thereof.

            TERMINATION DATE in relation to a Fund means the earliest of the
            following dates in relation to that Fund:

            (a)   the eightieth anniversary of the date of this Deed;

            (b)   the date upon which the Fund terminates by operation of statue
                  or by the application of general principles of law;

            (c)   if Bonds have been issued by the Trustee as trustee of the
                  Fund:

                  (1)   the Banking Day immediately following the date upon
                        which the Trustee pays in full all moneys due or which
                        may become due, whether contingently or otherwise, to
                        Bondholders in respect of such Bonds; or

                  (2)   if prior thereto a Financial Default has occurred, the
                        date appointed by the Bondholders in relation to the
                        Fund as the Termination Date pursuant to clause 24;

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                                                                         Page 13
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                                                      LGR-SMHL Master Trust Deed

            (d)   if Bonds have not been issued by the Trustee as trustee of the
                  Fund, the date appointed by the Manager as the Termination
                  Date by notice in writing to the Trustee,

            provided that if an Origination Fund is a Unitholder of a
            Securitisation Fund, any date under paragraphs (c) and (d) above for
            the Origination Fund accruing prior to the Termination Date of the
            Securitisation Fund shall be extended to the Banking Day immediately
            following the Termination Date of the Securitisation Fund (or if
            there is more than one Securitisation Fund, the Termination Date of
            the final remaining Securitisation Fund).

            TITLE DOCUMENTS means the documents of title and other supporting
            documents in relation to the Authorised Investments of the Funds.

            TRANSACTION DOCUMENTS means:

            (a)   this Deed;

            (b)   each Mortgage Origination and Management Agreement;

            (c)   each Security Trust Deed;

            (d)   each Hedge and Enhancement;

            (e)   each Committed Bond Subscription Agreement;

            (f)   all Bonds from time to time (including the Supplementary Bond
                  Terms in relation thereto);

            (g)   each Note Trust Deed;

            (h)   each Agency Agreement;

            (i)   each other document which is expressed to be, or which is
                  agreed by the Manager and Trustee to be, a Transaction
                  Document for the purposes hereof of any Fund; and

            (j)   each other document that is executed under or which is or is
                  expressed to be incidental or collateral to, any other
                  Transaction Document,

            and in relation to a given Fund means all of the foregoing to the
            extent that they relate to that Fund.

            TRANSMISSION EVENT means:

            (a)   in respect of a Unitholder who is an individual:

                  (1)   the death of the Unitholder;

                  (2)   the bankruptcy of the Unitholder; or

                  (3)   the Unitholder becoming of unsound mind or a person who
                        is, or whose estate is, liable to be dealt with in any
                        way under the law relating to mental health; or

            (b)   in respect of a Unitholder who is a body corporate, the
                  dissolution of the Unitholder or the succession by another
                  body corporate to the assets and liabilities of the
                  Unitholder.

            TRUSTEE means Perpetual Limited (formerly known as Perpetual
            Trustees Australia Limited) in its capacity as the trustee of the
            Funds, or in the event of the retirement or removal of Perpetual
            Limited as Trustee, a substitute person

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                                                                         Page 14
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                                                      LGR-SMHL Master Trust Deed

            appointed in its place by the Manager pursuant to this Deed and
            includes the Manager when acting as the Trustee in accordance with
            this Deed.

            TRUSTEE'S DEFAULT in relation to a Fund means:

            (a)   (BREACH BY THE TRUSTEE): the Trustee breaches any obligation
                  or duty imposed on the Trustee under this Deed, or any other
                  Transaction Document, in relation to the Fund; and

            (b)   (REMAINS UNREMEDIED): the Trustee fails or neglects after 10
                  days' notice from the Manager to remedy such breach.

            TRUSTEE'S FEE in relation to a Fund means the Trustee's fee for that
            Fund pursuant to clause 17.1.

            UCCC means the Consumer Credit (Queensland) Code and the equivalent
            legislation in each other state and territory of Australia.

            UCCC LIABILITY means a liability to pay:

            (a)   any civil or criminal penalty incurred by the Trustee under
                  the UCCC either personally or in its capacity as trustee of
                  the Fund in respect of performing its duties or exercising its
                  powers under, or in respect of the Fund;

            (b)   any other money ordered to be paid by the Trustee or
                  reasonable legal costs or other costs and expenses payable or
                  incurred by the Trustee relating to such an order made under
                  the UCCC or incurred by the Trustee in defending or taking any
                  action in relation to any claim, threatened claim or
                  application by any person under the UCCC in relation to any
                  Authorised Investment;

            (c)   any amount that the Trustee agrees to pay to a debtor or other
                  person in settlement of an application for an order under the
                  UCCC in relation to any Authorised Investment; and

            (d)   any legal costs or other costs or expenses, in relation to any
                  such action, payable by or incurred by the Trustee or which
                  the Trustee is ordered by a court or other judicial body to
                  pay (in each case charged at the usual commercial rates of the
                  relevant legal service provider).

                  UNIT means, in relation to a Fund, an individual interest in
                  the Fund as provided for in this Deed and being either an
                  Income Unit or a Residual Capital Unit.

      UNITHOLDER in relation to a Fund means the person registered as the holder
      of a Unit in respect of a Fund, including any persons jointly registered.

            UNIT ISSUE DATE means the date on which Units are issued.

            UNIT REGISTER means in relation to a Fund the register maintained by
            the Trustee for that Fund pursuant to Schedule 10.

      1.2   INTERPRETATION

            In this Deed, the Recitals and Schedules, unless the context
            indicates a contrary intention:

            (a)   the expression "PERSON" includes an individual, a body
                  politic, a corporation and a statutory or other authority or
                  association (incorporated or unincorporated);

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                                                                         Page 15
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                                                      LGR-SMHL Master Trust Deed

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

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

            (d)   the expression "CORPORATION" means any body corporate wherever
                  formed or incorporated, including without limiting the
                  generality of the foregoing, any public authority or any
                  instrumentality of the Crown in the right of any Australian
                  Jurisdiction;

            (e)   the expression "CERTIFIED" by a corporation or person means
                  certified in writing by 2 Authorised Signatories of the
                  corporation or by that person respectively and "CERTIFY" and
                  like expressions shall be construed accordingly;

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

            (g)   clause, sub-clause and paragraph headings or side headings are
                  for convenience only and shall not affect the interpretation
                  of this Deed;

            (h)   a reference to a clause or a Schedule is, respectively, a
                  reference to a clause or Schedule of this Deed;

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

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

            (k)   all accounting terms shall be interpreted in accordance with
                  the Approved Accounting Standards;

            (l)   a reference to a "MONTH" is to a calendar month; and

            (m)   a reference to any document is to such document as amended,
                  varied, supplemented or novated from time to time.

      1.3   BINDING ON BONDHOLDERS AND UNITHOLDERS

            This Deed shall be binding on all Bondholders and Unitholders as if
            each was originally a party to this Deed.

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2     THE SUPERANNUATION MEMBERS' HOME LOANS TRUSTS

      2.1   APPOINTMENT OF TRUSTEE

            The Trustee is hereby appointed, and agrees to act, as trustee of
            each Fund upon, and subject to, the terms and conditions of this
            Deed.

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                                                                         Page 16
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                                                      LGR-SMHL Master Trust Deed

      2.2   TRUSTEE TO ACT IN INTERESTS OF UNITHOLDERS AND BONDHOLDERS OF A FUND

            (a)   The Trustee shall, in respect of each Fund, act in the
                  interests of the Unitholders and Bondholders in relation to
                  that Fund on, and subject to, the terms and conditions of this
                  Deed.

            (b)   In the event of any conflict of interest between Unitholders
                  and Bondholders, the interests of Bondholders as creditors of
                  the Trustee will prevail.

      2.3   SEPARATE AND DISTINCT FUNDS

            Each Fund shall be a separate and distinct trust fund held by the
            Trustee on separate and distinct terms and conditions.

      2.4   SCHEDULE 10 PROVISIONS

            The provisions set out in Schedule 10 of this Deed will apply in
            relation to each Fund.

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3     THE ORIGINATION FUND

      3.1   [THE TEXT OF CLAUSE 3.1 HAS NOT BEEN SHOWN, BUT HAS NOT BEEN AMENDED
            EXCEPT AS PROVIDED IN THE SUPPLEMENTAL DEED TO THE MASTER TRUST DEED
            DATED 13 APRIL 2006]

      3.2   CREATION OF THE FIRST ORIGINATION FUND

            (a)   (INITIAL ASSETS OF FIRST ORIGINATION FUND): Upon the execution
                  of this Deed, the Manager shall lodge with the Trustee the sum
                  of $100 to constitute the initial Assets of the first
                  Origination Fund.

            (b)   (CONSTITUTION OF THE FIRST ORIGINATION FUND): Upon the
                  execution of this Deed and the payment of the sum referred to
                  in clause 3.2(a), the first Origination Fund shall be created.

      3.3   CREATION OF ADDITIONAL ORIGINATION FUNDS

            (a)   (MANAGER MAY CREATE): The Manager may at any time create an
                  additional Origination Fund by lodging with the Trustee:

                  (1)   (NOTICE OF CREATION): a duly completed and executed
                        Notice of Creation of an Origination Fund;

                  (2)   (INITIAL ASSETS): on behalf of the Residual Capital
                        Unitholder, the sum of $100 to constitute the initial
                        Assets of the additional Origination Fund and in
                        consideration of the issue of 100 Residual Capital Units
                        to the Residual Capital Unitholder; and

                  (3)   (INCOME UNIT) on behalf of the Income Unitholder, the
                        sum of $1 in consideration of the issue of 1 Income Unit
                        to the Income Unitholder.

            (b)   (CONSTITUTION OF ADDITIONAL ORIGINATION FUNDS): Upon the
                  satisfaction of clause 3.3(a), the additional Origination Fund
                  referred to in the

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                                                                         Page 17
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                                                      LGR-SMHL Master Trust Deed

                  corresponding Notice of Creation of an Origination Fund
                  pursuant to clause 3.3(a)(1) shall thereupon be created.

            (c)   (NO LIMIT ON ORIGINATION FUNDS): There shall be no limit on
                  the number of Origination Funds that may be created pursuant
                  to this Deed.

      3.4   NAME OF THE ORIGINATION FUNDS

            Each Origination Fund shall be known as:

            (a)   (INITIAL NAME): the "Superannuation Members' Home Loans
                  Origination Fund No. X" where "X" represents the consecutive
                  order of creation of the Origination Fund; for example, in the
                  case of the first Origination Fund the "Superannuation
                  Members' Home Loans Origination Fund No. 1"; OR

            (b)   (ALTERNATIVE NAME): such other name as the Trustee and the
                  Manager may from time to time agree upon (subject to any
                  approvals required by law).

      3.5   DURATION OF AN ORIGINATION FUND

            Each Origination Fund shall continue until, and shall terminate on,
            its respective Termination Date.

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4     THE SECURITISATION FUNDS

      4.1   [THE TEXT OF CLAUSE 4.1 HAS NOT BEEN SHOWN, BUT HAS NOT BEEN AMENDED
            EXCEPT AS PROVIDED IN THE SUPPLEMENTAL DEED TO THE MASTER TRUST DEED
            DATED 13 APRIL 2006 ]

      4.2   CREATION OF SECURITISATION FUNDS

            (a)   (MANAGER MAY CREATE): The Manager may at any time create a
                  Securitisation Fund by lodging with the Trustee:

                  (1)   (NOTICE OF CREATION): a duly completed and executed
                        Notice of Creation of a Securitisation Fund;

                  (2)   (INITIAL ASSETS): on behalf of the Residual Capital
                        Unitholder, the sum of $100 to constitute the initial
                        Assets of the Securitisation Fund and in consideration
                        of the issue of 100 Residual Capital Units to the
                        Residual Capital Unitholder; and

                  (3)   (INCOME UNIT) on behalf of the Income Unitholder, the
                        sum of $1 in consideration of the issue of 1 Income Unit
                        to the Income Unitholder.

            (b)   (CONSTITUTION OF A SECURITISATION FUND): Upon the satisfaction
                  of clause 4.2(a), the Securitisation Fund referred to in the
                  corresponding Notice of Creation of a Securitisation Fund
                  pursuant to clause 4.2(a)(1) shall thereupon be created.

            (c)   (NO LIMIT ON SECURITISATION FUNDS): There shall be no limit on
                  the number of Securitisation Funds that may be created
                  pursuant to this Deed.

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                                                      LGR-SMHL Master Trust Deed

      4.3   NAME OF THE SECURITISATION FUNDS

            Each Securitisation Fund shall be known as:

            (a)   (INITIAL NAME): the "Superannuation Members' Home Loans
                  Securitisation Fund Y-X" where "Y" represents the year that
                  the Securitisation Fund was created and "X" represents the
                  consecutive order or creation of the Securitisation Fund in
                  that year; for example, in the case of the first
                  Securitisation Fund created in the year 2003, the
                  "Superannuation Members' Home Loans Securitisation Fund
                  2003-1"; or

            (b)   (ALTERNATIVE NAME): such other name as the Trustee and the
                  Manager may from time to time agree upon (subject to any
                  approvals required by law).

      4.4   DURATION OF A SECURITISATION FUND

            Each Securitisation Fund shall continue until, and shall terminate
            on, its respective Termination Date.

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5     BONDS

      5.1   ACKNOWLEDGMENT OF INDEBTEDNESS

            Subject to the terms of this Deed and each Supplementary Bond Terms,
            the Trustee hereby acknowledges its indebtedness as trustee of each
            Fund for the principal represented by the Bonds issued by it as
            trustee of that Fund.

      5.2   LEGAL NATURE OF BONDS

            (a)   Subject to clause 5.2(b) the Bonds issued by the Trustee shall
                  constitute debenture stock.

            (b)   If the Supplementary Bond Terms in respect of any Bonds and
                  the Transaction Documents for the relevant Fund so provide,
                  Bonds may be in the form of bearer notes, definitive notes
                  (with coupons and talons attached), temporary global notes or
                  permanent global notes.

      5.3   TERMS OF BONDS

            All Bonds issued by the Trustee as trustee of a Fund shall be issued
            with the benefit of, and subject to, this Deed, the Supplementary
            Bond Terms relating to such Bonds, the Security Trust Deed (if any)
            and Note Trust Deed (if any) relating to that Fund. The
            Supplementary Bond Terms in relation to Bonds shall be binding on
            the Manager, the Trustee and the corresponding Bondholders and
            Couponholders (if any).

      5.4   INTEREST AND PRINCIPAL ENTITLEMENT OF BONDHOLDERS

            Subject to this Deed, the corresponding Supplementary Bond Terms and
            any Transaction Documents relating to a Fund, the Trustee as trustee
            of each Fund shall in respect of the Bonds issued by it in such
            capacity pay to the Bondholders and Couponholders (as relevant) of
            those Bonds:

            (a)   (INTEREST): their Interest Entitlement on each Interest
                  Payment Date; and

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                                                      LGR-SMHL Master Trust Deed

            (b)   (PRINCIPAL): their Principal Entitlement on each Principal
                  Amortisation Date.

      5.5   NOT USED

      5.6   BONDS NOT INVALID IF ISSUED IN BREACH

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

      5.7   LOCATION OF BONDS

            The property in Bonds shall for all purposes be regarded as situated
            at the place where the Register is located on which such Bonds are
            recorded.

      5.8   NO DISCRIMINATION BETWEEN BONDHOLDERS

            There shall not be any discrimination or preference between Bonds,
            or the corresponding Bondholders, in relation to a Fund by reason of
            the time of issue of Bonds or for any other reason, subject only to
            the Supplementary Bond Terms relating to the Bonds and the terms of
            the Security Trust Deed (if any) relating to the Fund.

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6     LIMITS ON RIGHTS OF BONDHOLDERS AND UNITHOLDERS

      6.1   GENERAL LIMITS

            No Bondholder or Unitholder shall be entitled to:

            (a)   (REQUIRE TRANSFER): require the transfer to it of any Asset
                  comprised in any Fund;

            (b)   (INTERFERE IN MANAGEMENT): interfere with or question the
                  exercise or non-exercise by the Trustee or the Manager of the
                  rights and powers of the Trustee or the Manager respectively
                  in their dealings with any Fund or any Asset thereof;

            (c)   (EXERCISE RIGHTS IN RESPECT OF ASSETS): exercise any rights,
                  powers or privileges in respect of any Asset in any Fund;

            (d)   (ACT IN TRUSTEE'S PLACE): attend meetings or take part in or
                  consent to any action concerning any property or corporation
                  which the Trustee as trustee of a Fund holds an interest;

            (e)   (TERMINATE FUNDS): terminate any Fund (except as provided in
                  clause 24);

            (f)   (REMOVE): seek to remove the Manager, the Trustee, Note
                  Trustee or Paying Agent;

            (g)   (LODGE CAVEATS ETC.): lodge or enter a caveat or similar
                  instrument in relation to the Register of claiming an estate
                  or interest in any Land over which a Mortgage or any Related
                  Security is held or to which any other Asset relates in
                  respect of any Fund;

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                                                      LGR-SMHL Master Trust Deed

            (h)   (COMMUNICATE WITH MORTGAGORS ETC.): negotiate in any way with
                  any Mortgagor or Mortgage Manager in respect of any Mortgage,
                  Loan or Related Security or with any person providing an
                  Enhancement or Hedge to the Trustee;

            (i)   (TAKE PROCEEDINGS): take any proceedings of any nature
                  whatsoever in any court or otherwise or to obtain any remedy
                  of any nature (including, without limitation, against the
                  Trustee, the Manager, Note Trustee, Security Trustee or any
                  former Trustee, Manager, Note Trustee or Security Trustee or
                  in respect of any Fund or any Asset of any Fund) provided that
                  it shall be entitled to compel the Trustee and the Manager to
                  comply with their respective duties and obligations under this
                  Deed and, if Bondholders are entitled to the benefit of any
                  applicable Security Trust Deed, the Bondholders may compel the
                  Security Trustee to comply with its duties and obligations
                  under the Security Trust Deed; and

            (j)   (RECOURSE TO PERSONAL ASSETS): any recourse whatsoever to the
                  Trustee or the Manager in their personal capacity, except to
                  the extent of any fraud, negligence or wilful default by the
                  Trustee or the Manager respectively.

      6.2   LIMIT ON INTEREST OF INCOME UNITHOLDER IN ASSETS OF AN ORIGINATION
            FUND

            The Income Unitholder shall have no interest (whether beneficial,
            equitable or otherwise) in any Asset of any Origination Fund other
            than in the Net Income of the Origination Fund for each Income
            Distribution Period of the Origination Fund and in the amount from
            time to time standing to the credit of the Net Income Account of the
            Origination Fund.

      6.3   LIMIT ON INTEREST OF RESIDUAL CAPITAL UNITHOLDER IN ASSETS OF A
            SECURITISATION FUND

            The Residual Capital Unitholder (if any) shall have no interest
            (whether beneficial, equitable or otherwise) in any capital, Asset
            or income of a Securitisation Fund, other than in $100 of the
            capital of the Securitisation Fund.

      6.4   FURTHER LIMITS ON INTERESTS OF UNITHOLDERS

            (a)   (CANNOT ASSIGN OR MORTGAGE INTEREST): The rights and interests
                  of a Unitholder in respect of each Fund shall be personal to
                  the Unitholder and shall not be capable of being assigned, or
                  having any Security Interest created or existing thereover,
                  without the prior written consent of the Manager (which it may
                  give or withhold in its absolute discretion) provided that the
                  Income Unitholder may hold its rights and interest in an
                  Origination Fund subject to the terms and conditions of the
                  Income Trust Deed and the Trustee as trustee of an Origination
                  Fund may hold its rights and interests in a Securitisation
                  Fund subject to the terms and conditions of this Deed.

            (b)   (PROHIBITED ASSIGNMENT OR MORTGAGE VOID): Subject only to the
                  provisos in clause 6.4(a), if a Unitholder purports to assign,
                  or to create or permits to exist any Security Interest over,
                  any of its rights and interests in respect of any Fund in
                  breach of clause 6.4(a), that assignment and that Security
                  Interest insofar as it purports to extend to its rights and
                  interests in a Fund

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                                                                         Page 21
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                                                      LGR-SMHL Master Trust Deed

                  shall be of no force and effect (each such right and interest
                  being subject to this clause) and shall not vest in any
                  purported assignee or holder of the Security Interest any
                  right, title or interest in any Fund, the Assets of any Fund
                  or the rights and interests of the Unitholder therein.

      6.5   RANKING OF INTEREST OF UNITHOLDERS

            The rights, claims and interest of any Unitholder in relation to any
            Fund, the Assets of any Fund and in relation to any payment or
            distribution out of any Fund (including without limiting the
            generality of the foregoing, on the winding up of a Fund) shall at
            all times rank after, and be subject to, the interests of
            Bondholders under the Bonds issued in relation to that Fund
            (including, without limiting the generality of the foregoing, in
            relation to any payment obligations on the Bonds).

      6.6   FURTHER LIMIT ON INTEREST OF BONDHOLDERS AND COUPONHOLDERS

            (a)   A Bondholder or a Couponholder in relation to a Fund shall
                  only be a creditor of the Trustee in its capacity as trustee
                  of that Fund to the extent of the Bonds held by that
                  Bondholder or Coupons held by that Couponholder and shall not
                  be entitled to any beneficial or, subject to any applicable
                  Security Trust Deed, other interest in any Fund.

            (b)   The obligations of the Trustee to Bondholders and
                  Couponholders is a contractual obligation and not a fiduciary
                  obligation.

      6.7   NO LIABILITY OF BONDHOLDERS OR UNITHOLDERS

            No Bondholder by reason of being a Bondholder, or Unitholder by
            reason of being a Unitholder, shall in respect of a Fund:

            (a)   (LIABILITY): have any liability to make any contribution to
                  the Assets of the Fund or any payment to the Trustee, the
                  Manager or any other person in relation to the Fund; and

            (b)   (INDEMNITY): be under any obligation to indemnify the Trustee,
                  the Manager or any Creditor of the Trustee as trustee of the
                  Fund in respect of any of the liabilities (actual, contingent
                  or otherwise and whether due to any deficiency or not) of the
                  Trustee or the Manager in relation to, arising from or in
                  connection with the Assets of the Fund or the Fund generally.

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7     PROCEDURE FOR ISSUE OF BONDS

      7.1   BOND ISSUE DIRECTION FOR AN ORIGINATION FUND

            If the Manager proposes that the Trustee will issue Bonds as trustee
            of an Origination Fund, it shall, at least 5 Banking Days (or such
            other period agreed by the Trustee) prior to the proposed Bond Issue
            Date or the commencement of the proposed Subscription Period,
            deliver to the Trustee an Origination Fund Bond Issue Direction
            directing amongst other things that the Trustee (subject to this
            Deed):

            (a)   (TRANSFER BENEFIT OF EXISTING ORIGINATION FUND ASSETS): if
                  applicable, hold as trustee of the Origination Fund the
                  benefit of the Existing

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                                                                         Page 22
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                                                      LGR-SMHL Master Trust Deed

                  Origination Fund Assets specified in the Origination Fund Bond
                  Issue Direction; and

            (b)   (ISSUE BONDS): issue as trustee of the Origination Fund the
                  Bonds specified on the Origination Fund Bond Issue Direction.

      7.2   BOND ISSUE DIRECTION FOR A SECURITISATION FUND

            If the Manager proposes that the Trustee will issue Bonds as trustee
            of a Securitisation Fund, it shall, at least 5 Banking Days (or such
            other period agreed by the Trustee) prior to the proposed Bond Issue
            Date, deliver to the Trustee a Securitisation Fund Bond Issue
            Direction, directing amongst other things that the Trustee (subject
            to this Deed) issue as trustee of the Securitisation Fund the Bonds
            specified by the Manager in the Securitisation Fund Bond Issue
            Direction.

      7.3   REQUIREMENTS FOR A BOND ISSUE DIRECTION

            A Bond Issue Direction given by the Manager to the Trustee in
            respect of a Fund under this Deed shall unless the Trustee and the
            Manager otherwise agree:

            (a)   (CONTAIN THE FOLLOWING INFORMATION): specify the following in
                  respect of the Bonds referred to therein:

                  (1)   (CLASSES): whether any of the Bonds will constitute a
                        Class separate from any other bonds previously issued by
                        the Trustee as trustee of the Fund or from any other
                        bonds referred to in the Bond Issue Direction;

                  (2)   (NAME): the name of the Bonds or, if the Bonds are
                        divided into more than one Class, the name of each Class
                        of Bonds;

                  (3)   (AMOUNT): the total number of Bonds and, if the Bonds
                        are divided into more than one Class, the principal
                        amount of each Class;

                  (4)   (PRINCIPAL AMOUNT): the total principal amount of the
                        Bonds and if the Bonds are divided into more than one
                        Class, the principal amount of each Class;

                  (5)   (BOND ISSUE DATE OR SUBSCRIPTION PERIOD): the proposed
                        Bond Issue Date or, in the case of a proposed issue of
                        Bonds by the Trustee as trustee of an Origination Fund,
                        the proposed Subscription Period;

                  (6)   (PROCEEDS TO BE HELD BY ANOTHER FUND):

                        (A)   in the case of a Securitisation Fund Bond Issue
                              Direction, the amount (if any) to be held by the
                              Trustee as trustee of the relevant Fund from the
                              proceeds from the issue of the Bonds pursuant to
                              clause 7.8(f)(1); and

                        (B)   if applicable, in the case of an Origination Fund
                              Bond Issue Direction, the amount to be held by the
                              Trustee as trustee of each Existing Origination
                              Fund pursuant to clause 7.8(e)(2)(A);

                  (7)   (SECURITY TRUST DEED, ENHANCEMENTS AND HEDGES): whether
                        a Security Trust Deed or any Enhancements or Hedges need
                        to be effected prior to the proposed Bond Issue Date or
                        the

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                                                                         Page 23
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                                                      LGR-SMHL Master Trust Deed

                  commencement of the proposed Subscription Period for the
                  purposes of clause 7.8(c) and, if so, reasonable details of
                  these; and

                  (8)   (SUCH OTHER REQUIRED INFORMATION): such other
                        information required by the form of the Bond Issue
                        Direction or required or which may be included in a Bond
                        Issue Direction pursuant to this Deed;

            (b)   (REFER TO PORTFOLIO OF MORTGAGES): in the case of a
                  Securitisation Fund Bond Issue Direction only, refer to the
                  Portfolio of Mortgages (if any) to be held by the Trustee as
                  trustee of the corresponding Securitisation Fund pursuant to
                  clause 7.8(f)(2);

            (c)   (DULY COMPLETED): without limiting paragraphs (a) and (b), be
                  otherwise duly completed; and

            (d)   (ACCOMPANIED BY A SUPPLEMENTARY BOND TERMS NOTICE): be
                  accompanied by a duly completed Supplementary Bond Terms
                  Notice for the Bonds, or if the Bonds are divided into more
                  than one Class and the Manager elects to have a separate
                  Supplementary Bond Terms Notice for each Class or more than
                  one Class, a duly completed Supplementary Bonds Term Notice
                  for each such Class provided that if the Supplementary Bond
                  Terms Notice for the Bonds, or a particular Class of the
                  Bonds, have already been delivered to the Trustee in respect
                  of the Fund or the Supplementary Bond Terms for the Bonds or a
                  particular Class of the Bonds are the same as for a previous
                  issue of Bonds or a Class of Bonds in respect of the Fund,
                  this requirement may be satisfied if the Bond Issue Direction
                  specifies that this is the case.

      7.4   SUPPLEMENTARY BOND TERMS NOTICE

            (a)   (ONE FOR EACH CLASS): If the Manager so elects, a separate
                  Supplementary Bond Terms Notice shall be prepared, and
                  delivered to the Trustee, by the Manager for each Class of
                  Bonds to be issued by the Trustee as trustee of a Fund.

            (b)   (MANDATORY INFORMATION): A Supplementary Bond Terms Notice
                  shall specify the following in respect of the Bonds to which
                  it refers:

                  (1)   (INTEREST PAYMENT DATES): each date (if any) for the
                        payment of interest under the Bonds;

                  (2)   (PRINCIPAL AMORTISATION DATES): each date for the
                        repayment of part or all of the outstanding principal
                        under the Bonds;

                  (3)   (RATE OF INTEREST): the rate of interest (if any) on the
                        Bonds (which may be fixed, variable or determined by a
                        stated method);

                  (4)   (REPAYMENT OF PRINCIPAL): the amount (or the method of
                        calculating the amount) of principal to be repaid on the
                        Bonds on each Principal Amortisation Date; and

                  (5)   (CLASS RIGHTS): if the corresponding Bond Issue
                        Direction specifies that the Bonds are to constitute a
                        Class separate from any other Bonds previously issued by
                        the Trustee as trustee of the relevant Fund or from any
                        other Bonds referred to in the Bond Issue Direction, the
                        rights or restrictions that constitute the first

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                                                                         Page 24
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                                                      LGR-SMHL Master Trust Deed

                        mentioned Bonds as a separate Class and the relationship
                        of those rights and restrictions to any other then or
                        proposed Class of Bonds.

            (c)   (OPTIONAL INFORMATION): A Supplementary Bond Terms Notice may
                  specify the following in respect of the Bonds to which it
                  refers:

                  (1)   (SPECIAL RIGHTS): any preferred, deferred or special
                        rights or restrictions applying to the Bonds, whether
                        with regard to the payment of interest, the repayment of
                        principal, voting, the division into classes or
                        otherwise, which may include, without limiting the
                        generality of the foregoing, that the Bonds are to be
                        initially issued on a partly paid basis or shall have an
                        additional entitlement to the principal or capital of
                        the corresponding Fund beyond the repayment in full of
                        their Face Value; and

                  (2)   (OTHER INFORMATION): any other terms or restrictions
                        applying to the Bonds that this Deed provides may be
                        included in the Supplementary Bond Terms Notice or in
                        the Supplementary Bond Terms.

            (d)   (INCONSISTENCY): If a term of a Supplementary Bond Terms
                  Notice is inconsistent with any provision of this Deed, the
                  Supplementary Bond Terms Notice will prevail to the extent of
                  the inconsistency with respect only to its corresponding Fund
                  and Bonds in respect of that Fund.

            (e)   (AMENDMENT OF THIS DEED): Notwithstanding clause 28, a
                  Supplementary Bond Terms Notice may amend any provision of
                  this Deed with respect to its corresponding Fund and the
                  relevant Bonds and this Deed and those Bonds shall be
                  construed accordingly.

      7.5   AMENDMENT

            (a)   With the consent of the Trustee, the Manager may prior to a
                  proposed Bond Issue Date or the commencement of a proposed
                  Subscription Period amend by notice in writing to the Trustee
                  a previously issued Bond Issue Direction or Supplementary Bond
                  Terms Notice (including any Bond Issue Direction or
                  Supplementary Bond Terms Notice previously amended pursuant to
                  this clause).

            (b)   The Manager may on or after a Bond Issue Date or the
                  commencement of a proposed Subscription Period amend, by
                  notice in writing to the Trustee and any Security Trustee, a
                  previously issued Bond Issue Direction or Supplementary Bond
                  Term Notice including any previously amended pursuant to this
                  clause 7.5. The Manager must not issue any such notice unless
                  it has certified to the Trustee and any Security Trustee that
                  any such notice is not prejudicial to the rights of the
                  Bondholders in the Fund and has given not less than 5 Banking
                  Days' notice of the amendments to each Designated Rating
                  Agency (if any) or such shorter period that such Designated
                  Rating Agency may accept and that such amendment does not
                  adversely affect the rating (if any) of the Bonds by each
                  Designated Rating Agency.

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                                                      LGR-SMHL Master Trust Deed

      7.6   COMPLY WITH BOND ISSUE DIRECTION

            Subject to this clause 7, the Trustee shall comply with a Bond Issue
            Direction.

      7.7   PROVISO ON COMPLIANCE WITH BOND ISSUE DIRECTION

            (a)   (TRUSTEE SHALL NOT ACCEPT DIRECTION): The Trustee shall not
                  comply with a Bond Issue Direction unless at least 3 Banking
                  Days (or such other period agreed by the Trustee) prior to the
                  proposed Bond Issue Date or the commencement of the proposed
                  Subscription Period the Manager has certified to the Trustee
                  in writing that:

                  (1)   (COMPLIES WITH THIS DEED): the Bond Issue Direction and
                        any corresponding Supplementary Bond Terms Notice
                        complies with this Deed; and

                  (2)   (DETAILS OF MORTGAGES CORRECT): in the case of an issue
                        of Bonds by the Trustee as trustee of a Securitisation
                        Fund, to the best of the Manager's knowledge the details
                        of the Portfolio of Mortgages referred to in the
                        Securitisation Fund Bond Issue Direction conform with
                        the details in the Register in respect of the Portfolio
                        of Mortgages.

                  The Trustee may rely upon such certification from the Manager
                  as evidence of the matters described therein.

            (b)   (ACCEPTANCE OF DIRECTION): If the precondition referred to in
                  clause 7.7(a) is met, the Trustee shall forthwith (and in no
                  event later than the close of business 2 Banking Days (or such
                  other period agreed by the Manager) prior to the proposed Bond
                  Issue Date or the commencement of the proposed Subscription
                  Period) advise the Manager in writing that it has accepted the
                  Bond Issue Direction.

            (c)   (REFUSAL OF DIRECTION): If the Trustee is not so satisfied
                  that it is permitted by this clause to accept a Bond Issue
                  Direction, it shall no later than the close of business 2
                  Banking Days (or such lesser period agreed by the Manager)
                  prior to the proposed Bond Issue Date or the commencement of
                  the proposed Subscription Period advise the Manager in writing
                  to this effect giving the grounds in reasonable detail for it
                  being not so satisfied.

      7.8   ISSUE OF BONDS AND TRANSFER OF BENEFIT OF MORTGAGES

            If the Trustee has:

            (a)   (ACCEPTED THE BONDS ISSUE DIRECTION): accepted, or is required
                  hereunder to accept, a Bond Issue Direction;

            (b)   (SUFFICIENT APPLICATIONS FOR BONDS): subject to clauses 7.10
                  and 7.11, received, unless the Manager has otherwise provided
                  sufficient details of the intending Bondholders to enable the
                  Bonds to be issued, from intending Bondholders duly executed
                  Applications for Bonds and in all cases the Subscription
                  Amount for such Bonds, in each case for the amount referred to
                  in the corresponding Bond Issue Direction; and

            (c)   (RECEIVED OR GRANTED ENHANCEMENTS ETC): on or prior to the
                  proposed Bond Issue Date or the commencement of the proposed
                  Subscription Period:

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                                                                         Page 26
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                                                      LGR-SMHL Master Trust Deed

                  (1)   (SECURITY TRUST DEED): entered into a Security Trust
                        Deed as trustee of the relevant Fund (unless not
                        required for the issue of the Bonds by the Manager in
                        the corresponding Bond Issue Direction);

                  (2)   (ENHANCEMENTS AND HEDGES): obtained, or entered into
                        arrangements to obtain with effect from the
                        corresponding Bond Issue Date, as trustee of the
                        relevant Fund the benefit of the Enhancements and Hedges
                        referred to in the corresponding Bond Issue Direction;

                  (3)   (CERTIFICATE FROM MORTGAGE MANAGER): in the case of a
                        proposed issue of Bonds by the Trustee as trustee of a
                        Securitisation Fund, received a certificate from the
                        Mortgage Manager in relation to the Portfolio of
                        Mortgages specified in the corresponding Securitisation
                        Fund Bond Issue Direction pursuant to clause 5.13 of the
                        Mortgage Origination and Management Agreement referred
                        to in paragraph (a) of the definition of this expression
                        in clause 1.1 (or pursuant to the equivalent provision
                        of a Mortgage Origination and Management Agreement
                        referred to in paragraph 1.1(b) of such definition); and

                  (4)   (LISTING): if the Bonds are to be listed on a Stock
                        Exchange, an indication from the relevant Stock Exchange
                        that the Bonds have been approved for listing on that
                        Stock Exchange,

                  then, subject to the other requirements of this Deed being
                  satisfied in relation to matters which must be done on or
                  prior to the Bond Issue Date, the Trustee shall, subject to
                  clause 7.11, on the Bond Issue Date:

            (d)   (ISSUE BONDS): issue Bonds, as trustee of the relevant Fund,
                  to the intending Bondholders for the amount referred to in the
                  corresponding Bond Issue Direction in accordance with the
                  applicable Note Trust Deed (if any) and Supplementary Bond
                  Terms Notice;

            (e)   (ISSUE BY ORIGINATION FUND): if the Bonds are issued as
                  trustee of an Origination Fund:

                  (1)   hold as trustee of the Origination Fund the proceeds
                        from the issue of the Bonds; or

                  (2)

                        (A)   (HOLD EXISTING ORIGINATION FUND ASSETS): if the
                              Origination Fund Bond Issue Direction so
                              specifies, hold as trustee of each Existing
                              Origination Fund, from the proceeds of, or the
                              amounts owing from, the issue of the Bonds the
                              amounts specified in the Origination Fund Bond
                              Issue Direction; and

                        (B)   (HOLD BENEFIT OF EXISTING ORIGINATION FUND
                              ASSETS): automatically by virtue of this Deed and
                              without any further act or instrument or other
                              thing being done or brought into existence, hold
                              the benefit of the Existing Origination Fund
                              Assets as trustee of the Origination Fund
                              (together with the benefit of all Loans, Related
                              Securities, Enhancements, Hedges and other rights
                              and entitlements relating thereto, if any);

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                                                                         Page 27
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                                                      LGR-SMHL Master Trust Deed

            (f)   (ISSUE BY SECURITISATION FUND): if the Bonds are issued as
                  trustee of a Securitisation Fund:

                  (1)   (HOLD BOND PROCEEDS): subject to clause 7.10, hold as
                        trustee of the relevant Fund from so much of the
                        proceeds from the issue of the Bonds the amount (if any)
                        specified in the corresponding Securitisation Fund Bond
                        Issue Direction; and

                  (2)   (HOLD BENEFIT OF MORTGAGES FOR SECURITISATION FUND):
                        hold automatically by virtue of this Deed and without
                        any further act or instrument or other thing being done
                        or brought into existence, the benefit of the Portfolio
                        of Mortgages (if any) referred to in the corresponding
                        Securitisation Fund Bond Issue Direction as trustee of
                        the Securitisation Fund (together with the benefit of
                        all Loans, Related Securities, Enhancements, Hedges and
                        other rights and entitlements relating thereto).

      7.9   AMOUNT OF BONDS CREATED FOR A SECURITISATION FUND

            (a)   Clause 7.9(b) has effect to the extent that:

                  (1)   clause 7.8(f) applies to an amount of the proceeds of
                        issue of any Bonds and to the benefit of a Portfolio of
                        Mortgages; and

                  (2)   without limiting clause 7.9(a)(1), subject to the terms
                        of any applicable Supplemental Bond Terms Notice and
                        clause 7.9(c).

            (b)   The Manager must not direct the Trustee as trustee of a
                  Securitisation Fund to issue any Bonds:

                  (1)   if the Bonds are issued at a discount, if the aggregate
                        Outstanding Principal Balance of those Bonds to which
                        clause 7.8(f)(1) applies less the discount applicable to
                        those Bonds on their issue (after conversion to
                        Dollars); or

                  (2)   otherwise, if the aggregate Outstanding Principal
                        Balance of those Bonds on their issue (after conversion
                        to Dollars),

            is greater than the then aggregate Outstanding Principal Balance of
            the Portfolio of Mortgages to be held by the Trustee as trustee of
            the Securitisation Fund under clause 7.8(f)(2) following the issue
            of those Bonds.

      (c)   If the aggregate Outstanding Principal Balance of the Portfolio of
            Mortgages is not an integral multiple of $100,000, clause 7.9(b)
            will be complied with if the amount determined under clauses
            7.9(b)(1) or 7.9(b)(2) (as applicable) is rounded down to the next
            integral multiple of $100,000.

      7.10  ISSUE OF BONDS FOR BENEFIT OF ORIGINATION FUND

            Where a Portfolio of Mortgages is held by the Trustee as trustee of
            an Origination Fund or Securitisation Fund (the FIRST FUND) and
            pursuant to this Deed that Portfolio of Mortgages is to be held by
            the Trustee of a Securitisation Fund (the SECOND FUND) upon the
            issue of Bonds, the Manager may direct the Trustee in writing that
            in lieu of the proceeds for a specified amount being held by the
            Trustee as trustee of the First Fund, Bonds having a Face Value for
            that amount

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            will be issued by the Trustee as trustee of the Second Fund to a
            nominee or trustee to be held by such nominee or trustee on behalf
            or for the benefit of the Trustee as trustee of the First Fund.

      7.11  ISSUE OF BONDS DURING A SUBSCRIPTION PERIOD FOR ORIGINATION FUND

            If in an Origination Fund Bond Issue Direction, the Manager has
            specified that Bonds are to be issued by the Trustee as trustee of
            an Origination Fund during a Subscription Period then, subject to
            clause 7.8(a), the Trustee may issue Bonds during the Subscription
            Period to a Bondholder if it has received from the intending
            Bondholder a duly executed and completed Application for Bonds and
            the Subscription Amount for the Bonds (to the extent that the
            Subscription Amount is payable on the Bond Issue Date for those
            Bonds in accordance with the Origination Fund Bond Issue Direction).

      7.12  ACTION FOLLOWING BOND ISSUE

            On or as soon as practicable after a Bond Issue Date, the Trustee
            shall subject to the relevant Supplementary Bond Terms:

            (a)   (NOTE TRUST DEED): if the Bonds are to be issued under a Note
                  Trust Deed, issue Bonds in accordance with the applicable Note
                  Trust Deed and Supplementary Bond Terms Notice; and

            (b)   (ENTER DETAILS IN THE REGISTER): otherwise enter into the
                  Register in accordance with clause 23:

                  (1)   (SUPPLEMENTARY BOND TERMS): the Supplementary Bond Terms
                        for the Bonds, as contained in the corresponding
                        Supplementary Bond Terms Notice for the bonds;

                  (2)   (BONDHOLDERS): the details of each Bondholder, as
                        contained in the Bondholder's Application for Bonds; and

                  (3)   (MORTGAGES): in the case of an issue of Bonds by the
                        Trustee as trustee of a Securitisation Fund which is a
                        Second Fund that the Mortgages comprising the Portfolio
                        of Mortgages (if any) are no longer held by the Trustee
                        as trustee of the First Fund and are now held by the
                        Trustee as trustee of the Second Fund;

            (c)   (ISSUE BOND REGISTRATION CONFIRMATION): issue a Bond
                  Registration Confirmation to each Bondholder in respect of its
                  holding of Bonds;

            (d)   (ISSUE MARKED BOND TRANSFERS): if requested by a Bondholder in
                  its Application for Bonds, issue a Marked Bond Transfer to the
                  Bondholder; and

            (e)   (NOVATION OF ENHANCEMENTS/HEDGES): if necessary, novate any
                  applicable Enhancements or Hedges from the First Fund to the
                  Second Fund.

      7.13  NO LIABILITY FOR INSUFFICIENT MONEYS

            If insufficient moneys are raised on a proposed Bond Issue Date to
            satisfy clause 7.8(b), neither the Trustee nor the Manager shall
            have any obligation or liability to any person (including, without
            limiting the generality of the foregoing, each other, any intending
            Bondholder or any Unitholder) to issue the Bonds or, in the case of
            a proposed issue in relation to a Securitisation Fund, to hold the
            benefit of the

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            Portfolio of Mortgages referred to in the corresponding
            Securitisation Fund Bond Issue Direction for the Securitisation, or
            otherwise.

      7.14  FURTHER ASSURANCE

            The Trustee shall following a Bond Issue Date for a Securitisation
            Fund execute such documentation and do all such other acts, matters
            or things as the Manager reasonably requires to transfer the benefit
            of the Portfolio of Mortgages referred to in the corresponding
            Securitisation Fund Bond Issue Direction (and the benefit of all
            corresponding Loans, Related Securities, Enhancements and Hedges) to
            the Securitisation Fund.

      7.15  SUBSEQUENT ADJUSTMENT

            (a)   (ACCRUED INTEREST): The Manager shall direct the Trustee in
                  writing after a Bond Issue Date for a Securitisation Fund to
                  debit any interest proceeds received by the Trustee in respect
                  of a Mortgage referred to in the corresponding Securitisation
                  Fund Bond Issue Direction, (if any) with an amount that
                  represents accrued but unpaid interest on the Mortgage up to
                  (but not including) the Bond Issue Date and to credit that
                  amount to the corresponding Fund that is a First Fund.

            (b)   (OTHER COSTS): Subject to clause 7.15(c), the Manager may in
                  its absolute discretion direct the Trustee in writing on or at
                  any time after a Bond Issue Date for a Securitisation Fund
                  which is a Second Fund to debit or credit the corresponding
                  Origination Fund or Securitisation Fund which is a First Fund
                  with such other amounts that the Manager believes are
                  appropriate so that the relevant First Fund has the benefit of
                  any receipts, and bears the cost of any outgoings, in respect
                  of each Mortgage referred to in the corresponding
                  Securitisation Fund Bond Issue Direction (and any
                  corresponding Loan, Related Securities, Enhancements and
                  Hedges) up to (but not including) the Bond Issue Date and so
                  that the relevant Securitisation Fund which is a Second Fund
                  has the benefit of such receipts, and bears such costs, from
                  (and including) the Bond Issue Date.

            (c)   (NO ADJUSTMENT FOR MORTGAGE INSURANCE): The cost of any
                  Mortgage Insurance Policy in respect of a Mortgage referred to
                  in a Securitisation Fund Bond Issue Direction shall be borne
                  by the corresponding Origination Fund and shall not be
                  adjusted pursuant to clause 7.15(b).

            (d)   (MANAGER TO CERTIFY ADJUSTMENTS): A written direction by the
                  Manager pursuant to this clause 7.15 shall be accompanied by a
                  certificate from the Manager addressed to the Trustee that the
                  relevant amount is in its opinion to be properly debited or
                  credited to an Origination Fund or Securitisation Fund (as the
                  case may be).

            (e)   (TRUSTEE TO ACT IN ACCORDANCE WITH DIRECTION): The Trustee
                  shall act in accordance with, and may rely upon, a written
                  direction of the Manager in accordance with this clause 7.15.

      7.16  COMMITTED BOND SUBSCRIPTION AGREEMENT

            The Trustee is empowered to enter at any time into a Committed Bond
            Subscription Agreement under the terms of which it can agree in
            advance to issue Bonds on a Bond Issue Date (a "COMMITMENT TO ISSUE
            BONDS") if the matters

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            referred to in clauses 7.8(a) and 7.8(c) and elsewhere in this Deed
            to be done on or prior to the Bond Issue Date have occurred prior to
            the date of the commitment to issue Bonds or arrangements have been
            entered into so that the Trustee is satisfied that such matters will
            occur prior to the Bond Issue Date. Once a commitment to issue Bonds
            has been given by the Trustee under a Committed Bond Subscription
            Agreement then notwithstanding any subsequent event, matter or
            thing, the Trustee shall on the Bond Issue Date issue Bonds pursuant
            to clause 7.8, complete the transfer of the benefit of the
            corresponding Portfolio of Mortgages pursuant to clause 7.8(f) (if
            applicable) and do all other matters incidental thereto, subject
            only to receipt of sufficient Applications for Bonds (if relevant)
            and payment in full of the Subscription Amount for the Bonds
            pursuant to clause 7.8(b)). The Trustee shall not by issuing Bonds,
            completing the transfer of the benefit of the corresponding
            Portfolio of Mortgages or doing anything incidental thereto pursuant
            to the foregoing provisions of this clause incur any liability, nor
            shall the validity of the Bonds, the transfer of the benefit of the
            Portfolio of Mortgages or anything incidental thereto be affected,
            if anything contained in this Deed to be done by other persons on or
            prior to such Bond Issue Date is not in fact done.

      7.17  FURTHER ISSUES SUBJECT TO RATING AGENCY APPROVAL

            Where the Trustee as trustee of a Rated Fund has issued Bonds, no
            further Bonds in respect of that Rated Fund shall be created
            thereafter unless the Trustee receives a certificate from the
            Manager that the Manager is satisfied that the then rating by each
            Designated Rating Agency in respect of the Bonds then on issue in
            respect of the Fund will be maintained immediately following the
            issue of the proposed Bonds.

      7.18  ISSUE OF UNRATED BONDS

            Nothing in this Deed shall be construed as requiring the Trustee to
            issue Bonds rated by any Rating Agency.

      7.19  NO LIMIT ON BONDS

            Subject to the provisions of this Deed, there shall be no limit on
            the amount or value of Bonds which may be issued in respect of a
            Fund.

      7.20  OFFERS OF BONDS IN AUSTRALIA

            Notwithstanding anything herein contained, no offer of Bonds for
            issue or sale in Australia may be made if the offer needs disclosure
            to investors under Part 6D.2 of the Corporations Act.

      7.21  ISSUES NOT IN AUSTRALIA

            Notwithstanding anything herein contained, in respect of Bonds to be
            issued in bearer form, no such Bonds may be offered for subscription
            or purchase, or issued or allotted, nor may any offer or invitation
            or information memorandum in respect of any Bonds be distributed
            (except in respect of any information memorandum for information
            purposes only) in any Australian Jurisdiction.

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8     TRANSFERS OF BONDS

      8.1   NO RESTRICTIONS ON TRANSFER OF BONDS

            (a)   Subject to this Deed and the corresponding Supplementary Bond
                  Terms, there shall be no restriction on the transfer of Bonds.

            (b)   A Bondholder must not transfer any Bonds except in accordance
                  with all applicable laws in any jurisdiction in which it may
                  offer, sell or deliver Bonds and must not directly or
                  indirectly offer, sell or deliver Bonds or distribute any
                  prospectus, offering, circular, advertisement, information
                  memorandum or other offering material relating to the Bonds in
                  any country or jurisdiction except under circumstances that
                  will result in compliance with any applicable laws and
                  regulations.

            (c)   None of the Trustee, the Manager or any Note Trustee is liable
                  to any Bondholder in relation to a breach by that Bondholder
                  of clause 8.1(b).

      8.2   TRANSFER

            Without limiting the generality of clause 8.1, a Bondholder shall
            not be entitled to transfer any of its Bonds unless the amount
            payable by the transferee is greater than the minimum amount (if
            any) provided in the Supplementary Bond Terms for the Bonds.

      8.3   FORM OF TRANSFER

            Every transfer of Bonds shall be effected by a Bond Transfer.

      8.4  EXECUTION OF BOND TRANSFER

            Every Bond Transfer shall be duly completed and executed by the
            transferor and transferee.

      8.5   STAMPING OF BOND TRANSFER

            Every Bond Transfer lodged with the Trustee shall be duly stamped
            (if applicable).

      8.6   DELIVERY OF BOND TRANSFER TO TRUSTEE

            Every Bond Transfer shall be delivered to the Trustee.

      8.7   REGISTRATION OF TRANSFEREE AS BONDHOLDER

            Subject to this clause 8 the Trustee shall upon receipt of a Bond
            Transfer enter the transferee in the Register as the holder of the
            Bonds which are the subject of the Bond Transfer.

      8.8   TRUSTEE ENTITLED TO REFUSE TO REGISTER TRANSFER

            The Trustee may refuse to register any Bond Transfer which would
            result in:

            (a)   (BREACH): a contravention of or failure to observe:

                  (1)   (THIS DEED): the terms of this Deed;

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                                                      LGR-SMHL Master Trust Deed

                  (2)   (SUPPLEMENTARY TERMS): the Supplementary Bond Terms for
                        the Bonds;

                  (3)   (SECURITY TRUST DEED): the Security Trust Deed (if any)
                        relating thereto; or

                  (4)   (THE LAW): a law of an Australian Jurisdiction; or

            (b)   (REQUIRES REGISTRATION): an obligation to procure registration
                  of any of the foregoing with, or the approval of any of the
                  foregoing by, any Government Agency.

      8.9   REFUSAL TO REGISTER ABSOLUTE

            The Trustee shall not be bound to give any reason for refusing to
            register any Bond Transfer and its decision shall be final,
            conclusive and binding. If the Trustee refuses to register a Bond
            Transfer it shall as soon as practicable thereafter (and in no event
            later than 7 days after the date the Bond Transfer was lodged with
            it) send to the transferor and the transferee notice of such
            refusal.

      8.10  NO FEE FOR REGISTRATION OF A BOND TRANSFER

            No fee shall be charged for the registration of any Bond Transfer.

      8.11  TAKING EFFECT OF BOND TRANSFERS

            (a)   (NOT UNTIL REGISTRATION): A Bond Transfer shall not take
                  effect until registered by the Trustee and until the
                  transferee is entered in the Register as the holder of the
                  Bonds which are the subject of the Bond Transfer, the
                  transferor shall remain the holder and proprietor of such
                  Bonds.

            (b)   (TRANSFER RECEIVED WHEN REGISTER CLOSED): When a Bond Transfer
                  is received by the Trustee during any period when the Register
                  is closed for any purpose, the Trustee shall not register the
                  Bond Transfer until after the Register is re-opened.

            (c)   (PAYMENT OF ENTITLEMENTS WHEN REGISTER IS CLOSED): If the
                  Register is closed for the purpose of determining any
                  entitlements to Bondholders, any such entitlement shall be
                  paid to the purported transferor and not the purported
                  transferee of the Bonds.

      8.12  RIGHTS AND OBLIGATIONS OF TRANSFEREE

            Subject to this Deed, a transferee of Bonds upon being noted in the
            Register as the holder of the Bonds shall have the following rights
            and obligations:

            (a)   (THOSE OF THE TRANSFEROR): all the rights and the obligations
                  which the transferor previously had; and

            (b)   (THOSE UNDER THIS DEED): all the rights and obligations of a
                  Bondholder as provided by this Deed as if the transferee was
                  originally a party thereto.

      8.13  PAYMENTS TO TRANSFEREE

            Subject to this Deed, upon the entry of a transferee of Bonds in the
            Register the transferee shall become entitled to receive any
            payments then due or which may become due to the holder of the
            relevant Bonds (including, without limiting the

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            foregoing, whether or not the entitlement to payment wholly or
            partly arose or accrued prior to the transfer) and the Trustee shall
            be discharged for any such payment made to the transferee.

      8.14  TRANSMISSION OF ENTITLEMENTS

            (a)   (ELECTION): Any person becoming entitled to Bonds as a result
                  of the death, mental incapacity or bankruptcy of a Bondholder
                  may, upon producing such evidence as the Trustee requires of
                  their entitlement, elect to be either registered as the
                  Bondholder or to transfer the Bonds in the manner specified in
                  this clause 8.

            (b)   (METHOD OF ELECTION): If such an entitled person elects to be
                  registered as the Bondholder, the person shall deliver to the
                  Trustee a notice in writing to this effect signed by the
                  person. If the person elects to have another person registered
                  he shall execute a Bond Transfer in relation to the Bonds in
                  favour of that person. All the provisions of this Deed
                  relating to the transfer of Bonds and the registration of Bond
                  Transfers shall be applicable to any such notice or Bond
                  Transfer as if the death, mental incapacity or bankruptcy of
                  the Bondholder had not occurred and the notice or Bond
                  Transfer was a Bond Transfer executed by the Bondholder.

            (c)   (DISCHARGE): A person entitled to Bonds under this clause
                  shall be entitled to receive and may give a good discharge for
                  all moneys payable in respect of such Bonds but, except as
                  otherwise provided by this Deed, shall not be entitled to any
                  of the rights or privileges of a Bondholder unless and until
                  the person is entered in the Register as the holder of such
                  Bonds.

      8.15  MARKED BOND TRANSFER

            (a)   (ENTITLEMENT TO MARKING): A Bondholder may from time to time
                  request the Trustee to provide the Bondholder with a Marked
                  Bond Transfer.

            (b)   (MARKING): The Bondholder shall deliver a Bond Transfer to the
                  Trustee and the Trustee shall mark the Bond Transfer in such
                  manner as agreed from time to time by the Trustee and the
                  Manager and issue the same to the Bondholder.

            (c)   (TRUSTEE WILL NOT REGISTER TRANSFER): Until the expiry of 90
                  days (or such substitute period as the Trustee and Manager
                  agree from time to time and as advised to Bondholders of the
                  relevant Fund) from the date on which the Bond Transfer was
                  marked, the Trustee shall not register any transfer of Bonds
                  relating to the Marked Bond Transfer otherwise than on that
                  Marked Bond Transfer.

            (d)   (NO EXTENSIONS BY CLOSING OF REGISTER): The period referred to
                  in sub-paragraph (c) shall not be extended by the closing of
                  the Register for any purpose.

            (e)   (DELIVERY): A Marked Bond Transfer shall be issued to a
                  Bondholder by personal delivery at the time the Bondholder
                  attends the offices of the Trustee (or such other place
                  nominated by the Trustee) for the marking of the Bond Transfer
                  by the Trustee.

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      8.16  RELIANCE ON DOCUMENTS

            The Trustee shall be entitled to accept and assume the authenticity
            and genuineness of any Bond Transfer or other document appearing to
            it to be duly executed. The Trustee shall not be bound to enquire
            into the authenticity or genuineness of any Bond Transfer or other
            document, nor shall it incur any liability for registering any Bond
            Transfer which is subsequently discovered to be a forgery or
            otherwise defective, unless the Trustee had actual notice of the
            forgery or defect at the time of registration of such Bond Transfer.

      8.17  SPECIMEN SIGNATURES

            The Trustee may (but need not) require each Bondholder to submit
            specimen signatures (and in the case of a corporation may require
            those signatures to be authenticated by the secretary or director of
            such Bondholder) of persons authorised to execute Bond Transfers on
            behalf of such Bondholder and shall be entitled to assume (until
            notified to the contrary) that such authority has not been revoked.

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9     BOND REGISTRATION CONFIRMATION

      9.1   ISSUE OF BOND REGISTRATION CONFIRMATION

            When a person has been entered in the Register as the holder of
            Bonds, as soon as practicable (and in any event no later than 5
            Banking Days or such shorter period agreed by the Trustee with the
            person or the Manager) thereafter, the Trustee shall issue a Bond
            Registration Confirmation to that person in respect of those Bonds.
            If the person has been entered into the Register pursuant to a Bond
            Transfer and the transferor continues to retain a holding of Bonds,
            the Trustee shall within the same period as aforesaid issue to the
            transferor a Bond Registration Confirmation in respect of that
            retained holding of Bonds.

      9.2   BOND REGISTRATION CONFIRMATION NOT CERTIFICATE OF TITLE A Bond

            Registration Confirmation shall not be a certificate of title as to
            Bonds and the Register shall be the only conclusive evidence of the
            ownership of Bonds and the entitlements thereunder.

      9.3   EXECUTION OF BOND REGISTRATION CONFIRMATION

            Each Bond Registration Confirmation shall be signed on behalf of the
            Trustee manually, or in facsimile by mechanical or electronic means,
            by any two duly Authorised Signatories of the Trustee. If any
            Authorised Signatory of the Trustee whose signature appears on a
            Bond Registration Confirmation dies or otherwise ceases to be an
            Authorised Signatory before the Bond Registration Confirmation has
            been issued, the Trustee may nevertheless issue the Bond
            Registration Confirmation.

      9.4   MORE THAN ONE BOND REGISTRATION CONFIRMATION

            If a Bondholder wishes more than one Bond Registration Confirmation
            it shall return its Bond Registration Confirmation to the Trustee
            and at the same time

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                                                      LGR-SMHL Master Trust Deed

            request in writing the issue of a specified number of separate Bond
            Registration Confirmations. The Trustee shall then cancel the
            original Bond Registration Confirmation and issue in lieu thereof
            separate Bond Registration Confirmations. A fee prescribed by the
            Trustee (not exceeding $10.00) shall be paid by the Bondholder to
            the Trustee.

      9.5   WORN OUT, DEFACED OR LOST BOND REGISTRATION CONFIRMATION

            If any Bond Registration Confirmation is worn out or defaced then
            upon production to the Trustee it may cancel the same and may issue
            a new Bond Registration Confirmation in lieu thereof. If any Bond
            Registration Confirmation is lost or destroyed then upon proof
            thereof to the satisfaction of the Trustee, and on such indemnity as
            the Trustee may consider adequate having been given, a new bond
            Registration Confirmation in lieu thereof shall be given to the
            person entitled to such lost or destroyed Bond Registration
            Confirmation. An entry as to the issue of the new Bond Registration
            Confirmation and of the indemnity (if any) shall be made in the
            Register. A fee prescribed by the Trustee (not exceeding $10.00)
            shall be paid by the person requesting that new Bond Registration
            Confirmation to the Trustee.

      9.6   JOINT HOLDINGS

            If a single parcel of Bonds is held by more than one person, only
            the person whose name stands first in the Register in relation to
            that parcel of Bonds shall be entitled to:

            (a)   be issued the relevant Bond Registration Confirmation and, if
                  applicable, a Marked Bond Transfer; and

            (b)   be paid any moneys due in respect of such Bonds.

      9.7   DELIVERY OF BOND REGISTRATION CONFIRMATION

            A Bond Registration Confirmation may be sent to the relevant
            Bondholder by mail or by personal delivery to the Bondholder's
            address appearing in the Register and the Bond Registration
            Confirmation so sent shall be at the risk of the Bondholder entitled
            thereto.

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10    INVESTMENT OF THE FUNDS: GENERALLY

      10.1  AUTHORISED INVESTMENTS ONLY

            Subject to this Deed and the relevant Transaction Documents, each
            Fund shall comprise only:

            (a)   (GENERALLY): assets and property which are Authorised
                  Investments as at the date of their acquisition; and

            (b)   (ORIGINATION FUNDS): in the case only of an Origination Fund,
                  an interest as a Unitholder in any Securitisation Fund
                  pursuant to clause 4.1 and the benefit of any Bonds issued by
                  the Trustee as trustee of a Securitisation Fund and held for
                  the Trustee as trustee of the Origination Fund pursuant to
                  clause 7.10.

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      10.2  PRIMARY INVESTMENT POLICY

            The primary investment policy of each Fund shall be to grant Loans
            upon the security of Mortgages and Related Securities.

      10.3  MANAGER SELECTS INVESTMENTS

            Subject to the terms of this Deed, the Manager alone shall have full
            discretion to determine, and it shall be the duty of the Manager to
            recommend or to propose in writing to the Trustee, the manner in
            which any moneys forming part of a Fund shall be invested and what
            purchases, sales, transfers, exchanges, collections, realisations or
            alterations of Assets shall be effected and when and how the same
            should be effected and to give to the Trustee all directions which
            the Trustee may desire in relation to those matters and subject as
            aforesaid and to the terms of this Deed it shall be the role of the
            Trustee to give effect to all such recommendations or proposals as
            aforesaid by the Manager as are communicated in writing by the
            Manager to the Trustee in accordance with this clause.

      10.4  INVESTMENT PROPOSALS

            (a)   (MANAGER'S INVESTMENT PROPOSALS): Subject to a Mortgage
                  Origination and Management Agreement, the Manager shall from
                  time to time give to the Trustee a written proposal for the
                  acquisition of the Assets of a Fund and for the sale, transfer
                  or other realisation of or dealing with the Assets of a Fund.

            (b)   (SUFFICIENT DETAILS): The Manager's proposal shall contain
                  details thereof together with all such information and
                  evidence as is necessary to show that the implementation of
                  the proposal is permitted under this Deed.

            (c)   (DISCRETION): The Manager shall have the fullest discretion to
                  recommend in the proposal the time and mode of and the broker,
                  contractor or agent (if any) to be engaged for the
                  implementation of the proposal including the right to
                  recommend a postponement for so long as the Manager in its
                  discretion shall think fit.

            (d)   (TRUSTEE MUST IMPLEMENT INVESTMENT PROPOSALS): Upon receipt of
                  any written proposal by the Manager under this clause 10, or
                  upon receipt of a proposal complying with a Mortgage
                  Origination and Management Agreement, the Trustee shall
                  implement such proposal and the Trustee shall not be required,
                  nor be under a duty, to inquire or to make any assessment or
                  judgment in relation to that proposal or whether the proposed
                  investment is an Authorised Investment or is otherwise
                  permitted under this Deed.

      10.5  LIMITATION ON ACQUISITION OF AUTHORISED INVESTMENTS FOR RATED FUNDS

            The Manager shall only give to the Trustee as a trustee of a Rated
            Fund a proposal to acquire investments falling within paragraphs
            1.1(c)-(i) (inclusive) of the definition of "Authorised Investments"
            where the investment, or the issuer in respect thereof, has a rating
            that complies at the time of the proposed acquisition with the
            minimum rating requirements (if any) specified in any Supplementary
            Bond Terms in relation to that Rated Fund.

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      10.6  DISPOSAL OR REALISATION OF AUTHORISED INVESTMENTS

            (a)   (AUTHORISED INVESTMENTS TO BE HELD TO MATURITY IN RATED
                  FUNDS): Subject to this Deed, any applicable Security Trust
                  Deed, Hedge or Enhancement, Authorised Investments in respect
                  of a Rated Fund shall be held until their maturity (and the
                  Trustee shall accordingly not have power to dispose of or
                  realise any Authorised Investment in a Rated Fund) provided
                  that nothing in this Deed shall affect the rights, powers,
                  duties and obligations of the Trustee in relation to enforcing
                  any Mortgage, Loan or Related Security or otherwise in
                  relation to any other Authorised Investment, Hedge or
                  Enhancement.

            (b)   (CIRCUMSTANCES FOR DISPOSAL IN RATED FUNDS): Subject to this
                  clause 10.6(b) and to clause 10.6(c), the Trustee shall have
                  power to dispose of or realise any Authorised Investment in a
                  Rated Fund if the Manager confirms to the Trustee in writing
                  that the disposal or realisation of the Authorised Investment
                  will not lead to a loss or where to continue to hold such
                  Authorised Investment would:

                  (1)   (BREACH): result in a breach of this Deed;

                  (2)   (AFFECT AUTHORISED TRUSTEE INVESTMENT STATUS): affect
                        the status of Bonds as an Authorised Trustee Investment
                        (if applicable);

                  (3)   (ADVERSELY AFFECT RATING): adversely affect the then
                        rating (if any) of the Bonds issued in relation to the
                        Rated Fund; or

                  (4)   (PREJUDICIAL TO BONDHOLDERS): in the opinion of the
                        Manager, be prejudicial to the interests of Bondholders
                        in the Rated Fund.

                  The Trustee may only exercise its power of disposal or
                  realisation pursuant to paragraphs (2)-(4) (inclusive) on the
                  written direction of the Manager, which shall be accompanied
                  by a certificate from the Manager that it is satisfied, after
                  inquiry, that the then rating (if any) assigned by each
                  Designated Rating Agency to any Bonds in respect of the Rated
                  Fund will not be downgraded or withdrawn as a result of the
                  disposal or realisation.

            (c)   (NO RESTRICTION ON DISPOSAL IN UNRATED FUNDS): Subject to
                  clauses 10.1 and 10.2 there shall be no restriction on the
                  disposal or realisation of or temporary investment or
                  reinvestment in Authorised Investments in a Fund which is not
                  a Rated Fund.

            (d)   (PROCEEDS ON REALISATION): On the settlement of the discharge,
                  realisation or disposal of an Asset, the Trustee may accept
                  the proceeds thereof in the form of a Bank cheque payable to
                  the Trustee.

      10.7  TEMPORARY INVESTMENT OF CASH AND LIMITATION ON MATURITY OF
            AUTHORISED INVESTMENTS

            The Trustee shall in respect of a Fund be entitled to cause cash on
            hand which represents the income or capital of the Fund and which is
            not required for:

            (a)   (EXPENSES): the immediate payment of the Expenses of the Fund;

            (b)   (TRUSTEE'S FEE): the immediate payment of the Trustee's Fee in
                  relation to the Fund; or

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            (c)   (BONDHOLDERS OR UNITHOLDERS): the immediate payment to the
                  Bondholders or a Unitholder of the Fund,

            to be invested in Authorised Investments provided that such
            Authorised Investments to the extent these represent moneys required
            for payment to the Bondholders or a Unitholder of the Fund shall
            mature on a date on or before the due date for such payment.

      10.8  HEDGES AND ENHANCEMENTS

            (a)   (ENTER INTO HEDGES AND ENHANCEMENTS): The Trustee shall in
                  relation to any Fund, on the prior written direction of the
                  Manager, enter into or acquire and perform, Hedges and
                  Enhancements on such terms and conditions as required by the
                  Manager (subject to this Deed).

            (b)   (RATING OF PARTIES TO HEDGES AND ENHANCEMENT): If Bonds have
                  been, or are proposed to be, issued by the Trustee as trustee
                  of a Rated Fund, the Manager shall direct the Trustee in
                  writing that each Hedge or Enhancement for the benefit of the
                  Rated Fund must be taken out or executed with a person having
                  at that time a Designated Rating (if required by the
                  corresponding Designated Rating Agency).

            (c)   (HEDGES & ENHANCEMENTS FOR RATED FUND): If Bonds have been, or
                  are proposed to be, issued by the Trustee as trustee of a
                  Rated Fund, any Hedge or Enhancement for the benefit of the
                  Rated Fund shall be entered into by the Trustee prior to or on
                  the Bond Issue Date in relation to those Bonds provided that:

                  (1)   the Trustee may, on the prior written direction of the
                        Manager, enter into a new Hedge or Enhancement as
                        trustee of a Rated Fund after a Bond Issue Date, if and
                        only if, the Trustee receives a certificate from the
                        Manager that the Manager is satisfied that the then
                        rating of those Bonds by a Designated Rating Agency will
                        not be downgraded or withdrawn as a result of the
                        entering into of such Hedge or Enhancement; and

                  (2)   the Trustee may, on the prior written direction of the
                        Manager, substitute a new Hedge or a new Enhancement for
                        any existing Hedge or Enhancement entered into in
                        accordance with this clause (c) where it has previously
                        issued Bonds as trustee of a Rated Fund, if and only if,
                        the Trustee receives a certificate from the Manager that
                        the Manager considers the same to be in the interests of
                        that Rated Fund and the then rating of those Bonds by
                        the Designated Rating Agency will not be downgraded or
                        withdrawn as a result of such substitution.

            (d)   (DOWNGRADING OF PARTIES): If a person providing an Hedge or
                  Enhancement to the Trustee as trustee of a Rated Fund ceases
                  to have a Designated Rating (if the corresponding Designated
                  Rating Agency requires it to have a Designated Rating) and the
                  Designated Rating Agency has downgraded or withdrawn, or has
                  indicated that it proposes to downgrade or withdraw, its
                  rating of the Bonds, the Trustee shall, if required by the
                  Manager, enter into any substitute or additional Hedge or
                  Enhancement identified by the Manager, and on such terms
                  required by the

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                                                      LGR-SMHL Master Trust Deed

                  Manager (subject to this Deed), to maintain the rating of the
                  Bonds as it stood prior to such downgrading or proposed of the
                  rating of the Bonds.

            (e)   (NO OBLIGATION TO HAVE HEDGES AND ENHANCEMENTS): Nothing in
                  this clause or elsewhere contained in this Deed shall be
                  construed as requiring that any given Fund has the benefit of
                  an Hedge or Enhancement.

      10.9  SUBSTITUTION OF MORTGAGES IN A FUND

            (a)   (POWER TO SUBSTITUTE MORTGAGES): The Trustee shall be entitled
                  to substitute a Mortgage held by it as trustee of a Fund where
                  the Mortgage is in default or an event of default (howsoever
                  described thereunder) has occurred and is continuing or to
                  substitute a mortgage held by it as trustee of a Fund where it
                  transpires that the mortgage was not a Mortgage for the
                  purposes of this Deed at the time of its acquisition by the
                  Trustee as trustee of the Fund (such Mortgage and mortgage are
                  hereinafter referred to as the "OUTGOING MORTGAGE") with
                  another Mortgage or Mortgages owned by a Mortgage Manager
                  (such Mortgage or Mortgages are hereinafter referred to as the
                  "SUBSTITUTE MORTGAGE") by transferring the Outgoing Mortgage
                  to, and acquiring the Substitute Mortgage from, the Mortgage
                  Manager if:

                  (1)   (MORTGAGE TRANSFER PROPOSAL): the Trustee receives from
                        the Manager a completed Mortgage Transfer Proposal in
                        relation to the Outgoing Mortgage and the Substitute
                        Mortgage no later than two Banking Days prior to the
                        date referred to in the Mortgage Transfer Proposal for
                        the substitution of the Outgoing Mortgage with the
                        Substitute Mortgage (the "TRANSFER DATE");

                  (2)   (MORTGAGES HAVE SAME MINIMUM CHARACTERISTICS): the
                        Trustee is satisfied, or has previously been satisfied
                        under a Mortgage Origination and Management Agreement,
                        that the Substitute Mortgage is a Mortgage for the
                        purposes of this Deed as at the Transfer Date and that
                        the rate of interest and the then Outstanding Principal
                        Balance of the Substitute Mortgage is, or will be, the
                        same, or not less than, as for the Outgoing Mortgage as
                        at the Transfer Date; and

                  (3)   (ENHANCEMENTS AND HEDGES): prior to or on Transfer Date
                        the Trustee obtains, or enters into arrangements to
                        obtain with effect from the Transfer Date, as trustee of
                        the Fund the benefit of the Enhancements and Hedges (if
                        any) referred to in the Mortgage Transfer Proposal.

            (b)   (SUBSTITUTION OF MORTGAGES): If the requirements of sub-clause
                  (a) are satisfied then the Outgoing Mortgage shall be
                  transferred to, and the Substitute Mortgage shall be acquired
                  from, the Mortgage Manager on the Transfer Date in accordance
                  with the corresponding Mortgage Origination and Management
                  Agreement.

            (c)   (ACTION AFTER TRANSACTION DATE): As soon as practicable after
                  a Transfer Date the Trustee shall record in the Register that
                  the Outgoing Mortgage has been transferred to the Mortgage
                  Manager and that the Substitute Mortgage is held by the
                  Trustee as trustee of the Fund. The provisions of clauses 7.14
                  and 7.15 shall be incorporated into this clause, mutatis
                  mutandis, in relation to the Outgoing Mortgage and the
                  Substitute

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                  Mortgage (to the extent permitted by the corresponding
                  Mortgage Origination and Management Agreement).

      10.10 AUTHORISED TRUSTEE INVESTMENTS

            The Manager shall not direct the Trustee to invest any moneys of a
            Fund in any Authorised Investment which prejudices the qualification
            of Bonds in that Fund as an Authorised Trustee Investment in a given
            Australian Jurisdiction if the Manager has indicated in writing to
            the Trustee that the Bonds are, or are proposed to be, an Authorised
            Trustee Investment of that Australian Jurisdiction or any
            information memorandum or prospectus in relation to such Bonds
            indicates that the Bonds are, or are proposed to be, an Authorised
            Trustee Investment of that Australian Jurisdiction.

      10.11 LIMITATION OF TRUSTEE'S PERSONAL LIABILITY

            Notwithstanding any other provision of this Deed, the Trustee is not
            obliged to execute any instrument, enter into any agreement or incur
            any obligation in connection with a Fund (including, without
            limitation, in connection with Enhancements, Hedges, Committed Bond
            Subscription Agreements, Assets or any other Transaction Document)
            unless its personal liability in connection with the instrument,
            agreement or obligation is limited in a manner consistent with
            clause 26.16.

      10.12 MONEYS PAYABLE TO TRUSTEE

            Subject to this Deed, the Manager and the Trustee shall ensure that
            any agreements entered into in relation to the Funds contain a
            provision to the effect that any moneys belonging to the Funds
            thereunder shall be paid to the Trustee or to an account, or
            Authorised Investment, in the name of the Trustee.

      10.13 SEGREGATION OF ASSETS OF A FUND

            Subject to this Deed the Trustee shall ensure that no money or other
            Assets of a Fund are co-mingled with the money or other Assets of
            another Fund.

      10.14 ASSETS OF FUNDS

            The Assets of a Fund shall not be available to meet any liability
            of, or principal amounts outstanding to Bondholders and providers of
            Enhancements or Hedges or other Creditors in relation to any Fund
            other than the Fund of which those Assets form a part.

      10.15 LIABILITIES OF A FUND

            Any liabilities to the extent that they relate to a Fund and
            principal amounts outstanding to Bondholders and providers of
            Enhancements or Hedges or other Creditors to the extent that they
            relate to a Fund, shall not be aggregated with any liabilities, and
            principal amounts outstanding to Bondholders and providers of
            Enhancements or Hedges or other Creditors, to the extent that they
            relate to any other Fund or off-set against the Assets of any Fund
            other than the Fund of which those liabilities and principal amounts
            form a part or to which they relate.

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      10.16 MIXTURE OF ASSETS

            Subject to clause 19.11 the Trustee shall account for the Assets
            included in each Fund separately from the Assets included in all
            other Funds and shall keep the liabilities of, and principal amounts
            outstanding to Bondholders and providers of Enhancements or Hedges
            or other Creditors in relation to each Fund separate and apart from
            the liabilities of, and principal amounts outstanding to Bondholders
            and providers of Enhancements or Hedges or other Creditors in
            relation to all other Funds but may where necessary in consultation
            with the Manager make a fair apportionment between Funds of any
            Asset coming into the hands of the Trustee which belongs to one or
            more Fund or of any liability which relates to one or more Fund.

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11    ORIGINATION AND MANAGEMENT OF MORTGAGES

      11.1  POWER TO ENTER INTO MORTGAGE ORIGINATION AND MANAGEMENT AGREEMENTS

            The Trustee and the Manager may together enter into one or more
            Mortgage Origination and Management Agreements on such terms and
            conditions as the Manager thinks fit and that are acceptable to the
            Trustee (acting reasonably).

      11.2  APPOINTMENT OF A MORTGAGE MANAGER

            A Mortgage Manager in performing its duties and obligations and
            exercising its discretion under a Mortgage Origination and
            Management Agreement shall not be acting as a delegate or agent of
            either the Trustee or the Manager unless expressly provided
            otherwise in relation to the duty, obligation or discretion by the
            terms of the Mortgage Origination and Management Agreement.

      11.3  MORTGAGES TO BE ORIGINATED ETC.

            All Mortgages shall be entered into, managed and enforced in
            accordance with the provisions of the Mortgage Origination and
            Management Agreement, and any Hedges and Enhancements, relating to
            the same.

      11.4  ENFORCEMENT OF RIGHTS

            Each of the Trustee and the Manager shall exercise any rights
            arising against a Mortgage Manager that it has as a result of a
            material breach by the Mortgage Manager of its obligations under a
            Mortgage Origination and Management Agreement (and of which the
            Trustee or the Manager respectively is actually aware) in a manner,
            and to the extent, that is consistent with their obligations and
            duties hereunder and that is in the interests of the Funds and the
            Bondholders in relation to the Funds.

      11.5  MANAGER WILL ACT AS MORTGAGE MANAGER

            If the appointment of a Mortgage Manager is terminated under a
            Mortgage Origination and Management Agreement, the Manager shall
            perform the role of mortgage manager in relation to the
            corresponding Mortgages pending the appointment of a replacement
            Mortgage Manager.

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12    THE MANAGER

      12.1  APPOINTMENT OF MANAGER

            The Manager is hereby appointed, and agrees to act, as the manager
            of the Funds upon and subject to the terms of this Deed.

      12.2  COMPLETE POWERS OF MANAGEMENT

            The Manager shall carry out and perform the duties and obligations
            on its part contained in this Deed and, subject to the provisions of
            a Mortgage Origination and Management Agreement, shall have full and
            complete powers of management of the Fund, including without
            limiting the generality of the foregoing:

            (a)   (ASSETS AND LIABILITIES): the administration and servicing of
                  the Assets, borrowings and other liabilities of the Funds; and

            (b)   (DAY TO DAY OPERATION): the conduct of the day to day
                  operation of the Funds.

      12.3  MANAGER TO ACT IN INTERESTS OF UNITHOLDERS AND BONDHOLDERS

            The Manager shall, in respect of each Fund, act in the interests of
            the Unitholders and the Bondholders in relation to that Fund on, and
            subject to, the terms and conditions of this Deed.

      12.4  MANAGER TO ASSIST TRUSTEE

            The Manager shall take such action as is consistent with its powers
            under this Deed to assist the Trustee to perform its obligations
            under this Deed.

      12.5  MANAGER'S POWER TO DELEGATE

            Without in any way affecting the generality of the foregoing the
            Manager may in carrying out and performing its duties and
            obligations contained herein:

            (a)   (DELEGATE TO EMPLOYEES): delegate to any of its officers and
                  employees all acts, matters and things (whether or not
                  requiring or involving the Manager's judgment or discretion);

            (b)   (APPOINT ATTORNEYS): by power of attorney appoint any person
                  to be its attorney or agent for such purposes and with such
                  powers authorities and discretions (not exceeding those vested
                  in the Manager) as the Manager thinks fit with power, if the
                  Manager thinks fit, for the attorney or agent to sub-delegate
                  any such powers, authorities or discretions and also to
                  authorise the issue in the name of the Manager of documents
                  bearing facsimile signatures of the Manager or of the attorney
                  or agent either with or without proper manuscript signatures
                  of their officers thereon and the Manager in any such power of
                  attorney, and the attorney or agent by the terms of any such
                  sub-delegation, may insert such provisions for the protection
                  and convenience of those dealing with any such attorney or
                  agent or sub-delegate as they may think fit; and

            (c)   (APPOINT AGENTS AND SUB-AGENTS): appoint by writing or
                  otherwise any person to be agent or sub-agent of the Manager
                  as the Manager may think

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                                                      LGR-SMHL Master Trust Deed

                  necessary or proper for such purposes and with such power
                  authorities and discretions (not exceeding those vested in the
                  Manager) as the Manager thinks fit and to supersede or suspend
                  any such agent or sub-agent for such cause or reason as the
                  Manager may in its sole discretion think sufficient with or
                  without assigning any cause or reason and either absolutely or
                  for such time as it may think proper,

            provided that notwithstanding any delegation or appointment pursuant
            to the foregoing paragraphs of this clause the Manager shall remain
            liable for the acts or omissions of any officer, employee, attorney,
            agent, sub-delegate or sub-agent to whom any delegation has been
            made or who has been appointed under the foregoing paragraphs of
            this clause and shall be solely responsible for the fees and
            expenses of such officer, employee, attorney, agent, sub-delegate or
            sub-agent.

      12.6  MANAGER'S POWER TO APPOINT ADVISERS

            The Manager may appoint and engage any valuers, solicitors,
            barristers, accountants, surveyors, property managers, real estate
            agents, contractors, qualified advisers and such other persons as
            may be necessary, usual or desirable for the purpose of enabling the
            Manager to properly exercise its powers and perform its obligations
            hereunder (except to the extent that such powers and obligations are
            being performed properly by a Mortgage Manager) and all proper fees,
            charges and moneys payable to any such persons and all
            disbursements, expenses, duties and outgoings properly chargeable in
            respect thereto shall constitute Expenses of the Fund to which they
            relate.

      12.7  MANAGER'S BOOKS AVAILABLE TO TRUSTEE

            To the same extent as if the Trustee were a director of the Manager,
            the Manager will:

            (a)   (PRODUCE BOOKS): make available to the Trustee for inspection
                  all of the books of the Funds maintained by the Manager; and

            (b)   (PROVIDE INFORMATION): give to the Trustee such written or
                  oral information as the Trustee reasonably requires with
                  respect to all matters relating to the Funds.

      12.8  MANAGER WILL ACCOUNT TO TRUSTEE FOR MONEYS RECEIVED

            The Manager will forthwith pay to the Trustee, within one Banking
            Day of receipt, all moneys coming into its hands belonging to the
            Funds or payable to the Funds.

      12.9  MANAGER TO KEEP TRUST FUND SEPARATE

            The Manager shall keep any Assets which it may come to hold from
            time to time separate from any other property belonging to or
            entrusted to or held by the Manager.

      12.10 MANAGER TO PREPARE NOTICES ETC.

            (a)   The Manager shall prepare or cause to be prepared all notices
                  and statements which the Trustee is required to serve under
                  any of the

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                  provisions of this Deed and shall produce such notices and
                  statements (as the case may be) to the Trustee.

            (b)   The Manager may prepare and arrange for publication (whether
                  in printed form or by electronic medium) of summary pool
                  performance data or other information for a Fund.

      12.11 PRIOR APPROVAL OF CIRCULARS

            The Manager shall submit to the Trustee all circulars, offer
            letters, notices, reports and the like from the Manager to
            Bondholders, or prospective Bondholders, for the Trustee's consent
            prior to the issue of the same (unless otherwise waived by the
            Trustee).

      12.12 TAXES

            The Manager will direct the Trustee to make all payments (as and
            when they fall due) out of a Fund to any duly empowered Government
            Agency for Taxes levied upon the Fund or upon the Trustee in its
            capacity as trustee of the Fund.

      12.13 ACQUISITION OR DISPOSAL OF ASSETS AND ENFORCEMENT OF MORTGAGE
            ORIGINATION AND MANAGEMENT AGREEMENTS

            Subject to this Deed and any Mortgage Origination and Management
            Agreement, the Manager shall ensure that all steps which it thinks
            are desirable are taken in connection with the investigation or
            negotiation for the acquisition or disposal of Assets and in
            relation to the enforcement of each Mortgage Origination and
            Management Agreement.

      12.14 MONITOR ENHANCEMENTS AND HEDGES

            The Manager shall monitor all Enhancements and Hedges in respect of
            a Fund and shall properly perform the functions which are necessary
            for it to perform under those Enhancements and Hedges.

      12.15 MANAGER CANNOT BIND TRUSTEE UNLESS AUTHORISED

            The Manager acknowledges that in exercising its powers, authorities
            and discretions vested in it and carrying out and performing its
            duties and obligations in relation to any Fund or any Asset, whether
            pursuant to this Deed or any other deed, agreement or other
            arrangement, neither it nor its delegate has any power to bind the
            Trustee, otherwise than as expressly provided in this Deed or such
            other deed, agreement or other arrangement.

      12.16 MANAGER MUST PERFORM OBLIGATIONS UNDER OTHER TRANSACTION DOCUMENTS

            The Manager shall properly perform the functions which are necessary
            for it to perform under the other Transaction Documents to which it
            is a party.

      12.17 ADDITIONAL COVENANTS BY MANAGER

            The Manager shall:

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                                                      LGR-SMHL Master Trust Deed

            (a)   (ACT HONESTLY): act honestly and in good faith in the
                  performance of its duties and in the exercise of its
                  discretions hereunder;

            (b)   (PRUDENTLY): exercise such diligence and prudence as a prudent
                  man of business would exercise in performing its express
                  functions and in exercising its discretions hereunder, having
                  regard to the interests of the Unitholders and the
                  Bondholders;

            (c)   (CONDUCT ITS BUSINESS PROPERLY): use its best endeavours to
                  carry on and conduct its business in so far as it relates to
                  this Deed in a proper and efficient manner; and

            (d)   (DO ALL THINGS NECESSARY TO PERFORM OBLIGATIONS): do
                  everything and take all such actions which are necessary
                  (including, without limitation, obtaining all such
                  authorisations and approvals as are appropriate) to ensure
                  that it is able to exercise all its powers and remedies and
                  perform all its obligations under this Deed, the Transaction
                  Documents and all other deeds, agreements and other
                  arrangements entered into by the Manager pursuant to this
                  Deed;

            (e)   (RATINGS): not take any action or omit to take any action
                  knowing it could have an adverse effect on the ratings (if
                  any) of the Bonds; and

            (f)   (STOCK EXCHANGE): in respect of each Securitisation Fund only,
                  in respect of listed Bonds not cause the Trustee to breach the
                  rules and regulations of the relevant Stock Exchange.

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13    MANAGER'S FEE

            (a)   In consideration of the Manager performing its function and
                  duties hereunder, it shall be entitled for its own use and
                  benefit to be paid from each Fund the fee, as is, or the
                  method of calculation of which is, specified, and on such
                  dates as are specified, in Schedule 9 (MANAGER'S FEE).

            (b)   The Manager may allocate the Manager's Fee between such of its
                  functions under this deed as it may from time to time
                  determine.

            (c)   Subject to clause 13(d), the Manager, from time to time, may
                  give notice to the Trustee that in respect of any Fund:

                  (1)   a proportion of the Manager's Fee ("FIXED FEE") will
                        continue to be payable notwithstanding that the Manager
                        is in breach of any of its obligations under this deed
                        or has ceased to be the Manager of the Fund; and

                  (2)   the period that such Fixed Fee will continue to be
                        payable.

            (d)   The balance of the Manager's Fee payable to the Manager after
                  deducting the amounts described in clause 13(c), must at all
                  times be equal to, or greater than, 0.30% per annum of the
                  Mortgage Component (as defined in Schedule 9) of the Funds.

            (e)   The Trustee must make all payments due in respect of the Fixed
                  Fee without:

                  (1)   any set-off, counterclaim or condition; and

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                                                      LGR-SMHL Master Trust Deed

                  (2)   any deduction or withholding for any Tax or any other
                        reason, unless the Trustee is required to make a
                        deduction or withholding by applicable law.

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14    RETIREMENT OF MANAGER

      14.1  RETIREMENT FOR CAUSE

            The Manager shall retire from the management of the Funds if and
            when directed to do so by the Trustee in writing, which such
            direction shall only be given if:

            (a)   (EVENT OF INSOLVENCY): an Event of Insolvency has occurred and
                  is continuing in relation to the Manager; or

            (b)   (MANAGER'S DEFAULT): a Manager's Default has occurred and is
                  continuing.

      14.2  TRUSTEE MAY REMOVE RECALCITRANT MANAGER

            In default of the Manager retiring in accordance with clause 14.1
            within 30 days of being directed by the Trustee in writing so to do,
            the Trustee shall thereupon have the right to and shall by deed poll
            executed by the Trustee remove the Manager from the management of
            the Funds.

      14.3  TRUSTEE APPOINTS REPLACEMENT MANAGER

            In default of the Manager retiring in accordance with clause 14.1 or
            14.2, the Trustee shall be entitled to appoint some other
            corporation to be the Manager of the Funds and until such
            appointment is complete the Trustee shall, subject to this Deed and
            to any approval required by law, act as Manager and shall be
            entitled to the Manager's remuneration hereunder. Any such
            appointment must not be made if it would have an adverse effect on
            the rating of any Bonds. A new Manager shall not be appointed
            without prior written prior notice being given by the Trustee to
            each Designated Rating Agency.

      14.4  VOLUNTARY RETIREMENT

            The Manager may only voluntarily retire from the management of the
            Funds if:

            (a)   (NOTICE): it gives to the Trustee and each Designated Rating
                  Agency three months' notice in writing (or such lesser period
                  of notice as the Manager and the Trustee agree) of its
                  intention to retire;

            (b)   (NEW MANAGER ACCEPTABLE TO TRUSTEE): subject to clause
                  14.4(c), it selects as a new Manager of the Funds a
                  corporation which is acceptable to the Trustee and the
                  Designated Rating Agencies and which enters into the deed
                  referred to in clause 14.6 and such other documents as are
                  necessary for it to assume the obligations, duties, rights and
                  entitlements of the outgoing Manager under the then
                  Transaction Documents;

            (c)   (DEFAULT MANAGER): if the outgoing Manager does not propose a
                  replacement at lest 30 days before the date the Manager
                  proposes to retire or either or both of the Trustee and the
                  Designated Rating Agencies do not approve of the replacement
                  proposed by the Manager, the Trustee may

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                                                      LGR-SMHL Master Trust Deed

                  appoint a new manager as of the date of the proposed
                  retirement with the consent of the Designated Rating Agencies.
                  An appointment is not complete until the new manger enters
                  into the deed and other documents referred to in clause
                  14.4(b), and until such appointment is complete the Trustee
                  shall, subject to this Deed and the any approval required by
                  law, act as Manager and shall be entitled to the Manager's
                  remuneration thereunder; and

            (d)   (RATING): The appointment of a new Manager must not be made if
                  it would have an adverse effect on the rating of any Bonds.

      14.5  RELEASE OF OUTGOING MANAGER

            Upon retirement or removal and provided there has been payment to
            the Trustee of all sums due to it by the outgoing Manager hereunder
            at the date thereof, the outgoing Manager shall be released from all
            further obligations hereunder provided always that no release under
            this clause 14.5 shall extend to any existing or antecedent fraud,
            negligence or wilful default on the part of the outgoing Manager or
            its officers, employees, agents or delegates.

      14.6  NEW MANAGER TO EXECUTE DEED

            e A new Manager shall execute a deed in such form as the Trustee may
            require whereby the new Manager shall undertake to the Trustee, the
            Unitholders and the Bondholders jointly and severally to be bound by
            all the covenants on the part of the Manager hereunder from the date
            thereof on the same terms as herein contained and from such date the
            outgoing Manager shall be absolved and released from complying with
            all such covenants. The new Manager shall and may thereafter
            exercise all the powers and enjoy all the rights and shall be
            subject to all the duties and obligations of the Manager hereunder
            as fully as though the new Manager had been originally named as a
            party thereto.

      14.7  SETTLEMENT AND DISCHARGE

            The Trustee shall settle with the outgoing Manager the amount of any
            sums payable by the outgoing Manager to the Trustee or by the
            Trustee to the outgoing Manager and shall give to or accept from the
            outgoing Manager a discharge in respect of those sums which shall be
            conclusive and binding as between the Trustee, the outgoing Manager,
            the new Manager, the Unitholders and the Bondholders.

      14.8  MANAGER'S ENTITLEMENTS ON RETIREMENT/REMOVAL

            Notwithstanding the Manager's retirement or removal it shall retain
            its entitlement to the Manager's Fee provided always that the
            Manager's Fee shall be payable subject to the following:

            (a)   (CALCULATION DATE): the Fee Payment Date shall be the date of
                  retirement or, in the case of removal, the date of the
                  Manager's Default leading to removal provided that if such
                  date is earlier than the then most recent Fee Payment Date,
                  the Manager shall not be required to repay or reimburse any
                  part of the Manager's Fee paid on that or any earlier Fee
                  Payment Date;

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                                                      LGR-SMHL Master Trust Deed

            (b)   (PAYMENT): the payment of the Manager's Fee shall be made at
                  such time as it would have occurred in the usual course if the
                  retirement or removal had not occurred;

            (c)   (SET-OFF): the payment shall be reduced by any indebtedness
                  and/or liability which the Trustee reasonably considers has
                  arisen or may arise and for which the Manager is liable under
                  the provisions of this Deed; and

            (d)   (PERFORMANCE OF MATERIAL OBLIGATIONS): the Manager's Fee shall
                  become due and payable only when the Trustee considers the
                  Manager has satisfied all of its material obligations imposed
                  by this Deed or the responsibility for performing any
                  outstanding material obligations has been assumed by a new
                  Manager.

      14.9  DELIVERY OF BOOKS, DOCUMENTS, ETC.

            Upon the retirement or removal of the Manager in accordance with the
            provisions of this clause 14 the outgoing Manager shall forthwith
            deliver to the new Manager appointed in respect of any Fund or the
            Trustee if it is acting as Manager the Data Base and all other
            books, documents, records and property whatsoever relating to the
            Funds. The costs and expenses of this incurred by the new Manager
            (but not the outgoing Manager) are to be paid out of the relevant
            Fund. The outgoing Manager shall be entitled to take, and retain as
            its own property, copies of such books, documents and records. Each
            of the Trustee and the new Manager shall produce the originals of
            such books, documents and records in its possession upon the giving
            of reasonable written notice by the outgoing Manager.

      14.10 NOTICE TO BONDHOLDERS OF NEW MANAGER

            On a new Manager being appointed under this clause 14, the new
            Manager shall as soon as practicable thereafter give notice thereof
            to the Bondholders.

      14.11 WAIVER OF MANAGER'S DEFAULTS

            Subject to first giving notice to the Designated Rating Agency, the
            Trustee may waive any Manager's Default or any other default by the
            Manager under a Transaction Document, provided such waiver does not
            have an adverse effect on the ratings (if any) of the Bonds. On any
            such waiver, the default shall cease to exist, and that waiver shall
            not be deemed to extend to any subsequent or other default or impair
            any right consequent on a Manager's Default except to the extent
            expressly waived.

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15    TRUSTEE'S POWERS

      15.1  GENERAL POWER

            Subject to the provisions of this Deed, the Trustee shall have all
            the rights, powers and discretions over and in respect of the Assets
            of the Funds which it could exercise if it were the absolute and
            beneficial owner of such Assets.

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      15.2  SPECIFIC POWERS

            Without in any way affecting the generality of the foregoing or the
            other provisions of this Deed, but subject to the Trustee's
            obligations under, and the provisions of, this Deed, the Trustee
            shall have the following powers (which shall be construed as
            separate and independent powers of the Trustee):

            (a)   (ENTER INTO MORTGAGES): to enter into, purchase and acquire
                  Loans upon the security of Mortgages and Related Securities;

            (b)   (DEAL IN OTHER AUTHORISED INVESTMENTS): to make, purchase,
                  acquire or dispose of any other Authorised Investment for cash
                  or upon terms;

            (c)   (FEES AND EXPENSES): to pay all Expenses which were properly
                  incurred in respect of a Fund;

            (d)   (ADVISERS): to engage, and to incur reasonable expenses in
                  relation to, any valuers, solicitors, barristers, accountants,
                  surveyors, property advisers, real estate agents, contractors,
                  qualified advisers, and such other persons as may be
                  necessary, usual or desirable for the purpose of enabling the
                  Trustee to be fully and properly advised and informed in order
                  that it may properly exercise its powers and perform its
                  obligations hereunder;

            (e)   (EXECUTE PROXIES, ETC): to execute all such proxies and other
                  instruments as may be necessary or desirable to enable the
                  Trustee, or any officer, delegate or agent of the Trustee to
                  exercise any power, discretion or right of the Trustee as the
                  Trustee shall in its absolute discretion see fit;

            (f)   (DEALINGS OVER MORTGAGE LAND): to consent to any mortgage,
                  lease and/or sub-lease of or dealing with the Land over which
                  a Mortgage is held provided that, in the case of any such
                  mortgage, the Mortgage held by the relevant Fund is not
                  prejudiced by or ranks or will rank in priority to any dealing
                  for which consent is sought;

            (g)   (DISCHARGE MORTGAGES): to grant any form of discharge or
                  release or partial discharge or release of any Loan, Mortgage
                  or Related Securities where same is in the opinion of the
                  Trustee not prejudicial to the relevant Fund (and, without
                  limitation, will not have the effect of removing a Mortgage
                  from the coverage of any Enhancement prior to the receipt of
                  all moneys owing or which may become owing under the Mortgage)
                  and to execute all deeds or other documents as shall be
                  necessary or incidental thereto and to deal with certificates
                  of title or other indicia of title as the Trustee sees fit in
                  relation thereto;

            (h)   (POWERS OF MORTGAGEE): to exercise any power of sale arising
                  on default under any Mortgage, Loan or Related Security or any
                  other right or remedy accruing in respect of any Fund in
                  relation to any Asset, Hedge, Enhancement or other Transaction
                  Document and to exercise all customary powers authorities and
                  discretions following upon the exercise of that power, right
                  or remedy where the Trustee considers that same is in the
                  interests of the relevant Fund;

            (i)   (PROCEEDINGS): to institute, prosecute, defend, settle and
                  compromise legal or administrative proceedings of any nature
                  whatsoever and generally to enforce and pursue its rights
                  pursuant to and in respect of Assets;

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            (j)   (WAIVERS): wherever it thinks it expedient or desirable in the
                  interests of any Fund, to give any waiver, time or indulgence
                  to any person on such terms as it may in its discretion
                  determine;

            (k)   (SECURITIES SYSTEM): at the written request of the Manager,
                  register as required a Securities System or the operator of
                  any Securities System or depository for a Securities System as
                  the holder of Bonds, and to lodge Bonds, Bond Registration
                  Confirmations and Marked Bond Transfers with a Securities
                  System or any operator or depository for a Securities System,
                  to facilitate transactions through the Securities System;

            (l)   (BONDS): to borrow and raise moneys by the issue of Bonds as
                  provided in this Deed;

            (m)   (OTHER BORROWINGS): to otherwise borrow, raise moneys or
                  procure financial accommodation (including, without limiting
                  this, by issuing debt securities that are not issued as Bonds)
                  where the Trustee considers the same to be in the interests of
                  the relevant Fund upon such terms and conditions as the
                  Manager thinks fit and that are acceptable to the Trustee
                  (acting reasonably). Without limiting the generality of this
                  clause 15.2(m), at the direction of the Manager, the Trustee
                  as trustee of a Fund may, through a nominee or trustee,
                  borrow, raise moneys or procure financial accommodation
                  (including, without limiting this, by issuing debt securities
                  that are not issued as Bonds) from the Trustee as trustee of
                  another Fund;

            (n)   (TRANSACTION DOCUMENTS): to enter into and perform its
                  obligations under any Security Trust Deed, Agency Agreement,
                  Note Trust Deed, Mortgage Origination and Management
                  Agreement, Committed Bond Subscription Agreement Enhancement
                  Hedge or other Transaction Document, containing such terms and
                  conditions as the Manager thinks fit and that are acceptable
                  to the Trustee (acting reasonably);

            (o)   (INSURANCE): insure any Asset for amounts, on conditions and
                  for types of insurance determined to be necessary by the
                  Manager;

            (p)   (ATTEND MEETINGS): attend and vote at meetings in accordance
                  with the written directions of the Manager;

            (q)   (INDEMNITY): give an indemnity out of a Fund to such persons
                  and against such expenses and damages as the Manager considers
                  necessary or desirable;

            (r)   (UNDERTAKINGS IN TRANSACTION DOCUMENTS): without limiting the
                  foregoing provisions of this clause 15.2, give any
                  representation, warranty or other undertaking required in
                  respect of an Hedge, Enhancement, or other Transaction
                  Documents, the sale or issue of Bonds or other transaction in
                  any way relating to a Fund as the Manager thinks fit and that
                  are acceptable to the Trustee (acting reasonably, subject to
                  the proviso below) and notwithstanding that the subject matter
                  of such representation, warranty or other undertaking may
                  refer to the Trustee in its personal capacity or otherwise to
                  the Trustee's personal affairs provided that any such
                  representation, warranty or undertaking referring to the
                  Trustee in its personal capacity or to its personal affairs
                  must be acceptable to the Trustee in its absolute discretion;

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            (s)   (PAYMENT DIRECTIONS): where a person owes an amount to the
                  Trustee in its capacity as trustee of any Fund, direct that
                  debtor to make that payment to another person on behalf of the
                  Trustee;

            (t)   (CURRENCY CONVERSION): convert currencies on such terms and
                  conditions as the Manager thinks fit;

            (u)   (LISTING): list and maintain the listing of Bonds on any Stock
                  Exchange;

            (v)   (NOTE TRUSTEE): on the direction of the Manager, appoint a
                  Note Trustee in respect of a Fund;

            (w)   (AGENTS): on the direction of the Manager, appoint Paying
                  Agents and Calculation Agents in respect of a Fund;

            (x)   (LOANS BETWEEN FUNDS): on the direction of the Manager and
                  without regard to any duty to any Unitholder in the Fund, lend
                  moneys or provide financial accommodation as trustee of an
                  Origination Fund to itself (whether directly, or through a
                  nominee or trustee) as trustee of another Fund; and

            (y)   (INCIDENTAL POWERS): with the written agreement of the
                  Manager, to do all such things incidental to any of the
                  foregoing powers or necessary or convenient to be done for or
                  in connection with any Fund or the Trustee's functions under
                  this Deed.

      15.3  POWERS TO BE EXERCISED WITH OTHERS

            The Trustee's rights, powers and discretions under this Deed shall
            be exercised by such persons, or exercised in conjunction with, with
            the approval of, or at the discretion of such persons, as
            contemplated by this Deed or any other Transaction Document.

      15.4  DELEGATION

            (a)   The Trustee may:

                  (1)   delegate any of the trusts vested in it by this deed and
                        its Powers, subject to any restrictions it thinks fit;
                        and

                  (2)   revoke any delegation without being responsible for any
                        loss,

                  provided any delegate is approved by the Manager and a notice
                  of such delegation is given to each Designated Rating Agency.

            (b)   A person who deals with a delegate of the Trustee is not
                  required to verify that the delegation is in force or that the
                  Trustee who made the delegation is alive or in existence.

            (c)   The Trustee is responsible for payment of the fees of any
                  corporation appointed under this clause 15.4.

            (d)   Except for its own fraud, negligence or wilful default, the
                  Trustee is not liable for any loss incurred as a result of any
                  fraud, neglect, default or breach of duty by any Securities
                  System, or any other attorney, agent or delegate of the
                  Trustee where the appointment was made in good faith and such
                  securities system, attorney agent or delegate was not acting
                  (or omitting to act) at the express instructions of the
                  Trustee.

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      15.5  POWER TO ENFORCE

            The Trustee or any delegate thereof (whether pursuant to clause 15.4
            or otherwise) may only exercise its rights of enforcement or
            recovery which the Trustee possesses as trustee of a Fund, including
            any right of action which it may possess in respect of a default
            under a Mortgage, Loan or Related Security or right of action under
            a Hedge or Enhancement with the prior approval or concurrence of the
            Manager (other than a right of enforcement, recovery or action
            against the Manager or any Related Body Corporate of the Manager of
            any other person where the Trustee believes the Manager is in a
            position where its personal interests in relation to that person
            conflict with its duties and obligations hereunder).

      15.6  TRUSTEE'S POWER TO APPOINT ATTORNEYS AND AGENTS

            The Trustee may in carrying out and performing its duties and
            obligations contained herein by power of attorney appoint any person
            to be its attorney or agent for such purposes and with such powers
            authorities and discretions (not exceeding those vested in the
            Trustee) as the Trustee thinks fit with power, if the Trustee thinks
            fit, for the attorney or agent to sub-delegate any such powers,
            authorities or discretions and also to authorise the issue in the
            name of the Trustee documents bearing facsimile signatures of the
            Trustee or of the attorney or agent either with or without proper
            manuscript signatures of their officers thereon and the Trustee in
            any such power of attorney, and the attorney or agent by the terms
            of any such sub-delegation, may insert such provisions for the
            protection and convenience of those dealing with any such attorney
            or agent or sub-delegate as they may think fit.

      15.7  GENERALLY UNLIMITED DISCRETION

            Subject to the Trustee duly observing its duties, covenants and
            obligations under this Deed and any other Transaction Document, the
            Trustee has absolute discretion as to the exercise or non-exercise
            of the trusts, powers, authorities and discretions vested in it by
            this Deed.

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16    TRUSTEE'S COVENANTS

      16.1  GENERAL

            The provisions contained in this clause 16 shall be for the benefit
            of the Manager, the Unitholders and the Bondholders jointly and
            severally.

      16.2  TO ACT CONTINUOUSLY AS TRUSTEE

            The Trustee shall act continuously as trustee of each Fund until the
            Fund is terminated as herein provided or the Trustee has retired or
            been removed from office in the manner herein provided.

      16.3  TO ACT HONESTLY, DILIGENTLY AND PRUDENTLY

            The Trustee shall:

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            (a)   (ACT HONESTLY): act honestly and in good faith in the
                  performance of its duties and in the exercise of its
                  discretions hereunder;

            (b)   (PRUDENTLY): exercise such diligence and prudence as a prudent
                  person of business would exercise in performing its express
                  functions and in exercising its discretions hereunder, having
                  regard to the interests of the Unitholders and the
                  Bondholders;

            (c)   (CONDUCT ITS BUSINESS PROPERLY): use its best endeavours to
                  carry on and conduct its business in so far as it relates to
                  this Deed in a proper and efficient manner;

            (d)   (DO ALL THE THINGS NECESSARY TO PERFORM OBLIGATIONS): do
                  everything and take all such actions which are necessary
                  (including, without limitation, obtaining all such
                  authorisations and approvals as are appropriate) to ensure
                  that it is able to exercise all its powers and remedies and
                  perform all its obligations under this Deed, the Transaction
                  Documents and all other deeds, agreements and other
                  arrangements entered into by the Trustee pursuant to this
                  Deed;

            (e)   (NO OTHER ACTIVITY): in respect of each Securitisation Fund
                  only, not, in its capacity as trustee of a Fund, engage in any
                  business or activity in respect of the Fund except as
                  contemplated or required by the Transaction Documents in
                  respect of the Fund;

            (f)   (NO GUARANTEES): in respect of each Securitisation Fund only,
                  except as contemplated or required by the Transaction
                  Documents in respect of a Fund, not, in respect of that Fund,
                  guarantee or become obligated for any debts of any other
                  entity or hold out its credit as being available to settle the
                  obligations of others;

            (g)   (STOCK EXCHANGE): in respect of each Securitisation Fund only,
                  in respect of listed Bonds, comply with directions from the
                  Manager regarding the rules and regulations of the relevant
                  Stock Exchange.

      16.4  NO DISPOSITIONS OF ASSETS EXCEPT IN ACCORDANCE WITH TRUST DEED

            Except as provided in this Deed or any Mortgage Origination and
            Management Agreement, the Trustee shall not, nor shall it permit any
            of its officers to, sell, mortgage, charge or otherwise encumber or
            part with possession of any Asset.

      16.5  INDEMNITY RE ACTS OF TRUSTEE'S DELEGATES

            The Trustee hereby covenants that its officers or employees shall
            duly observe and perform the covenants and obligations of this Deed
            in the same manner as is required of the Trustee, and hereby agrees
            to indemnify the Manager for its own benefit or for the benefit of
            the Funds (as the occasion may require) against any loss or damage
            that the Funds, the Manager, the Unitholders and the Bondholders
            incur or sustain in connection with, or arising out of, any breach
            or default by such officers or employees and persons in the
            observance or performance of any such covenant or obligation, to the
            extent that the Trustee would have been liable if that breach or
            default had been the Trustee's own act or omission.

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      16.6  FORWARD NOTICES ETC TO MANAGER

            The Trustee shall without delay forward to the Manager all notices,
            reports, circulars and other documents received by it or on its
            behalf as trustee of a Fund.

      16.7  TRUSTEE WILL IMPLEMENT MANAGER'S DIRECTIONS

            Subject to this Deed and any other Transaction Document to which it
            is a party, the Trustee will act upon all directions given to it by
            the Manager in accordance with the terms of this Deed.

      16.8  CUSTODIAN

            The Trustee may lodge all documents of title to or evidencing Assets
            in its vault or, with the prior consent of the Manager, in the vault
            of a recognised custodian or sub-custodian, on behalf of the Trustee
            or with any Securities System or any operator or depository of any
            Securities System to the order of the Trustee or of a custodian or
            sub-custodian on behalf of the Trustee.

      16.9  PERFORM TRANSACTION DOCUMENTS

            The Trustee shall properly perform the functions which are necessary
            for it to perform under all Transaction Documents in respect of a
            Fund.

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17    TRUSTEE'S FEES AND EXPENSES

      17.1  TRUSTEE'S FEE

            In consideration of the Trustee performing its functions and duties
            hereunder, the Trustee shall be entitled for its own use and benefit
            to deduct from each Fund such fee as is, or the method of
            calculation of which is, agreed in writing from time to time between
            the Trustee and the Manager. Such fee shall be determined for a Fund
            on or prior to the first Bond Issue Date for that Fund and shall
            apply for the duration of the Fund.

      17.2  REIMBURSEMENT OF EXPENSES

            In addition to the Trustee's remuneration pursuant to clause 17.1,
            the Trustee shall pay, or be reimbursed, from a Fund all Expenses
            that relate to the Fund.

      17.3  SEGREGATION OF FUND EXPENSES

            The Trustee shall segregate, and apply, all Expenses to the Fund to
            which they relate.

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18    RETIREMENT OF TRUSTEE

      18.1  RETIREMENT FOR CAUSE

            The Trustee shall retire as trustee of the Funds if and when
            directed to do so by the Manager in writing, which such direction
            shall only be given if:

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            (a)   (EVENT OF INSOLVENCY): an Event of Insolvency has occurred and
                  is continuing in relation to the Trustee in its personal
                  capacity;

            (b)   (TRUSTEE'S DEFAULT): a Trustee's Default has occurred and is
                  continuing;

            (c)   (CHANGE IN CONTROL OF THE TRUSTEE): effective control of the
                  Trustee alters from that subsisting as at the date hereof; or

            (d)   (MERGER OR CONSOLIDATION OF THE TRUSTEE): the Trustee merges
                  or consolidates with another entity, whether by scheme of
                  arrangement, takeover or otherwise, without the resulting
                  merged or consolidated entity assuming the Trustee's
                  obligations under each Transaction Document.

      18.2  MANAGER MAY REMOVE RECALCITRANT TRUSTEE

            In default of the Trustee retiring as aforesaid within 30 days of
            being directed by the Manager in writing so to do the Manager shall
            thereupon have the right to and shall by deed poll executed by the
            Manager remove the Trustee from its office as trustee of the Funds.

      18.3  MANAGER APPOINTS REPLACEMENT

            On the retirement or removal of the Trustee under clause 18.1 or
            18.2 the Manager shall be entitled to appoint in writing some other
            statutory trustee to be the Trustee hereunder. Until the appointment
            is completed the Manager shall act as Trustee. Any such appointment
            must not be made if it would have an adverse effect on the rating of
            any Bonds. A new Trustee shall not be appointed without prior notice
            being given by the Manager to each Designated Rating Agency.

      18.4  VOLUNTARY RETIREMENT FOR CAUSE

            The Trustee may only voluntarily retire as trustee of the Funds if
            paragraphs (a) and (b) below are satisfied:

            (a)   (NOTICE): the Trustee gives the Manager and each Designated
                  Rating Agency 3 months' (or such lesser period of the notice
                  as the Trustee and the Manager agree) written notice of its
                  intention to retire; and

            (b)   (NEW TRUSTEE ACCEPTABLE TO MANAGER): the Trustee selects as a
                  new Trustee of the Funds a statutory trustee whose identity is
                  acceptable to the Manger (acting reasonably) and which enters
                  into the deed referred to in clause 18.7 and such other
                  documents as are necessary for it to assume the obligations,
                  duties, rights and entitlements of the outgoing Trustee under
                  the then Transaction Documents. Any such appointment must not
                  be made if it would have an adverse effect on the rating of
                  any Bonds. A new Trustee shall not be appointed without prior
                  notice being given by the Manager to each Designated Rating
                  Agency.

      18.5  FUNDS TO BE VESTED IN NEW TRUSTEE

            The Trustee shall, on retirement or removal, vest the Funds or cause
            these to be vested, in such new Trustee.

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      18.6  RELEASE OF OUTGOING TRUSTEE

            Upon retirement or removal and provided there has been payment to
            the Manager or the new Trustee (as the case may be) of all sums due
            to it by the outgoing Trustee hereunder at the date thereof, the
            outgoing Trustee shall be released from all further obligations
            hereunder provided always that no release under this clause shall
            extend to any existing or antecedent fraud, negligence or wilful
            default on the part of the outgoing Trustee or its officers,
            employees, agents or delegates.

      18.7  NEW TRUSTEE TO EXECUTE DEED

            The corporation so appointed as the new Trustee shall execute a deed
            in such form as the Manager may require whereby such corporation
            shall undertake to the Manager (such undertaking to enure for the
            benefit of the Manager, the Unitholders and the Bondholders jointly
            and severally) all the obligations of the outgoing Trustee hereunder
            from the date thereof and on the same terms as herein contained. The
            new Trustee shall and may thereafter exercise all the powers and
            enjoy all the rights and from the date thereof shall be subject to
            all duties and obligations of the Trustee hereunder as fully as
            though such new Trustee had been originally named as a party hereto.
            The new Trustee in such deed shall indemnify the outgoing Trustee
            for the amount of all Bonds issued in the name of the outgoing
            Trustee and maturing on or after the date of the retirement or
            removal of the outgoing Trustee and for all other liabilities and
            expenses incurred by the outgoing Trustee for which it is entitled
            to be indemnified out of the Funds and which have not been recouped
            by it, provided that the liability of the new Trustee under such
            indemnity shall be limited to the same extent provided for in clause
            26.16 and any payment shall rank in the same priority pursuant to
            clause 22as the corresponding liability for which the outgoing
            Trustee claims such indemnification.

      18.8  MANAGER AND OUTGOING TRUSTEE TO SETTLE AMOUNTS PAYABLE

            The Manager shall be entitled to settle with the outgoing Trustee
            the amount of any sums payable by the outgoing Trustee to the
            Manager or the new Trustee or by the Manager to the outgoing Trustee
            under the provisions hereof and to give or accept from the outgoing
            Trustee a discharge in respect thereof and any such agreement or
            discharge shall (except in the case of any existing or antecedent
            fraud, negligence or wilful default on the part of the outgoing
            Trustee or its officers, employees, agents and delegates) be
            conclusive and binding upon all persons (including the Manager, the
            new Trustee, the Unitholders and the Bondholders) and in particular
            even though no new Trustee is appointed in its place the Manager may
            make such arrangements as it thinks fit for the discharge of the
            outgoing Trustee from any existing liability and any liability which
            might thereafter arise under the provisions hereof and any discharge
            of the outgoing Trustee in accordance with such arrangements shall
            (except as aforesaid) be conclusive and binding upon all persons
            claiming hereunder.

      18.9  OUTGOING TRUSTEE TO RETAIN LIEN

            Notwithstanding the retirement or removal of the outgoing Trustee
            and the indemnity in favour of the Trustee by the new Trustee as
            contemplated by clause 18.7, the outgoing Trustee will retain a lien
            over a Fund to meet claims of

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            any Creditors of the Trustee as trustee of the Fund to the extent
            that the claims of those Creditors are not properly and duly
            satisfied by the incoming Trustee.

      18.10 DELIVERY OF BOOKS, DOCUMENTS, ETC

            Upon the retirement or removal of the Trustee in accordance with the
            provisions of this clause 18 the outgoing Trustee shall forthwith
            deliver to the new Trustee appointed in respect of any Fund or the
            Manager if it is acting as Trustee the Data Base and all other
            books, documents, records and property whatsoever relating to the
            Funds. The costs and expenses of this incurred by the incoming
            Trustee (but not the outgoing Trustee) are to be paid out of the
            relevant Fund. The outgoing Trustee shall be entitled to take, and
            retain as its own property, copies of such books, documents and
            records. Each of the Manager and the new Trustee shall produce the
            originals of such books, documents and records in its possession
            upon the giving of reasonable written notice by the outgoing
            Trustee.

      18.11 NOTICE TO BONDHOLDERS OF NEW TRUSTEE

            On a new Trustee being appointed under this clause 18, the new
            Trustee shall as soon as practicable thereafter give notice thereof
            to the Bondholders.

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19    BANK ACCOUNTS

      19.1  OPENING OF BANK ACCOUNTS

            (a)   (SEPARATE BANK ACCOUNTS FOR EACH FUND): The Trustee shall open
                  a separate account with a Bank in respect of each Fund.

            (b)   (ADDITIONAL BANK ACCOUNTS): The Trustee may open such
                  additional accounts with a Bank in respect of a Fund as it
                  sees fit or as required by the Transaction Documents for the
                  Fund.

            (c)   (NET INCOME ACCOUNT): In addition to the accounts referred to
                  in paragraphs (a) and (b), the Trustee shall open an account
                  with a Bank in respect of each Origination Fund to be known as
                  the "Net Income Account' of the Origination Fund.

      19.2  LOCATION OF BANK ACCOUNTS

            (a)   (CENTRAL BANK ACCOUNT): Unless otherwise directed in writing
                  by the Manager, the central bank account of each Fund
                  (including any Net Income Account) shall be opened and
                  maintained at a branch in New South Wales of a Bank.

            (b)   (INTERSTATE BRANCH BANK ACCOUNTS): The Trustee may, if
                  necessary or desirable for the operation of a Fund, open bank
                  accounts with a branch outside New South Wales of a Bank
                  provided that if such accounts are opened it shall enter into
                  arrangements with the relevant Bank so that as soon as
                  practicable after the receipt of moneys to the credit of such
                  accounts, such moneys are to be transferred to the credit of
                  the central bank accounts of the Fund in New South Wales
                  (subject to a direction to the contrary by the Manager
                  pursuant to clause 19.2(a)).

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      19.3  NAME OF BANK ACCOUNTS

            Each bank account for a Fund shall be opened by the Trustee in its
            name as trustee of the Fund with such Bank as the Manager may from
            time to time select.

      19.4  PURPOSE OF BANK ACCOUNTS

            No bank account shall be used for any purpose other than for the
            relevant Fund in respect of which the account is opened and other
            than in accordance with this Deed.

      19.5  AUTHORISED SIGNATORIES

            The Trustee shall ensure that the only authorised signatories for
            any bank account are officers or employees of the Trustee or a
            Related Body Corporate of the Trustee.

      19.6  MANAGER NOT ENTITLED TO HAVE ACCESS

            The Manager may not deal with any bank account or the moneys in any
            bank account in any way.

      19.7  BANK STATEMENTS AND ACCOUNT INFORMATION

            (a)   (COPIES OF BANK STATEMENTS): The Trustee shall promptly on
                  receipt of a statement in respect of each bank account for a
                  Fund provide a copy thereof to the Manager (and any other
                  person from time to time specified by the Manager) together
                  with such explanations and reconciliations as may from time to
                  time reasonably be required by the Manager (or such other
                  person).

            (b)   (DIRECT ACCESS): The Trustee authorises the Manager (and any
                  other person from time to time specified by the Manager) to
                  obtain direct from a Bank, statements and information in
                  relation to each bank account of a Fund.

      19.8  DEPOSITS

            Subject to this Deed and except in respect of business transacted
            through a Securities System, the Trustee shall pay into a bank
            account of a Fund the following moneys and proceeds:

            (a)   (SUBSCRIPTION MONEYS): all subscription moneys raised in
                  respect of Bonds issued by the Trustee as trustee of the Fund;

            (b)   (PROCEEDS): all proceeds of the Authorised Investments,
                  Enhancements and Hedges in respect of the Fund; and

            (c)   (OTHER MONEYS): all other moneys received by the Trustee in
                  respect of the Fund.

      19.9  WITHDRAWALS

            Subject to this Deed, the Trustee shall withdraw funds from a bank
            account of a Fund and apply the same when necessary for the
            following outgoings:

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                                                      LGR-SMHL Master Trust Deed

            (a)   (AUTHORISED INVESTMENTS): purchasing Authorised Investments in
                  compliance with this Deed and making payments required in
                  connection with Authorised Investments;

            (b)   (PAYMENTS TO BONDHOLDERS ETC): making payments to Creditors or
                  the Unitholders in relation to the Fund, including through any
                  Paying Agent; and

            (c)   (OTHER PAYMENTS): making payments to itself, the Manager or
                  any other person of Expenses or other amounts entitled to be
                  paid to or retained for their respective benefit under this
                  Deed or any other Transaction Document.

      19.10 ALL TRANSACTIONS THROUGH CENTRAL ACCOUNTS

            (a)   (RECEIPTS AND OUTGOINGS): Unless otherwise directed by the
                  Manager, all moneys and proceeds in relation to a Fund
                  referred to in clause 19.8 shall, subject to clause 19.10(b)
                  and clause 19.11, be credited to the central bank account of
                  the Fund (whether credited direct to the central account or
                  transferred from an interstate bank account of the Fund) and
                  all outgoings of a Fund referred to in clause 19.9 shall,
                  subject to clause 19.10(b) and clause 19.11, be paid from the
                  central bank account of the Fund (either by direct payment or
                  by transfer to an interstate bank account of the Fund).

            (b)   (BANK CHARGES ETC): Any amounts referred to in paragraph
                  1.1(i) of the definition of Expenses in clause 1.1 to the
                  extent they relate to an interstate bank account of a Fund may
                  be deducted or withdrawn direct from the interstate bank
                  account.

            (c)   (TRANSFER OF NET INCOME): The credit of the Net Income of an
                  Origination Fund in a Financial Year to the Net Income Account
                  of the Origination Fund pursuant to clause 22.3 shall occur by
                  way of a corresponding debit or withdrawal from the central
                  bank account of the Origination Fund.

      19.11 CENTRAL CLEARING ACCOUNT

            (a)   The Trustee may maintain an account with a Bank as trustee of
                  the Funds as a clearing account for the receipt of proceeds
                  generally under Authorised Investments, Assets, Hedges and
                  Enhancements of the Funds (and in this respect the Trustee is
                  hereby empowered and authorised to mix moneys of one Fund with
                  those of another Fund or Funds) provided that as soon as
                  practicable after the receipt of proceeds to the clearing
                  account and the identification of the Fund to which the
                  proceeds relate, the Trustee shall issue directions to the
                  Bank to credit such proceeds to the bank account for the Fund
                  to which such proceeds relate.

            (b)   The Trustee may maintain one or more accounts with a Bank as
                  trustee of one or more trusts (other than a Securitisation
                  Fund) for the receipt of proceeds and the making of advances,
                  including without limitation the redrawing of amounts repaid,
                  under Mortgages and any transactions that are incidental to
                  those purposes. The Trustee is empowered to and authorised to
                  mix moneys of one trust (not being a Securitisation Fund) with
                  another. The Trustee and Manager may establish any such
                  account on such terms as they may think fit.

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20    THE AUDITOR

      20.1  AUDITOR MUST BE REGISTERED

            The Auditor of each Fund shall be a firm of chartered accountants
            some of whose members are Registered Company Auditors.

      20.2  APPOINTMENT OF AUDITOR

            The Auditor of each Fund shall be appointed by the Trustee within
            one month of the creation of that Fund pursuant to this Deed.

      20.3  REMOVAL AND RETIREMENT OF AUDITOR

            (a)   (REMOVAL): The Trustee may from time to time remove an
                  Auditor.

            (b)   (RETIREMENT): An Auditor may retire at any time upon giving
                  six months' written notice to the Trustee of its intention to
                  so retire.

      20.4  APPOINTMENT OF REPLACEMENT AUDITOR

            Any vacancy in the office of an Auditor occurring under clause
            20.3 shall be filled by the Trustee appointing another auditor who
            complies with this Deed.

      20.5  AUDITOR MAY HAVE OTHER OFFICES

            An Auditor may also be the auditor of the Trustee, the Manager, a
            Related Body Corporate of the Trustee or the Manager or of any other
            trust (whether of a similar nature to the Funds or otherwise) but a
            member of the firm appointed as an Auditor may not be an officer, or
            a partner of an officer or an employee, of the Trustee, the Manager
            or a Related Body Corporate of the Trustee or the Manager.

      20.6  ACCESS TO WORKING PAPERS

            Each Auditor shall be appointed on the basis that it will make its
            working papers and reports available for inspection by the Trustee
            and the Manager.

      20.7  AUDITOR'S REMUNERATION AND COSTS

            The Trustee may pay out of a Fund, or reimburse itself from a Fund,
            the reasonable remuneration of the Auditor of the Fund and any
            reasonable expenses of the Auditor of the Fund sustained in the
            course of the performance of the duties of the Auditor.

      20.8  ACCESS TO INFORMATION

            The Auditor of a Fund shall be entitled to require from the Manager
            and the Trustee, and they shall furnish to the Auditor, such
            information, accounts and explanations as may be necessary for the
            performance by the Auditor of its duties hereunder.

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21    ACCOUNTS AND AUDIT

      21.1  MANAGER AND TRUSTEE TO KEEP ACCOUNTS

            The Manager and the Trustee shall, having regard to their separate
            functions, keep or cause to be kept accounting records which provide
            a true and fair view of all sums of money received and expended by
            or on behalf of each Fund, the matters in respect of which such
            receipt and expenditure takes place and of the assets and
            liabilities of each Fund. The Manager and the Trustee shall furnish
            each to the other from time to time any information necessary for
            this purpose.

      21.2  MANAGER, TRUSTEE AND AUDITORS MAY INSPECT BOOKS

            The accounting records of each Fund shall be kept at the office of
            the Trustee or the Manager (as the case may be) or at such other
            place as the Trustee and the Manager may from time to time agree and
            shall be open to the inspection of the Manager, the Trustee and the
            Auditor of the Fund upon reasonable notice and during usual business
            hours.

      21.3  ACCOUNTS TO BE KEPT IN ACCORDANCE WITH APPROVED ACCOUNTING STANDARDS

            The accounting records of each Fund shall be maintained in
            accordance with the Approved Accounting Standards and in a manner
            which will enable true and fair Accounts of the Fund to be prepared
            and audited in accordance with this Deed.

      21.4  PREPARATION OF ANNUAL ACCOUNTS

            The Manager shall cause the preparation of the Accounts for each
            Financial Year of each Fund.

      21.5  ANNUAL AUDITED ACCOUNTS

            The Trustee shall require the Auditor to audit the Accounts prepared
            by the Manager in respect of each Fund.

      21.6  DESPATCH & INSPECTION OF AUDITED ACCOUNTS

                  (a)   (ORIGINATION FUNDS): The Manager shall despatch a copy
                        of the audited Accounts of an Origination Fund, within
                        60 days of the receipt of the same from the Auditors, to
                        each then Bondholder to the address of the Bondholder
                        then appearing in the Register, accompanied by an annual
                        report prepared by the Manager and containing such
                        information and material that the Manager thinks fit in
                        relation to the activities of the Fund for the Financial
                        Year to which the audited Accounts relate.

                  (b)   (GENERALLY): A copy of the audited Accounts of a Fund
                        shall be available for inspection, but not copying, by
                        the Bondholders in relation to the Fund at the offices
                        of the Manager.

      21.7  TAX RETURNS

            The Manager shall prepare and lodge all necessary tax returns for
            each Fund.

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22    PAYMENTS

      22.1  ORDER OF PAYMENT OF INCOME OF FUNDS

            Subject to the terms of the  Transaction  Documents  in respect of a
            Fund all income of a Fund shall be applied in the following order:

            (a)   (TAXES): first, in payment of, or in allowance to the extent
                  that the Trustee considers necessary for, all Taxes in respect
                  of the Fund;

            (b)   (TRUSTEE'S FEE AND EXPENSES): secondly, in payment of, or
                  allowance to the extent the Trustee considers necessary for,
                  the Trustee's Fee and any Expenses due or which may become due
                  in respect of that Fund;

            (c)   (INTEREST ON BONDS): thirdly, in payment to the Bondholders in
                  respect of the Fund of their respective Interest Entitlements
                  on each Interest Payment Date; and

            (d)   (NET INCOME TO UNITHOLDERS): fourthly, subject to clause 22.4,
                  in payment to the Unitholder or Unitholders referred to in,
                  and in accordance with, clause 22.3(c).

      22.2  ORDER OF PAYMENT OF CAPITAL OF FUNDS

            Subject to the terms of the  Transaction  Documents  in respect of a
            Fund the capital of a Fund shall be applied as follows:

            (a)   (TAXES): first, in payment of, or in allowance to the extent
                  the Trustee considers necessary for, all Taxes in respect of
                  the Fund to the extent that the same has not been satisfied
                  from the income of the Fund;

            (b)   (TRUSTEE'S FEE AND EXPENSES): secondly, in payment of, or in
                  allowance to the extent the Trustee considers necessary for,
                  the Trustee's Fee and any Expenses due or which may become due
                  in respect of the Fund, to the extent that the same cannot be
                  satisfied from the income of the Fund;

            (c)   (BONDHOLDERS): thirdly, in payment to the Bondholders in
                  relation to the Fund of their respective Principal
                  Entitlements on each Principal Amortisation Date; and

            (d)   (UNITHOLDER): fourthly, subject to clause 22.4, on the
                  termination of the Fund, in payment of the balance to the
                  Unitholder or Unitholders referred to in, and in accordance
                  with, clause 22.3(d).

      22.3  PAYMENTS TO FUNDS UNITHOLDER

            (a)   (NET INCOME ABSOLUTELY VESTED): The following Unitholders of a
                  Fund shall as at the end of each Income Distribution Period of
                  a Fund have an absolute vested interest in the Net Income of
                  the Fund for that Income Distribution Period:

                  (1)   (SECURITISATION FUND): for a Securitisation Fund, the
                        Unitholder or Unitholders other than any Residual
                        Capital Unitholder and if more than one in their
                        respective percentage entitlements of the Securitisation
                        Fund; and

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                  (2)   (ORIGINATION FUNDS): for an Origination Fund, the Income
                        Unitholder.

            (b)   (NET INCOME DUE AS AT CLOSE OF INCOME DISTRIBUTION PERIOD):
                  The Net Income of a Fund for an Income Distribution Period
                  shall, subject to clause 22.4, constitute a debt due by the
                  Trustee as trustee of the Fund to the Unitholder entitled to
                  the Net Income pursuant to clause 22.3(a) and shall, subject
                  to clause 22.4, be payable pursuant to clause 22.3(c).

            (c)   (PAYMENT OF NET INCOME): Subject to clause 22.4, on or prior
                  to each Income Distribution Date for a Fund an amount
                  representing the Net Income of the Fund for the Income
                  Distribution Period then ended shall be paid to the
                  Unitholders of that Fund as follows:

                  (1)   (SECURITISATION FUND): for a Securitisation Fund, the
                        amount shall be paid by cheque or as otherwise agreed by
                        the Manager and the Unitholder except where the
                        Unitholder or Unitholders is the Trustee as trustee of
                        one or more Origination Funds in which case the amount
                        shall be transferred from the central bank account of
                        the Securitisation Fund to the central bank account of
                        the Origination Fund or Origination Funds which is or
                        are the Unitholder or Unitholders (in their respective
                        percentage entitlements) of the Securitisation Fund; and

                  (2)   (ORIGINATION FUND): for an Origination Fund, the amount
                        shall first be credited from the central bank account of
                        the Origination Fund to the Net Income Account for the
                        Origination Fund and then paid to the Income Unitholder
                        in accordance with its written instructions from time to
                        time.

            (d)   (RESIDUAL CAPITAL): Upon the termination of a Fund, the
                  surplus capital of the Fund remaining after satisfaction by
                  the Trustee of all its obligations in respect of the Fund
                  shall be paid to the following Unitholders:

                  (1)   (SECURITISATION FUND): for a Securitisation Fund, in
                        relation to the first $100 only, to the Residual Capital
                        Unitholder (if any) and, in relation to the balance,
                        shall be paid to the Unitholder or Unitholders (in their
                        respective percentage entitlements) of the
                        Securitisation Fund; and

                  (2)   (ORIGINATION FUND): for an Origination Fund, subject to
                        the Supplementary Bond Terms of any Bonds in relation to
                        the Origination Fund, to the Residual Capital
                        Unitholder.

      22.4  SUBORDINATION OF UNITHOLDER'S ENTITLEMENTS

            No moneys may be paid out of a Fund during a Financial Year to a
            Unitholder under clause 22.3, whilst there is any amount due, but
            unpaid, in respect of the Trustee's Fee for the Fund, the Expenses
            of the Fund or to Bondholders under their Bonds in relation to the
            Fund and before the Trustee is satisfied, after consulting with the
            Manager, that sufficient allowance has been made for the Trustee's
            Fee, the Expenses of the Fund and amounts owing to Bondholders under
            their Bonds in relation to the Fund, accruing during the Financial
            Year.

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      22.5  INSUFFICIENT MONEYS

            If after the application of the provisions of clauses 22.1 and 22.2
            there is insufficient money available to the Trustee in respect of a
            Fund to pay the full amount due to Bondholders in the Fund, the
            deficiency shall, subject to the Supplementary Bond Terms of the
            Bonds or any Class of the Bonds issued in relation to the Fund, be
            borne by the Bondholders in that Fund in the ratio that the then
            Outstanding Principal Balance of the Bondholder's Bonds bears to the
            then aggregate Outstanding Principal Balance of all Bonds then on
            issue in relation to the Fund.

      22.6  INCOME OR CAPITAL

            The Manager shall determine whether any amount is of an income or
            capital nature in accordance with clause 22.7 and, subject only to a
            contrary determination by the Auditor of the relevant Fund in
            accordance with clause 22.8, the determination by the Manager shall
            be final and binding.

      22.7  NET INCOME, INCOME AND CAPITAL

            For an Income Distribution Period of a Fund the Manager shall
            ascertain:

            (a)   the net income of the Fund for that Income Distribution Period
                  in accordance with section 95(1) of the Taxation Act as if
                  that Income Distribution Period was a tax year of the Fund;
                  and

            (b)   the net income of the Fund for that Income Distribution period
                  in accordance with the Approved Accounting Standards.

            The references in this Deed to "NET INCOME" shall for all purposes
            of this Deed in relation to that Income Distribution Period and
            Fund, be references to the amount ascertained in accordance with
            paragraph (a) provided that where the amount ascertained in
            accordance with paragraph (b) exceeds the amount ascertained in
            accordance with paragraph (a) for the Income Distribution period,
            the references in this Deed to the "NET INCOME" of the Fund for the
            Income Distribution Period shall comprise, in addition to the amount
            ascertained in accordance with paragraph (a), so much of such excess
            that the Manager determines to be included in the "Net income" of
            the Fund for the Income Distribution Period.

            e Any references in this Deed to "CAPITAL" or "INCOME" will, for an
            Income Distribution Period of a Fund have a corresponding meaning
            consistent with the application of the foregoing for that Income
            Distribution Period of the Fund.

      22.8  ACTION ON THE TERMINATION OF THE FUND

            Upon the termination of a Fund pursuant to this Deed, the Trustee
            shall:

            (a)   (WIND UP THE FUND): wind up the Fund and sell and realise the
                  Assets of the Fund and such sale (so far as reasonably
                  practicable and reasonably viable commercially) shall be
                  completed within 180 days after the commencement of the
                  termination of the Fund; and

            (b)   (DISTRIBUTE PROCEEDS): distribute all cash proceeds from the
                  realisation of the Assets of the Fund (subject to clause 22.9)
                  in the order or priority set out in clauses 22.1 and 22.2.

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      22.9  COSTS OF WINDING UP OF A FUND

            During the winding up of a Fund pursuant to clause 22.8:

            (a)   (TRUSTEE'S FEE): the Trustee shall be entitled to the
                  continued payment of the trustee's Fee pursuant to clause
                  17.1;

            (b)   (MANAGER'S FEE): the Manager shall be entitled to continued
                  payment of the Manager's Fee pursuant to clause 13; and

            (c)   (EXPENSES): the Trustee and the Manager shall be entitled to
                  reimbursement for, and the Trustee shall make provision for,
                  all Expenses incurred, made or apprehended in relation to the
                  Fund (which shall for this purpose include without limiting
                  the generality of the foregoing, all Taxes, costs, charges,
                  expenses, claims and demands incurred, made or apprehended in
                  connection with the winding up of the Fund, including the fees
                  of any agents, solicitors, bankers, accountants or other
                  persons who the Trustee or the Manager may employ in
                  connection with the winding up of the Fund).

      22.10 GOODS AND SERVICES TAX

            (a)   Subject to clause 22.10(c), all amounts referred to in this
                  Deed which are relevant in determining a payment to be made by
                  one party to another are exclusive of GST unless specifically
                  indicated otherwise.

            (b)   If a party to this Deed 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
                  22.10(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 Deed for which the
                  consideration is a monetary payment, then the consideration
                  provided for that supply is increased by an amount equal to
                  the consideration multiplied by the rate at which that GST is
                  levied or imposed. This additional amount is payable to the
                  party with the liability to remit GST in the manner and at the
                  time when the consideration to which it relates is payable.

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

            (e)   Where an "adjustment event", as defined in the A New Tax
                  System (Goods and Services Tax) Act 1999 occurs under this
                  Deed, 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.

            (f)   This clause 22.10 does not apply to any Fund established
                  before 1 April 2000.

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23    THE REGISTER

      23.1  DETAILS TO BE KEPT ON THE REGISTER

            The Trustee shall keep a register on which shall be entered the
            following information in respect of each Fund:

            (a)   (NAME): the name of the Fund;

            (b)   (CREATION): the date of the creation of the fund;

            (c)   (AUTHORISED INVESTMENTS): the Authorised Investments and other
                  Assets of the Fund, entered into the Register on an individual
                  basis;

            (d)   (BOND ISSUE DATES): the Bond Issue Dates for Bonds issued in
                  relation to the Fund;

            (e)   (AMOUNT): the amount and Face Value of Bonds issued on each
                  such Bond Issue Date;

            (f)   (SUPPLEMENTARY BOND TERMS): the Supplementary Bond Terms, and
                  Classes, for all such Bonds;

            (g)   (DETAILS OF BONDHOLDERS): the name and address of each holder
                  of Bonds;

            (h)   (NUMBER OF BONDS): the number of Bonds held by each
                  Bondholder;

            (i)   (BOND REGISTRATION CONFIRMATION): the serial number of each
                  Bond Registration Confirmation issued to each Bondholder;

            (j)   (DATE OF ENTRY): the date on which a person was entered as the
                  holder of Bonds;

            (k)   (DATE OF CESSATION): the date on which a person ceased to be a
                  Bondholder;

            (l)   (ACCOUNT): the account to which any payments due to a
                  Bondholder are to be made (if applicable);

            (m)   (PAYMENTS): a record of each payment in respect of the Bonds
                  in relation to the Fund (including the then Outstanding
                  Principal Balance on the Bonds); and

            (n)   (ADDITIONAL INFORMATION): such other information as the
                  Trustee considers necessary or desirable or as the Manager
                  reasonably requires.

      23.2  PLACE OF KEEPING REGISTER, COPIES AND ACCESS

            The Register for a Fund shall be:

            (a)   (PLACE KEPT): kept at the Trustee's principal office in Sydney
                  or at such place as the Trustee may, from time to time,
                  nominate;

            (b)   (ACCESS TO MANAGER AND AUDITOR): open to the Manager and the
                  Auditor of the Fund to which it relates to inspect during
                  normal business hours;

            (c)   (INSPECTION BY BONDHOLDERS): open for inspection by a
                  Bondholder in the Fund during normal business hours but only
                  in respect of information relating to that Bondholder; and

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            (d)   (NOT FOR COPYING): not available to be copied by any person
                  (other than the Manager) except in compliance with such terms
                  and conditions (if any) as the Manager and Trustee in their
                  absolute discretion nominate from time to time.

      23.3  BRANCH REGISTERS

            (a)   (OPENING): The Trustee shall if requested by the Manager
                  establish and maintain a branch register or registers (each
                  severally a "BRANCH REGISTER") on which shall be entered the
                  names of those Bondholders who request that their names, and
                  the Bonds held by them, shall be so recorded, the Bonds in
                  respect of which the request is made, the date on which the
                  name of any Bondholder was entered on such Branch Register and
                  any other details considered necessary or desirable by the
                  Trustee or the Manager. The name of such Bondholder and
                  details regarding such Bonds shall be removed from any
                  Register other than such Branch Register.

            (b)   (DESIGNATION): Every Branch Register shall be designated as
                  the Branch Register for the place where it is established.

            (c)   (POWER TO DISCONTINUE): The Trustee shall have the power to
                  discontinue a Branch Register and thereupon all entries
                  thereon shall be transferred to some other Branch Register or
                  to the Register.

            (d)   (REGISTER PROVISIONS APPLY TO THE BRANCH REGISTER): Except
                  where otherwise expressly stated herein, every reference in
                  this Deed to the "Register" shall include every Branch
                  Register, unless it appears from the context that a particular
                  Register or Branch Register is referred to, in which case the
                  reference shall be to the Register or Branch Register, as the
                  case may be, on which the Bonds in questions are registered.

            (e)   (DETAILS ON BRANCH REGISTER): The provisions of clauses 23.1
                  and 23.2 shall apply to every Branch Register.

            (f)   (TRANSFER FROM BRANCH REGISTER): Bonds registered on a Branch
                  Register may, at the request of a Bondholder and with the
                  consent of the Trustee, be transferred to another Branch
                  Register or to the Register.

      23.4  DETAILS ON REGISTER CONCLUSIVE

            (a)   (RELIANCE ON REGISTER): The Trustee shall be entitled to rely
                  on the Register as being a correct, complete and conclusive
                  record of the matters set out therein at any time and whether
                  or not the information shown in the Register is inconsistent
                  with any other document, matter or thing.

            (b)   (NO TRUSTS ETC): The Trustee shall not be obliged to enter on
                  the Register notice of any trust, Security Interest or other
                  interest whatsoever in respect of any Bonds and the Trustee
                  shall be entitled to recognise a Bondholder as the absolute
                  owner of Bonds and the Trustee shall not be bound or affected
                  by any trust affecting the ownership of any Bonds unless
                  ordered by a court or required by statute.

      23.5  CLOSING OF REGISTER

            (a)   (IN NORMAL COURSE): The Trustee may with prior notice to the
                  relevant Bondholders close the Register for periods not
                  exceeding 30 Banking Days

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                                                      LGR-SMHL Master Trust Deed

                  (or such other period agreed between the Trustee and the
                  Manager) in aggregate in any calendar year (which such period
                  shall include the period that the Register is closed pursuant
                  to clause 23.5(b)).

            (b)   (DETERMINING ENTITLEMENTS): Subject to clause 23.5(b), the
                  Register shall be closed by the Trustee for the purpose of
                  determining the Interest Entitlement and Principal Entitlement
                  of Bondholders during the period commencing from the close of
                  business on the day which is 5 clear Banking Days (or such
                  other period agreed between the Trustee and the Manager) prior
                  to, and ending on the commencement of business on the Banking
                  Day immediately after, each Interest Payment Date and each
                  Principal Amortisation Date respectively of their Bonds.

            (c)   (SUPPLEMENTARY BOND TERMS): The Supplementary Bond Terms may
                  specify that the Register in relation to the corresponding
                  Bonds will be closed for a period greater than referred to in
                  clause 23.5(a) or in such other circumstances than referred to
                  in clause 23.5(b).

      23.6  ALTERATION OF DETAILS ON REGISTER

            Upon the Trustee being notified of any change of name or address or
            payment or other details of a Bondholder by the Bondholder, the
            Trustee shall alter the Register accordingly.

      23.7  RECTIFICATION OF REGISTER

            If:

            (a)   an entry is omitted from the Register;

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

            (c)   an entry wrongly exists in the Register;

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

            (e)   default is made or unnecessary delay takes place in entering
                  in the Register that any person has ceased to be the holder of
                  bonds,

            the Trustee may rectify the same.

      23.8  CORRECTNESS OF REGISTER

            Neither the Manager nor the Trustee shall be liable for any mistake
            in the Register or in any purported copy except to the extent that
            the mistake is attributable to its fraud, negligence or wilful
            default.

      23.9  MANAGER MUST PROVIDE INFORMATION

            The Manager must provide the Trustee and any person appointed in
            accordance with clause 15.4 with such information as the Trustee may
            reasonably require to maintain the Register.

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      23.10 ACCESS TO REGISTER BY INCOME UNITHOLDER

            The Trustee shall give the Income Unitholder all such access to the
            Register insofar as it relates to an Origination Fund as is
            necessary or required by the Income Unitholder.

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24    MEETINGS OF BONDHOLDERS

      24.1  APPLICATION OF THIS CLAUSE

            The application of this clause 24 (other than clause 24.3) to a
            given Fund, and to meetings of Bondholders of a given Fund, is
            subject in its entirety to the provisions of any Transaction
            Document in relation to that Fund and, without limiting the
            generality of the foregoing, a Transaction Document in relation to a
            Fund will (whether or not it is expressed to) override, suspend,
            amend, modify, supplement or delete to any extent provided in the
            Transaction Document all or any of the provisions of this clause 24
            in relation to that Fund and to meeting of Bondholders of that Fund.

      24.2  CONVENING OF MEETINGS BY TRUSTEE AND MANAGER

            (a)   (GENERALLY): The Trustee or the Manager may at any time
                  convene a meeting of the Bondholders of a Fund.

            (b)   (FINANCIAL DEFAULT): The Manager and the Trustee shall convene
                  a meeting of the Bondholders of a Fund upon the occurrence of
                  a Financial Default in respect of that Fund.

      24.3  CONVENING OF MEETINGS BY BONDHOLDERS

            (a)   (BONDHOLDERS MAY CONVENE MEETING ON A FINANCIAL DEFAULT): If
                  the Manager or the Trustee fails to convene a meeting of the
                  Bondholders of a Fund pursuant to clause 24.2(b) within 21
                  days of the occurrence of a Financial Default the Bondholders
                  in relation to the Fund holding or representing in the
                  aggregate 25% of the Bonds issued in relation to the Fund and
                  then outstanding may convene the meeting.

            (b)   (BONDHOLDERS OF AN ORIGINATION FUND MAY CONVENE A MEETING AT
                  ANY TIME): The Bondholders in relation to an Origination Fund
                  holding or representing in the aggregate 25% of the Bonds
                  issued in relation to the Fund and then outstanding may
                  convene a meeting of Bondholders of the Fund at any time (in
                  accordance with the provisions of this clause 24) to consider
                  such affairs or matters relating to the Origination Fund as
                  they think fit. The Bondholders of such a meeting shall not
                  have power to direct the Trustee or the Manager to take any
                  action or to refrain from taking any action and a resolution
                  passed at such a meeting (including an Extraordinary
                  Resolution) shall not bind the Trustee, the Manager, any
                  Bondholder or other person and shall be of no force or effect.
                  An officer of the Trustee shall attend the meeting if the
                  requisition convening the meeting requires the Trustee to so
                  attend.

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            (c)   (NO OTHER POWER TO CONVENE A MEETING): The Bondholders of a
                  Fund shall have no other power to convene a meeting, or to
                  requisition the convening of a meeting except as provided by
                  clauses 24.3(a) & 24.3(b).

            (d)   (ADAPTATION OF FOLLOWING PROVISIONS): A meeting convened
                  pursuant to clauses 24.3(a) & 24.3(b) shall be convened and
                  held in the same manner as nearly as possible as for meetings
                  convened by the Trustee or the Manager.

      24.4  NOTICE OF MEETINGS

            (a)   (PERIOD OF NOTICE): Subject to clause 24.4(b) at least 7 days'
                  notice (inclusive of the day on which the notice is given and
                  of the day on which the meeting is held) of a meeting of the
                  Bondholders of a Fund shall be given to all the Bondholders of
                  the Fund.

            (b)   (SHORT NOTICE): Notwithstanding clause 24.4(a), if it is so
                  agreed by a majority in number of the Bondholders of a Fund
                  having the right to attend and vote at the meeting, being a
                  majority that together hold at least 95% of the then
                  outstanding Bonds in relation to the Fund, a resolution may be
                  proposed and passed at a meeting of which less than 7 days'
                  notice has been given.

            (c)   (FAILURE TO GIVE NOTICE): The accidental omission to give
                  notice to or the non-receipt of notice by any Bondholder shall
                  not invalidate the proceedings at any meeting.

            (d)   (COPIES TO MANAGER AND TRUSTEE): A copy of a notice convening
                  a meeting shall be given by the Trustee or the Manager
                  convening the meeting to the other. If a meeting is convened
                  pursuant to clauses 24.3(a) & 24.3(b), notice thereof shall be
                  given to the Trustee and the Manager. A failure to give a
                  notice in accordance with this clause shall invalidate the
                  meeting.

            (e)   (METHOD OF GIVING NOTICE): Notice of a meeting shall be given
                  in the manner provided in this Deed.

            (f)   (CONTENTS OF A NOTICE): A notice of a meeting of the
                  Bondholders of a Fund shall specify:

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

                  (2)   (BASIS OF THE MEETING): if the meeting is convened as a
                        result of a Financial Default, that fact and details in
                        relation thereto;

                  (3)   (AGENDA): the agenda of the business to be transacted at
                        the meeting;

                  (4)   (PROPOSED RESOLUTION): the terms of any proposed
                        resolution;

                  (5)   (CLOSING OF REGISTER): that the persons appointed to
                        maintain the Register may for the purpose of determining
                        those entitled to attend may not register any Bond
                        Transfer in the period of 2 Banking Days prior to the
                        meeting;

                  (6)   (APPOINTMENT OF PROXIES): that appointments of proxies
                        must be lodged no later than 24 hours prior to the time
                        fixed for the meeting; and

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                  (7)   (ADDITIONAL INFORMATION): such additional information as
                        the person giving the notice thinks fit.

      24.5  CHAIRMAN

            The chairman of a meeting shall be a person (who need not be a
            Bondholder of the Fund and who may be a representative of the
            Trustee) chosen by the meeting.

      24.6  QUORUM

            At any meeting any two or more persons present in person being
            Bondholders holding, or Representatives holding or representing, in
            the aggregate not less than 50% of the Bonds issued in relation to
            the Fund and then outstanding shall form a quorum for the
            transaction of business and no business (other than the choosing of
            a chairman) shall be transacted at any meeting unless the requisite
            quorum is present at the commencement of business.

      24.7  ADJOURNMENT

            (a)   (QUORUM NOT PRESENT): If within 15 minutes from the time
                  appointed for any meeting a quorum is not present the meeting
                  shall stand adjourned (unless the Trustee agrees that it be
                  dissolved) for such period, not being less than 7 days nor
                  more than 42 days, as may be appointed by the chairman. At
                  such adjourned meeting two or more persons present in person
                  being Bondholders holding, or being Representatives holding or
                  representing, in the aggregate not less than 25% of the Bonds
                  issued by the Fund and then outstanding (whatever the Bonds so
                  held or represented) shall form a quorum and shall have the
                  power to pass any resolution and to decide upon all matters
                  which could properly have been dealt with at the meetings from
                  which the adjournment took place had a quorum been present at
                  such meeting.

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

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

      24.8  VOTING PROCEDURE

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

            (b)   (DECLARATION): At any meeting, unless a poll is (before or on
                  the declaration of the result of the show of hands) demanded
                  by the chairman, the Trustee or the Manager or by one or more
                  persons being Bondholders

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                  holding, or being Representatives holding or representing, in
                  aggregate not less than 2% of the Bonds issued by the Fund and
                  then outstanding, a declaration by the chairman that a
                  resolution has been carried by a particular majority or lost
                  or not carried by any particular majority shall be conclusive
                  evidence of the fact without proof of the number of proportion
                  of the votes recorded in favour of or against such resolution.

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

            (d)   (NO ADJOURNMENT): Any poll demanded at any meeting on the
                  election of a chairman or on any question of adjournment shall
                  be taken at the meeting without adjournment.

            (e)   (VOTES ON A POLL): Subject to clause 24.8(a), at any meeting
                  (a) on a show of hands every person being a Bondholder
                  holding, or being a Representative holding or representing,
                  then outstanding Bonds issued by the Fund shall have one vote
                  and (b) on a poll every person who is so present shall have
                  one vote for each Bond issued by the Fund and then outstanding
                  that he holds or in respect of which he is a Representative.
                  Any person entitled to more than one vote need not use all his
                  votes or cast all his votes to which he is entitled in the
                  same way.

      24.9  RIGHT TO ATTEND AND SPEAK

            The Trustee and the Manager (through their respective
            representatives) and their respective financial and legal advisers
            shall be entitled to attend and speak at any meeting of the
            Bondholders of a Fund. No person shall otherwise be entitled to
            attend or vote at any meeting of the Bondholders of a Fund unless he
            or she holds outstanding Bonds in relation to the Fund or is a
            Representative holding or representing such Bonds.

      24.10 APPOINTMENT OF PROXIES

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

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

      24.11 CORPORATE REPRESENTATIVES

            A person authorised pursuant to sections 249(3)-(6) of the
            Corporations Act by a Bondholder being a body corporate to act for
            it at any meeting shall, in accordance with his or her authority
            until his or her authority is revoked by the body corporate
            concerned, be entitled to exercise the same powers on behalf of that
            body corporate as that body corporate could exercise if it were an
            individual Bondholder and shall be entitled to produce evidence of
            his or her authority to act at any time before the time appointed
            for the holding of or at the meeting or adjourned meeting or for the
            taking of a poll at which he proposes to vote.

      24.12 RIGHTS OF REPRESENTATIVES

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

      24.13 POWERS OF A MEETING OF BONDHOLDERS

            (a)   (POWERS): Subject to clause 24.3(b), a meeting of the
                  Bondholders of a Fund shall, without prejudice to any rights
                  or powers conferred on other persons by the Transaction
                  Documents, only have power exercisable by Extraordinary
                  Resolution:

                  (1)   to sanction any action that the Trustee or the Manager
                        proposes to take to enforce the provisions of any
                        Transaction Document relating to the Fund;

                  (2)   to sanction any proposal by the Manager or the Trustee
                        for any modification, abrogation, variation or
                        compromise of, or arrangement in respect of, the rights
                        of the Bondholders against the Trustee or the Manager
                        whether such rights arise under any Transaction Document
                        or otherwise;

                  (3)   to sanction the exchange or substitution of Bonds for or
                        the conversion of Bonds into, other obligations or
                        securities of the Trustee or any other body corporate
                        formed or to be formed;

                  (4)   pursuant to clause 28.2, to consent to any alteration,
                        addition or modification of the Deed which shall be
                        proposed by the Trustee or the Manager;

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                                                      LGR-SMHL Master Trust Deed

                  (5)   to discharge or exonerate the Trustee or the Manager
                        from any liability in respect of any act or omission for
                        which it may become responsible under any Transaction
                        Document relating to the Fund;

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

                  (7)   to direct the Trustee to wind up the Fund following a
                        Financial Default.

            (b)   (NO POWER): A meeting of the Bondholders of a Fund shall not
                  have power to, nor shall any resolution submitted to the
                  meeting propose or have the effect of:

                  (1)   removing the Trustee or Manager from office;

                  (2)   interfering with the management of the Fund or any other
                        Fund;

                  (3)   winding up or terminating the Fund or any other Fund
                        (except as contemplated by clause 24.13(a)(7);

                  (4)   altering the Authorised Investments of the Fund;

                  (5)   altering clauses 22.1 and 22.2; or

                  (6)   altering the Interest Payment Dates, Principal
                        Amortisation Dates, Interest Entitlements, Principal
                        Entitlements or the other Supplementary Bond Terms in
                        relation to any Bonds (subject to clause 24.13(a)(3)).

      24.14 EXTRAORDINARY RESOLUTION BINDING ON BONDHOLDERS

            Subject to clause 24.3(b), an Extraordinary Resolution passed at a
            meeting of the Bondholders of a Fund duly convened and held in
            accordance with this Deed shall be binding upon all the Bondholders
            of the Fund whether or not present at such meeting and each of the
            Bondholders of the Fund, the Trustee and the Manager shall be bound
            to give effect thereto accordingly.

      24.15 MINUTES AND RECORDS

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

      24.16 WRITTEN RESOLUTIONS

            Notwithstanding the preceding provisions of this clause 24, a
            resolution of the Bondholders of a Fund (including an Extraordinary
            Resolution) may be passed,

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                                                      LGR-SMHL Master Trust Deed

            without any meeting or previous notice being required, by an
            instrument or instruments in writing which has or have:

            (a)   in the case of a resolution (including an Extraordinary
                  Resolution) of the Bondholders of a Fund, been signed by all
                  Bondholders of the Fund; and

            (b)   any such instrument shall be effective upon presentation to
                  the Trustee for entry in the records referred to in clause
                  24.15.

      24.17 FURTHER PROCEDURES FOR MEETINGS

            Subject to all other provisions contained in this Deed, the Trustee
            may without the consent of the Bondholders of a Fund prescribe such
            further regulations regarding the holding of meetings of the
            Bondholders of a Fund and attendance and voting thereat as the
            Trustee may in its sole discretion determine including particularly
            (but without prejudice to the generality of the foregoing) such
            regulations and requirements as the Trustee thinks reasonable:

            (a)   (ENTITLEMENT TO VOTE): so as to satisfy itself that persons
                  who purport to attend or vote at any meeting of the
                  Bondholders of a Fund are entitled to do so in accordance with
                  this Deed; and

            (b)   (FORMS OF REPRESENTATIVE): as to the form of appointment of a
                  Representative.

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25    PAYMENTS GENERALLY

      25.1  CHEQUE DETAILS

            Any moneys payable by the Trustee to a Bondholder or to a Unitholder
            under the provisions of this Deed may be paid by:

            (a)   (CHEQUE): crossed "not negotiable" cheque in favour of the
                  Bondholder or the Unitholder (as the case may be) and
                  despatched by post to the registered address of the Bondholder
                  or to the address of the Unitholder for the purposes of clause
                  27; or

            (b)   (DIRECT PAYMENT): at the option of the Bondholder (which
                  option may be exercised on an Application for Bonds or a Bond
                  Transfer) or the Unitholder (as the case may be) by direct
                  transfer to a designated bank account in Australia of the
                  Bondholder or the Unitholder.

      25.2  PAYMENTS GOOD DISCHARGE

            Every cheque referred to in clause 25.1(a), if despatched by post in
            accordance with clause 25.1(a), shall be in full satisfaction of the
            moneys payable and shall be a good discharge to the Trustee and to
            the Manager. Neither the Trustee nor the Manager shall be
            responsible for any moneys which are not credited to the bank
            account of a Bondholder or a Unitholder if the Trustee's bank has
            been instructed to effect the direct transfer referred to in clause
            25.1(b).

      25.3  TRUSTEE TO PREPARE CHEQUES

            The Trustee will prepare or cause to be prepared all cheques which
            are to be issued to Bondholders and to Unitholders and stamp the
            same as required by law.

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            The Trustee will sign (by autographical, mechanical or other means)
            such cheques for despatch on the day on which they ought to be
            despatched.

      25.4  VALID RECEIPTS

            The receipt of the Trustee for any moneys shall exonerate the person
            paying the same from all liability to make any further enquiry in
            relation thereto. Every such receipt shall as to the moneys paid or
            expressed to be received in such receipt, effectually discharge the
            person paying such moneys from such liability or enquiry and from
            being concerned to see to the application or being answerable or
            accountable for any loss or misapplication of such moneys.

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26    TRUSTEE'S AND MANAGER'S POWERS, LIABILITY AND INDEMNITY GENERALLY

      Without prejudice to any indemnity allowed by law or elsewhere herein
      given to the Trustee or the Manager, it is expressly declared as follows:

      26.1  RELIANCE ON CERTIFICATES

            The Trustee and the Manager shall not incur any liability in respect
            of any action taken or thing suffered by it in reliance upon any
            notice, resolution, direction, consent, certificate (including any
            certificate as to title, or as to any documents held, by an Approved
            Solicitor), receipt, affidavit, statement, valuation report or other
            document (including without limitation, any of same submitted or
            provided by the Manager (in the case of the Trustee only), by the
            Trustee (in the case only of the Manager) or by any Mortgage
            Manager) which it has no reason to believe is not genuine, signed by
            the proper parties and with appropriate authority.

            Without limiting the generality of the foregoing the Trustee may
            rely upon:

            (a)   (STATEMENTS BY THE MANAGER): a statement by the Manager that:

                  (1)   an investment of the Fund is an Authorised Investment;
                        and

                  (2)   a proposed loan will constitute a Loan and that a
                        proposed mortgage will constitute a Mortgage;

            (b)   (BOND ISSUE DIRECTIONS): a Bond Issue Direction issued by the
                  Manager; and

            (c)   (CERTIFICATES): a certificate by the Manager pursuant to this
                  Deed.

            In preparing any notice, certificate, advice or proposal hereunder
            (including, without limiting the generality of the foregoing, a Bond
            Issue Direction) the Trustee and the Manager shall be entitled to
            assume that each person under any Authorised Investment,
            Enhancement, Hedge, Mortgage, Loan, Related Security, other
            Transaction Document or any other deed, agreement or arrangement
            incidental to any of the foregoing or to any Fund, will perform
            their obligations thereunder in full by the due date and otherwise
            in accordance with the terms thereof.

      26.2  TRUSTEE AND MANAGER MAY ASSUME SIGNED DOCUMENTS TO BE GENUINE

            (a) (RELIANCE ON DOCUMENTS): Subject to sub-clause (b):

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                                                      LGR-SMHL Master Trust Deed

                  (1)   (TRUSTEE MAY ASSUME AUTHENTICITY): the Trustee shall be
                        entitled to assume the authenticity and validity of any
                        signature on any application, request or other
                        instrument or document delivered to the Trustee (other
                        than a document executed or purporting to be executed by
                        or on behalf of the Manager, as to which clause 26.3
                        shall apply);

                  (2)   (TRUSTEE NOT LIABLE FOR LOSS ON FORGERIES): the Trustee
                        shall not be in any way liable to make good out of its
                        own resources any loss incurred by any person in the
                        event of any signature on any document being forged or
                        otherwise failing to bind the person whose signature it
                        purports to be or the person on whose behalf it purports
                        to be executed and, if the Trustee becomes liable for
                        such loss, then subject to any right of reimbursement
                        from any other person (including, if the law so
                        provides, the Manager) and subject to this Deed it shall
                        be entitled to reimbursement for the amount of such loss
                        from the relevant Fund;

                  (3)   (MANAGER MAY ASSUME AUTHENTICITY): the Manager shall be
                        entitled to rely on the authenticity and validity of any
                        signature on any application, request or other
                        instrument or document delivered to the Manager (other
                        than a document executed or purporting to be executed by
                        or on behalf of the Trustee, as to which clause 26.4
                        shall apply); and

                  (4)   (MANAGER NOT LIABLE FOR LOSS ON FORGERIES): the Manager
                        shall not be in any way liable to make good out of its
                        own resources any loss incurred by any person in the
                        event of any signature on any document being forged or
                        otherwise failing to bind the person whose signature it
                        purports to be or the person on whose behalf it purports
                        to be executed and if the Manager becomes liable for
                        such loss then, subject to any right or reimbursement
                        from any other person (including, if the law so
                        provides, the Trustee) and subject to this Deed, it
                        shall be entitled to reimbursement for the amount of
                        such loss from the relevant Fund.

            (b)   (LIMITATIONS ON ASSUMPTIONS WHERE ACTUAL KNOWLEDGE): The
                  Trustee or the Manager shall not be entitled to the benefit of
                  paragraph (a) in relation to an application, request or other
                  instrument or document if it was actually aware that the
                  signature thereon was not genuine and binding.

      26.3  TRUSTEE'S RELIANCE ON MANAGER

            Whenever any certificate, notice, proposal, direction, instruction
            or other communication is to be given by the Manager to the Trustee,
            the Trustee may accept as sufficient evidence as to the form and
            content thereof a document reasonably believed to be signed on
            behalf of the Manager by any Authorised Signatory of the Manager.
            The Trustee shall not be responsible for any loss arising from any
            act, neglect, mistake or discrepancy of the Manager or any officer,
            employee, agent or delegate of the Manager in preparing any such
            document or in compiling, verifying or calculating any matter or
            information contained in any such document, provided that the
            Trustee is not actually aware that such document is not genuine and
            correct, whether or not an error in any such

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                                                      LGR-SMHL Master Trust Deed

            information, document, form or list is reproduced by the Trustee in
            any step taken by it.

      26.4  MANAGER'S RELIANCE ON TRUSTEE

            Whenever any certificate, notice, proposal, direction, instruction
            or other communication is to be given by the Trustee to the Manager,
            the Manager may accept as sufficient evidence as to the form and
            content thereof a document reasonably believed to be signed on
            behalf of the Trustee by any two Authorised Signatories of the
            Trustee. The Manager shall not be responsible for any loss arising
            from any act, neglect, mistake or discrepancy of the Trustee or any
            officer, employee, agent or delegate of the Trustee in preparing any
            such document or in compiling, verifying or calculating any matter
            or information contained in any such document, provided that the
            Manager is not actually aware that such document is not genuine and
            correct, whether or not an error in any such information, document,
            form or list is reproduced by the Manager in any step taken by it.

      26.5  COMPLIANCE WITH LAWS

            The Trustee and the Manager shall not incur any liability to anyone
            in respect of any failure to perform or to do any act or thing which
            by reason of any provision of any relevant present or future laws of
            any place or any ordinance, rule, regulation or by-law made pursuant
            thereto or of any decree, order or judgment of any competent court
            or other tribunal, the Trustee and/or the Manager shall be hindered,
            prevented or forbidden from doing or performing.

      26.6  TAXES

            The Trustee and the Manager shall not be liable to account to any
            person for any payments made in good faith to any duly empowered
            Government Agency of any Australian Jurisdiction or any other place
            for Taxes or other charges upon any of the Funds or upon any Bonds
            or with respect to any transaction under or arising form this Deed
            or any other Transaction Document notwithstanding that any such
            payment ought or need not have been made.

      26.7  RELIANCE ON EXPERTS

            The Trustee and the Manager may act upon the opinion or statement or
            certificate or advice of or information obtained from the Manager
            (in the case of the Trustee only), the Trustee (in the case of the
            Manager only), any Mortgage Manager, barristers of solicitors
            (whether instructed by the Manager, the Trustee or a Mortgage
            Manager), bankers, accountants, brokers, valuers and other person
            believed by it in good faith to be expert or properly informed in
            relation to the matters upon which they are consulted and the
            Trustee and the Manager shall not be liable for anything done or
            suffered by it in good faith in reliance upon such opinion,
            statement, certificate, advice or information.

      26.8  OVERSIGHTS OF OTHERS

            Subject to this Deed, the Trustee and the Manager shall not be
            responsible for any act, omission, misconduct, mistake, oversight,
            error judgment, forgetfulness or want of prudence on the part of the
            Manager (in the case of the Trustee only), the

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            Trustee (in the case of the Manager only), any Mortgage Manager, any
            Paying Agent, any Note Trustee, any Security Trustee, any
            Calculation Agent, any other delegate or agent or other person
            appointed by the Trustee or the Manager or upon whom the Trustee or
            the Manager is entitled to rely pursuant to this Deed (other than a
            Related Body Corporate thereof), attorney, banker, receiver,
            barrister, solicitor, agent or other person acting hereunder as
            agent or adviser to the Trustee or the Manager.

      26.9  POWERS, AUTHORITIES AND DISCRETIONS

            Except insofar as herein otherwise expressly provided and in the
            absence of fraud, negligence or wilful default, the Trustee and the
            Manager shall not be in any way responsible for any loss (whether
            consequential or otherwise), costs, damages or inconvenience that
            may result from the exercise or non-exercise of any powers,
            authorities and discretions vested in it.

      26.10 IMPOSSIBILITY OR IMPRACTICABILITY

            If for any reason whatsoever it becomes impossible or impracticable
            to carry out any or all of the provisions of this Deed or any other
            Transaction Document the Trustee and the Manager shall not be under
            any liability thereof or thereby except to the extent of their own
            fraud, negligence or wilful default nor shall either of them incur
            any liability by reason of any error of law or any matter or thing
            done or suffered or omitted to be done in good faith by either of
            them or their respective officers, employees, agents or delegates.

      26.11 DUTIES AND CHARGES

            The Trustee and the Manager shall not be required to effect any
            transaction or dealing with any Bonds or with any instrument or with
            all or any part of the Authorised Investments of a Fund on behalf or
            for the benefit or at the request of any Bondholder or other person
            unless such Bondholder or other person (as the case may be) shall
            first have paid in cash or otherwise provided to its satisfaction
            for all duties, Taxes, Governmental charges, brokerage, transfer
            fees, registration fees and other charges (whether similar to the
            foregoing or not) whether in respect of the Bonds or the relevant
            instrument or all or the relevant part of the Authorised Investments
            of the relevant Fund or otherwise (herein called collectively
            "DUTIES AND CHARGES") which have or may become payable in respect of
            or prior to or upon the occasion of such transaction or dealing
            provided always that the Trustee and the Manager shall be entitled
            if it so thinks fit to pay and discharge all or any of such duties
            and charges on behalf of the Bondholder or other person and to
            retain the amount so paid of any moneys or property to which such
            Bondholder or other person may be or become entitled hereunder.

      26.12 LEGAL AND OTHER PROCEEDINGS

            (a)   (INDEMNITY FOR LEGAL COSTS): The Trustee and the Manager shall
                  be indemnified out of a Fund for all reasonable in amount and
                  properly incurred legal costs and disbursements (payable on
                  the trustee basis as described in Part 52 Rule 31 of the New
                  South Wales Supreme Court Rules as at the date of this Deed,
                  and, in the case of solicitors' costs, calculated at the
                  solicitors' usual charge out rate) and all other cost,

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                  disbursements, outgoings and expenses incurred by the Trustee
                  and the Manager in connection with:

                  (1)   the enforcement or contemplated enforcement of, or
                        preservation of rights under; and

                  (2)   without limiting the generality of paragraph (1) above,
                        the initiation, defence, carriage and settlement of any
                        action, suit, proceeding or dispute in respect of,

                  this Deed or any other Transaction Document or otherwise under
                  or in respect of the Fund provided that the enforcement,
                  contemplated enforcement or preservation by the Trustee of the
                  rights referred to in paragraph (1) or the court proceedings
                  referred to in paragraph (2) (other than the defence of any
                  action, suit, proceeding or dispute brought against the
                  Trustee), and the basis of incurring any costs, disbursements,
                  outgoings and expenses in connection therewith by the Trustee:

                  (3)   has been approved in advance by the Manager or by an
                        Extraordinary Resolution of the Bondholders of the Fund;
                        or

                  (4)   is regarded by the Trustee as necessary to protect the
                        interests of the Bondholders or the Unitholders in
                        relation to the Fund following a breach by the Manager
                        of its obligations hereunder and the Trustee reasonably
                        believes that any delay in seeking an approval under
                        paragraph (3) will be prejudicial to the interests of
                        the Bondholders in relation to the Fund.

            (b)   (DEFENCE OF PROCEEDINGS ALLEGING NEGLIGENCE ETC): Each of the
                  Trustee and the Manager shall be entitled to claim in respect
                  of the foregoing indemnity from the relevant Fund for its
                  expenses and liabilities incurred in defending any action,
                  suit, proceeding or dispute in which fraud, negligence or
                  wilful default is alleged or claimed against it, but upon the
                  same being provided, accepted or admitted by it, it shall from
                  its personal assets immediately repay to such Fund the amount
                  previously paid by such Fund to it in respect of such
                  indemnity in relation thereto.

      26.13 NO LIABILITY EXCEPT FOR NEGLIGENCE ETC

            In the absence of fraud, negligence or wilful default, the Trustee
            and the Manager shall not be liable personally in the event of
            failure to pay moneys on the due date for payment to any Bondholder,
            any Unitholder, the Manager (in the case of the Trustee), the
            Trustee (in the case of the Manager) or any other person or for any
            loss howsoever caused in respect of any of the Funds or to any
            Bondholder, any Unitholder, the Manager (in the case of the
            Trustee), the Trustee (in the case of the Manager) or other person.

      26.14 FURTHER LIMITATIONS ON TRUSTEE'S LIABILITY

            Subject to clauses 15.4 and 26.3, the Trustee shall not be liable:

            (a)   (FOR LOSS ON ITS DISCRETIONS): for any losses, costs,
                  liabilities or expenses arising out of the exercise or
                  non-exercise of its discretion or for any other act or
                  omission on its part under this Deed, any other Transaction
                  Document or any other document except where the exercise or
                  non-exercise of any discretion, or any act or omission, by the
                  Trustee, or any of

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                  its officers, employees, agents or delegates, constitutes
                  fraud, negligence or wilful default;

            (b)   (FOR LOSS ON MANAGER'S DISCRETIONS): for any losses, costs
                  liabilities or expenses arising out of the exercise or
                  non-exercise of a discretion by the Manager or the act or
                  omission of the Manager except to the extent that it is caused
                  by the Trustee's, or any of its officer's, employee's, agent's
                  or delegate's, fraud, negligence or wilful default; or

            (c)   (FOR LOSS ON MANAGER'S DIRECTIONS): for any losses, costs,
                  damages or expenses caused by its acting on any instruction or
                  direction given to it by the Manager under this Deed, any
                  other Transaction Document or any other document except to the
                  extent that it is caused by the Trustee's, or any of it's
                  officers, employee's agent's or delegate's, fraud, negligence
                  or wilful default.

            Nothing in this clause 26.14 alone (but without limiting the
            operation of any other clause of this Deed) shall imply a duty upon
            the Trustee to supervise the Manager in the performance of the
            Manager's functions and duties, and the exercise by the Manager of
            its discretions, hereunder.

      26.15 FURTHER LIMITATIONS ON THE MANAGER'S LIABILITY

            Subject to clause 26.4, the Manager shall not be liable:

            (a)   (FOR LOSS ON ITS DISCRETIONS): for any losses, costs,
                  liabilities or expenses arising out of the exercise or
                  non-exercise of its discretion or for any other act or
                  omission on its part under this Deed, any other Transaction
                  Document or any other document except where the exercise or
                  non-exercise of any discretion, or any act or omission, by the
                  Manager, or any of its officers, employees, agents or
                  delegates, constitutes fraud, negligence or wilful default;

            (b)   (FOR LOSS ON TRUSTEE'S DISCRETIONS): for any losses, costs
                  liabilities or expenses arising out of the exercise or
                  non-exercise of a discretion by the Trustee or the act or
                  omission of the Trustee except to the extent that it is caused
                  by the Manager's, or any of its officer's, employee's, agent's
                  or delegate's, fraud, negligence or wilful default; or

            (c)   (FOR LOSS ON TRUSTEE'S DIRECTIONS): for any losses, costs,
                  damages or expenses caused by its acting on any instruction or
                  direction given to it by the Trustee under this Deed, any
                  other Transaction Document or any other document except to the
                  extent that it is caused by the Manager's, or any of it's
                  officers, employee's agent's or delegate's, fraud, negligence
                  or wilful default.

            Nothing in this clause 26.15 alone (but without limiting the
            operation of any other clause of this Deed) shall imply a duty upon
            the Manager to supervise the Trustee in the performance of the
            Trustee's functions and duties, and the exercise by the Trustee of
            its discretions, hereunder.

      26.16 LIABILITY OF TRUSTEE LIMITED TO ITS RIGHT OF INDEMNITY

            (a)   (GENERAL PRINCIPLE): Subject to clause 26.16(b), the Trustee
                  shall not be liable to any person (including, without limiting
                  the generality of the foregoing, any Bondholder, Unitholder or
                  the Manager) nor shall any such

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                  person be entitled to enforce any rights against the Trustee,
                  to any greater extent than the Trustee is entitled to recover
                  through its right of indemnity from the Fund to which the
                  liability or rights relate. If any such person does not
                  recover all moneys owing to it pursuant to such liabilities or
                  rights, it may not seek to recover the shortfall by bringing
                  proceedings against the Trustee in its personal capacity or
                  applying to have the Trustee wound-up, or proving in the
                  winding-up of the Trustee unless another creditor has
                  initiated proceedings to wind-up the Trustee.

            (b)   (EXCEPTION): Nothing in clause 26.16(a) limits the liability
                  of the Trustee where such liability arises from the fraud,
                  negligence or wilful default of the Trustee or any of its
                  officers or employees.

      26.17 TRUSTEE'S RIGHT OF INDEMNITY

            (a)   (INDEMNITY FROM EACH FUND): Subject to this Deed and without
                  prejudice to the right of indemnity given by law to trustees,
                  the Trustee will be indemnified out of each Fund against all
                  losses and liabilities properly incurred by the Trustee in
                  performing any of its duties or exercising any of its powers
                  under this Deed in relation to that Fund.

            (b)   (PRESERVATION OF RIGHT OF INDEMNITY): Subject to clause
                  26.17(c), and without limiting the generality of clause
                  26.17(a), the Trustee's right to be indemnified in accordance
                  with clause 26.17(a), and to effect full recovery out of a
                  Fund pursuant to such right, will apply in relation to any
                  liabilities to Creditors of the Fund notwithstanding any
                  failure by the Trustee to exercise a degree of care, diligence
                  and prudence required of the Trustee having regard to the
                  powers, authorities and discretions conferred on the Trustee
                  under this Deed or any other act or omission which may not
                  entitle the Trustee to be so indemnified and/or effect such
                  recovery (including, without limitation, fraud, negligence or
                  wilful default).

            (c)   (INDEMNITY IN CERTAIN CIRCUMSTANCES HELD FOR TRUST CREDITORS):
                  Subject to clause 26.17(d), if the Trustee fails to exercise
                  the degree of care, diligence and prudence required of a
                  trustee having regard to the powers, authorities and
                  discretions conferred on the Trustee by this Deed or if any
                  other act or omission occurs which may not entitle the Trustee
                  to be indemnified in accordance with clause 26.17(a) or to
                  effect full recovery out of a Fund (including, without
                  limitation, fraud, negligence or wilful default):

                  (1)   the Trustee may not receive or hold or otherwise have
                        the benefit of the indemnity given in clause 26.17(a)
                        otherwise than on behalf of and on trust for Creditors
                        in relation to that Fund; and

                  (2)   the Trustee may only be indemnified to the extent
                        necessary to allow it to discharge its liability to
                        Creditors in relation to that Fund.

            (d)   (FOREGOING NOT TO LIMIT RIGHTS OF OTHERS): Nothing in clauses
                  26.17(a) to (c) (inclusive) shall be taken to:

                  (1)   impose any restriction upon the right of any Bondholder,
                        any Unitholder, the Manager or any other person to bring
                        an action against the Trustee for loss or damage
                        suffered by reason of the

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                                                      LGR-SMHL Master Trust Deed

                        Trustee's failure to exercise the degree of care,
                        diligence and prudence required of a trustee having
                        regard to the powers, authorities and discretions
                        conferred on the Trustee by this Deed (including,
                        without limitation, fraud, negligence or wilful
                        default); or

                  (2)   confer on the Trustee a right to be indemnified out of a
                        Fund against any loss the Trustee suffers in consequence
                        of an action brought against it by reason of the
                        trustee's failure to exercise the degree of care,
                        diligence and prudence required of a Trustee having
                        regard to the powers, authorities and discretions
                        conferred on the trustee by this Deed (including,
                        without limitation, fraud, negligence or wilful
                        default).

            (e)   (FOREGOING NOT TO LIMIT TRUSTEE'S DUTY): Nothing in this
                  clause 26.17 shall limit the Trustee's duties and obligations
                  under this Deed or prevent or restrict any determination as to
                  whether there has been, or limit the Trustee's personal
                  liability under this Deed for, a breach of trust or fraud,
                  negligence or wilful default on the part of the Trustee or its
                  officers or employees.

      26.18 TRUSTEE'S INDEMNITY UNDER UCCC

            (a)   (INDEMNITY FROM EACH FUND)

                  Without prejudice to the right of indemnity given by law to
                  trustees, and without limiting any other provision of this
                  Deed, the Trustee will be indemnified out of each Fund, free
                  of any set off or counterclaim, against all UCCC Liability
                  which the Trustee is required to pay personally or in its
                  capacity as trustee of a Fund in performing any of its duties
                  or exercising any of its powers under this Deed in relation to
                  that Fund.

            (b)   (PRESERVATION OF RIGHT AND INDEMNITY)

                  Without limiting the generality of clause 26.18(a), the
                  Trustee's right to be indemnified in accordance with clause
                  26.18(a), and to effect full recovery out of a Fund pursuant
                  to such a right, will apply notwithstanding any alleged
                  failure by the Trustee to exercise the degree of care,
                  diligence and prudence required of the Trustee having regard
                  to the powers, authorities and discretions conferred on the
                  Trustee under this Deed or any other act or omission which may
                  not entitle the Trustee to be so indemnified and/or effect
                  such recovery (including, without limitation, fraud,
                  negligence or wilful default) and that is not related to the
                  liability.

            (c)   (OVERRIDING)

                  This clause 26.18 overrides any other provision of this Deed.

            (d)   The Trustee may only exercise its right of indemnity under
                  this clause if it has first made a claim under the Deed of
                  Indemnity and any such claim is not satisfied within 10
                  working days of that claim being made.

      26.19 EXTENT OF LIABILITY OF MANAGER

            The Manager shall not be personally liable to indemnify the Trustee
            or make any payments to any other person in relation to any Fund
            except that there shall be no

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                                                      LGR-SMHL Master Trust Deed

            limit on the Manager's liability for any fraud, negligence or wilful
            default by it in its capacity as the Manager of the relevant Fund.

      26.20 RIGHT OF INDEMNITY

            The Manager shall be indemnified out of the relevant Fund in respect
            of any liability, cost or expense properly incurred by it in its
            capacity as Manager of the relevant Fund or so incurred by any of
            its delegates, sub-delegates or agents.

      26.21 CONFLICTS

            Nothing in this Deed shall prevent the Trustee the Manager or any
            Related Body Corporate or Associate of either of them or the
            directors or other officers thereof or any other person (all being
            included unless the context otherwise requires in the expression the
            "TRUSTEE AND THE MANAGER" where hereafter used in this clause) from
            subscribing for purchasing, holding, dealing in or disposing of any
            Bonds, or from otherwise at any time contracting or acting in any
            capacity as representative or agent or otherwise or entering into
            any financial, banking, development, insurance, agency, broking or
            other transaction with, or providing any advice or services for any
            of the Funds or from being interested in any such contract or
            transaction or otherwise and the Trustee and the Manager shall not
            be in any way liable to account to any Bondholder, any Unitholder or
            any other person or any of them for any profits or benefits
            (including but without limiting the generality thereof any profit,
            bank charges, commission, exchange, brokerage and fees) made or
            derived thereby or in connection therewith and the Trustee and the
            Manager shall not by reason of any fiduciary relationship be in any
            way precluded from making any contracts or entering into any
            transactions with any such person in the ordinary course of the
            business or from undertaking any banking, financial, development,
            agency or other services and without prejudice to the generality of
            these provisions it is expressly declared that such contract and
            transactions may include any contract or transaction in relation to
            the placing of or dealing with any investment and the acceptance of
            any office of profit or any contract of loan or deposits or other
            contract or transaction which any person or company not being a
            party to this Deed could or might have lawfully entered into if not
            a party to this Deed and the Trustee and the Manager shall not be
            accountable to Bondholders, Unitholders or any other person for any
            profits arising form any such contracts, transactions or offices.

      26.22 TRUSTEE NOT OBLIGED TO INVESTIGATE THE MANAGER ETC

            The Trustee shall be responsible only for so much of the Authorised
            Investments, and the income and proceeds emanating therefrom as may
            be actually transferred or paid to it and the Trustee is hereby
            expressly excused from taking any action or actions to investigate
            the accounts management control or activities of the Manager, any
            Mortgage Manager or any other person or to inquire into or in any
            manner question or bring any action suit or proceeding or in any
            other manner whatsoever seek to interfere with the management
            control or activities (including the exercise or non-exercise of
            powers and discretions) of any of such persons or in any other
            manner whatsoever seek to remove from office any of such persons or
            take any steps or bring any action suit or proceedings or in any
            other manner whatsoever seek to vary amend delete from or add to
            this Deed or other

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                                                      LGR-SMHL Master Trust Deed

            instrument establishing the Funds, or wind up any of such persons or
            vest the Funds.

      26.23 INDEPENDENT INVESTIGATION OF CREDIT

            (a)   The Trustee and the Manager shall be entitled to assume that
                  each Bondholder has, independently and without reliance on the
                  Trustee, the Manager or any other Bondholder, and based on
                  such documents and information as each has deemed appropriate,
                  made its own investigations in relation to the Bonds, the
                  Trustee, the Manager and the provisions of this Deed and any
                  other Transaction Document.

            (b)   Each Bondholder agrees that it will, independently and without
                  reliance on the Trustee, the Manager or any other Bondholder
                  and based on such documents and information as it shall deem
                  appropriate at the time, continue to make its own analysis and
                  decisions as to all matters relating to this Deed and any
                  other Transaction Document.

      26.24 INFORMATION

            Except for notices and other documents and information (if any)
            expressed to be required to be furnished to any person by the
            Trustee under this Deed or any other Transaction Document, the
            Trustee shall not have any duty or responsibility to provide any
            person (including, without limitation, any Bondholder or Unitholder
            but not including the Manager) with any credit or other information
            concerning the affairs, financial condition or business of any of
            the Funds.

      26.25 WILFUL DEFAULT DEFINED

            (a)   For the purposes of this Deed the expression "wilful default"
                  in relation to the Trustee, means a wilful default of this
                  Deed by the Trustee:

                  (1)   other than a default which:

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

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

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

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

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

            (b)   A reference to the "fraud", "negligence" or "wilful default"
                  of the Trustee means the fraud, negligence or wilful default
                  of the Trustee and of its officers or employees, but not of
                  its agents or delegates, unless the Trustee

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                                                      LGR-SMHL Master Trust Deed

                  is liable for the acts or omissions of such other person under
                  the terms of this Deed.

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27    NOTICES

      27.1  NOTICES GENERALLY

            Subject to clause 27.2, every notice, certificate, request,
            direction, demand or other communication of any nature whatsoever
            required to be served, given or made under or arising from this
            Deed:

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

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

                  (1)   delivered to the address of that party set out in
                        sub-paragraph (e) (or at such other address as may be
                        notified in writing by that party to the other party
                        from time to time); or

                  (2)   posted by prepaid registered post to such address; or

                  (3)   sent by facsimile to the facsimile number set out in
                        sub-paragraph (e) (or to such other number as may be
                        notified in writing by that party to the other party
                        from time to time);

            (c)   shall be sufficient if executed by the party giving, serving
                  or making the same or on its behalf by any two then Authorised
                  Signatories of such party;

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

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

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

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

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

            (e)   the addresses and facsimile numbers for service of notices as
                  referred to in sub-paragraph (b) of this clause are as
                  follows:

                  (1)   Where the Trustee is the recipient:

                        By mail or hand delivery:

                        Perpetual Limited
                        Level 12, 123 Pitt Street
                        SYDNEY  NSW  2000

                        By facsimile: (02) 9221 0920

                        In all cases marked to the attention of the Head of Debt
                        Markets/Manager - Securitisation

                  (2)   Where the Manager is the recipient:

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                                                      LGR-SMHL Master Trust Deed

                        By mail or hand delivery:

                        ME Portfolio Management Limited
                        Level 17,
                        360 Collins Street
                        MELBOURNE VIC 3000
                        By facsimile: (03) 9605 6200

                        In all cases marked to the attention of the Manager -
                        Capital Markets

                  (3)   Where the Income Unitholder is the recipient:

                        By mail or hand delivery:

                        (A)   where P.T. Limited is the Income Unitholder:

                              P.T. Limited
                              Level 12
                              123 Pitt Street
                              SYDNEY  NSW  2000

                              By facsimile: (02) 9221 0920

                              In all cases marked to the attention of the Head
                              of Debt Markets/Manager - Securitisation

                        (B)   otherwise - to the address specified in the
                              Register

                  (4)   Where the Residual Capital Unitholder is the recipient:

                        By mail or hand delivery:

                        (A)   where ME Portfolio Management Limited is the
                              Residual Capital Unitholder:

                              ME Portfolio Management Limited
                              Level 17
                              360 Collins Street
                              MELBOURNE VIC 3000

                              By facsimile: (03) 9605 6200

                              In all  cases  marked  to the  attention  of the
                              Manager - Capital Markets

                        (B)   otherwise - to the address specified in the
                              Register.

      27.2  NOTICES TO BONDHOLDERS

            A notice, request or other communication by the trustee or the
            Manager to Bondholders shall be deemed to be duly given or made by
            an advertisement placed on a Banking Day in the Australian Financial
            Review (or other nationally distributed newspaper).

      27.3  NOTICES TO DESIGNATED RATING AGENCIES

            The Manager shall provide a copy of each notice, request or other
            communication by the Trustee or the Manager to Bondholders in a
            Rated Fund to each Designated Rating Agency (if any) for the Rated
            Fund as from time to time agreed in writing

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                                                      LGR-SMHL Master Trust Deed

            with that Designated Rating Agency. Where a Transaction Document
            requires a notice to be given to a Designated Rating Agency, that
            requirement constitutes an agreement in writing for the purposes of
            this clause 27.3.

      27.4  ADDITIONAL MATERIALS TO EACH DESIGNATED RATING AGENCY

            Without limiting the operation of clause 27.3, the Manager shall
            provide each Designated Rating Agency of a Fund with such additional
            reports, materials and other information as specified in the
            Supplementary Bond Terms in relation to the Fund or as may from time
            to time be agreed between the Manager and the Designated Rating
            Agency.

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28    AMENDMENT

      28.1  AMENDMENT BY TRUSTEE

            The Trustee may with the written approval of the Manager by way of
            supplemental deed alter, add to or modify this Deed (including this
            clause 28 other than the words in brackets hereinafter appearing) in
            respect of any one or more Funds (other than clauses 22.1 and 22.2
            insofar as they relate to a then constituted Fund) so long as such
            alteration, addition or modification either complies with clause
            28.2 or is:

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

            (b)   (COMPLY WITH LAW): in the opinion of the Trustee necessary to
                  comply with the provisions of any statute or regulation or
                  with the requirements of any Government Agency;

            (c)   (CHANGE IN LAW): in the opinion of the Trustee appropriate or
                  expedient as a consequence of an amendment to any statute or
                  regulation or altered requirements of any Government Agency
                  (including, without limiting the generality of the foregoing,
                  an alteration, addition or modification which is in the
                  opinion of the Trustee appropriate or expedient as a
                  consequence of the enactment of a statute or regulation or an
                  amendment to any statute or regulation or ruling by the
                  Commissioner or Deputy Commissioner of Taxation or any
                  governmental announcement or statement, in any case which has
                  or may have the effect of altering the manner or basis of
                  taxation of trusts generally or of trusts similar to any of
                  the Funds);

            (d)   (NOT YET CONSTITUTE FUND): to apply only in respect of a Fund
                  not yet constituted hereunder;

            (e)   (TO ENSURE NON-REGISTRATION): necessary to ensure that this
                  Deed is required to be registered with or approved by any
                  Government Agency in any Australian jurisdiction; or

            (f)   (NOT PREJUDICIAL TO EXISTING BONDHOLDERS OR UNITHOLDERS): in
                  the reasonable opinion of the Trustee neither prejudicial nor
                  likely to be prejudicial to the interests of the Bondholders
                  or Unitholders in respect of a then constituted Fund (in the
                  case of an alteration, addition or modification affecting that
                  Fund).

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                                                      LGR-SMHL Master Trust Deed

      28.2  AMENDMENT WITH CONSENT

            Where in the reasonable opinion of the Trustee a proposed
            alteration, addition or modification to this Deed, save and except
            an alteration, addition or modification referred to in clauses
            28.1(a), (b), (c), (d) or (e), is prejudicial or likely to be
            prejudicial to the interests of the Bondholders or Unitholders in a
            particular then constituted Fund such alteration, addition or
            modification may only be effected by the Trustee with the prior
            consent of the Bondholders in the Fund or with the prior written
            consent of the Unitholders (as the case may be).

      28.3  COPY OF AMENDMENTS TO BONDHOLDERS

            The Trustee shall upon request by a Bondholder, provide the
            Bondholder with a copy of the supplemental deed effecting any
            alteration, addition or modification to this Deed.

      28.4  COPY OF AMENDMENTS IN ADVANCE TO DESIGNATED RATING AGENCIES

            The Manager shall provide a copy of a proposed alteration, addition
            or modification to this Deed, and to any document in relation to a
            Rated Fund agreed in writing with a Designated Rating Agency, to
            each Designated Rating Agency (if any) for the Rated Fund at least 5
            Banking Days (or such period as may from time to time be agreed by
            the Manager with the Designated Rating Agency) prior to the same
            taking effect.

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29    MISCELLANEOUS

      29.1  DATA BASE TO BE RETAINED AS CONFIDENTIAL

            Each of the Trustee and the Manager shall retain as confidential to
            itself the Data Base in so far as the same is held by it and shall
            not disclose the same to any other person (including any of its
            Related Bodies Corporate) except:

            (a)   (TRANSACTION DOCUMENTS) as permitted or required by any
                  Transaction Document or necessary for any party to a
                  Transaction Document (including the Trustee, the Manager and
                  any Mortgage Manager) to perform its respective duties and
                  obligations thereunder;

            (b)   (ENFORCEMENT): as required for the enforcement or attempted
                  enforcement of any Transaction Document, Loan, Mortgage or
                  Related Security;

            (c)   (PROFESSIONAL ADVISERS): to any professional adviser,
                  delegate, agent or sub-agent of the Trustee, the Manager or
                  any Mortgage Manager under a power contained in a Transaction
                  Document;

            (d)   (OFFICERS): to the officers, employees and directors of the
                  trustee, the Manager or any Mortgage Manager made in the
                  performance by the Trustee, the Manager or any Mortgage
                  Manager respectively of its duties and obligations under the
                  Transaction Documents or at law;

            (e)   (AUDITORS): to the Auditor of any Fund or as required by the
                  Auditor of any Fund; or

            (f)   (LAW): as required by law or by any Government Agency or by
                  listing rules of the Australian Stock Exchange Limited.

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                                                                         Page 90
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                                                      LGR-SMHL Master Trust Deed

      29.2  CERTIFICATES BY MANAGER

            Any statement or certificate by the Manager in relation to any act,
            matter, thing or state of affairs in relation to any of the Funds,
            this Deed or any other Transaction Document shall, in the absence of
            manifest error be final, be binding and conclusive upon the Trustee,
            the Unitholders, the Bondholders and all other person.

      29.3  WAIVERS, REMEDIES CUMULATIVE

            Save as provided in this Deed, no failure to exercise and no delay
            in exercising on the part of the Trustee or the Manager of any
            right, power or privilege under this Deed shall operate as a waiver,
            nor shall any single or partial exercise of any right power or
            privilege preclude any other or further exercise of such right power
            or privilege, or the exercise of any other right, power or
            privilege.

      29.4  RETENTION OF DOCUMENTS

            All Applications for Bonds, cancelled Bond Registration
            Confirmation, bond Transfers and instruments of transmission shall
            be retained by the Manager for a period of seven years but on the
            expiration of seven years from the date of any such document the
            same may be destroyed.

      29.5  GOVERNING LAW

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

      29.6  JURISDICTION

            (a)   Each of the Trustee, the Manager, the Unitholders and the
                  Bondholders irrevocably submits to and accepts, generally and
                  unconditionally, the non-exclusive jurisdiction of the courts
                  and appellate courts of the State of New South Wales with
                  respect to any legal action or proceedings which may be
                  brought at any time relating in any way to this Deed.

            (b)   Each of the Trustee, the Manager, the Unitholders and the
                  Bondholders irrevocably waives any objection it may now or in
                  the future have to the venue of any such action or proceedings
                  and any claim it may now or in the future have that any such
                  action or proceeding has been brought in an inconvenient
                  forum.

      29.7  SEVERABILITY OF PROVISIONS

            In the event that any provision of this Deed is prohibited or
            unenforceable in any jurisdiction such provision shall, as to such
            jurisdiction, be ineffective to the extent of such prohibition or
            unenforceability without invalidating the remaining provisions of
            this Deed or affecting the validity or enforceability of such
            provision in any other jurisdiction.

      29.8  COUNTERPARTS

            This Deed may be executed in any number of counterparts and all of
            such counterparts taken together shall be deemed to constitute one
            and the same instrument.

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                                                      LGR-SMHL Master Trust Deed

      29.9  INSPECTION OF THIS DEED

            The Unitholders and the Bondholders may inspect a copy of this Deed
            at the office of the Manager during normal business hours, but shall
            not be entitled to a copy thereof.

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                                                      LGR-SMHL Master Trust Deed
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SCHEDULE 1 - APPLICATION FOR BONDS

The Superannuation Member's Home Loans [Origination/Securitisation] Fund No.
[  ]

To:   Perpetual Limited, ABN 86 000 431 827 (the "TRUSTEE")

      and

      ME Portfolio Management Limited, ABN 79 005 964 134 (the "MANAGER").

From: .................................................... (ACN/ABN          )
                    (Name)

      of .................................................. (the "APPLICANT").
                  (Address)

APPLICATION

The Applicant hereby applies for the following Bonds (the "BONDS") to be issued
by the Trustee as trustee of the Superannuation Members' Home Loans
[Origination/Securitisation] Fund No. [ ] (the "FUND") pursuant to the Master
Trust Deed dated [        ] (as amended from time to time) establishing the
Superannuation Members' Home Loans Trusts (the "TRUST DEED"):

1.    The Bonds applied for are:

2.    The amount of Bonds applied for is:

APPLICANT BOUND

The Applicant agrees that the Bonds will be issued subject to, and agrees to be
bound by, the provisions of the Trust Deed, the Supplementary Bond Terms
appearing in the Register in relation to the Bonds [and the Security Trust Deed
dated [      ] in relation to the Fund].

ACKNOWLEDGMENT BY APPLICANT

The Applicant acknowledges that the liability of the trustee to make payments in
respect of the Bonds is limited to its right of indemnity from the assets of the
Fund from time to time available to make such payments pursuant to the Trust
Deed.

The Applicant further acknowledges that it has independently and without
reliance on the Trustee, the Manager or any other person (including without
reliance on any materials prepared or distributed by any of the foregoing) made
its own assessment and investigations regarding its investment in the Bonds.

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                                                      LGR-SMHL Master Trust Deed

GENERAL

Payment due under the Bonds should be made by cheque posted to the above address
to the credit of the following account:

      Name of Bank:
      Address of Bank:
      Account Details:
      Account No.:
      Name of Account:

A marked Bond Transfer of the abovementioned Bonds is required: Yes/No.

Applicant's Tax File Number:

INTERPRETATION

Each expression used in this application for Bonds that is not defined herein
has the same meaning as in the Trust Deed.

Dated:

SIGNED:.......................

*     Where the Applicant is a trustee, this Application for Bonds must be
      completed in the name of the trustee and signed by the trustee without
      reference to the trust.

*     Where this Application for Bonds is executed by a corporation, it must be
      executed either under common seal or under a power of attorney.

*     If this Application for Bonds is signed under a power of attorney, the
      attorney hereby certifies that it has not received notice of revocation of
      that power of attorney. A certified copy of the power of attorney must be
      lodged with this Application for Bonds.

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                                                      LGR-SMHL Master Trust Deed
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SCHEDULE 2 - BOND REGISTRATION CONFIRMATION

The Superannuation Members' Home Loans [Origination/Securitisation] Fund No.
[  ]

Name:

[Class]:

Outstanding Principal Balance (as at the date hereof):

Interest Rate:

Interest Payment Dates:

[Principal Amortisation Dates]:

Final Maturity Date:

This confirms that:

Bondholder:

ACN/ABN (if applicable):

Address:

appears in the Register as the holder of the abovementioned Bonds (the "BONDS").

The Bonds are issued by Perpetual Limited, ABN 86 000 431 827 (the "TRUSTEE") in
its capacity as trustee of the abovementioned Fund (the "FUND") pursuant to a
Master Trust Deed dated [         ] (as amended from time to time) establishing
the Superannuation Members' Home Loans Trusts (the "TRUST DEED").

The Bonds are issued subject to the provisions of the Trust Deed, the
Supplementary Bond Terms in relation to the Bonds [and the Security Trust Deed
dated [         ] in relation to the Fund]. A copy of the Trust Deed, the
Supplementary Bond Terms [and the Security Trust Deed] are available for
inspection by Bondholders at the offices of ME Portfolio Management Limited, ABN
79 005 964 134 (the "MANAGER") at [        ].

The Trustee's liability to make payments in respect of the Bonds is limited to
its right of indemnity from the assets of the Fund from time to time available
to make such payments pursuant to the Trustee Deed. All claims against the
Trustee in relation to the Bonds may only be satisfied out of the assets of the
Fund except in the case of (and to the extent of) any fraud, negligence or
wilful default on the part of the Trustee or its officers, employees, agents or
delegates. The Trustee shall not be liable to satisfy any obligation or
liabilities from its personal assets except (and to the extent) of any fraud,
negligence or wilful default on the part of the Trustee or its officers,
employees, agents or delegates. Neither the Trustee nor the Manager guarantees
the payment of interest or the repayment of principal due on the Bonds.

This Bond Registration Confirmation is not a certificate of title and the
Register is the only conclusive evidence of the abovementioned Bondholder's
entitlement to Bonds.

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                                                                         Page 95
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                                                      LGR-SMHL Master Trust Deed

Transfers of Bonds must be pursuant to a Bond Transfer in the form contained in
Schedule 4 to the Trust Deed (copies of which are available from the trustee at
its abovementioned address). Executed Bond Transfers must be submitted to the
Trustee.

Each expression used in this Bond Registration Confirmation that is not defined
herein has the same meaning as in the Trust Deed.

Date:

For and on behalf of Perpetual Limited

..............................                       ............................
Authorised Signatory                                Authorised Signatory

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                                                      LGR-SMHL Master Trust Deed

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SCHEDULE 3 - SECURITISATION FUND BOND ISSUE DIRECTION

TO:   Perpetual Limited, ABN 86 000 431 827 (the "TRUSTEE").

FROM: ME Portfolio Management Limited, ABN 79 005 964 134 (the "MANAGER").

1     PROPOSAL TO ISSUE BONDS

Pursuant to clause 7.2 of the Trust Deed dated [       ] (as amended from time
to time) establishing the Superannuation Members' Home Loans Trusts (the "TRUST
DEED) the Manager hereby proposes and directs in this Securitisation Fund Bond
Issue Direction (the "BOND ISSUE DIRECTION") that the Trustee on [      ] (the
"BOND ISSUE DATE") will issue as trustee of the Superannuation members' Home
Loan Securitisation Fund no. [      ] (the "SECURITISATION FUND") the Bonds
specified below (the "PROPOSED BONDS"):

(a)   The name(s), total principal amount, currency, total number and
      Subscription Amount of the proposed Bonds are as follows:

      (1)   name(s):

      (2)   total principal amount:

      (3)   total number:

      (4)   Subscription Amount:

(b)   The proposed Bonds [will/will not] constitute a Class separate from any
      other Bonds previously issue by the Trustee as trustee of the
      Securitisation Fund or from any other proposed Bonds referred to in this
      Bond Issue Direction.

(c)   [The details of each Class are as follows:

      (here specify information in (1) above for each Class)]

2     PORTFOLIO OF MORTGAGES TO BE HELD BY THE TRUSTEE FOR THE SECURITISATION
      FUND

The Portfolio of Mortgages to be held by the Trustee as trustee of the
Securitisation Fund pursuant to clause 7.8(f)(2) of the Trust Deed are specified
in Annexure "A" hereto and currently form part of the [refer to the relevant
Origination or Securitisation Fund] (the "OLD FUND").

3     PROCEEDS OF ISSUE

For the purposes of clause 7.3(a)(6) of the Trust Deed, the Trustee shall hold
the amount of [$  ] as trustee of the Old Fund from the proceeds of the issue of
the proposed Bonds pursuant to clause 7.8(f)(1) of the Trust Deed.

4     SECURITY TRUST DEED, ENHANCEMENTS AND HEDGES

For the purposes of clause 7.3(a)(7) of the Trust Deed:

(a)   (a) A Security Trust Deed for the Securitisation Fund [must/need not] be
      put in place prior to the Bond Issue Date.

(b)   (b) The following Enhancements and Hedges must be effected prior to the
      Bond Issue Date:

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                                                                         Page 97
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                                                      LGR-SMHL Master Trust Deed

5     SUPPLEMENTARY BOND TERMS

The Supplementary Bond Terms for the proposed Bonds (each Class of the proposed
Bonds] are contained [in the attached duly completed Supplementary Bond Terms
Notice/in the Supplementary Bond Terms Notice attached to the Securitisation
Fund Bond Issue Direction dated [ ]].

6     MANAGER'S CERTIFICATIONS

For the purposes of clause 7.7(a) of the Trust Deed, but subject to the Trust
Deed, the Manager certifies to the Trustee that:

(a)   This Bond Issue Direction, and each accompanying Supplementary Bond Terms
      Notice, complies with the Trust Deed.

(b)   To the best of the Manager's knowledge, the details of the Portfolio of
      Mortgages in Annexure "A" conform with the details in the Register in
      respect of that Portfolio of Mortgages.]

7     INTERPRETATION

Each expression used in this Bond Issue Direction that is not defined herein has
the same meaning as in the Trust Deed.

Dated:

For and on behalf of ME Portfolio Management Limited

..............................                       ............................
Authorised Signatory                                Authorised Signatory

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                                                      LGR-SMHL Master Trust Deed

--------------------------------------------------------------------------------
SCHEDULE 4 - BOND TRANSFER AND ACCEPTANCE

The Superannuation Members' Home Loans [Origination/Securitisation]
Fund No. [    ]

                                                                         -------
To:   Perpetual Limited                                     Registry       Date
      ABN 86 000 431 827 (the "TRUSTEE")                      Use         Lodged
                                                              Only          / /
                                                                         -------

                                                  ------------------------------
TRANSFEROR
                                                  ------------------------------
(Full Name, ACN/ABN (if applicable) and Address)

                                                  ------------------------------
(Please Print)
                                                  ------------------------------

                                                  ------------------------------
HEREBY APPLIES TO ASSIGN AND TRANSFER TO
                                                  ------------------------------
TRANSFEREE

                                                  ------------------------------
(Full Name, ACN/ABN (if applicable) and Address)

                                                  ------------------------------
(Please Print)
                                                  ------------------------------

                                                  ------------------------------
                                                  and its/their executors,
                                                  administrators or assigns

The following Bonds in the Superannuation Members' Home Loans
[Origination/Securitisation] Fund No. [   ]

Number of Bonds:

Name:

[Class]:

[Face Value/Outstanding Principal Balance]:

Interest Payment Dates:

[Principal Amortisation Dates]:

Final Maturing Date:                /  /

                                                        -----------------
                                                        Settlement Amount

                                                        $
                                                        -----------------

and all my/our/its property and interests in rights to same and tot he interest
accrued thereon.

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                                                      LGR-SMHL Master Trust Deed

TRANSFEROR _____________________________________________________________________
(Signature: see Notes)

WITNESS ___________________________________________________ Date  /  /

TRANSFEREE _____________________________________________________________________
(Signature: see Notes)

WITNESS ___________________________________________________ Date  /  /

PAYMENTS

(Tick where appropriate)
--------------------------------------------------------------------------------
   In accordance with existing instructions (existing holders only)

   By cheque posted to the above address     By credit to the following  account
                                           in Australia and the name of the
                                           Transferee only

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

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

--------------------------------------------------------------------------------
Tax File Number (if applicable):
--------------------------------------------------------------------------------

Authorised Signature of Transferee ___________________________ Date  /  /

NOTES:

o     The Transferor and the Transferee acknowledge that the transfer of the
      Bonds specified in this Transfer and Acceptance (the "BONDS") shall only
      take effect on the entry of the Transferee's name in the Register as the
      registered owner of the Bonds.

o     The Transferee agrees to accept the Bonds subject to the provisions of the
      Master Trust Deed dated [      ] (as amended from time to time)
      establishing the Superannuation Members' Home Loans Trusts (the "TRUST
      DEED"), the Supplementary Bond Terms appearing in the Register in relation
      to the Bonds [and the Security Trust Deed dated [        ] in relation
      thereto].

o     The Transferee acknowledges that it has independently and without reliance
      on the Trustee, ME Portfolio Management Limited, ABN 79 005 964 134 (the
      "MANAGER") or any other person (including without reliance on any
      materials prepared or distributed by any of the foregoing) made its own
      assessment and investigations regarding its investment in the Bonds.

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                                                      LGR-SMHL Master Trust Deed

o     The Trustee's liability to make payments in respect of the bonds is
      limited to its right of indemnity from the assets of the abovementioned
      Fund from time to time available to make such payments pursuant to the
      Trust Deed.

o     Where the Transferor and/or the Transferee is a trustee, this Bond
      Transfer must be completed in the name of the trustee and signed by the
      trustee without reference to the trust.

o     Where this Bond Transfer is executed by a corporation, it must be executed
      either under common seal or under a power of attorney.

o     If this Transfer and Acceptance is signed under a power of attorney, the
      attorney hereby certifies that it has not received notice of revocation of
      that power of attorney. A certified copy of the power of attorney must be
      lodged with this Bond Transfer.

o     This Bond Transfer must be lodged with the Trustee for registration.

o     The Register will be closed from the close of business on the banking day
      which is 5 clear banking days prior to, and will be re-opened at the
      commencement of business on the banking day immediately after, each
      Interest Payment Date, each Principal Amortisation Date and the Final
      Maturity Date of the Bonds. The Trustee may with prior notice given in the
      manner specified in the Trust Deed, close the Register at other times. The
      total period that the Register may be closed will not exceed 30 banking
      days (or such other period agreed to by the Manager) in aggregate in any
      calendar year. No Bond Transfer received after 4.00 pm Sydney time on the
      day of closure of the Register or whilst the Register is closed will be
      registered until the Register is re-opened.

o     If the Transferee is a non-resident for Australian taxation purposes,
      withholding tax will be deducted from all interest payments unless an
      exemption is provided to the Trustee.

o     [Insert any restrictions on the transfer of Bonds.]

o     Marking where clause 8.15 applies

The Trustee hereby certifies that the Transferor is inscribed in the Register as
the holder of the Bonds specified in this Bond Transfer and that it will not
register any transfer of such Bonds other than pursuant to this Bond Transfer
before [insert date].

Dated:

For and on behalf of Perpetual Limited

..............................                       ............................
Authorised Signatory                                Authorised Signatory

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                                                      LGR-SMHL Master Trust Deed

--------------------------------------------------------------------------------
SCHEDULE 5 - NOTICE OF CREATION OF A SECURITISATION FUND

To:   Perpetual Limited, ABN 86 000 431 827 (the "TRUSTEE")

From: ME Portfolio Management Limited, ABN 79 005 964 134 (the "MANAGER")

Pursuant to clause 4.2(a)(1) of the Master Trust Deed dated [       ] between
the Trustee and the Manager establishing the Superannuation Members' Home Loans
Trusts (as amended from time to time) (the "TRUST DEED") the Manager hereby
gives notice of the creation of a Securitisation Fund under the Trust Deed to be
known as the "Superannuation Members' Home Loans Securitisation Fund No. [
]" (the "SECURITISATION FUND") [or such other name as the Manager and the
Trustee have agreed pursuant to clause 4.3(b) of the Master Trust Deed].

For the purposes of clause 4.1 of the Trust Deed this Notice of Creation of a
Securitisation Fund is accompanied by:

(a)   on behalf of [         ] (the "INCOME UNITHOLDER"), [$1.00] in accordance
      with clause 4.1(a)(3) of the Trust Deed and clause 3.6(a) of Schedule 10
      of the Trust Deed and the Manager directs the Trustee to issue the Income
      Unit[s] to the Income Unitholder in the Securitisation Fund; and

(b)   on behalf of [         ] (the "RESIDUAL CAPITAL UNITHOLDER"), [$100] in
      accordance with clause 4.2(a)(2) of the Trust Deed and clause 3.6(b) of
      Schedule 10 of the Trust Deed and the Manager directs the Trustee to issue
      the Residual Capital Unit[s] to the Residual Capital Unitholder in the
      Securitisation Fund.

Dated:

For and on behalf of ME Portfolio Management Limited.

..............................                       ............................
Authorised Signatory                                Authorised Signatory

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                                                      LGR-SMHL Master Trust Deed

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SCHEDULE 6 - MORTGAGE TRANSFER PROPOSAL

To:   Perpetual Limited, ABN 86 000 431 827 (the "TRUSTEE").

From: ME Portfolio Management Limited, ABN 79 005 964 134 (the "MANAGER").

Pursuant to clause 10.9(a) of the Master Trust Deed dated [       ] (as amended
from time to time) establishing the Superannuation Members' Home Loans Trusts
(the "TRUST DEED") the Manager hereby proposes that the Trustee on [      ] (the
"TRANSFER DATE") substitute the Mortgages currently held by it as trustee of the
Superannuation Members' Home Loans [Origination/Securitisation] Fund no [
] and referred to in Part A below (the "OUTGOING MORTGAGE") with another
Mortgage or Mortgages which currently is [are] held by [ ] as Mortgage Manager
and referred to in Part B below (the "SUBSTITUTE MORTGAGE").

PART A:  THE OUTGOING MORTGAGE

The details of the Outgoing Mortgage are as follows:

LOAN NO.   FACE VALUE    MATURITY    RATE OF      CORRESPONDING    CORRESPONDING
                          DATE       INTEREST         HEDGE         ENHANCEMENT

PART B: THE SUBSTITUTE MORTGAGE(S)

The details of the Substitute Mortgage(s) are as follows:

LOAN NO.   FACE VALUE    MATURITY    RATE OF      CORRESPONDING    CORRESPONDING
                          DATE       INTEREST         HEDGE         ENHANCEMENT

Each expression used in this Mortgage Transfer Proposal that is not defined
herein has the same meaning as in the Trust Deed.

Date:

For and on behalf of ME Portfolio Management Limited.

..............................                       ............................
Authorised Signatory                                Authorised Signatory

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                                                                        Page 103
<PAGE>

                                                      LGR-SMHL Master Trust Deed

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SCHEDULE 7 - NOTICE OF CREATION OF AN ORIGINATION FUND

To:   Perpetual Limited, ABN 086  431 827 (the "TRUSTEE")

From: ME Portfolio Management Limited, ABN 79 005 964 134 (the "MANAGER")

Pursuant to clause 3.3(a)(1) of the Master Trust Deed dated [       ] between
the Trustee and the Manager establishing the Superannuation Members' Home Loans
Trusts (as amended from time to time) (the "TRUST DEED") the Manager hereby
gives notice of the creation of an Origination Fund under the Trust Deed to be
known as the "Superannuation Members' Home Loans Origination Fund [      ]" (the
"ORIGINATION FUND") [or such other name as the Manager and the Trustee have
agreed pursuant to clause 3.4(b) of the Master Trust Deed'.

This Notice of Creation of an Origination Fund is accompanied by [$1.00] on
behalf of [        ] (the "INCOME UNITHOLDER"), in accordance with clause
3.3(a)(3) of the Trust Deed and clause 3.5(a) of Schedule 10 of the Trust Deed
and the Manager directs the Trustee to issue the Income Unit[s] to the Income
Unitholder in the Origination Fund.

This Notice of Creation of an Origination Fund is also accompanied by [$100] on
behalf of [        ] (the "RESIDUAL CAPITAL UNITHOLDER"), in accordance with
clause 3.3(a)(2) of the Trust Deed and clause 3.5(b) of Schedule 10 of the Trust
Deed and the Manager directs the Trustee to issue the Residual Capital Unit[s]
to the Residual Capital Unitholder in the Origination Fund..

Dated:

For and on behalf of the ME Portfolio Management Limited.

..............................                       ............................
Authorised Signatory                                Authorised Signatory

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                                                      LGR-SMHL Master Trust Deed

--------------------------------------------------------------------------------
SCHEDULE 8 - ORIGINATION FUND BOND ISSUE DIRECTION

To:   Perpetual Limited, ABN 86 000 431 827 (the TRUSTEE).

From: ME Portfolio Management Limited, ABN 79 005 964 134 (the MANAGER).

1     PROPOSAL TO ISSUE BONDS

Pursuant to clause 7.1 of the Master Trust Deed dated [          ] (as amended
from time to time) establishing the Superannuation Members' Home Loans Trusts
(the TRUST DEED) the Manager hereby proposes and directs in this Origination
Fund Bond Issue Direction (the BOND ISSUE DIRECTION) that the Trustee [on [
      ] (the BOND ISSUE DATE)/during the period [         ] (the SUBSCRIPTION
PERIOD) will issue as trustee of the Superannuation Members' Home Loans
Origination Fund [       ] (the ORIGINATION FUND) the Bonds specified below (the
PROPOSED BONDS):

(a)   The name(s), total principal amount, total number, Subscription Amount and
      the portion of the Subscription Amount payable on the Bond Issue Date, of
      the proposed Bonds are as follows:

      (1)   name(s):

      (2)   total principal amount:

      (3)   total number:

      (4)   Subscription Amount:

      (5)   the portion of the Subscription Amount payable on the issue of the
            Bonds:

(b)   The proposed Bonds [will/will not] constitute a Class separate from any
      other Bonds previously issued by the Trustee as trustee of the Origination
      Fund or from any other proposed Bonds referred to in this Bond Issue
      Direction.

[The details of each Class are as follow:

(here specify information in (a) above for each Class)]

2     SECURITY TRUST DEED, ENHANCEMENTS AND HEDGES

For the purposes of clause 7.3(a)(6) of the Trust Deed:

(a)   A Security Trust Deed for the Origination Fund [must/need not] be put in
      place prior to the [Bond Issue Date/commencement of the Subscription
      period].

(b)   The following Enhancements and Hedges must be effected prior to the [Bond
      Issue Date/commencement of the Subscription Period]:

3     SUPPLEMENTARY BOND TERMS

The Supplementary Bond Terms for the proposed Bonds [each Class of the proposed
Bonds] are contained [in the attached duly completed Supplementary Bond Terms
Notice/in the Supplementary Bond Terms Notice attached to the Bond Issue
Direction dated [       ]].

4     [MANAGER'S CERTIFICATION

For the purpose of clause 7.7(a) of the Trust Deed, the Manager certifies to the
Trustee that this Bond Issue Direction, and each accompanying Supplementary Bond
Terms Notice, complies with the Trust Deed.]

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                                                                        Page 105
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                                                      LGR-SMHL Master Trust Deed

5     INTERPRETATION

Each expression used in this Bond Issue Direction that is not defined herein has
the same meaning as in the Trust Deed.

Dated:

For and on behalf of ME Portfolio Management Limited

..............................                       ............................
Authorised Signatory                                Authorised Signatory

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                                                                        Page 106
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                                                      LGR-SMHL Master Trust Deed

--------------------------------------------------------------------------------
SCHEDULE 9 - MANAGER'S FEE

1.    For the purposes of this Schedule:

      "FEE PAYMENT DATE" means the 15th day of September, December, March and
      June in each year (or if such a date is not a Banking Day, the first
      Banking Day thereafter).

      "FEE PERIOD" means:

      (a)   in the case of the first Fee Period, the period commencing on (and
            including) the first Fee Payment Date thereafter; and

      (b)   in the case of each subsequent Fee period, the period commencing on
            and including the day immediately after a Fee Payment Date and
            ending on (and including) the next Fee Payment Date.

      "VALUATION DATE" means the 15th day of each calendar month.

2.    For the purposes of calculating the Manager's Fee the following procedure
      shall be employed:

      (a)   The Assets of the Funds shall be divided into 2 categories:

            (1)   the Mortgages forming part of the Funds (the "MORTGAGE
                  COMPONENT"); and

            (2)   the other Authorised Investments of the Funds (the "CASH
                  COMPONENT").

      (b)   On each Valuation Date, the Assets of the Funds shall be valued by
            the Manager on the following basis:

            (1)   the value of the Mortgage Component shall be the aggregate
                  Outstanding Principal Balance of all Mortgages as at the
                  Valuation Date provided that if the Manager has reason to
                  believe that part or all of the Outstanding Principal Balance
                  under a Mortgage is unlikely to be collected in full and that
                  the position is unlikely to improve, then the Manager shall
                  reduce for the purposes of calculating the Manager's Fee the
                  Outstanding Principal Balance on the Mortgage by an amount
                  equal to that part of the Outstanding Principal Balance which
                  the Manager estimates will be unable to be collected; and

            (2)   the value of any investments falling within paragraphs (c)-(i)
                  of the definition of "Authorised Investment" in clause 1.1
                  shall be the acquisition cost thereof as adjusted to reflect
                  accrued but unpaid income or interest up to (and including)
                  the Valuation Date.

      (c)   Based on the foregoing, the Manager shall determine the aggregate
            value for all Funds of each of the Mortgage Component and the Cash
            Component on each Valuation Date.

      (d)   Each of the aggregate values for the Cash Component and the Mortgage
            Component shall in turn be aggregated for each Valuation Date during
            a Fee Period and then each of such resulting aggregates shall be
            averaged by being divided by the number of Valuation Dates during
            the Fee Period.

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                                                      LGR-SMHL Master Trust Deed

      (e)   The Manager's Fee shall be calculated for each day during a Fee
            Period based on the average value of the aggregate of each of the
            Cash Component and Mortgage Component and at the following rates
            (subject to below):

            (1)   for the Mortgage Component: 0.75% per annum;

            (2)   for the Cash Component: 0.25% per annum.

      (f)   The amount of the Manager's Fee for the Cash Component and the
            Mortgage Component for each Fee Period shall then be apportioned to
            each Fund pro rata and shall be payable by the Trustee as trustee of
            each Fund in arrears on each Fee Payment Date to the Manager.

4.    Whilst Superannuation Members' Home Loans Limited is the Manager, the
      Manager's Fee for the Cash Component and the Mortgage Component shall be
      calculated in accordance with the following sliding scales:

      (a)   For the Mortgage Component:

      VALUE OF MORTGAGE COMPONENT                              MANAGER'S FEE
      (AS AT THE VALUATION DATE)

      $0 - $150,000,000                                        0.75% per annum
      $150,000,000 - $300,000,000                              0.70% per annum
      $300,000,000 - $450,000,000                              0.65% per annum
      $450,000,000 +                                           0.60% per annum.

      (b)   For the Cash Component:

      VALUE OF MORTGAGE COMPONENT                              MANAGER'S FEE
      (AS AT THE VALUATION DATE)

      $0 - $150,000,000                                        0.25% per annum
      $150,000,000 - $300,000,000                              0.225% per annum
      $300,000,000 - $450,000,000                              0.20% per annum
      $450,000,000 +                                           0.175% per annum.

The Manager's Fee for the Mortgage Component and the Cash Component shall be
calculated for the purposes of this paragraph 4 in bands based on the above
sliding scales. If, for example, the value of the Cash Component of all Funds on
a Valuation Date is $200,000,000, the Manager's Fee for this category will be
0.25% per annum for the first $150,000,000, 0.225% per annum for the next
$150,000,000 and 0.2% per annum for the final $100,000,000.

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                                                      LGR-SMHL Master Trust Deed

--------------------------------------------------------------------------------
SCHEDULE 10 - FUND PROVISIONS

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1     THE UNIT REGISTER

      1.1   DETAILS TO BE KEPT ON THE UNIT REGISTER

            The Trustee shall keep a register in respect of the Units of each
            Fund on which shall be entered the following information in respect
            of each Fund:

            (a)   (NAME): the name of the Fund;

            (b)   (CREATION): the date of the creation of the Fund;

            (c)   (UNIT ISSUE DATE): the Unit Issue Dates for each Unit issued
                  in relation to the Fund;

            (d)   (VALUE): the original face value of each Unit issued on each
                  Unit Issue Date;

            (e)   (DETAILS OF UNITHOLDER): the name and address of each
                  Unitholder;

            (f)   (NUMBER OF UNITS): the number of Units held by each
                  Unitholder;

            (g)   (DATE OF ENTRY): the date on which a person was entered as a
                  Unitholder;

            (h)   (DATE OF CESSATION): the date on which a person ceased to be a
                  Unitholder or the date the Units were released and cancelled;

            (i)   (ACCOUNT): the account to which any payments due to a
                  Unitholder are to be made (if applicable); and

            (j)   (ADDITIONAL INFORMATION): such other information as the
                  Trustee considers necessary or desirable or as the Manager
                  reasonably requires.

      1.2   PLACE OF KEEPING UNIT REGISTER, COPIES AND ACCESS

            The Unit Register for a Fund shall be:

            (a)   (PLACE KEPT): kept at the Trustee's principal office in
                  Melbourne or at such place as agreed between the Trustee and
                  the Manager from time to time;

            (b)   (ACCESS TO MANAGER AND AUDITOR): open to the Manager and
                  Auditor of a Fund to which it relates to inspect during normal
                  business hours;

            (c)   (INSPECTION BY UNITHOLDERS): open for inspection by a
                  Unitholder in a Fund during normal business hours but only in
                  respect of information relating to that Unitholder; and

            (d)   (NOT FOR COPYING): not available to be copied by any person
                  (other than the Manager) except in compliance with such terms
                  and conditions (if any) as the Manager in its absolute
                  discretion nominates and notifies to the Trustee from time to
                  time.

      1.3   DETAILS ON UNIT REGISTER CONCLUSIVE

            (a)   (RELIANCE ON REGISTER): The Trustee and Manager shall be
                  entitled to rely on the Unit Register as being a correct,
                  complete and conclusive record of

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                                                      LGR-SMHL Master Trust Deed

                  the matters set out therein at any time and whether or not the
                  information shown in the Unit Register is inconsistent with
                  any other document, matter or thing.

            (b)   (NOT TRUSTS ETC): The Trustee shall not be obliged to enter on
                  the Unit Register notice of any trust, Security Interest or
                  other interest whatsoever in respect of any Units and the
                  Trustee and Manager shall be entitled to recognise a
                  Unitholder as the absolute owner of Units and the Trustee and
                  Manager shall not be bound or affected by any trust affecting
                  the ownership of any Units unless ordered by a court or
                  required by statute.

      1.4   CLOSING OF UNIT REGISTER

            The Trustee may with prior notice to the relevant Unitholders close
            the Unit Register for periods not exceeding 30 Banking Days (or such
            other period agreed between the Trustee and the Manager) in
            aggregate in any calendar year (which such period shall include the
            period that the Unit Register is closed pursuant to this clause 1.4
            of this Schedule).

      1.5   ALTERATION OF DETAILS ON UNIT REGISTER

            Upon the Trustee being notified of any change of name or address or
            payment or other details of a Unitholder by the Unitholder, the
            Trustee shall alter the Unit Register accordingly.

      1.6   RECTIFICATION OF UNIT REGISTER

            If:

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

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

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

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

            (e)   default is made or unnecessary delay takes place in entering
                  in the Unit Register that any person has ceased to be a
                  Unitholder,

            the Trustee may rectify the same.

      1.7   CORRECTNESS OF UNIT REGISTER

            Neither the Manager nor the Trustee of the Unit Register shall be
            liable for any mistake in the Unit Register or in any purported copy
            of the Unit Register except to the extent that the mistake is
            attributable to its fraud, negligence or wilful default.

      1.8   MANAGER MUST PROVIDE INFORMATION

            The Manager must provide the Trustee and any person appointed in
            accordance with clause 15.4 of this Deed with such information as
            the Trustee may reasonably require to maintain the Unit Register.

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                                                      LGR-SMHL Master Trust Deed

      1.9   ACCESS TO UNIT REGISTER BY INCOME UNITHOLDER

            The Trustee shall give the Income Unitholder all such access to the
            Register and the Unit Register insofar as it relates to an
            Origination Fund which is a Fund as is necessary or required by the
            Income Unitholder.

--------------------------------------------------------------------------------
2     INTEREST OF UNITHOLDER

      2.1   DIVISION INTO UNITS

            (a)   The beneficial interest in each Fund is divided into Units. No
                  Unit confers an interest in a particular part of the relevant
                  Fund.

            (b)   A Unitholder may not:

                  (1)   interfere or seek to interfere with or question the
                        rights, powers, authority or discretion of the Trustee;

                  (2)   claim or exercise any right in respect of any asset of a
                        Fund or lodge any caveat or other notice affecting any
                        asset of a Fund; or

                  (3)   require that any asset of a Fund be transferred to a
                        Unitholder.

      2.2   FRACTIONS AND SPLITTING

            (a)   Units may be issued in fractions at the discretion of the
                  Manager, and the value of, and all rights and obligations
                  attaching to, a fractional Unit will be in proportion to those
                  of a whole Unit.

            (b)   Where a holding comprises more than one fraction of a Unit,
                  the Manager may consolidate such fractions.

            (c)   The Manager may consolidate or split the Units. The Manager
                  must in respect of any such consolidation or split:

                  (1)   immediately cause the Unit Register to be amended by the
                        Trustee to record the consolidation or split;

                  (2)   notify the Unitholder within 30 days of the
                        consolidation or split; and

                  (3)   ensure that each Unit is consolidated or split on the
                        same basis as each other Unit.

      2.3   JOINT UNITHOLDERS

            Where two or more persons are registered as the Unitholders of a
            Unit (JOINT UNITHOLDERS) they are, for the purposes of the
            administration of a Fund and not otherwise, taken to hold the Unit
            as joint tenants, on the following conditions:

            (a)   the Trustee is not bound to register more than three persons
                  as the Joint Unitholders of the Unit;

            (b)   the Joint Unitholders are jointly and severally liable in
                  respect of all payments, including payment of Tax, which ought
                  to be made in respect of the Unit;

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                                                      LGR-SMHL Master Trust Deed

            (c)   on the death of a Joint Unitholder, the survivor or survivors
                  are the only person or persons whom the Trustee and Manager
                  will recognise as having any title to the Unit, but the
                  Manager may require any evidence of death which it thinks fit;

            (d)   any one of the Joint Unitholders may give an effective receipt
                  which will discharge the Trustee and Manager in respect of any
                  payment or distribution; and

            (e)   only the person whose name appears first in the Unit Register
                  as one of the Joint Unitholders is entitled to delivery of any
                  notices, cheques or other communications from the Trustee and
                  Manager, and any notice, cheque or other communication given
                  to that person is deemed to be given to all the Joint
                  Unitholders.

      2.4   CLASSES OF UNITS

            (a)   The Trustee may at any time issue Units in classes as provided
                  in this deed.

            (b)   The Trustee may with the consent of the Unitholders in a Fund
                  convert any Units from one class to another class or
                  reclassify Units from one class to another.

            (c)   The Trustee must enter on the Unit Register the class of Units
                  held by a Unitholder.

      2.5   BENEFITS AND OBLIGATIONS OF UNITHOLDERS

            Except where expressly provided in this deed to the contrary, all
            benefits and obligations in this deed apply for the benefit of and
            bind each Unitholder to the extent provided in this Deed.

--------------------------------------------------------------------------------
3     ISSUE OF UNITS

      3.1   ALLOTMENT

            A Unit created is regarded as issued or granted to the person
            entitled to it if and when the person's name is recorded in the Unit
            Register. No rights whatsoever attach to a Unit until it is issued.

      3.2   CERTIFICATES

            The Trustee at the direction of the Manager may determine:

            (a)   not to issue a certificate for a Unit; and

            (b)   to cancel a certificate for a Unit and not to issue a
                  replacement certificate.

      3.3   NO ISSUE OF UNITS AFTER 80TH ANNIVERSARY

            No Units are to be issued on or after the 80th anniversary of the
            date of the Fund's establishment.

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                                                      LGR-SMHL Master Trust Deed

      3.4   POWER TO ISSUE UNITS

            The Trustee may issue Units only in accordance with this Deed.

      3.5   UNITS ISSUED IN AN ORIGINATION FUND

            (a)   In respect of clause 3.1(a) of this Deed, the Trustee must at
                  the direction of the Manager and following receipt of a duly
                  completed and executed Notice of Creation of an Origination
                  Fund, issue 1 Income Unit to the relevant Income Unitholder as
                  an Income Unit subscribed for by that Income Unitholder at an
                  issue price of $1.00.

            (b)   In respect of the amount referred to in clause 3.3(a)(2) of
                  this Deed the Trustee must (at the direction of the Manager)
                  issue 1 Residual Capital Unit for each $1 of the initial
                  Assets of that additional Origination Fund subscribed for by
                  each Residual Capital Unitholder.

      3.6   UNITS ISSUED IN A SECURITISATION FUND

            (a)   In respect of clause 4.1(b) of this Deed, the Trustee must at
                  the direction of the Manager and following receipt of a duly
                  completed and executed Notice of Creation of a Securitisation
                  Fund, issue 1 Income Unit to the relevant Income Unitholder as
                  an Income Unit subscribed for by that Income Unitholder at an
                  issue price of $1.00.

            (b)   In respect of the amount referred to in clause 4.2(a)(2) of
                  this Deed the Trustee must (at the direction of the Manager)
                  issue 1 Residual Capital Unit for each $1 of initial Assets of
                  that Securitisation Fund subscribed for by each Residual
                  Capital Unitholder.

--------------------------------------------------------------------------------
4     REDEMPTION AND CANCELLATION OF UNITS

      4.1   NO REQUEST FOR REDEMPTION

            A Unitholder is only entitled to request the Trustee or the Manager
            to redeem any Units held by the Unitholder with the consent of the
            Manager which may be withheld in its absolute discretion.

      4.2   NO OBLIGATION TO REDEEM UNITS

            (a)   Except as provided in this clause 4 of this Schedule, the
                  Trustee has no obligation to redeem any Units or cause any
                  Units to be redeemed.

            (b)   Except as provided in this clause 4 of this Schedule, the
                  Manager has no obligation to cause the Trustee to redeem any
                  Units or to cause the Trustee to repurchase any Units.

      4.3   REDEMPTION

            (a)   On any redemption of any Income Unit in accordance with clause
                  4.1 and 4.2 of this Schedule, the Trustee must, and the
                  Manager must cause the Trustee to, redeem each relevant Income
                  Unit by way of the cancellation of that Income Unit and the
                  Trustee must immediately remove the name of the

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                                                      LGR-SMHL Master Trust Deed

                  Income Unitholder from the Unit Register in respect of that
                  cancelled Income Unit.

            (b)   On the redemption of a Unit the amount to be paid by the
                  Trustee to the Unitholder in respect of the Unit is equal to
                  the amount subscribed in respect of that Unit.

--------------------------------------------------------------------------------
5     TRANSFERS AND OTHER TRANSACTIONS

      5.1   CANNOT ASSIGN OR MORTGAGE UNITS

            The rights and interests of an Unitholder in respect of each Unit
            shall be personal to the Unitholder and shall not be capable of
            being assigned, or having any Security Interest created or existing
            thereover, without the prior written consent of the Manager (which
            it may give or withhold in its absolute discretion).

      5.2   PROHIBITED ASSIGNMENT OR MORTGAGE VOID

            Subject only to the provisos in clause 5.1 of this Schedule, if a
            Unitholder purports to assign, or to create or permits to exist any
            Security Interest over, any of its rights and interests in respect
            of any Units in breach of clause 5.1 of this Schedule, that
            assignment and that Security Interest insofar as it purports to
            extend to its rights and interests in a Fund shall be of no force
            and effect (each such right and interest being subject to this
            clause) and shall not vest in any purported assignee or holder of
            the Security Interest any right, title or interest in any Unit, the
            Assets of any Fund or the rights and interests of the Unitholder
            therein.

      5.3   TRANSFER

            (a)   Subject to this clause 5 of this Schedule all transfers of
                  Units must be effected by a proper instrument of transfer and
                  in a manner approved by the Manager . The Trustee may decline
                  to register a transfer of Units under this clause 5.3 of this
                  Schedule unless the instrument of transfer:

                  (1)   is duly stamped (if applicable);

                  (2)   is accompanied by such evidence as the Manager requires
                        to prove the title of the transferor; and

                  (3)   complies with any requirements prescribed by the Manager
                        from time to time.

            (b)   A transferor of Units remains the Unitholder until the
                  transfer is registered and the name of the transferee is
                  entered in the Unit Register in respect of the Units.

      5.4   TRANSACTION ADVICE AFTER TRANSFER

            If the Manager accepts a transfer under this part, the Trustee at
            the direction of the Manager may issue a transaction advice for:

            (a)   the Units which have been transferred; and

            (b)   the balance of any Units which were not transferred.

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                                                      LGR-SMHL Master Trust Deed

      5.5   TRANSMISSION OF UNITS

            (a)   In the case of a Transmission Event in respect of a
                  Unitholder, the only persons who will be recognised as having
                  any title to the Units registered in the Unitholder's name or
                  any benefits accruing in respect of those Units are:

                  (1)   where the Unitholder is a joint holder, the survivor or
                        survivors of the Unitholder;

                  (2)   where the Unitholder is an individual, the legal
                        personal representative of the Unitholder or the person
                        entitled to the Units as a result of bankruptcy; or

                  (3)   where the Unitholder is a body corporate, the person
                        entitled to the Units as a result of the dissolution or
                        succession of that body corporate.

            (b)   Nothing in clause 5.5(a) of this Schedule releases the
                  Unitholder or the estate of a deceased Unitholder from any
                  liability in respect of the Units held whether that Unit was
                  held by the deceased solely or jointly with other persons.

            (c)   A person who becomes entitled to a Unit as a result of a
                  Transmission Event may, upon producing such evidence as the
                  Manager may require to prove that person's entitlement to the
                  Unit, elect:

                  (1)   to be registered as the Unitholder of the Unit by
                        signing and serving on the Manager a notice in writing
                        stating that election; or

                  (2)   to have some other person nominated by that person
                        registered as the transferee of the Unit by executing a
                        transfer to that other person in accordance with clause
                        5.3 of this Schedule.

            (d)   The Trustee need not register any transfer or transmission
                  pursuant to this clause unless the transferee provides an
                  indemnity in favour of the Trustee in a form determined by the
                  Trustee in respect of any consequence arising from the
                  transfer or transmission.

            (e)   The provisions of this Deed relating to the right to transfer,
                  and the registration of transfers of, Units apply, so far as
                  they can and with such changes as are necessary, to any
                  transfer under clause 5.5(c) of this Schedule as if the
                  relevant Transmission Event had not occurred and the transfer
                  was signed by the Unitholder of the Unit.

            (f)   For the purposes of this Deed, where 2 or more persons are
                  jointly entitled to any Unit in consequence of a Transmission
                  Event they will, upon being registered as the Unitholder of
                  the Unit , be taken to hold the Unit as joint tenants and
                  clause 2.3 of this Schedule will apply to them.

            (g)   Despite clause 5.5(a) of this Schedule, the Trustee may
                  register a transfer of Units signed by a Unitholder before a
                  Transmission Event even though the Trustee has notice of the
                  Transmission Event.

      5.6   RECOGNITION OF UNITHOLDER

            (a)   Except as otherwise provided by law or provided in this Deed,
                  the Trustee:

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                                                      LGR-SMHL Master Trust Deed

                  (1)   must treat the person entered on the Unit Register as a
                        Unitholder as the absolute owner of all rights and
                        interests of the Unitholder; and

                  (2)   need not recognise any other equitable, contingent,
                        future or partial claim or interest in any Unit by any
                        other person, even if the Trustee has notice of that
                        claim or interest.

            (b)   Each transferor will be deemed to remain the Unitholder until
                  the transfer is registered and the name of the transferee is
                  entered in the Unit Register.

            (c)   With the consent of the Manager, Units held by a trustee may
                  be marked in the Unit Register in such a way as to identify
                  them as being held subject to the relevant trust.

            (d)   Nothing in clause 5.6(c) of this Schedule limits the operation
                  of clause 5.6(a) of this Schedule.

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                                                                        Page 116
<PAGE>

                                      Supplemental Deed - SMHL Master Trust Deed
--------------------------------------------------------------------------------
EXECUTED AS A DEED:

SIGNED SEALED AND DELIVERED for
ME PORTFOLIO MANAGEMENT LIMITED
by its attorney in the
presence of:

:
/s/ Owen Terei                              /s/ Peter Rowe
-------------------------------------       ------------------------------------
Witness                                     Attorney

Owen Terei                                  Peter Rowe
-------------------------------------       ------------------------------------
Name (please print)                         Name (please print)

SIGNED SEALED AND DELIVERED for
PERPETUAL LIMITED
by its attorney in the
presence of:

/s/ Owen Terei                              /s/ Jennifer Wu
-------------------------------------       ------------------------------------
Witness                                     Attorney

Owen Terei                                  Jennifer Wu
-------------------------------------       ------------------------------------
Name (please print)                         Name (please print)

--------------------------------------------------------------------------------
                                                                          Page 5

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